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"ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "s10_notes__6__5": { "value": "Notes to the Consolidated Financial Statements Note 1: General information D\u2019Ieteren Group SA/NV (the Company) is a public company incorporated and domiciled in Belgium. The address of the Company\u2019s registered office is: Rue du Mail 50, B-1050 Brussels. In existence since 1805, and across family generations, D\u2019Ieteren Group (the Group) seeks growth and value creation by pursuing a strategy on the long term for its businesses and actively encouraging and supporting them to develop their position in their industry and geographies. The Group currently totally or partially owns the following businesses: - Belron (50.01% in fully diluted economic rights - equity-accounted investee) has a clear purpose: \u201cmaking a difference by solving people\u2019s problems with real care\u201d. It is the worldwide leader in vehicle glass repair and replacement and operates in 37 countries, through wholly owned businesses and franchises, with market leading brands \u2013 including Carglass\u00ae, Safelite\u00ae and Autoglass\u00ae. In addition, Belron manages vehicle glass and other insurance claims on behalf of insurance customers. - D'Ieteren Automotive (100%) distributes Volkswagen, Audi, SEAT, \u0160koda, Bentley, Lamborghini, Bugatti, Cupra, Rimac, Microlino, Maserati and Porsche vehicles in Belgium. It has a market share of 22.5% and 1.2 million vehicles on the road. Its business model is evolving towards \u201cimproving the lives of citizens with fluid, accessible and sustainable mobility\u201d. - PHE (c.91% in voting rights \u2013 see note 26 for more information on economic percentage) is a leader in the independent distribution of spare parts for vehicles in Western Europe, present in France, Belgium, The Netherlands, Luxemburg, Italy and Spain. Its mission aims at \u201cpromoting affordable and sustainable mobility\u201d. - TVH (40% - equity-accounted investee), is a leading global independent distributor for aftermarket parts for material handling, construction & industrial, and agricultural equipment. It operates in 26 countries worldwide. It has a unique operating model and has a clear purpose of \u201ckeeping customers going and growing\u201d. - Moleskine (100%) is a premium and aspirational lifestyle brand which develops and sells iconic branded notebooks and writing, travel and reading accessories through a global multichannel platform. Its purpose is to \u201cunleash the human genius through hands on paper to empower creativity and knowledge in each individual and the entire world\u201d. - D\u2019Ieteren Immo (100%) groups together the Belgian real estate interests of D\u2019Ieteren Group. It owns and manages 35 properties. It also pursues investment projects and carries out studies into possible site renovations. The Company is listed on Euronext Brussels under the ticker DIE. These consolidated financial statements have been authorized for issue by the Board of Directors on 24 March 2023. Restatement of comparative information In accordance with IAS 8 \u201cAccounting Policies, Changes in Accounting Estimates and Errors\u201d, the line \u201cequity accounted investees & long-term interests in equity-accounted investees\u201d in the consolidated statement of financial position at 31 December 2021, the line \u201cshare of result of equity-accounted investees and long-term interests in equity-accounted investees, net of income tax\u201d in the 2021 consolidated statement of profit or loss and the lines \u201cresult for the period\u201d and \u201cequity accounted investees \u2013 share of OCI\u201d in the 2021 consolidated statement of comprehensive income have been restated to reflect the share of the Group in the adjustments performed on the 3-month statement of profit or loss and other comprehensive income of TVH to improve the consistency of the accounting policies across all affiliates and to be fully in line with the IFRS requirements and to reflect the purchase price allocation of TVH finalized by the Group in the second half of 2022 (see note 17 for more information on the purchase price allocation of TVH). The table below summarizes the restatement performed in the segment statement of profit or loss and segment statement of financial position and reconciles those amounts to the consolidated statement of profit or loss and consolidated statement of financial position. \u20acm - restatement of the segment statement of profit or loss 31 December 2021 TVH (100%) Eliminations Group Segment revenue -2.0 2.0 - Operating result -17.3 17.3 - Net finance costs 1.7 -1.7 - Share of result of equity-accounted investees and long-term interests in equity--4.1 -4.1 accounted investees, net of income tax Result before tax -15.6 11.5 -4.1 Income tax expense 5.3 -5.3 - Result from continuing operations -10.3 6.2 -4.1 of which: attributable to equity holders of the Company* -4.1 -4.1 *TVH at 40% 8 \u20acm - restatement of the segment statement of financial position 31 December 2021 Corporate & TVH (100%) Eliminations Group unallocated Goodwill -1,354.8 1,354.8 - Intangible assets 1,063.5 -1,063.5 - Property, plant & equipment 130.3 -130.3 Equity-accounted investees and long-term interests in equity--2.5 -2.5 accounted investees Derivative financial instruments 0.1 -0.1 - Deferred tax assets 5.9 -5.9 - Non-current assets -155.0 - 152.5 -2.5 Inventories -42.6 42.6 Financial investments -1.9 1.9 Trade and other receivables 53.4 -53.4 Cash & cash equivalents -2.7 2.7 Current assets 6.2 - -6.2 - TOTAL ASSETS -148.8 - 146.3 -2.5 Capital & reserves attributable to equity holder of the Company* -2.5 -2.5 Employee benefits 11.7 -11.7 - Loans & borrowings 90.7 -90.7 - Inter-segment loan -0.6 0.6 - Derivative financial instruments 3.6 -3.6 - Deferred tax liabilities 288.3 -288.3 - Non-current liabilities 393.7 0.6 -394.3 - Provisions 1.7 -1.7 - Loans & borrowings 10.8 -10.8 - Inter-segment loan 0.6 -0.6 - Trade & other payables -7.4 7.4 - Current liabilities 5.7 -0.6 -5.1 - TOTAL EQUITY AND LIABILITIES 399.4 -2.5 -399.4 -2.5 *TVH at 40% Alternative Performance Measurement \u2013 Non-GAAP measurement In order to better reflect its underlying performance and assist investors in gaining a better understanding of its financial performance, the Group uses Alternative Performance Measures (\u201cAPMs\u201d). These APMs are non-GAAP measures, i.e. their definition is not addressed by IFRS. The Group does not present APMs as an alternative to financial measures determined in accordance with IFRS and does not give to APMs greater prominence than defined IFRS measures. Note 2: Basis of preparation These 2022 consolidated financial statements are for the 12 months ended 31 December 2022. They are presented in euro, which is the Group\u2019s functional currency. All amounts have been rounded to the nearest million, unless otherwise indicated. They have been prepared in accordance with the International Financial Reporting Standards (\u201cIFRS\u201d) and the related International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d) interpretations issued which have been adopted by the European Union (\u201cEU\u201d) as at 31 December 2022 and are effective for the period ending 31 December 2022. These consolidated financial statements have been prepared under the historical cost convention, except for employee benefits, non-current assets and liabilities held for sale, business combination, financial assets and financial liabilities (including derivative instruments) and put options granted to non-controlling interests that have been measured at fair value. On 31 December 2021 and 31 December 2022, in the consolidated statement of financial position, financial assets measured at fair value are limited to the portfolio of marketable securities held in the Corporate & unallocated segment (see note 18) and to derivative financial instruments (see note 18). At 31 December 2022, financial liabilities measured at fair value are limited to the put options granted to non-controlling interests (see note 33) and to contingent considerations recognised in the D\u2019Ieteren Automotive and PHE segments (see note 18 and 26). There are no other financial liabilities measured at fair value at 31 December 2021 and 31 December 2022 in the consolidated statement of financial position. The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the application of the Group\u2019s accounting policies and the reported amounts of income, expenses, assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from these estimates. If in the future such estimates and assumptions, which are based on management\u2019s best judgement at the date of the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as 9 appropriate in the period in which the circumstances change or prospectively. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are listed below. They are also disclosed in the relevant notes. - Measurement of defined benefit obligations (key actuarial assumptions used). See note 10. - Recognition of deferred tax assets (availability of future taxable profit against which deductible temporary differences and carried forward tax losses can be used). See note 11. - Goodwill and brands with indefinite useful lives. See note 12. - Impairment tests (key assumptions underlying recoverable amounts). See note 12. - Recognition and measurement of provisions and contingencies (key assumptions about the likelihood and magnitude of an outflow of resources). See note 23. - Measurement of expected credit loss (ECL) allowance for doubtful trade receivables (key assumptions in determining the weighted average loss rate). See note 20. - Provision for inventory obsolescence. See note 16. - Acquisition of subsidiary (fair value of the consideration transferred and of the assets acquired and liabilities assumed). See note 26. - Lease term (whether the Group is reasonably certain to exercise extension or termination options). See note 32. - Put options granted to non-controlling interests (discount rates used and estimates of the future profitability of the business). See note 33. - Contingent consideration on acquisitions. See note 26. A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. Further information is included in the relevant notes. The main areas are employee benefits (see note 10), share-based payments (see note 9), investment properties (see note 15), financial instruments (see note 18), business combinations (see note 26) and put options granted to non-controlling interests (see note 33). When measuring the fair value of an asset or a liability, the Group used observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques (see note 18). Risks and uncertainties The COVID-19 pandemic, the ongoing war in Ukraine and the turmoil in the banking system have a significant impact on the world economy and have increased the overall uncertainties, inflationary pressures and market instability. The Board of Directors considered the impact of these risks as the basis of preparation of these consolidated financial statements. The Group continues to take measures to minimize the impact of these risks on cash flows and is ensuring that it has the necessary liquidity structure in place for the foreseeable future. Taking this into account, the Board of Directors has a reasonable expectation that the Group is well placed to manage its business risks, has enough liquidities to continue to meet its liabilities as they fall due and to continue in operational existence for the foreseeable future. These consolidated financial statements have therefore been prepared on a going concern basis. The impact of the ongoing war in Ukraine in the medium and long term remains uncertain. Belron had franchise activities in Russia which have been suspended and in Ukraine, where operations paused at the start of the war, but were resumed in June. The contribution of the franchised activities in those two countries were not financially meaningful. However, Belron sourced some glass (less than 5% of the total) from Russia and has therefore found alternative sources of supply. At D\u2019Ieteren Automotive, volumes on certain models are negatively impacted by supply chain issues as Volkswagen Group sources some components in the region. The conflict is also impacting TVH, which had generated combined sales of around \u20ac50m in those countries in 2021 and has decided to stop operating in Russia. TVH is currently in the process of disposing of the activities in Russia to the local management. For this reason, the activity in Russia is qualified as \u201cAssets classified as held for sale\u201d and \u201cLiabilities directly associated with the assets held for sale\u201d in the segment statement of financial position. Moleskine\u2019s exposure to the region is immaterial. The Group and Group\u2019s activities are monitoring the situation on a daily basis, complying with any applicable sanctions. Note 3: Changes in significant accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out in note 35. These policies have all been consistently applied to all the years presented, unless otherwise stated. 10 Note 4: Segment information stThe Group\u2019s reportable operating segments are D\u2019Ieteren Automotive, Belron, Moleskine, TVH (as from 1 October 2021) and thPHE (as from 4 of August 2022 \u2013 including the holding company of the PHE Group - see note 26). The other segments are disclosed in the category \u201cCorporate & Unallocated\u201d (D\u2019Ieteren Group, corporate and real estate activities). These operating segments are consistent with the Group\u2019s organisational and internal reporting structure, and with the requirements of IFRS 8 \u201cOperating Segments\u201d. D\u2019Ieteren Automotive comprises the automobile distribution activities of the Group through D\u2019Ieteren Automotive SA/NV and its subsidiaries, affiliates and joint ventures. Belron comprises Belron Group s.a. and its subsidiaries, affiliates and joint ventures. Moleskine includes Moleskine S.p.a. and its subsidiaries, affiliates and joint ventures. TVH includes TVH Global SA/NV and its subsidiaries, affiliates and joint ventures. PHE includes Parts Holding Europe SAS and its holding company, its subsidiaries, affiliates and joint ventures. Despite their classification as equity-accounted investees, Belron and TVH remain separate reportable operating segments, reflecting the Group\u2019s internal reporting structure. The segment \u201cCorporate & unallocated\u201d comprises the corporate department and the real estate activities of the Group, through its wholly owned subsidiary D\u2019Ieteren Immo SA/NV (see note 1). These operating segments are consistent with the Group\u2019s organisational and internal reporting structure. Segment Statement of Profit or Loss - Operating Segments (Year ended 31 December) \u20acm Notes 2022 D'Ieteren Belron TVH PHE (5 Corp. & Moleskine Eliminations Group Autom. (100%) (100%) months) unallocated External revenue 5 3,609.5 5,574.3 143.3 1,621.7 961.8 - -7,196.0 4,714.6 Segment revenue 3,609.5 5,574.3 143.3 1,621.7 961.8 - -7,196.0 4,714.6 Operating result (being segment 145.9 860.9 21.2 172.0 44.9 -5.0 -1,032.9 207.0 result) Net finance costs 7 6.5 -348.8 -11.0 -6.5 -31.1 12.8 355.3 -22.8 Finance income 7 11.2 20.5 2.1 15.4 0.2 1.0 -33.6 16.8 Finance costs 7 -4.7 -369.3 -2.4 -19.6 -31.3 -1.2 388.9 -39.6 Inter-segment financing 7 - - -10.7 -2.3 - 13.0 - - interests Share of result of equity-accounted investees and long-term interests in equity-17 6.8 0.4 - - 0.2 - 202.7 210.1 accounted investees, net of income tax Result before tax 159.2 512.5 10.2 165.5 14.0 7.8 -474.9 394.3 Income tax expense 11 -44.1 -211.3 -1.0 -34.3 -9.6 -3.8 245.6 -58.5 Result from continuing 115.1 301.2 9.2 131.2 4.4 4.0 -229.3 335.8 operations Discontinued operations 21 - - - - 2.9 - - 2.9 RESULT FOR THE PERIOD 115.1 301.2 9.2 131.2 7.3 4.0 -229.3 338.7 D'Ieteren TVH PHE (5 Corp. & Attributable to: Belron(*) Moleskine Group Autom. (*) months) unallocated Equity holders of the 115.7 150.6 9.2 52.5 6.6 4.0 338.6 Company(*) Non-controlling interests (\"NCI\") -0.6 - - - 0.7 - 0.1 RESULT FOR THE PERIOD 115.1 150.6 9.2 52.5 7.3 4.0 338.7 (*) Belron at 50.01% (fully diluted economic rights) and TVH at 40.00% \u2013 see note 17. 11 Segment Statement of Profit or Loss \u2013 Operating Segments (Year ended 31 December) \u20acm 2021\u207d\u207d\u00b9\u207e\u207eTVH D'Ieteren Belron Corp. & Moleskine (100% - 3 Eliminations Group Autom. (100%) unallocated months) External revenue 3,238.9 4,646.8 121.6 348.0 - -4,994.8 3,360.5 Segment revenue 3,238.9 4,646.8 121.6 348.0 - -4,994.8 3,360.5 Operating result (being segment result) 81.0 691.5 12.1 29.0 -7.3 -720.5 85.8 Net finance costs -0.2 -228.6 -10.5 -2.2 20.0 230.8 9.3 Finance income 12.8 3.1 2.0 8.2 0.8 -10.7 16.2 Finance costs -1.7 -231.7 -2.2 -9.8 -3.0 241.5 -6.9 Inter-segment financing interests -11.3 - -10.3 -0.6 22.2 - - Share of result of equity-accounted investees and long-term interests in 8.1 0.5 - - - 175.6 184.2 equity-accounted investees, net of income tax Result before tax 88.9 463.4 1.6 26.8 12.7 -314.1 279.3 Income tax expense -21.3 -145.5 -5.0 -6.9 -1.7 152.4 -28.0 Result from continuing operations 67.6 317.9 -3.4 19.9 11.0 -161.7 251.3 Discontinued operations - - - - - - - RESULT FOR THE PERIOD 67.6 317.9 -3.4 19.9 11.0 -161.7 251.3 TVH D'Ieteren Corp. & Attributable to: Belron(*) Moleskine (100% - 3 Group Autom. unallocated months)(*) Equity holders of the Company(*) 68.9 168.1 -3.6 8.0 11.0 252.4 Non-controlling interests (\"NCI\") -1.3 - 0.2 - - -1.1 RESULT FOR THE PERIOD 67.6 168.1 -3.4 8.0 11.0 251.3 (1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the consistency of accounting policies across all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of 2022. Refer to note 1 for more information on the restatement of comparative information. (*) Belron at 52.88% (weighted average percentage for the 2021 period) and TVH at 40.00% \u2013 see note 17. In 2022, the column \u201cEliminations\u201d reconciles the segment statement of profit or loss (with the 12-month result of Belron and TVH presented on all lines under global integration method) to the IFRS Group consolidated statement of profit or loss (with the net result of Belron and TVH presented in the line \u201cshare of result of equity-accounted investees and long-term interest in equity-accounted investees, net of income tax\u201d, representing the share of the Group \u2013 50.01%; see note 17 \u2013 in the 12-month net result of Belron and the share of the Group \u2013 40.00%; see note 17 \u2013 in the 12-month net result of TVH). In 2021, the column \u201cEliminations\u201d reconciled the segment statement of profit or loss (with the 12-month result of Belron and the 3-month result of TVH presented on all lines under global integration method) to the IFRS Group consolidated statement of profit or loss (with the net result of Belron and TVH presented in the line \u201cshare of result of equity-accounted investees and long-term interest in equity-accounted investees, net of income tax\u201d, representing the share of the Group \u2013 52.88%; see note 17 \u2013 in the 12-month net result of Belron and the share of the Group \u2013 40.00%; see note 17 \u2013 in the 3-month net result of TVH). In the consolidated statement of profit or loss, the increase in commercial and administrative expenses and other operating income in the period are mainly explained by the integration of the PHE segment in the consolidated statement of profit or loss thas from the date of acquisition (4 of August 2022 \u2013 see note 26). D\u2019Ieteren Automotive In 2022, the line \u201cfinance income\u201d includes, amongst other amounts, a consolidated gain of \u20ac10.2m recognized on the loss of exclusive control of Lizy and MyMove following the entry into capital by investors for 29% in Lizy and 33% in MyMove (both through capital increases). The consolidated gain represents the difference between the fair value of the non-controlling interests retained in the companies (39% in Lizy and 56% in MyMove) and the carrying amount of the assets and liabilities of the subsidiaries at the date the control was lost. These two entities are accounted for as equity accounted investees as from the 1st of January 2022 (see note 17). In 2021, this line included, amongst other amounts, a consolidated gain of \u20ac12.4m recognised on the loss of exclusive control of Skipr following the acquisition of 17% beginning of July 2021 of the share capital of Skipr by ALD Automotive. 12 In 2021, the line \u201cOperating result\u201d included, amongst other amounts, the charge of -\u20ac21.8m related to the decision of D\u2019Ieteren Automotive to close two of its structurally loss-making sites. In 2021, the line \u201cinter-segment financing interests\u201d included the early repayment fee of -\u20ac8.0m paid by D\u2019Ieteren Automotive to the Corporate & unallocated segment following the anticipated reimbursement of the inter-segment loan. Belron In 2022, the line \u201cOperating result\u201d includes, amongst other amounts, -\u20ac39.4m of employees costs in relation to the restricted share units (\u2018RSUs\u2019) awarded by the Board of Directors of Belron in December 2021 to c.24,000 employees (this comprises a share-based payment charge of -\u20ac37.0m and associated payroll taxes of -\u20ac6.3m, as well as \u20ac3.9m release of surplus accrual \u2013 this transaction has and will have no economic impact on the Group and on the 50.01% fully diluted stake held by the Group in Belron). It also includes -\u20ac122.7m of costs in relation with the group-wide transformation programme and -\u20ac14.7m of costs in respect of restructurings and integrations. In 2021, this line included, amongst other amounts, -\u20ac64.0m of costs in relation with the group-wide transformation programme, -\u20ac48.7m of employee costs in relation with the one-off cash bonus and the restricted share units (\u2018RSUs\u2019), -\u20ac10.5m of one-off donation to the Ronnie Lubner Foundation and costs in respect of restructurings and integrations. In 2022 and 2021, the line \u201cfinance costs\u201d includes, amongst other amounts, costs related to the refinancing operated in April 2021. In 2022, It includes -\u20ac197.7m of non-cash foreign exchange losses arising upon the translation of the USD Term Loan at the closing rate (-\u20ac67.7m in 2021) because the foreign exchange movements on these borrowings did not qualify for quasi-equity accounting. A new structure was implemented in September 2022 which allows the foreign currency movements on these borrowings to naturally flow via OCI through the translation reserve in the statement of financial position prospectively. The loss of -\u20ac197.7m, which arose before the structuring solution was implemented, remained in the 2022 statement of profit or loss. In 2021, this line also included costs related to the de-designation of interest rate swaps, write-off of previously deferred financing costs, professional fees and legal expenses. Moleskine In 2021, the line \u201cincome tax expense\u201d included the reversal of the deferred tax assets previously recognised on the elimination of intercompany margin in inventories. TVH In 2022, the line \u201cOperating result\u201d includes, amongst other amounts, -\u20ac75.2m amortization on customer contracts and other intangible assets with finite useful lives recognized following the finalization of the purchase price allocation by the Group in the second half of 2022 (see note 17) and -\u20ac18.6m of costs in relation to the IT and business transformation programme. In 2021 (3-month period restated \u2013 see note 1), this line included, amongst other amounts, -\u20ac18.8m amortization on customer contracts and other intangible assets with finite useful lives recognized following the finalization of the purchase price allocation by the Group in the second half of 2022 (see note 17). In 2022, the line \u201cfinance income\u201d includes \u20ac6.1m of change in fair value of interest rates swaps. In 2021 (3-month period, restated \u2013 see note 1), change in fair value of interest rates swaps amounted to -\u20ac0.9m and were included in the line \u201cfinance costs\u201d. PHE In 2022, the line \u201cdiscontinued operations\u201d relates to the net result of PHE\u2019s specialized glass repair activity Mondial Pare-Brise, thfrom the date of the acquisition of PHE by the Group (4 of August 2022 \u2013 see note 26) until 31 December 2022. Assets and liabilities of Mondial Pare Brise are classified as held for sale in the consolidated statement of financial position at 31 December 2022 (see note 21). The result attributable to non-controlling interests relates to the results attributable to non-controlling shareholders holding minority interests at the level of the direct and indirect subsidiaries of PHE. The percentage used to consolidate the net result of PHE is 100% in 2022 and beyond (refer to note 33 for more information). Corporate & non-allocated In 2022, the line \u201cOperating result\u201d includes, amongst other amounts, \u20ac3.4m of gain on the disposal of two properties (included in the line \u201cother operating income\u201d in the consolidated statement of profit or loss). 13 Segment Statement of Financial Position - Operating Segment \u20acm Notes 31 December 2022 D'Ieteren Belron TVH Corp. & Moleskine PHE Eliminations Group Autom. (100%) (100%) unallocated Goodwill 12 49.2 734.1 48.8 788.1 880.1 3.1 -1,522.2 981.2 Intangible assets 13 33.8 527.8 410.4 1,056.7 305.4 - -1,584.5 749.6 Property, plant & equipment 14 83.0 895.7 16.3 497.2 289.6 177.2 -1,392.9 566.1 Investment property 15 0.1 - - - - 41.7 - 41.8 Equity-accounted investees & long-term interests in equity-17 128.8 - - - 5.0 - 1,238.8 1,372.6 accounted investees Financial investments 0.1 2.3 - - 2.5 - -2.3 2.6 Derivative financial instruments - 142.1 - 2.3 - - -144.4 - Employee benefits 10 - 96.5 - - - - -96.5 - Deferred tax assets 11 17.8 53.4 - 15.8 20.0 19.6 -69.2 57.4 Other receivables 20 4.8 34.2 1.1 9.1 25.7 44.2 -43.3 75.8 Non-current assets 317.6 2,486.1 476.6 2,369.2 1,528.3 285.8 -3,616.5 3,847.1 Inventories 16 678.6 445.8 29.7 516.3 483.4 - -962.1 1,191.7 Financial investments - - - - - 128.6 - 128.6 Derivative financial instruments 18 - 41.3 - - 4.1 - -41.3 4.1 Current tax assets 11 1.6 7.4 4.3 3.6 2.8 0.5 -11.0 9.2 Trade and other receivables 20 306.4 337.5 34.3 372.9 352.3 5.6 -710.4 698.6 Cash & cash equivalents 19 0.8 146.0 26.9 91.3 122.0 196.1 -237.3 345.8 Assets classified as held for sale 21 - - - 17.9 72.2 - -17.9 72.2 Current assets 987.4 978.0 95.2 1,002.0 1,036.8 330.8 -1,980.0 2,450.2 TOTAL ASSETS 1,305.0 3,464.1 571.8 3,371.2 2,565.1 616.6 -5,596.5 6,297.3 Equity - - - - - 3,177.9 - 3,177.9 Employee benefits 10 10.1 3.4 1.9 4.5 26.8 0.6 -7.9 39.4 Provisions 23 15.6 62.0 1.9 0.9 - 0.6 -62.9 18.1 Loans & borrowings 24 93.5 3,981.2 9.9 625.1 1,124.4 4.7 -4,606.3 1,232.5 Inter-segment loan - - 272.3 40.0 - -312.3 - - Derivative financial instruments - 4.8 - - - - -4.8 - Put options granted to non-33 2.9 - - - 241.8 - - 244.7 controlling interests Other payables 25 - 9.3 - 2.3 32.5 - -11.6 32.5 Deferred tax liabilities 11 1.1 129.6 105.4 278.5 12.1 20.8 -408.1 139.4 Non-current liabilities 123.2 4,190.3 391.4 951.3 1,437.6 -285.6 -5,101.6 1,706.6 Provisions 23 - 48.0 4.9 2.2 5.4 5.2 -50.2 15.5 Loans & borrowings 24 121.7 203.1 20.4 325.7 225.3 0.7 -528.8 368.1 Inter-segment loan - - - 0.6 - -0.6 - - Derivative financial instruments - 1.4 - - - - -1.4 - Put options granted to non-33 - - - - 5.8 - - 5.8 controlling interests Current tax liabilities 11 10.1 100.4 0.5 10.8 - 1.1 -111.2 11.7 Trade & other payables 25 527.1 695.6 30.9 229.0 413.9 12.8 -924.6 984.7 Liabilities directly associated 21 - - - 1.3 27.0 - -1.3 27.0 with the assets held for sale Current liabilities 658.9 1,048.5 56.7 569.6 677.4 19.2 -1,617.5 1,412.8 TOTAL EQUITY AND 782.1 5,238.8 448.1 1,520.9 2,115.0 2,911.5 -6,719.1 6,297.3 LIABILITIES 14 Segment Statement of Financial Position \u2013 Operating Segments \u20acm 31 December 2021\u207d\u207d\u00b9\u207e\u207eD'Ieteren Belron TVH Corp. & Moleskine Eliminations Group Autom. (100%) (100%) unallocated Goodwill 31.3 612.1 48.8 786.7 3.1 -1,398.8 83.2 Intangible assets 27.3 498.7 411.7 1,089.7 0.1 -1,588.4 439.1 Property, plant & equipment 65.8 838.4 18.0 450.8 181.6 -1,289.2 265.4 Investment property 0.1 - - - 33.5 - 33.6 Equity-accounted investees & long-term 113.1 - - - - 1,107.5 1,220.6 interests in equity-accounted investees Financial investments 0.1 1.9 - 0.5 - -2.4 0.1 Derivative financial instruments - 9.3 - 0.1 - -9.4 - Employee benefits - 200.8 - - - -200.8 - Deferred tax assets 19.3 99.5 5.3 14.1 22.0 -113.6 46.6 Other receivables 3.9 26.8 1.1 1.9 44.0 -28.7 49.0 Non-current assets 260.9 2,287.5 484.9 2,343.8 284.3 -3,523.8 2,137.6 Inventories 415.8 346.2 30.4 413.3 - -759.5 446.2 Financial investments - - - - 544.1 - 544.1 Derivative financial instruments - 2.5 - - - -2.5 - Current tax assets 1.1 11.9 6.6 5.9 1.7 -17.8 9.4 Trade and other receivables 321.7 439.4 33.6 283.3 25.3 -722.7 380.6 Cash & cash equivalents 86.0 244.9 38.6 137.0 230.0 -381.9 354.6 Assets classified as held for sale 0.1 0.9 - - - -0.9 0.1 Current assets 824.7 1,045.8 109.2 839.5 801.1 -1,885.3 1,735.0 TOTAL ASSETS 1,085.6 3,333.3 594.1 3,183.3 1,085.4 -5,409.1 3,872.6 Equity - - - - 2,976.3 - 2,976.3 Employee benefits 21.8 5.4 2.5 12.7 1.2 -18.1 25.5 Provisions 12.0 39.8 3.2 1.7 0.3 -41.5 15.5 Loans & borrowings 111.9 3,841.5 41.8 719.6 4.7 -4,561.1 158.4 Inter-segment loan - - 264.1 40.0 -304.1 - 0.0 Derivative financial instruments - 17.7 - 3.6 - -21.3 - Other payables - 16.8 - 0.1 - -16.9 - Deferred tax liabilities 1.5 154.3 111.4 292.7 20.2 -447.0 133.1 Non-current liabilities 147.2 4,075.5 423.0 1,070.4 -277.7 -5,105.9 332.5 Provisions 4.3 55.4 1.7 1.7 5.3 -57.1 11.3 Loans & borrowings 32.8 193.5 19.7 202.6 0.6 -396.1 53.1 Inter-segment loan - - - 0.6 -0.6 - - Derivative financial instruments - 9.0 - - - -9.0 - Current tax liabilities 1.8 67.2 1.0 17.7 - -84.9 2.8 Trade & other payables 449.6 823.1 34.1 178.2 12.3 -1,001.3 496.0 Liabilities directly associated with the assets 0.6 1.6 - - - -1.6 0.6 held for sale Current liabilities 489.1 1,149.8 56.5 400.8 17.6 -1,550.0 563.8 TOTAL EQUITY AND LIABILITIES 636.3 5,225.3 479.5 1,471.2 2,716.2 -6,655.9 3,872.6 (1) As restated to reflect the adjustments performed on the statement of financial position of TVH to improve the consistency of accounting policies across all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of the year. Refer to note 1 for more information on the restatement of comparative information.In 2021 and 2022, the column \u201cEliminations\u201d reconciles the segment statement of financial position (including the assets and liabilities of Belron, and, as from 1 October 2021, the assets and liabilities of TVH) to the IFRS consolidated statement of financial position (with Belron and TVH presented as equity-accounted investees \u2013 see note 17). At 31 December 2022 and 31 December 2021, the line \u201cinter-segment loan\u201d relates to amounts lent by the unallocated segment to the Moleskine segment (non-recourse loan in the framework of the acquisition) and to the shareholder loan from the Corporate and Unallocated segment put in place on 1st October 2021 in the framework of the acquisition of a 40% stake in TVH, of which \u20ac0.6m represents capitalised interests at the end of 2021 and 2022. 15 At 31 December 2021 and 31 December 2022, right-of-use assets recognised under IFRS 16 are included in the line \u201cProperty, plant and equipment\u201d. The related lease liabilities are accounted for under \u201cLoans and borrowings\u201d. D\u2019Ieteren Automotive In 2022, the increase in goodwill compared to 31 December 2021 reflects the acquisition performed in the period as disclosed in note 26. The acquisitions performed in 2022 amounted to -\u20ac10.7m (total consideration paid, net of cash and cash equivalents acquired) presented in the line \u201cacquisition of subsidiaries, net of cash acquired\u201d in the consolidated statement of cash flows. At 31 December 2022, the decrease in the line \u201cemployee benefits\u201d in the non-current liabilities compared to 31 December 2021 is primarily due to the actuarial movement recognized on the IAS 19 defined benefit obligation, following the increase in the discount rates (see note 10). At 31 December 2022, the increase in loans and borrowings compared to 31 December 2021 mainly relates to bank overdrafts reclassified from \u201ccash and cash equivalents\u201d to \u201cloans and borrowings\u201d (\u20ac52.4m at 31 December 2022 vs nil at 31 December 2021). Those bank overdrafts are permitted under the ancillary facilities negotiated under the revolving credit facility of \u20ac225m and mainly result from a significant cash outflow driven by a sharp increase in inventory as the deliveries from the factories accelerated at the very end of the year. At 31 December 2022, there is no breach of covenants attached to the loans. Belron At 31 December 2022 and 31 December 2021, the derivative financial instruments included in the non-current assets mainly include interest rates swaps, cross currency interest rate swaps and forward exchange contracts, measured at fair value (see note 18). At 31 December 2022, the decrease in the line \u201cemployee benefits\u201d in the non-current assets compared to 31 December 2021 is primarily the result of an actuarial movement stemming from the increase in the discount rates, leading to a decrease in the fair value of the plan assets. Moleskine At 31 December 2022, the decrease in long-term loans and borrowings compared to 31 December 2021 is mainly due to the partial reimbursement of the external bank loan in 2022 (\u20ac14.5m of senior term loan instalment and \u20ac15m of voluntary prepayment). TVH At 31 December 2022 and 31 December 2021, the lines \u201cGoodwill\u201d and \u201cIntangible assets\u201d include the residual value of the goodwill embedded in the equity investment and the value of the brands, customer contracts and other intangible assets with stfinite useful lives recognised by the Group following the acquisition of a 40% stake in TVH on 1 October 2021 (see note 17 for more information on the purchase price allocation finalized by the Group in the second half of 2022). At 31 December 2022, the lines \u201cAssets classified as held-for-sale\u201d and \u201cLiabilities directly associated with the assets held for sale\u201d include the fair value of the assets and liabilities of TVH Russia, following the decision taken by the Board in April 2022 to make TVH Russia independent from TVH and sell it to the Russian management team. TVH Russia is considered as a disposal group (and not as a discontinued operation) and is therefore classified as held for sale in accordance with IFRS 5. The effective sale transaction has not yet occurred; the legal contract being still in preparation. PHE At 31 December 2022, the line \u201cGoodwill\u201d includes, in addition to the goodwill recognized at the level of PHE, the provisional thgoodwill recognised following the acquisition of PHE by the Group on 4 of August 2022 (see note 26 for more information on the business combination of PHE). At 31 December 2022, the lines \u201cAssets classified as held-for-sale\u201d and \u201cLiabilities directly associated with the assets held for sale\u201d represent the fair value of the assets and liabilities of PHE\u2019s specialized glass repair activity Mondial Pare-Brise classified as held for sale at 31 December 2022 (see note 21). At 31 December 2022, the lines \u201cput options granted to non-controlling interests\u201d include the put options granted to PHE\u2019s non-controlling shareholders holding minority interests in some of PHE\u2019s direct and indirect subsidiaries, the put options granted to minority investors (including management and several partners and independent distributors) who invested alongside D\u2019Ieteren Group in the holding company of PHE up to a combined ownership of c.9% and the put options attached to the free \u201cratchet\u201d shares granted to PHE\u2019s management as part of the management reward plan put in place in October 2022 (refer to note 33 for more information on these put options). At 31 December 2022, the line \u201cother payables\u201d in the non-current liabilities mainly includes \u20ac23.7m of contingent consideration on past acquisitions. 16 Corporate and unallocated At 31 December 2022 and 31 December 2021, the line \u201cfinancial investments\u201d comprises investments in a portfolio of marketable securities (mainly corporate bonds in Europe). These investments are accounted at amortized costs (corporate bonds) and fair value through profit or loss (FVTPL - equity instruments). Related net cash movement of \u20ac415.5m in 2022 is included in the line \u201cproceeds from the sale of / (investment in) financial assets\u201d in the consolidated statement of cash flows. Amounts of underlying investments being large, with short maturities and very quick turnover, acquisitions and disposals of underlying assets are not separately disclosed. These investments have a maturity of less than one year and weighted average returns in 2022 and 2021 close to 0%. 17 Segment Statement of Cash Flows - Operating Segments (Year ended 31 December) \u20acm Notes 2022 D'Ieteren Belron TVH PHE (5 Corp. & Moleskine Eliminations Group Autom. (100%) (100%) months) unallocated Cash flows from operating activities - Continuing Result from continuing 115.1 301.2 9.2 131.2 4.4 4.0 -229.3 335.8 operations Income tax expense 11 44.1 211.3 1.0 34.3 9.6 3.8 -245.6 58.5 Share of result of equity-accounted investees and long-term interests in equity-17 -6.8 -0.4 - - -0.2 - -202.7 -210.1 accounted investees, net of income tax Net finance costs 7 -6.5 348.8 11.0 6.5 31.1 -12.8 -355.3 22.8 Operating result from 145.9 860.9 21.2 172.0 44.9 -5.0 -1,032.9 207.0 continuing operations Depreciation on PP&E 6/14/15 24.2 226.3 6.2 37.1 28.4 9.3 -263.4 68.1 (including right-of-use assets) Amortisation of intangible 6/13 4.1 63.7 3.6 76.2 12.7 - -139.9 20.4 assets Impairment and write-offs on goodwill and other non-current - 11.2 - - - - -11.2 - assets Other non-cash items -12.4 -1.0 -1.1 11.8 -0.2 -3.8 -10.8 -17.5 Share-based payment and other employee benefit 9 7.4 37.0 3.2 3.7 8.8 4.7 -40.7 24.1 expenses Other cash items -2.6 1.8 1.8 - - 2.3 -1.8 1.5 Change in net working capital -173.0 -159.0 -3.3 -155.6 -3.3 20.8 314.6 -158.8 Cash generated from -6.4 1,040.9 31.6 145.2 91.3 28.3 -1,186.1 144.8 operations Income tax paid -36.0 -162.7 -1.7 -62.2 -17.7 -1.8 224.9 -57.2 Net cash from operating -42.4 878.2 29.9 83.0 73.6 26.5 -961.2 87.6 activities Cash flows from investing activities - Continuing Purchase of property, plant and equipment and intangible 13/14/15 -35.5 -107.7 -3.6 -119.6 -22.4 -15.5 227.3 -77.0 assets Sale of property, plant and equipment and intangible 3.1 6.9 - 25.5 0.6 6.7 -32.4 10.4 assets Net capital expenditure -32.4 -100.8 -3.6 -94.1 -21.8 -8.8 194.9 -66.6 Acquisition of subsidiaries (net 26 -10.7 -147.4 - -13.8 78.5 -584.6 161.2 -516.8 of cash acquired) Disposal of subsidiaries (net of - 2.3 - - - - -2.3 - cash disposed of) Contribution of cash from/(to) 2.4 - - - - - - 2.4 joint venture Proceeds from the sale of / (investments in) financial - - - 0.1 -0.3 415.5 -0.1 415.2 assets Interest received 0.9 14.4 - 0.7 0.2 6.1 -15.1 7.2 Dividends and proceeds from capital reduction received from /(paid by) equity-4/17 4.5 -403.8 - - - 212.5 403.8 217.0 accounted investees & long-term interests in equity accounted investees Loans to employees in relation to Long Term Incentive Plan -0.6 - - - - -0.7 - -1.3 and stock options Net cash from investing -35.9 -635.3 -3.6 -107.1 56.6 40.0 742.4 57.1 activities 18 Segment Statement of Cash Flows - Operating Segments (Year ended 31 December \u2013 continued) \u20acm 2022 D'Ieteren Belron TVH PHE (5 Corp. & Moleskine Eliminations Group Autom. (100%) (100%) months) unallocated Cash flows from financing activities - Continuing Acquisition (-)/Disposal (+) of non-2.7 - - - - 50.4 - 53.1 controlling interests Share capital increase - 0.6 - - - - -0.6 - Acquisition of treasury shares 22 - - - - - -117.4 - -117.4 Disposal of treasury shares 22 - - - - - 30.7 - 30.7 Net proceeds from the sale & purchase of own shares (buyback - -7.5 - - - - 7.5 - from MRP participants) Repayment of lease liabilities 24 -14.4 -187.7 -5.1 -12.9 -17.7 -0.7 200.6 -37.9 Proceeds from loans and borrowings 24 66.1 - - 181.2 41.3 - -181.2 107.4 Repayment of loans and borrowings 24 -7.9 -32.6 -29.4 -162.3 -9.8 -0.2 194.9 -47.3 Inter-segment loans - - - - - - - - Interest paid -1.8 -160.3 -3.9 -15.7 -12.9 -1.2 176.0 -19.8 Dividends received from/(paid to) 22 -51.6 - - - - 51.6 - - other segment Dividends paid by the Company - - - - - -113.6 - -113.6 Net cash from financing activities -6.9 -387.5 -38.4 -9.7 0.9 -100.4 397.2 -144.8 Cash flows from continuing -85.2 -144.6 -12.1 -33.8 131.1 -33.9 178.4 -0.1 operations Cash flows from discontinued - - - - 2.1 - - 2.1 operations TOTAL CASH FLOW FOR THE -85.2 -144.6 -12.1 -33.8 133.2 -33.9 178.4 2.0 PERIOD Reconciliation with statement of financial position Cash at beginning of period 19 86.0 244.9 38.6 137.0 - 230.0 -381.9 354.6 Cash and cash equivalents at 86.0 244.9 38.6 137.0 - 230.0 -381.9 354.6 beginning of period Total cash flow for the period -85.2 -144.6 -12.1 -33.8 133.2 -33.9 178.4 2.0 Effects of movement in exchange - 45.7 0.4 -1.6 - - -44.1 0.4 rates Cash and cash equivalents at end of 0.8 146.0 26.9 101.6 133.2 196.1 -247.6 357.0 period Included within \"Cash and cash 19 0.8 146.0 26.9 91.3 122.0 196.1 -237.3 345.8 equivalents Included within \"Non-current assets 21 - - - 10.3 11.2 - -10.3 11.2 held for sale\" 19 Segment Statement of Cash Flows \u2013 Operating Segments (Year ended 31 December \u2013 continued) \u20acm 2021\u207d\u207d\u00b9\u207e\u207e TVH D'Ieteren Belron (100% - Corp. & Moleskine Eliminations Group Autom. (100%) 3 unallocated months) Cash flows from operating activities - Continuing Result from continuing operations 67.6 317.9 -3.4 19.9 11.0 -161.7 251.3 Income tax expense 21.3 145.5 5.0 6.9 1.7 -152.4 28.0 Share of result of equity-accounted investees and long-term interests in equity-accounted -8.1 -0.5 - - - -175.6 -184.2 investees, net of income tax Net finance costs 0.2 228.6 10.5 2.2 -20.0 -230.8 -9.3 Operating result from continuing operations 81.0 691.5 12.1 29.0 -7.3 -720.5 85.8 Depreciation on PP&E (including right-of-use 20.3 211.6 7.7 26.3 9.5 -237.9 37.5 assets) Amortisation of intangible assets 5.1 58.1 3.8 0.8 0.1 -58.9 9.0 Impairment and write-offs on goodwill and other - 18.5 - - - -18.5 - non-current assets Other non-cash items 3.4 1.8 3.7 1.3 0.5 -3.1 7.6 Share-based payment and other employee 2.7 1.8 3.9 0.4 2.4 -2.2 9.0 benefit expenses Other cash items 1.3 - 0.5 - -1.3 - 0.5 Change in net working capital 79.4 -7.2 -3.9 -24.6 -23.8 31.8 51.7 Cash generated from operations 193.2 976.1 27.8 33.2 -19.9 -1,009.3 201.1 Income tax paid -21.1 -143.3 -1.3 -2.9 -2.8 146.2 -25.2 Net cash from operating activities 172.1 832.8 26.5 30.3 -22.7 -863.1 175.9 Cash flows from investing activities - Continuing Purchase of property, plant and equipment and -26.0 -71.0 -5.0 -14.7 -15.7 85.7 -46.7 intangible assets Sale of property, plant and equipment and 0.9 9.8 0.1 1.6 2.7 -11.4 3.7 intangible assets Net capital expenditure -25.1 -61.2 -4.9 -13.1 -13.0 74.3 -43.0 Acquisition of subsidiaries (net of cash acquired) -9.0 -17.8 - - - 17.8 -9.0 Acquisition of equity-accounted investees and long-term interests in equity-accounted - - - - -1,147.0 - -1,147.0 investees Disposal of subsidiaries (net of cash disposed - 1.1 - - - -1.1 - of) Contribution of cash from/(to) joint venture -4.8 - - - - - -4.8 Proceeds from the sale of / (investments in) - - - - 193.3 - 193.3 financial assets Interest received 0.1 1.1 - 0.1 1.3 -1.2 1.4 Dividends and proceeds from capital reduction received from /(paid by) equity-accounted - -1,723.4 - - 874.3 1,723.4 874.3 investees & long-term interests in equity accounted investees Shareholder loan towards equity-accounted - - - - -40.0 - -40.0 investee Loans to employees in relation to Long Term -3.1 - - - -0.8 - -3.9 Incentive Plan and stock options Net cash from investing activities -41.9 -1,800.2 -4.9 -13.0 -131.9 1,813.2 -178.7 (1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the consistency of accounting policies across all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of the year. Refer to note 1 for more information on the restatement of comparative information. 2021 has also been restated to reflect the reclassification of amounts related to employee benefits from the line \u201cOther non-cash items\u201d to the line \u201cShare-based payment and other employee benefit expenses\u201d. 20 Segment Statement of Cash Flows \u2013 Operating Segments (Year ended 31 December \u2013 continued) \u20acm 2021\u207d\u207d\u00b9\u207e\u207eTVH D'Ieteren Belron (100% - Corp. & Moleskine Eliminations Group Autom. (100%) 3 unallocated months) Cash flows from financing activities - Continuing Acquisition of treasury shares - - - - -13.7 - -13.7 Disposal of treasury shares - - - - 4.7 - 4.7 Net proceeds from the sale & purchase of own - 57.7 - - - -57.7 - shares (buyback from MRP participants) Repayment of lease liabilities -11.7 -168.1 -3.9 -2.6 -0.5 170.7 -16.1 Proceeds from loans and borrowings 118.2 2,200.2 0.1 32.8 - -2,233.0 118.3 Repayment of loans and borrowings - -1,379.3 -8.5 -30.4 -0.2 1,409.7 -8.7 Inter-segment loans -200.0 - - - 200.0 - - Inter-segment financing interests -13.8 - - - 13.8 - - Interest paid -1.4 -165.1 -1.8 -5.7 -3.2 170.8 -6.4 Dividends paid by the Company - - - - -72.9 - -72.9 Net cash from financing activities -108.7 545.4 -14.1 -5.9 128.0 -539.5 5.2 Cash flows from continuing operations 21.5 -422.0 7.5 11.4 -26.6 410.6 2.4 TOTAL CASH FLOW FOR THE PERIOD 21.5 -422.0 7.5 11.4 -26.6 410.6 2.4 Reconciliation with statement of financial position Cash at beginning of period 56.0 621.7 30.2 - 265.1 -621.7 351.3 Cash and cash equivalents at beginning of period 56.0 621.7 30.2 - 265.1 -621.7 351.3 Total cash flow for the period 21.5 -422.0 7.5 11.4 -26.6 410.6 2.4 Effects of movement in exchange rates - 45.3 0.9 0.5 - -45.8 0.9 Scope entry - - - 125.1 - -125.1 - Transfer between operating segments 8.5 - - - -8.5 - - Cash and cash equivalents at end of period 86.0 245.0 38.6 137.0 230.0 -382.0 354.6 Included within \"Cash and cash equivalents 86.0 244.9 38.6 137.0 230.0 -381.9 354.6 Included within \"Non-current assets held for sale\" - 0.1 - - - -0.1 - (1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the consistency of accounting policies across all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of the year. Refer to note 1 for more information on the restatement of comparative information. 2021 has also been restated to reflect the reclassification of amounts related to employee benefits from the line \u201cOther non-cash items\u201d to the line \u201cShare-based payment and other employee benefit expenses\u201d. In 2022 and 2021, the column \u201cEliminations\u201d reconciles the segment statement of cash flows (with Belron and TVH presented on all lines under global integration method) to the IFRS Group consolidated statement of cash flows (with Belron and TVH consolidated under equity-accounting method). D\u2019Ieteren Automotive In 2022, the line \u201cother non-cash items\u201d mainly includes movements in provisions (of which -\u20ac5.4m reversal of a provisrelated to the \u201cMarket area\u201d project \u2013 optimization of the independent dealer network), non-cash write-down on receivables and gain on disposals of furniture and equipment. In 2021, this line mainly included non-cash write down on inventories and a provision related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites. In 2022 and 2021, the line \u201cshare based payment and other employee benefit expenses\u201d mainly includes a share-based payment charge in relation to the long-term incentive plan put in place for management (\u20ac7.2m in 2022 \u2013 see note 9). In 2022, the cash outflow from the change in net working capital mainly reflects higher inventories compared to last year. In 2022, the line \u201cacquisition of subsidiaries (net of cash acquired)\u201d mainly represents the acquisitions of subsidiaries in Belgium, as disclosed in note 26. In 2022, the line \u201cproceeds from loans and borrowings\u201d mainly relates to temporary bank overdrafts. In 2021, this line mainly included the proceeds from the new amortising term loan of \u20ac100m. 21 Belron In 2022 and 2021, the line \u201cshare based payment and other employee benefit expenses\u201d relates the share-based payment charge in relation to the restricted share units (\u2018RSUs\u2019) awarded by the Board of Directors of Belron in December 2021 (see note 17). In 2022 and 2021, the line \u201cImpairment and write-offs on goodwill and other non-current assets\u201d include the impairment charge recognized on goodwill and other non-current assets (see note 17 for more information). In 2022, the cash outflow from change in net working capital mainly arises from an increase in inventories primarily relating to the stocking up on the back of inflationary and supply chain pressures. In 2022 and 2021, the line \u201cNet proceeds from the sale & purchase of own shares (buyback from MRP participants)\u201d represents the net proceeds from the sales and purchase of own shares to MRP participants (see note 17). Moleskine In 2022 and 2021, the line \u201cother non-cash items\u201d mainly includes write down on inventories and receivables. The line \u201cshare based payment and other employee benefit expenses\u201d mainly includes the additional provision for long-term incentive programme (2022: -\u20ac2.6m; 2021: -\u20ac3.2m). TVH In 2022, the line \u201cother non-cash items\u201d mainly includes write down on inventories and receivables. In 2022, the line \u201cshare based payment and other employee benefit expenses\u201d includes -\u20ac2.2m of share-based payment expense following the implementation of a new plan for management in October 2022. In 2022, the cash outflow from change in net working capital mainly arises from a voluntary high level of inventory to face supply chain disruption. PHE In 2022, the line \u201cshare based payment and other employee benefit expenses\u201d includes, amongst other amounts, the share-based payment expense (-\u20ac2.2m) recognised following the new management plan put in place in October 2022 (see note 9). In 2022, the line \u201ccash-flow from discontinued operations\u201d includes the cash generated by PHE\u2019s specialized glass repair activity thMondial Pare-Brise (classified as held for sale at 31 December 2022) from the date of acquisition of PHE (4 of August 2022). See note 21. Corporate & unallocated In 2022, the line \u201cother non-cash items\u201d mainly relate to the gain realised on the disposal of properties in Belgium (\u20ac3.4m). In 2022 and 2021, the line \u201cshare based payment and other employee benefit expenses\u201d mainly includes the equity-settled share-based payment expenses of \u20ac4.2m (see note 9). thIn 2022, the line \u201cacquisition of subsidiaries (net of cash acquired)\u201d includes the acquisition of PHE (closing on the 4 of August 2022). See note 26 for more information on the business combination of PHE. In 2021, the line \u201cAcquisition of equity-accounted investees and long-term interests in equity-accounted investees\u201d included the acquisition of a 40% stake in TVH in October 2021. In 2022 and 2021, the line \u201cDividends and proceeds from capital reduction received from/(paid by) equity-accounted investees & long-term interests in equity accounted investees\u201d related to the share of the Group in the dividends (\u20ac212.5m in 2022; \u20ac766.7m in 2021) and the proceed from capital reduction (\u20ac107.6m in 2021) received from the Belron segment. In 2021, the line \u201cmovement of shareholder loan towards equity-accounted investee\u201d related to the shareholder loan put in place on 1st October 2021 in the framework of the acquisition of a 40% stake in TVH. In 2022, the line \u201cAcquisition (-) / Disposal (+) of non-controlling interests\u201d includes the consideration received from minority investors (including management and several partners and independent distributors) who invested in the holding company of PHE alongside the Group up to a combined ownership of c. 9% (see note 26). The line \u201cDividends paid by the Company\u201d includes the distribution to shareholders of the ordinary dividend (2022: \u20ac2.10 per share; 2021: \u20ac1.35 per share). 22 Geographical Segment Information (Year ended 31 December) thThe Group\u2019s operating segments (being D\u2019Ieteren Automotive, Moleskine, PHE \u2013 as from 4 of August 2022 \u2013 and Corporate & unallocated) operate in four main geographical areas (three in 2021), being Belgium (main market for the D\u2019Ieteren Automotive segment), France (being the main market for the PHE segment), the rest of Europe and the rest of the world. Figures for the segments Belron and TVH are not presented in the below table since they are equity-accounted investees. \u20acm 2022 2021 Rest Rest Rest of of Rest of of Belgium France Group Belgium Group Europe the Europe the world world Segment revenue from external customers\u207d\u00b9\u207e 3,630.6 648.0 348.1 87.9 4,714.6 3,218.4 67.8 74.3 3,360.5 Non-current assets\u207d\u00b2\u207e 501.1 1,162.3 742.9 8.2 2,414.5 390.6 471.2 8.4 870.2 (1) Based on the geographical location of the customers. (2) Non-current assets, as defined by IFRS 8, consists of goodwill, intangible assets, property, plant and equipment, investment property and non-current other receivables. Note 5: Revenue Disaggregation of revenue issued from contracts with customers for the year ended 31 December 2021 and 31 December 2022 is presented in the table below: \u20acm 2022 2021 D'Ieteren Automotive New vehicles 2,893.2 2,615.1 Used cars 305.9 289.0 Spare parts and accessories 275.1 244.1 After-sales activities 54.4 56.5 Other revenue 80.9 34.2 Subtotal D'Ieteren Automotive 3,609.5 3,238.9 Moleskine Europe, Middle-East and Africa (EMEA) 59.4 51.6 America 62.0 48.1 Asia-Pacific (APAC) 21.9 21.9 Subtotal Moleskine 143.3 121.6 PHE France 643.0 - International 318.8 - Subtotal PHE 961.8 - Total Revenue 4,714.6 3,360.5 There was no material revenue recognised in the current reporting period that related to carried-forward contract liabilities (deferred income) or performance obligations satisfied in the previous year. There is no material revenue that is likely to arise in future periods from unsatisfied performance obligations at the Consolidated Statement of Financial Position date. There is no material contract income or costs recognised on the Consolidated Statement of Financial Position as contract liabilities or contract assets.23 Note 6: Operating result Operating result is stated after charging: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Purchases and changes in -2,999.9 -28.3 -555.0 -1.6 -3,584.8 -2,728.6 -19.2 -2.8 -2,750.6 inventories Depreciation on PP&E & investment -24.2 -6.2 -28.4 -9.3 -68.1 -20.3 -7.7 -9.5 -37.5 property Amortisation -4.1 -3.6 -12.7 - -20.4 -5.1 -3.8 -0.1 -9.0 Write-down on -0.4 0.4 2.3 - 2.3 -1.8 -1.9 - -3.7 inventories Write down on -1.0 - -5.1 - -6.1 0.1 - -0.1 - receivables Employee benefit expenses (see note -208.7 -25.9 -183.3 -19.4 -437.3 -175.6 -26.7 -15.0 -217.3 10) Gain on sale of property, plant and 2.3 - - 3.5 5.8 0.1 - - 0.1 equipment Rental income from investment - - - 5.0 5.0 - - 4.8 4.8 property\u207d\u00b9\u207e Sundry\u207d\u00b2\u207e -227.6 -58.5 -134.7 16.8 -404.0 -226.7 -50.2 15.4 -261.5 NET OPERATING EXPENSES / -3,463.6 -122.1 -916.9 -5.0 -4,507.6 -3,157.9 -109.5 -7.3 -3,274.7 INCOME (1) The full amount is related to investment property that generated rental income. (2) Mainly relates to marketing and IT costs, legal and consultancy fees and inter-segment rental income and expenses between the segment \u201cCorporate & unallocated\u201d and D\u2019Ieteren Automotive. In the consolidated statement of profit or loss, the increases in commercial and administrative expenses and other operating income compared to 2021 are mainly explained by the integration of PHE in the consolidated statement of profit or loss as thfrom the date of acquisition (4 of August 2022). The decrease in other operating expenses compared to 2021 is also explained by the charge of -\u20ac21.8m in 2021 related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites (included in the line \u201cSundry\u201d in the above table). In 2021 and 2022, the line \u201cdepreciation on PP&E & investment property\u201d includes the depreciation on right-of-use assets recognised in accordance with IFRS 16 (see note 32 for additional information on the right-of-use assets). The \u20ac5.8m gain on sale of property, plant and equipment in 2022 relate to the gain recognised on the disposal of furniture and equipment in the D\u2019Ieteren Automotive segment following the closure of two retail sites, and the gain on the disposal of properties in Belgium in the Corporate & unallocated segment. 24 Note 7: Net finance costs Net finance costs are broken down as follows: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Finance costs: Interest expense -3.2 -1.6 -31.2 -0.8 -36.8 -0.9 -2.0 -1.7 -4.6 Interest costs on pension -0.1 - -0.1 - -0.2 - - - - Other financial charges -1.4 -0.8 - -0.4 -2.6 -0.8 - -1.3 -2.1 Subtotal finance costs -4.7 -2.4 -31.3 -1.2 -39.6 -1.7 -2.0 -3.0 -6.7 Re-measurements of financial instruments: Measured at fair value - - - - - - -0.2 - -0.2 upon initial recognition Finance income 11.2 2.1 0.2 3.3 16.8 12.8 2.0 1.4 16.2 Inter-segment financing - -10.7 - 10.7 - -11.3 -10.3 21.6 - interests NET FINANCE COSTS 6.5 -11.0 -31.1 12.8 -22.8 -0.2 -10.5 20.0 9.3 In 2021 and 2022, the line \u201cinterest expense\u201d includes, amongst other amounts, the interest charges on lease liabilities recognised in accordance with IFRS 16. Refer to note 24 for more information on the lease liabilities. The increase in finance costs in the period is mainly due to the integration of PHE in the Group\u2019s consolidated statement of thprofit or loss as from the date of acquisition (4 of August 2022 \u2013 see note 26), to the interest expense (-\u20ac1.1m) on the \u20ac100m amortising term loan (concluded in December 2021), to the non-utilisation fee (-\u20ac0.6m) incurred in relation to the \u20ac225m revolving credit facility (undrawn as at 31 December 2022) in the D\u2019Ieteren Automotive segment, and to additional interests expenses on lease liabilities following the increase in interest rates in 2022. The interest expenses in the PHE segment mainly includes interests on senior secured notes and revolving credit facilities and interest charges on lease liabilities. In 2021 and 2022, finance income mainly includes consolidated gain recognised on the loss of exclusive control of entities in the D\u2019Ieteren Automotive segment in 2021 and 2022 (see note 17), realized foreign exchange gains in the Moleskine segment, and the interests (\u20ac0.6m in 2021; \u20ac2.3m in 2022) recognised on the shareholder loan from the Corporate & unallocated segment to the TVH segment (equity-accounted investee) put in place in October 2021 in the framework of the acquisition of a 40% stake in TVH. In 2021 and 2022, the inter-segment financing interests are related to amounts lent by the Corporate & unallocated segment to the Moleskine segment (non-recourse loan in the framework of the acquisition). In 2021, this line also included the interests and the early repayment fee paid by D\u2019Ieteren Automotive to the Corporate & unallocated segment following the anticipated reimbursement of the inter-segment loan. Note 8: Earnings per share Earnings per share (\u201cEPS\u201d) and earnings per share from continuing operations (\u201cContinuing EPS\u201d) are shown on the face of the consolidated statement of profit or loss. Basic and diluted EPS are based on the result for the period attributable to equity holders of the Company (based on the result from continuing operations attributable to equity holders of the Company for the continuing EPS), after adjustment for participating shares (each participating share confers one voting right and gives right to a dividend equal to one eighth of the dividend of an ordinary share). The weighted average number of ordinary shares in issue for the period is shown in the table below. The Group has granted options to employees over ordinary shares of the Company. Such shares constitute the only category of potentially dilutive ordinary shares. The weighted average number of ordinary shares outstanding during the period is 53,230,995 (53,365,665 in the prior period) and the weighted average number of ordinary shares taken into account for diluted EPS is 53,810,452 (53,889,709 in the prior period). The decrease in the average number of ordinary shares outstanding is the result of the movement in treasury shares. The options over ordinary shares of the Company increased the weighted average number of shares of the Company taken into account for diluted earnings per share in 2021 and 2022 as option exercise prices were below the average market share price. The computation of basic and diluted EPS is set out below: 25 2022 2021\u207d\u207d\u00b9\u207e\u207eResult for the period attributable to equity holders 338.6 252.4 Adjustment for participating shares -3.9 -3.0 Numerator for EPS (\u20acm) (a) 334.7 249.4 Result from continuing operations 335.8 251.3 Share of non-controlling interests in result from continuing operations -0.1 1.1 Result from continuing operations attributable to equity holders 335.7 252.4 Adjustment for participating shares -3.9 -3.0 Numerator for continuing EPS (\u20acm) (b) 331.8 249.4 Weighted average number of ordinary shares outstanding during the period (c) 53,230,995 53,365,665 Adjustment for stock option plans 579,457 524,044 Weighted average number of ordinary shares taken into account for diluted EPS (d) 53,810,452 53,889,709 Result for the period attributable to equity holders Basic EPS (in \u20ac) (a)/(c) 6.29 4.67 Diluted EPS (\u20ac) (a)/(d) 6.22 4.63 Result from continuing operations attributable to equity holders Basic continuing EPS (in \u20ac) (b)/(c) 6.24 4.67 Diluted continuing EPS (in \u20ac) (b)/(d) 6.17 4.63 (1) As restated \u2013 refer to note 1 for further information on the restatement of comparative information. Note 9: Share-based payments Corporate & unallocated There is in the Group an equity-settled share-based payment scheme. Since 1999, share option schemes have been granted to officers and managers of the Corporate & unallocated segment, in the framework of the Belgian law of 26 March 1999. The underlying share is the ordinary share of D\u2019Ieteren Group SA/NV. Under these schemes, vesting conditions are three years\u2019 service from grant date and holders of vested options are entitled to purchase shares at the exercise price of the related scheme during the exercise period. Outstanding options are as follows: Date of grant Number of options (in Exercise Exercise period units) price 2022 2021 (\u20ac) From To 2022 183,000 - 118.10 1/01/2026 9/03/2032 2021 172,000 172,000 68.26 1/01/2025 8/03/2031 2020 166,500 166,500 49.36 1/01/2024 7/06/2030 2019 185,000 185,000 33.19 1/01/2023 28/02/2029 2018 4,250 187,000 33.32 1/01/2022 5/06/2028 2017 - 109,091 38.47 1/01/2021 13/03/2027 2016 - 10,866 35.05 1/01/2020 13/03/2026 2016 - 70,628 29.18 1/01/2020 13/03/2026 2016 13,376 16,132 29.18 1/01/2020 13/03/2026 2016 10,866 33,685 26.62 1/01/2020 21/01/2026 2015 18,938 19,450 29.54 1/01/2019 12/03/2025 2015 8,204 8,782 29.54 1/01/2019 12/03/2025 2014 - 11,995 30.44 1/01/2018 10/03/2024 2013 4,214 5,868 32.20 1/01/2017 24/11/2023 2012 - 6,466 33.35 1/01/2016 14/10/2022 2007 - 5,868 24.30 1/01/2011 2/12/2022 Total 766,348 1,009,331 All outstanding options are covered by treasury shares (see note 22). 26 A reconciliation of the movements in the number of outstanding options during the year is as follows: Weighted average Number (in units) exercise price (\u20ac) 2022 2021 2022 2021 Outstanding options at the beginning of the period 1,009,331 975,762 41.69 35.93 Granted during the period 183,000 172,000 118.10 68.26 Exercised during the period -423,918 -137,127 33.43 34.11 Other movements during the period -2,065 -1,304 26.21 32.21 Outstanding options at the end of the period 766,348 1,009,331 64.55 41.69 of which: exercisable at the end of the period 59,848 298,831 29.39 32.63 The average share price during the period was \u20ac154.87 (2021: \u20ac113.19). Other movements in 2021 and in 2022 relate to options that expired and were not exercised. The treasury shares underlying to these expired options are being kept for future plans. For share options outstanding at the end of the period, the weighted average remaining contractual life is as follows: Number of years 31 December 2022 7.4 31 December 2021 6.7 IFRS 2 \u201cShare-Based Payments\u201d requires that the fair value of all share options issued after 7 November 2002 is charged to the income statement. A non-cash charge of \u20ac4.2m (covering the options granted from 2019 to 2022) has been recognised during the period in employee benefit expenses and presented in the line \u201cShare-based payment and other employee benefit expenses\u201d in the consolidated statement of cash flows and the line \u201cOther movements\u201d in the consolidated statement of changes in equity. The fair value of the options must be assessed on the date of each issue. A simple Black & Scholes valuation model was used at each issue date re-assessing the input assumptions on each occasion. The assumptions for the 2021 and 2022 issues were as follows: 2022 2021 Number of employees 21 16 Spot share price (in \u20ac) 142.8 82.5 Option exercise price (in \u20ac) 118.1 68.3 Vesting period (in years) 3.8 3.8 Weighted average fair value per option (in \u20ac) 51.8 27.7 As from 2022, expected volatility and expected dividends are based on multidimensional data and provided by an independent expert (long term volatility curve and dividend yields assumptions). The risk-free rate of return is based upon EUR Interest Rate Swap yield curve with an equivalent term to the options granted. D\u2019Ieteren Automotive In April 2021, D\u2019Ieteren Automotive implemented a new Long-Term Incentive Plan (LTIP) classified as a cash-settled share-based payment plan. The incentives have been granted in the form of stock options to selected key managers of D\u2019Ieteren Automotive and its subsidiaries. Underlying shares are ordinary shares of D\u2019Ieteren Automotive SA/NV (non-listed shares). In 2021, D\u2019Ieteren Automotive granted to the managers 272,604 options. During the period, another 38.339 options have been granted, translating into 310.943 options granted as of the end of 2022 (on a total number of available options for this plan of 369,668 options \u2013 representing c. 10% of the issued capital. All those options may be exercised from the third calendar year after the offer has been made in 2021 (starting 15 March 2025) during three exercise periods, the last period ending on the 21 March 2027. All granted options are therefore outstanding as at 31 December 2022 with a weighted average remainingcontractual life of 4.2 years. The fair value of the options granted has been assessed on the 31 December 2022 based on the classical closed-form Black & Scholes formula for European options. IFRS2 \u201cShare-based Payments\u201d requires D\u2019Ieteren Automotive to remeasure the fair value of the liability at the end of each reporting period and at the date of settlement, with any changes in fair value recognized in profit or loss for the period. In 2022, a non-cash charge of \u20ac7.2m (2021: \u20ac1.4m) has been recognized in employee benefit expenses for this share-based payment 27 plan. This non-cash charge is presented in the line \u201cShare-based payment and other employee benefit expenses\u201d in the consolidated statement of cash flows\u201d. PHE Following the acquisition of PHE by the Group (see note 26), a Management Reward Plan (MRP) has been put in place, whereby the Group granted to PHE\u2019s key management personnel free \u201cratchet\u201d shares. These shares have no economic value until a liquidity event occurs (the value of the shares will then be entitled to an amount equal to a percentage of the Project Capital Gain). This management reward plan is a cash-settled share-based payment in scope of IFRS 2. The Group will therefore account in profit or loss for the fair value of the free shares granted to management over the vesting period (being one year as from the grant date), with a corresponding increase in liability. Before and beyond vesting, the change in fair value of the liability will be accounted for in profit or loss. At 31 December 2022, the Group accounted for a share-based payment expense of -\u20ac2.2m (presented in the line \u201cShare-based payment and other employee benefit expenses\u201d in the consolidated statement of cash flows) with a corresponding increase in liability. Note 10: Employee benefits Note 10.1: Employee benefit expense The employee benefit expense is analysed below: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Retirement benefit charges under defined - - -1.1 - -1.1 - - - - contribution schemes Retirement benefit charges under Belgian defined contribution -4.0 - - -0.3 -4.3 -4.8 - -0.4 -5.2 schemes considered as defined benefit schemes Retirement benefit charges under defined - -0.6 - - -0.6 - -0.7 - -0.7 benefit schemes Total retirement benefit -4.0 -0.6 -1.1 -0.3 -6.0 -4.8 -0.7 -0.4 -5.9 charge (see note 10.2) Wages, salaries and -197.5 -22.7 -180.0 -14.9 -415.1 -169.4 -22.8 -12.2 -204.4 social security costs Share-based payments -7.2 -2.6 -2.2 -4.2 -16.2 -1.4 -3.2 -2.4 -7.0 and LTIP expenses Total employee benefit -208.7 -25.9 -183.3 -19.4 -437.3 -175.6 -26.7 -15.0 -217.3 expense Note 10.2: Post-employment and long-term employee benefits Long-term employee benefits include post-employment employee benefits and other long-term employee benefits. Post-employment employee benefits are analysed below. Other long-term employee benefits are presented among non-current provisions or non-current other payables, and, if material, separately disclosed in the relevant note. Post-employment benefits are limited to retirement benefit schemes. Certain Group entities operate schemes which provide retirement benefits, including those of the defined benefit type, which are in most cases funded by investments held outside the Group. The Group has established pension schemes for its employees in various locations. The major schemes are located in Belgium, France and in Italy. Since Belron and TVH are equity-accounted investees, the schemes in place in those two segments are not separately disclosed. The schemes in Belgium relate to the D\u2019Ieteren Automotive, PHE and \u201cCorporate & unallocated\u201d segments and are funded (in the D\u2019Ieteren Automotive and Corporate & unallocated segment only) and unfunded. The schemes in France relate to the PHE segment and are unfunded, and the schemes in Italy relate to the Moleskine and PHE segments and are unfunded. Independent actuarial valuations for the plans in these countries are performed as required. The Group is and has always been fully compliant with all local governance and funding requirements. The overall investment policy and strategy for the Group\u2019s defined benefit schemes is guided by the objective of achieving an investment return, which together with contributions, ensures that there will be enough assets to pay pension benefits as they fall due while also mitigating the various risks of the plans. The investment strategies for the plans are managed under local laws and regulations in each jurisdiction. 28 The actual asset allocation is determined by the current and expected economic and market conditions and in consideration of specific asset class risk and risk profile. In addition, consideration is given to the maturity profile of scheme liabilities. The Group operates one defined benefit scheme in Belgium that was closed to new members in 2005. The retirement capital plan accrues a percentage of annual salary inflated to the point of retirement with an annual average of 2.5% (and a maximum of 4.0%). A full actuarial valuation of the plan is carried out every year by a qualified independent actuary. The Goperates defined contribution plans with a minimal interest guarantee borne by the employer under the Belgian Legislation. The Group recognises all actuarial gains and losses directly in the Consolidated Statement of Comprehensive Income. The main actuarial assumptions are as follows (the assumptions on life expectancy are provided for the D\u2019Ieteren Automotive and the Corporate & unallocated segments only). In 2021, given the amounts of net position of unfunded schemes recognised in the consolidated statement of financial position which were not considered material to the Group, the assumptions related to the unfunded schemes were not provided. Funded schemes Unfunded schemes 2022 2021 2022 Min. Max. Min. Max. Min. Max. Inflation rate 2.1% 2.2% 1.9% 1.9% n.s. n.s. Discount rate 3.1% 3.2% 0.4% 0.4% n.s. n.s. Rate of salary increases 3.1% 3.1% 2.9% 2.9% 2.5% 3.8% Life expectancy of male pensioner 18.6 18.6 18.6 18.6 Life expectancy of female pensioner 22.0 22.0 22.0 22.0 Life expectancy of male non-pensioner 18.6 18.6 18.6 18.6 Life expectancy of female non-pensioner 22.0 22.0 22.0 22.0 The weighted average duration of the liabilities across the plans is around 7 years. The amounts recognised in the statement of financial position are summarised as follows, depending on the net position of each pension scheme: \u20acm 2022 2021 Long-term employee benefit assets - - Long-term employee benefit obligations -39.4 -25.5 Recognised net deficit (-) / surplus (+) in the schemes -39.4 -25.5 of which: amount expected to be settled within 12 months -1.0 -0.2 of which: amount expected to be settled in more than 12 months -38.4 -25.3 For all schemes, the amounts recognised in the statement of financial position are analysed as follows: \u20acm 2022 2021 Funded Unfunded Funded Unfunded Total Total schemes schemes schemes schemes Present value of defined benefit obligations -72.9 -30.7 -103.6 -84.8 -5.3 -90.1 Fair value of scheme assets 64.2 - 64.2 64.6 - 64.6 Net deficit (-) / surplus (+) in the schemes -8.7 -30.7 -39.4 -20.2 -5.3 -25.5 The increase in the net deficit of unfunded schemes is mainly attributable to the integration of PHE in the Group\u2019s consolidated statement of financial position at 31 December 2022. 29 The amounts recognised through the statement of comprehensive income (excluding the share of other comprehensive income in equity-accounted investees) are as follows. \u20acm 2022 2021 Funded Unfunded Funded Unfunded Total Total schemes schemes schemes schemes Actual return less interest return on pension assets net 2.1 - 2.1 2.4 - 2.4 of asset management charges Experience gain (+) / loss (-) on liabilities -5.1 -0.1 -5.2 3.1 - 3.1 Gain (+) / Loss (-) on change of financial assumptions 14.4 3.2 17.6 1.4 - 1.4 Actuarial gains (+) / losses (-) 11.4 3.1 14.5 6.9 - 6.9 Changes to financial assumptions during 2022, all of which were prepared on a consistent basis to prior period, impacted the total actuarial gains (+) / losses (-) by +\u20ac17.6m (2021: +\u20ac1.4m). The actuarial gain of the current period is primarily the result of an increase of the discount rate in 2022 compared to 2021. The cumulative amount of actuarial gains and losses (Group\u2019s share, before tax and including the share of equity-accounted investees in actuarial gains and losses) recognised in the consolidated statement of comprehensive income is a cumulative loss of -\u20ac15m (in 2021 a cumulative gain of \u20ac16m). The movement in cumulative amount of actuarial gains and losses from 2021 to 2022 is primarily due to the UK pension scheme in the Belron segment (equity-accounted investee), recording an actual loss on scheme assets more than compensating the actuarial gain on the pension liabilities, following the sharp rise in the discount rate. The fair value of scheme assets includes the following items: \u20acm 2022 2021 Quoted in Quoted in an active Other Total an active Other Total market market Other assets - 64.2 64.2 - 64.6 64.6 Fair value of scheme assets - 64.2 64.2 - 64.6 64.6 The fair value of scheme assets does not comprise any property or other assets used by the Group, nor any financial instruments of the Group. Other assets are mainly composed of cash. The movements in the fair value of plan assets are as follows: \u20acm 2022 2021 Total Total Scheme assets at 1 January 64.6 62.1 Employer contribution 4.1 3.8 Interest on pension assets 0.4 0.2 Contributions paid by employees 1.1 1.2 Benefits paid -8.1 -4.9 Actual return less interest return on pension assets 2.1 2.4 Administrative costs - -0.5 Group changes - 0.3 Scheme assets at 31 December 64.2 64.6 The actual return on scheme assets is as follows: \u20acm 2022 2021 Interest return on pension assets 0.4 0.2 Actual return less interest return on pension assets 2.1 2.4 Actual net return on pension assets 2.5 2.6 30 The movements in the present value of defined benefit obligations are as follows: \u20acm 2022 2021 Funded Unfunded Funded Unfunded Total Total schemes schemes schemes schemes Defined benefit obligations at 1 January -84.8 -5.3 -90.1 -87.6 -6.2 -93.8 Items acquired through business combinations - -28.0 -28.0 - - - Current service cost -5.1 -0.9 -6.0 -5.2 -0.7 -5.9 Interest payable on pension liabilities -0.5 -0.1 -0.6 -0.2 - -0.2 Benefits paid 8.2 1.3 9.5 4.9 1.6 6.5 Contribution paid by employees - - - -1.3 - -1.3 Experience gain (+) / loss (-) on liabilities -5.1 -0.1 -5.2 3.1 - 3.1 Gain (+) / Loss (-) arising from changes to financial 14.4 3.2 17.6 1.4 - 1.4 assumptions Curtailment and settlements - 0.2 0.2 - - - Group change - -1.0 -1.0 -0.4 - -0.4 Administrative costs - - - 0.5 - 0.5 Defined benefit obligations at 31 December -72.9 -30.7 -103.6 -84.8 -5.3 -90.1 The amounts recognised in the statement of profit or loss are as follows: \u20acm 2022 2021 Funded Unfunded Funded Unfunded Total Total schemes schemes schemes schemes Current service cost -5.1 -0.9 -6.0 -5.2 -0.7 -5.9 Pension costs within the operating result -5.1 -0.9 -6.0 -5.2 -0.7 -5.9 Interest payable on pension liabilities -0.5 -0.1 -0.6 -0.2 - -0.2 Interest return on pension assets 0.4 - 0.4 0.2 - 0.2 Net pension interest cost -0.1 -0.1 -0.2 - - - Expense recognised in the statement of profit or loss -5.2 -1.0 -6.2 -5.2 -0.7 -5.9 The best estimate of normal contributions expected to be paid to the schemes during the 2022 annual period is ca. \u20ac5m. The obligation of defined benefit schemes is calculated on the basis of a set of actuarial assumptions (including among others: mortality, discount rate of future payments, salary increases, personnel turnover, etc.). Should these assumptions change in the future, the obligation may increase. The defined benefit scheme assets are invested in a diversified portfolio, with a return that is likely to experience volatility in the future. Should the return of these assets be insufficient, the deficit might increase (the surplus might decrease). The net deficit (\u20ac25.5m at 31 December 2021; \u20ac39.4m at 31 December 2022) recognised in the consolidated statement of financial position does not include Belron\u2019s net surplus and TVH\u2019s net deficit since they are equity-accounted investees. The following table presents a sensitivity analysis for the discount rate and the inflation rate, showing how the defined benefit obligation at 31 December 2022 would have been affected by changes in the relevant actuarial assumption that were reasonably possible at the balance sheet date. The sensitivity analysis applies to the defined benefit obligation only and not to the net defined benefit pension liability in its entirety, the measurement of which is driven by a number of factors including, in addition to the assumptions below, the fair value of plan assets. \u20acm (Increase) / (Increase) / decrease in decrease in defined benefit defined benefit obligation at 31 obligation at 31 December 2022 December 2021 Discount rate Increase by 25 basis points 3.8 4.6 Decrease by 25 basis points -3.9 -4.9 Inflation rate Increase by 25 basis points -2.9 -2.4 Decrease by 25 basis points 2.7 2.3 31 There is a pension plan in Belgium legally structured as defined contribution plan. Because of the Belgian social legislation applicable, all Belgian defined contribution plans are considered under IFRS as defined benefit plan because the employer must guarantee a minimum return on employee and employer contributions. The Group is therefore exposed to a financial risk (legal obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits). Disclosures in tables above include those Belgian defined contribution plans. The plan is insured at an insurance company. The insurance company guarantees a minimum rate of return on the contributions paid. However, the minimum guaranteed rates have dropped significantly the last years and are currently below the social minimum return borne by the employer on the contributions (according to article 24 of the Law of 28 April 2003 on occupational pensions, the Group has to guarantee an average minimum return of 3.75% on employee contributions and of 3.25% on employer contributions paid up to 31 December 2015). The financial risk has therefore increased. The Belgian law of 18 December 2015 entered into effect on 1 January 2016 and amended, inter alia, the calculation of the minimum return guaranteed by law (minimum of 1.75% and maximum of 3.75%). The IFRS valuation and accounting of this kind of plan with contribution-based promises are not envisaged by IAS 19. Taking into account the change in the pension law and the current consensus on this specific matter, and after analysis of the pension plan, the Group considers that a method based on the IAS 19 methodology (\u201cProjected unit credit\u201d method used for defined benefit plan) is appropriate to measure the liability in the Belgian context as from 2016 onwards. The present value of the defined benefit obligation amounts to \u20ac67.7m (2021: \u20ac78.3m). The calculation is based on the \u201cProjected unit credit\u201d method with projection of the future contributions and services pro-rate for the employer contract and without projection of the future contributions for the employee contract. The fair value of the scheme assets amounts to \u20ac60.0m (2021: \u20ac60.4m) and is set equal to the contractual assets held by the insurance company (no application of paragraph 115 of IAS 19). The net deficit amounts to \u20ac7.7m (2021: \u20ac17.9m), recognized in the consolidated statement of financial position. Note 11: Current and deferred income taxes Note 11.1: Income tax expenses Income tax expense is broken down as follows: \u20acm 2022 2021 Current year income tax -54.5 -32.2 Prior year income tax -3.4 -0.8 Movement in deferred taxes -0.6 5.0 Income tax expense -58.5 -28.0 The relationship between income tax expense and accounting profit is explained below: \u20acm 2022 2021 Result before taxes 394.3 279.3 Less: share of result of equity-accounted investees, net of income tax -210.1 -184.2 Result before taxes less share of result of equity-accounted investees 184.2 95.1 Tax at the Belgian corporation tax rate of 25.00% -46.1 -23.8 Foreign tax rate differential 0.2 -0.2 Tax effect of non-taxable income and non-deductible expenses -1.4 1.6 Other permanent differences - 2.0 Tax effect of current and deferred tax adjustments related to prior years 1.6 -1.0 Current year tax losses for which no deferred tax asset is recognised -5.5 -3.2 Derecognition of previously recognised deferred tax assets - -3.1 Other -7.3 -0.3 Actual income tax on PBT -58.5 -28.0 In 2022, in the PHE segment, the difference between the theoretical tax charge (at 25.00%) and the effective tax charge reported since the acquisition of PHE by the Group (-\u20ac6.2m), is included in the line \u201cOther\u201d in the above table, since the nature of the reconciling items were not available over the reporting period (from the acquisition date until the 31 December 2022). The Group\u2019s consolidated effective tax rate for the year ended 31 December 2022, excluding the share of the Group in the net result of equity-accounted investees is 31.8% (29.4% - as restated, see note 1 \u2013 for the year ended 31 December 2021). The Group is subject to several factors which may affect future tax charges, principally the levels and mix of profitability in different jurisdictions and tax rates imposed. The Group operates in multiple jurisdictions with often complex legal and tax regulatory environments. The income tax positions taken are considered by the Group to be supportable and are intended to withstand challenge from tax authorities. However, it 32 is acknowledged that some of the positions are uncertain and include interpretations of complex tax laws which could be disputed by tax authorities. The Group judges these positions on their technical merits and this on a regular basis using all the information available (legislation, case law, regulations, established practice, authoritative doctrine as well as certain third-party tax opinions issued by Belgian and foreign tax lawyers). These positions are based on facts and circumstances existing at the end of the reporting period and will be reviewed at each reporting date. A liability is recorded for each item that is not probable of being sustained on examination by the tax authorities and after using all legal remedies of defending the position before Court, based on all relevant information. Note 11.2: Current tax assets and liabilities Current tax assets (liabilities) are largely expected to be recovered (settled) within 12 months. Note 11.3: Deferred income taxes Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. \u20acm 31 December 2022 31 December 2021 Assets Liabilities Net Assets Liabilities Net Goodwill & intangible assets 6.7 -181.5 -174.8 0.3 -112.4 -112.1 Property, plant & equipment (excluding right-of use assets) 2.4 -22.3 -19.9 3.1 -22.3 -19.2 Right-of-use assets - -61.7 -61.7 - -11.1 -11.1 Derivative financial instruments - -0.5 -0.5 - - - Employee benefits 6.5 - 6.5 5.1 - 5.1 Inventories 6.9 - 6.9 6.7 - 6.7 Provisions 6.8 - 6.8 6.0 - 6.0 Lease liabilities 63.8 - 63.8 11.1 - 11.1 Other assets & liabilities 9.3 -1.1 8.2 1.6 -0.4 1.2 Deferred tax assets/(liabilities) arising from temporary differences 102.4 -267.1 -164.7 33.9 -146.2 -112.3 Tax losses carried forward 82.7 - 82.7 25.8 - - Deferred tax assets/(liabilities) 185.1 -267.1 -82.0 59.7 -146.2 -86.5 Set-off of tax -127.7 127.7 - -13.1 13.1 - Net deferred tax assets/(liabilities) 57.4 -139.4 -82.0 46.6 -133.1 -86.5 The net deferred tax balance includes net deferred tax assets amounting to \u20ac29.2m (2021: \u20ac14.2m) that are expected to be reversed in the following year. However, given the low predictability of deferred tax movements, this net amount might not be reversed as originally foreseen. At the balance sheet date, the Group has unused tax losses and credits of \u20ac151.5m (2021: \u20ac65.9m) available for offset against future profits, for which no deferred tax asset has been recognised, due to the unpredictability of future profit streams. These tax losses and credits may be carried forward indefinitely. The increase in unused and unrecognised tax losses and credits compared to 31 December 2021 is mainly explained by the existence of unused and unrecognised tax losses in the PHE segment. At the balance sheet date, no deferred tax liability has been recognized for the aggregate amount of temporary differences associated with the investments in subsidiaries, branches, associates and interests in joint ventures because the Group is in a position to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the foreseeable future. It should also be noted that the reversal of these temporary differences, for example by way of distribution of dividends by the subsidiaries to the Company, would generate no (or a marginal) current tax effect. Deferred tax assets are recognised provided that there is a sufficient probability that they will be recovered in the foreseeable future. Recoverability has been conservatively assessed. However, should the conditions for this recovery not be met in the future, the current carrying amount of the deferred tax assets may be reduced. 33 The movement in deferred tax assets and liabilities during the period and the prior period is as follows: \u20acm 2022 2021 Net deferred tax liabilities (negative amounts) At 1 January -133.1 -131.0 Recognised in profit or loss 0.8 0.9 Recognised in other comprehensive income -0.1 -0.1 Recognised directly in equity - -0.5 Recognition arising from business combination -12.3 - Exchange rate differences 0.1 - Other variation 5.2 -2.4 At 31 December -139.4 -133.1 Net deferred tax assets (positive amounts) 2022 2021 At 1 January 46.6 43.2 Recognised in profit or loss -1.4 4.1 Recognised in other comprehensive income -0.9 -0.1 Recognised directly in equity -2.7 -1.7 Recognition arising from business combination 24.1 - Exchange rate differences - 0.6 Other variation -8.3 0.5 At 31 December 57.4 46.6 Note 12: Goodwill The reconciliation of the carrying amount of goodwill is set out below: \u20acm 2022 2021 Gross amount at 1 January 207.9 199.5 Accumulated impairment losses at 1 January -124.7 -123.3 Carrying amount at 1 January 83.2 76.2 Items acquired through business combinations (see note 26) 898.0 7.0 Carrying amount at 31 December 981.2 83.2 of which: gross amount 1,105.9 207.9 of which: accumulated impairment losses -124.7 -124.7 The line \u201cItems acquired through business combination\u201d includes mainly the goodwill recognised on the acquisition of PHE (see note 26) as well as the goodwill recognized by the D\u2019Ieteren Automotive segment following the acquisitions performed in the period. In accordance with the requirements of IAS 36 \u201cImpairment of Assets\u201d, the Group completed a review of the carrying value of goodwill and of the intangible assets with indefinite useful lives (disclosed in note 13). The impairment review is based on the value in use calculation and is carried out to ensure that the carrying value of the assets are stated at no more than their recoverable amount, being the higher of fair value less costs to sell and value in use. For the purpose of impairment testing, goodwill relates to the following Group\u2019s operating segments: 34 \u20acm 2022 2021 D\u2019Ieteren Automotive 49.2 31.3 Moleskine 48.8 48.8 Corporate & unallocated 3.1 3.1 PHE 880.1 - GROUP 981.2 83.2 As a result of their classification as equity-accounted investees, information on the impairment tests performed in the Belron and TVH segments are provided in note 17. The Group completed the annual impairment test for goodwill and intangible assets with indefinite useful lives and concluded that, based on the assumptions described below, no impairment charge was required. Impairment testing relies on several critical judgments, estimates and assumptions. Management believes that all its estimates are reasonable since they are consistent with the Group\u2019s internal reporting and reflect management best estimates. Projected revenue growth rates, competitive and consumer trends, operating margins, discount rates and terminal growth rates are assumptions and estimates that may be revised in future periods. Should these vary adversely in the future, the value in use of goodwill and intangible assets with indefinite useful lives may reduce below their carrying amounts. D\u2019Ieteren Automotive In the D\u2019Ieteren Automotive segment, additional goodwill recognised in 2022 (\u20ac17.9m) reflects the acquisitions performed in 2022, as disclosed in note 26. In accordance with IAS 36, the D\u2019Ieteren Automotive segment allocated goodwill across its CGUs, being \u201cD\u2019Ieteren Automotive\u201d (import/support activities), \u201cRetail\u201d (automobile retail activities), \u201cWonder\u201d (used cars and body shops activities), \u201cLab Box\u201d (mobility services) and \u201cLucien\u201d (bike retail and services). Management of D\u2019Ieteren Automotive performed a review of the carrying value of the goodwill and intangible assets allocated in each of these CGUs and concluded that no impairment charge is required. D\u2019Ieteren Automotive calculated the present value of the estimated future cash flows, based on D\u2019Ieteren Automotive strategic plan (starting from the budget 2023 figures until 2027) prepared by management, reviewed and approved by the Board of Directors. The pre-tax rates used to discount future cash flows have been computed individually for each CGU, ranging from 7.41% to 13.20% and are based upon the weighted average cost of capital of the D\u2019Ieteren Automotive segment. Moleskine At year-end 2022, the Board of Directors of the Company reviewed the carrying amount of the Moleskine cash-generating unit. In determining the value in use of the CGU, the Company calculated the present value of the estimated future cash flows, based on Moleskine\u2019s five-year strategic plan (2021 \u2013 2025) approved by the Board of Directors in 2020, confirmed by the management in 2022, extending it for one year until 2026. The model starts with the 2023 figures from the most recent budget approved by the Board of Directors, 2024 to 2026 figures presented in the five-year strategic plan and applies a terminal growth rate of 1.95% (2021: 1.5%) to the terminal value beyond the year 2026. The terminal growmanagement\u2019s estimate of the long-term compound annual EBITDA growth rate, consistent with the assumptions that a market participant would make. The pre-tax discount rate applied amounts to 9.1% (2021: 6.5%) and is based upon the weighted average cost of capital of the Moleskine segment, considering appropriate adjustments for the relevant risks associated with investing in equities, with the business and with the underlying country (country risk premium). The Board of Directors of the Company is satisfied that the carrying amount of the Moleskine cash-generating unit is stated at no more than its value in use. Sensitivity analysis prepared by management revealed that an individual 1% adverse movement in either the terminal growth rate or the discount rate would not lead to further impairment. The individual change required for carrying amount to equal value in use is 2.4% for the discount rate (from 9.1% to 11.5%) or -3.08% for the terminal growth rate (from 1.95% to -1.13%). At 31 December 2022, the recoverable amount of the CGU exceeds its carrying amount by \u20ac147m. The calculations are highly sensitive and goodwill in respect of the Moleskine cash-generating unit remains at risk of impairment. Going forward, Moleskine would have to achieve its 2023 budgeted figures to avoid future impairment. A new impairment test will be performed at half-year 2023 if impairment triggers are identified. Corporate & unallocated The \u20ac3.1m goodwill in the Corporate & unallocated segment arose from past acquisitions performed by D\u2019Ieteren Immo. The fair value less costs to sell of the investment properties and property, plant and equipment held by D\u2019Ieteren Immo (based on the most recent market valuation report prepared by an independent expert) being higher than the carrying value of the assets and liabilities, the Group concluded that the Corporate & unallocated cash-generating unit is stated at no more thanrecoverable amount. The fair value of the investment properties is classified in level 2 of the fair-value hierarchy (see note 18). PHE The \u20ac880.1m goodwill in the PHE segment includes \u20ac518.3m of provisional goodwill recognised by the Group following the acquisition of PHE. Refer to note 26 for more information on the business combination. The provisional goodwill represents the thdifference between the consideration paid (being the fair value) to acquire 100% of PHE on 4 of August 2022, and the assets acquired and liabilities assumed. The consideration paid at acquisition date being the best proxy for the fair value less costs to 35 sell of PHE at 31 December 2022, the Group concluded that the PHE cash-generating unit is stated at no more trecoverable amount. The business plan on which the Group relied to calculate the fair value of PHE at the time of acquisition is still valid at 31 December 2022. Note 13: Intangible assets Goodwill is analysed in note 12. All intangible assets have finite useful lives, unless otherwise specified. \u20acm Brands Other Total (finite and indefinite useful lives) Gross amount at 1 January 2022 402.8 90.8 493.6 Accumulated amortisation and impairment losses at 1 January 2022 - -54.5 -54.5 Carrying amount at 1 January 2022 402.8 36.3 439.1 Additions: Items separately acquired - 22.3 22.3 Disposals - -0.9 -0.9 Amortisation - -20.4 -20.4 Transfer from (to) another caption 0.2 -0.6 -0.4 Items acquired through business combinations (see note 26) 207.5 104.2 311.7 Scope exit - -1.8 -1.8 Carrying amount at 31 December 2022 610.5 139.1 749.6 of which: gross amount 610.5 214.0 824.5 of which: accumulated amortisation and impairment losses - -74.9 -74.9 Gross amount at 1 January 2021 402.8 77.3 480.1 Accumulated amortisation and impairment losses at 1 January 2021 - -45.5 -45.5 Carrying amount at 1 January 2021 402.8 31.8 434.6 Additions: Items separately acquired - 16.2 16.2 Disposals - - - Amortisation - -9.0 -9.0 Scope exit - -2.7 -2.7 Carrying amount at 31 December 2021 402.8 36.3 439.1 of which: gross amount 402.8 90.8 493.6 of which: accumulated amortisation and impairment losses - -54.5 -54.5 The Moleskine brand (\u20ac403m; acquired in November 2016) and the brands recognised in the PHE segment have an indefinite useful life, since, given the absence of factors that could cause their obsolescence and in light of the life cycles of the products to which they relate, there is no foreseeable limit to the period over which these assets are expected to generate net cash inflows for the Group. The line \u201cItems acquired through business combination\u201d represents the net book value of the intangible assets recognised in the PHE segment prior to the acquisition by the Group. The line \u201cadditions\u201d includes the net book value of the intangible assets acquired by the D\u2019Ieteren Automotive following the acquisitions performed in the period, and the net book value of intangible assets acquired in the PHE segment following the acquisitions performed during the period going from the acquisition by the Group until the 31 December 2022. The caption \u201cOther\u201d mainly includes computer software, other licences and similar rights, and intangibles under development. The other disclosures required by IAS 36 for intangible assets with indefinite useful lives are provided in note 12.36 Note 14: Property, plant and equipment \u20acm Assets Plant and Property under Total equipment construction Gross amount at 1 January 2022 411.0 198.7 16.1 625.8 Accumulated depreciation and impairment losses at 1 January 2022 -205.4 -155.1 - -360.5 Carrying amount at 1 January 2022 205.6 43.6 16.1 265.3 Additions 22.9 52.1 17.2 92.2 Disposals -4.8 -4.7 -1.5 -11.0 Depreciation on PP&E (including right-of-use assets) -33.1 -33.5 - -66.6 Transfer from (to) another caption -17.9 9.3 -2.6 -11.2 Items acquired through business combinations (see note 26) 207.0 89.7 3.3 300.0 Scope exit - -2.6 - -2.6 Carrying amount at 31 December 2022 379.7 153.9 32.5 566.1 of which: gross amount 748.5 497.9 32.5 1,278.9 of which: accumulated depreciation and impairment losses -368.8 -344.0 - -712.8 Gross amount at 1 January 2021 405.5 173.7 7.9 587.1 Accumulated depreciation and impairment losses at 1 January 2021 -193.7 -130.5 - -324.2 Carrying amount at 1 January 2021 211.8 43.2 7.9 262.9 Additions 7.9 37.1 12.3 57.3 Disposals -0.3 -15.6 -2.7 -18.6 Depreciation on PP&E (including right-of-use assets) -11.7 -24.6 - -36.3 Transfer from (to) another caption -2.3 0.6 -1.4 -3.1 Items acquired through business combinations 0.2 2.2 - 2.4 Translation differences - 0.7 - 0.7 Carrying amount at 31 December 2021 205.6 43.6 16.1 265.3 of which: gross amount 411.0 198.7 16.1 625.8 of which: accumulated depreciation and impairment losses -205.4 -155.1 - -360.5 At 31 December 2021 and at 31 December 2022, assets under construction mainly included property under construction in the segment \u201cCorporate & unallocated\u201d, as part of the real estate activities of the Group. The right-of-use assets, including those previously held under finance lease under IAS 17, are included in the above at the following amounts (see note 32 for more information on the right-of-use assets): \u20acm Total 31 December 2022 235.6 31 December 2021 45.9 The increase in the net book value of right-of-use assets compared to 31 December 2021 is mainly attributable to the integration of PHE in the Group\u2019s consolidated statement of financial position at 31 December 2022. 37 Note 15: Investment property \u20acm 2022 2021 Gross amount at 1 January 69.3 65.7 Accumulated depreciation at 1 January -35.7 -34.0 Carrying amount at 1 January 33.6 31.7 Additions 0.1 - Disposals -0.1 - Depreciation on PP&E (including right-of-use assets) -1.5 -1.2 Transfer from (to) another caption 9.7 3.1 Carrying amount at 31 December 41.8 33.6 of which: gross amount 79.9 69.3 of which: accumulated depreciation -38.1 -35.7 Fair value 61.1 49.0 The fair value is supported by market evidence and is based on a valuation by an independent valuer who holds a recognised and relevant professional qualification, and who has recent experience in the location and category of the investment property held by the Group. The latest valuations were performed in March 2022. All items of investment property are located in Belgium and are held by the segment \u201cCorporate & unallocated\u201d. The line \u201ctransfer from (to) another caption\u201d in 2021 and 2022 relates to the transfer of assets from property, plant and equipment and assets under construction (see note 14). See also note 32 for other disclosures on investment property. Note 16: Inventories \u20acm 2022 2021 D'Ieteren Automotive Vehicles 617.4 376.1 Spare parts and accessories 45.9 37.7 Other 15.3 2.0 Subtotal 678.6 415.8 PHE 483.4 - Moleskine 29.7 30.4 GROUP 1,191.7 446.2 The accumulated write-down on inventories amounts to \u20ac53.4m (2021: \u20ac16.6m). The increase in the period mainly relates to the integration of PHE in the consolidated statement of financial position from the date of acquisition by the Group (see note 26). The amount of write down of inventories recognised in the period in the cost of sales (see note 6) is an income of \u20ac2.3m (2021: a charge of \u20ac3.7m). The inventories in the PHE segment are mainly composed of goods bought to suppliers and are generally not modified or transformed. The inventories are expected to be recovered within 12 months and are mainly composed of merchandises. 38 Note 17: Equity-accounted investees In 2022, the entities accounted for using the equity method are Volkswagen D\u2019Ieteren Finance, Skipr, Lizzy and MyMove in the D\u2019Ieteren Automotive segment, Belron, and TVH. PHE also holds equity-accounted investees but no further informatiprovided since they are not considered material to the Group. \u20acm 2022 2021\u207d\u207d\u00b9\u207e\u207e D'Ieteren D'Ieteren Belron TVH PHE Group Belron TVH Group Autom. Autom. Interests in joint ventures 128.8 26.9 1,211.9 5.0 1,372.6 113.1 -49.1 1,156.6 1,220.6 Total of equity-accounted investees and long-term interests in equity-accounted 128.8 26.9 1,211.9 5.0 1,372.6 113.1 -49.1 1,156.6 1,220.6 investees Share of profit in joint ventures 6.8 150.6 52.5 0.2 210.1 8.1 168.1 8.0 184.2 Total of share of result after tax of equity-accounted investees and long-6.8 150.6 52.5 0.2 210.1 8.1 168.1 8.0 184.2 term interests in equity-accounted investees (1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the consistency of accounting policies across all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of 2022. Refer to note 1 for more information on the restatement of comparative information. Belron In 2022 and in 2021, Belron Group s.a. (\u201cBGSA\u201d), the joint venture holding the Belron activities (see note 1 for more information), is accounted for as an equity-accounted investee, and is owned 50.01% in economic rights by the Group on fully diluted basis. The Group has joint control over BGSA as a result of some reserved matters being shared with Clayton, Dubilier & Rice (\u201cCD&R\u201d). On 17 December 2021, D\u2019Ieteren Group announced that Hellman & Friedman and funds and accounts managed by GIC and BlackRock Private Equity Partners have completed the acquisition of a stake in BGSA, representing 16.8% of BGSA\u2019s share capital on a combined basis. Mid-July 2022, H&F and GIC have slightly increased their participation in Belron, buying shares back mostly from natural leavers at the same financial consideration as their previous transaction closed in December 2021. Belron\u2019s shareholding structure is now as follows: 50.01% D\u2019Ieteren Group, 20.3% CD&R, 17.9% H&F, GIC and BlackRock Private Equity Partners, 11.8% management & the family holding company of Belron\u2019s former CEO. At inception (February 2018), the capital structure of BGSA was composed of voting ordinary shares (ca. 3 % of total equity) and non-voting preference shares (ca. 97% of total equity), in the same proportion between shareholders (the Group, CD&R, and the family holding company of Belron\u2019s former CEO). In 2021, preference shares have been bearing a fixed annual compounding dividend rate of 10% (any distribution being first allocated to the preference shares in order to satisfy the accumulated dividend and to redeem the subscription amount of preference shares). Having converted in June 2021 its remaining preference shares into ordinary shares (as at 31 December 2021 there was no preference shares remaining in the equity of BGSA), the Group has reaffirmed its long-term commitment to Belron with a 50.01% shareholding (on a fully diluted basis including all management shares). Given the equity structure described above, the Group\u2019s share in the net result of Belron for the 12-month period ended 31 December 2022 corresponds to fully-diluted economic percentage of 50.01%. For the 12-month period ended 31 December 2021, the Group\u2019s share in the net result of Belron was 52.88%, corresponding to the Group\u2019s percentage of ownership in the preference shares (for the fixed annual compounding dividend rate of 10% which benefited to preference shares) and based on the Group\u2019s percentage of ownership in the ordinary shares (for the net result in surplus, after deduction of the fixed dividend of the preference shares). A Management Reward Plan (MRP) involving key employees was set up in 2018. The participants of the MRP acquired non-voting equity instruments in BGSA (representing the fair value of various classes of equity instruments, being all treated as equity under IFRS). Part of the issued equity consists of \u201cratchet shares\u201d which will allow management to enjoy additional returns if certain performance hurdles (IRR and Cash on Cash) are satisfied at exit. The share of the Group in the net result of BGSA in 2022 (50.01%) and 2021 (52.88%) already takes into account the dilutive impact of these MRP shares. The detailed statement of financial position of Belron as included in its own financial statements (not adjusted for consolidated adjustments) is disclosed in note 4. At year-end 2022, Belron completed a review of the carrying value of goodwill and other intangible assets with indefinite useful lives, as well as the carrying value of all other assets in each of its cash generating units (being the different countries where it operates). The impairment review was undertaken to ensure that the carrying value of the Belron\u2019s assets are stated at no more than their recoverable amount, being the higher of fair value less cost to sell and value-in-use. The recoverable amount of the cash-generating units (CGUs) was determined based on value-in-use calculations which requires the use of key cashflow and 39 discount rate assumptions. The cashflows were obtained from Belron\u2019s board approved 2023 budget and the five-year plan, while the discount rates were revised using updated cost of equity and cost of debt data. This review has led to a goodwill impairment charge of -\u20ac2.7m being recognised in relation to the Norwegian business (2021: -\u20ac3.2m in relation to Finland). In 2022, additional write-offs on non-current assets have been recognised for -\u20ac8.5m and relates to a leased property and leasehold improvements no longer being used (2021: \u20ac11.9m write off on leased property no longer being used and \u20ac3.4m of previously capitalised SaaS costs). At year-end 2022, based on IAS28, the Board of Directors of the Company did not identify any indication of possible impairment (a triggering event) on its investment in Belron (equity-accounted investee) and therefore did not perform an impairment test. A shareholders\u2019 agreement has been signed between the Group and the family holding company of the Belron\u2019s former CEO, including put options (with related call options) related to the part of the interest held by the family holding company of the Belron\u2019s former CEO. Based on IFRS requirements, the (financial) obligation to buy the equity instruments in an equity-accounted investee does not give rise to a financial liability in the consolidated statement of financial position (because equity-accounted investees are not part of the Group). This contract is a derivative that is in the scope of IFRS 9 \u201cFinancial Instruments\u201d, measured at fair value through profit or loss and categorised within the fair value hierarchy as level 3. The fair value of this derivative amounts to nil as at 31 December 2022; the value of the Belron\u2019s share based on the put formula being equal to the most recent fair market value of Belron. In the consolidated statement of comprehensive income, the lines \u201cEquity-accounted investees \u2013 share of OCI\u201d include -\u20ac31.7m of remeasurements of defined benefit assets/liabilities (primarily due to the UK pension scheme recording an actuarial loss following the rise in the discount rate), \u20ac56.5m of movements in cash flow hedges reserve (interest rate swaps and cross currency interest rate swaps used to partially hedge the debt) and \u20ac71.2m related to translation differences. The table below presents the revenue, profit before tax, the net result, and the other comprehensive income for the year ended 31 December 2021 and 31 December 2022. The Group\u2019s share in net result is computed based on a weighted average percentage of 52.88% in 2021 and a fully diluted economic percentage of 50.01% in 2022. \u20acm - Belron 2022 2021 Revenue (100%) 5,574.3 4,646.8 Profit before tax (100%) 512.5 463.4 Result for the period (100%) 301.2 317.9 Other comprehensive income (100%) 192.2 79.4 Profit (or loss) and total comprehensive income (100%) 493.4 397.3 Group's share of profit (or loss) and comprehensive income 246.7 207.8 Group's share of profit (or loss) 150.6 168.1 Group's share of comprehensive income 96.1 39.7 The reconciliation of the Group\u2019s share in the net assets of BGSA from 31 December 2021 to 31 December 2022 is presented below. The Group\u2019s share in the net assets of BGSA at 31 December 2021 is negative as a result of the distribution of dividends and the capital reduction operated by BGSA in 2021. The negative balance did not result in D\u2019Ieteren Group SA/NV being liable for the negative net assets of the joint venture. \u20acm - Belron Group's share of net assets at 31 December 2021 -49.1 Group's share of profit (or loss) and comprehensive income 246.7 Group's share in dividends and proceeds from capital reduction -212.5 Other movements, Group's share 41.8 Group's share of net assets at 31 December 2022 26.9 In the period, BGSA purchased own shares from previous MRP participants for an amount of \u20ac91.9m (2021: \u20ac18.8m). As the repurchase transaction took place at fair value (the fair value of the own shares repurchased corresponds to the cash-out made to acquire these shares at transaction date), the transaction did not impact the carrying amount of the equity-accounted investee that the Group owns in BGSA as at 31 December 2022 (these shares will be re-purchased in the future by existing and new participants of the MRP). However, BGSA sold own shares (previously acquired from MRP participants) to new investors in 2022, leading to a disposal gain of \u20ac24.3m (2021: \u20ac29.7m), Group\u2019s share, being the difference between the fair market value on the disposal and the book value of the shares, resulting in an increase in the carrying amount of the equity-accounted investee that the Group owns in BGSA. Following the closing of the transaction with Belron\u2019s new shareholders on 17 December 2021, Belron\u2019s Board of Directors has agreed to reward c.24,000 employees with a cash bonus (paid in December 2021) and restricted share units (\u2018RSUs\u2019) to thank 40 them for their loyal contribution to the company\u2019s success. Under the proposed terms of the equity-settled component of the scheme, BGSA awarded restricted share units (\u2018RSUs\u2019) to each participant in the scheme. On vesting, each RSU will entitle the holder to receive a single ordinary non-voting share in BGSA. Vesting period is currently estimated at 5 years and may be revised if subsequent information indicates that the length of the vesting period is likely to differ from this estimate. This equity-settled component of the scheme is a share-based payment arrangement. Accordingly, it is classified, and accounted for, as an equity-settled share-based payment transaction in BGSA own financial statements, in accordance with IFRS 2. Each year during the expected vesting period, the Group will therefore account for its share (50.01%) in the share-based payment expense of BGSA (in the line \u201cshare of result of equity-accounted investee, net of income tax\u201d in the consolidated statement of profit or loss) and a corresponding increase in the value of the equity-accounted investee (in the consolidated statement of financial position), to reflect its share in the increase of BGSA shareholders equity. In the period, the increase in the value of the equity-accounted investee relating to this share-based payment plan amounts to \u20ac17.2m (2021: \u20ac29.7m). This reward will have no economic impact whatsoever on the Group and other shareholders and there will be no dilution to the 50.01% fully diluted stake held by the Group. TVH On 9 July 2021, the Group has signed an agreement to acquire a 40% stake in TVH Global SA/NV from the family shareholders. Closing of the transaction occurred on the 1st October 2021. The acquisition price has been set at 1,147m (equity of \u20ac1,137m plus acquisition-related costs of \u20ac10m). In accordance with IAS 28 \u201cInvestments in associates and joint ventures\u201d, the \u20ac10m of acquisition costs (mainly fees and due diligence costs) were included in the line \u201cEquity-accounted investee\u201d of the statement of financial position. A shareholder loan of \u20ac40m has also been put in place between the Corporate & unallocated segment and TVH as part of the acquisition. Under the shareholders\u2019 agreement, the Group has joint control on TVH with Wehold (the holding company of the family shareholder), some key reserved matters being shared. TVH is therefore accounted for as an equity-accounted investee in the Group\u2019s consolidated financial statement, starting 1st October 2021. In the second half of 2022, in accordance with IAS 28, the Group finalised the purchase price allocation of TVH. The provisional goodwill recognised at the date of acquisition, representing the difference between the Group\u2019s share in the net assets acquired and the acquisition price (including acquisition costs), was initially valued at \u20ac1,096.2m. The Group performed a review of the assets and liabilities of TVH at the date of acquisition and recognized fair value adjustments on intangible assets and property, plant and equipment. TVH brand has been valued at \u20ac341.0m, using a relief from royalty method. The brand has an indefinite useful life and is therefore not amortized since the Group considers there is no limit to the period over which the brand is expected to generate cash inflows. Customer contracts have been valued at \u20ac490.0m using a multi-period excess earnings method. These customer contracts are amortized on a straight-line basis over their estimated economic useful lives of 11 years. Other intangible assets were valued at \u20ac261.8m and consists in the technology used by TVH, using a relief from royalty method. The value of technology is amortized on a straight-line basis over its estimated economic useful lives of 9 years. Further to the fair value adjustments on intangible assets, the Group also performed a review of the fair value of property, plant and equipment of TVH. Using most recent market valuation reports prepared by an independent expert, the Group recognised fair value adjustment on lands, buildings and other tangible assets for a total amount of \u20ac40.6m. Fair value adjustments on buildings are depreciated on a straight-line basis over their remaining economic useful lives of 45 years. Other tangible assets are depreciated on a straight-line basis over their remaining economic useful lives of 9 years. Fair value adjustment on lands are not amortized. At the same time, deferred tax liabilities have been recognised on these fair value adjustments, using a tax rate of 25%, which corresponds to the corporate tax rate in Belgium. The initial deferred tax liability amounts to \u20ac283.3m and will be subsequently reversed over the same economic useful lives of the underlying assets to which it relates. At year-end 2022, based on IAS 28, the Board of Directors of the Company did not identify any indication of possible impairment (a triggering event) on its investment in TVH (equity-accounted investee) and therefore did not perform an impairment test. The detailed statement of financial position of TVH is disclosed in note 4. The figures include the PPA adjustments performed by the Group, and the comparative information has been restated accordingly. Refer to note 1 for additional information on the restatement of comparative information. The table below presents the revenue, profit before tax and the net result of TVH for the 12-month period ended 31 December 2022 and the 3-month period ended 31 December 2021 (restated \u2013 see note 1). 41 \u20acm - TVH 2022 2021 - 3 months\u207d\u207d\u00b9\u207e\u207e Revenue (100%) 1,621.7 348.0 Profit before tax (100%) 165.5 26.8 Result for the period (100%) 131.2 19.9 Other comprehensive income (100%) 7.5 4.3 Profit (or loss) and total comprehensive income (100%) 138.7 24.2 Group's share of profit (or loss) and comprehensive income (40%) 55.5 9.7 Group's share of profit (or loss) 52.5 8.0 Group's share of comprehensive income 3.0 1.7 (1) As restated \u2013 see note 1 In the consolidated statement of comprehensive income, the lines \u201cEquity-accounted investees \u2013 share of OCI\u201d include \u20ac2.9m of remeasurements of defined benefit assets/liabilities. The reconciliation of the Group\u2019s share in the net assets of TVH starting from the 31 December 2021 (restated \u2013 see note 1) to the 31 December 2022 is presented below: \u20acm - TVH Group's share of net assets at 31 December 2021\u207d\u207d\u00b9\u207e\u207e 1,156.6 Group's share of profit (or loss) and comprehensive income (40%) 55.5 Other movements, Group's share -0.2 Group's share of net assets at 31 December 2022 1,211.9 (1) As restated \u2013 see note 1 D\u2019Ieteren Automotive The largest equity-accounted investee in the D\u2019Ieteren Automotive segment is the joint venture Volkswagen D\u2019Ieteren Finance (VDFin), owned 50% minus one share by the Group and 50% plus one share by Volkswagen Financial Services (a subsidiary of the Volkswagen group), active in a full range of financial services related to the sale of the Volkswagen group vehicles on the Belgian market. Following the acquisition of 17% of the share capital of Skipr by ALD Automotive, the Group lost exclusive control of its subsidiary on 1st July 2021. Skipr is therefore accounted for as an equity-accounted investee as from 1st July 2021. Tinformation of Skipr is not material to the Group and is not separately disclosed. The Group\u2019s share in the net assets of Skipr at 31 December 2022 amounts to \u20ac13.1m and the Group\u2019s share in the profit or loss of Skipr for the 12-month period ended 31 December 2022 amounts to -\u20ac1.4m. In addition, following the entry into capital by investors for 29% in Lizy and 33% in MyMove (both through capital increases), the Group lost exclusive control of both subsidiaries in 2022. This resulted in the recognition of a consolidated gain of 10.2m (accounted for in finance income in H1-2022 in the D\u2019Ieteren Automotive segment), representing the difference between the fair value of the non-controlling interests retained in the companies (39% in Lizy and 56% in MyMove) and the carrying amount of the assets and liabilities of the subsidiaries at the date the control was lost. These two entities are therefore accounted for stas equity-accounted investee as from 1 January 2022. The financial information of Lizy and MyMove are not material to the Group and are not separately disclosed. The Group\u2019s share in the net assets of Lizy and MyMove at 31 December 2022 amounts to \u20ac8.4m and \u20ac2.7m respectively and the Group\u2019s share in their profit or loss for the 12-month period ended 31 December 2022 amounts to -\u20ac1.0m and -\u20ac0.7m respectively. The following table summarises the financial information of VDFin as included in its own financial statements, adjusted for differences in accounting policies, and also reconciles this summarised financial information to the carrying amount of the Group\u2019s interest in VDFin. 42 \u20acm - VDFin (100% - except otherwise stated) 2022 2021 Non-current assets 1,810.5 1,683.5 Current assets (excluding cash and cash equivalents) 980.2 826.1 Cash and cash equivalents 135.2 77.5 Non-current liabilities (excluding financial liabilities) -5.9 -8.6 Non-current financial liabilities -1,325.2 -1,070.3 Current liabilities (excluding financial liabilities) -182.2 -137.0 Current financial liabilities -1,203.4 -1,174.2 Net assets 209.2 197.0 Group's share of net assets (49.99%) and carrying amount of interest in joint venture 104.6 98.5 Revenue 492.5 578.8 Depreciation and amortization -139.1 -125.5 Net finance costs 30.5 30.0 Profit before tax 27.9 24.1 Tax expense -8.1 -5.7 Result for the period 19.8 18.4 Other comprehensive income 0.7 0.9 Profit (or loss) and total comprehensive income 20.5 19.3 Group's share of profit (or loss) and comprehensive income (49.99%) 10.2 9.7 Note 18: Financial instruments \u2013 fair value and risk management Financial instruments - measurement Financial assets held by the Group at 31 December 2022 are limited to trade and other receivables (see note 20), cash and cash equivalents (see note 19) and financial investments (in the Corporate & unallocated segment \u2013 see note 4). Trade and other receivables and cash and cash equivalents are measured at amortised costs under IFRS 9. Financial investments are measured both at amortised costs under IFRS 9 (for corporate bonds) and at fair value through profit or loss (for equity instruments). Financial liabilities held by the Group at 31 December 2022 consist in loans and borrowings (see note 24), trade and other payables (see note 25), both classified as liabilities at amortised costs under IFRS 9, put options granted to non-controlling interests (see note 33), measured at fair value through equity, and contingent consideration on acquisitions (see note 26) measured at fair value through profit or loss. In the current period (see note 4 segment information), in the Belron segment (equity-accounted investee), there is a contingent consideration liability (\u20ac8.7m at 31 December 2022; \u20ac11.3m at 31 December 2021, presented in the line \u201cother payables\u201d in the segment statement of financial position) recognised on an asset acquisition carried out at fair value using a level 3 valuation method (see below). The other financial instruments held in the Belron segment (equity-accounted investee) are carried out at fair value using a level 2 valuation method (see below) and consist in cross-currency and interest rate swaps to hedge against changes in market interest rates, forward currency contracts used to hedge the cost of future purchases where those payables are denominated in a currency other than the functional currency of the purchasing company (both measured as hedging instruments), fuel derivatives used to hedge the price of fuel purchase (measured at fair value through profit or loss) and other forward exchange contracts used to swap foreign currency cash balances to reduce borrowings and minimise interest expense (measured at fair value through profit or loss). All Group\u2019s financial assets and liabilities measured at fair value in the consolidated statement of financial position are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: - Level 1: quoted market prices in an active market (that are unadjusted) for identical assets and liabilities; - Level 2: valuation techniques (for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable); - Level 3: valuation techniques (for which the lowest level input that is significant to the fair value measurement is unobservable). At 31 December 2021 and 2022, all Group\u2019s financial assets and liabilities measured at fair value in the consolidated statement of financial position are classified in level 2 except the equity instruments included in the line \u201cfinancial investments\u201d, classified in level 1, the contingent considerations and the put options (and associated call options) granted to non-controlling interests classified in level 3.43 Valuation techniques The fair values of derivative instruments are determined using valuation techniques. The Group uses a variety of methods and makes assumptions based on market conditions at the balance sheet date. The fair value of cross currency interest rate swaps and interest rate swaps is calculated as the present value of future estimated cash flows. The fair value of interest rate caps and collars is valued using option valuation techniques. The fair value of forward exchange contracts is determined using forward exchange market rates at the date of the consolidated statement of financial position. The fair value of fuel hedge instruments is determined using market valuations prepared by the respective banks that executed the initial transactions at the statement of financial position date based on the present value of the monthly futures forward curve for gasoline given the volume hedged and the contract period. The fair value of foreign exchange swap contracts is determined using forward foreign exchange market rate at the date of the consolidated statement of financial position. The main risks managed by the Group under policies approved by the Board of Directors, are liquidity and re-financing risk, market risk, credit risk, counterparty risk and price risk. The Board periodically reviews the Group\u2019s treasury activities, policies and procedures. Treasury policies aim to ensure permanent access to sufficient liquidity, and to monitor and limit interest and currency exchange risks. These are summarised below. Liquidity and re-financing risk Liquidity risk is associated with the Group\u2019s ability to meet its obligations. Each business unit of the Group manages liquidity risk by maintaining sufficient cash and funding available through an adequate amount of committed credit facilities to cover its anticipated medium-term commitments at all times. To minimise liquidity risk, the Group ensures, on the basis of its long-term financial projections, that it has a core level of committed long-term funding in place, with maturities spread over a wide range of dates, supplemented by various shorter-term facilities, and various funding sources. Cash pooling schemes are sought and implemented each time when appropriate in order to minimise gross financing needs and costs of liquidity. The following is an analysis of the contractual undiscounted cash flows payable under financial liabilities. \u20acm Due within one Due between one Due after five years Total year and five years Capital Interest Capital Interest Capital Interest Capital Interest At 31 December 2022 Loans and borrowings Lease liabilities 61.4 7.0 149.7 13.8 44.3 4.1 255.4 24.9 Other borrowings and private 256.8 4.5 91.6 6.5 0.1 0.1 348.5 11.1 bonds Loan notes - 62.4 579.5 168.1 376.3 - 955.8 230.5 Commercial paper 4.5 - - - - - 4.5 - Total 322.7 73.9 820.8 188.4 420.7 4.2 1,564.2 266.5 Trade and other payables 984.7 - - - - - 984.7 - Total 1,307.4 73.9 820.8 188.4 420.7 4.2 2,548.9 266.5 At 31 December 2021 Loans and borrowings Lease liabilities 16.5 0.2 19.9 0.2 10.5 0.1 46.9 0.5 Other borrowings and private 36.6 1.8 130.5 2.4 - - 167.1 4.2 bonds Total 53.1 2.0 150.4 2.6 10.5 0.1 214.0 4.7 Trade and other payables 496.0 - - - - - 496.0 - Total 549.1 2.0 150.4 2.6 10.5 0.1 710.0 4.7 Interest Rate Risk The Group\u2019s interest rate risk arises from changes in interest rates on interest-bearing assets and from loans and borrowings. The Group seeks to cap the impact of adverse interest rates movements on its financial results, particularly in relation to the next 12 months. To manage its interest rate exposures, the Group primarily uses forward rate agreements, interest rate swaps, caps and floors. Hedges, or fixed rate indebtedness, beyond 5 years are unusual. The interest rate and currency profiles of loans and borrowings are disclosed in note 24. A change of 100 basis points in interest rate at the reporting date would have increased/decreased the result from continuing operations (excluding equity-accounted investees) by the amounts shown below. This analysis assumes that all other variables remain constant. 44 Result from continuing operations \u20acm 1% increase 1% decrease 31 December 2022 -6.5 6.5 31 December 2021 -3.1 3.1 Currency Risk The Group\u2019s objective is to protect its cash flows, commercial transactions and net investments in foreign operations from the potentially high volatility of the foreign exchange markets by hedging any material net foreign currency exposure. The Group has certain investments in foreign operations whose net assets and related goodwill are exposed to foreign currency translation risk. Group policy is to hedge the economic value of material foreign currency investments (limited to the net book value of the asset) in a particular currency with financial instruments including debt in the currency of the investment. The proportion to which an investment is hedged is individually determined having regard to the economic and accounting exposures and the currency of the investment. To complement these natural hedges, the Group uses instruments such as forwards, swaps, plain-vanilla foreign exchange options and, when appropriate, cross currency swaps. The hedging levels are reviewed periodically, in light of the market conditions and each time a material asset is added or removed. The significant exchange rates applied in 2022 and in 2021 are disclosed in note 30. A 10 percent strengthening/weakening of the euro against the following currencies at 31 December would have increased/decreased result from continuing operations (excluding equity-accounted investees) by the amounts shown below. This analysis assumes that all other variables remain constant. \u20acm Result from continuing operations 10% strenghtening 10% weakening 31 December 2022 EUR vs GBP -0.4 0.5 EUR vs USD -1.0 1.2 EUR vs CHF 0.2 -0.2 31 December 2021 EUR vs GBP -0.5 0.6 EUR vs USD -2.1 2.6 EUR vs CHF -0.2 0.3 Price Risk Price risk is related to oscillations in the prices of raw materials, semi-finished and finished goods purchased. Specifically, the price risk mainly arises from the presence of a limited number of supplier of goods and the need to guarantee procurement volumes. The Group limits price risk through its procurement policy. Counterparty risk Exposure limits to financial counterparties in respect of both amount and duration are set in respect of derivatives and cash deposits. Such transactions are entered into with a limited number of pre-designated banks on the basis of their publicly available credit ratings, which are checked at least once a year. Limits on length of exposure per category of transaction are in place to protect liquidity and mitigate counterparty default risks. The instruments and their documentation must be authorized before entering the contemplated transactions. Note 19: Cash and cash equivalents Cash and cash equivalents are analysed below: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Cash at bank and in hand 0.8 26.9 122.0 142.9 292.6 69.0 38.6 170.5 278.1 Short-term deposits - - - 53.2 53.2 17.0 - 59.5 76.5 Cash and cash equivalents 0.8 26.9 122.0 196.1 345.8 86.0 38.6 230.0 354.645 Cash and cash equivalents are mainly floating rate assets which earn interest at various rates set with reference to the prevailing EONIA, LIBID or equivalent. Their carrying amount is equal to their fair value. Note 20: Trade and other receivables \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Non-current 4.8 1.1 25.7 44.2 75.8 3.9 1.1 44.0 49.0 receivables Trade receivables - net 256.7 31.3 279.4 1.1 568.5 302.2 31.7 0.7 334.6 Current receivables from equity-accounted 30.0 - - 0.8 30.8 9.4 - 2.2 11.6 investees Other current 19.7 3.0 72.9 3.7 99.3 10.1 1.9 22.4 34.4 receivables Trade and other 306.4 34.3 352.3 5.6 698.6 321.7 33.6 25.3 380.6 receivables In 2021 and 2022 in the Corporate & unallocated segment, non-current receivables include, amongst other amounts, \u20ac40.0m related to the shareholder loan from the Corporate and unallocated segment put in place on 1st October 2021 in the framework of the acquisition of a 40% stake in TVH (see note 17). The trade and other receivables are expected to be recovered within 12 months. Their carrying amount approximates their fair value, and they generate no interest income. The Group is exposed to credit risk arising from its operating activities (potential losses arising from the non-fulfilment of obligations assumed by trade and financial counterparties). Such risks are mitigated by selecting clients and other business partners on the basis of their credit quality and by avoiding as far as possible concentration on a few large counterparties. Credit quality of large counterparties is assessed systematically, and credit limits are set prior to taking exposure. Payment terms are on average less than one month except where local practices are otherwise. Receivables from sales involving credit are closely tracked and collected mostly centrally in the D\u2019Ieteren Automotive segment, and at the country level in the Belron segment (equity-accounted investee). In the Moleskine segment, the risk of insolvency is monitored centrally with review of the credit exposure. In the PHE segment, the customer base is very diversified and therefore the risk is mitigated. The credit risk is differentiated by sales channel and the acceptance of new customers is monitored by conducting qualitative and quantitative corporate rating services. In the D\u2019Ieteren Automotive segment, concentration on top ten customers (excluding trade receivables from VW Group), based on the gross receivables, is 5.8% (2021: 10.3%) and no customer is above 3% (2022: 1.9%; 2021: 2.4%). Certain receivables are also credit insured. In the Belron segment (equity-accounted investee), concentrations of risk with respect to receivables are limited due to the diversity of Belron\u2019s customer base. In the Moleskine segment, trade receivables are concentrated due to the distribution model. However, there were no specific concentration risks since the counterparties do not present solvency risk and in any event could be replaced, if required, which would not entail operational difficulties. The credit position of certain customers is also partly guaranteed by letters of credit. In the PHE segment, the Group make usage of factoring services to reduce exposure to credit risk. Statement of financial position amounts are stated net of provisions for doubtful debts, and accordingly, the maximum credit risk exposure is the carrying amount of the receivables in the statement of financial position. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected credit loss allowance for trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the historic payment profiles and the corresponding historical credit losses experienced. The historical loss rates are adjusted where relevant to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. As at 31 December 2022, the provisions for bad and doubtful debt amount to \u20ac33.1m (2021: \u20ac4.8m). The increase in the period is mainly due to the integration of PHE in the consolidated statement of financial position as from the date of acquisition by the Group (see note 26). The ageing analysis of trade and other receivables past due but not impaired is as follows: 46 \u20acm 2022 2021 Up to three months past due 59.4 21.4 Over three months past due 31.4 6.8 Total 90.8 28.2 In 2022 and 2021, the amounts presented in the aging analysis only include, in the D\u2019Ieteren Automotive segment, the trade receivables of D\u2019Ieteren Automotive SA. The increase in receivables past due but not impaired is mainly attributable to the integration of PHE in the Group\u2019s consolidated statement of financial position at 31 December 2022. The charge in 2022 for bad and doubtful debts amounts to -\u20ac6.1m (2021: nihil). See note 6. Note 21: Non-current assets and disposal group classified as held for sale and discontinued operations thFollowing the closing of the acquisition of Parts Holding Europe (PHE) by the Group on the 4 of August 2022 (see note 26), the European Commission imposed the disposal of PHE\u2019s specialized glass repair activities \u201cMondial Pare Brise\u201d. The Board of Directors of the Company concluded that, at the balance sheet date, the PHE segment is committed to a sale plan of Mondial Pare Brise. It has therefore classified in the consolidated statement of financial position at 31 december 2022 all the assets and liabilities of Mondial Pare Brise as held for sale; the recognition criteria defined in IFRS 5 \u201cNon-current assets held for sale and discontinued operations\u201d being satisfied. In the consolidated statement of profit or loss, the line \u201cDiscontinued operations\u201d relates to the net result of Mondial Pare-Brise, from the date of the acquisition of PHE by the Group until 31 December 2022. The assets classified as held for sale and liabilities directly associated with the assets held for sale are presented below. \u20acm 31 December 2022 Goodwill 17.1 Intangible assets 20.3 Property, plant & equipment 23.7 Deferred tax assets -4.7 Other receivables 1.2 Inventories 0.6 Current tax assets 0.5 Trade and other receivables 2.4 Cash & cash equivalents 11.1 Assets classified as held for sale 72.2 \u20acm 31 December 2022 Loans & borrowings 11.3 Deferred tax liabilities 0.7 Provisions 0.2 Loans & borrowings (short-term) 4.0 Trade & other payables 10.8 Liabilities directly associated with the assets held for sale 27.0 The net result from discontinued operations is presented below. \u20acm 2022 Revenue 20.9 Operating result 4.1 Net finance costs -0.2 Result before tax 3.9 Income tax expense -1.0 Result after tax from discontinued operations 2.9 Basic earnings (loss) per share from discontinued operations (EUR) 0.05 Diluted earnings (loss) per share from discontinued operations (EUR) 0.05 The cash flow from discontinued operations is presented below. 47 \u20acm 2022 Net cash from operating activities 4.8 Net cash from investing activities -0.6 Net cash from financing activities -2.1 Cash flows from discontinued operations 2.1 In accordance with IFRS 5, the non-current assets have been measured at the lower of their carrying amounts and fair value less costs to sell, being the net book value as at 31 December 2022 (the financial consideration of the transaction corresponding to an equity consideration of \u20ac102m \u2013 see note 34). Depreciation and amortisation of the non-current assets of Mondial Pare Brise ceased as from the date of their classification as held for sale. Closing of the disposal occurred on 13 February 2023 (see note 34). There are no cumulative income or expenses included in other comprehensive income relating to Mondial Pare Brise. Note 22: Capital and reserves A reconciliation of share capital and reserves are set out in the consolidated statement of changes in equity. Share capital The change in ordinary share capital is set out below: \u20acm, except number of shares stated in units Number of Ordinary ordinary share shares capital At 1 January 2021 54,367,928 160.0 Change - - At 31 December 2021 54,367,928 160.0 Change - - At 31 December 2022 54,367,928 160.0 The 5,000,000 nominative participating shares do not represent share capital. Each participating share confers one voting right and gives the right to a dividend equal to one eighth of the dividend of an ordinary share. Treasury shares reserve Treasury shares are held by the Company and by subsidiaries as set out below: \u20acm, except number of shares stated in units 31 December 2022 31 December 2021 Number Amount Number Amount Treasury shares held by the Company 1,256,732 134.1 1,017,135 47.4 Treasury shares held by subsidiaries - - - - Treasury shares held 1,256,732 134.1 1,017,135 47.4 Treasury shares are held in the framework of the share buyback programme and liquidity contract and to cover the stock option plans set up by the Company since 1999 (see note 9). During the year 2022, a total of 764,574 treasury shares have been acquired by the Company and 524,977 treasury shares have been sold, for a net amount of -\u20ac86.7m (of which acquisitions of -\u20ac117.4m and disposals of \u20ac30.7m). Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss as the hedged cash flows affect profit or loss. Cumulative tax impact related to the net change in the fair value of hedging instruments are separately included in retained earnings. Translation reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations, as well as from the translation of financial instruments that hedge the Group\u2019s net investment in a foreign subsidiary. Registered shares not fully paid-up may not be transferred except by virtue of a special authorisation from the Board of Directors for each assignment and in favour of an assignee appointed by the Board (art. 7 of the Articles). Participating shares may not 48 be transferred except by the agreement of a majority of members of the Board of Directors, in which case they must be transferred to an assignee appointed by said members (art. 8 of the Articles). The Group\u2019s objectives when managing capital are to safeguard each of its activities ability to continue as a going concern and to maintain an optimal capital structure to reduce the cost of capital. The Group monitors the capital adequacy at the level of each of its activities through a set of ratios relevant to their specific business. In order to maintain or adjust the capital structure, each activity may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt, taking into account the existence of non-controlling shareholders. The controlling shareholders are listed here below: Shareholders with controlling interest according to the Capital shares Participating shares Total voting rights declaration of transparency dated 2 November 2011, and to further communications to the company (as at 31 December 2022). Number % Number % Number % s.a. de Participations et de Gestion, Brussels12,740,605 23.43% 0 -12,740,60521.46% Reptid Commercial Corporation, Dover, Delaware 1,904,875 3.50% 0 -1,904,8753.21% Mrs Catheline P\u00e9rier-D'Ieteren 0 0.00% 1,250,000 25.00% 1,250,000 2.11% Mr Olivier P\u00e9rier 10,000 0.02% 0 -10,0000.02% The four abovementioned shareholders (collectively 14,655,480 26.96% 1,250,000 25.00% 15,905,480 26.79% \u201cSPDG Group\u201d) are associated. Nayarit Participations s.c.a., Brussels 17,684,020 32.53% 0 -17,684,02029.79% Mr Nicolas D'Ieteren 10,000 0.02% 3,750,000 75.00% 3,760,000 6.33% The two abovementioned shareholders (collectively 17,694,020 32.54% 3,750,000 75.00% 21,444,020 36.12% \u201cNayarit Group\u201d) are associated. The shareholders referred to as SPDG Group and Nayarit Group act in concert. The Board of Directors proposed the distribution of a gross dividend amounting to \u20ac3.00 per share (2021: gross dividend of \u20ac2.10 per share), or \u20ac161.2m in aggregate (2021: \u20ac113.4m). Note 23: Provisions Liabilities for post-retirement benefit schemes are analysed in note 10. The other provisions, either current or non-current, are analysed below. The major classes of provisions are the following ones: \u20acm 2022 2021 D'IeterenCorp. & D'IeterenCorp. &Moleskine PHEGroup MoleskineGroupAutomotive unallocated Automotive unallocated Non-current provisions Dealer-related 0.2 - - - 0.2 6.3 - - 6.3 LTIP provision 8.7 1.9 -0.511.1 1.4 3.2 -4.6Other non-current items 6.7 - - 0.1 6.8 4.3 -0.34.6 Subtotal 15.6 1.9 -0.618.1 12.0 3.2 0.3 15.5 Current provisions LTIP provision -3.8- - 3.8 - - - - Other current items -1.1 5.45.2 11.7 4.3 1.7 5.3 11.3 Subtotal -4.9 5.45.2 15.5 4.3 1.7 5.3 11.3 Total provisions 15.6 6.8 5.4 5.8 33.6 16.3 4.9 5.6 26.8 49The changes in provisions are set out below for the year ended 31 December 2022: \u20acm Other non-Other current current items Dealer-related items including Total including LTIP LTIP provision provision At 1 January 2022 6.3 9.2 11.3 26.8 Charged in the year 0.1 14.2 1.0 15.3 Utilised in the year -6.2 -1.7 -0.6 -8.5 Reversed in the year - -1.9 -1.0 -2.9 Transferred during the year - -7.4 4.7 -2.7 Items acquired through business combinations (see note - 5.5 - 5.5 26) Translation differences - - 0.1 0.1 At 31 December 2022 0.2 17.9 15.5 33.6 When the timing of the outflows is uncertain, the provisions are considered as non-current items. The non-current provisions are not discounted since the impact is not considered material to the Group. Current provisions are expected to be settled within 12 months. In the D\u2019Ieteren Automotive segment, the dealer-related provisions arise from the ongoing improvement of the distribution networks. Other non-current provisions also comprise: - Dilapidation and environmental provisions to cover the costs of the remediation of certain properties held under leases; - Provision against legal claims that arise in the normal course of business, that are expected to crystallise in the next couple of years. After taking appropriate legal advice, the outcome of these legal claims should not give rise to any significant loss beyond amounts provided at 31 December 2022. The increase of other current provisions is mainly related to the integration of PHE in the consolidated statement of financial position as from the acquisition by the Group (see note 26). Note 24: Loans and borrowings Loans and borrowings are presented as follows: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Non-current loans and borrowings Lease liabilities 18.1 9.9 153.2 4.7 185.9 12.4 12.0 4.6 29.0 Bank and other loans 75.4 - 971.2 - 1,046.6 99.5 29.8 0.1 129.4 Inter-segment loan - 272.3 - -272.3 - - 264.1 -264.1 - Subtotal non-current loans 93.5 282.2 1,124.4 -267.6 1,232.5 111.9 305.9 -259.4 158.4 and borrowings Current loans and borrowings Lease liabilities 11.2 5.5 44.0 0.6 61.3 10.6 5.4 0.5 16.5 Bank and other loans 110.5 14.9 181.3 0.1 306.8 22.2 14.3 0.1 36.6 Subtotal current loans and 121.7 20.4 225.3 0.7 368.1 32.8 19.7 0.6 53.1 borrowings TOTAL LOANS AND 215.2 302.6 1,349.7 -266.9 1,600.6 144.7 325.6 -258.8 211.5 BORROWINGS The increase in loans and borrowings compared to 31 December 2021 is mainly attributable to the integration of PHE in the Group\u2019s consolidated statement of financial position at 31 December 2022. 50 Obligations under lease contracts are analysed below: \u20acm 2022 2021 Present value of Present value of Minimum lease Minimum lease minimum lease minimum lease payments payments payments payments Within one year 61.4 61.4 16.5 16.5 Between one and five years 149.7 144.5 19.9 19.2 More than five years 44.3 41.3 10.5 9.8 Subtotal 255.4 247.2 46.9 45.5 Present value of lease obligations 247.2 45.5 In 2021 and 2022, the inter-segment loans comprise amounts lent by the Corporate & unallocated segment to the Moleskine segment (non-recourse loan in the framework of the acquisition). In the period, \u20ac10.7m of interests have been recognised in profit or loss and -\u20ac2.7m have been paid cash. The \u20ac40.6m lent in 2021 and 2022 by the Corporate & unallocated segment to TVH are not presented in the line \u201cinter-segment loan\u201d in the table above since TVH is an equity accounted investee but is presented in non-current receivables in the Corporate & unallocated segment (see note 20). In 2022, Moleskine proceeded to the partial reimbursement of the external bank loan (\u20ac14.5m of senior term loan instalment and \u20ac15m of voluntary prepayment). In December 2021, D\u2019Ieteren Automotive secured a new 5-year \u20ac325m bank financing (maturity date December 2026), consisting of \u20ac100m of amortising term loan and \u20ac225m revolving credit facility, included in the lines \u201cbank and other loans\u201d in the above table. The increase in current loans and borrowings compared to 31 December 2021 mainly relates to bank overdrafts reclassified from \u201ccash and cash equivalents\u201d to \u201cloans and borrowings\u201d (\u20ac52.4m at 31 December 2022 vs nil at 31 December 2021). Those bank overdrafts are permitted under the ancillary facilities negociated under the revolving credit facility of \u20ac225m and mainly result from a significant cash outflow driven by a sharp increase in inventory as the deliveries from the factories accelerated at the very end of the year. At 31 December 2022, there is no breach of covenants attached to the loans. Bank and other loans in the PHE segment mainly consist in Senior Secured fixed and floating rate Notes maturing between 2025 and 2027, as well as revolving credit facilities. Non-current loans and borrowings are due for settlement after more than one year, in accordance with the maturity profile set out below: \u20acm 2022 2021 Between one and five years 814.7 148.6 After more than five years 417.8 9.8 Non-current loans and borrowings 1,232.5 158.4 The exposure of the Group\u2019s loans and borrowings to interest rate changes and the repricing dates (before the effect of the debt derivatives) at the balance sheet date is as follows: \u20acm 2022 2021 Less than one year 368.1 53.1 Between one and five years 814.7 148.6 After more than five years 417.8 9.8 Loans and borrowings 1,600.6 211.5 The interest rate and currency profiles of loans and borrowings are as follows (including the effects of debt derivatives and excluding the lease liabilities accounted for in accordance with IFRS 16 in 2021 and 2022): 51 \u20acm 2022 2021 Currency Fixed Floating Fixed Floating Total Total rate rate rate rate EUR 607.4 746.4 1,353.8 0.2 165.8 166.0 Total 607.4 746.4 1,353.8 0.2 165.8 166.0 EUR borrowings are stated after deduction of deferred financing costs of \u20ac0.9m as at 31 December 2022 (31 December 2021: \u20ac1.5m). The floating rate borrowings bear interest at various rates set with reference to the prevailing EURIBOR or equivalent. The range of interest rates applicable for fixed rate borrowings outstanding is as follows: 2022 2021 Currency Min. Max. Min. Max. EUR 1.0% 6.5% 1.0% 4.3% The fair value of loans and borrowings (both current and non-current) approximates their carrying amount. Certain of the borrowings in the Group have covenants attached. At year-end, there is no breach of covenants. The table below provides information about the changes in liabilities arising from financing activities: Items Non-cash movements At 1 acquired Repayment At 31 New Loans Additions/ \u20acm January through of lease December loans repayment Disposals Transfer Other 202022 business liabilities 22 IFRS16 combinations Long-term loans and 129.4 975.2 38.6 -8.8 - - -88.0 0.2 1,046.6 borrowings Short-term loans and 36.6 130.9 68.8 -38.5 - - 107.4 1.6 306.8 borrowings Lease liabilities 45.5 209.6 - - -37.9 30.0 - - 247.2 Total liabilities arising from 211.5 1,315.7 107.4 -47.3 -37.9 30.0 19.4 1.8 1,600.6 financing activities Non-cash movements At 1 Repayment At 31 New Loans Additions/ \u20acm January of lease December Conversion loans repayment Disposals Transfer Other 202021 liabilities 21 difference IFRS16 Long-term loans and 44.6 99.2 -0.1 - - - -14.6 0.3 129.4 borrowings Short-term loans and 8.4 19.1 -13.4 - - - 14.6 7.9 36.6 borrowings Lease liabilities 50.4 - - -16.1 10.7 0.7 - -0.2 45.5 Total liabilities arising from 103.4 118.3 -13.5 -16.1 10.7 0.7 - 8.0 211.5 financing activities In 2022, the other non-cash movements include, among other amounts, the impact of the change in consolidation method of Lizzy and MyMove following the loss of exclusive control (see note 17) and in 2021 and 2022, the amortization of deferred financing costs in the Moleskine segment. In 2022, the \u20ac19.4m of transfers represent a capitalization of accrued interests on loans and borrowings, previously booked in trade and other payables. 52 Note 25: Trade and other payables Trade and other payables are described below: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Non-current payables - - 32.5 - 32.5 - - - - Trade payables 339.1 23.7 313.6 3.4 679.8 271.6 27.2 3.7 302.5 Accrued charges and 64.4 1.0 3.9 0.1 69.4 48.4 1.1 0.8 50.3 deferred income Non-income taxes 52.0 1.5 18.3 - 71.8 43.7 0.8 - 44.5 Contingent consideration on 1.6 - 0.4 - 2.0 - - - - acquisitions Other current creditors 70.0 4.7 77.7 9.3 161.7 85.9 5.0 7.8 98.7 Trade and other 527.1 30.9 413.9 12.8 984.7 449.6 34.1 12.3 496.0 payables Trade and other current payables are expected to be settled within 12 months. The carrying value of trade and other current payables approximates their fair value. In the PHE segment, at 31 December 2022, the non-current payables mainly include contingent consiacquisitions. In both periods, the line \u201cNon-income taxes\u201d mainly include VAT payables in the D\u2019Ieteren Automotive segment, and in 2022 only, in the PHE segment. At 31 December 2021, the other current creditors included included, among other amounts, \u20ac16.8m of liabilities related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites. 53 Note 26: Business combinations The details of the net assets acquired, goodwill and consideration of the acquisitions performed by the Group are set out in the following table. The column \u201cD\u2019Ieteren Automotive\u201d relate to the acquisitions performed by the D\u2019Ieteren Automotive segment, thand the column PHE relates to the acquisition by the Group of Parts Holding Europe (PHE) on the 4 of August 2022. Total D'Ieteren \u20acm PHE provisional fair Automotive value\u207d\u207d\u00b9\u207e\u207eIntangible assets - 311.7 311.7 Property, plant & equipment 11.2 280.0 291.2 Financial investments - 4.7 4.7 Derivative financial instruments - 2.1 2.1 Deferred tax assets - 24.2 24.2 Other receivables - 24.7 24.7 Inventories 8.1 463.6 471.7 Derivative financial instruments (short-term) - 0.7 0.7 Trade and other receivables 4.6 393.7 398.3 Cash & cash equivalents (excluding cash included in assets classified as held-for-sale) 3.4 91.9 95.3 Assets classified as held for sale - 75.1 75.1 Employee benefits - -28.0 -28.0 Loans & borrowings -12.4 -1,128.2 -1,140.6 Put options granted to non-controlling interests - -80.5 -80.5 Other payables - -37.8 -37.8 Deferred tax liabilities -0.1 -13.4 -13.5 Provisions (short-term) - -5.6 -5.6 Loans & borrowings (short-term) -1.1 -165.4 -166.5 Put options granted to non-controlling interests (short-term) - -4.9 -4.9 Current tax liabilities -0.9 - -0.9 Trade & other payables -10.7 -455.4 -466.1 Liabilities directly associated with the assets held for sale - -30.7 -30.7 Net assets acquired 2.1 -277.5 -275.4 Non-controlling interests (\"NCI\") -0.3 -1.8 -2.1 Goodwill 17.9 850.3 868.2 TOTAL IDENTIFIABLE NET ASSETS ACQUIRED AND LIABILITIES ASSUMED, 19.7 571.0 590.7 INCLUDING GOODWILL Consideration satisfied by: Cash payment 14.1 571.0 585.1 Contingent consideration 5.6 - 5.6 TOTAL CONSIDERATION 19.7 571.0 590.7 (1) The fair values have been measured on a provisional basis. If new information obtained within one year from the date of acquisition about facts and circumstances that existed at the date of acquisition, then the accounting for the acquisition will be revised. D\u2019Ieteren Automotive During the period, the D\u2019Ieteren Automotive segment finalized the following acquisitions: - 100% of the shares of Taxi Radio Bruxellois s.a in H1-2022, the leading provider of on-demand transportation services in the Brussels-Capital Region and surrounding areas; - 67.84% of the shares of Joule n.v. in H1-2022, a company specialising in the supply of bicycles to corporate and public sector organisations; - 100% of the shares of V\u00e9lofixer b.v.b.a. in H1-2022, an (e-)bikes store in the centre of Brussels; - 100% of the shares of Re-Cycle s.r.l in H2-2022, an (e-)bikes store specialised in second-hand bikes in the Brussels area; - 100% of the shares of Go-Solar n.v. in H2-2022, a company specialised in the supply of solar panels and home batteries in Flanders. The additional revenue and net result arising subsequent to these acquisitions amount to respectively \u20ac36.2m and \u20ac2.1m. If the acquisitions have occurred on the first day of the period, revenue would have been \u20ac65.9m and net result \u20ac3.0m. 54 The contingent consideration of \u20ac5.6m recognised on these acquisitions is initially measured at fair value through profit or loss (FVTPL) and is based on the expected payout that the Group will incur, based on the probability of achievement of financial performances of the underlying acquired businesses (such as target revenue, target gross margin). The fair value calculations require significant judgment and estimates from the management, especially with regards to the revenue growth and gross margin performances). Subsequent change in fair value of the earn-out, if any, will be accounted for in profit or loss. At 31 December 2022, contingent consideration liability amount to \u20ac5.8m and is presented in the line \u201cTrade and other payables\u201d in the consolidated statement of financial position. The \u20ac17.9m of goodwill recognised reflects the expected synergies and other benefits resulting from the combination of the acquired activities with those of the D\u2019Ieteren Automotive segment. As permitted by IFRS 3 \u201cBusiness Combinations\u201d (maximum period of 12 months to finalize the acquisition accounting), the above provisional allocation will be reviewed and if necessary reallocated to brands and intangible assets. There are no trade and other receivables acquired that are expected to be uncollectable at the date of acquisition. The provisional goodwill recognised on these acquisitions is not expected to be deductible for tax purposes. PHE thOn the 4 of August 2022, D\u2019Ieteren Group announced that it has closed the acquisition of Parts Holding Europe (PHE), a Western European leader in independent distribution of vehicle spare parts present in six countries: France, Belgium, The Netherlands, Luxemburg, Italy and Spain. The acquisition if fully aligned with the Group\u2019s investment criteria and PHE perfectly fits in the Group\u2019s family of businesses as a new strong leading growth platform enabling significant value creation with the ambition to generate a meaningful impact. The acquisition price corresponded to an Enterprise Value of \u20ac1.7bn, resulting in an equity consideration paid of \u20ac571.0m, financed with D\u2019Ieteren Group\u2019s excess liquidity. This corresponded to an EV/EBITDA 2021 multiple of 6.9x. At the date of the closing of the acquisition, D\u2019Ieteren Group owned 100% of PHE and fully consolidates ththe company (global integration) as from the 4 of August 2022. Acquisition related cosadministrative expenses in the consolidated statement of profit or loss) amount to \u20ac18.6m (these costs are qualified as adjusting items \u2013 refer to the consolidated management report and the press release for more information on Alternative Performance Measures and adjusting items). PHE is a reportable operating segment since the acquisition date (see note 4). At inception, the capital structure of the holding company of PHE was composed of ordinary shares (c. 30% of total equity) and preference shares (c. 70% of equity). In October 2022, minority investors including management and several partners and independent distributors invested alongside D\u2019Ieteren Group in the holding company of PHE, up to a combined ownership of c.9%, in the same proportion between ordinary shares and preference shares. Preference shares bear a fixed annual compounding dividend rate of 7% (any distribution being first allocated to the preference shares in order to satisfy the accumulated dividend and to redeem the subscription amount of preference shares). At the same time, a Management Reward Plan (MRP) has been put in place, whereby the Group granted to PHE\u2019s key management personnel free \u201cratchet\u201d shares. These shares have no economic value until a liquidity event occurs (the value of the shares will then be entitled to an amount equal to a percentage of the Project Capital Gain). This management reward plan is a cash-settled share-based payment in scope of IFRS 2. The Group will therefore account in profit or loss for the fair value of the free shares granted to management over the vesting period (being one year as from the grant date), with a corresponding increase in liability. Before and beyond vesting, the change in fair value of the liability will be accounted for in profit or loss. At 31 December 2022, the Group accounted for a share-based payment expense of -\u20ac2.2m, with a corresponding increase in liability. The Group has granted to minority investors put options on the ordinary, preference and \u201cratchet\u201d shares. Refer to note 33 for more information on the put options granted to non-controlling shareholders. For the five-month period ended 31 December 2022, PHE contributed revenue of \u20ac961.8m and net result of \u20ac7.3m. If the acquisition had occurred on the first day of the period, revenue would have been \u20ac2,259.8m and net result \u20ac58.6m. In the segment statement of cash flows, the line \u201cacquisition of subsidiaries, net of cash acquired\u201d in the PHE and Corporate & unallocated segments (total of -\u20ac506.1m) represents the total consideration paid by the Group for the acquisition of PHE (-\u20ac571.0m), less cash and cash equivalents acquired for \u20ac100.9m (consisting in \u20ac91.9m disclosed in the above table and \u20ac9.0m of cash and cash equivalents classified as held for sale at the date of acquisition) and -\u20ac36.0m of acquisitions in the PHE segment since the acquisition by the Group. There are no trade and other receivables acquired that are expected to be uncollectable at the date of acquisition. The provisional goodwill recognised on the acquisition is not expected to be deductible for tax purposes. The goodwill recognised on the acquisition of PHE (\u20ac332.0m of goodwill acquired at acquisition date and \u20ac518.3m of goodwill recognised on the difference between the consideration paid and the fair value of the net assets acquired) reflects the expected synergies and other benefits resulting from the combination of the acquired activities with those of the Group. 55 At 31 December 2022, the Group did not finalise the acquisition accounting and hence no fair value adjustments have been recognised on the acquired assets or liabilities assumed, because the Group was not in a position to reasonably measure those adjustments. As permitted by IFRS 3 \u201cBusiness Combinations\u201d (maximum period of 12 months to finalize the acquisition accounting), the above provisional allocation will be reviewed and if necessary reallocated to brands and other intangible and tangible assets. During the period from the acquisition of PHE by the Group until 31 December 2022, the PHE segment finalized the acquisitions of subsidiaries in Spain and France. The details of these acquisitions are not presented in the above table. The total goodwill recognized upon these acquisitions amounts to \u20ac29.4m. Total consideration paid for these acquisitions amount to \u20ac42.4m and includes \u20ac2.0m of contingent consideration. At 31 December 2022, contingent consideration liabilities amount to \u20ac24.2 and is presented in the lines \u201cOther payables\u201d for \u20ac23.7m and \u201cTrade and other payables\u201d for \u20ac0.5m in the consolidated statement of financial position. A total amount of \u20ac36.0m is presented in the line \u201cacquisition of subsidiaries, net of cash acquired\u201d in the consolidated statement of cash flows and includes the cash payment of \u20ac40.4m less cash acquired of \u20ac4.4m. The detail of the net assets acquired, and liabilities assumed on these acquisitions are not considered material to the Group and are therefore not separately disclosed. 56 Note 27: List of subsidiaries, associates and joint ventures The full list of companies concerned by articles 3:104 and 3:156 of the Royal Decree of 29 April 2019 implementing the Company Code will be lodged with the Central Balance Sheet department of the National Bank of Belgium. It is also available on request from the Company head office (see note 1). The subsidiaries, associates and joint ventures of the Company are listed below: % of share capital % of share capital Country of Name owned at 31 owned at 31 incorporation December 2022 December 2021 D'Ieteren Automotive D'Ieteren Automotive s.a. Belgium 100% 100% P.C. Mechelen n.v. Belgium 100% 100% P.C. Paal-Beringen n.v. Belgium 100% 100% P.C. Li\u00e8ge s.a. Belgium 100% 100% Kronos Automobiles s.a. Belgium 100% 100% Garage Rietje n.v. Belgium 100% 100% Carrosserie Rietje n.v. Belgium 100% 100% Rietje Waasland n.v. Belgium 100% 100% Garage Clissen n.v. Belgium 100% 100% BAG A/D n.v. Belgium 100% 100% ACBornem n.v. Belgium 100% 100% Auto Center Kontich b.v.b.a. Belgium 100% 100% Automobiel Center Puurs n.v. Belgium 100% 100% Don Bosco b.v.b.a. Belgium 100% 100% Autonatie n.v. Belgium 100% 100% Overijse Automotive n.v. Belgium 100% 100% Autobedrijf Y&N Claessens b.v.b.a. Belgium 100% 100% Sopadis Knokke n.v. Belgium 100% 100% Automobile Center Mechelen 2 b.v.b.a. Belgium 100% 100% Auto Natie Wommelgem NV Belgium 100% 100% Auto Natie Kontich b.v.b.a. Belgium 100% 100% D'ieteren Mobility Company s.a. Belgium 100% 100% s.a. Volkswagen D'Ieteren Finance n.v. Belgium 49.99% 49.99% s.a. D'Ieteren Lease n.v. Belgium 49.99% 49.99% s.a. D'Ieteren Micromobility n.v. Belgium 100% 100% s.a. WonderAuto n.v. Belgium 100% 100% Lab Box s.a. Belgium 100% 100% Poppy Mobility n.v. Belgium 100% 100% Skipr n.v. Belgium 50.44% 50.44% CarASAP s.a. Belgium 100% 100% Electric By D'Ieteren (EDI) Belgium 92.50% 100% Lizy n.v. Belgium 39.63% 52.64% ACBornem n.v. Belgium 100% 100% PC Brussels s.a. Belgium 100% 100% PC Antwerp n.v. Belgium 100% 100% D'Ieteren Centers s.a. Belgium 100% 100% Brussels Auto Group Groot-Bijgaarden n.v. Belgium 100% 100% Brussels Auto Group Ternat b.v. Belgium 100% 100% Wondercar Groot-Bijgaarden b.v. Belgium 100% 100% Autralis b.v. Belgium 100% 100% MyMove srl Belgium 56.00% 52.00% Mbrella srl Belgium 57.36% 57.36% Wondergroup s.a. Belgium 100% 100% iBike b.v.b.a. Belgium 100% 100% Goodbikes s.r.l. Belgium 100% 100% LB RiHa s.r.l. Belgium 100% Taxi Radio Bruxellois s.a. Belgium 100% 57 % of share capital % of share capital Name Country of incorporation owned at 31 owned at 31 December 2022 December 2021 Joule n.v. Belgium 57.87% Lizy France s.a.s. France 39.63% EDI Network s.a. Belgium 100% LB Sunshine s.r.l. Belgium 92.50% Waassolar b.v. Belgium 92.50% Go-Solar n.v. Belgium 92.50% D'Ieteren Mobility Services s.a. Belgium 100% Velofixer b.v. Belgium 100% Re Cycle s.r.l. Belgium 100% Belron Belron Group s.a. (in voting rights) Luxembourg 55.00% 54.85% TVH TVH Global NV Belgium 40.00% 40.00% Moleskine Moleskine s.r.l. Italy 100% 100% Moleskine America Inc. United States of America 100% 100% Moleskine Asia Ltd. Hong-Kong 100% 100% Moleskine Commerce & Trade Shanghai Co. Ltd. China 100% 100% Moleskine France s.\u00e0.r.l France 100% 100% Moleskine Germany GmbH Germany 100% 100% Moleskine Singapore Pte Ltd Singapore 100% 100% Moleskine Uk Ltd. United Kingdom 100% 100% Moleskine Japan k.k. Japan 100% 100% Moleskine Korea Co. Ltd. Korea 100% 100% Moleskine Caf\u00e9 s.r.l. Italy 100% 100% Moleskine b.v. Netherland 100% 100% Moleskine Digital Studio Pte. Ltd. Singapore 55.00% 55.00% EDO.IO s.r.l. Italy 55.13% 55.13% Corp. & unallocated s.a. D'Ieteren Immo n.v. Belgium 100% 100% D'IM s.a. Luxembourg 100% 100% D Participation Management Luxembourg s.a. Luxembourg 100% 100% s.a. D'Ieteren Services n.v. Belgium 100% 100% D Participation Management s.a. Belgium 100% 100% Lys Bidco s.\u00e0.r.l Luxembourg 100% 100% DImmoLux s.\u00e0.r.l Luxembourg 100% D'Ieteren Cherry MRP s.\u00e0.r.l Luxembourg 100% s.a. Spider Bidco n.v. Belgium 100% PHE Lake SAS (in voting rights) France 91.38% 58 The percentages below are the ones held by Lake SAS (the mother company of PHE) in those subsidiaries: % of share capital % of share capital Country of Name owned at 31 owned at 31 incorporation December 2022 December 2021 Parts Holding Europe France 100% ACR Group France 100% AD BASSIN PARISIEN NORD France 100% Autodistribution Belux Belgium 100% AD Bosch Industrial Spain 100% AD Bosch Recanvis Spain 100% AD Bosch Serveis Spain 100% AUTODISTRIBUTION GOBILLOT RHONE France 100% AD GRAND OUEST France 100% AD NORMANDIE MAINE France 100% AD Parts Intergroup Spain 100% Aube distribution automobile France 100% Marne distribution automobile France 100% Ariane France 100% PARTS EUROPE France 100% Autodis Italia Holding Italy 55.94% Autodis Italia Italy 100% AUTODISTRIBUTION France 100% AUTODISTRIBUTION POIDS LOURDS France 100% AUTODISTRIBUTION SOGO France 100% BDN - Grup EINA Spain 42.00% BREMSTAR France 100% COFIRHAD France 100% COGEMAD France 100% COMPTOIR VI France 100% CORA SAS France 100% DIGITAL AFTERMARKET France 100% DIGITAL AUTO PARTS HOLDING France 100% Doyen Auto Belgium Belgium 100% Doyen Auto France France 100% Doyen Auto Belgium 100% Autodistribution Nederland Netherland 100% VERVIERS FREINS Belgium 100% ETS REMBAUD France 100% FOURNITURES INDUSTRIELLES AUTOMOBILES France 100% FGL Italy 100% FREINAGE POIDS LOURDS SERVICES \"F.P.L.S.\" France 100% AD POIDS LOURDS GOBILLOT France 100% GADEST France 100% GENERAL AUTO Italy 100% GO LOGISTICS Italy 100% GLASS AUTO SERVICE France 100% ILE DE France POIDS LOURDS France 100% INSTANT PACKET SERVICE MARAGALL Spain 100% LOGISTEO France 100% LOEK Autoparts BV Belgium 100% Lubrial Oil Spain 100% 59 % of share capital % of share capital Country of Name owned at 31 owned at 31 incorporation December 2022 December 2021 OVAM Italy 100% PELTER AUTO OVERPELT Belgium 100% Partenaires produits et services France 100% Autodistribution Italia Italy 55.94% PLATEFORME TECHNIQUE NATIONALE MONTAJAULT France 100% Port Marly Accessoires (PMA) France 100% RICAUTO Italy 100% RM DISTRIBUTION France 100% SARCO Italy 100% SARL AUTO CONTR\u00d4LE France 100% SARL FRA France 100% SARPI Italy 100% SCI LORAT France 100% SLPA France 49.00% TOP CAR Italy 100% TRUCK & CAR SERVICES France 100% AD Poids Lourds CENTRE OUEST France 100% Vallespir Auto Diffusion France 100% OSCARO Holding SAS France 100% OSCARO.COM France 100% OLCANI France 100% OSCARIOS RECAMBIOS Spain 100% 3C.COM France 100% GEEVERS AUTO PARTS b.v. Netherland 100% GEEVERS AUTO PARTS BELGI\u00cb Belgium 100% DISCOUNT DEPOT AUTOTEILE Germany 100% PRAEFECTUS Netherland 100% Shadeservice Zuid Netherland 100% AD Autoparts Belgium 100% AUTOVAK Belgium 100% 2G PADAUTO Italy 100% EUMA Parts Spain 100% EUMA Pro 2020 Spain 100% AD MARINA Spain 100% REGENAUTO Spain 100% REGENAUTO EQUIPOS Y SERVICIOS Spain 100% ACUMULADORES NAVARRA Spain 100% CIDA AUTO COMPONENTS Italy 100% AD LEVANTE PARTS Spain 100% AD MARCHE Italy 100% AUTO RECAMBIOS VILBER Spain 100% PENALVER Spain 100% ATTREZZAUTO.COM Italy 100% FRANCE DISTRIBUTION - FRADIS France 100% SARAT Italy 100% The Group\u2019s average stake (used for the income statement) in Belron equalled 50.01% in 2022 (52.88% in 2021). See note 17. The percentage used to consolidate the net result of PHE is 100% (see note 33 for more information). The main entities accounted for using the equity method are the joint venture Belron Group SA, TVH Global NV and Volkswagen D\u2019Ieteren Finance SA/N.V. See note 17 for adequate disclosures. 60 Note 28: Contingencies and commitments \u20acm 2022 2021 Commitments to acquisition of non-current assets 116.5 8.2 Other important commitments: Commitments given - 0.4 Commitments received 4.5 4.4 In 2021 and 2022, the commitments to acquisition of non-current assets mainly concerned property, plant and equipment in the segment \u201cCorporate & unallocated\u201d and in 2022 only, commitments to purchase second hand vehicles in the D\u2019Ieteren Automotive segment. Other important commitments received mainly relate to guarantees received from a contractor as part of a construction project in the segment \u201cCorporate & unallocated\u201d. Further to the carve-out of D\u2019Ieteren Automotive into a fully owned subsidiary as of the 1st of January 2021, D\u2019Ieteren Group SA/NV has granted a parental guarantee to the VW group in relation D\u2019Ieteren Automotive\u2019s obligations under the importers contracts. This parental guarantee is limited to three years and to an amount of \u20ac80m. Note 29: Related party transactions \u20acm 2022 2021 With entities with joint control or significant influence over the Group: Amount of the transactions entered into during the period 0.7 0.8 Outstanding creditor balance at 31 December - - With associates: Sales - - Purchases - - Trade receivables outstanding at 31 December - - With joint ventures in which the Group is a venturer: Sales(*) 97.0 101.6 Purchases(*) -10.8 -8.3 Trade receivables outstanding at 31 December(*) 30.8 12.4 With key management personnel: Compensation: Short-term employee benefits 4.5 4.2 Post-employment benefits 0.2 0.2 Termination benefits - - Total compensation 4.7 4.4 Amount of the other transactions entered into during the period - - Outstanding creditor balance at 31 December 1.5 1.2 With other related parties: Amount of the transactions entered into during the period 0.3 0.1 Outstanding creditor balance at 31 December - - (*) In 2022 and 2021, due to lack of information, figures from the D\u2019Ieteren Automotive segment only include D\u2019Ieteren Automotive SA and Wonderauto n.v., representing the majority of the transaction and balances of the Group with joint ventures. Shareholders and other related parties The Nayarit group (Nayarit Participations S.c.a. and Nicolas D\u2019Ieteren) and the SPDG group (s.a. de Participations et de Gestion, Reptid Commercial Corporation, Catheline D\u2019Ieteren and Olivier P\u00e9rier), acting in concert following an agreement pertaining to the exercise of their voting rights with a view to leading a sustainable joint strategy, together hold 62.91% of the voting rights of the Company (see note 22). In 2022, some of these shareholders and/or entities related to them carried out commercial transactions with the Company. These transactions (total of \u20ac1.0m) relate to automobile repair, supply of spare parts and sale of vehicles carried out by the Company and invoiced to these parties. Joint Ventures Refer to note 17 for more information related to the joint ventures. In 2022, sales to joint ventures mainly consist in sales of new vehicles by the D\u2019Ieteren Automotive segment to VDFin. Purchases mainly relate to used cars purchased by the D\u2019Ieteren Automotive segment from VDFin (former fleet vehicles). The outstanding trade receivables are mainly related to VDFin. 61 Key management personnel The key managers comprise the members of the Company\u2019s Board of Directors and its Executive Committee (see the Corporate Governance Statement). In 2022, a total of 90,000 options were issued to key managers (at an exercise price of EUR 118.10 per option). The total fair value of all share options granted to key management personnel charged to the 2022 income statement amounted to \u20ac2.1m. For more information on the remuneration of key managers, reference is made to the remuneration report that can be found in the Corporate Governance Statement. In 2022, loans granted by the Company and one of its subsidiaries to the members of the Executive Committee were outstanding for a total amount of \u20ac1.5m. These loans were granted in the context of the stock option plans in order to enable those concerned to pay the taxes due at the moment the options were accepted. The loans granted in 2022 were granted for periods of 10 or 5 years with interest rates of respectively 1.83% and 1.32%. Note 30: Exchange rates Monthly income statements of foreign operations are translated at the relevant rate of exchange for that month. Except for the statement of financial position which is translated at the closing rate, each line item in these consolidated financial statements represents a weighted average rate. The main exchange rates used for the translations were as follows: Number of euros for one unit of foreign currency 2022 2021 Closing rate GBP 1.13 1.19 USD 0.94 0.88 HKD 0.12 0.11 CNY 0.14 0.14 JPY 0.01 0.01 SGD 0.70 0.65 CHF 1.02 Average rate\u207d\u207d\u00b9\u207e\u207eGBP 1.17 1.16 USD 0.95 0.85 HKD 0.12 0.11 CNY 0.14 0.13 JPY 0.01 0.01 SGD 0.69 0.63 CHF 1.00 (1) Effective average rate for the profit or loss attributable to equity holders. Note 31: Services provided by the statutory auditor The external audit is conducted by KPMG R\u00e9viseurs d\u2019Entreprises, represented by Axel Jorion, whose audit mandate expires at the General Meeting of 2023. \u20acm 2022 2021 Audit services 4.7 4.0 KPMG in Belgium 1.2 0.9 Other firms in the KPMG network 3.5 3.1 Non-audit services 0.5 0.4 KPMG in Belgium 0.1 0.1 Other firms in the KPMG network 0.4 0.3 Services provided by the Statutory Auditor and its network 5.2 4.4 62 Note 32: Leases Leases as lessee The Group leases buildings, stores, non-fleet vehicles and items of property, plant and equipment. The Group also leases IT equipment for which no right-of-use assets and lease liabilities have been recognised since these leases are short-term and/or leases of low-value items. Right-of-use assets related to leased properties that do not meet the definition of investment property are presented as property, plant and equipment. Right-of-use assets recognised under IFRS 16 are presented below. \u20acm Plant and Land and buildings Total equipment Balance at 1 January 2022 18.6 27.3 45.9 Items acquired through business combinations 182.5 14.8 197.3 Depreciation charge for the year -23.8 -15.2 -39.0 Additions to right-of-use assets 15.9 21.4 37.3 Derecognition of right-of-use assets -0.1 -5.9 -6.0 Others 0.5 -0.4 0.1 Balance at 31 December 2022 193.6 42.0 235.6 The increase in the net book value of right-of-use assets in the period is mainly attributable to the integration of PHE in the Group\u2019s consolidated statement of financial position at 31 December 2022 (see note 26). Some property leases contain extension options exercisable by the Group. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options. The Group reassesses whether it is reasonably certain to exercise the option if there is a significant event or significant change in circumstances within its control. The impact on the lease liability resulting from the exercise of extension options is not considered material to the Group. The total amount of expenses related to short-term leases and leases of low-value assets is not considered significant to the Group and is not separately disclosed. Leases as lessor The Group leases out its investment property (held in the \u201cCorporate & unallocated\u201d segment). All leasoperating leases from a lessor perspective because they do not transfer substantially all the risks and rewards incidental to the ownership of the assets. Rental income recognised by the Group during 2022 equals \u20ac5.1m (2021: \u20ac4.8m). The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date. \u20acm 2022 2021 Other Other Investment property, Investment property, Total Total property plant and property plant and equipment equipment Within one year 4.9 - 4.9 3.8 - 3.8 Later than one year and less than five 18.3 - 18.3 14.6 - 14.6 years After five years 5.3 - 5.3 1.9 - 1.9 Total 28.5 - 28.5 20.3 - 20.3 The revenue, expenses, rights and obligations arising from leasing arrangements regarding investment property are not considered material to the Group, and accordingly a general description of these leasing arrangements is not disclosed. The Group is not acting as a lessor under finance leases. 63 Note 33: Put options granted to non-controlling interests PHE In October 2022, following the closing of the acquisition of Parts Holding Europe (PHE \u2013 see note 26), minoritincluding management and several partners and independent distributors invested alongside D\u2019Ieteren Group in the holding company of PHE, up to a combined ownership of c.9%, in the same proportion between ordinary shares and preference shares. The Group has granted to minority investors put options on the ordinary, preference and \u201cratchet\u201d shares representing the capital of the holding company of PHE, maturing end of 2026. The exercise price of such put options is reflected as a liability in the line \u201cPut options granted to non-controlling interests\u201d in the consolidated statement of financial position. The put options on ordinary and preference shares are measured at fair value (based on an EBITDA multiple of PHE at the end of 2026) and a liability is recognized at an amount equal to the discounted present value of the amount of cash that the Group may be required to pay. The estimation of the fair values requires significant judgment and estimates from the management, especially regarding the projected enterprise value, EBITDA multiples and discount rates. At inception, this liability is recognised against shareholders equity and subsequent re-measurements (due to changes in fair value of the underlying and due to the unwinding of the discount) are also recognized against shareholders equity. The Group holds associated call options, which are in scope of IFRS 9 \u201cFinancial Instruments\u201d, measured at fair value through profit or loss and categorised in level 3 of the fair value hierarchy (see note 18). At 31 December 2022, the fair value of the call options amounts to nil, the underlying exercise prices being equal to the fair value of the underlying ordinary and preference shares. The \u201cratchet\u201d shares granted by the Group to PHE\u2019s key management personnel as part of the Management Reward Plan (see note 26) are treated as cash-settled share-based payments in scope of IFRS 2. The Group therefore account in profit or loss for the fair value of the free shares granted to management over the vesting period (being one year as from the grant date), with a corresponding increase in liability. Before and beyond vesting, the change in fair value of the liability will be accounted for in profit or loss. At 31 December 2022, the Group accounted for a share-based payment expense of -\u20ac2.2m, with a corresponding increase in liability. At 31 December 2022, the carrying value of the put options granted by the Group to non-controlling interests at the level of the holding company of PHE amounts to \u20ac137.4m and is presented in the line \u201cPut options granted to non-controlling interests\u201d. The Group applies the anticipated-acquisition method under which the non-controlling interests are derecognized when the put liability is recognized because the interests subject to the put options are deemed to have been already acquired by the Group. Profits and losses attributable to non-controlling interests are therefore presented as attributable to the Group, both in the consolidated statement of financial position, in the consolidated statement of profit or loss and in the consolidated statement of comprehensive income. The \u20ac100.3m movement presented in the statement of changes in equity in 2022 includes \u20ac12.9m of change in fair value of put options granted to non-controlling shareholders holding minority interests in some of PHE\u2019s direct and indirect subsidiaries and the subsequent change in fair value of the put options over ordinary shares and preference shares (\u20ac84.8m). The interests of the non-controlling shareholders holding put options being entirely recognised as a liability in the consolidated statement of financial position, there will be no attribution of net result to non-controlling interests subject to the put options and 100% of profits and losses of PHE are attributable to the Group. The net result attributable to the preference shares being held by the non-controlling interests are not significant and are therefore not presented as attributable to non-controlling interests. In the PHE segment, the line \u201cPut options granted to non-controlling interests\u201d also includes \u20ac110.2m of put options granted by PHE to non-controlling shareholders holding minority interests in some its direct and indirect subsidiaries (\u20ac5.8m in short-term liabilities and \u20ac104.4m in long-term liabilities). D\u2019Ieteren Automotive In the framework of recent acquisitions, put options have been granted to minority interests (with related call options held by the Group). The fair value of the put options amount to \u20ac2.9m and have been recognised as a liability in the consolidated statement of financial position, with a corresponding movement in equity, included in the line \u201cPut options - movement of the period\u201d in the consolidated statement of changes in equity. Note 34: Subsequent events On 13 February 2023, PHE announced that it has closed the disposal of its specialized glass repair activity Mondial Pare-Brise and that customary merger control approvals have been granted. The disposal of PHE\u2019s specialized glass repair activities was imposed by the European Commission following the acquisition of PHE by D\u2019Ieteren Group. The financial consideration of the transaction corresponds to an equity consideration of \u20ac102m. The proceeds from the disposal will strengthen PHE\u2019s strategic development through organic and external growth. 64 In the Belron segment, a possible obligation in relation to one of Belron\u2019s pension schemes has been identified. Management does not consider that a cash outflow is probable based on the information available at the time these consolidated financial statements are authorised for issue and hence no provision has been recognised. A review is still in progress and some of the information required to reach a conclusion is not yet available. Management estimates the potential range of the contingent liability to be between nil and \u20ac40m (meaning a potential range of nil and \u20ac20m, taking into account the 50.01% fully diluted economic rights of the Group in Belron). Belron announced on 3 April 2023 that it launched a syndication in the institutional loan market for a new term loan on a best effort basis. The new USD loan has been successfully allocated and the transaction closed on 18 April 2023 (total amount of $870m \u2013 or \u20ac800m equivalent \u2013 with a maturity of 6 years). The proceeds, together with c.\u20ac300m available liquidity will be upstreamed to the shareholders of Belron. This transaction optimises Belron\u2019s capital structure with a Senior Secured net leverage ratio at 3.75x whilst maintaining full flexibility for its strategic options. Moreover, S&P has upgraded Belron\u2019s credit rating to Investment Grade (BBB-) while Moody\u2019s has affirmed the current Ba2 rating. No other significant transactions occurred between the closing date and the date these consolidated financial statements were authorised for issue. Note 35: Accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated. The new standards and amendments to standards that are mandatory for the first time for the Group\u2019s accounting period beginning on 1 January 2022 are listed below. - Amendments to IFRS 3 \u201cBusiness Combination\u201d (effective 1 January 2022 \u2013 endorsed by the EU); - Amendments to IAS 16 \u201cProperty, Plant and Equipment\u201d (effective 1 January 2022 \u2013 endorsed by the EU); - Amendments to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d (effective 1 January 2022 \u2013 endorsed by the EU); - Annual Improvements to IFRS Standards 2018\u20132020 (effective 1 January 2022 \u2013 endorsed by the EU). These new standards do not have a significant impact on the Group\u2019s financial statements. The standards, amendments and interpretations to existing standards issued by the IASB but not yet effective in 2022 have not been early adopted by the Group. They are listed below: - Amendments to IAS 1 \u201cPresentation of Financial Statements\u201d and IFRS Practice Statement 2 - Disclosure of Accounting policies (effective 1 January 2023 \u2013 endorsed by the EU); - Amendments to IAS 8 \u201cAccounting policies, Changes in Accounting Estimates and Errors\u201d \u2013 Definition of Accounting Estimates (effective 1 January 2023 \u2013 endorsed by the EU); - Amendments to IAS 12 \u201cIncome Taxes\u201d - Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective 1 January 2023 \u2013 endorsed by the EU); - Amendments to IAS 1 \u201cPresentation of Financial Statements\u201d \u2013 Classification of Liabilities as Current or Non-current (effective 1 January 2024 \u2013 subject to endorsement by the EU); - Amendments to IAS 1 \u201cPresentation of Financial Statements\u201d \u2013 Non-current Liabilities with covenants (effective 1 January 2024 \u2013 subject to endorsement by the EU); - Amendments to IFRS 16 \u201cLeases\u201d \u2013 Lease Liability in a Sale and Leaseback (effective 1 January 2024 \u2013 subject to endorsement by the EU); - IFRS 17 \u201cInsurance Contracts\u201d (issued on 18 May 2017), including Amendments to IFRS 17 (issued on 25 June 2020) (effective 1 January 2023 \u2013 endorsed by the EU); - Amendments to IFRS 17 \u201cInsurance contracts\u201d \u2013 initial application of IFRS 17 and IFRS 9 \u2013 Comparative information (effective 1 January 2023, endorsed by the EU). The amendments are not expected to have a material impact on the Group\u2019s consolidated financial statements. PRINCIPLES OF CONSOLIDATION Subsidiaries Subsidiaries, which are those entities in which the Group has, directly or indirectly, an interest of more than half of the voting rights or otherwise has the power to exercise control over the operations, are consolidated. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date that control is transferred to the Group and are no longer consolidated from the date that control ceases. All inter-company transactions, balances and unrealised gains and losses on transactions between group companies are eliminated upon consolidation. Transactions with non-controlling interest that do not result in loss of control are accounted for as equity transactions. The difference between fair value of any consideration paid and the relevant share acquired in their interests in the subsidiary\u2019s equity is recorded in equity. Gains or losses on disposals to non-controlling interest (that do not result in loss of control) are also recorded in equity. 65 When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date where control is lost, with the change in carrying amount recognised in profit or loss as part of the gain or loss recognized upon loss of control. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income are reclassified to profit or loss if required by IFRS standards. Associates Associates are all entities over which the Group has significant influence but not control or joint control, over the financial and operating policies. Investments in associates are accounted for using the equity method. The investment is initially recognised at cost (including transaction costs), and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss and OCI of the investee after the date of acquisition, until the date on which significant influence ceases. The Group\u2019s investment in associates includes goodwill identified on acquisition. The Group\u2019s share of profit from the associate represents the Group\u2019s share of the associate\u2019s profit after tax. Profits and losses resulting from transactions between the Group and its associate are eliminated to the extent of the Group\u2019s interest in the associate. Unrealised gains on transactions between the Group and its associate are also eliminated based on the same principle; unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Equity accounting is discontinued when the carrying amount of the investment in an associate reaches zero, unless the Group has incurred obligations or guaranteed obligations in respect of the associate. Interests in joint ventures A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in joint ventures are recognised using the equity method. The above principles regarding associates are also applicable to joint ventures. Impairment of associates and joint ventures The Group determines at each reporting date whether there is any objective evidence that the investment in the equity-accounted investee is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount (being the higher of the value in use or fair value less costs to sell) of the associate or joint venture and its carrying value and recognises the amount adjacent to \u201cshare of result of equity-accounted investees, net of income tax\u201d in the income statement. FOREIGN CURRENCY TRANSLATION The Group consolidation is prepared in euro. Income statements of foreign operations are translated into euro at the weighted average exchange rates for the period and statements of financial positions are translated into euro at the exchange rate at the reporting date (except for each component of equity, translated once at the exchange rates at the dates of the relevant transactions). Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as local currency assets and liabilities of the foreign entity and are translated at the closing rate. The translation reserve, which is recorded in other comprehensive income (except to the extent that the translation difference is allocated to NCI) includes both the difference generated by translating income statement items at a different exchange rate from the period-end rate and the differences generated by translating opening shareholders\u2019 equity amounts at a different exchange rate from the period-end rate. Monetary items that are receivable or payable to a foreign operation for which settlement is neither planned nor likely to occur in the foreseeable future are, in substance, a part of the Group\u2019s net investment in that foreign operation. Exchange differences arising on a monetary item that forms part of the Group\u2019s net investment in a foreign operation is recognised initially in other comprehensive income and reclassified from equity to profit or loss on disposal of the net investment. Foreign currency transactions are accounted for at the exchange rate prevailing at the date of the transaction. Gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised within the income statement (or within OCI if it relates to equity instruments designated at FVOCI). On disposal of a foreign operation, gains and losses accumulated in other comprehensive income are included in the income statement. BUSINESS COMBINATIONS AND GOODWILL Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. For each business combination, the Group measures the non-controlling interest in the acquiree either at fair value or at the proportionate share 66 of the acquiree\u2019s identifiable net assets. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. The excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net recognised amount (generally at fair value) of the identifiable assets acquired and liabilities assumed constitutes goodwill and is recognised as an asset. In case this excess is negative, it is recognised immediately in the income statement. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured, and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Acquisition-related costs, other than those associated with the issue of debt or equity securities that the Group incurs in connection with a business combination, are expensed as incurred. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGU\u2019s or groups of CGU\u2019s that are expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level for business combinations performed by the Company. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs to sell. Any impairment is recognised immediately as an expense and is not subsequently reversed. INTANGIBLE ASSETS An item of intangible assets is valued at its cost less any accumulated amortisation and any accumulated impairment losses. Customer contracts and brands acquired in a business combination are recognised at fair value at the acquisition date. Software-as-a-service (SaaS) arrangements are service contracts providing the Group with the right to access the cloud provider\u2019s application software over the contract period. As such the Group generally does not receive a software intangible asset at the contract commencement date. A right to receive future access to the supplier\u2019s software generally does not, at the contract commencement date, give the customer the power to obtain the future economic benefits flowing from the software itself and to restrict others\u2019 access to those benefits. Costs incurred for the development of software code that enhances or modifies, or creates additional capability to, existing on-premise systems and meets the definition of and recognition criteria for an intangible asset are recognised as intangible software assets. Refer to note 3 for information on changes in significant accounting policies. The amortisation method used reflects the pattern in which the assets\u2019 future economic benefits are expected to be consumed. Intangible assets with a finite useful life are generally amortised over their useful life on a straight-line basis. The estimated useful lives are between 2 and 11 years. Brands for which there is a limit to the period over which these assets are expected to generate cash inflows will be amortised on a straight-line basis over their remaining useful lives which are estimated to be up to 5 years. Amortisation periods are reassessed annually. Brands that have indefinite useful lives are those, thanks to the marketing spend, the advertising made and the absence of factors that could cause their obsolescence, where there is no foreseeable limit to the period over which these assets are expected to generate net cash inflows for the Group. They are therefore not amortised but tested for impairment annually. For any intangible asset with a finite or indefinite useful life, where an indication of impairment exists, its carrying amount is assessed and written down immediately to its recoverable amount. Impairment losses are recognised in the consolidated income statement. Expenditure on internally generated intangible assets which does not meet the capitalization conditions under IFRS is recognised in the consolidated income statement as an expense as incurred. Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is expensed as incurred. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units and then, to reduce the carrying amount of the other assets in the unit, on a pro rata basis. RESEARCH AND DEVELOPMENT Expenditure on research (or on the research phase of an internal project) is recognised as an expense when it is incurred. An intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only if, all of the following are demonstrated: (a) the technical feasibility of completing the intangible asset so that it will be available for use or sale; 67 (b) the Group has the intention to complete the intangible asset and use or sell it; (c) the Group has ability to use or sell the intangible asset; (d) how the intangible asset will generate probable future economic benefits; (e) the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; (f) the Group has the ability to measure reliably the expenditure attributable to the intangible asset during its development. PROPERTY, PLANT AND EQUIPMENT An item of property, plant and equipment is initially measured at cost. This cost comprises its purchase price (including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates), plus any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating. If applicable, the initial estimate of the cost of dismantling and removing the item and restoring the site is also included in the cost of the item. After initial recognition, the item is carried at its cost less any accumulated depreciation and any accumulated impairment losses. The cost of self-constructed assets includes the cost of materials, direct labour, the initial estimate, where relevant, of the costs of dismantling and removing the items and restoring the site on which they are located, and an appropriate proportion of production overheads if directly attributable. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. The depreciable amount of the item is allocated according to the straight-line method over its useful life. Land is not depreciated. The main depreciation periods are the following: - Buildings: 40 to 50 years; - Plant and equipment: 3 to 15 years; - IT equipment: 2 to 7 years. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the items will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Lessee At inception of a contract, the Group assesses whether a contract is or contains a lease. A contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. This policy is applied to contracts entered into or changed on or after 1 January 2019. As a lessee, the Group recognizes right-of-use assets and lease liabilities at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurement of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate at that date. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by reference to the interest rate it would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. 68 Lease payments included in the initial measurement of the lease liability comprise fixed payments, and in some cases, variable lease payments (being those depending on an index or a rate, initially measured using the index or rate as at the commencement date), the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise the extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate the lease earlier. The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, which affects the amount of lease liabilities and right-of-use assets recognized. The lease liability is measured at amortised cost using the effective interest method and is remeasured when there is a change in future lease payments arising from a change in an index or rate or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. In case the lease liability is remeasured, corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Right-of-use assets that do not meet the definition of investment property are presented in \u201cproperty, plant and equipment\u201d in the statement of financial position, under the same line item than the assets of the same nature that it owns. Lease liabilities are presented in \u201cloans and borrowings\u201d in the statement of financial position. The Group applies the practical expedient whereby short-term leases (less than or equal to 12 months) and leases of low-value assets are not recognized as right-of-use assets and lease liabilities and to recognize the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Lessor Lessor accounting remained substantially unchanged compared to previous guidance. At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. In rare situations in which the Group acts as an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. INVESTMENT PROPERTIES Investment properties are measured at cost less accumulated depreciation and accumulated impairment losses. These items are amortised over their useful life on a straight-line basis method. The estimated useful lives are between 40 and 50 years. INVENTORIES Inventories are measured at the lower of cost and net realisable value. The cost of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Items that are not interchangeable, like new vehicles and second-hand vehicles, are valued using specific identification of their individual costs. Other items are valued using the first in, first out or weighted average cost formula. When inventories are sold, the carrying amount of those inventories are recognised as an expense in the period in which the related revenue is recognised. Losses and write-downs of inventories are recognised in the period in which they occur. Reversal of a write-down is recognised as a credit to cost of sales in the period in which the reversal occurs. PROVISIONS A provision is recognised when: - there is a present obligation (legal or constructive) as a result of a past event; - it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and - a reliable estimate can be made of the amount of the obligation. If these conditions are not met, no provision is recognised. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money. A provision for warranties is recognised when the underlying products or services are sold, based on historical warranty data and a weighting of possible outcomes against their associated probabilities. A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring either has commenced or has been announced publicly. Future operating losses are not provided for. 69 EMPLOYEE BENEFITS Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. On amendment, curtailment or settlement of a defined benefit plan, a company now uses updated actuarial assumptions to determine its current service and net interest for the period and the effect of the asset ceiling is disregarded when calculating the gain or loss of any settlement of the plan and is dealt with separately in other comprehensive income. The Group has various defined benefit pension plans and defined contribution pension plans. Most of these plans are funded schemes, i.e. they are financed through a pension fund or an external insurance policy. The minimum funding level of these schemes is defined by national rules (see note 10). Obligations for contributions to defined contribution pension plans are charged as an expense as the related service is provided. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available. The Group\u2019s commitments under defined benefit pension plans, and the related costs, are valued using the \u201cprojected unit credit method\u201d, with independent actuaries carrying out the valuations at least on a yearly basis. To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirements. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. Actuarial gains and losses are recognised in full in the period in which they occur. They are recognised in other comprehensive income. Past service cost is recognised as an expense at the earlier of the following dates: a) when the plan amendment or curtailment occurs; and b) when the entity recognizes related restructuring costs or termination benefits. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognised in profit or loss. The long-term employee benefit obligation recognised in the statement of financial position represents the present value of the defined benefit obligations as reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to the present value of any refunds and reductions in future contributions to the plan. TERMINATION BENEFITS Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits as it is demonstrably committed to a termination when the entity has a detailed formal plan to terminate the employment of current employees without possibility of withdrawal. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted. OTHER LONG-TERM INCENTIVES The group recognises a provision for long-term incentives where they are contractually obliged or where there is a past practice that has created a constructive obligation. This provision is discounted to determine its present value. Re-measurements are recognised in profit or loss in the period in which they arise. FINANCIAL INSTRUMENTS EXCLUDING DERIVATIVES The Group initially recognises loans and receivables and debt securities issued on the date when they are originated. All other financial assets and liabilities are initially recognised when the entity becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. The Group derecognises a financial asset when the contractual rights to cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, expire, or are substantially modified. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. The Group classifies its financial assets in the following categories on initial recognition: at amortised cost; at fair value through other comprehensive income (FVOCI) \u2013 debt; at FVOCI \u2013 equity investment; or fair value through profit or loss (FVTPL). Management determines the classification of its financial assets at initial recognition based on a) the business model in which 70 the financial asset is held; and 2) on the assessment whether contractual cash flows are solely payments of principal and interests (see below). Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Business model assessment The Group assesses the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; Assessment whether contractual cash flows are solely payments of principal and interest In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basis lending risks and costs, as well as profit margin. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL, including all derivative financial assets. Subsequent measurement of financial assets: - Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss, except for derivatives designated as hedging instruments. - Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. - Debt investment at FVOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. - Equity investments at FVOCI are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Cash and Cash Equivalents Cash comprises cash on hand and demand deposits, excluding any blocked or restricted cash held by the Group. Cash equivalents are short-term (maximum 3 months), highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified and measured at amortised cost. Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL (except hedging instruments) are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. 71 Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effect(s). Where the Company (or its subsidiaries) reacquires its own equity instruments, those instruments are deducted from equity as treasury shares. Where such equity instruments are subsequently sold, any consideration received is recognised in equity. Dividends to holders of equity instruments proposed or declared after the balance sheet date are not recognised as a liability at the balance sheet date; it is presented in equity. DERIVATIVE FINANCIAL INSTRUMENTS Derivatives are used as hedges in the financing and financial risk management of the Group. The Group\u2019s activities expose it to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange forward contracts, interest rate swaps, cross currency interest rate swaps, and options to hedge these exposures. The Group does not use derivatives for speculative purposes. However, certain financial derivative transactions, while constituting effective economic hedges, do not qualify for hedge accounting under the specific rules in IAS 39. Despite the introduction of IFRS 9, the Group still applies hedge accounting for Moleskine under IAS 39 (which is an option under IFRS 9). Derivatives are recorded initially and subsequently at fair value. Any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent changes in fair value are generally recognised in profit or loss. Cash flow hedge Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income and any ineffective portion is recognised immediately in the income statement. Cumulative tax impact related to the net change in the fair value of hedging instruments are separately included in retained earnings. If the cash flow hedge is a firm commitment or the forecasted transaction results in the recognition of an asset or a liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive income are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in other comprehensive income are recognised in the income statement in the same period in which the hedged item affects net profit or loss. Fair value hedge For an effective hedge of an exposure to changes in the fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with a corresponding entry in profit or loss. Gains or losses from re-measuring the derivative, or for non-derivatives the foreign currency component of its carrying amount, are recognised in profit or loss. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. In the case of a cash flow hedge, any cumulative gain or loss recognised in other comprehensive income is transferred to profit or loss when profit or loss is impacted by the hedged item. If the forecast transaction is no longer expected to occur, the cumulative gain or loss is reclassified in the profit or loss immediately. PUT OPTIONS GRANTED TO NON-CONTROLLING INTERESTS The Group is committed to acquiring the non-controlling interests owned by third parties, should these third parties wish to exercise their put options. The exercise price of such options granted to non-controlling interests is reflected as a liability in the consolidated statement of financial position. A corresponding debit is recognized in equity on initial recognition of the written put on non-controlling interests and is presented as a deduction from shareholders\u2019 equity (the non-controlling interests being already fully derecognised at inception). The exercise prices of the put options granted to non-controlling interests correspond to the present value of the cash consideration that the Group may be required to pay, should the third parties wish to exercise their put options, or should the Group wish to exercise its associated call options. NON-CURRENT ASSETS (OR DISPOSAL GROUPS) HELD FOR SALE AND DISCONTINUED OPERATIONS Non-current assets (or disposal groups comprising assets and liabilities) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and fair value less costs to sell. Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortised or depreciated. A discontinued operation is a component of the Group\u2019s business that represents a separate major line of the business or geographical area of operations that either has been disposed of or is classified as held for sale and is disclosed as a single line item in the income statement. When an operation is classified as a discontinued operation, the comparative statement of profit 72 or loss and statement of comprehensive income is re-presented as if the operation had been discontinued from the start of the comparative year. REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it transfers control over a good or service to a customer. In the D\u2019Ieteren Automotive segment, the Group generates revenue primarily from the sale of new vehicles to independent dealers and to final customers, the sale of used vehicles to final customers, the sale of spare parts and accessories and the rendering of after-sale services. Upon selling vehicles or spare parts to independent dealers or final customers, the Group satisfies its performance obligations and recognizes revenue at a point in time, when control of the goods transfers to the customers. Since the Group issues invoices to customers upon satisfying its performance obligations, rights to financial consideration immediately become unconditional and are therefore recognized as receivables. A legal warranty of 2 years applies to the sale of new vehicles to customers, which in turn corresponds to the legal warranty that the factory grants to the D\u2019Ieteren Automotive segment. This warranty does therefore not represent a separate performance obligation. The Group offers to customers the possibility to purchase maintenance contracts together with the sale of a new vehicle. The duration of these contracts ranges from 3 to 12 years. This type of contract represents a separate performance obligation and should not be combined with the sale of a new vehicle. Under such arrangements, the Group transfers the benefit of the maintenance services to the customers as it performs and therefore satisfies its performance obligation over time. The Group recognizes revenue over time by estimating the occurrence of performance obligations using historical data and projected revenue. Revenue recognized according to the percentage of completion method is therefore reasonably estimated using cost curves and historical data. The difference between the consideration received from the final customers and the costs incurred over time to satisfy the performance obligation represent contract liabilities under IFRS 15. Since the amount of contract liabilities are not considered significant to the Group compared to total revenue, they have not been presented in a separate line item in the consolidated statement of financial position. When rendering other repair or maintenance services to final customers, the Group recognizes revenue over time if deemed significant. The revenue to be recognized over time for other repair and maintenance was not significant as at the end of the reporting period. Across all sales channels of the Moleskine segment, revenue is recognized at a point in time, as soon as control of the goods transfers to the customers (i.e. when the good is physically delivered to the final customer). In the PHE segment, revenue arise primarily from the sale of spare parts to independent dealers and customers. Variable considerations are sometimes attached to contracts with customers, such as fidelity premiums and year-end rebates. These variable considerations are estimated by the Group based on contract specificities and past experience and are included in the transaction prices. The Group also sometimes act as an agent in selling spare parts and equipment to customers. In these cases, the Group recognises in revenue the net amount between the transaction price paid by customers and the amount charged by supplier for the underlying goods. To assess whether the Group acts as a principal or and agent, the Group considers whether it control the underlying good, and assumes the responsibility of execution of the contracts prior to delivering the goods to the final customer. Disaggregation of revenue from contracts with customers In selecting the categories to use to disaggregate revenue from contracts with customers, management considered how the information about the Group\u2019s revenue is presented for other purpose, including press releases and information presented to the chief operating decision maker, as well as how the nature, amount, timing and uncertainties of revenue and cash flows are affected by economic factors. See note 5 for additional information on disaggregation of revenue. FINANCE INCOME AND FINANCE COSTS Finance income and finance costs include interest income, interest expenses, dividend income, and net gains and losses on financial assets and financial liabilities measured at fair value through profit or loss. Interest income and expenses are recognized using the effective interest rate method. The \u2018effective interest rate\u2019 is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: - The gross carrying amount of the financial asset; or - The amortised cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis. 73 Dividend income is recognized in profit or loss on the date on which the Group\u2019s right to receive payment is established. SHARE-BASED PAYMENTS Share-based payments are exclusively made in connection with employee stock option plans (\u201cESOP\u201d). Equity-settled ESOP granted after 7 November 2002 are accounted for in accordance with IFRS 2, such that their cost is recognised in the income statement, with a corresponding increase in equity, over the vesting period of the awards. BORROWING COSTS Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part of the cost of that asset. GOVERNMENT GRANTS Government grants related to assets are presented in liabilities as deferred income and amortised over the useful life of the related assets. INCOME TAXES Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or other comprehensive income. Current taxes relating to current and prior periods are, to the extent unpaid, recognised as a liability. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. Current taxes are measured using tax rates enacted or substantially enacted at the reporting date. If the amount already paid in respect of current and prior periods exceeds the amount due for those periods, the excess is recognised as an asset. The benefit relating to a tax loss that can be carried back to recover current tax of a previous period is recognised as an asset. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Current tax assets and liabilities are offset only if the following criteria are met: - the entity has a legally enforceable right to set off the recognised amounts\u037e and - intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Deferred taxes are provided using the balance sheet liability method, on temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes (such as unused tax losses carried forward). Deferred tax is not recognised for: \u2013 temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; \u2013 temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2013 taxable temporary differences arising on the initial recognition of goodwill. The amount of deferred tax recognized is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantially enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the unused tax losses and credits can be utilised. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balance on a net basis. IMPAIRMENT OF NON-DERIVATIVE FINANCIAL ASSETS The Group recognizes loss allowances for ECLs (expected credit losses) on financial assets measured at amortized cost, debt investments measured at FVOCI and contract assets. The Group measures loss allowances at an amount equal to lifetime ECLs, except for debt securities that are determined to have low credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) at the reporting date and other debt securities and bank balances for which the credit risk has not increased significantly since initial recognition which are measured at 12-month ECLs. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs. The Group considers a debt security to have low credit risk when its credit risk rating is equivalent to the globally understood definition of \u2018investment grade\u2019. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. 74 When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment, that includes forward-looking information. A financial asset is considered in default, when the debtor is unlikely to pay its credit obligation in full. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. ECLs are a probability-weighted estimate of credit losses, measured as the present value of all cash shortfalls (the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortized costs and debt securities at FVOCI are credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: - significant financial difficulty of the debtor; - breach of contract such as default; - probability that the debtor will enter bankruptcy or other financial reorganization; - disappearance of an active market for security because of financial difficulties. Loss allowances for financial assets measured at amortized costs are deducted from the gross carrying amount of the assets. For debt securities at FVOCI, the loss allowance is charged to profit or loss and is recognized in OCI. The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. IMPAIRMENT OF NON-FINANCIAL ASSETS At each reporting date, the Group reviews the carrying amount of its non-financial assets (other than investment property recognized at fair value - if any -, inventories, and deferred tax assets) to determine whether there is an indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amount of other assets in the unit, on a pro-rata basis. An impairment loss in respect of goodwill is never reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. 75 ", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__6": { "value": "Note 1: General information D\u2019Ieteren Group SA/NV (the Company) is a public company incorporated and domiciled in Belgium. The address of the Company\u2019s registered office is: Rue du Mail 50, B-1050 Brussels. In existence since 1805, and across family generations, D\u2019Ieteren Group (the Group) seeks growth and value creation by pursuing a strategy on the long term for its businesses and actively encouraging and supporting them to develop their position in their industry and geographies. The Group currently totally or partially owns the following businesses: - Belron (50.01% in fully diluted economic rights - equity-accounted investee) has a clear purpose: \u201cmaking a difference by solving people\u2019s problems with real care\u201d. It is the worldwide leader in vehicle glass repair and replacement and operates in 37 countries, through wholly owned businesses and franchises, with market leading brands \u2013 including Carglass\u00ae, Safelite\u00ae and Autoglass\u00ae. In addition, Belron manages vehicle glass and other insurance claims on behalf of insurance customers. - D'Ieteren Automotive (100%) distributes Volkswagen, Audi, SEAT, \u0160koda, Bentley, Lamborghini, Bugatti, Cupra, Rimac, Microlino, Maserati and Porsche vehicles in Belgium. It has a market share of 22.5% and 1.2 million vehicles on the road. Its business model is evolving towards \u201cimproving the lives of citizens with fluid, accessible and sustainable mobility\u201d. - PHE (c.91% in voting rights \u2013 see note 26 for more information on economic percentage) is a leader in the independent distribution of spare parts for vehicles in Western Europe, present in France, Belgium, The Netherlands, Luxemburg, Italy and Spain. Its mission aims at \u201cpromoting affordable and sustainable mobility\u201d. - TVH (40% - equity-accounted investee), is a leading global independent distributor for aftermarket parts for material handling, construction & industrial, and agricultural equipment. It operates in 26 countries worldwide. It has a unique operating model and has a clear purpose of \u201ckeeping customers going and growing\u201d. - Moleskine (100%) is a premium and aspirational lifestyle brand which develops and sells iconic branded notebooks and writing, travel and reading accessories through a global multichannel platform. Its purpose is to \u201cunleash the human genius through hands on paper to empower creativity and knowledge in each individual and the entire world\u201d. - D\u2019Ieteren Immo (100%) groups together the Belgian real estate interests of D\u2019Ieteren Group. It owns and manages 35 properties. It also pursues investment projects and carries out studies into possible site renovations. The Company is listed on Euronext Brussels under the ticker DIE. These consolidated financial statements have been authorized for issue by the Board of Directors on 24 March 2023. Restatement of comparative information In accordance with IAS 8 \u201cAccounting Policies, Changes in Accounting Estimates and Errors\u201d, the line \u201cequity accounted investees & long-term interests in equity-accounted investees\u201d in the consolidated statement of financial position at 31 December 2021, the line \u201cshare of result of equity-accounted investees and long-term interests in equity-accounted investees, net of income tax\u201d in the 2021 consolidated statement of profit or loss and the lines \u201cresult for the period\u201d and \u201cequity accounted investees \u2013 share of OCI\u201d in the 2021 consolidated statement of comprehensive income have been restated to reflect the share of the Group in the adjustments performed on the 3-month statement of profit or loss and other comprehensive income of TVH to improve the consistency of the accounting policies across all affiliates and to be fully in line with the IFRS requirements and to reflect the purchase price allocation of TVH finalized by the Group in the second half of 2022 (see note 17 for more information on the purchase price allocation of TVH). The table below summarizes the restatement performed in the segment statement of profit or loss and segment statement of financial position and reconciles those amounts to the consolidated statement of profit or loss and consolidated statement of financial position. \u20acm - restatement of the segment statement of profit or loss 31 December 2021 TVH (100%) Eliminations Group Segment revenue -2.0 2.0 - Operating result -17.3 17.3 - Net finance costs 1.7 -1.7 - Share of result of equity-accounted investees and long-term interests in equity--4.1 -4.1 accounted investees, net of income tax Result before tax -15.6 11.5 -4.1 Income tax expense 5.3 -5.3 - Result from continuing operations -10.3 6.2 -4.1 of which: attributable to equity holders of the Company* -4.1 -4.1 *TVH at 40% 8 \u20acm - restatement of the segment statement of financial position 31 December 2021 Corporate & TVH (100%) Eliminations Group unallocated Goodwill -1,354.8 1,354.8 - Intangible assets 1,063.5 -1,063.5 - Property, plant & equipment 130.3 -130.3 Equity-accounted investees and long-term interests in equity--2.5 -2.5 accounted investees Derivative financial instruments 0.1 -0.1 - Deferred tax assets 5.9 -5.9 - Non-current assets -155.0 - 152.5 -2.5 Inventories -42.6 42.6 Financial investments -1.9 1.9 Trade and other receivables 53.4 -53.4 Cash & cash equivalents -2.7 2.7 Current assets 6.2 - -6.2 - TOTAL ASSETS -148.8 - 146.3 -2.5 Capital & reserves attributable to equity holder of the Company* -2.5 -2.5 Employee benefits 11.7 -11.7 - Loans & borrowings 90.7 -90.7 - Inter-segment loan -0.6 0.6 - Derivative financial instruments 3.6 -3.6 - Deferred tax liabilities 288.3 -288.3 - Non-current liabilities 393.7 0.6 -394.3 - Provisions 1.7 -1.7 - Loans & borrowings 10.8 -10.8 - Inter-segment loan 0.6 -0.6 - Trade & other payables -7.4 7.4 - Current liabilities 5.7 -0.6 -5.1 - TOTAL EQUITY AND LIABILITIES 399.4 -2.5 -399.4 -2.5 *TVH at 40% Alternative Performance Measurement \u2013 Non-GAAP measurement In order to better reflect its underlying performance and assist investors in gaining a better understanding of its financial performance, the Group uses Alternative Performance Measures (\u201cAPMs\u201d). These APMs are non-GAAP measures, i.e. their definition is not addressed by IFRS. The Group does not present APMs as an alternative to financial measures determined in accordance with IFRS and does not give to APMs greater prominence than defined IFRS measures. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__10": { "value": "D\u2019Ieteren Group SA/NV", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__9": { "value": "D\u2019Ieteren Group SA/NV", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__7": { "value": "D\u2019Ieteren Group", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__8": { "value": "SA/NV", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__12": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__11": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__13": { "value": "Rue du Mail 50, B-1050 Brussels", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__14": { "value": "In existence since 1805, and across family generations, D\u2019Ieteren Group (the Group) seeks growth and value creation by pursuing a strategy on the long term for its businesses and actively encouraging and supporting them to develop their position in their industry and geographies. The Group currently totally or partially owns the following businesses: - Belron (50.01% in fully diluted economic rights - equity-accounted investee) has a clear purpose: \u201cmaking a difference by solving people\u2019s problems with real care\u201d. It is the worldwide leader in vehicle glass repair and replacement and operates in 37 countries, through wholly owned businesses and franchises, with market leading brands \u2013 including Carglass\u00ae, Safelite\u00ae and Autoglass\u00ae. In addition, Belron manages vehicle glass and other insurance claims on behalf of insurance customers. - D'Ieteren Automotive (100%) distributes Volkswagen, Audi, SEAT, \u0160koda, Bentley, Lamborghini, Bugatti, Cupra, Rimac, Microlino, Maserati and Porsche vehicles in Belgium. It has a market share of 22.5% and 1.2 million vehicles on the road. Its business model is evolving towards \u201cimproving the lives of citizens with fluid, accessible and sustainable mobility\u201d. - PHE (c.91% in voting rights \u2013 see note 26 for more information on economic percentage) is a leader in the independent distribution of spare parts for vehicles in Western Europe, present in France, Belgium, The Netherlands, Luxemburg, Italy and Spain. Its mission aims at \u201cpromoting affordable and sustainable mobility\u201d. - TVH (40% - equity-accounted investee), is a leading global independent distributor for aftermarket parts for material handling, construction & industrial, and agricultural equipment. It operates in 26 countries worldwide. It has a unique operating model and has a clear purpose of \u201ckeeping customers going and growing\u201d. - Moleskine (100%) is a premium and aspirational lifestyle brand which develops and sells iconic branded notebooks and writing, travel and reading accessories through a global multichannel platform. Its purpose is to \u201cunleash the human genius through hands on paper to empower creativity and knowledge in each individual and the entire world\u201d. - D\u2019Ieteren Immo (100%) groups together the Belgian real estate interests of D\u2019Ieteren Group. It owns and manages 35 properties. It also pursues investment projects and carries out studies into possible site renovations.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__15": { "value": "These consolidated financial statements have been authorized for issue by the Board of Directors on 24 March 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__17": { "value": "Restatement of comparative information In accordance with IAS 8 \u201cAccounting Policies, Changes in Accounting Estimates and Errors\u201d, the line \u201cequity accounted investees & long-term interests in equity-accounted investees\u201d in the consolidated statement of financial position at 31 December 2021, the line \u201cshare of result of equity-accounted investees and long-term interests in equity-accounted investees, net of income tax\u201d in the 2021 consolidated statement of profit or loss and the lines \u201cresult for the period\u201d and \u201cequity accounted investees \u2013 share of OCI\u201d in the 2021 consolidated statement of comprehensive income have been restated to reflect the share of the Group in the adjustments performed on the 3-month statement of profit or loss and other comprehensive income of TVH to improve the consistency of the accounting policies across all affiliates and to be fully in line with the IFRS requirements and to reflect the purchase price allocation of TVH finalized by the Group in the second half of 2022 (see note 17 for more information on the purchase price allocation of TVH). The table below summarizes the restatement performed in the segment statement of profit or loss and segment statement of financial position and reconciles those amounts to the consolidated statement of profit or loss and consolidated statement of financial position. \u20acm - restatement of the segment statement of profit or loss 31 December 2021 TVH (100%) Eliminations Group Segment revenue -2.0 2.0 - Operating result -17.3 17.3 - Net finance costs 1.7 -1.7 - Share of result of equity-accounted investees and long-term interests in equity--4.1 -4.1 accounted investees, net of income tax Result before tax -15.6 11.5 -4.1 Income tax expense 5.3 -5.3 - Result from continuing operations -10.3 6.2 -4.1 of which: attributable to equity holders of the Company* -4.1 -4.1 *TVH at 40% 8 \u20acm - restatement of the segment statement of financial position 31 December 2021 Corporate & TVH (100%) Eliminations Group unallocated Goodwill -1,354.8 1,354.8 - Intangible assets 1,063.5 -1,063.5 - Property, plant & equipment 130.3 -130.3 Equity-accounted investees and long-term interests in equity--2.5 -2.5 accounted investees Derivative financial instruments 0.1 -0.1 - Deferred tax assets 5.9 -5.9 - Non-current assets -155.0 - 152.5 -2.5 Inventories -42.6 42.6 Financial investments -1.9 1.9 Trade and other receivables 53.4 -53.4 Cash & cash equivalents -2.7 2.7 Current assets 6.2 - -6.2 - TOTAL ASSETS -148.8 - 146.3 -2.5 Capital & reserves attributable to equity holder of the Company* -2.5 -2.5 Employee benefits 11.7 -11.7 - Loans & borrowings 90.7 -90.7 - Inter-segment loan -0.6 0.6 - Derivative financial instruments 3.6 -3.6 - Deferred tax liabilities 288.3 -288.3 - Non-current liabilities 393.7 0.6 -394.3 - Provisions 1.7 -1.7 - Loans & borrowings 10.8 -10.8 - Inter-segment loan 0.6 -0.6 - Trade & other payables -7.4 7.4 - Current liabilities 5.7 -0.6 -5.1 - TOTAL EQUITY AND LIABILITIES 399.4 -2.5 -399.4 -2.5 *TVH at 40%", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__16-1": { "value": "Restatement of comparative information In accordance with IAS 8 \u201cAccounting Policies, Changes in Accounting Estimates and Errors\u201d, the line \u201cequity accounted investees & long-term interests in equity-accounted investees\u201d in the consolidated statement of financial position at 31 December 2021, the line \u201cshare of result of equity-accounted investees and long-term interests in equity-accounted investees, net of income tax\u201d in the 2021 consolidated statement of profit or loss and the lines \u201cresult for the period\u201d and \u201cequity accounted investees \u2013 share of OCI\u201d in the 2021 consolidated statement of comprehensive income have been restated to reflect the share of the Group in the adjustments performed on the 3-month statement of profit or loss and other comprehensive income of TVH to improve the consistency of the accounting policies across all affiliates and to be fully in line with the IFRS requirements and to reflect the purchase price allocation of TVH finalized by the Group in the second half of 2022 (see note 17 for more information on the purchase price allocation of TVH). The table below summarizes the restatement performed in the segment statement of profit or loss and segment statement of financial position and reconciles those amounts to the consolidated statement of profit or loss and consolidated statement of financial position. \u20acm - restatement of the segment statement of profit or loss 31 December 2021 TVH (100%) Eliminations Group Segment revenue -2.0 2.0 - Operating result -17.3 17.3 - Net finance costs 1.7 -1.7 - Share of result of equity-accounted investees and long-term interests in equity--4.1 -4.1 accounted investees, net of income tax Result before tax -15.6 11.5 -4.1 Income tax expense 5.3 -5.3 - Result from continuing operations -10.3 6.2 -4.1 of which: attributable to equity holders of the Company* -4.1 -4.1 *TVH at 40% 8 \u20acm - restatement of the segment statement of financial position 31 December 2021 Corporate & TVH (100%) Eliminations Group unallocated Goodwill -1,354.8 1,354.8 - Intangible assets 1,063.5 -1,063.5 - Property, plant & equipment 130.3 -130.3 Equity-accounted investees and long-term interests in equity--2.5 -2.5 accounted investees Derivative financial instruments 0.1 -0.1 - Deferred tax assets 5.9 -5.9 - Non-current assets -155.0 - 152.5 -2.5 Inventories -42.6 42.6 Financial investments -1.9 1.9 Trade and other receivables 53.4 -53.4 Cash & cash equivalents -2.7 2.7 Current assets 6.2 - -6.2 - TOTAL ASSETS -148.8 - 146.3 -2.5 Capital & reserves attributable to equity holder of the Company* -2.5 -2.5 Employee benefits 11.7 -11.7 - Loans & borrowings 90.7 -90.7 - Inter-segment loan -0.6 0.6 - Derivative financial instruments 3.6 -3.6 - Deferred tax liabilities 288.3 -288.3 - Non-current liabilities 393.7 0.6 -394.3 - Provisions 1.7 -1.7 - Loans & borrowings 10.8 -10.8 - Inter-segment loan 0.6 -0.6 - Trade & other payables -7.4 7.4 - Current liabilities 5.7 -0.6 -5.1 - TOTAL EQUITY AND LIABILITIES 399.4 -2.5 -399.4 -2.5 *TVH at 40%Note 3: Changes in significant accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out in note 35. These policies have all been consistently applied to all the years presented, unless otherwise stated. 10", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__18": { "value": "Note 2: Basis of preparation These 2022 consolidated financial statements are for the 12 months ended 31 December 2022. They are presented in euro, which is the Group\u2019s functional currency. All amounts have been rounded to the nearest million, unless otherwise indicated. They have been prepared in accordance with the International Financial Reporting Standards (\u201cIFRS\u201d) and the related International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d) interpretations issued which have been adopted by the European Union (\u201cEU\u201d) as at 31 December 2022 and are effective for the period ending 31 December 2022. These consolidated financial statements have been prepared under the historical cost convention, except for employee benefits, non-current assets and liabilities held for sale, business combination, financial assets and financial liabilities (including derivative instruments) and put options granted to non-controlling interests that have been measured at fair value. On 31 December 2021 and 31 December 2022, in the consolidated statement of financial position, financial assets measured at fair value are limited to the portfolio of marketable securities held in the Corporate & unallocated segment (see note 18) and to derivative financial instruments (see note 18). At 31 December 2022, financial liabilities measured at fair value are limited to the put options granted to non-controlling interests (see note 33) and to contingent considerations recognised in the D\u2019Ieteren Automotive and PHE segments (see note 18 and 26). There are no other financial liabilities measured at fair value at 31 December 2021 and 31 December 2022 in the consolidated statement of financial position. The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the application of the Group\u2019s accounting policies and the reported amounts of income, expenses, assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from these estimates. If in the future such estimates and assumptions, which are based on management\u2019s best judgement at the date of the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as 9 appropriate in the period in which the circumstances change or prospectively. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are listed below. They are also disclosed in the relevant notes. - Measurement of defined benefit obligations (key actuarial assumptions used). See note 10. - Recognition of deferred tax assets (availability of future taxable profit against which deductible temporary differences and carried forward tax losses can be used). See note 11. - Goodwill and brands with indefinite useful lives. See note 12. - Impairment tests (key assumptions underlying recoverable amounts). See note 12. - Recognition and measurement of provisions and contingencies (key assumptions about the likelihood and magnitude of an outflow of resources). See note 23. - Measurement of expected credit loss (ECL) allowance for doubtful trade receivables (key assumptions in determining the weighted average loss rate). See note 20. - Provision for inventory obsolescence. See note 16. - Acquisition of subsidiary (fair value of the consideration transferred and of the assets acquired and liabilities assumed). See note 26. - Lease term (whether the Group is reasonably certain to exercise extension or termination options). See note 32. - Put options granted to non-controlling interests (discount rates used and estimates of the future profitability of the business). See note 33. - Contingent consideration on acquisitions. See note 26. A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. Further information is included in the relevant notes. The main areas are employee benefits (see note 10), share-based payments (see note 9), investment properties (see note 15), financial instruments (see note 18), business combinations (see note 26) and put options granted to non-controlling interests (see note 33). When measuring the fair value of an asset or a liability, the Group used observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques (see note 18). Risks and uncertainties The COVID-19 pandemic, the ongoing war in Ukraine and the turmoil in the banking system have a significant impact on the world economy and have increased the overall uncertainties, inflationary pressures and market instability. The Board of Directors considered the impact of these risks as the basis of preparation of these consolidated financial statements. The Group continues to take measures to minimize the impact of these risks on cash flows and is ensuring that it has the necessary liquidity structure in place for the foreseeable future. Taking this into account, the Board of Directors has a reasonable expectation that the Group is well placed to manage its business risks, has enough liquidities to continue to meet its liabilities as they fall due and to continue in operational existence for the foreseeable future. These consolidated financial statements have therefore been prepared on a going concern basis. The impact of the ongoing war in Ukraine in the medium and long term remains uncertain. Belron had franchise activities in Russia which have been suspended and in Ukraine, where operations paused at the start of the war, but were resumed in June. The contribution of the franchised activities in those two countries were not financially meaningful. However, Belron sourced some glass (less than 5% of the total) from Russia and has therefore found alternative sources of supply. At D\u2019Ieteren Automotive, volumes on certain models are negatively impacted by supply chain issues as Volkswagen Group sources some components in the region. The conflict is also impacting TVH, which had generated combined sales of around \u20ac50m in those countries in 2021 and has decided to stop operating in Russia. TVH is currently in the process of disposing of the activities in Russia to the local management. For this reason, the activity in Russia is qualified as \u201cAssets classified as held for sale\u201d and \u201cLiabilities directly associated with the assets held for sale\u201d in the segment statement of financial position. Moleskine\u2019s exposure to the region is immaterial. The Group and Group\u2019s activities are monitoring the situation on a daily basis, complying with any applicable sanctions.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__19": { "value": "They are presented in euro, which is the Group\u2019s functional currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__20": { "value": "They have been prepared in accordance with the International Financial Reporting Standards (\u201cIFRS\u201d) and the related International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d) interpretations issued which have been adopted by the European Union (\u201cEU\u201d) as at 31 December 2022 and are effective for the period ending 31 December 2022.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__21-1": { "value": "On 31 December 2021 and 31 December 2022, in the consolidated statement of financial position, financial assets measured at fair value are limited to the portfolio of marketable securities held in the Corporate & unallocated segment (see note 18) and to derivative financial instruments (see note 18). At 31 December 2022, financial liabilities measured at fair value are limited to the put options granted to non-controlling interests (see note 33) and to contingent considerations recognised in the D\u2019Ieteren Automotive and PHE segments (see note 18 and 26). There are no other financial liabilities measured at fair value at 31 December 2021 and 31 December 2022 in the consolidated statement of financial position. A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. Further information is included in the relevant notes. The main areas are employee benefits (see note 10), share-based payments (see note 9), investment properties (see note 15), financial instruments (see note 18), business combinations (see note 26) and put options granted to non-controlling interests (see note 33). When measuring the fair value of an asset or a liability, the Group used observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques (see note 18).", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__22": { "value": "The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the application of the Group\u2019s accounting policies and the reported amounts of income, expenses, assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may differ from these estimates. If in the future such estimates and assumptions, which are based on management\u2019s best judgement at the date of the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as 9 appropriate in the period in which the circumstances change or prospectively. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are listed below. They are also disclosed in the relevant notes. - Measurement of defined benefit obligations (key actuarial assumptions used). See note 10. - Recognition of deferred tax assets (availability of future taxable profit against which deductible temporary differences and carried forward tax losses can be used). See note 11. - Goodwill and brands with indefinite useful lives. See note 12. - Impairment tests (key assumptions underlying recoverable amounts). See note 12. - Recognition and measurement of provisions and contingencies (key assumptions about the likelihood and magnitude of an outflow of resources). See note 23. - Measurement of expected credit loss (ECL) allowance for doubtful trade receivables (key assumptions in determining the weighted average loss rate). See note 20. - Provision for inventory obsolescence. See note 16. - Acquisition of subsidiary (fair value of the consideration transferred and of the assets acquired and liabilities assumed). See note 26. - Lease term (whether the Group is reasonably certain to exercise extension or termination options). See note 32. - Put options granted to non-controlling interests (discount rates used and estimates of the future profitability of the business). See note 33. - Contingent consideration on acquisitions. See note 26. A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. Further information is included in the relevant notes. The main areas are employee benefits (see note 10), share-based payments (see note 9), investment properties (see note 15), financial instruments (see note 18), business combinations (see note 26) and put options granted to non-controlling interests (see note 33). When measuring the fair value of an asset or a liability, the Group used observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques (see note 18).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__24": { "value": "Risks and uncertainties The COVID-19 pandemic, the ongoing war in Ukraine and the turmoil in the banking system have a significant impact on the world economy and have increased the overall uncertainties, inflationary pressures and market instability. The Board of Directors considered the impact of these risks as the basis of preparation of these consolidated financial statements. The Group continues to take measures to minimize the impact of these risks on cash flows and is ensuring that it has the necessary liquidity structure in place for the foreseeable future. Taking this into account, the Board of Directors has a reasonable expectation that the Group is well placed to manage its business risks, has enough liquidities to continue to meet its liabilities as they fall due and to continue in operational existence for the foreseeable future. These consolidated financial statements have therefore been prepared on a going concern basis. The impact of the ongoing war in Ukraine in the medium and long term remains uncertain. Belron had franchise activities in Russia which have been suspended and in Ukraine, where operations paused at the start of the war, but were resumed in June. The contribution of the franchised activities in those two countries were not financially meaningful. However, Belron sourced some glass (less than 5% of the total) from Russia and has therefore found alternative sources of supply. At D\u2019Ieteren Automotive, volumes on certain models are negatively impacted by supply chain issues as Volkswagen Group sources some components in the region. The conflict is also impacting TVH, which had generated combined sales of around \u20ac50m in those countries in 2021 and has decided to stop operating in Russia. TVH is currently in the process of disposing of the activities in Russia to the local management. For this reason, the activity in Russia is qualified as \u201cAssets classified as held for sale\u201d and \u201cLiabilities directly associated with the assets held for sale\u201d in the segment statement of financial position. Moleskine\u2019s exposure to the region is immaterial. The Group and Group\u2019s activities are monitoring the situation on a daily basis, complying with any applicable sanctions.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__25": { "value": "Note 3: Changes in significant accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out in note 35. These policies have all been consistently applied to all the years presented, unless otherwise stated. 10", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__27": { "value": "Note 4: Segment information stThe Group\u2019s reportable operating segments are D\u2019Ieteren Automotive, Belron, Moleskine, TVH (as from 1 October 2021) and thPHE (as from 4 of August 2022 \u2013 including the holding company of the PHE Group - see note 26). The other segments are disclosed in the category \u201cCorporate & Unallocated\u201d (D\u2019Ieteren Group, corporate and real estate activities). These operating segments are consistent with the Group\u2019s organisational and internal reporting structure, and with the requirements of IFRS 8 \u201cOperating Segments\u201d. D\u2019Ieteren Automotive comprises the automobile distribution activities of the Group through D\u2019Ieteren Automotive SA/NV and its subsidiaries, affiliates and joint ventures. Belron comprises Belron Group s.a. and its subsidiaries, affiliates and joint ventures. Moleskine includes Moleskine S.p.a. and its subsidiaries, affiliates and joint ventures. TVH includes TVH Global SA/NV and its subsidiaries, affiliates and joint ventures. PHE includes Parts Holding Europe SAS and its holding company, its subsidiaries, affiliates and joint ventures. Despite their classification as equity-accounted investees, Belron and TVH remain separate reportable operating segments, reflecting the Group\u2019s internal reporting structure. The segment \u201cCorporate & unallocated\u201d comprises the corporate department and the real estate activities of the Group, through its wholly owned subsidiary D\u2019Ieteren Immo SA/NV (see note 1). These operating segments are consistent with the Group\u2019s organisational and internal reporting structure. Segment Statement of Profit or Loss - Operating Segments (Year ended 31 December) \u20acm Notes 2022 D'Ieteren Belron TVH PHE (5 Corp. & Moleskine Eliminations Group Autom. (100%) (100%) months) unallocated External revenue 5 3,609.5 5,574.3 143.3 1,621.7 961.8 - -7,196.0 4,714.6 Segment revenue 3,609.5 5,574.3 143.3 1,621.7 961.8 - -7,196.0 4,714.6 Operating result (being segment 145.9 860.9 21.2 172.0 44.9 -5.0 -1,032.9 207.0 result) Net finance costs 7 6.5 -348.8 -11.0 -6.5 -31.1 12.8 355.3 -22.8 Finance income 7 11.2 20.5 2.1 15.4 0.2 1.0 -33.6 16.8 Finance costs 7 -4.7 -369.3 -2.4 -19.6 -31.3 -1.2 388.9 -39.6 Inter-segment financing 7 - - -10.7 -2.3 - 13.0 - - interests Share of result of equity-accounted investees and long-term interests in equity-17 6.8 0.4 - - 0.2 - 202.7 210.1 accounted investees, net of income tax Result before tax 159.2 512.5 10.2 165.5 14.0 7.8 -474.9 394.3 Income tax expense 11 -44.1 -211.3 -1.0 -34.3 -9.6 -3.8 245.6 -58.5 Result from continuing 115.1 301.2 9.2 131.2 4.4 4.0 -229.3 335.8 operations Discontinued operations 21 - - - - 2.9 - - 2.9 RESULT FOR THE PERIOD 115.1 301.2 9.2 131.2 7.3 4.0 -229.3 338.7 D'Ieteren TVH PHE (5 Corp. & Attributable to: Belron(*) Moleskine Group Autom. (*) months) unallocated Equity holders of the 115.7 150.6 9.2 52.5 6.6 4.0 338.6 Company(*) Non-controlling interests (\"NCI\") -0.6 - - - 0.7 - 0.1 RESULT FOR THE PERIOD 115.1 150.6 9.2 52.5 7.3 4.0 338.7 (*) Belron at 50.01% (fully diluted economic rights) and TVH at 40.00% \u2013 see note 17. 11 Segment Statement of Profit or Loss \u2013 Operating Segments (Year ended 31 December) \u20acm 2021\u207d\u207d\u00b9\u207e\u207eTVH D'Ieteren Belron Corp. & Moleskine (100% - 3 Eliminations Group Autom. (100%) unallocated months) External revenue 3,238.9 4,646.8 121.6 348.0 - -4,994.8 3,360.5 Segment revenue 3,238.9 4,646.8 121.6 348.0 - -4,994.8 3,360.5 Operating result (being segment result) 81.0 691.5 12.1 29.0 -7.3 -720.5 85.8 Net finance costs -0.2 -228.6 -10.5 -2.2 20.0 230.8 9.3 Finance income 12.8 3.1 2.0 8.2 0.8 -10.7 16.2 Finance costs -1.7 -231.7 -2.2 -9.8 -3.0 241.5 -6.9 Inter-segment financing interests -11.3 - -10.3 -0.6 22.2 - - Share of result of equity-accounted investees and long-term interests in 8.1 0.5 - - - 175.6 184.2 equity-accounted investees, net of income tax Result before tax 88.9 463.4 1.6 26.8 12.7 -314.1 279.3 Income tax expense -21.3 -145.5 -5.0 -6.9 -1.7 152.4 -28.0 Result from continuing operations 67.6 317.9 -3.4 19.9 11.0 -161.7 251.3 Discontinued operations - - - - - - - RESULT FOR THE PERIOD 67.6 317.9 -3.4 19.9 11.0 -161.7 251.3 TVH D'Ieteren Corp. & Attributable to: Belron(*) Moleskine (100% - 3 Group Autom. unallocated months)(*) Equity holders of the Company(*) 68.9 168.1 -3.6 8.0 11.0 252.4 Non-controlling interests (\"NCI\") -1.3 - 0.2 - - -1.1 RESULT FOR THE PERIOD 67.6 168.1 -3.4 8.0 11.0 251.3 (1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the consistency of accounting policies across all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of 2022. Refer to note 1 for more information on the restatement of comparative information. (*) Belron at 52.88% (weighted average percentage for the 2021 period) and TVH at 40.00% \u2013 see note 17. In 2022, the column \u201cEliminations\u201d reconciles the segment statement of profit or loss (with the 12-month result of Belron and TVH presented on all lines under global integration method) to the IFRS Group consolidated statement of profit or loss (with the net result of Belron and TVH presented in the line \u201cshare of result of equity-accounted investees and long-term interest in equity-accounted investees, net of income tax\u201d, representing the share of the Group \u2013 50.01%; see note 17 \u2013 in the 12-month net result of Belron and the share of the Group \u2013 40.00%; see note 17 \u2013 in the 12-month net result of TVH). In 2021, the column \u201cEliminations\u201d reconciled the segment statement of profit or loss (with the 12-month result of Belron and the 3-month result of TVH presented on all lines under global integration method) to the IFRS Group consolidated statement of profit or loss (with the net result of Belron and TVH presented in the line \u201cshare of result of equity-accounted investees and long-term interest in equity-accounted investees, net of income tax\u201d, representing the share of the Group \u2013 52.88%; see note 17 \u2013 in the 12-month net result of Belron and the share of the Group \u2013 40.00%; see note 17 \u2013 in the 3-month net result of TVH). In the consolidated statement of profit or loss, the increase in commercial and administrative expenses and other operating income in the period are mainly explained by the integration of the PHE segment in the consolidated statement of profit or loss thas from the date of acquisition (4 of August 2022 \u2013 see note 26). D\u2019Ieteren Automotive In 2022, the line \u201cfinance income\u201d includes, amongst other amounts, a consolidated gain of \u20ac10.2m recognized on the loss of exclusive control of Lizy and MyMove following the entry into capital by investors for 29% in Lizy and 33% in MyMove (both through capital increases). The consolidated gain represents the difference between the fair value of the non-controlling interests retained in the companies (39% in Lizy and 56% in MyMove) and the carrying amount of the assets and liabilities of the subsidiaries at the date the control was lost. These two entities are accounted for as equity accounted investees as from the 1st of January 2022 (see note 17). In 2021, this line included, amongst other amounts, a consolidated gain of \u20ac12.4m recognised on the loss of exclusive control of Skipr following the acquisition of 17% beginning of July 2021 of the share capital of Skipr by ALD Automotive. 12 In 2021, the line \u201cOperating result\u201d included, amongst other amounts, the charge of -\u20ac21.8m related to the decision of D\u2019Ieteren Automotive to close two of its structurally loss-making sites. In 2021, the line \u201cinter-segment financing interests\u201d included the early repayment fee of -\u20ac8.0m paid by D\u2019Ieteren Automotive to the Corporate & unallocated segment following the anticipated reimbursement of the inter-segment loan. Belron In 2022, the line \u201cOperating result\u201d includes, amongst other amounts, -\u20ac39.4m of employees costs in relation to the restricted share units (\u2018RSUs\u2019) awarded by the Board of Directors of Belron in December 2021 to c.24,000 employees (this comprises a share-based payment charge of -\u20ac37.0m and associated payroll taxes of -\u20ac6.3m, as well as \u20ac3.9m release of surplus accrual \u2013 this transaction has and will have no economic impact on the Group and on the 50.01% fully diluted stake held by the Group in Belron). It also includes -\u20ac122.7m of costs in relation with the group-wide transformation programme and -\u20ac14.7m of costs in respect of restructurings and integrations. In 2021, this line included, amongst other amounts, -\u20ac64.0m of costs in relation with the group-wide transformation programme, -\u20ac48.7m of employee costs in relation with the one-off cash bonus and the restricted share units (\u2018RSUs\u2019), -\u20ac10.5m of one-off donation to the Ronnie Lubner Foundation and costs in respect of restructurings and integrations. In 2022 and 2021, the line \u201cfinance costs\u201d includes, amongst other amounts, costs related to the refinancing operated in April 2021. In 2022, It includes -\u20ac197.7m of non-cash foreign exchange losses arising upon the translation of the USD Term Loan at the closing rate (-\u20ac67.7m in 2021) because the foreign exchange movements on these borrowings did not qualify for quasi-equity accounting. A new structure was implemented in September 2022 which allows the foreign currency movements on these borrowings to naturally flow via OCI through the translation reserve in the statement of financial position prospectively. The loss of -\u20ac197.7m, which arose before the structuring solution was implemented, remained in the 2022 statement of profit or loss. In 2021, this line also included costs related to the de-designation of interest rate swaps, write-off of previously deferred financing costs, professional fees and legal expenses. Moleskine In 2021, the line \u201cincome tax expense\u201d included the reversal of the deferred tax assets previously recognised on the elimination of intercompany margin in inventories. TVH In 2022, the line \u201cOperating result\u201d includes, amongst other amounts, -\u20ac75.2m amortization on customer contracts and other intangible assets with finite useful lives recognized following the finalization of the purchase price allocation by the Group in the second half of 2022 (see note 17) and -\u20ac18.6m of costs in relation to the IT and business transformation programme. In 2021 (3-month period restated \u2013 see note 1), this line included, amongst other amounts, -\u20ac18.8m amortization on customer contracts and other intangible assets with finite useful lives recognized following the finalization of the purchase price allocation by the Group in the second half of 2022 (see note 17). In 2022, the line \u201cfinance income\u201d includes \u20ac6.1m of change in fair value of interest rates swaps. In 2021 (3-month period, restated \u2013 see note 1), change in fair value of interest rates swaps amounted to -\u20ac0.9m and were included in the line \u201cfinance costs\u201d. PHE In 2022, the line \u201cdiscontinued operations\u201d relates to the net result of PHE\u2019s specialized glass repair activity Mondial Pare-Brise, thfrom the date of the acquisition of PHE by the Group (4 of August 2022 \u2013 see note 26) until 31 December 2022. Assets and liabilities of Mondial Pare Brise are classified as held for sale in the consolidated statement of financial position at 31 December 2022 (see note 21). The result attributable to non-controlling interests relates to the results attributable to non-controlling shareholders holding minority interests at the level of the direct and indirect subsidiaries of PHE. The percentage used to consolidate the net result of PHE is 100% in 2022 and beyond (refer to note 33 for more information). Corporate & non-allocated In 2022, the line \u201cOperating result\u201d includes, amongst other amounts, \u20ac3.4m of gain on the disposal of two properties (included in the line \u201cother operating income\u201d in the consolidated statement of profit or loss). 13 Segment Statement of Financial Position - Operating Segment \u20acm Notes 31 December 2022 D'Ieteren Belron TVH Corp. & Moleskine PHE Eliminations Group Autom. (100%) (100%) unallocated Goodwill 12 49.2 734.1 48.8 788.1 880.1 3.1 -1,522.2 981.2 Intangible assets 13 33.8 527.8 410.4 1,056.7 305.4 - -1,584.5 749.6 Property, plant & equipment 14 83.0 895.7 16.3 497.2 289.6 177.2 -1,392.9 566.1 Investment property 15 0.1 - - - - 41.7 - 41.8 Equity-accounted investees & long-term interests in equity-17 128.8 - - - 5.0 - 1,238.8 1,372.6 accounted investees Financial investments 0.1 2.3 - - 2.5 - -2.3 2.6 Derivative financial instruments - 142.1 - 2.3 - - -144.4 - Employee benefits 10 - 96.5 - - - - -96.5 - Deferred tax assets 11 17.8 53.4 - 15.8 20.0 19.6 -69.2 57.4 Other receivables 20 4.8 34.2 1.1 9.1 25.7 44.2 -43.3 75.8 Non-current assets 317.6 2,486.1 476.6 2,369.2 1,528.3 285.8 -3,616.5 3,847.1 Inventories 16 678.6 445.8 29.7 516.3 483.4 - -962.1 1,191.7 Financial investments - - - - - 128.6 - 128.6 Derivative financial instruments 18 - 41.3 - - 4.1 - -41.3 4.1 Current tax assets 11 1.6 7.4 4.3 3.6 2.8 0.5 -11.0 9.2 Trade and other receivables 20 306.4 337.5 34.3 372.9 352.3 5.6 -710.4 698.6 Cash & cash equivalents 19 0.8 146.0 26.9 91.3 122.0 196.1 -237.3 345.8 Assets classified as held for sale 21 - - - 17.9 72.2 - -17.9 72.2 Current assets 987.4 978.0 95.2 1,002.0 1,036.8 330.8 -1,980.0 2,450.2 TOTAL ASSETS 1,305.0 3,464.1 571.8 3,371.2 2,565.1 616.6 -5,596.5 6,297.3 Equity - - - - - 3,177.9 - 3,177.9 Employee benefits 10 10.1 3.4 1.9 4.5 26.8 0.6 -7.9 39.4 Provisions 23 15.6 62.0 1.9 0.9 - 0.6 -62.9 18.1 Loans & borrowings 24 93.5 3,981.2 9.9 625.1 1,124.4 4.7 -4,606.3 1,232.5 Inter-segment loan - - 272.3 40.0 - -312.3 - - Derivative financial instruments - 4.8 - - - - -4.8 - Put options granted to non-33 2.9 - - - 241.8 - - 244.7 controlling interests Other payables 25 - 9.3 - 2.3 32.5 - -11.6 32.5 Deferred tax liabilities 11 1.1 129.6 105.4 278.5 12.1 20.8 -408.1 139.4 Non-current liabilities 123.2 4,190.3 391.4 951.3 1,437.6 -285.6 -5,101.6 1,706.6 Provisions 23 - 48.0 4.9 2.2 5.4 5.2 -50.2 15.5 Loans & borrowings 24 121.7 203.1 20.4 325.7 225.3 0.7 -528.8 368.1 Inter-segment loan - - - 0.6 - -0.6 - - Derivative financial instruments - 1.4 - - - - -1.4 - Put options granted to non-33 - - - - 5.8 - - 5.8 controlling interests Current tax liabilities 11 10.1 100.4 0.5 10.8 - 1.1 -111.2 11.7 Trade & other payables 25 527.1 695.6 30.9 229.0 413.9 12.8 -924.6 984.7 Liabilities directly associated 21 - - - 1.3 27.0 - -1.3 27.0 with the assets held for sale Current liabilities 658.9 1,048.5 56.7 569.6 677.4 19.2 -1,617.5 1,412.8 TOTAL EQUITY AND 782.1 5,238.8 448.1 1,520.9 2,115.0 2,911.5 -6,719.1 6,297.3 LIABILITIES 14 Segment Statement of Financial Position \u2013 Operating Segments \u20acm 31 December 2021\u207d\u207d\u00b9\u207e\u207eD'Ieteren Belron TVH Corp. & Moleskine Eliminations Group Autom. (100%) (100%) unallocated Goodwill 31.3 612.1 48.8 786.7 3.1 -1,398.8 83.2 Intangible assets 27.3 498.7 411.7 1,089.7 0.1 -1,588.4 439.1 Property, plant & equipment 65.8 838.4 18.0 450.8 181.6 -1,289.2 265.4 Investment property 0.1 - - - 33.5 - 33.6 Equity-accounted investees & long-term 113.1 - - - - 1,107.5 1,220.6 interests in equity-accounted investees Financial investments 0.1 1.9 - 0.5 - -2.4 0.1 Derivative financial instruments - 9.3 - 0.1 - -9.4 - Employee benefits - 200.8 - - - -200.8 - Deferred tax assets 19.3 99.5 5.3 14.1 22.0 -113.6 46.6 Other receivables 3.9 26.8 1.1 1.9 44.0 -28.7 49.0 Non-current assets 260.9 2,287.5 484.9 2,343.8 284.3 -3,523.8 2,137.6 Inventories 415.8 346.2 30.4 413.3 - -759.5 446.2 Financial investments - - - - 544.1 - 544.1 Derivative financial instruments - 2.5 - - - -2.5 - Current tax assets 1.1 11.9 6.6 5.9 1.7 -17.8 9.4 Trade and other receivables 321.7 439.4 33.6 283.3 25.3 -722.7 380.6 Cash & cash equivalents 86.0 244.9 38.6 137.0 230.0 -381.9 354.6 Assets classified as held for sale 0.1 0.9 - - - -0.9 0.1 Current assets 824.7 1,045.8 109.2 839.5 801.1 -1,885.3 1,735.0 TOTAL ASSETS 1,085.6 3,333.3 594.1 3,183.3 1,085.4 -5,409.1 3,872.6 Equity - - - - 2,976.3 - 2,976.3 Employee benefits 21.8 5.4 2.5 12.7 1.2 -18.1 25.5 Provisions 12.0 39.8 3.2 1.7 0.3 -41.5 15.5 Loans & borrowings 111.9 3,841.5 41.8 719.6 4.7 -4,561.1 158.4 Inter-segment loan - - 264.1 40.0 -304.1 - 0.0 Derivative financial instruments - 17.7 - 3.6 - -21.3 - Other payables - 16.8 - 0.1 - -16.9 - Deferred tax liabilities 1.5 154.3 111.4 292.7 20.2 -447.0 133.1 Non-current liabilities 147.2 4,075.5 423.0 1,070.4 -277.7 -5,105.9 332.5 Provisions 4.3 55.4 1.7 1.7 5.3 -57.1 11.3 Loans & borrowings 32.8 193.5 19.7 202.6 0.6 -396.1 53.1 Inter-segment loan - - - 0.6 -0.6 - - Derivative financial instruments - 9.0 - - - -9.0 - Current tax liabilities 1.8 67.2 1.0 17.7 - -84.9 2.8 Trade & other payables 449.6 823.1 34.1 178.2 12.3 -1,001.3 496.0 Liabilities directly associated with the assets 0.6 1.6 - - - -1.6 0.6 held for sale Current liabilities 489.1 1,149.8 56.5 400.8 17.6 -1,550.0 563.8 TOTAL EQUITY AND LIABILITIES 636.3 5,225.3 479.5 1,471.2 2,716.2 -6,655.9 3,872.6 (1) As restated to reflect the adjustments performed on the statement of financial position of TVH to improve the consistency of accounting policies across all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of the year. Refer to note 1 for more information on the restatement of comparative information.In 2021 and 2022, the column \u201cEliminations\u201d reconciles the segment statement of financial position (including the assets and liabilities of Belron, and, as from 1 October 2021, the assets and liabilities of TVH) to the IFRS consolidated statement of financial position (with Belron and TVH presented as equity-accounted investees \u2013 see note 17). At 31 December 2022 and 31 December 2021, the line \u201cinter-segment loan\u201d relates to amounts lent by the unallocated segment to the Moleskine segment (non-recourse loan in the framework of the acquisition) and to the shareholder loan from the Corporate and Unallocated segment put in place on 1st October 2021 in the framework of the acquisition of a 40% stake in TVH, of which \u20ac0.6m represents capitalised interests at the end of 2021 and 2022. 15 At 31 December 2021 and 31 December 2022, right-of-use assets recognised under IFRS 16 are included in the line \u201cProperty, plant and equipment\u201d. The related lease liabilities are accounted for under \u201cLoans and borrowings\u201d. D\u2019Ieteren Automotive In 2022, the increase in goodwill compared to 31 December 2021 reflects the acquisition performed in the period as disclosed in note 26. The acquisitions performed in 2022 amounted to -\u20ac10.7m (total consideration paid, net of cash and cash equivalents acquired) presented in the line \u201cacquisition of subsidiaries, net of cash acquired\u201d in the consolidated statement of cash flows. At 31 December 2022, the decrease in the line \u201cemployee benefits\u201d in the non-current liabilities compared to 31 December 2021 is primarily due to the actuarial movement recognized on the IAS 19 defined benefit obligation, following the increase in the discount rates (see note 10). At 31 December 2022, the increase in loans and borrowings compared to 31 December 2021 mainly relates to bank overdrafts reclassified from \u201ccash and cash equivalents\u201d to \u201cloans and borrowings\u201d (\u20ac52.4m at 31 December 2022 vs nil at 31 December 2021). Those bank overdrafts are permitted under the ancillary facilities negotiated under the revolving credit facility of \u20ac225m and mainly result from a significant cash outflow driven by a sharp increase in inventory as the deliveries from the factories accelerated at the very end of the year. At 31 December 2022, there is no breach of covenants attached to the loans. Belron At 31 December 2022 and 31 December 2021, the derivative financial instruments included in the non-current assets mainly include interest rates swaps, cross currency interest rate swaps and forward exchange contracts, measured at fair value (see note 18). At 31 December 2022, the decrease in the line \u201cemployee benefits\u201d in the non-current assets compared to 31 December 2021 is primarily the result of an actuarial movement stemming from the increase in the discount rates, leading to a decrease in the fair value of the plan assets. Moleskine At 31 December 2022, the decrease in long-term loans and borrowings compared to 31 December 2021 is mainly due to the partial reimbursement of the external bank loan in 2022 (\u20ac14.5m of senior term loan instalment and \u20ac15m of voluntary prepayment). TVH At 31 December 2022 and 31 December 2021, the lines \u201cGoodwill\u201d and \u201cIntangible assets\u201d include the residual value of the goodwill embedded in the equity investment and the value of the brands, customer contracts and other intangible assets with stfinite useful lives recognised by the Group following the acquisition of a 40% stake in TVH on 1 October 2021 (see note 17 for more information on the purchase price allocation finalized by the Group in the second half of 2022). At 31 December 2022, the lines \u201cAssets classified as held-for-sale\u201d and \u201cLiabilities directly associated with the assets held for sale\u201d include the fair value of the assets and liabilities of TVH Russia, following the decision taken by the Board in April 2022 to make TVH Russia independent from TVH and sell it to the Russian management team. TVH Russia is considered as a disposal group (and not as a discontinued operation) and is therefore classified as held for sale in accordance with IFRS 5. The effective sale transaction has not yet occurred; the legal contract being still in preparation. PHE At 31 December 2022, the line \u201cGoodwill\u201d includes, in addition to the goodwill recognized at the level of PHE, the provisional thgoodwill recognised following the acquisition of PHE by the Group on 4 of August 2022 (see note 26 for more information on the business combination of PHE). At 31 December 2022, the lines \u201cAssets classified as held-for-sale\u201d and \u201cLiabilities directly associated with the assets held for sale\u201d represent the fair value of the assets and liabilities of PHE\u2019s specialized glass repair activity Mondial Pare-Brise classified as held for sale at 31 December 2022 (see note 21). At 31 December 2022, the lines \u201cput options granted to non-controlling interests\u201d include the put options granted to PHE\u2019s non-controlling shareholders holding minority interests in some of PHE\u2019s direct and indirect subsidiaries, the put options granted to minority investors (including management and several partners and independent distributors) who invested alongside D\u2019Ieteren Group in the holding company of PHE up to a combined ownership of c.9% and the put options attached to the free \u201cratchet\u201d shares granted to PHE\u2019s management as part of the management reward plan put in place in October 2022 (refer to note 33 for more information on these put options). At 31 December 2022, the line \u201cother payables\u201d in the non-current liabilities mainly includes \u20ac23.7m of contingent consideration on past acquisitions. 16 Corporate and unallocated At 31 December 2022 and 31 December 2021, the line \u201cfinancial investments\u201d comprises investments in a portfolio of marketable securities (mainly corporate bonds in Europe). These investments are accounted at amortized costs (corporate bonds) and fair value through profit or loss (FVTPL - equity instruments). Related net cash movement of \u20ac415.5m in 2022 is included in the line \u201cproceeds from the sale of / (investment in) financial assets\u201d in the consolidated statement of cash flows. Amounts of underlying investments being large, with short maturities and very quick turnover, acquisitions and disposals of underlying assets are not separately disclosed. These investments have a maturity of less than one year and weighted average returns in 2022 and 2021 close to 0%. 17 Segment Statement of Cash Flows - Operating Segments (Year ended 31 December) \u20acm Notes 2022 D'Ieteren Belron TVH PHE (5 Corp. & Moleskine Eliminations Group Autom. (100%) (100%) months) unallocated Cash flows from operating activities - Continuing Result from continuing 115.1 301.2 9.2 131.2 4.4 4.0 -229.3 335.8 operations Income tax expense 11 44.1 211.3 1.0 34.3 9.6 3.8 -245.6 58.5 Share of result of equity-accounted investees and long-term interests in equity-17 -6.8 -0.4 - - -0.2 - -202.7 -210.1 accounted investees, net of income tax Net finance costs 7 -6.5 348.8 11.0 6.5 31.1 -12.8 -355.3 22.8 Operating result from 145.9 860.9 21.2 172.0 44.9 -5.0 -1,032.9 207.0 continuing operations Depreciation on PP&E 6/14/15 24.2 226.3 6.2 37.1 28.4 9.3 -263.4 68.1 (including right-of-use assets) Amortisation of intangible 6/13 4.1 63.7 3.6 76.2 12.7 - -139.9 20.4 assets Impairment and write-offs on goodwill and other non-current - 11.2 - - - - -11.2 - assets Other non-cash items -12.4 -1.0 -1.1 11.8 -0.2 -3.8 -10.8 -17.5 Share-based payment and other employee benefit 9 7.4 37.0 3.2 3.7 8.8 4.7 -40.7 24.1 expenses Other cash items -2.6 1.8 1.8 - - 2.3 -1.8 1.5 Change in net working capital -173.0 -159.0 -3.3 -155.6 -3.3 20.8 314.6 -158.8 Cash generated from -6.4 1,040.9 31.6 145.2 91.3 28.3 -1,186.1 144.8 operations Income tax paid -36.0 -162.7 -1.7 -62.2 -17.7 -1.8 224.9 -57.2 Net cash from operating -42.4 878.2 29.9 83.0 73.6 26.5 -961.2 87.6 activities Cash flows from investing activities - Continuing Purchase of property, plant and equipment and intangible 13/14/15 -35.5 -107.7 -3.6 -119.6 -22.4 -15.5 227.3 -77.0 assets Sale of property, plant and equipment and intangible 3.1 6.9 - 25.5 0.6 6.7 -32.4 10.4 assets Net capital expenditure -32.4 -100.8 -3.6 -94.1 -21.8 -8.8 194.9 -66.6 Acquisition of subsidiaries (net 26 -10.7 -147.4 - -13.8 78.5 -584.6 161.2 -516.8 of cash acquired) Disposal of subsidiaries (net of - 2.3 - - - - -2.3 - cash disposed of) Contribution of cash from/(to) 2.4 - - - - - - 2.4 joint venture Proceeds from the sale of / (investments in) financial - - - 0.1 -0.3 415.5 -0.1 415.2 assets Interest received 0.9 14.4 - 0.7 0.2 6.1 -15.1 7.2 Dividends and proceeds from capital reduction received from /(paid by) equity-4/17 4.5 -403.8 - - - 212.5 403.8 217.0 accounted investees & long-term interests in equity accounted investees Loans to employees in relation to Long Term Incentive Plan -0.6 - - - - -0.7 - -1.3 and stock options Net cash from investing -35.9 -635.3 -3.6 -107.1 56.6 40.0 742.4 57.1 activities 18 Segment Statement of Cash Flows - Operating Segments (Year ended 31 December \u2013 continued) \u20acm 2022 D'Ieteren Belron TVH PHE (5 Corp. & Moleskine Eliminations Group Autom. (100%) (100%) months) unallocated Cash flows from financing activities - Continuing Acquisition (-)/Disposal (+) of non-2.7 - - - - 50.4 - 53.1 controlling interests Share capital increase - 0.6 - - - - -0.6 - Acquisition of treasury shares 22 - - - - - -117.4 - -117.4 Disposal of treasury shares 22 - - - - - 30.7 - 30.7 Net proceeds from the sale & purchase of own shares (buyback - -7.5 - - - - 7.5 - from MRP participants) Repayment of lease liabilities 24 -14.4 -187.7 -5.1 -12.9 -17.7 -0.7 200.6 -37.9 Proceeds from loans and borrowings 24 66.1 - - 181.2 41.3 - -181.2 107.4 Repayment of loans and borrowings 24 -7.9 -32.6 -29.4 -162.3 -9.8 -0.2 194.9 -47.3 Inter-segment loans - - - - - - - - Interest paid -1.8 -160.3 -3.9 -15.7 -12.9 -1.2 176.0 -19.8 Dividends received from/(paid to) 22 -51.6 - - - - 51.6 - - other segment Dividends paid by the Company - - - - - -113.6 - -113.6 Net cash from financing activities -6.9 -387.5 -38.4 -9.7 0.9 -100.4 397.2 -144.8 Cash flows from continuing -85.2 -144.6 -12.1 -33.8 131.1 -33.9 178.4 -0.1 operations Cash flows from discontinued - - - - 2.1 - - 2.1 operations TOTAL CASH FLOW FOR THE -85.2 -144.6 -12.1 -33.8 133.2 -33.9 178.4 2.0 PERIOD Reconciliation with statement of financial position Cash at beginning of period 19 86.0 244.9 38.6 137.0 - 230.0 -381.9 354.6 Cash and cash equivalents at 86.0 244.9 38.6 137.0 - 230.0 -381.9 354.6 beginning of period Total cash flow for the period -85.2 -144.6 -12.1 -33.8 133.2 -33.9 178.4 2.0 Effects of movement in exchange - 45.7 0.4 -1.6 - - -44.1 0.4 rates Cash and cash equivalents at end of 0.8 146.0 26.9 101.6 133.2 196.1 -247.6 357.0 period Included within \"Cash and cash 19 0.8 146.0 26.9 91.3 122.0 196.1 -237.3 345.8 equivalents Included within \"Non-current assets 21 - - - 10.3 11.2 - -10.3 11.2 held for sale\" 19 Segment Statement of Cash Flows \u2013 Operating Segments (Year ended 31 December \u2013 continued) \u20acm 2021\u207d\u207d\u00b9\u207e\u207e TVH D'Ieteren Belron (100% - Corp. & Moleskine Eliminations Group Autom. (100%) 3 unallocated months) Cash flows from operating activities - Continuing Result from continuing operations 67.6 317.9 -3.4 19.9 11.0 -161.7 251.3 Income tax expense 21.3 145.5 5.0 6.9 1.7 -152.4 28.0 Share of result of equity-accounted investees and long-term interests in equity-accounted -8.1 -0.5 - - - -175.6 -184.2 investees, net of income tax Net finance costs 0.2 228.6 10.5 2.2 -20.0 -230.8 -9.3 Operating result from continuing operations 81.0 691.5 12.1 29.0 -7.3 -720.5 85.8 Depreciation on PP&E (including right-of-use 20.3 211.6 7.7 26.3 9.5 -237.9 37.5 assets) Amortisation of intangible assets 5.1 58.1 3.8 0.8 0.1 -58.9 9.0 Impairment and write-offs on goodwill and other - 18.5 - - - -18.5 - non-current assets Other non-cash items 3.4 1.8 3.7 1.3 0.5 -3.1 7.6 Share-based payment and other employee 2.7 1.8 3.9 0.4 2.4 -2.2 9.0 benefit expenses Other cash items 1.3 - 0.5 - -1.3 - 0.5 Change in net working capital 79.4 -7.2 -3.9 -24.6 -23.8 31.8 51.7 Cash generated from operations 193.2 976.1 27.8 33.2 -19.9 -1,009.3 201.1 Income tax paid -21.1 -143.3 -1.3 -2.9 -2.8 146.2 -25.2 Net cash from operating activities 172.1 832.8 26.5 30.3 -22.7 -863.1 175.9 Cash flows from investing activities - Continuing Purchase of property, plant and equipment and -26.0 -71.0 -5.0 -14.7 -15.7 85.7 -46.7 intangible assets Sale of property, plant and equipment and 0.9 9.8 0.1 1.6 2.7 -11.4 3.7 intangible assets Net capital expenditure -25.1 -61.2 -4.9 -13.1 -13.0 74.3 -43.0 Acquisition of subsidiaries (net of cash acquired) -9.0 -17.8 - - - 17.8 -9.0 Acquisition of equity-accounted investees and long-term interests in equity-accounted - - - - -1,147.0 - -1,147.0 investees Disposal of subsidiaries (net of cash disposed - 1.1 - - - -1.1 - of) Contribution of cash from/(to) joint venture -4.8 - - - - - -4.8 Proceeds from the sale of / (investments in) - - - - 193.3 - 193.3 financial assets Interest received 0.1 1.1 - 0.1 1.3 -1.2 1.4 Dividends and proceeds from capital reduction received from /(paid by) equity-accounted - -1,723.4 - - 874.3 1,723.4 874.3 investees & long-term interests in equity accounted investees Shareholder loan towards equity-accounted - - - - -40.0 - -40.0 investee Loans to employees in relation to Long Term -3.1 - - - -0.8 - -3.9 Incentive Plan and stock options Net cash from investing activities -41.9 -1,800.2 -4.9 -13.0 -131.9 1,813.2 -178.7 (1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the consistency of accounting policies across all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of the year. Refer to note 1 for more information on the restatement of comparative information. 2021 has also been restated to reflect the reclassification of amounts related to employee benefits from the line \u201cOther non-cash items\u201d to the line \u201cShare-based payment and other employee benefit expenses\u201d. 20 Segment Statement of Cash Flows \u2013 Operating Segments (Year ended 31 December \u2013 continued) \u20acm 2021\u207d\u207d\u00b9\u207e\u207eTVH D'Ieteren Belron (100% - Corp. & Moleskine Eliminations Group Autom. (100%) 3 unallocated months) Cash flows from financing activities - Continuing Acquisition of treasury shares - - - - -13.7 - -13.7 Disposal of treasury shares - - - - 4.7 - 4.7 Net proceeds from the sale & purchase of own - 57.7 - - - -57.7 - shares (buyback from MRP participants) Repayment of lease liabilities -11.7 -168.1 -3.9 -2.6 -0.5 170.7 -16.1 Proceeds from loans and borrowings 118.2 2,200.2 0.1 32.8 - -2,233.0 118.3 Repayment of loans and borrowings - -1,379.3 -8.5 -30.4 -0.2 1,409.7 -8.7 Inter-segment loans -200.0 - - - 200.0 - - Inter-segment financing interests -13.8 - - - 13.8 - - Interest paid -1.4 -165.1 -1.8 -5.7 -3.2 170.8 -6.4 Dividends paid by the Company - - - - -72.9 - -72.9 Net cash from financing activities -108.7 545.4 -14.1 -5.9 128.0 -539.5 5.2 Cash flows from continuing operations 21.5 -422.0 7.5 11.4 -26.6 410.6 2.4 TOTAL CASH FLOW FOR THE PERIOD 21.5 -422.0 7.5 11.4 -26.6 410.6 2.4 Reconciliation with statement of financial position Cash at beginning of period 56.0 621.7 30.2 - 265.1 -621.7 351.3 Cash and cash equivalents at beginning of period 56.0 621.7 30.2 - 265.1 -621.7 351.3 Total cash flow for the period 21.5 -422.0 7.5 11.4 -26.6 410.6 2.4 Effects of movement in exchange rates - 45.3 0.9 0.5 - -45.8 0.9 Scope entry - - - 125.1 - -125.1 - Transfer between operating segments 8.5 - - - -8.5 - - Cash and cash equivalents at end of period 86.0 245.0 38.6 137.0 230.0 -382.0 354.6 Included within \"Cash and cash equivalents 86.0 244.9 38.6 137.0 230.0 -381.9 354.6 Included within \"Non-current assets held for sale\" - 0.1 - - - -0.1 - (1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the consistency of accounting policies across all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of the year. Refer to note 1 for more information on the restatement of comparative information. 2021 has also been restated to reflect the reclassification of amounts related to employee benefits from the line \u201cOther non-cash items\u201d to the line \u201cShare-based payment and other employee benefit expenses\u201d. In 2022 and 2021, the column \u201cEliminations\u201d reconciles the segment statement of cash flows (with Belron and TVH presented on all lines under global integration method) to the IFRS Group consolidated statement of cash flows (with Belron and TVH consolidated under equity-accounting method). D\u2019Ieteren Automotive In 2022, the line \u201cother non-cash items\u201d mainly includes movements in provisions (of which -\u20ac5.4m reversal of a provisrelated to the \u201cMarket area\u201d project \u2013 optimization of the independent dealer network), non-cash write-down on receivables and gain on disposals of furniture and equipment. In 2021, this line mainly included non-cash write down on inventories and a provision related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites. In 2022 and 2021, the line \u201cshare based payment and other employee benefit expenses\u201d mainly includes a share-based payment charge in relation to the long-term incentive plan put in place for management (\u20ac7.2m in 2022 \u2013 see note 9). In 2022, the cash outflow from the change in net working capital mainly reflects higher inventories compared to last year. In 2022, the line \u201cacquisition of subsidiaries (net of cash acquired)\u201d mainly represents the acquisitions of subsidiaries in Belgium, as disclosed in note 26. In 2022, the line \u201cproceeds from loans and borrowings\u201d mainly relates to temporary bank overdrafts. In 2021, this line mainly included the proceeds from the new amortising term loan of \u20ac100m. 21 Belron In 2022 and 2021, the line \u201cshare based payment and other employee benefit expenses\u201d relates the share-based payment charge in relation to the restricted share units (\u2018RSUs\u2019) awarded by the Board of Directors of Belron in December 2021 (see note 17). In 2022 and 2021, the line \u201cImpairment and write-offs on goodwill and other non-current assets\u201d include the impairment charge recognized on goodwill and other non-current assets (see note 17 for more information). In 2022, the cash outflow from change in net working capital mainly arises from an increase in inventories primarily relating to the stocking up on the back of inflationary and supply chain pressures. In 2022 and 2021, the line \u201cNet proceeds from the sale & purchase of own shares (buyback from MRP participants)\u201d represents the net proceeds from the sales and purchase of own shares to MRP participants (see note 17). Moleskine In 2022 and 2021, the line \u201cother non-cash items\u201d mainly includes write down on inventories and receivables. The line \u201cshare based payment and other employee benefit expenses\u201d mainly includes the additional provision for long-term incentive programme (2022: -\u20ac2.6m; 2021: -\u20ac3.2m). TVH In 2022, the line \u201cother non-cash items\u201d mainly includes write down on inventories and receivables. In 2022, the line \u201cshare based payment and other employee benefit expenses\u201d includes -\u20ac2.2m of share-based payment expense following the implementation of a new plan for management in October 2022. In 2022, the cash outflow from change in net working capital mainly arises from a voluntary high level of inventory to face supply chain disruption. PHE In 2022, the line \u201cshare based payment and other employee benefit expenses\u201d includes, amongst other amounts, the share-based payment expense (-\u20ac2.2m) recognised following the new management plan put in place in October 2022 (see note 9). In 2022, the line \u201ccash-flow from discontinued operations\u201d includes the cash generated by PHE\u2019s specialized glass repair activity thMondial Pare-Brise (classified as held for sale at 31 December 2022) from the date of acquisition of PHE (4 of August 2022). See note 21. Corporate & unallocated In 2022, the line \u201cother non-cash items\u201d mainly relate to the gain realised on the disposal of properties in Belgium (\u20ac3.4m). In 2022 and 2021, the line \u201cshare based payment and other employee benefit expenses\u201d mainly includes the equity-settled share-based payment expenses of \u20ac4.2m (see note 9). thIn 2022, the line \u201cacquisition of subsidiaries (net of cash acquired)\u201d includes the acquisition of PHE (closing on the 4 of August 2022). See note 26 for more information on the business combination of PHE. In 2021, the line \u201cAcquisition of equity-accounted investees and long-term interests in equity-accounted investees\u201d included the acquisition of a 40% stake in TVH in October 2021. In 2022 and 2021, the line \u201cDividends and proceeds from capital reduction received from/(paid by) equity-accounted investees & long-term interests in equity accounted investees\u201d related to the share of the Group in the dividends (\u20ac212.5m in 2022; \u20ac766.7m in 2021) and the proceed from capital reduction (\u20ac107.6m in 2021) received from the Belron segment. In 2021, the line \u201cmovement of shareholder loan towards equity-accounted investee\u201d related to the shareholder loan put in place on 1st October 2021 in the framework of the acquisition of a 40% stake in TVH. In 2022, the line \u201cAcquisition (-) / Disposal (+) of non-controlling interests\u201d includes the consideration received from minority investors (including management and several partners and independent distributors) who invested in the holding company of PHE alongside the Group up to a combined ownership of c. 9% (see note 26). The line \u201cDividends paid by the Company\u201d includes the distribution to shareholders of the ordinary dividend (2022: \u20ac2.10 per share; 2021: \u20ac1.35 per share). 22 Geographical Segment Information (Year ended 31 December) thThe Group\u2019s operating segments (being D\u2019Ieteren Automotive, Moleskine, PHE \u2013 as from 4 of August 2022 \u2013 and Corporate & unallocated) operate in four main geographical areas (three in 2021), being Belgium (main market for the D\u2019Ieteren Automotive segment), France (being the main market for the PHE segment), the rest of Europe and the rest of the world. Figures for the segments Belron and TVH are not presented in the below table since they are equity-accounted investees. \u20acm 2022 2021 Rest Rest Rest of of Rest of of Belgium France Group Belgium Group Europe the Europe the world world Segment revenue from external customers\u207d\u00b9\u207e 3,630.6 648.0 348.1 87.9 4,714.6 3,218.4 67.8 74.3 3,360.5 Non-current assets\u207d\u00b2\u207e 501.1 1,162.3 742.9 8.2 2,414.5 390.6 471.2 8.4 870.2 (1) Based on the geographical location of the customers. (2) Non-current assets, as defined by IFRS 8, consists of goodwill, intangible assets, property, plant and equipment, investment property and non-current other receivables.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__28": { "value": "stThe Group\u2019s reportable operating segments are D\u2019Ieteren Automotive, Belron, Moleskine, TVH (as from 1 October 2021) and thPHE (as from 4 of August 2022 \u2013 including the holding company of the PHE Group - see note 26). The other segments are disclosed in the category \u201cCorporate & Unallocated\u201d (D\u2019Ieteren Group, corporate and real estate activities). These operating segments are consistent with the Group\u2019s organisational and internal reporting structure, and with the requirements of IFRS 8 \u201cOperating Segments\u201d. D\u2019Ieteren Automotive comprises the automobile distribution activities of the Group through D\u2019Ieteren Automotive SA/NV and its subsidiaries, affiliates and joint ventures. Belron comprises Belron Group s.a. and its subsidiaries, affiliates and joint ventures. Moleskine includes Moleskine S.p.a. and its subsidiaries, affiliates and joint ventures. TVH includes TVH Global SA/NV and its subsidiaries, affiliates and joint ventures. PHE includes Parts Holding Europe SAS and its holding company, its subsidiaries, affiliates and joint ventures. Despite their classification as equity-accounted investees, Belron and TVH remain separate reportable operating segments, reflecting the Group\u2019s internal reporting structure. The segment \u201cCorporate & unallocated\u201d comprises the corporate department and the real estate activities of the Group, through its wholly owned subsidiary D\u2019Ieteren Immo SA/NV (see note 1). These operating segments are consistent with the Group\u2019s organisational and internal reporting structure.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__29": { "value": "17 Segment Statement of Cash Flows - Operating Segments (Year ended 31 December) \u20acm Notes 2022 D'Ieteren Belron TVH PHE (5 Corp. & Moleskine Eliminations Group Autom. (100%) (100%) months) unallocated Cash flows from operating activities - Continuing Result from continuing 115.1 301.2 9.2 131.2 4.4 4.0 -229.3 335.8 operations Income tax expense 11 44.1 211.3 1.0 34.3 9.6 3.8 -245.6 58.5 Share of result of equity-accounted investees and long-term interests in equity-17 -6.8 -0.4 - - -0.2 - -202.7 -210.1 accounted investees, net of income tax Net finance costs 7 -6.5 348.8 11.0 6.5 31.1 -12.8 -355.3 22.8 Operating result from 145.9 860.9 21.2 172.0 44.9 -5.0 -1,032.9 207.0 continuing operations Depreciation on PP&E 6/14/15 24.2 226.3 6.2 37.1 28.4 9.3 -263.4 68.1 (including right-of-use assets) Amortisation of intangible 6/13 4.1 63.7 3.6 76.2 12.7 - -139.9 20.4 assets Impairment and write-offs on goodwill and other non-current - 11.2 - - - - -11.2 - assets Other non-cash items -12.4 -1.0 -1.1 11.8 -0.2 -3.8 -10.8 -17.5 Share-based payment and other employee benefit 9 7.4 37.0 3.2 3.7 8.8 4.7 -40.7 24.1 expenses Other cash items -2.6 1.8 1.8 - - 2.3 -1.8 1.5 Change in net working capital -173.0 -159.0 -3.3 -155.6 -3.3 20.8 314.6 -158.8 Cash generated from -6.4 1,040.9 31.6 145.2 91.3 28.3 -1,186.1 144.8 operations Income tax paid -36.0 -162.7 -1.7 -62.2 -17.7 -1.8 224.9 -57.2 Net cash from operating -42.4 878.2 29.9 83.0 73.6 26.5 -961.2 87.6 activities Cash flows from investing activities - Continuing Purchase of property, plant and equipment and intangible 13/14/15 -35.5 -107.7 -3.6 -119.6 -22.4 -15.5 227.3 -77.0 assets Sale of property, plant and equipment and intangible 3.1 6.9 - 25.5 0.6 6.7 -32.4 10.4 assets Net capital expenditure -32.4 -100.8 -3.6 -94.1 -21.8 -8.8 194.9 -66.6 Acquisition of subsidiaries (net 26 -10.7 -147.4 - -13.8 78.5 -584.6 161.2 -516.8 of cash acquired) Disposal of subsidiaries (net of - 2.3 - - - - -2.3 - cash disposed of) Contribution of cash from/(to) 2.4 - - - - - - 2.4 joint venture Proceeds from the sale of / (investments in) financial - - - 0.1 -0.3 415.5 -0.1 415.2 assets Interest received 0.9 14.4 - 0.7 0.2 6.1 -15.1 7.2 Dividends and proceeds from capital reduction received from /(paid by) equity-4/17 4.5 -403.8 - - - 212.5 403.8 217.0 accounted investees & long-term interests in equity accounted investees Loans to employees in relation to Long Term Incentive Plan -0.6 - - - - -0.7 - -1.3 and stock options Net cash from investing -35.9 -635.3 -3.6 -107.1 56.6 40.0 742.4 57.1 activities 18 Segment Statement of Cash Flows - Operating Segments (Year ended 31 December \u2013 continued) \u20acm 2022 D'Ieteren Belron TVH PHE (5 Corp. & Moleskine Eliminations Group Autom. (100%) (100%) months) unallocated Cash flows from financing activities - Continuing Acquisition (-)/Disposal (+) of non-2.7 - - - - 50.4 - 53.1 controlling interests Share capital increase - 0.6 - - - - -0.6 - Acquisition of treasury shares 22 - - - - - -117.4 - -117.4 Disposal of treasury shares 22 - - - - - 30.7 - 30.7 Net proceeds from the sale & purchase of own shares (buyback - -7.5 - - - - 7.5 - from MRP participants) Repayment of lease liabilities 24 -14.4 -187.7 -5.1 -12.9 -17.7 -0.7 200.6 -37.9 Proceeds from loans and borrowings 24 66.1 - - 181.2 41.3 - -181.2 107.4 Repayment of loans and borrowings 24 -7.9 -32.6 -29.4 -162.3 -9.8 -0.2 194.9 -47.3 Inter-segment loans - - - - - - - - Interest paid -1.8 -160.3 -3.9 -15.7 -12.9 -1.2 176.0 -19.8 Dividends received from/(paid to) 22 -51.6 - - - - 51.6 - - other segment Dividends paid by the Company - - - - - -113.6 - -113.6 Net cash from financing activities -6.9 -387.5 -38.4 -9.7 0.9 -100.4 397.2 -144.8 Cash flows from continuing -85.2 -144.6 -12.1 -33.8 131.1 -33.9 178.4 -0.1 operations Cash flows from discontinued - - - - 2.1 - - 2.1 operations TOTAL CASH FLOW FOR THE -85.2 -144.6 -12.1 -33.8 133.2 -33.9 178.4 2.0 PERIOD Reconciliation with statement of financial position Cash at beginning of period 19 86.0 244.9 38.6 137.0 - 230.0 -381.9 354.6 Cash and cash equivalents at 86.0 244.9 38.6 137.0 - 230.0 -381.9 354.6 beginning of period Total cash flow for the period -85.2 -144.6 -12.1 -33.8 133.2 -33.9 178.4 2.0 Effects of movement in exchange - 45.7 0.4 -1.6 - - -44.1 0.4 rates Cash and cash equivalents at end of 0.8 146.0 26.9 101.6 133.2 196.1 -247.6 357.0 period Included within \"Cash and cash 19 0.8 146.0 26.9 91.3 122.0 196.1 -237.3 345.8 equivalents Included within \"Non-current assets 21 - - - 10.3 11.2 - -10.3 11.2 held for sale\" 19 Segment Statement of Cash Flows \u2013 Operating Segments (Year ended 31 December \u2013 continued) \u20acm 2021\u207d\u207d\u00b9\u207e\u207e TVH D'Ieteren Belron (100% - Corp. & Moleskine Eliminations Group Autom. (100%) 3 unallocated months) Cash flows from operating activities - Continuing Result from continuing operations 67.6 317.9 -3.4 19.9 11.0 -161.7 251.3 Income tax expense 21.3 145.5 5.0 6.9 1.7 -152.4 28.0 Share of result of equity-accounted investees and long-term interests in equity-accounted -8.1 -0.5 - - - -175.6 -184.2 investees, net of income tax Net finance costs 0.2 228.6 10.5 2.2 -20.0 -230.8 -9.3 Operating result from continuing operations 81.0 691.5 12.1 29.0 -7.3 -720.5 85.8 Depreciation on PP&E (including right-of-use 20.3 211.6 7.7 26.3 9.5 -237.9 37.5 assets) Amortisation of intangible assets 5.1 58.1 3.8 0.8 0.1 -58.9 9.0 Impairment and write-offs on goodwill and other - 18.5 - - - -18.5 - non-current assets Other non-cash items 3.4 1.8 3.7 1.3 0.5 -3.1 7.6 Share-based payment and other employee 2.7 1.8 3.9 0.4 2.4 -2.2 9.0 benefit expenses Other cash items 1.3 - 0.5 - -1.3 - 0.5 Change in net working capital 79.4 -7.2 -3.9 -24.6 -23.8 31.8 51.7 Cash generated from operations 193.2 976.1 27.8 33.2 -19.9 -1,009.3 201.1 Income tax paid -21.1 -143.3 -1.3 -2.9 -2.8 146.2 -25.2 Net cash from operating activities 172.1 832.8 26.5 30.3 -22.7 -863.1 175.9 Cash flows from investing activities - Continuing Purchase of property, plant and equipment and -26.0 -71.0 -5.0 -14.7 -15.7 85.7 -46.7 intangible assets Sale of property, plant and equipment and 0.9 9.8 0.1 1.6 2.7 -11.4 3.7 intangible assets Net capital expenditure -25.1 -61.2 -4.9 -13.1 -13.0 74.3 -43.0 Acquisition of subsidiaries (net of cash acquired) -9.0 -17.8 - - - 17.8 -9.0 Acquisition of equity-accounted investees and long-term interests in equity-accounted - - - - -1,147.0 - -1,147.0 investees Disposal of subsidiaries (net of cash disposed - 1.1 - - - -1.1 - of) Contribution of cash from/(to) joint venture -4.8 - - - - - -4.8 Proceeds from the sale of / (investments in) - - - - 193.3 - 193.3 financial assets Interest received 0.1 1.1 - 0.1 1.3 -1.2 1.4 Dividends and proceeds from capital reduction received from /(paid by) equity-accounted - -1,723.4 - - 874.3 1,723.4 874.3 investees & long-term interests in equity accounted investees Shareholder loan towards equity-accounted - - - - -40.0 - -40.0 investee Loans to employees in relation to Long Term -3.1 - - - -0.8 - -3.9 Incentive Plan and stock options Net cash from investing activities -41.9 -1,800.2 -4.9 -13.0 -131.9 1,813.2 -178.7 (1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the consistency of accounting policies across all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of the year. Refer to note 1 for more information on the restatement of comparative information. 2021 has also been restated to reflect the reclassification of amounts related to employee benefits from the line \u201cOther non-cash items\u201d to the line \u201cShare-based payment and other employee benefit expenses\u201d. 20 Segment Statement of Cash Flows \u2013 Operating Segments (Year ended 31 December \u2013 continued) \u20acm 2021\u207d\u207d\u00b9\u207e\u207eTVH D'Ieteren Belron (100% - Corp. & Moleskine Eliminations Group Autom. (100%) 3 unallocated months) Cash flows from financing activities - Continuing Acquisition of treasury shares - - - - -13.7 - -13.7 Disposal of treasury shares - - - - 4.7 - 4.7 Net proceeds from the sale & purchase of own - 57.7 - - - -57.7 - shares (buyback from MRP participants) Repayment of lease liabilities -11.7 -168.1 -3.9 -2.6 -0.5 170.7 -16.1 Proceeds from loans and borrowings 118.2 2,200.2 0.1 32.8 - -2,233.0 118.3 Repayment of loans and borrowings - -1,379.3 -8.5 -30.4 -0.2 1,409.7 -8.7 Inter-segment loans -200.0 - - - 200.0 - - Inter-segment financing interests -13.8 - - - 13.8 - - Interest paid -1.4 -165.1 -1.8 -5.7 -3.2 170.8 -6.4 Dividends paid by the Company - - - - -72.9 - -72.9 Net cash from financing activities -108.7 545.4 -14.1 -5.9 128.0 -539.5 5.2 Cash flows from continuing operations 21.5 -422.0 7.5 11.4 -26.6 410.6 2.4 TOTAL CASH FLOW FOR THE PERIOD 21.5 -422.0 7.5 11.4 -26.6 410.6 2.4 Reconciliation with statement of financial position Cash at beginning of period 56.0 621.7 30.2 - 265.1 -621.7 351.3 Cash and cash equivalents at beginning of period 56.0 621.7 30.2 - 265.1 -621.7 351.3 Total cash flow for the period 21.5 -422.0 7.5 11.4 -26.6 410.6 2.4 Effects of movement in exchange rates - 45.3 0.9 0.5 - -45.8 0.9 Scope entry - - - 125.1 - -125.1 - Transfer between operating segments 8.5 - - - -8.5 - - Cash and cash equivalents at end of period 86.0 245.0 38.6 137.0 230.0 -382.0 354.6 Included within \"Cash and cash equivalents 86.0 244.9 38.6 137.0 230.0 -381.9 354.6 Included within \"Non-current assets held for sale\" - 0.1 - - - -0.1 - (1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the consistency of accounting policies across all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of the year. Refer to note 1 for more information on the restatement of comparative information. 2021 has also been restated to reflect the reclassification of amounts related to employee benefits from the line \u201cOther non-cash items\u201d to the line \u201cShare-based payment and other employee benefit expenses\u201d. In 2022 and 2021, the column \u201cEliminations\u201d reconciles the segment statement of cash flows (with Belron and TVH presented on all lines under global integration method) to the IFRS Group consolidated statement of cash flows (with Belron and TVH consolidated under equity-accounting method). D\u2019Ieteren Automotive In 2022, the line \u201cother non-cash items\u201d mainly includes movements in provisions (of which -\u20ac5.4m reversal of a provisrelated to the \u201cMarket area\u201d project \u2013 optimization of the independent dealer network), non-cash write-down on receivables and gain on disposals of furniture and equipment. In 2021, this line mainly included non-cash write down on inventories and a provision related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites. In 2022 and 2021, the line \u201cshare based payment and other employee benefit expenses\u201d mainly includes a share-based payment charge in relation to the long-term incentive plan put in place for management (\u20ac7.2m in 2022 \u2013 see note 9). In 2022, the cash outflow from the change in net working capital mainly reflects higher inventories compared to last year. In 2022, the line \u201cacquisition of subsidiaries (net of cash acquired)\u201d mainly represents the acquisitions of subsidiaries in Belgium, as disclosed in note 26. In 2022, the line \u201cproceeds from loans and borrowings\u201d mainly relates to temporary bank overdrafts. In 2021, this line mainly included the proceeds from the new amortising term loan of \u20ac100m. 21 Belron In 2022 and 2021, the line \u201cshare based payment and other employee benefit expenses\u201d relates the share-based payment charge in relation to the restricted share units (\u2018RSUs\u2019) awarded by the Board of Directors of Belron in December 2021 (see note 17). In 2022 and 2021, the line \u201cImpairment and write-offs on goodwill and other non-current assets\u201d include the impairment charge recognized on goodwill and other non-current assets (see note 17 for more information). In 2022, the cash outflow from change in net working capital mainly arises from an increase in inventories primarily relating to the stocking up on the back of inflationary and supply chain pressures. In 2022 and 2021, the line \u201cNet proceeds from the sale & purchase of own shares (buyback from MRP participants)\u201d represents the net proceeds from the sales and purchase of own shares to MRP participants (see note 17). Moleskine In 2022 and 2021, the line \u201cother non-cash items\u201d mainly includes write down on inventories and receivables. The line \u201cshare based payment and other employee benefit expenses\u201d mainly includes the additional provision for long-term incentive programme (2022: -\u20ac2.6m; 2021: -\u20ac3.2m). TVH In 2022, the line \u201cother non-cash items\u201d mainly includes write down on inventories and receivables. In 2022, the line \u201cshare based payment and other employee benefit expenses\u201d includes -\u20ac2.2m of share-based payment expense following the implementation of a new plan for management in October 2022. In 2022, the cash outflow from change in net working capital mainly arises from a voluntary high level of inventory to face supply chain disruption. PHE In 2022, the line \u201cshare based payment and other employee benefit expenses\u201d includes, amongst other amounts, the share-based payment expense (-\u20ac2.2m) recognised following the new management plan put in place in October 2022 (see note 9). In 2022, the line \u201ccash-flow from discontinued operations\u201d includes the cash generated by PHE\u2019s specialized glass repair activity thMondial Pare-Brise (classified as held for sale at 31 December 2022) from the date of acquisition of PHE (4 of August 2022). See note 21. Corporate & unallocated In 2022, the line \u201cother non-cash items\u201d mainly relate to the gain realised on the disposal of properties in Belgium (\u20ac3.4m). In 2022 and 2021, the line \u201cshare based payment and other employee benefit expenses\u201d mainly includes the equity-settled share-based payment expenses of \u20ac4.2m (see note 9). thIn 2022, the line \u201cacquisition of subsidiaries (net of cash acquired)\u201d includes the acquisition of PHE (closing on the 4 of August 2022). See note 26 for more information on the business combination of PHE. In 2021, the line \u201cAcquisition of equity-accounted investees and long-term interests in equity-accounted investees\u201d included the acquisition of a 40% stake in TVH in October 2021. In 2022 and 2021, the line \u201cDividends and proceeds from capital reduction received from/(paid by) equity-accounted investees & long-term interests in equity accounted investees\u201d related to the share of the Group in the dividends (\u20ac212.5m in 2022; \u20ac766.7m in 2021) and the proceed from capital reduction (\u20ac107.6m in 2021) received from the Belron segment. In 2021, the line \u201cmovement of shareholder loan towards equity-accounted investee\u201d related to the shareholder loan put in place on 1st October 2021 in the framework of the acquisition of a 40% stake in TVH. In 2022, the line \u201cAcquisition (-) / Disposal (+) of non-controlling interests\u201d includes the consideration received from minority investors (including management and several partners and independent distributors) who invested in the holding company of PHE alongside the Group up to a combined ownership of c. 9% (see note 26). The line \u201cDividends paid by the Company\u201d includes the distribution to shareholders of the ordinary dividend (2022: \u20ac2.10 per share; 2021: \u20ac1.35 per share).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__30": { "value": "Geographical Segment Information (Year ended 31 December) thThe Group\u2019s operating segments (being D\u2019Ieteren Automotive, Moleskine, PHE \u2013 as from 4 of August 2022 \u2013 and Corporate & unallocated) operate in four main geographical areas (three in 2021), being Belgium (main market for the D\u2019Ieteren Automotive segment), France (being the main market for the PHE segment), the rest of Europe and the rest of the world. Figures for the segments Belron and TVH are not presented in the below table since they are equity-accounted investees.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__32": { "value": "Note 5: Revenue Disaggregation of revenue issued from contracts with customers for the year ended 31 December 2021 and 31 December 2022 is presented in the table below: \u20acm 2022 2021 D'Ieteren Automotive New vehicles 2,893.2 2,615.1 Used cars 305.9 289.0 Spare parts and accessories 275.1 244.1 After-sales activities 54.4 56.5 Other revenue 80.9 34.2 Subtotal D'Ieteren Automotive 3,609.5 3,238.9 Moleskine Europe, Middle-East and Africa (EMEA) 59.4 51.6 America 62.0 48.1 Asia-Pacific (APAC) 21.9 21.9 Subtotal Moleskine 143.3 121.6 PHE France 643.0 - International 318.8 - Subtotal PHE 961.8 - Total Revenue 4,714.6 3,360.5 There was no material revenue recognised in the current reporting period that related to carried-forward contract liabilities (deferred income) or performance obligations satisfied in the previous year. There is no material revenue that is likely to arise in future periods from unsatisfied performance obligations at the Consolidated Statement of Financial Position date. There is no material contract income or costs recognised on the Consolidated Statement of Financial Position as contract liabilities or contract assets.23", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__31": { "value": "Note 5: Revenue Disaggregation of revenue issued from contracts with customers for the year ended 31 December 2021 and 31 December 2022 is presented in the table below: \u20acm 2022 2021 D'Ieteren Automotive New vehicles 2,893.2 2,615.1 Used cars 305.9 289.0 Spare parts and accessories 275.1 244.1 After-sales activities 54.4 56.5 Other revenue 80.9 34.2 Subtotal D'Ieteren Automotive 3,609.5 3,238.9 Moleskine Europe, Middle-East and Africa (EMEA) 59.4 51.6 America 62.0 48.1 Asia-Pacific (APAC) 21.9 21.9 Subtotal Moleskine 143.3 121.6 PHE France 643.0 - International 318.8 - Subtotal PHE 961.8 - Total Revenue 4,714.6 3,360.5 There was no material revenue recognised in the current reporting period that related to carried-forward contract liabilities (deferred income) or performance obligations satisfied in the previous year. There is no material revenue that is likely to arise in future periods from unsatisfied performance obligations at the Consolidated Statement of Financial Position date. There is no material contract income or costs recognised on the Consolidated Statement of Financial Position as contract liabilities or contract assets.23", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__42": { "value": "Note 6: Operating result Operating result is stated after charging: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Purchases and changes in -2,999.9 -28.3 -555.0 -1.6 -3,584.8 -2,728.6 -19.2 -2.8 -2,750.6 inventories Depreciation on PP&E & investment -24.2 -6.2 -28.4 -9.3 -68.1 -20.3 -7.7 -9.5 -37.5 property Amortisation -4.1 -3.6 -12.7 - -20.4 -5.1 -3.8 -0.1 -9.0 Write-down on -0.4 0.4 2.3 - 2.3 -1.8 -1.9 - -3.7 inventories Write down on -1.0 - -5.1 - -6.1 0.1 - -0.1 - receivables Employee benefit expenses (see note -208.7 -25.9 -183.3 -19.4 -437.3 -175.6 -26.7 -15.0 -217.3 10) Gain on sale of property, plant and 2.3 - - 3.5 5.8 0.1 - - 0.1 equipment Rental income from investment - - - 5.0 5.0 - - 4.8 4.8 property\u207d\u00b9\u207e Sundry\u207d\u00b2\u207e -227.6 -58.5 -134.7 16.8 -404.0 -226.7 -50.2 15.4 -261.5 NET OPERATING EXPENSES / -3,463.6 -122.1 -916.9 -5.0 -4,507.6 -3,157.9 -109.5 -7.3 -3,274.7 INCOME (1) The full amount is related to investment property that generated rental income. (2) Mainly relates to marketing and IT costs, legal and consultancy fees and inter-segment rental income and expenses between the segment \u201cCorporate & unallocated\u201d and D\u2019Ieteren Automotive. In the consolidated statement of profit or loss, the increases in commercial and administrative expenses and other operating income compared to 2021 are mainly explained by the integration of PHE in the consolidated statement of profit or loss as thfrom the date of acquisition (4 of August 2022). The decrease in other operating expenses compared to 2021 is also explained by the charge of -\u20ac21.8m in 2021 related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites (included in the line \u201cSundry\u201d in the above table). In 2021 and 2022, the line \u201cdepreciation on PP&E & investment property\u201d includes the depreciation on right-of-use assets recognised in accordance with IFRS 16 (see note 32 for additional information on the right-of-use assets). The \u20ac5.8m gain on sale of property, plant and equipment in 2022 relate to the gain recognised on the disposal of furniture and equipment in the D\u2019Ieteren Automotive segment following the closure of two retail sites, and the gain on the disposal of properties in Belgium in the Corporate & unallocated segment. 24", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__41": { "value": "Note 6: Operating result Operating result is stated after charging: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Purchases and changes in -2,999.9 -28.3 -555.0 -1.6 -3,584.8 -2,728.6 -19.2 -2.8 -2,750.6 inventories Depreciation on PP&E & investment -24.2 -6.2 -28.4 -9.3 -68.1 -20.3 -7.7 -9.5 -37.5 property Amortisation -4.1 -3.6 -12.7 - -20.4 -5.1 -3.8 -0.1 -9.0 Write-down on -0.4 0.4 2.3 - 2.3 -1.8 -1.9 - -3.7 inventories Write down on -1.0 - -5.1 - -6.1 0.1 - -0.1 - receivables Employee benefit expenses (see note -208.7 -25.9 -183.3 -19.4 -437.3 -175.6 -26.7 -15.0 -217.3 10) Gain on sale of property, plant and 2.3 - - 3.5 5.8 0.1 - - 0.1 equipment Rental income from investment - - - 5.0 5.0 - - 4.8 4.8 property\u207d\u00b9\u207e Sundry\u207d\u00b2\u207e -227.6 -58.5 -134.7 16.8 -404.0 -226.7 -50.2 15.4 -261.5 NET OPERATING EXPENSES / -3,463.6 -122.1 -916.9 -5.0 -4,507.6 -3,157.9 -109.5 -7.3 -3,274.7 INCOME (1) The full amount is related to investment property that generated rental income. (2) Mainly relates to marketing and IT costs, legal and consultancy fees and inter-segment rental income and expenses between the segment \u201cCorporate & unallocated\u201d and D\u2019Ieteren Automotive. In the consolidated statement of profit or loss, the increases in commercial and administrative expenses and other operating income compared to 2021 are mainly explained by the integration of PHE in the consolidated statement of profit or loss as thfrom the date of acquisition (4 of August 2022). The decrease in other operating expenses compared to 2021 is also explained by the charge of -\u20ac21.8m in 2021 related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites (included in the line \u201cSundry\u201d in the above table). In 2021 and 2022, the line \u201cdepreciation on PP&E & investment property\u201d includes the depreciation on right-of-use assets recognised in accordance with IFRS 16 (see note 32 for additional information on the right-of-use assets). The \u20ac5.8m gain on sale of property, plant and equipment in 2022 relate to the gain recognised on the disposal of furniture and equipment in the D\u2019Ieteren Automotive segment following the closure of two retail sites, and the gain on the disposal of properties in Belgium in the Corporate & unallocated segment. 24", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__40-1": { "value": "Note 6: Operating result Operating result is stated after charging: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Purchases and changes in -2,999.9 -28.3 -555.0 -1.6 -3,584.8 -2,728.6 -19.2 -2.8 -2,750.6 inventories Depreciation on PP&E & investment -24.2 -6.2 -28.4 -9.3 -68.1 -20.3 -7.7 -9.5 -37.5 property Amortisation -4.1 -3.6 -12.7 - -20.4 -5.1 -3.8 -0.1 -9.0 Write-down on -0.4 0.4 2.3 - 2.3 -1.8 -1.9 - -3.7 inventories Write down on -1.0 - -5.1 - -6.1 0.1 - -0.1 - receivables Employee benefit expenses (see note -208.7 -25.9 -183.3 -19.4 -437.3 -175.6 -26.7 -15.0 -217.3 10) Gain on sale of property, plant and 2.3 - - 3.5 5.8 0.1 - - 0.1 equipment Rental income from investment - - - 5.0 5.0 - - 4.8 4.8 property\u207d\u00b9\u207e Sundry\u207d\u00b2\u207e -227.6 -58.5 -134.7 16.8 -404.0 -226.7 -50.2 15.4 -261.5 NET OPERATING EXPENSES / -3,463.6 -122.1 -916.9 -5.0 -4,507.6 -3,157.9 -109.5 -7.3 -3,274.7 INCOME (1) The full amount is related to investment property that generated rental income. (2) Mainly relates to marketing and IT costs, legal and consultancy fees and inter-segment rental income and expenses between the segment \u201cCorporate & unallocated\u201d and D\u2019Ieteren Automotive. In the consolidated statement of profit or loss, the increases in commercial and administrative expenses and other operating income compared to 2021 are mainly explained by the integration of PHE in the consolidated statement of profit or loss as thfrom the date of acquisition (4 of August 2022). The decrease in other operating expenses compared to 2021 is also explained by the charge of -\u20ac21.8m in 2021 related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites (included in the line \u201cSundry\u201d in the above table). In 2021 and 2022, the line \u201cdepreciation on PP&E & investment property\u201d includes the depreciation on right-of-use assets recognised in accordance with IFRS 16 (see note 32 for additional information on the right-of-use assets). The \u20ac5.8m gain on sale of property, plant and equipment in 2022 relate to the gain recognised on the disposal of furniture and equipment in the D\u2019Ieteren Automotive segment following the closure of two retail sites, and the gain on the disposal of properties in Belgium in the Corporate & unallocated segment. 24\u20acm Brands Other Total (finite and indefinite useful lives) Gross amount at 1 January 2022 402.8 90.8 493.6 Accumulated amortisation and impairment losses at 1 January 2022 - -54.5 -54.5 Carrying amount at 1 January 2022 402.8 36.3 439.1 Additions: Items separately acquired - 22.3 22.3 Disposals - -0.9 -0.9 Amortisation - -20.4 -20.4 Transfer from (to) another caption 0.2 -0.6 -0.4 Items acquired through business combinations (see note 26) 207.5 104.2 311.7 Scope exit - -1.8 -1.8 Carrying amount at 31 December 2022 610.5 139.1 749.6 of which: gross amount 610.5 214.0 824.5 of which: accumulated amortisation and impairment losses - -74.9 -74.9 Gross amount at 1 January 2021 402.8 77.3 480.1 Accumulated amortisation and impairment losses at 1 January 2021 - -45.5 -45.5 Carrying amount at 1 January 2021 402.8 31.8 434.6 Additions: Items separately acquired - 16.2 16.2 Disposals - - - Amortisation - -9.0 -9.0 Scope exit - -2.7 -2.7 Carrying amount at 31 December 2021 402.8 36.3 439.1 of which: gross amount 402.8 90.8 493.6 of which: accumulated amortisation and impairment losses - -54.5 -54.5\u20acm Assets Plant and Property under Total equipment construction Gross amount at 1 January 2022 411.0 198.7 16.1 625.8 Accumulated depreciation and impairment losses at 1 January 2022 -205.4 -155.1 - -360.5 Carrying amount at 1 January 2022 205.6 43.6 16.1 265.3 Additions 22.9 52.1 17.2 92.2 Disposals -4.8 -4.7 -1.5 -11.0 Depreciation on PP&E (including right-of-use assets) -33.1 -33.5 - -66.6 Transfer from (to) another caption -17.9 9.3 -2.6 -11.2 Items acquired through business combinations (see note 26) 207.0 89.7 3.3 300.0 Scope exit - -2.6 - -2.6 Carrying amount at 31 December 2022 379.7 153.9 32.5 566.1 of which: gross amount 748.5 497.9 32.5 1,278.9 of which: accumulated depreciation and impairment losses -368.8 -344.0 - -712.8 Gross amount at 1 January 2021 405.5 173.7 7.9 587.1 Accumulated depreciation and impairment losses at 1 January 2021 -193.7 -130.5 - -324.2 Carrying amount at 1 January 2021 211.8 43.2 7.9 262.9 Additions 7.9 37.1 12.3 57.3 Disposals -0.3 -15.6 -2.7 -18.6 Depreciation on PP&E (including right-of-use assets) -11.7 -24.6 - -36.3 Transfer from (to) another caption -2.3 0.6 -1.4 -3.1 Items acquired through business combinations 0.2 2.2 - 2.4 Translation differences - 0.7 - 0.7 Carrying amount at 31 December 2021 205.6 43.6 16.1 265.3 of which: gross amount 411.0 198.7 16.1 625.8 of which: accumulated depreciation and impairment losses -205.4 -155.1 - -360.5\u20acm 2022 2021 Gross amount at 1 January 69.3 65.7 Accumulated depreciation at 1 January -35.7 -34.0 Carrying amount at 1 January 33.6 31.7 Additions 0.1 - Disposals -0.1 - Depreciation on PP&E (including right-of-use assets) -1.5 -1.2 Transfer from (to) another caption 9.7 3.1 Carrying amount at 31 December 41.8 33.6 of which: gross amount 79.9 69.3 of which: accumulated depreciation -38.1 -35.7 Fair value 61.1 49.0", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__39": { "value": "Note 6: Operating result Operating result is stated after charging: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Purchases and changes in -2,999.9 -28.3 -555.0 -1.6 -3,584.8 -2,728.6 -19.2 -2.8 -2,750.6 inventories Depreciation on PP&E & investment -24.2 -6.2 -28.4 -9.3 -68.1 -20.3 -7.7 -9.5 -37.5 property Amortisation -4.1 -3.6 -12.7 - -20.4 -5.1 -3.8 -0.1 -9.0 Write-down on -0.4 0.4 2.3 - 2.3 -1.8 -1.9 - -3.7 inventories Write down on -1.0 - -5.1 - -6.1 0.1 - -0.1 - receivables Employee benefit expenses (see note -208.7 -25.9 -183.3 -19.4 -437.3 -175.6 -26.7 -15.0 -217.3 10) Gain on sale of property, plant and 2.3 - - 3.5 5.8 0.1 - - 0.1 equipment Rental income from investment - - - 5.0 5.0 - - 4.8 4.8 property\u207d\u00b9\u207e Sundry\u207d\u00b2\u207e -227.6 -58.5 -134.7 16.8 -404.0 -226.7 -50.2 15.4 -261.5 NET OPERATING EXPENSES / -3,463.6 -122.1 -916.9 -5.0 -4,507.6 -3,157.9 -109.5 -7.3 -3,274.7 INCOME (1) The full amount is related to investment property that generated rental income. (2) Mainly relates to marketing and IT costs, legal and consultancy fees and inter-segment rental income and expenses between the segment \u201cCorporate & unallocated\u201d and D\u2019Ieteren Automotive. In the consolidated statement of profit or loss, the increases in commercial and administrative expenses and other operating income compared to 2021 are mainly explained by the integration of PHE in the consolidated statement of profit or loss as thfrom the date of acquisition (4 of August 2022). The decrease in other operating expenses compared to 2021 is also explained by the charge of -\u20ac21.8m in 2021 related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites (included in the line \u201cSundry\u201d in the above table). In 2021 and 2022, the line \u201cdepreciation on PP&E & investment property\u201d includes the depreciation on right-of-use assets recognised in accordance with IFRS 16 (see note 32 for additional information on the right-of-use assets). The \u20ac5.8m gain on sale of property, plant and equipment in 2022 relate to the gain recognised on the disposal of furniture and equipment in the D\u2019Ieteren Automotive segment following the closure of two retail sites, and the gain on the disposal of properties in Belgium in the Corporate & unallocated segment. 24", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__38": { "value": "Note 6: Operating result Operating result is stated after charging: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Purchases and changes in -2,999.9 -28.3 -555.0 -1.6 -3,584.8 -2,728.6 -19.2 -2.8 -2,750.6 inventories Depreciation on PP&E & investment -24.2 -6.2 -28.4 -9.3 -68.1 -20.3 -7.7 -9.5 -37.5 property Amortisation -4.1 -3.6 -12.7 - -20.4 -5.1 -3.8 -0.1 -9.0 Write-down on -0.4 0.4 2.3 - 2.3 -1.8 -1.9 - -3.7 inventories Write down on -1.0 - -5.1 - -6.1 0.1 - -0.1 - receivables Employee benefit expenses (see note -208.7 -25.9 -183.3 -19.4 -437.3 -175.6 -26.7 -15.0 -217.3 10) Gain on sale of property, plant and 2.3 - - 3.5 5.8 0.1 - - 0.1 equipment Rental income from investment - - - 5.0 5.0 - - 4.8 4.8 property\u207d\u00b9\u207e Sundry\u207d\u00b2\u207e -227.6 -58.5 -134.7 16.8 -404.0 -226.7 -50.2 15.4 -261.5 NET OPERATING EXPENSES / -3,463.6 -122.1 -916.9 -5.0 -4,507.6 -3,157.9 -109.5 -7.3 -3,274.7 INCOME (1) The full amount is related to investment property that generated rental income. (2) Mainly relates to marketing and IT costs, legal and consultancy fees and inter-segment rental income and expenses between the segment \u201cCorporate & unallocated\u201d and D\u2019Ieteren Automotive. In the consolidated statement of profit or loss, the increases in commercial and administrative expenses and other operating income compared to 2021 are mainly explained by the integration of PHE in the consolidated statement of profit or loss as thfrom the date of acquisition (4 of August 2022). The decrease in other operating expenses compared to 2021 is also explained by the charge of -\u20ac21.8m in 2021 related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites (included in the line \u201cSundry\u201d in the above table). In 2021 and 2022, the line \u201cdepreciation on PP&E & investment property\u201d includes the depreciation on right-of-use assets recognised in accordance with IFRS 16 (see note 32 for additional information on the right-of-use assets). The \u20ac5.8m gain on sale of property, plant and equipment in 2022 relate to the gain recognised on the disposal of furniture and equipment in the D\u2019Ieteren Automotive segment following the closure of two retail sites, and the gain on the disposal of properties in Belgium in the Corporate & unallocated segment. 24", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__37": { "value": "Note 6: Operating result Operating result is stated after charging: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Purchases and changes in -2,999.9 -28.3 -555.0 -1.6 -3,584.8 -2,728.6 -19.2 -2.8 -2,750.6 inventories Depreciation on PP&E & investment -24.2 -6.2 -28.4 -9.3 -68.1 -20.3 -7.7 -9.5 -37.5 property Amortisation -4.1 -3.6 -12.7 - -20.4 -5.1 -3.8 -0.1 -9.0 Write-down on -0.4 0.4 2.3 - 2.3 -1.8 -1.9 - -3.7 inventories Write down on -1.0 - -5.1 - -6.1 0.1 - -0.1 - receivables Employee benefit expenses (see note -208.7 -25.9 -183.3 -19.4 -437.3 -175.6 -26.7 -15.0 -217.3 10) Gain on sale of property, plant and 2.3 - - 3.5 5.8 0.1 - - 0.1 equipment Rental income from investment - - - 5.0 5.0 - - 4.8 4.8 property\u207d\u00b9\u207e Sundry\u207d\u00b2\u207e -227.6 -58.5 -134.7 16.8 -404.0 -226.7 -50.2 15.4 -261.5 NET OPERATING EXPENSES / -3,463.6 -122.1 -916.9 -5.0 -4,507.6 -3,157.9 -109.5 -7.3 -3,274.7 INCOME (1) The full amount is related to investment property that generated rental income. (2) Mainly relates to marketing and IT costs, legal and consultancy fees and inter-segment rental income and expenses between the segment \u201cCorporate & unallocated\u201d and D\u2019Ieteren Automotive. In the consolidated statement of profit or loss, the increases in commercial and administrative expenses and other operating income compared to 2021 are mainly explained by the integration of PHE in the consolidated statement of profit or loss as thfrom the date of acquisition (4 of August 2022). The decrease in other operating expenses compared to 2021 is also explained by the charge of -\u20ac21.8m in 2021 related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites (included in the line \u201cSundry\u201d in the above table). In 2021 and 2022, the line \u201cdepreciation on PP&E & investment property\u201d includes the depreciation on right-of-use assets recognised in accordance with IFRS 16 (see note 32 for additional information on the right-of-use assets). The \u20ac5.8m gain on sale of property, plant and equipment in 2022 relate to the gain recognised on the disposal of furniture and equipment in the D\u2019Ieteren Automotive segment following the closure of two retail sites, and the gain on the disposal of properties in Belgium in the Corporate & unallocated segment. 24", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__36": { "value": "Note 6: Operating result Operating result is stated after charging: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Purchases and changes in -2,999.9 -28.3 -555.0 -1.6 -3,584.8 -2,728.6 -19.2 -2.8 -2,750.6 inventories Depreciation on PP&E & investment -24.2 -6.2 -28.4 -9.3 -68.1 -20.3 -7.7 -9.5 -37.5 property Amortisation -4.1 -3.6 -12.7 - -20.4 -5.1 -3.8 -0.1 -9.0 Write-down on -0.4 0.4 2.3 - 2.3 -1.8 -1.9 - -3.7 inventories Write down on -1.0 - -5.1 - -6.1 0.1 - -0.1 - receivables Employee benefit expenses (see note -208.7 -25.9 -183.3 -19.4 -437.3 -175.6 -26.7 -15.0 -217.3 10) Gain on sale of property, plant and 2.3 - - 3.5 5.8 0.1 - - 0.1 equipment Rental income from investment - - - 5.0 5.0 - - 4.8 4.8 property\u207d\u00b9\u207e Sundry\u207d\u00b2\u207e -227.6 -58.5 -134.7 16.8 -404.0 -226.7 -50.2 15.4 -261.5 NET OPERATING EXPENSES / -3,463.6 -122.1 -916.9 -5.0 -4,507.6 -3,157.9 -109.5 -7.3 -3,274.7 INCOME (1) The full amount is related to investment property that generated rental income. (2) Mainly relates to marketing and IT costs, legal and consultancy fees and inter-segment rental income and expenses between the segment \u201cCorporate & unallocated\u201d and D\u2019Ieteren Automotive. In the consolidated statement of profit or loss, the increases in commercial and administrative expenses and other operating income compared to 2021 are mainly explained by the integration of PHE in the consolidated statement of profit or loss as thfrom the date of acquisition (4 of August 2022). The decrease in other operating expenses compared to 2021 is also explained by the charge of -\u20ac21.8m in 2021 related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites (included in the line \u201cSundry\u201d in the above table). In 2021 and 2022, the line \u201cdepreciation on PP&E & investment property\u201d includes the depreciation on right-of-use assets recognised in accordance with IFRS 16 (see note 32 for additional information on the right-of-use assets). The \u20ac5.8m gain on sale of property, plant and equipment in 2022 relate to the gain recognised on the disposal of furniture and equipment in the D\u2019Ieteren Automotive segment following the closure of two retail sites, and the gain on the disposal of properties in Belgium in the Corporate & unallocated segment. 24", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__35": { "value": "Note 6: Operating result Operating result is stated after charging: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Purchases and changes in -2,999.9 -28.3 -555.0 -1.6 -3,584.8 -2,728.6 -19.2 -2.8 -2,750.6 inventories Depreciation on PP&E & investment -24.2 -6.2 -28.4 -9.3 -68.1 -20.3 -7.7 -9.5 -37.5 property Amortisation -4.1 -3.6 -12.7 - -20.4 -5.1 -3.8 -0.1 -9.0 Write-down on -0.4 0.4 2.3 - 2.3 -1.8 -1.9 - -3.7 inventories Write down on -1.0 - -5.1 - -6.1 0.1 - -0.1 - receivables Employee benefit expenses (see note -208.7 -25.9 -183.3 -19.4 -437.3 -175.6 -26.7 -15.0 -217.3 10) Gain on sale of property, plant and 2.3 - - 3.5 5.8 0.1 - - 0.1 equipment Rental income from investment - - - 5.0 5.0 - - 4.8 4.8 property\u207d\u00b9\u207e Sundry\u207d\u00b2\u207e -227.6 -58.5 -134.7 16.8 -404.0 -226.7 -50.2 15.4 -261.5 NET OPERATING EXPENSES / -3,463.6 -122.1 -916.9 -5.0 -4,507.6 -3,157.9 -109.5 -7.3 -3,274.7 INCOME (1) The full amount is related to investment property that generated rental income. (2) Mainly relates to marketing and IT costs, legal and consultancy fees and inter-segment rental income and expenses between the segment \u201cCorporate & unallocated\u201d and D\u2019Ieteren Automotive. In the consolidated statement of profit or loss, the increases in commercial and administrative expenses and other operating income compared to 2021 are mainly explained by the integration of PHE in the consolidated statement of profit or loss as thfrom the date of acquisition (4 of August 2022). The decrease in other operating expenses compared to 2021 is also explained by the charge of -\u20ac21.8m in 2021 related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites (included in the line \u201cSundry\u201d in the above table). In 2021 and 2022, the line \u201cdepreciation on PP&E & investment property\u201d includes the depreciation on right-of-use assets recognised in accordance with IFRS 16 (see note 32 for additional information on the right-of-use assets). The \u20ac5.8m gain on sale of property, plant and equipment in 2022 relate to the gain recognised on the disposal of furniture and equipment in the D\u2019Ieteren Automotive segment following the closure of two retail sites, and the gain on the disposal of properties in Belgium in the Corporate & unallocated segment. 24", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__34": { "value": "Note 6: Operating result Operating result is stated after charging: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Purchases and changes in -2,999.9 -28.3 -555.0 -1.6 -3,584.8 -2,728.6 -19.2 -2.8 -2,750.6 inventories Depreciation on PP&E & investment -24.2 -6.2 -28.4 -9.3 -68.1 -20.3 -7.7 -9.5 -37.5 property Amortisation -4.1 -3.6 -12.7 - -20.4 -5.1 -3.8 -0.1 -9.0 Write-down on -0.4 0.4 2.3 - 2.3 -1.8 -1.9 - -3.7 inventories Write down on -1.0 - -5.1 - -6.1 0.1 - -0.1 - receivables Employee benefit expenses (see note -208.7 -25.9 -183.3 -19.4 -437.3 -175.6 -26.7 -15.0 -217.3 10) Gain on sale of property, plant and 2.3 - - 3.5 5.8 0.1 - - 0.1 equipment Rental income from investment - - - 5.0 5.0 - - 4.8 4.8 property\u207d\u00b9\u207e Sundry\u207d\u00b2\u207e -227.6 -58.5 -134.7 16.8 -404.0 -226.7 -50.2 15.4 -261.5 NET OPERATING EXPENSES / -3,463.6 -122.1 -916.9 -5.0 -4,507.6 -3,157.9 -109.5 -7.3 -3,274.7 INCOME (1) The full amount is related to investment property that generated rental income. (2) Mainly relates to marketing and IT costs, legal and consultancy fees and inter-segment rental income and expenses between the segment \u201cCorporate & unallocated\u201d and D\u2019Ieteren Automotive. In the consolidated statement of profit or loss, the increases in commercial and administrative expenses and other operating income compared to 2021 are mainly explained by the integration of PHE in the consolidated statement of profit or loss as thfrom the date of acquisition (4 of August 2022). The decrease in other operating expenses compared to 2021 is also explained by the charge of -\u20ac21.8m in 2021 related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites (included in the line \u201cSundry\u201d in the above table). In 2021 and 2022, the line \u201cdepreciation on PP&E & investment property\u201d includes the depreciation on right-of-use assets recognised in accordance with IFRS 16 (see note 32 for additional information on the right-of-use assets). The \u20ac5.8m gain on sale of property, plant and equipment in 2022 relate to the gain recognised on the disposal of furniture and equipment in the D\u2019Ieteren Automotive segment following the closure of two retail sites, and the gain on the disposal of properties in Belgium in the Corporate & unallocated segment. 24", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__33": { "value": "Note 6: Operating result Operating result is stated after charging: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Purchases and changes in -2,999.9 -28.3 -555.0 -1.6 -3,584.8 -2,728.6 -19.2 -2.8 -2,750.6 inventories Depreciation on PP&E & investment -24.2 -6.2 -28.4 -9.3 -68.1 -20.3 -7.7 -9.5 -37.5 property Amortisation -4.1 -3.6 -12.7 - -20.4 -5.1 -3.8 -0.1 -9.0 Write-down on -0.4 0.4 2.3 - 2.3 -1.8 -1.9 - -3.7 inventories Write down on -1.0 - -5.1 - -6.1 0.1 - -0.1 - receivables Employee benefit expenses (see note -208.7 -25.9 -183.3 -19.4 -437.3 -175.6 -26.7 -15.0 -217.3 10) Gain on sale of property, plant and 2.3 - - 3.5 5.8 0.1 - - 0.1 equipment Rental income from investment - - - 5.0 5.0 - - 4.8 4.8 property\u207d\u00b9\u207e Sundry\u207d\u00b2\u207e -227.6 -58.5 -134.7 16.8 -404.0 -226.7 -50.2 15.4 -261.5 NET OPERATING EXPENSES / -3,463.6 -122.1 -916.9 -5.0 -4,507.6 -3,157.9 -109.5 -7.3 -3,274.7 INCOME (1) The full amount is related to investment property that generated rental income. (2) Mainly relates to marketing and IT costs, legal and consultancy fees and inter-segment rental income and expenses between the segment \u201cCorporate & unallocated\u201d and D\u2019Ieteren Automotive. In the consolidated statement of profit or loss, the increases in commercial and administrative expenses and other operating income compared to 2021 are mainly explained by the integration of PHE in the consolidated statement of profit or loss as thfrom the date of acquisition (4 of August 2022). The decrease in other operating expenses compared to 2021 is also explained by the charge of -\u20ac21.8m in 2021 related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites (included in the line \u201cSundry\u201d in the above table). In 2021 and 2022, the line \u201cdepreciation on PP&E & investment property\u201d includes the depreciation on right-of-use assets recognised in accordance with IFRS 16 (see note 32 for additional information on the right-of-use assets). The \u20ac5.8m gain on sale of property, plant and equipment in 2022 relate to the gain recognised on the disposal of furniture and equipment in the D\u2019Ieteren Automotive segment following the closure of two retail sites, and the gain on the disposal of properties in Belgium in the Corporate & unallocated segment. 24", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__48": { "value": "Note 7: Net finance costs Net finance costs are broken down as follows: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Finance costs: Interest expense -3.2 -1.6 -31.2 -0.8 -36.8 -0.9 -2.0 -1.7 -4.6 Interest costs on pension -0.1 - -0.1 - -0.2 - - - - Other financial charges -1.4 -0.8 - -0.4 -2.6 -0.8 - -1.3 -2.1 Subtotal finance costs -4.7 -2.4 -31.3 -1.2 -39.6 -1.7 -2.0 -3.0 -6.7 Re-measurements of financial instruments: Measured at fair value - - - - - - -0.2 - -0.2 upon initial recognition Finance income 11.2 2.1 0.2 3.3 16.8 12.8 2.0 1.4 16.2 Inter-segment financing - -10.7 - 10.7 - -11.3 -10.3 21.6 - interests NET FINANCE COSTS 6.5 -11.0 -31.1 12.8 -22.8 -0.2 -10.5 20.0 9.3 In 2021 and 2022, the line \u201cinterest expense\u201d includes, amongst other amounts, the interest charges on lease liabilities recognised in accordance with IFRS 16. Refer to note 24 for more information on the lease liabilities. The increase in finance costs in the period is mainly due to the integration of PHE in the Group\u2019s consolidated statement of thprofit or loss as from the date of acquisition (4 of August 2022 \u2013 see note 26), to the interest expense (-\u20ac1.1m) on the \u20ac100m amortising term loan (concluded in December 2021), to the non-utilisation fee (-\u20ac0.6m) incurred in relation to the \u20ac225m revolving credit facility (undrawn as at 31 December 2022) in the D\u2019Ieteren Automotive segment, and to additional interests expenses on lease liabilities following the increase in interest rates in 2022. The interest expenses in the PHE segment mainly includes interests on senior secured notes and revolving credit facilities and interest charges on lease liabilities. In 2021 and 2022, finance income mainly includes consolidated gain recognised on the loss of exclusive control of entities in the D\u2019Ieteren Automotive segment in 2021 and 2022 (see note 17), realized foreign exchange gains in the Moleskine segment, and the interests (\u20ac0.6m in 2021; \u20ac2.3m in 2022) recognised on the shareholder loan from the Corporate & unallocated segment to the TVH segment (equity-accounted investee) put in place in October 2021 in the framework of the acquisition of a 40% stake in TVH. In 2021 and 2022, the inter-segment financing interests are related to amounts lent by the Corporate & unallocated segment to the Moleskine segment (non-recourse loan in the framework of the acquisition). In 2021, this line also included the interests and the early repayment fee paid by D\u2019Ieteren Automotive to the Corporate & unallocated segment following the anticipated reimbursement of the inter-segment loan. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__47": { "value": "Note 7: Net finance costs Net finance costs are broken down as follows: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Finance costs: Interest expense -3.2 -1.6 -31.2 -0.8 -36.8 -0.9 -2.0 -1.7 -4.6 Interest costs on pension -0.1 - -0.1 - -0.2 - - - - Other financial charges -1.4 -0.8 - -0.4 -2.6 -0.8 - -1.3 -2.1 Subtotal finance costs -4.7 -2.4 -31.3 -1.2 -39.6 -1.7 -2.0 -3.0 -6.7 Re-measurements of financial instruments: Measured at fair value - - - - - - -0.2 - -0.2 upon initial recognition Finance income 11.2 2.1 0.2 3.3 16.8 12.8 2.0 1.4 16.2 Inter-segment financing - -10.7 - 10.7 - -11.3 -10.3 21.6 - interests NET FINANCE COSTS 6.5 -11.0 -31.1 12.8 -22.8 -0.2 -10.5 20.0 9.3 In 2021 and 2022, the line \u201cinterest expense\u201d includes, amongst other amounts, the interest charges on lease liabilities recognised in accordance with IFRS 16. Refer to note 24 for more information on the lease liabilities. The increase in finance costs in the period is mainly due to the integration of PHE in the Group\u2019s consolidated statement of thprofit or loss as from the date of acquisition (4 of August 2022 \u2013 see note 26), to the interest expense (-\u20ac1.1m) on the \u20ac100m amortising term loan (concluded in December 2021), to the non-utilisation fee (-\u20ac0.6m) incurred in relation to the \u20ac225m revolving credit facility (undrawn as at 31 December 2022) in the D\u2019Ieteren Automotive segment, and to additional interests expenses on lease liabilities following the increase in interest rates in 2022. The interest expenses in the PHE segment mainly includes interests on senior secured notes and revolving credit facilities and interest charges on lease liabilities. In 2021 and 2022, finance income mainly includes consolidated gain recognised on the loss of exclusive control of entities in the D\u2019Ieteren Automotive segment in 2021 and 2022 (see note 17), realized foreign exchange gains in the Moleskine segment, and the interests (\u20ac0.6m in 2021; \u20ac2.3m in 2022) recognised on the shareholder loan from the Corporate & unallocated segment to the TVH segment (equity-accounted investee) put in place in October 2021 in the framework of the acquisition of a 40% stake in TVH. In 2021 and 2022, the inter-segment financing interests are related to amounts lent by the Corporate & unallocated segment to the Moleskine segment (non-recourse loan in the framework of the acquisition). In 2021, this line also included the interests and the early repayment fee paid by D\u2019Ieteren Automotive to the Corporate & unallocated segment following the anticipated reimbursement of the inter-segment loan. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__46": { "value": "Note 7: Net finance costs Net finance costs are broken down as follows: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Finance costs: Interest expense -3.2 -1.6 -31.2 -0.8 -36.8 -0.9 -2.0 -1.7 -4.6 Interest costs on pension -0.1 - -0.1 - -0.2 - - - - Other financial charges -1.4 -0.8 - -0.4 -2.6 -0.8 - -1.3 -2.1 Subtotal finance costs -4.7 -2.4 -31.3 -1.2 -39.6 -1.7 -2.0 -3.0 -6.7 Re-measurements of financial instruments: Measured at fair value - - - - - - -0.2 - -0.2 upon initial recognition Finance income 11.2 2.1 0.2 3.3 16.8 12.8 2.0 1.4 16.2 Inter-segment financing - -10.7 - 10.7 - -11.3 -10.3 21.6 - interests NET FINANCE COSTS 6.5 -11.0 -31.1 12.8 -22.8 -0.2 -10.5 20.0 9.3 In 2021 and 2022, the line \u201cinterest expense\u201d includes, amongst other amounts, the interest charges on lease liabilities recognised in accordance with IFRS 16. Refer to note 24 for more information on the lease liabilities. The increase in finance costs in the period is mainly due to the integration of PHE in the Group\u2019s consolidated statement of thprofit or loss as from the date of acquisition (4 of August 2022 \u2013 see note 26), to the interest expense (-\u20ac1.1m) on the \u20ac100m amortising term loan (concluded in December 2021), to the non-utilisation fee (-\u20ac0.6m) incurred in relation to the \u20ac225m revolving credit facility (undrawn as at 31 December 2022) in the D\u2019Ieteren Automotive segment, and to additional interests expenses on lease liabilities following the increase in interest rates in 2022. The interest expenses in the PHE segment mainly includes interests on senior secured notes and revolving credit facilities and interest charges on lease liabilities. In 2021 and 2022, finance income mainly includes consolidated gain recognised on the loss of exclusive control of entities in the D\u2019Ieteren Automotive segment in 2021 and 2022 (see note 17), realized foreign exchange gains in the Moleskine segment, and the interests (\u20ac0.6m in 2021; \u20ac2.3m in 2022) recognised on the shareholder loan from the Corporate & unallocated segment to the TVH segment (equity-accounted investee) put in place in October 2021 in the framework of the acquisition of a 40% stake in TVH. In 2021 and 2022, the inter-segment financing interests are related to amounts lent by the Corporate & unallocated segment to the Moleskine segment (non-recourse loan in the framework of the acquisition). In 2021, this line also included the interests and the early repayment fee paid by D\u2019Ieteren Automotive to the Corporate & unallocated segment following the anticipated reimbursement of the inter-segment loan. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__45": { "value": "Note 7: Net finance costs Net finance costs are broken down as follows: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Finance costs: Interest expense -3.2 -1.6 -31.2 -0.8 -36.8 -0.9 -2.0 -1.7 -4.6 Interest costs on pension -0.1 - -0.1 - -0.2 - - - - Other financial charges -1.4 -0.8 - -0.4 -2.6 -0.8 - -1.3 -2.1 Subtotal finance costs -4.7 -2.4 -31.3 -1.2 -39.6 -1.7 -2.0 -3.0 -6.7 Re-measurements of financial instruments: Measured at fair value - - - - - - -0.2 - -0.2 upon initial recognition Finance income 11.2 2.1 0.2 3.3 16.8 12.8 2.0 1.4 16.2 Inter-segment financing - -10.7 - 10.7 - -11.3 -10.3 21.6 - interests NET FINANCE COSTS 6.5 -11.0 -31.1 12.8 -22.8 -0.2 -10.5 20.0 9.3 In 2021 and 2022, the line \u201cinterest expense\u201d includes, amongst other amounts, the interest charges on lease liabilities recognised in accordance with IFRS 16. Refer to note 24 for more information on the lease liabilities. The increase in finance costs in the period is mainly due to the integration of PHE in the Group\u2019s consolidated statement of thprofit or loss as from the date of acquisition (4 of August 2022 \u2013 see note 26), to the interest expense (-\u20ac1.1m) on the \u20ac100m amortising term loan (concluded in December 2021), to the non-utilisation fee (-\u20ac0.6m) incurred in relation to the \u20ac225m revolving credit facility (undrawn as at 31 December 2022) in the D\u2019Ieteren Automotive segment, and to additional interests expenses on lease liabilities following the increase in interest rates in 2022. The interest expenses in the PHE segment mainly includes interests on senior secured notes and revolving credit facilities and interest charges on lease liabilities. In 2021 and 2022, finance income mainly includes consolidated gain recognised on the loss of exclusive control of entities in the D\u2019Ieteren Automotive segment in 2021 and 2022 (see note 17), realized foreign exchange gains in the Moleskine segment, and the interests (\u20ac0.6m in 2021; \u20ac2.3m in 2022) recognised on the shareholder loan from the Corporate & unallocated segment to the TVH segment (equity-accounted investee) put in place in October 2021 in the framework of the acquisition of a 40% stake in TVH. In 2021 and 2022, the inter-segment financing interests are related to amounts lent by the Corporate & unallocated segment to the Moleskine segment (non-recourse loan in the framework of the acquisition). In 2021, this line also included the interests and the early repayment fee paid by D\u2019Ieteren Automotive to the Corporate & unallocated segment following the anticipated reimbursement of the inter-segment loan. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__44": { "value": "Note 7: Net finance costs Net finance costs are broken down as follows: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Finance costs: Interest expense -3.2 -1.6 -31.2 -0.8 -36.8 -0.9 -2.0 -1.7 -4.6 Interest costs on pension -0.1 - -0.1 - -0.2 - - - - Other financial charges -1.4 -0.8 - -0.4 -2.6 -0.8 - -1.3 -2.1 Subtotal finance costs -4.7 -2.4 -31.3 -1.2 -39.6 -1.7 -2.0 -3.0 -6.7 Re-measurements of financial instruments: Measured at fair value - - - - - - -0.2 - -0.2 upon initial recognition Finance income 11.2 2.1 0.2 3.3 16.8 12.8 2.0 1.4 16.2 Inter-segment financing - -10.7 - 10.7 - -11.3 -10.3 21.6 - interests NET FINANCE COSTS 6.5 -11.0 -31.1 12.8 -22.8 -0.2 -10.5 20.0 9.3 In 2021 and 2022, the line \u201cinterest expense\u201d includes, amongst other amounts, the interest charges on lease liabilities recognised in accordance with IFRS 16. Refer to note 24 for more information on the lease liabilities. The increase in finance costs in the period is mainly due to the integration of PHE in the Group\u2019s consolidated statement of thprofit or loss as from the date of acquisition (4 of August 2022 \u2013 see note 26), to the interest expense (-\u20ac1.1m) on the \u20ac100m amortising term loan (concluded in December 2021), to the non-utilisation fee (-\u20ac0.6m) incurred in relation to the \u20ac225m revolving credit facility (undrawn as at 31 December 2022) in the D\u2019Ieteren Automotive segment, and to additional interests expenses on lease liabilities following the increase in interest rates in 2022. The interest expenses in the PHE segment mainly includes interests on senior secured notes and revolving credit facilities and interest charges on lease liabilities. In 2021 and 2022, finance income mainly includes consolidated gain recognised on the loss of exclusive control of entities in the D\u2019Ieteren Automotive segment in 2021 and 2022 (see note 17), realized foreign exchange gains in the Moleskine segment, and the interests (\u20ac0.6m in 2021; \u20ac2.3m in 2022) recognised on the shareholder loan from the Corporate & unallocated segment to the TVH segment (equity-accounted investee) put in place in October 2021 in the framework of the acquisition of a 40% stake in TVH. In 2021 and 2022, the inter-segment financing interests are related to amounts lent by the Corporate & unallocated segment to the Moleskine segment (non-recourse loan in the framework of the acquisition). In 2021, this line also included the interests and the early repayment fee paid by D\u2019Ieteren Automotive to the Corporate & unallocated segment following the anticipated reimbursement of the inter-segment loan. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__43": { "value": "Note 7: Net finance costs Net finance costs are broken down as follows: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Finance costs: Interest expense -3.2 -1.6 -31.2 -0.8 -36.8 -0.9 -2.0 -1.7 -4.6 Interest costs on pension -0.1 - -0.1 - -0.2 - - - - Other financial charges -1.4 -0.8 - -0.4 -2.6 -0.8 - -1.3 -2.1 Subtotal finance costs -4.7 -2.4 -31.3 -1.2 -39.6 -1.7 -2.0 -3.0 -6.7 Re-measurements of financial instruments: Measured at fair value - - - - - - -0.2 - -0.2 upon initial recognition Finance income 11.2 2.1 0.2 3.3 16.8 12.8 2.0 1.4 16.2 Inter-segment financing - -10.7 - 10.7 - -11.3 -10.3 21.6 - interests NET FINANCE COSTS 6.5 -11.0 -31.1 12.8 -22.8 -0.2 -10.5 20.0 9.3 In 2021 and 2022, the line \u201cinterest expense\u201d includes, amongst other amounts, the interest charges on lease liabilities recognised in accordance with IFRS 16. Refer to note 24 for more information on the lease liabilities. The increase in finance costs in the period is mainly due to the integration of PHE in the Group\u2019s consolidated statement of thprofit or loss as from the date of acquisition (4 of August 2022 \u2013 see note 26), to the interest expense (-\u20ac1.1m) on the \u20ac100m amortising term loan (concluded in December 2021), to the non-utilisation fee (-\u20ac0.6m) incurred in relation to the \u20ac225m revolving credit facility (undrawn as at 31 December 2022) in the D\u2019Ieteren Automotive segment, and to additional interests expenses on lease liabilities following the increase in interest rates in 2022. The interest expenses in the PHE segment mainly includes interests on senior secured notes and revolving credit facilities and interest charges on lease liabilities. In 2021 and 2022, finance income mainly includes consolidated gain recognised on the loss of exclusive control of entities in the D\u2019Ieteren Automotive segment in 2021 and 2022 (see note 17), realized foreign exchange gains in the Moleskine segment, and the interests (\u20ac0.6m in 2021; \u20ac2.3m in 2022) recognised on the shareholder loan from the Corporate & unallocated segment to the TVH segment (equity-accounted investee) put in place in October 2021 in the framework of the acquisition of a 40% stake in TVH. In 2021 and 2022, the inter-segment financing interests are related to amounts lent by the Corporate & unallocated segment to the Moleskine segment (non-recourse loan in the framework of the acquisition). In 2021, this line also included the interests and the early repayment fee paid by D\u2019Ieteren Automotive to the Corporate & unallocated segment following the anticipated reimbursement of the inter-segment loan. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__49": { "value": "Note 8: Earnings per share Earnings per share (\u201cEPS\u201d) and earnings per share from continuing operations (\u201cContinuing EPS\u201d) are shown on the face of the consolidated statement of profit or loss. Basic and diluted EPS are based on the result for the period attributable to equity holders of the Company (based on the result from continuing operations attributable to equity holders of the Company for the continuing EPS), after adjustment for participating shares (each participating share confers one voting right and gives right to a dividend equal to one eighth of the dividend of an ordinary share). The weighted average number of ordinary shares in issue for the period is shown in the table below. The Group has granted options to employees over ordinary shares of the Company. Such shares constitute the only category of potentially dilutive ordinary shares. The weighted average number of ordinary shares outstanding during the period is 53,230,995 (53,365,665 in the prior period) and the weighted average number of ordinary shares taken into account for diluted EPS is 53,810,452 (53,889,709 in the prior period). The decrease in the average number of ordinary shares outstanding is the result of the movement in treasury shares. The options over ordinary shares of the Company increased the weighted average number of shares of the Company taken into account for diluted earnings per share in 2021 and 2022 as option exercise prices were below the average market share price. The computation of basic and diluted EPS is set out below: 25 2022 2021\u207d\u207d\u00b9\u207e\u207eResult for the period attributable to equity holders 338.6 252.4 Adjustment for participating shares -3.9 -3.0 Numerator for EPS (\u20acm) (a) 334.7 249.4 Result from continuing operations 335.8 251.3 Share of non-controlling interests in result from continuing operations -0.1 1.1 Result from continuing operations attributable to equity holders 335.7 252.4 Adjustment for participating shares -3.9 -3.0 Numerator for continuing EPS (\u20acm) (b) 331.8 249.4 Weighted average number of ordinary shares outstanding during the period (c) 53,230,995 53,365,665 Adjustment for stock option plans 579,457 524,044 Weighted average number of ordinary shares taken into account for diluted EPS (d) 53,810,452 53,889,709 Result for the period attributable to equity holders Basic EPS (in \u20ac) (a)/(c) 6.29 4.67 Diluted EPS (\u20ac) (a)/(d) 6.22 4.63 Result from continuing operations attributable to equity holders Basic continuing EPS (in \u20ac) (b)/(c) 6.24 4.67 Diluted continuing EPS (in \u20ac) (b)/(d) 6.17 4.63 (1) As restated \u2013 refer to note 1 for further information on the restatement of comparative information. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__50": { "value": "Earnings per share (\u201cEPS\u201d) and earnings per share from continuing operations (\u201cContinuing EPS\u201d) are shown on the face of the consolidated statement of profit or loss. Basic and diluted EPS are based on the result for the period attributable to equity holders of the Company (based on the result from continuing operations attributable to equity holders of the Company for the continuing EPS), after adjustment for participating shares (each participating share confers one voting right and gives right to a dividend equal to one eighth of the dividend of an ordinary share).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__51": { "value": "Note 9: Share-based payments Corporate & unallocated There is in the Group an equity-settled share-based payment scheme. Since 1999, share option schemes have been granted to officers and managers of the Corporate & unallocated segment, in the framework of the Belgian law of 26 March 1999. The underlying share is the ordinary share of D\u2019Ieteren Group SA/NV. Under these schemes, vesting conditions are three years\u2019 service from grant date and holders of vested options are entitled to purchase shares at the exercise price of the related scheme during the exercise period. Outstanding options are as follows: Date of grant Number of options (in Exercise Exercise period units) price 2022 2021 (\u20ac) From To 2022 183,000 - 118.10 1/01/2026 9/03/2032 2021 172,000 172,000 68.26 1/01/2025 8/03/2031 2020 166,500 166,500 49.36 1/01/2024 7/06/2030 2019 185,000 185,000 33.19 1/01/2023 28/02/2029 2018 4,250 187,000 33.32 1/01/2022 5/06/2028 2017 - 109,091 38.47 1/01/2021 13/03/2027 2016 - 10,866 35.05 1/01/2020 13/03/2026 2016 - 70,628 29.18 1/01/2020 13/03/2026 2016 13,376 16,132 29.18 1/01/2020 13/03/2026 2016 10,866 33,685 26.62 1/01/2020 21/01/2026 2015 18,938 19,450 29.54 1/01/2019 12/03/2025 2015 8,204 8,782 29.54 1/01/2019 12/03/2025 2014 - 11,995 30.44 1/01/2018 10/03/2024 2013 4,214 5,868 32.20 1/01/2017 24/11/2023 2012 - 6,466 33.35 1/01/2016 14/10/2022 2007 - 5,868 24.30 1/01/2011 2/12/2022 Total 766,348 1,009,331 All outstanding options are covered by treasury shares (see note 22). 26 A reconciliation of the movements in the number of outstanding options during the year is as follows: Weighted average Number (in units) exercise price (\u20ac) 2022 2021 2022 2021 Outstanding options at the beginning of the period 1,009,331 975,762 41.69 35.93 Granted during the period 183,000 172,000 118.10 68.26 Exercised during the period -423,918 -137,127 33.43 34.11 Other movements during the period -2,065 -1,304 26.21 32.21 Outstanding options at the end of the period 766,348 1,009,331 64.55 41.69 of which: exercisable at the end of the period 59,848 298,831 29.39 32.63 The average share price during the period was \u20ac154.87 (2021: \u20ac113.19). Other movements in 2021 and in 2022 relate to options that expired and were not exercised. The treasury shares underlying to these expired options are being kept for future plans. For share options outstanding at the end of the period, the weighted average remaining contractual life is as follows: Number of years 31 December 2022 7.4 31 December 2021 6.7 IFRS 2 \u201cShare-Based Payments\u201d requires that the fair value of all share options issued after 7 November 2002 is charged to the income statement. A non-cash charge of \u20ac4.2m (covering the options granted from 2019 to 2022) has been recognised during the period in employee benefit expenses and presented in the line \u201cShare-based payment and other employee benefit expenses\u201d in the consolidated statement of cash flows and the line \u201cOther movements\u201d in the consolidated statement of changes in equity. The fair value of the options must be assessed on the date of each issue. A simple Black & Scholes valuation model was used at each issue date re-assessing the input assumptions on each occasion. The assumptions for the 2021 and 2022 issues were as follows: 2022 2021 Number of employees 21 16 Spot share price (in \u20ac) 142.8 82.5 Option exercise price (in \u20ac) 118.1 68.3 Vesting period (in years) 3.8 3.8 Weighted average fair value per option (in \u20ac) 51.8 27.7 As from 2022, expected volatility and expected dividends are based on multidimensional data and provided by an independent expert (long term volatility curve and dividend yields assumptions). The risk-free rate of return is based upon EUR Interest Rate Swap yield curve with an equivalent term to the options granted. D\u2019Ieteren Automotive In April 2021, D\u2019Ieteren Automotive implemented a new Long-Term Incentive Plan (LTIP) classified as a cash-settled share-based payment plan. The incentives have been granted in the form of stock options to selected key managers of D\u2019Ieteren Automotive and its subsidiaries. Underlying shares are ordinary shares of D\u2019Ieteren Automotive SA/NV (non-listed shares). In 2021, D\u2019Ieteren Automotive granted to the managers 272,604 options. During the period, another 38.339 options have been granted, translating into 310.943 options granted as of the end of 2022 (on a total number of available options for this plan of 369,668 options \u2013 representing c. 10% of the issued capital. All those options may be exercised from the third calendar year after the offer has been made in 2021 (starting 15 March 2025) during three exercise periods, the last period ending on the 21 March 2027. All granted options are therefore outstanding as at 31 December 2022 with a weighted average remainingcontractual life of 4.2 years. The fair value of the options granted has been assessed on the 31 December 2022 based on the classical closed-form Black & Scholes formula for European options. IFRS2 \u201cShare-based Payments\u201d requires D\u2019Ieteren Automotive to remeasure the fair value of the liability at the end of each reporting period and at the date of settlement, with any changes in fair value recognized in profit or loss for the period. In 2022, a non-cash charge of \u20ac7.2m (2021: \u20ac1.4m) has been recognized in employee benefit expenses for this share-based payment 27 plan. This non-cash charge is presented in the line \u201cShare-based payment and other employee benefit expenses\u201d in the consolidated statement of cash flows\u201d. PHE Following the acquisition of PHE by the Group (see note 26), a Management Reward Plan (MRP) has been put in place, whereby the Group granted to PHE\u2019s key management personnel free \u201cratchet\u201d shares. These shares have no economic value until a liquidity event occurs (the value of the shares will then be entitled to an amount equal to a percentage of the Project Capital Gain). This management reward plan is a cash-settled share-based payment in scope of IFRS 2. The Group will therefore account in profit or loss for the fair value of the free shares granted to management over the vesting period (being one year as from the grant date), with a corresponding increase in liability. Before and beyond vesting, the change in fair value of the liability will be accounted for in profit or loss. At 31 December 2022, the Group accounted for a share-based payment expense of -\u20ac2.2m (presented in the line \u201cShare-based payment and other employee benefit expenses\u201d in the consolidated statement of cash flows) with a corresponding increase in liability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__52": { "value": "Note 10: Employee benefits Note 10.1: Employee benefit expense The employee benefit expense is analysed below: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Retirement benefit charges under defined - - -1.1 - -1.1 - - - - contribution schemes Retirement benefit charges under Belgian defined contribution -4.0 - - -0.3 -4.3 -4.8 - -0.4 -5.2 schemes considered as defined benefit schemes Retirement benefit charges under defined - -0.6 - - -0.6 - -0.7 - -0.7 benefit schemes Total retirement benefit -4.0 -0.6 -1.1 -0.3 -6.0 -4.8 -0.7 -0.4 -5.9 charge (see note 10.2) Wages, salaries and -197.5 -22.7 -180.0 -14.9 -415.1 -169.4 -22.8 -12.2 -204.4 social security costs Share-based payments -7.2 -2.6 -2.2 -4.2 -16.2 -1.4 -3.2 -2.4 -7.0 and LTIP expenses Total employee benefit -208.7 -25.9 -183.3 -19.4 -437.3 -175.6 -26.7 -15.0 -217.3 expense Note 10.2: Post-employment and long-term employee benefits Long-term employee benefits include post-employment employee benefits and other long-term employee benefits. Post-employment employee benefits are analysed below. Other long-term employee benefits are presented among non-current provisions or non-current other payables, and, if material, separately disclosed in the relevant note. Post-employment benefits are limited to retirement benefit schemes. Certain Group entities operate schemes which provide retirement benefits, including those of the defined benefit type, which are in most cases funded by investments held outside the Group. The Group has established pension schemes for its employees in various locations. The major schemes are located in Belgium, France and in Italy. Since Belron and TVH are equity-accounted investees, the schemes in place in those two segments are not separately disclosed. The schemes in Belgium relate to the D\u2019Ieteren Automotive, PHE and \u201cCorporate & unallocated\u201d segments and are funded (in the D\u2019Ieteren Automotive and Corporate & unallocated segment only) and unfunded. The schemes in France relate to the PHE segment and are unfunded, and the schemes in Italy relate to the Moleskine and PHE segments and are unfunded. Independent actuarial valuations for the plans in these countries are performed as required. The Group is and has always been fully compliant with all local governance and funding requirements. The overall investment policy and strategy for the Group\u2019s defined benefit schemes is guided by the objective of achieving an investment return, which together with contributions, ensures that there will be enough assets to pay pension benefits as they fall due while also mitigating the various risks of the plans. The investment strategies for the plans are managed under local laws and regulations in each jurisdiction. 28 The actual asset allocation is determined by the current and expected economic and market conditions and in consideration of specific asset class risk and risk profile. In addition, consideration is given to the maturity profile of scheme liabilities. The Group operates one defined benefit scheme in Belgium that was closed to new members in 2005. The retirement capital plan accrues a percentage of annual salary inflated to the point of retirement with an annual average of 2.5% (and a maximum of 4.0%). A full actuarial valuation of the plan is carried out every year by a qualified independent actuary. The operates defined contribution plans with a minimal interest guarantee borne by the employer under the Belgian Legislation. The Group recognises all actuarial gains and losses directly in the Consolidated Statement of Comprehensive Income. The main actuarial assumptions are as follows (the assumptions on life expectancy are provided for the D\u2019Ieteren Automotive and the Corporate & unallocated segments only). In 2021, given the amounts of net position of unfunded schemes recognised in the consolidated statement of financial position which were not considered material to the Group, the assumptions related to the unfunded schemes were not provided. Funded schemes Unfunded schemes 2022 2021 2022 Min. Max. Min. Max. Min. Max. Inflation rate 2.1% 2.2% 1.9% 1.9% n.s. n.s. Discount rate 3.1% 3.2% 0.4% 0.4% n.s. n.s. Rate of salary increases 3.1% 3.1% 2.9% 2.9% 2.5% 3.8% Life expectancy of male pensioner 18.6 18.6 18.6 18.6 Life expectancy of female pensioner 22.0 22.0 22.0 22.0 Life expectancy of male non-pensioner 18.6 18.6 18.6 18.6 Life expectancy of female non-pensioner 22.0 22.0 22.0 22.0 The weighted average duration of the liabilities across the plans is around 7 years. The amounts recognised in the statement of financial position are summarised as follows, depending on the net position of each pension scheme: \u20acm 2022 2021 Long-term employee benefit assets - - Long-term employee benefit obligations -39.4 -25.5 Recognised net deficit (-) / surplus (+) in the schemes -39.4 -25.5 of which: amount expected to be settled within 12 months -1.0 -0.2 of which: amount expected to be settled in more than 12 months -38.4 -25.3 For all schemes, the amounts recognised in the statement of financial position are analysed as follows: \u20acm 2022 2021 Funded Unfunded Funded Unfunded Total Total schemes schemes schemes schemes Present value of defined benefit obligations -72.9 -30.7 -103.6 -84.8 -5.3 -90.1 Fair value of scheme assets 64.2 - 64.2 64.6 - 64.6 Net deficit (-) / surplus (+) in the schemes -8.7 -30.7 -39.4 -20.2 -5.3 -25.5 The increase in the net deficit of unfunded schemes is mainly attributable to the integration of PHE in the Group\u2019s consolidated statement of financial position at 31 December 2022. 29 The amounts recognised through the statement of comprehensive income (excluding the share of other comprehensive income in equity-accounted investees) are as follows. \u20acm 2022 2021 Funded Unfunded Funded Unfunded Total Total schemes schemes schemes schemes Actual return less interest return on pension assets net 2.1 - 2.1 2.4 - 2.4 of asset management charges Experience gain (+) / loss (-) on liabilities -5.1 -0.1 -5.2 3.1 - 3.1 Gain (+) / Loss (-) on change of financial assumptions 14.4 3.2 17.6 1.4 - 1.4 Actuarial gains (+) / losses (-) 11.4 3.1 14.5 6.9 - 6.9 Changes to financial assumptions during 2022, all of which were prepared on a consistent basis to prior period, impacted the total actuarial gains (+) / losses (-) by +\u20ac17.6m (2021: +\u20ac1.4m). The actuarial gain of the current period is primarily the result of an increase of the discount rate in 2022 compared to 2021. The cumulative amount of actuarial gains and losses (Group\u2019s share, before tax and including the share of equity-accounted investees in actuarial gains and losses) recognised in the consolidated statement of comprehensive income is a cumulative loss of -\u20ac15m (in 2021 a cumulative gain of \u20ac16m). The movement in cumulative amount of actuarial gains and losses from 2021 to 2022 is primarily due to the UK pension scheme in the Belron segment (equity-accounted investee), recording an actual loss on scheme assets more than compensating the actuarial gain on the pension liabilities, following the sharp rise in the discount rate. The fair value of scheme assets includes the following items: \u20acm 2022 2021 Quoted in Quoted in an active Other Total an active Other Total market market Other assets - 64.2 64.2 - 64.6 64.6 Fair value of scheme assets - 64.2 64.2 - 64.6 64.6 The fair value of scheme assets does not comprise any property or other assets used by the Group, nor any financial instruments of the Group. Other assets are mainly composed of cash. The movements in the fair value of plan assets are as follows: \u20acm 2022 2021 Total Total Scheme assets at 1 January 64.6 62.1 Employer contribution 4.1 3.8 Interest on pension assets 0.4 0.2 Contributions paid by employees 1.1 1.2 Benefits paid -8.1 -4.9 Actual return less interest return on pension assets 2.1 2.4 Administrative costs - -0.5 Group changes - 0.3 Scheme assets at 31 December 64.2 64.6 The actual return on scheme assets is as follows: \u20acm 2022 2021 Interest return on pension assets 0.4 0.2 Actual return less interest return on pension assets 2.1 2.4 Actual net return on pension assets 2.5 2.6 30 The movements in the present value of defined benefit obligations are as follows: \u20acm 2022 2021 Funded Unfunded Funded Unfunded Total Total schemes schemes schemes schemes Defined benefit obligations at 1 January -84.8 -5.3 -90.1 -87.6 -6.2 -93.8 Items acquired through business combinations - -28.0 -28.0 - - - Current service cost -5.1 -0.9 -6.0 -5.2 -0.7 -5.9 Interest payable on pension liabilities -0.5 -0.1 -0.6 -0.2 - -0.2 Benefits paid 8.2 1.3 9.5 4.9 1.6 6.5 Contribution paid by employees - - - -1.3 - -1.3 Experience gain (+) / loss (-) on liabilities -5.1 -0.1 -5.2 3.1 - 3.1 Gain (+) / Loss (-) arising from changes to financial 14.4 3.2 17.6 1.4 - 1.4 assumptions Curtailment and settlements - 0.2 0.2 - - - Group change - -1.0 -1.0 -0.4 - -0.4 Administrative costs - - - 0.5 - 0.5 Defined benefit obligations at 31 December -72.9 -30.7 -103.6 -84.8 -5.3 -90.1 The amounts recognised in the statement of profit or loss are as follows: \u20acm 2022 2021 Funded Unfunded Funded Unfunded Total Total schemes schemes schemes schemes Current service cost -5.1 -0.9 -6.0 -5.2 -0.7 -5.9 Pension costs within the operating result -5.1 -0.9 -6.0 -5.2 -0.7 -5.9 Interest payable on pension liabilities -0.5 -0.1 -0.6 -0.2 - -0.2 Interest return on pension assets 0.4 - 0.4 0.2 - 0.2 Net pension interest cost -0.1 -0.1 -0.2 - - - Expense recognised in the statement of profit or loss -5.2 -1.0 -6.2 -5.2 -0.7 -5.9 The best estimate of normal contributions expected to be paid to the schemes during the 2022 annual period is ca. \u20ac5m. The obligation of defined benefit schemes is calculated on the basis of a set of actuarial assumptions (including among others: mortality, discount rate of future payments, salary increases, personnel turnover, etc.). Should these assumptions change in the future, the obligation may increase. The defined benefit scheme assets are invested in a diversified portfolio, with a return that is likely to experience volatility in the future. Should the return of these assets be insufficient, the deficit might increase (the surplus might decrease). The net deficit (\u20ac25.5m at 31 December 2021; \u20ac39.4m at 31 December 2022) recognised in the consolidated statement of financial position does not include Belron\u2019s net surplus and TVH\u2019s net deficit since they are equity-accounted investees. The following table presents a sensitivity analysis for the discount rate and the inflation rate, showing how the defined benefit obligation at 31 December 2022 would have been affected by changes in the relevant actuarial assumption that were reasonably possible at the balance sheet date. The sensitivity analysis applies to the defined benefit obligation only and not to the net defined benefit pension liability in its entirety, the measurement of which is driven by a number of factors including, in addition to the assumptions below, the fair value of plan assets. \u20acm (Increase) / (Increase) / decrease in decrease in defined benefit defined benefit obligation at 31 obligation at 31 December 2022 December 2021 Discount rate Increase by 25 basis points 3.8 4.6 Decrease by 25 basis points -3.9 -4.9 Inflation rate Increase by 25 basis points -2.9 -2.4 Decrease by 25 basis points 2.7 2.3 31 There is a pension plan in Belgium legally structured as defined contribution plan. Because of the Belgian social legislation applicable, all Belgian defined contribution plans are considered under IFRS as defined benefit plan because the employer must guarantee a minimum return on employee and employer contributions. The Group is therefore exposed to a financial risk (legal obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits). Disclosures in tables above include those Belgian defined contribution plans. The plan is insured at an insurance company. The insurance company guarantees a minimum rate of return on the contributions paid. However, the minimum guaranteed rates have dropped significantly the last years and are currently below the social minimum return borne by the employer on the contributions (according to article 24 of the Law of 28 April 2003 on occupational pensions, the Group has to guarantee an average minimum return of 3.75% on employee contributions and of 3.25% on employer contributions paid up to 31 December 2015). The financial risk has therefore increased. The Belgian law of 18 December 2015 entered into effect on 1 January 2016 and amended, inter alia, the calculation of the minimum return guaranteed by law (minimum of 1.75% and maximum of 3.75%). The IFRS valuation and accounting of this kind of plan with contribution-based promises are not envisaged by IAS 19. Taking into account the change in the pension law and the current consensus on this specific matter, and after analysis of the pension plan, the Group considers that a method based on the IAS 19 methodology (\u201cProjected unit credit\u201d method used for defined benefit plan) is appropriate to measure the liability in the Belgian context as from 2016 onwards. The present value of the defined benefit obligation amounts to \u20ac67.7m (2021: \u20ac78.3m). The calculation is based on the \u201cProjected unit credit\u201d method with projection of the future contributions and services pro-rate for the employer contract and without projection of the future contributions for the employee contract. The fair value of the scheme assets amounts to \u20ac60.0m (2021: \u20ac60.4m) and is set equal to the contractual assets held by the insurance company (no application of paragraph 115 of IAS 19). The net deficit amounts to \u20ac7.7m (2021: \u20ac17.9m), recognized in the consolidated statement of financial position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__53": { "value": "Note 11.1: Income tax expenses Income tax expense is broken down as follows: \u20acm 2022 2021 Current year income tax -54.5 -32.2 Prior year income tax -3.4 -0.8 Movement in deferred taxes -0.6 5.0 Income tax expense -58.5 -28.0 The relationship between income tax expense and accounting profit is explained below: \u20acm 2022 2021 Result before taxes 394.3 279.3 Less: share of result of equity-accounted investees, net of income tax -210.1 -184.2 Result before taxes less share of result of equity-accounted investees 184.2 95.1 Tax at the Belgian corporation tax rate of 25.00% -46.1 -23.8 Foreign tax rate differential 0.2 -0.2 Tax effect of non-taxable income and non-deductible expenses -1.4 1.6 Other permanent differences - 2.0 Tax effect of current and deferred tax adjustments related to prior years 1.6 -1.0 Current year tax losses for which no deferred tax asset is recognised -5.5 -3.2 Derecognition of previously recognised deferred tax assets - -3.1 Other -7.3 -0.3 Actual income tax on PBT -58.5 -28.0 In 2022, in the PHE segment, the difference between the theoretical tax charge (at 25.00%) and the effective tax charge reported since the acquisition of PHE by the Group (-\u20ac6.2m), is included in the line \u201cOther\u201d in the above table, since the nature of the reconciling items were not available over the reporting period (from the acquisition date until the 31 December 2022). The Group\u2019s consolidated effective tax rate for the year ended 31 December 2022, excluding the share of the Group in the net result of equity-accounted investees is 31.8% (29.4% - as restated, see note 1 \u2013 for the year ended 31 December 2021). The Group is subject to several factors which may affect future tax charges, principally the levels and mix of profitability in different jurisdictions and tax rates imposed. The Group operates in multiple jurisdictions with often complex legal and tax regulatory environments. The income tax positions taken are considered by the Group to be supportable and are intended to withstand challenge from tax authorities. However, it 32 is acknowledged that some of the positions are uncertain and include interpretations of complex tax laws which could be disputed by tax authorities. The Group judges these positions on their technical merits and this on a regular basis using all the information available (legislation, case law, regulations, established practice, authoritative doctrine as well as certain third-party tax opinions issued by Belgian and foreign tax lawyers). These positions are based on facts and circumstances existing at the end of the reporting period and will be reviewed at each reporting date. A liability is recorded for each item that is not probable of being sustained on examination by the tax authorities and after using all legal remedies of defending the position before Court, based on all relevant information.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__54": { "value": "Note 11.2: Current tax assets and liabilities Current tax assets (liabilities) are largely expected to be recovered (settled) within 12 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__55": { "value": "Note 11.3: Deferred income taxes Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. \u20acm 31 December 2022 31 December 2021 Assets Liabilities Net Assets Liabilities Net Goodwill & intangible assets 6.7 -181.5 -174.8 0.3 -112.4 -112.1 Property, plant & equipment (excluding right-of use assets) 2.4 -22.3 -19.9 3.1 -22.3 -19.2 Right-of-use assets - -61.7 -61.7 - -11.1 -11.1 Derivative financial instruments - -0.5 -0.5 - - - Employee benefits 6.5 - 6.5 5.1 - 5.1 Inventories 6.9 - 6.9 6.7 - 6.7 Provisions 6.8 - 6.8 6.0 - 6.0 Lease liabilities 63.8 - 63.8 11.1 - 11.1 Other assets & liabilities 9.3 -1.1 8.2 1.6 -0.4 1.2 Deferred tax assets/(liabilities) arising from temporary differences 102.4 -267.1 -164.7 33.9 -146.2 -112.3 Tax losses carried forward 82.7 - 82.7 25.8 - - Deferred tax assets/(liabilities) 185.1 -267.1 -82.0 59.7 -146.2 -86.5 Set-off of tax -127.7 127.7 - -13.1 13.1 - Net deferred tax assets/(liabilities) 57.4 -139.4 -82.0 46.6 -133.1 -86.5 The net deferred tax balance includes net deferred tax assets amounting to \u20ac29.2m (2021: \u20ac14.2m) that are expected to be reversed in the following year. However, given the low predictability of deferred tax movements, this net amount might not be reversed as originally foreseen. At the balance sheet date, the Group has unused tax losses and credits of \u20ac151.5m (2021: \u20ac65.9m) available for offset against future profits, for which no deferred tax asset has been recognised, due to the unpredictability of future profit streams. These tax losses and credits may be carried forward indefinitely. The increase in unused and unrecognised tax losses and credits compared to 31 December 2021 is mainly explained by the existence of unused and unrecognised tax losses in the PHE segment. At the balance sheet date, no deferred tax liability has been recognized for the aggregate amount of temporary differences associated with the investments in subsidiaries, branches, associates and interests in joint ventures because the Group is in a position to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the foreseeable future. It should also be noted that the reversal of these temporary differences, for example by way of distribution of dividends by the subsidiaries to the Company, would generate no (or a marginal) current tax effect. Deferred tax assets are recognised provided that there is a sufficient probability that they will be recovered in the foreseeable future. Recoverability has been conservatively assessed. However, should the conditions for this recovery not be met in the future, the current carrying amount of the deferred tax assets may be reduced. 33 The movement in deferred tax assets and liabilities during the period and the prior period is as follows: \u20acm 2022 2021 Net deferred tax liabilities (negative amounts) At 1 January -133.1 -131.0 Recognised in profit or loss 0.8 0.9 Recognised in other comprehensive income -0.1 -0.1 Recognised directly in equity - -0.5 Recognition arising from business combination -12.3 - Exchange rate differences 0.1 - Other variation 5.2 -2.4 At 31 December -139.4 -133.1 Net deferred tax assets (positive amounts) 2022 2021 At 1 January 46.6 43.2 Recognised in profit or loss -1.4 4.1 Recognised in other comprehensive income -0.9 -0.1 Recognised directly in equity -2.7 -1.7 Recognition arising from business combination 24.1 - Exchange rate differences - 0.6 Other variation -8.3 0.5 At 31 December 57.4 46.6", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__59": { "value": "Note 12: Goodwill The reconciliation of the carrying amount of goodwill is set out below: \u20acm 2022 2021 Gross amount at 1 January 207.9 199.5 Accumulated impairment losses at 1 January -124.7 -123.3 Carrying amount at 1 January 83.2 76.2 Items acquired through business combinations (see note 26) 898.0 7.0 Carrying amount at 31 December 981.2 83.2 of which: gross amount 1,105.9 207.9 of which: accumulated impairment losses -124.7 -124.7 The line \u201cItems acquired through business combination\u201d includes mainly the goodwill recognised on the acquisition of PHE (see note 26) as well as the goodwill recognized by the D\u2019Ieteren Automotive segment following the acquisitions performed in the period. In accordance with the requirements of IAS 36 \u201cImpairment of Assets\u201d, the Group completed a review of the carrying value of goodwill and of the intangible assets with indefinite useful lives (disclosed in note 13). The impairment review is based on the value in use calculation and is carried out to ensure that the carrying value of the assets are stated at no more than their recoverable amount, being the higher of fair value less costs to sell and value in use. For the purpose of impairment testing, goodwill relates to the following Group\u2019s operating segments: 34 \u20acm 2022 2021 D\u2019Ieteren Automotive 49.2 31.3 Moleskine 48.8 48.8 Corporate & unallocated 3.1 3.1 PHE 880.1 - GROUP 981.2 83.2 As a result of their classification as equity-accounted investees, information on the impairment tests performed in the Belron and TVH segments are provided in note 17. The Group completed the annual impairment test for goodwill and intangible assets with indefinite useful lives and concluded that, based on the assumptions described below, no impairment charge was required. Impairment testing relies on several critical judgments, estimates and assumptions. Management believes that all its estimates are reasonable since they are consistent with the Group\u2019s internal reporting and reflect management best estimates. Projected revenue growth rates, competitive and consumer trends, operating margins, discount rates and terminal growth rates are assumptions and estimates that may be revised in future periods. Should these vary adversely in the future, the value in use of goodwill and intangible assets with indefinite useful lives may reduce below their carrying amounts. D\u2019Ieteren Automotive In the D\u2019Ieteren Automotive segment, additional goodwill recognised in 2022 (\u20ac17.9m) reflects the acquisitions performed in 2022, as disclosed in note 26. In accordance with IAS 36, the D\u2019Ieteren Automotive segment allocated goodwill across its CGUs, being \u201cD\u2019Ieteren Automotive\u201d (import/support activities), \u201cRetail\u201d (automobile retail activities), \u201cWonder\u201d (used cars and body shops activities), \u201cLab Box\u201d (mobility services) and \u201cLucien\u201d (bike retail and services). Management of D\u2019Ieteren Automotive performed a review of the carrying value of the goodwill and intangible assets allocated in each of these CGUs and concluded that no impairment charge is required. D\u2019Ieteren Automotive calculated the present value of the estimated future cash flows, based on D\u2019Ieteren Automotive strategic plan (starting from the budget 2023 figures until 2027) prepared by management, reviewed and approved by the Board of Directors. The pre-tax rates used to discount future cash flows have been computed individually for each CGU, ranging from 7.41% to 13.20% and are based upon the weighted average cost of capital of the D\u2019Ieteren Automotive segment. Moleskine At year-end 2022, the Board of Directors of the Company reviewed the carrying amount of the Moleskine cash-generating unit. In determining the value in use of the CGU, the Company calculated the present value of the estimated future cash flows, based on Moleskine\u2019s five-year strategic plan (2021 \u2013 2025) approved by the Board of Directors in 2020, confirmed by the management in 2022, extending it for one year until 2026. The model starts with the 2023 figures from the most recent budget approved by the Board of Directors, 2024 to 2026 figures presented in the five-year strategic plan and applies a terminal growth rate of 1.95% (2021: 1.5%) to the terminal value beyond the year 2026. The terminal growmanagement\u2019s estimate of the long-term compound annual EBITDA growth rate, consistent with the assumptions that a market participant would make. The pre-tax discount rate applied amounts to 9.1% (2021: 6.5%) and is based upon the weighted average cost of capital of the Moleskine segment, considering appropriate adjustments for the relevant risks associated with investing in equities, with the business and with the underlying country (country risk premium). The Board of Directors of the Company is satisfied that the carrying amount of the Moleskine cash-generating unit is stated at no more than its value in use. Sensitivity analysis prepared by management revealed that an individual 1% adverse movement in either the terminal growth rate or the discount rate would not lead to further impairment. The individual change required for carrying amount to equal value in use is 2.4% for the discount rate (from 9.1% to 11.5%) or -3.08% for the terminal growth rate (from 1.95% to -1.13%). At 31 December 2022, the recoverable amount of the CGU exceeds its carrying amount by \u20ac147m. The calculations are highly sensitive and goodwill in respect of the Moleskine cash-generating unit remains at risk of impairment. Going forward, Moleskine would have to achieve its 2023 budgeted figures to avoid future impairment. A new impairment test will be performed at half-year 2023 if impairment triggers are identified. Corporate & unallocated The \u20ac3.1m goodwill in the Corporate & unallocated segment arose from past acquisitions performed by D\u2019Ieteren Immo. The fair value less costs to sell of the investment properties and property, plant and equipment held by D\u2019Ieteren Immo (based on the most recent market valuation report prepared by an independent expert) being higher than the carrying value of the assets and liabilities, the Group concluded that the Corporate & unallocated cash-generating unit is stated at no more thanrecoverable amount. The fair value of the investment properties is classified in level 2 of the fair-value hierarchy (see note 18). PHE The \u20ac880.1m goodwill in the PHE segment includes \u20ac518.3m of provisional goodwill recognised by the Group following the acquisition of PHE. Refer to note 26 for more information on the business combination. The provisional goodwill represents the thdifference between the consideration paid (being the fair value) to acquire 100% of PHE on 4 of August 2022, and the assets acquired and liabilities assumed. The consideration paid at acquisition date being the best proxy for the fair value less costs to 35 sell of PHE at 31 December 2022, the Group concluded that the PHE cash-generating unit is stated at no more trecoverable amount. The business plan on which the Group relied to calculate the fair value of PHE at the time of acquisition is still valid at 31 December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__58": { "value": "Note 12: Goodwill The reconciliation of the carrying amount of goodwill is set out below: \u20acm 2022 2021 Gross amount at 1 January 207.9 199.5 Accumulated impairment losses at 1 January -124.7 -123.3 Carrying amount at 1 January 83.2 76.2 Items acquired through business combinations (see note 26) 898.0 7.0 Carrying amount at 31 December 981.2 83.2 of which: gross amount 1,105.9 207.9 of which: accumulated impairment losses -124.7 -124.7 The line \u201cItems acquired through business combination\u201d includes mainly the goodwill recognised on the acquisition of PHE (see note 26) as well as the goodwill recognized by the D\u2019Ieteren Automotive segment following the acquisitions performed in the period. In accordance with the requirements of IAS 36 \u201cImpairment of Assets\u201d, the Group completed a review of the carrying value of goodwill and of the intangible assets with indefinite useful lives (disclosed in note 13). The impairment review is based on the value in use calculation and is carried out to ensure that the carrying value of the assets are stated at no more than their recoverable amount, being the higher of fair value less costs to sell and value in use. For the purpose of impairment testing, goodwill relates to the following Group\u2019s operating segments: 34 \u20acm 2022 2021 D\u2019Ieteren Automotive 49.2 31.3 Moleskine 48.8 48.8 Corporate & unallocated 3.1 3.1 PHE 880.1 - GROUP 981.2 83.2 As a result of their classification as equity-accounted investees, information on the impairment tests performed in the Belron and TVH segments are provided in note 17. The Group completed the annual impairment test for goodwill and intangible assets with indefinite useful lives and concluded that, based on the assumptions described below, no impairment charge was required. Impairment testing relies on several critical judgments, estimates and assumptions. Management believes that all its estimates are reasonable since they are consistent with the Group\u2019s internal reporting and reflect management best estimates. Projected revenue growth rates, competitive and consumer trends, operating margins, discount rates and terminal growth rates are assumptions and estimates that may be revised in future periods. Should these vary adversely in the future, the value in use of goodwill and intangible assets with indefinite useful lives may reduce below their carrying amounts. D\u2019Ieteren Automotive In the D\u2019Ieteren Automotive segment, additional goodwill recognised in 2022 (\u20ac17.9m) reflects the acquisitions performed in 2022, as disclosed in note 26. In accordance with IAS 36, the D\u2019Ieteren Automotive segment allocated goodwill across its CGUs, being \u201cD\u2019Ieteren Automotive\u201d (import/support activities), \u201cRetail\u201d (automobile retail activities), \u201cWonder\u201d (used cars and body shops activities), \u201cLab Box\u201d (mobility services) and \u201cLucien\u201d (bike retail and services). Management of D\u2019Ieteren Automotive performed a review of the carrying value of the goodwill and intangible assets allocated in each of these CGUs and concluded that no impairment charge is required. D\u2019Ieteren Automotive calculated the present value of the estimated future cash flows, based on D\u2019Ieteren Automotive strategic plan (starting from the budget 2023 figures until 2027) prepared by management, reviewed and approved by the Board of Directors. The pre-tax rates used to discount future cash flows have been computed individually for each CGU, ranging from 7.41% to 13.20% and are based upon the weighted average cost of capital of the D\u2019Ieteren Automotive segment. Moleskine At year-end 2022, the Board of Directors of the Company reviewed the carrying amount of the Moleskine cash-generating unit. In determining the value in use of the CGU, the Company calculated the present value of the estimated future cash flows, based on Moleskine\u2019s five-year strategic plan (2021 \u2013 2025) approved by the Board of Directors in 2020, confirmed by the management in 2022, extending it for one year until 2026. The model starts with the 2023 figures from the most recent budget approved by the Board of Directors, 2024 to 2026 figures presented in the five-year strategic plan and applies a terminal growth rate of 1.95% (2021: 1.5%) to the terminal value beyond the year 2026. The terminal growmanagement\u2019s estimate of the long-term compound annual EBITDA growth rate, consistent with the assumptions that a market participant would make. The pre-tax discount rate applied amounts to 9.1% (2021: 6.5%) and is based upon the weighted average cost of capital of the Moleskine segment, considering appropriate adjustments for the relevant risks associated with investing in equities, with the business and with the underlying country (country risk premium). The Board of Directors of the Company is satisfied that the carrying amount of the Moleskine cash-generating unit is stated at no more than its value in use. Sensitivity analysis prepared by management revealed that an individual 1% adverse movement in either the terminal growth rate or the discount rate would not lead to further impairment. The individual change required for carrying amount to equal value in use is 2.4% for the discount rate (from 9.1% to 11.5%) or -3.08% for the terminal growth rate (from 1.95% to -1.13%). At 31 December 2022, the recoverable amount of the CGU exceeds its carrying amount by \u20ac147m. The calculations are highly sensitive and goodwill in respect of the Moleskine cash-generating unit remains at risk of impairment. Going forward, Moleskine would have to achieve its 2023 budgeted figures to avoid future impairment. A new impairment test will be performed at half-year 2023 if impairment triggers are identified. Corporate & unallocated The \u20ac3.1m goodwill in the Corporate & unallocated segment arose from past acquisitions performed by D\u2019Ieteren Immo. The fair value less costs to sell of the investment properties and property, plant and equipment held by D\u2019Ieteren Immo (based on the most recent market valuation report prepared by an independent expert) being higher than the carrying value of the assets and liabilities, the Group concluded that the Corporate & unallocated cash-generating unit is stated at no more thanrecoverable amount. The fair value of the investment properties is classified in level 2 of the fair-value hierarchy (see note 18). PHE The \u20ac880.1m goodwill in the PHE segment includes \u20ac518.3m of provisional goodwill recognised by the Group following the acquisition of PHE. Refer to note 26 for more information on the business combination. The provisional goodwill represents the thdifference between the consideration paid (being the fair value) to acquire 100% of PHE on 4 of August 2022, and the assets acquired and liabilities assumed. The consideration paid at acquisition date being the best proxy for the fair value less costs to 35 sell of PHE at 31 December 2022, the Group concluded that the PHE cash-generating unit is stated at no more trecoverable amount. The business plan on which the Group relied to calculate the fair value of PHE at the time of acquisition is still valid at 31 December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__57": { "value": "Note 12: Goodwill The reconciliation of the carrying amount of goodwill is set out below: \u20acm 2022 2021 Gross amount at 1 January 207.9 199.5 Accumulated impairment losses at 1 January -124.7 -123.3 Carrying amount at 1 January 83.2 76.2 Items acquired through business combinations (see note 26) 898.0 7.0 Carrying amount at 31 December 981.2 83.2 of which: gross amount 1,105.9 207.9 of which: accumulated impairment losses -124.7 -124.7 The line \u201cItems acquired through business combination\u201d includes mainly the goodwill recognised on the acquisition of PHE (see note 26) as well as the goodwill recognized by the D\u2019Ieteren Automotive segment following the acquisitions performed in the period. In accordance with the requirements of IAS 36 \u201cImpairment of Assets\u201d, the Group completed a review of the carrying value of goodwill and of the intangible assets with indefinite useful lives (disclosed in note 13). The impairment review is based on the value in use calculation and is carried out to ensure that the carrying value of the assets are stated at no more than their recoverable amount, being the higher of fair value less costs to sell and value in use. For the purpose of impairment testing, goodwill relates to the following Group\u2019s operating segments: 34 \u20acm 2022 2021 D\u2019Ieteren Automotive 49.2 31.3 Moleskine 48.8 48.8 Corporate & unallocated 3.1 3.1 PHE 880.1 - GROUP 981.2 83.2 As a result of their classification as equity-accounted investees, information on the impairment tests performed in the Belron and TVH segments are provided in note 17. The Group completed the annual impairment test for goodwill and intangible assets with indefinite useful lives and concluded that, based on the assumptions described below, no impairment charge was required. Impairment testing relies on several critical judgments, estimates and assumptions. Management believes that all its estimates are reasonable since they are consistent with the Group\u2019s internal reporting and reflect management best estimates. Projected revenue growth rates, competitive and consumer trends, operating margins, discount rates and terminal growth rates are assumptions and estimates that may be revised in future periods. Should these vary adversely in the future, the value in use of goodwill and intangible assets with indefinite useful lives may reduce below their carrying amounts. D\u2019Ieteren Automotive In the D\u2019Ieteren Automotive segment, additional goodwill recognised in 2022 (\u20ac17.9m) reflects the acquisitions performed in 2022, as disclosed in note 26. In accordance with IAS 36, the D\u2019Ieteren Automotive segment allocated goodwill across its CGUs, being \u201cD\u2019Ieteren Automotive\u201d (import/support activities), \u201cRetail\u201d (automobile retail activities), \u201cWonder\u201d (used cars and body shops activities), \u201cLab Box\u201d (mobility services) and \u201cLucien\u201d (bike retail and services). Management of D\u2019Ieteren Automotive performed a review of the carrying value of the goodwill and intangible assets allocated in each of these CGUs and concluded that no impairment charge is required. D\u2019Ieteren Automotive calculated the present value of the estimated future cash flows, based on D\u2019Ieteren Automotive strategic plan (starting from the budget 2023 figures until 2027) prepared by management, reviewed and approved by the Board of Directors. The pre-tax rates used to discount future cash flows have been computed individually for each CGU, ranging from 7.41% to 13.20% and are based upon the weighted average cost of capital of the D\u2019Ieteren Automotive segment. Moleskine At year-end 2022, the Board of Directors of the Company reviewed the carrying amount of the Moleskine cash-generating unit. In determining the value in use of the CGU, the Company calculated the present value of the estimated future cash flows, based on Moleskine\u2019s five-year strategic plan (2021 \u2013 2025) approved by the Board of Directors in 2020, confirmed by the management in 2022, extending it for one year until 2026. The model starts with the 2023 figures from the most recent budget approved by the Board of Directors, 2024 to 2026 figures presented in the five-year strategic plan and applies a terminal growth rate of 1.95% (2021: 1.5%) to the terminal value beyond the year 2026. The terminal growmanagement\u2019s estimate of the long-term compound annual EBITDA growth rate, consistent with the assumptions that a market participant would make. The pre-tax discount rate applied amounts to 9.1% (2021: 6.5%) and is based upon the weighted average cost of capital of the Moleskine segment, considering appropriate adjustments for the relevant risks associated with investing in equities, with the business and with the underlying country (country risk premium). The Board of Directors of the Company is satisfied that the carrying amount of the Moleskine cash-generating unit is stated at no more than its value in use. Sensitivity analysis prepared by management revealed that an individual 1% adverse movement in either the terminal growth rate or the discount rate would not lead to further impairment. The individual change required for carrying amount to equal value in use is 2.4% for the discount rate (from 9.1% to 11.5%) or -3.08% for the terminal growth rate (from 1.95% to -1.13%). At 31 December 2022, the recoverable amount of the CGU exceeds its carrying amount by \u20ac147m. The calculations are highly sensitive and goodwill in respect of the Moleskine cash-generating unit remains at risk of impairment. Going forward, Moleskine would have to achieve its 2023 budgeted figures to avoid future impairment. A new impairment test will be performed at half-year 2023 if impairment triggers are identified. Corporate & unallocated The \u20ac3.1m goodwill in the Corporate & unallocated segment arose from past acquisitions performed by D\u2019Ieteren Immo. The fair value less costs to sell of the investment properties and property, plant and equipment held by D\u2019Ieteren Immo (based on the most recent market valuation report prepared by an independent expert) being higher than the carrying value of the assets and liabilities, the Group concluded that the Corporate & unallocated cash-generating unit is stated at no more thanrecoverable amount. The fair value of the investment properties is classified in level 2 of the fair-value hierarchy (see note 18). PHE The \u20ac880.1m goodwill in the PHE segment includes \u20ac518.3m of provisional goodwill recognised by the Group following the acquisition of PHE. Refer to note 26 for more information on the business combination. The provisional goodwill represents the thdifference between the consideration paid (being the fair value) to acquire 100% of PHE on 4 of August 2022, and the assets acquired and liabilities assumed. The consideration paid at acquisition date being the best proxy for the fair value less costs to 35 sell of PHE at 31 December 2022, the Group concluded that the PHE cash-generating unit is stated at no more trecoverable amount. The business plan on which the Group relied to calculate the fair value of PHE at the time of acquisition is still valid at 31 December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__56-1": { "value": "Note 12: Goodwill The reconciliation of the carrying amount of goodwill is set out below: \u20acm 2022 2021 Gross amount at 1 January 207.9 199.5 Accumulated impairment losses at 1 January -124.7 -123.3 Carrying amount at 1 January 83.2 76.2 Items acquired through business combinations (see note 26) 898.0 7.0 Carrying amount at 31 December 981.2 83.2 of which: gross amount 1,105.9 207.9 of which: accumulated impairment losses -124.7 -124.7 The line \u201cItems acquired through business combination\u201d includes mainly the goodwill recognised on the acquisition of PHE (see note 26) as well as the goodwill recognized by the D\u2019Ieteren Automotive segment following the acquisitions performed in the period. In accordance with the requirements of IAS 36 \u201cImpairment of Assets\u201d, the Group completed a review of the carrying value of goodwill and of the intangible assets with indefinite useful lives (disclosed in note 13). The impairment review is based on the value in use calculation and is carried out to ensure that the carrying value of the assets are stated at no more than their recoverable amount, being the higher of fair value less costs to sell and value in use. For the purpose of impairment testing, goodwill relates to the following Group\u2019s operating segments: 34 \u20acm 2022 2021 D\u2019Ieteren Automotive 49.2 31.3 Moleskine 48.8 48.8 Corporate & unallocated 3.1 3.1 PHE 880.1 - GROUP 981.2 83.2 As a result of their classification as equity-accounted investees, information on the impairment tests performed in the Belron and TVH segments are provided in note 17. The Group completed the annual impairment test for goodwill and intangible assets with indefinite useful lives and concluded that, based on the assumptions described below, no impairment charge was required. Impairment testing relies on several critical judgments, estimates and assumptions. Management believes that all its estimates are reasonable since they are consistent with the Group\u2019s internal reporting and reflect management best estimates. Projected revenue growth rates, competitive and consumer trends, operating margins, discount rates and terminal growth rates are assumptions and estimates that may be revised in future periods. Should these vary adversely in the future, the value in use of goodwill and intangible assets with indefinite useful lives may reduce below their carrying amounts. D\u2019Ieteren Automotive In the D\u2019Ieteren Automotive segment, additional goodwill recognised in 2022 (\u20ac17.9m) reflects the acquisitions performed in 2022, as disclosed in note 26. In accordance with IAS 36, the D\u2019Ieteren Automotive segment allocated goodwill across its CGUs, being \u201cD\u2019Ieteren Automotive\u201d (import/support activities), \u201cRetail\u201d (automobile retail activities), \u201cWonder\u201d (used cars and body shops activities), \u201cLab Box\u201d (mobility services) and \u201cLucien\u201d (bike retail and services). Management of D\u2019Ieteren Automotive performed a review of the carrying value of the goodwill and intangible assets allocated in each of these CGUs and concluded that no impairment charge is required. D\u2019Ieteren Automotive calculated the present value of the estimated future cash flows, based on D\u2019Ieteren Automotive strategic plan (starting from the budget 2023 figures until 2027) prepared by management, reviewed and approved by the Board of Directors. The pre-tax rates used to discount future cash flows have been computed individually for each CGU, ranging from 7.41% to 13.20% and are based upon the weighted average cost of capital of the D\u2019Ieteren Automotive segment. Moleskine At year-end 2022, the Board of Directors of the Company reviewed the carrying amount of the Moleskine cash-generating unit. In determining the value in use of the CGU, the Company calculated the present value of the estimated future cash flows, based on Moleskine\u2019s five-year strategic plan (2021 \u2013 2025) approved by the Board of Directors in 2020, confirmed by the management in 2022, extending it for one year until 2026. The model starts with the 2023 figures from the most recent budget approved by the Board of Directors, 2024 to 2026 figures presented in the five-year strategic plan and applies a terminal growth rate of 1.95% (2021: 1.5%) to the terminal value beyond the year 2026. The terminal growmanagement\u2019s estimate of the long-term compound annual EBITDA growth rate, consistent with the assumptions that a market participant would make. The pre-tax discount rate applied amounts to 9.1% (2021: 6.5%) and is based upon the weighted average cost of capital of the Moleskine segment, considering appropriate adjustments for the relevant risks associated with investing in equities, with the business and with the underlying country (country risk premium). The Board of Directors of the Company is satisfied that the carrying amount of the Moleskine cash-generating unit is stated at no more than its value in use. Sensitivity analysis prepared by management revealed that an individual 1% adverse movement in either the terminal growth rate or the discount rate would not lead to further impairment. The individual change required for carrying amount to equal value in use is 2.4% for the discount rate (from 9.1% to 11.5%) or -3.08% for the terminal growth rate (from 1.95% to -1.13%). At 31 December 2022, the recoverable amount of the CGU exceeds its carrying amount by \u20ac147m. The calculations are highly sensitive and goodwill in respect of the Moleskine cash-generating unit remains at risk of impairment. Going forward, Moleskine would have to achieve its 2023 budgeted figures to avoid future impairment. A new impairment test will be performed at half-year 2023 if impairment triggers are identified. Corporate & unallocated The \u20ac3.1m goodwill in the Corporate & unallocated segment arose from past acquisitions performed by D\u2019Ieteren Immo. The fair value less costs to sell of the investment properties and property, plant and equipment held by D\u2019Ieteren Immo (based on the most recent market valuation report prepared by an independent expert) being higher than the carrying value of the assets and liabilities, the Group concluded that the Corporate & unallocated cash-generating unit is stated at no more thanrecoverable amount. The fair value of the investment properties is classified in level 2 of the fair-value hierarchy (see note 18). PHE The \u20ac880.1m goodwill in the PHE segment includes \u20ac518.3m of provisional goodwill recognised by the Group following the acquisition of PHE. Refer to note 26 for more information on the business combination. The provisional goodwill represents the thdifference between the consideration paid (being the fair value) to acquire 100% of PHE on 4 of August 2022, and the assets acquired and liabilities assumed. The consideration paid at acquisition date being the best proxy for the fair value less costs to 35 sell of PHE at 31 December 2022, the Group concluded that the PHE cash-generating unit is stated at no more trecoverable amount. The business plan on which the Group relied to calculate the fair value of PHE at the time of acquisition is still valid at 31 December 2022.Note 13: Intangible assets Goodwill is analysed in note 12. All intangible assets have finite useful lives, unless otherwise specified. \u20acm Brands Other Total (finite and indefinite useful lives) Gross amount at 1 January 2022 402.8 90.8 493.6 Accumulated amortisation and impairment losses at 1 January 2022 - -54.5 -54.5 Carrying amount at 1 January 2022 402.8 36.3 439.1 Additions: Items separately acquired - 22.3 22.3 Disposals - -0.9 -0.9 Amortisation - -20.4 -20.4 Transfer from (to) another caption 0.2 -0.6 -0.4 Items acquired through business combinations (see note 26) 207.5 104.2 311.7 Scope exit - -1.8 -1.8 Carrying amount at 31 December 2022 610.5 139.1 749.6 of which: gross amount 610.5 214.0 824.5 of which: accumulated amortisation and impairment losses - -74.9 -74.9 Gross amount at 1 January 2021 402.8 77.3 480.1 Accumulated amortisation and impairment losses at 1 January 2021 - -45.5 -45.5 Carrying amount at 1 January 2021 402.8 31.8 434.6 Additions: Items separately acquired - 16.2 16.2 Disposals - - - Amortisation - -9.0 -9.0 Scope exit - -2.7 -2.7 Carrying amount at 31 December 2021 402.8 36.3 439.1 of which: gross amount 402.8 90.8 493.6 of which: accumulated amortisation and impairment losses - -54.5 -54.5 The Moleskine brand (\u20ac403m; acquired in November 2016) and the brands recognised in the PHE segment have an indefinite useful life, since, given the absence of factors that could cause their obsolescence and in light of the life cycles of the products to which they relate, there is no foreseeable limit to the period over which these assets are expected to generate net cash inflows for the Group. The line \u201cItems acquired through business combination\u201d represents the net book value of the intangible assets recognised in the PHE segment prior to the acquisition by the Group. The line \u201cadditions\u201d includes the net book value of the intangible assets acquired by the D\u2019Ieteren Automotive following the acquisitions performed in the period, and the net book value of intangible assets acquired in the PHE segment following the acquisitions performed during the period going from the acquisition by the Group until the 31 December 2022. The caption \u201cOther\u201d mainly includes computer software, other licences and similar rights, and intangibles under development. The other disclosures required by IAS 36 for intangible assets with indefinite useful lives are provided in note 12.36", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__62": { "value": "Note 14: Property, plant and equipment \u20acm Assets Plant and Property under Total equipment construction Gross amount at 1 January 2022 411.0 198.7 16.1 625.8 Accumulated depreciation and impairment losses at 1 January 2022 -205.4 -155.1 - -360.5 Carrying amount at 1 January 2022 205.6 43.6 16.1 265.3 Additions 22.9 52.1 17.2 92.2 Disposals -4.8 -4.7 -1.5 -11.0 Depreciation on PP&E (including right-of-use assets) -33.1 -33.5 - -66.6 Transfer from (to) another caption -17.9 9.3 -2.6 -11.2 Items acquired through business combinations (see note 26) 207.0 89.7 3.3 300.0 Scope exit - -2.6 - -2.6 Carrying amount at 31 December 2022 379.7 153.9 32.5 566.1 of which: gross amount 748.5 497.9 32.5 1,278.9 of which: accumulated depreciation and impairment losses -368.8 -344.0 - -712.8 Gross amount at 1 January 2021 405.5 173.7 7.9 587.1 Accumulated depreciation and impairment losses at 1 January 2021 -193.7 -130.5 - -324.2 Carrying amount at 1 January 2021 211.8 43.2 7.9 262.9 Additions 7.9 37.1 12.3 57.3 Disposals -0.3 -15.6 -2.7 -18.6 Depreciation on PP&E (including right-of-use assets) -11.7 -24.6 - -36.3 Transfer from (to) another caption -2.3 0.6 -1.4 -3.1 Items acquired through business combinations 0.2 2.2 - 2.4 Translation differences - 0.7 - 0.7 Carrying amount at 31 December 2021 205.6 43.6 16.1 265.3 of which: gross amount 411.0 198.7 16.1 625.8 of which: accumulated depreciation and impairment losses -205.4 -155.1 - -360.5 At 31 December 2021 and at 31 December 2022, assets under construction mainly included property under construction in the segment \u201cCorporate & unallocated\u201d, as part of the real estate activities of the Group. The right-of-use assets, including those previously held under finance lease under IAS 17, are included in the above at the following amounts (see note 32 for more information on the right-of-use assets): \u20acm Total 31 December 2022 235.6 31 December 2021 45.9 The increase in the net book value of right-of-use assets compared to 31 December 2021 is mainly attributable to the integration of PHE in the Group\u2019s consolidated statement of financial position at 31 December 2022. 37", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__64": { "value": "Note 15: Investment property \u20acm 2022 2021 Gross amount at 1 January 69.3 65.7 Accumulated depreciation at 1 January -35.7 -34.0 Carrying amount at 1 January 33.6 31.7 Additions 0.1 - Disposals -0.1 - Depreciation on PP&E (including right-of-use assets) -1.5 -1.2 Transfer from (to) another caption 9.7 3.1 Carrying amount at 31 December 41.8 33.6 of which: gross amount 79.9 69.3 of which: accumulated depreciation -38.1 -35.7 Fair value 61.1 49.0 The fair value is supported by market evidence and is based on a valuation by an independent valuer who holds a recognised and relevant professional qualification, and who has recent experience in the location and category of the investment property held by the Group. The latest valuations were performed in March 2022. All items of investment property are located in Belgium and are held by the segment \u201cCorporate & unallocated\u201d. The line \u201ctransfer from (to) another caption\u201d in 2021 and 2022 relates to the transfer of assets from property, plant and equipment and assets under construction (see note 14). See also note 32 for other disclosures on investment property. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__66": { "value": "Note 16: Inventories \u20acm 2022 2021 D'Ieteren Automotive Vehicles 617.4 376.1 Spare parts and accessories 45.9 37.7 Other 15.3 2.0 Subtotal 678.6 415.8 PHE 483.4 - Moleskine 29.7 30.4 GROUP 1,191.7 446.2 The accumulated write-down on inventories amounts to \u20ac53.4m (2021: \u20ac16.6m). The increase in the period mainly relates to the integration of PHE in the consolidated statement of financial position from the date of acquisition by the Group (see note 26). The amount of write down of inventories recognised in the period in the cost of sales (see note 6) is an income of \u20ac2.3m (2021: a charge of \u20ac3.7m). The inventories in the PHE segment are mainly composed of goods bought to suppliers and are generally not modified or transformed. The inventories are expected to be recovered within 12 months and are mainly composed of merchandises. 38", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__67": { "value": "Note 17: Equity-accounted investees In 2022, the entities accounted for using the equity method are Volkswagen D\u2019Ieteren Finance, Skipr, Lizzy and MyMove in the D\u2019Ieteren Automotive segment, Belron, and TVH. PHE also holds equity-accounted investees but no further informatiprovided since they are not considered material to the Group. \u20acm 2022 2021\u207d\u207d\u00b9\u207e\u207e D'Ieteren D'Ieteren Belron TVH PHE Group Belron TVH Group Autom. Autom. Interests in joint ventures 128.8 26.9 1,211.9 5.0 1,372.6 113.1 -49.1 1,156.6 1,220.6 Total of equity-accounted investees and long-term interests in equity-accounted 128.8 26.9 1,211.9 5.0 1,372.6 113.1 -49.1 1,156.6 1,220.6 investees Share of profit in joint ventures 6.8 150.6 52.5 0.2 210.1 8.1 168.1 8.0 184.2 Total of share of result after tax of equity-accounted investees and long-6.8 150.6 52.5 0.2 210.1 8.1 168.1 8.0 184.2 term interests in equity-accounted investees (1) As restated to reflect the adjustments performed on the three-month statement of profit or loss and other comprehensive income of TVH to improve the consistency of accounting policies across all affiliates and to reflect the purchase price allocation of TVH finalized by the Group in the second half of 2022. Refer to note 1 for more information on the restatement of comparative information. Belron In 2022 and in 2021, Belron Group s.a. (\u201cBGSA\u201d), the joint venture holding the Belron activities (see note 1 for more information), is accounted for as an equity-accounted investee, and is owned 50.01% in economic rights by the Group on fully diluted basis. The Group has joint control over BGSA as a result of some reserved matters being shared with Clayton, Dubilier & Rice (\u201cCD&R\u201d). On 17 December 2021, D\u2019Ieteren Group announced that Hellman & Friedman and funds and accounts managed by GIC and BlackRock Private Equity Partners have completed the acquisition of a stake in BGSA, representing 16.8% of BGSA\u2019s share capital on a combined basis. Mid-July 2022, H&F and GIC have slightly increased their participation in Belron, buying shares back mostly from natural leavers at the same financial consideration as their previous transaction closed in December 2021. Belron\u2019s shareholding structure is now as follows: 50.01% D\u2019Ieteren Group, 20.3% CD&R, 17.9% H&F, GIC and BlackRock Private Equity Partners, 11.8% management & the family holding company of Belron\u2019s former CEO. At inception (February 2018), the capital structure of BGSA was composed of voting ordinary shares (ca. 3 % of total equity) and non-voting preference shares (ca. 97% of total equity), in the same proportion between shareholders (the Group, CD&R, and the family holding company of Belron\u2019s former CEO). In 2021, preference shares have been bearing a fixed annual compounding dividend rate of 10% (any distribution being first allocated to the preference shares in order to satisfy the accumulated dividend and to redeem the subscription amount of preference shares). Having converted in June 2021 its remaining preference shares into ordinary shares (as at 31 December 2021 there was no preference shares remaining in the equity of BGSA), the Group has reaffirmed its long-term commitment to Belron with a 50.01% shareholding (on a fully diluted basis including all management shares). Given the equity structure described above, the Group\u2019s share in the net result of Belron for the 12-month period ended 31 December 2022 corresponds to fully-diluted economic percentage of 50.01%. For the 12-month period ended 31 December 2021, the Group\u2019s share in the net result of Belron was 52.88%, corresponding to the Group\u2019s percentage of ownership in the preference shares (for the fixed annual compounding dividend rate of 10% which benefited to preference shares) and based on the Group\u2019s percentage of ownership in the ordinary shares (for the net result in surplus, after deduction of the fixed dividend of the preference shares). A Management Reward Plan (MRP) involving key employees was set up in 2018. The participants of the MRP acquired non-voting equity instruments in BGSA (representing the fair value of various classes of equity instruments, being all treated as equity under IFRS). Part of the issued equity consists of \u201cratchet shares\u201d which will allow management to enjoy additional returns if certain performance hurdles (IRR and Cash on Cash) are satisfied at exit. The share of the Group in the net result of BGSA in 2022 (50.01%) and 2021 (52.88%) already takes into account the dilutive impact of these MRP shares. The detailed statement of financial position of Belron as included in its own financial statements (not adjusted for consolidated adjustments) is disclosed in note 4. At year-end 2022, Belron completed a review of the carrying value of goodwill and other intangible assets with indefinite useful lives, as well as the carrying value of all other assets in each of its cash generating units (being the different countries where it operates). The impairment review was undertaken to ensure that the carrying value of the Belron\u2019s assets are stated at no more than their recoverable amount, being the higher of fair value less cost to sell and value-in-use. The recoverable amount of the cash-generating units (CGUs) was determined based on value-in-use calculations which requires the use of key cashflow and 39 discount rate assumptions. The cashflows were obtained from Belron\u2019s board approved 2023 budget and the five-year plan, while the discount rates were revised using updated cost of equity and cost of debt data. This review has led to a goodwill impairment charge of -\u20ac2.7m being recognised in relation to the Norwegian business (2021: -\u20ac3.2m in relation to Finland). In 2022, additional write-offs on non-current assets have been recognised for -\u20ac8.5m and relates to a leased property and leasehold improvements no longer being used (2021: \u20ac11.9m write off on leased property no longer being used and \u20ac3.4m of previously capitalised SaaS costs). At year-end 2022, based on IAS28, the Board of Directors of the Company did not identify any indication of possible impairment (a triggering event) on its investment in Belron (equity-accounted investee) and therefore did not perform an impairment test. A shareholders\u2019 agreement has been signed between the Group and the family holding company of the Belron\u2019s former CEO, including put options (with related call options) related to the part of the interest held by the family holding company of the Belron\u2019s former CEO. Based on IFRS requirements, the (financial) obligation to buy the equity instruments in an equity-accounted investee does not give rise to a financial liability in the consolidated statement of financial position (because equity-accounted investees are not part of the Group). This contract is a derivative that is in the scope of IFRS 9 \u201cFinancial Instruments\u201d, measured at fair value through profit or loss and categorised within the fair value hierarchy as level 3. The fair value of this derivative amounts to nil as at 31 December 2022; the value of the Belron\u2019s share based on the put formula being equal to the most recent fair market value of Belron. In the consolidated statement of comprehensive income, the lines \u201cEquity-accounted investees \u2013 share of OCI\u201d include -\u20ac31.7m of remeasurements of defined benefit assets/liabilities (primarily due to the UK pension scheme recording an actuarial loss following the rise in the discount rate), \u20ac56.5m of movements in cash flow hedges reserve (interest rate swaps and cross currency interest rate swaps used to partially hedge the debt) and \u20ac71.2m related to translation differences. The table below presents the revenue, profit before tax, the net result, and the other comprehensive income for the year ended 31 December 2021 and 31 December 2022. The Group\u2019s share in net result is computed based on a weighted average percentage of 52.88% in 2021 and a fully diluted economic percentage of 50.01% in 2022. \u20acm - Belron 2022 2021 Revenue (100%) 5,574.3 4,646.8 Profit before tax (100%) 512.5 463.4 Result for the period (100%) 301.2 317.9 Other comprehensive income (100%) 192.2 79.4 Profit (or loss) and total comprehensive income (100%) 493.4 397.3 Group's share of profit (or loss) and comprehensive income 246.7 207.8 Group's share of profit (or loss) 150.6 168.1 Group's share of comprehensive income 96.1 39.7 The reconciliation of the Group\u2019s share in the net assets of BGSA from 31 December 2021 to 31 December 2022 is presented below. The Group\u2019s share in the net assets of BGSA at 31 December 2021 is negative as a result of the distribution of dividends and the capital reduction operated by BGSA in 2021. The negative balance did not result in D\u2019Ieteren Group SA/NV being liable for the negative net assets of the joint venture. \u20acm - Belron Group's share of net assets at 31 December 2021 -49.1 Group's share of profit (or loss) and comprehensive income 246.7 Group's share in dividends and proceeds from capital reduction -212.5 Other movements, Group's share 41.8 Group's share of net assets at 31 December 2022 26.9 In the period, BGSA purchased own shares from previous MRP participants for an amount of \u20ac91.9m (2021: \u20ac18.8m). As the repurchase transaction took place at fair value (the fair value of the own shares repurchased corresponds to the cash-out made to acquire these shares at transaction date), the transaction did not impact the carrying amount of the equity-accounted investee that the Group owns in BGSA as at 31 December 2022 (these shares will be re-purchased in the future by existing and new participants of the MRP). However, BGSA sold own shares (previously acquired from MRP participants) to new investors in 2022, leading to a disposal gain of \u20ac24.3m (2021: \u20ac29.7m), Group\u2019s share, being the difference between the fair market value on the disposal and the book value of the shares, resulting in an increase in the carrying amount of the equity-accounted investee that the Group owns in BGSA. Following the closing of the transaction with Belron\u2019s new shareholders on 17 December 2021, Belron\u2019s Board of Directors has agreed to reward c.24,000 employees with a cash bonus (paid in December 2021) and restricted share units (\u2018RSUs\u2019) to thank 40 them for their loyal contribution to the company\u2019s success. Under the proposed terms of the equity-settled component of the scheme, BGSA awarded restricted share units (\u2018RSUs\u2019) to each participant in the scheme. On vesting, each RSU will entitle the holder to receive a single ordinary non-voting share in BGSA. Vesting period is currently estimated at 5 years and may be revised if subsequent information indicates that the length of the vesting period is likely to differ from this estimate. This equity-settled component of the scheme is a share-based payment arrangement. Accordingly, it is classified, and accounted for, as an equity-settled share-based payment transaction in BGSA own financial statements, in accordance with IFRS 2. Each year during the expected vesting period, the Group will therefore account for its share (50.01%) in the share-based payment expense of BGSA (in the line \u201cshare of result of equity-accounted investee, net of income tax\u201d in the consolidated statement of profit or loss) and a corresponding increase in the value of the equity-accounted investee (in the consolidated statement of financial position), to reflect its share in the increase of BGSA shareholders equity. In the period, the increase in the value of the equity-accounted investee relating to this share-based payment plan amounts to \u20ac17.2m (2021: \u20ac29.7m). This reward will have no economic impact whatsoever on the Group and other shareholders and there will be no dilution to the 50.01% fully diluted stake held by the Group. TVH On 9 July 2021, the Group has signed an agreement to acquire a 40% stake in TVH Global SA/NV from the family shareholders. Closing of the transaction occurred on the 1st October 2021. The acquisition price has been set at 1,147m (equity of \u20ac1,137m plus acquisition-related costs of \u20ac10m). In accordance with IAS 28 \u201cInvestments in associates and joint ventures\u201d, the \u20ac10m of acquisition costs (mainly fees and due diligence costs) were included in the line \u201cEquity-accounted investee\u201d of the statement of financial position. A shareholder loan of \u20ac40m has also been put in place between the Corporate & unallocated segment and TVH as part of the acquisition. Under the shareholders\u2019 agreement, the Group has joint control on TVH with Wehold (the holding company of the family shareholder), some key reserved matters being shared. TVH is therefore accounted for as an equity-accounted investee in the Group\u2019s consolidated financial statement, starting 1st October 2021. In the second half of 2022, in accordance with IAS 28, the Group finalised the purchase price allocation of TVH. The provisional goodwill recognised at the date of acquisition, representing the difference between the Group\u2019s share in the net assets acquired and the acquisition price (including acquisition costs), was initially valued at \u20ac1,096.2m. The Group performed a review of the assets and liabilities of TVH at the date of acquisition and recognized fair value adjustments on intangible assets and property, plant and equipment. TVH brand has been valued at \u20ac341.0m, using a relief from royalty method. The brand has an indefinite useful life and is therefore not amortized since the Group considers there is no limit to the period over which the brand is expected to generate cash inflows. Customer contracts have been valued at \u20ac490.0m using a multi-period excess earnings method. These customer contracts are amortized on a straight-line basis over their estimated economic useful lives of 11 years. Other intangible assets were valued at \u20ac261.8m and consists in the technology used by TVH, using a relief from royalty method. The value of technology is amortized on a straight-line basis over its estimated economic useful lives of 9 years. Further to the fair value adjustments on intangible assets, the Group also performed a review of the fair value of property, plant and equipment of TVH. Using most recent market valuation reports prepared by an independent expert, the Group recognised fair value adjustment on lands, buildings and other tangible assets for a total amount of \u20ac40.6m. Fair value adjustments on buildings are depreciated on a straight-line basis over their remaining economic useful lives of 45 years. Other tangible assets are depreciated on a straight-line basis over their remaining economic useful lives of 9 years. Fair value adjustment on lands are not amortized. At the same time, deferred tax liabilities have been recognised on these fair value adjustments, using a tax rate of 25%, which corresponds to the corporate tax rate in Belgium. The initial deferred tax liability amounts to \u20ac283.3m and will be subsequently reversed over the same economic useful lives of the underlying assets to which it relates. At year-end 2022, based on IAS 28, the Board of Directors of the Company did not identify any indication of possible impairment (a triggering event) on its investment in TVH (equity-accounted investee) and therefore did not perform an impairment test. The detailed statement of financial position of TVH is disclosed in note 4. The figures include the PPA adjustments performed by the Group, and the comparative information has been restated accordingly. Refer to note 1 for additional information on the restatement of comparative information. The table below presents the revenue, profit before tax and the net result of TVH for the 12-month period ended 31 December 2022 and the 3-month period ended 31 December 2021 (restated \u2013 see note 1). 41 \u20acm - TVH 2022 2021 - 3 months\u207d\u207d\u00b9\u207e\u207e Revenue (100%) 1,621.7 348.0 Profit before tax (100%) 165.5 26.8 Result for the period (100%) 131.2 19.9 Other comprehensive income (100%) 7.5 4.3 Profit (or loss) and total comprehensive income (100%) 138.7 24.2 Group's share of profit (or loss) and comprehensive income (40%) 55.5 9.7 Group's share of profit (or loss) 52.5 8.0 Group's share of comprehensive income 3.0 1.7 (1) As restated \u2013 see note 1 In the consolidated statement of comprehensive income, the lines \u201cEquity-accounted investees \u2013 share of OCI\u201d include \u20ac2.9m of remeasurements of defined benefit assets/liabilities. The reconciliation of the Group\u2019s share in the net assets of TVH starting from the 31 December 2021 (restated \u2013 see note 1) to the 31 December 2022 is presented below: \u20acm - TVH Group's share of net assets at 31 December 2021\u207d\u207d\u00b9\u207e\u207e 1,156.6 Group's share of profit (or loss) and comprehensive income (40%) 55.5 Other movements, Group's share -0.2 Group's share of net assets at 31 December 2022 1,211.9 (1) As restated \u2013 see note 1 D\u2019Ieteren Automotive The largest equity-accounted investee in the D\u2019Ieteren Automotive segment is the joint venture Volkswagen D\u2019Ieteren Finance (VDFin), owned 50% minus one share by the Group and 50% plus one share by Volkswagen Financial Services (a subsidiary of the Volkswagen group), active in a full range of financial services related to the sale of the Volkswagen group vehicles on the Belgian market. Following the acquisition of 17% of the share capital of Skipr by ALD Automotive, the Group lost exclusive control of its subsidiary on 1st July 2021. Skipr is therefore accounted for as an equity-accounted investee as from 1st July 2021. Tinformation of Skipr is not material to the Group and is not separately disclosed. The Group\u2019s share in the net assets of Skipr at 31 December 2022 amounts to \u20ac13.1m and the Group\u2019s share in the profit or loss of Skipr for the 12-month period ended 31 December 2022 amounts to -\u20ac1.4m. In addition, following the entry into capital by investors for 29% in Lizy and 33% in MyMove (both through capital increases), the Group lost exclusive control of both subsidiaries in 2022. This resulted in the recognition of a consolidated gain of 10.2m (accounted for in finance income in H1-2022 in the D\u2019Ieteren Automotive segment), representing the difference between the fair value of the non-controlling interests retained in the companies (39% in Lizy and 56% in MyMove) and the carrying amount of the assets and liabilities of the subsidiaries at the date the control was lost. These two entities are therefore accounted for stas equity-accounted investee as from 1 January 2022. The financial information of Lizy and MyMove are not material to the Group and are not separately disclosed. The Group\u2019s share in the net assets of Lizy and MyMove at 31 December 2022 amounts to \u20ac8.4m and \u20ac2.7m respectively and the Group\u2019s share in their profit or loss for the 12-month period ended 31 December 2022 amounts to -\u20ac1.0m and -\u20ac0.7m respectively. The following table summarises the financial information of VDFin as included in its own financial statements, adjusted for differences in accounting policies, and also reconciles this summarised financial information to the carrying amount of the Group\u2019s interest in VDFin. 42 \u20acm - VDFin (100% - except otherwise stated) 2022 2021 Non-current assets 1,810.5 1,683.5 Current assets (excluding cash and cash equivalents) 980.2 826.1 Cash and cash equivalents 135.2 77.5 Non-current liabilities (excluding financial liabilities) -5.9 -8.6 Non-current financial liabilities -1,325.2 -1,070.3 Current liabilities (excluding financial liabilities) -182.2 -137.0 Current financial liabilities -1,203.4 -1,174.2 Net assets 209.2 197.0 Group's share of net assets (49.99%) and carrying amount of interest in joint venture 104.6 98.5 Revenue 492.5 578.8 Depreciation and amortization -139.1 -125.5 Net finance costs 30.5 30.0 Profit before tax 27.9 24.1 Tax expense -8.1 -5.7 Result for the period 19.8 18.4 Other comprehensive income 0.7 0.9 Profit (or loss) and total comprehensive income 20.5 19.3 Group's share of profit (or loss) and comprehensive income (49.99%) 10.2 9.7", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__68": { "value": "Note 18: Financial instruments \u2013 fair value and risk management Financial instruments - measurement Financial assets held by the Group at 31 December 2022 are limited to trade and other receivables (see note 20), cash and cash equivalents (see note 19) and financial investments (in the Corporate & unallocated segment \u2013 see note 4). Trade and other receivables and cash and cash equivalents are measured at amortised costs under IFRS 9. Financial investments are measured both at amortised costs under IFRS 9 (for corporate bonds) and at fair value through profit or loss (for equity instruments). Financial liabilities held by the Group at 31 December 2022 consist in loans and borrowings (see note 24), trade and other payables (see note 25), both classified as liabilities at amortised costs under IFRS 9, put options granted to non-controlling interests (see note 33), measured at fair value through equity, and contingent consideration on acquisitions (see note 26) measured at fair value through profit or loss. In the current period (see note 4 segment information), in the Belron segment (equity-accounted investee), there is a contingent consideration liability (\u20ac8.7m at 31 December 2022; \u20ac11.3m at 31 December 2021, presented in the line \u201cother payables\u201d in the segment statement of financial position) recognised on an asset acquisition carried out at fair value using a level 3 valuation method (see below). The other financial instruments held in the Belron segment (equity-accounted investee) are carried out at fair value using a level 2 valuation method (see below) and consist in cross-currency and interest rate swaps to hedge against changes in market interest rates, forward currency contracts used to hedge the cost of future purchases where those payables are denominated in a currency other than the functional currency of the purchasing company (both measured as hedging instruments), fuel derivatives used to hedge the price of fuel purchase (measured at fair value through profit or loss) and other forward exchange contracts used to swap foreign currency cash balances to reduce borrowings and minimise interest expense (measured at fair value through profit or loss). All Group\u2019s financial assets and liabilities measured at fair value in the consolidated statement of financial position are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: - Level 1: quoted market prices in an active market (that are unadjusted) for identical assets and liabilities; - Level 2: valuation techniques (for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable); - Level 3: valuation techniques (for which the lowest level input that is significant to the fair value measurement is unobservable). At 31 December 2021 and 2022, all Group\u2019s financial assets and liabilities measured at fair value in the consolidated statement of financial position are classified in level 2 except the equity instruments included in the line \u201cfinancial investments\u201d, classified in level 1, the contingent considerations and the put options (and associated call options) granted to non-controlling interests classified in level 3.43 Valuation techniques The fair values of derivative instruments are determined using valuation techniques. The Group uses a variety of methods and makes assumptions based on market conditions at the balance sheet date. The fair value of cross currency interest rate swaps and interest rate swaps is calculated as the present value of future estimated cash flows. The fair value of interest rate caps and collars is valued using option valuation techniques. The fair value of forward exchange contracts is determined using forward exchange market rates at the date of the consolidated statement of financial position. The fair value of fuel hedge instruments is determined using market valuations prepared by the respective banks that executed the initial transactions at the statement of financial position date based on the present value of the monthly futures forward curve for gasoline given the volume hedged and the contract period. The fair value of foreign exchange swap contracts is determined using forward foreign exchange market rate at the date of the consolidated statement of financial position. The main risks managed by the Group under policies approved by the Board of Directors, are liquidity and re-financing risk, market risk, credit risk, counterparty risk and price risk. The Board periodically reviews the Group\u2019s treasury activities, policies and procedures. Treasury policies aim to ensure permanent access to sufficient liquidity, and to monitor and limit interest and currency exchange risks. These are summarised below. Liquidity and re-financing risk Liquidity risk is associated with the Group\u2019s ability to meet its obligations. Each business unit of the Group manages liquidity risk by maintaining sufficient cash and funding available through an adequate amount of committed credit facilities to cover its anticipated medium-term commitments at all times. To minimise liquidity risk, the Group ensures, on the basis of its long-term financial projections, that it has a core level of committed long-term funding in place, with maturities spread over a wide range of dates, supplemented by various shorter-term facilities, and various funding sources. Cash pooling schemes are sought and implemented each time when appropriate in order to minimise gross financing needs and costs of liquidity. The following is an analysis of the contractual undiscounted cash flows payable under financial liabilities. \u20acm Due within one Due between one Due after five years Total year and five years Capital Interest Capital Interest Capital Interest Capital Interest At 31 December 2022 Loans and borrowings Lease liabilities 61.4 7.0 149.7 13.8 44.3 4.1 255.4 24.9 Other borrowings and private 256.8 4.5 91.6 6.5 0.1 0.1 348.5 11.1 bonds Loan notes - 62.4 579.5 168.1 376.3 - 955.8 230.5 Commercial paper 4.5 - - - - - 4.5 - Total 322.7 73.9 820.8 188.4 420.7 4.2 1,564.2 266.5 Trade and other payables 984.7 - - - - - 984.7 - Total 1,307.4 73.9 820.8 188.4 420.7 4.2 2,548.9 266.5 At 31 December 2021 Loans and borrowings Lease liabilities 16.5 0.2 19.9 0.2 10.5 0.1 46.9 0.5 Other borrowings and private 36.6 1.8 130.5 2.4 - - 167.1 4.2 bonds Total 53.1 2.0 150.4 2.6 10.5 0.1 214.0 4.7 Trade and other payables 496.0 - - - - - 496.0 - Total 549.1 2.0 150.4 2.6 10.5 0.1 710.0 4.7 Interest Rate Risk The Group\u2019s interest rate risk arises from changes in interest rates on interest-bearing assets and from loans and borrowings. The Group seeks to cap the impact of adverse interest rates movements on its financial results, particularly in relation to the next 12 months. To manage its interest rate exposures, the Group primarily uses forward rate agreements, interest rate swaps, caps and floors. Hedges, or fixed rate indebtedness, beyond 5 years are unusual. The interest rate and currency profiles of loans and borrowings are disclosed in note 24. A change of 100 basis points in interest rate at the reporting date would have increased/decreased the result from continuing operations (excluding equity-accounted investees) by the amounts shown below. This analysis assumes that all other variables remain constant. 44 Result from continuing operations \u20acm 1% increase 1% decrease 31 December 2022 -6.5 6.5 31 December 2021 -3.1 3.1 Currency Risk The Group\u2019s objective is to protect its cash flows, commercial transactions and net investments in foreign operations from the potentially high volatility of the foreign exchange markets by hedging any material net foreign currency exposure. The Group has certain investments in foreign operations whose net assets and related goodwill are exposed to foreign currency translation risk. Group policy is to hedge the economic value of material foreign currency investments (limited to the net book value of the asset) in a particular currency with financial instruments including debt in the currency of the investment. The proportion to which an investment is hedged is individually determined having regard to the economic and accounting exposures and the currency of the investment. To complement these natural hedges, the Group uses instruments such as forwards, swaps, plain-vanilla foreign exchange options and, when appropriate, cross currency swaps. The hedging levels are reviewed periodically, in light of the market conditions and each time a material asset is added or removed. The significant exchange rates applied in 2022 and in 2021 are disclosed in note 30. A 10 percent strengthening/weakening of the euro against the following currencies at 31 December would have increased/decreased result from continuing operations (excluding equity-accounted investees) by the amounts shown below. This analysis assumes that all other variables remain constant. \u20acm Result from continuing operations 10% strenghtening 10% weakening 31 December 2022 EUR vs GBP -0.4 0.5 EUR vs USD -1.0 1.2 EUR vs CHF 0.2 -0.2 31 December 2021 EUR vs GBP -0.5 0.6 EUR vs USD -2.1 2.6 EUR vs CHF -0.2 0.3 Price Risk Price risk is related to oscillations in the prices of raw materials, semi-finished and finished goods purchased. Specifically, the price risk mainly arises from the presence of a limited number of supplier of goods and the need to guarantee procurement volumes. The Group limits price risk through its procurement policy. Counterparty risk Exposure limits to financial counterparties in respect of both amount and duration are set in respect of derivatives and cash deposits. Such transactions are entered into with a limited number of pre-designated banks on the basis of their publicly available credit ratings, which are checked at least once a year. Limits on length of exposure per category of transaction are in place to protect liquidity and mitigate counterparty default risks. The instruments and their documentation must be authorized before entering the contemplated transactions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__69": { "value": "Financial instruments - measurement Financial assets held by the Group at 31 December 2022 are limited to trade and other receivables (see note 20), cash and cash equivalents (see note 19) and financial investments (in the Corporate & unallocated segment \u2013 see note 4). Trade and other receivables and cash and cash equivalents are measured at amortised costs under IFRS 9. Financial investments are measured both at amortised costs under IFRS 9 (for corporate bonds) and at fair value through profit or loss (for equity instruments). Financial liabilities held by the Group at 31 December 2022 consist in loans and borrowings (see note 24), trade and other payables (see note 25), both classified as liabilities at amortised costs under IFRS 9, put options granted to non-controlling interests (see note 33), measured at fair value through equity, and contingent consideration on acquisitions (see note 26) measured at fair value through profit or loss. In the current period (see note 4 segment information), in the Belron segment (equity-accounted investee), there is a contingent consideration liability (\u20ac8.7m at 31 December 2022; \u20ac11.3m at 31 December 2021, presented in the line \u201cother payables\u201d in the segment statement of financial position) recognised on an asset acquisition carried out at fair value using a level 3 valuation method (see below). The other financial instruments held in the Belron segment (equity-accounted investee) are carried out at fair value using a level 2 valuation method (see below) and consist in cross-currency and interest rate swaps to hedge against changes in market interest rates, forward currency contracts used to hedge the cost of future purchases where those payables are denominated in a currency other than the functional currency of the purchasing company (both measured as hedging instruments), fuel derivatives used to hedge the price of fuel purchase (measured at fair value through profit or loss) and other forward exchange contracts used to swap foreign currency cash balances to reduce borrowings and minimise interest expense (measured at fair value through profit or loss). All Group\u2019s financial assets and liabilities measured at fair value in the consolidated statement of financial position are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: - Level 1: quoted market prices in an active market (that are unadjusted) for identical assets and liabilities; - Level 2: valuation techniques (for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable); - Level 3: valuation techniques (for which the lowest level input that is significant to the fair value measurement is unobservable). At 31 December 2021 and 2022, all Group\u2019s financial assets and liabilities measured at fair value in the consolidated statement of financial position are classified in level 2 except the equity instruments included in the line \u201cfinancial investments\u201d, classified in level 1, the contingent considerations and the put options (and associated call options) granted to non-controlling interests classified in level 3.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__70": { "value": "The other financial instruments held in the Belron segment (equity-accounted investee) are carried out at fair value using a level 2 valuation method (see below) and consist in cross-currency and interest rate swaps to hedge against changes in market interest rates, forward currency contracts used to hedge the cost of future purchases where those payables are denominated in a currency other than the functional currency of the purchasing company (both measured as hedging instruments), fuel derivatives used to hedge the price of fuel purchase (measured at fair value through profit or loss) and other forward exchange contracts used to swap foreign currency cash balances to reduce borrowings and minimise interest expense (measured at fair value through profit or loss).", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__71": { "value": "All Group\u2019s financial assets and liabilities measured at fair value in the consolidated statement of financial position are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: - Level 1: quoted market prices in an active market (that are unadjusted) for identical assets and liabilities; - Level 2: valuation techniques (for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable); - Level 3: valuation techniques (for which the lowest level input that is significant to the fair value measurement is unobservable). At 31 December 2021 and 2022, all Group\u2019s financial assets and liabilities measured at fair value in the consolidated statement of financial position are classified in level 2 except the equity instruments included in the line \u201cfinancial investments\u201d, classified in level 1, the contingent considerations and the put options (and associated call options) granted to non-controlling interests classified in level 3.43 Valuation techniques The fair values of derivative instruments are determined using valuation techniques. The Group uses a variety of methods and makes assumptions based on market conditions at the balance sheet date. The fair value of cross currency interest rate swaps and interest rate swaps is calculated as the present value of future estimated cash flows. The fair value of interest rate caps and collars is valued using option valuation techniques. The fair value of forward exchange contracts is determined using forward exchange market rates at the date of the consolidated statement of financial position. The fair value of fuel hedge instruments is determined using market valuations prepared by the respective banks that executed the initial transactions at the statement of financial position date based on the present value of the monthly futures forward curve for gasoline given the volume hedged and the contract period. The fair value of foreign exchange swap contracts is determined using forward foreign exchange market rate at the date of the consolidated statement of financial position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__72": { "value": "The main risks managed by the Group under policies approved by the Board of Directors, are liquidity and re-financing risk, market risk, credit risk, counterparty risk and price risk. The Board periodically reviews the Group\u2019s treasury activities, policies and procedures. Treasury policies aim to ensure permanent access to sufficient liquidity, and to monitor and limit interest and currency exchange risks. These are summarised below. Liquidity and re-financing risk Liquidity risk is associated with the Group\u2019s ability to meet its obligations. Each business unit of the Group manages liquidity risk by maintaining sufficient cash and funding available through an adequate amount of committed credit facilities to cover its anticipated medium-term commitments at all times. To minimise liquidity risk, the Group ensures, on the basis of its long-term financial projections, that it has a core level of committed long-term funding in place, with maturities spread over a wide range of dates, supplemented by various shorter-term facilities, and various funding sources. Cash pooling schemes are sought and implemented each time when appropriate in order to minimise gross financing needs and costs of liquidity. The following is an analysis of the contractual undiscounted cash flows payable under financial liabilities. \u20acm Due within one Due between one Due after five years Total year and five years Capital Interest Capital Interest Capital Interest Capital Interest At 31 December 2022 Loans and borrowings Lease liabilities 61.4 7.0 149.7 13.8 44.3 4.1 255.4 24.9 Other borrowings and private 256.8 4.5 91.6 6.5 0.1 0.1 348.5 11.1 bonds Loan notes - 62.4 579.5 168.1 376.3 - 955.8 230.5 Commercial paper 4.5 - - - - - 4.5 - Total 322.7 73.9 820.8 188.4 420.7 4.2 1,564.2 266.5 Trade and other payables 984.7 - - - - - 984.7 - Total 1,307.4 73.9 820.8 188.4 420.7 4.2 2,548.9 266.5 At 31 December 2021 Loans and borrowings Lease liabilities 16.5 0.2 19.9 0.2 10.5 0.1 46.9 0.5 Other borrowings and private 36.6 1.8 130.5 2.4 - - 167.1 4.2 bonds Total 53.1 2.0 150.4 2.6 10.5 0.1 214.0 4.7 Trade and other payables 496.0 - - - - - 496.0 - Total 549.1 2.0 150.4 2.6 10.5 0.1 710.0 4.7 Interest Rate Risk The Group\u2019s interest rate risk arises from changes in interest rates on interest-bearing assets and from loans and borrowings. The Group seeks to cap the impact of adverse interest rates movements on its financial results, particularly in relation to the next 12 months. To manage its interest rate exposures, the Group primarily uses forward rate agreements, interest rate swaps, caps and floors. Hedges, or fixed rate indebtedness, beyond 5 years are unusual. The interest rate and currency profiles of loans and borrowings are disclosed in note 24. A change of 100 basis points in interest rate at the reporting date would have increased/decreased the result from continuing operations (excluding equity-accounted investees) by the amounts shown below. This analysis assumes that all other variables remain constant. 44 Result from continuing operations \u20acm 1% increase 1% decrease 31 December 2022 -6.5 6.5 31 December 2021 -3.1 3.1 Currency Risk The Group\u2019s objective is to protect its cash flows, commercial transactions and net investments in foreign operations from the potentially high volatility of the foreign exchange markets by hedging any material net foreign currency exposure. The Group has certain investments in foreign operations whose net assets and related goodwill are exposed to foreign currency translation risk. Group policy is to hedge the economic value of material foreign currency investments (limited to the net book value of the asset) in a particular currency with financial instruments including debt in the currency of the investment. The proportion to which an investment is hedged is individually determined having regard to the economic and accounting exposures and the currency of the investment. To complement these natural hedges, the Group uses instruments such as forwards, swaps, plain-vanilla foreign exchange options and, when appropriate, cross currency swaps. The hedging levels are reviewed periodically, in light of the market conditions and each time a material asset is added or removed. The significant exchange rates applied in 2022 and in 2021 are disclosed in note 30. A 10 percent strengthening/weakening of the euro against the following currencies at 31 December would have increased/decreased result from continuing operations (excluding equity-accounted investees) by the amounts shown below. This analysis assumes that all other variables remain constant. \u20acm Result from continuing operations 10% strenghtening 10% weakening 31 December 2022 EUR vs GBP -0.4 0.5 EUR vs USD -1.0 1.2 EUR vs CHF 0.2 -0.2 31 December 2021 EUR vs GBP -0.5 0.6 EUR vs USD -2.1 2.6 EUR vs CHF -0.2 0.3 Price Risk Price risk is related to oscillations in the prices of raw materials, semi-finished and finished goods purchased. Specifically, the price risk mainly arises from the presence of a limited number of supplier of goods and the need to guarantee procurement volumes. The Group limits price risk through its procurement policy. Counterparty risk Exposure limits to financial counterparties in respect of both amount and duration are set in respect of derivatives and cash deposits. Such transactions are entered into with a limited number of pre-designated banks on the basis of their publicly available credit ratings, which are checked at least once a year. Limits on length of exposure per category of transaction are in place to protect liquidity and mitigate counterparty default risks. The instruments and their documentation must be authorized before entering the contemplated transactions.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__73": { "value": "Liquidity and re-financing risk Liquidity risk is associated with the Group\u2019s ability to meet its obligations. Each business unit of the Group manages liquidity risk by maintaining sufficient cash and funding available through an adequate amount of committed credit facilities to cover its anticipated medium-term commitments at all times. To minimise liquidity risk, the Group ensures, on the basis of its long-term financial projections, that it has a core level of committed long-term funding in place, with maturities spread over a wide range of dates, supplemented by various shorter-term facilities, and various funding sources. Cash pooling schemes are sought and implemented each time when appropriate in order to minimise gross financing needs and costs of liquidity. The following is an analysis of the contractual undiscounted cash flows payable under financial liabilities. \u20acm Due within one Due between one Due after five years Total year and five years Capital Interest Capital Interest Capital Interest Capital Interest At 31 December 2022 Loans and borrowings Lease liabilities 61.4 7.0 149.7 13.8 44.3 4.1 255.4 24.9 Other borrowings and private 256.8 4.5 91.6 6.5 0.1 0.1 348.5 11.1 bonds Loan notes - 62.4 579.5 168.1 376.3 - 955.8 230.5 Commercial paper 4.5 - - - - - 4.5 - Total 322.7 73.9 820.8 188.4 420.7 4.2 1,564.2 266.5 Trade and other payables 984.7 - - - - - 984.7 - Total 1,307.4 73.9 820.8 188.4 420.7 4.2 2,548.9 266.5 At 31 December 2021 Loans and borrowings Lease liabilities 16.5 0.2 19.9 0.2 10.5 0.1 46.9 0.5 Other borrowings and private 36.6 1.8 130.5 2.4 - - 167.1 4.2 bonds Total 53.1 2.0 150.4 2.6 10.5 0.1 214.0 4.7 Trade and other payables 496.0 - - - - - 496.0 - Total 549.1 2.0 150.4 2.6 10.5 0.1 710.0 4.7", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__74": { "value": "Interest Rate Risk The Group\u2019s interest rate risk arises from changes in interest rates on interest-bearing assets and from loans and borrowings. The Group seeks to cap the impact of adverse interest rates movements on its financial results, particularly in relation to the next 12 months. To manage its interest rate exposures, the Group primarily uses forward rate agreements, interest rate swaps, caps and floors. Hedges, or fixed rate indebtedness, beyond 5 years are unusual. The interest rate and currency profiles of loans and borrowings are disclosed in note 24. A change of 100 basis points in interest rate at the reporting date would have increased/decreased the result from continuing operations (excluding equity-accounted investees) by the amounts shown below. This analysis assumes that all other variables remain constant. 44 Result from continuing operations \u20acm 1% increase 1% decrease 31 December 2022 -6.5 6.5 31 December 2021 -3.1 3.1 Currency Risk The Group\u2019s objective is to protect its cash flows, commercial transactions and net investments in foreign operations from the potentially high volatility of the foreign exchange markets by hedging any material net foreign currency exposure. The Group has certain investments in foreign operations whose net assets and related goodwill are exposed to foreign currency translation risk. Group policy is to hedge the economic value of material foreign currency investments (limited to the net book value of the asset) in a particular currency with financial instruments including debt in the currency of the investment. The proportion to which an investment is hedged is individually determined having regard to the economic and accounting exposures and the currency of the investment. To complement these natural hedges, the Group uses instruments such as forwards, swaps, plain-vanilla foreign exchange options and, when appropriate, cross currency swaps. The hedging levels are reviewed periodically, in light of the market conditions and each time a material asset is added or removed. The significant exchange rates applied in 2022 and in 2021 are disclosed in note 30. A 10 percent strengthening/weakening of the euro against the following currencies at 31 December would have increased/decreased result from continuing operations (excluding equity-accounted investees) by the amounts shown below. This analysis assumes that all other variables remain constant. \u20acm Result from continuing operations 10% strenghtening 10% weakening 31 December 2022 EUR vs GBP -0.4 0.5 EUR vs USD -1.0 1.2 EUR vs CHF 0.2 -0.2 31 December 2021 EUR vs GBP -0.5 0.6 EUR vs USD -2.1 2.6 EUR vs CHF -0.2 0.3 Price Risk Price risk is related to oscillations in the prices of raw materials, semi-finished and finished goods purchased. Specifically, the price risk mainly arises from the presence of a limited number of supplier of goods and the need to guarantee procurement volumes. The Group limits price risk through its procurement policy.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__75-1": { "value": "Currency Risk The Group\u2019s objective is to protect its cash flows, commercial transactions and net investments in foreign operations from the potentially high volatility of the foreign exchange markets by hedging any material net foreign currency exposure. The Group has certain investments in foreign operations whose net assets and related goodwill are exposed to foreign currency translation risk. Group policy is to hedge the economic value of material foreign currency investments (limited to the net book value of the asset) in a particular currency with financial instruments including debt in the currency of the investment. The proportion to which an investment is hedged is individually determined having regard to the economic and accounting exposures and the currency of the investment. To complement these natural hedges, the Group uses instruments such as forwards, swaps, plain-vanilla foreign exchange options and, when appropriate, cross currency swaps. The hedging levels are reviewed periodically, in light of the market conditions and each time a material asset is added or removed. The significant exchange rates applied in 2022 and in 2021 are disclosed in note 30. A 10 percent strengthening/weakening of the euro against the following currencies at 31 December would have increased/decreased result from continuing operations (excluding equity-accounted investees) by the amounts shown below. This analysis assumes that all other variables remain constant. \u20acm Result from continuing operations 10% strenghtening 10% weakening 31 December 2022 EUR vs GBP -0.4 0.5 EUR vs USD -1.0 1.2 EUR vs CHF 0.2 -0.2 31 December 2021 EUR vs GBP -0.5 0.6 EUR vs USD -2.1 2.6 EUR vs CHF -0.2 0.3Note 30: Exchange rates Monthly income statements of foreign operations are translated at the relevant rate of exchange for that month. Except for the statement of financial position which is translated at the closing rate, each line item in these consolidated financial statements represents a weighted average rate. The main exchange rates used for the translations were as follows: Number of euros for one unit of foreign currency 2022 2021 Closing rate GBP 1.13 1.19 USD 0.94 0.88 HKD 0.12 0.11 CNY 0.14 0.14 JPY 0.01 0.01 SGD 0.70 0.65 CHF 1.02 Average rate\u207d\u207d\u00b9\u207e\u207eGBP 1.17 1.16 USD 0.95 0.85 HKD 0.12 0.11 CNY 0.14 0.13 JPY 0.01 0.01 SGD 0.69 0.63 CHF 1.00 (1) Effective average rate for the profit or loss attributable to equity holders.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__76": { "value": "Note 19: Cash and cash equivalents Cash and cash equivalents are analysed below: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Cash at bank and in hand 0.8 26.9 122.0 142.9 292.6 69.0 38.6 170.5 278.1 Short-term deposits - - - 53.2 53.2 17.0 - 59.5 76.5 Cash and cash equivalents 0.8 26.9 122.0 196.1 345.8 86.0 38.6 230.0 354.645 Cash and cash equivalents are mainly floating rate assets which earn interest at various rates set with reference to the prevailing EONIA, LIBID or equivalent. Their carrying amount is equal to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__80": { "value": "Note 20: Trade and other receivables \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Non-current 4.8 1.1 25.7 44.2 75.8 3.9 1.1 44.0 49.0 receivables Trade receivables - net 256.7 31.3 279.4 1.1 568.5 302.2 31.7 0.7 334.6 Current receivables from equity-accounted 30.0 - - 0.8 30.8 9.4 - 2.2 11.6 investees Other current 19.7 3.0 72.9 3.7 99.3 10.1 1.9 22.4 34.4 receivables Trade and other 306.4 34.3 352.3 5.6 698.6 321.7 33.6 25.3 380.6 receivables In 2021 and 2022 in the Corporate & unallocated segment, non-current receivables include, amongst other amounts, \u20ac40.0m related to the shareholder loan from the Corporate and unallocated segment put in place on 1st October 2021 in the framework of the acquisition of a 40% stake in TVH (see note 17). The trade and other receivables are expected to be recovered within 12 months. Their carrying amount approximates their fair value, and they generate no interest income. The Group is exposed to credit risk arising from its operating activities (potential losses arising from the non-fulfilment of obligations assumed by trade and financial counterparties). Such risks are mitigated by selecting clients and other business partners on the basis of their credit quality and by avoiding as far as possible concentration on a few large counterparties. Credit quality of large counterparties is assessed systematically, and credit limits are set prior to taking exposure. Payment terms are on average less than one month except where local practices are otherwise. Receivables from sales involving credit are closely tracked and collected mostly centrally in the D\u2019Ieteren Automotive segment, and at the country level in the Belron segment (equity-accounted investee). In the Moleskine segment, the risk of insolvency is monitored centrally with review of the credit exposure. In the PHE segment, the customer base is very diversified and therefore the risk is mitigated. The credit risk is differentiated by sales channel and the acceptance of new customers is monitored by conducting qualitative and quantitative corporate rating services. In the D\u2019Ieteren Automotive segment, concentration on top ten customers (excluding trade receivables from VW Group), based on the gross receivables, is 5.8% (2021: 10.3%) and no customer is above 3% (2022: 1.9%; 2021: 2.4%). Certain receivables are also credit insured. In the Belron segment (equity-accounted investee), concentrations of risk with respect to receivables are limited due to the diversity of Belron\u2019s customer base. In the Moleskine segment, trade receivables are concentrated due to the distribution model. However, there were no specific concentration risks since the counterparties do not present solvency risk and in any event could be replaced, if required, which would not entail operational difficulties. The credit position of certain customers is also partly guaranteed by letters of credit. In the PHE segment, the Group make usage of factoring services to reduce exposure to credit risk. Statement of financial position amounts are stated net of provisions for doubtful debts, and accordingly, the maximum credit risk exposure is the carrying amount of the receivables in the statement of financial position. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected credit loss allowance for trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the historic payment profiles and the corresponding historical credit losses experienced. The historical loss rates are adjusted where relevant to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. As at 31 December 2022, the provisions for bad and doubtful debt amount to \u20ac33.1m (2021: \u20ac4.8m). The increase in the period is mainly due to the integration of PHE in the consolidated statement of financial position as from the date of acquisition by the Group (see note 26). The ageing analysis of trade and other receivables past due but not impaired is as follows: 46 \u20acm 2022 2021 Up to three months past due 59.4 21.4 Over three months past due 31.4 6.8 Total 90.8 28.2 In 2022 and 2021, the amounts presented in the aging analysis only include, in the D\u2019Ieteren Automotive segment, the trade receivables of D\u2019Ieteren Automotive SA. The increase in receivables past due but not impaired is mainly attributable to the integration of PHE in the Group\u2019s consolidated statement of financial position at 31 December 2022. The charge in 2022 for bad and doubtful debts amounts to -\u20ac6.1m (2021: nihil). See note 6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__79": { "value": "Note 20: Trade and other receivables \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Non-current 4.8 1.1 25.7 44.2 75.8 3.9 1.1 44.0 49.0 receivables Trade receivables - net 256.7 31.3 279.4 1.1 568.5 302.2 31.7 0.7 334.6 Current receivables from equity-accounted 30.0 - - 0.8 30.8 9.4 - 2.2 11.6 investees Other current 19.7 3.0 72.9 3.7 99.3 10.1 1.9 22.4 34.4 receivables Trade and other 306.4 34.3 352.3 5.6 698.6 321.7 33.6 25.3 380.6 receivables In 2021 and 2022 in the Corporate & unallocated segment, non-current receivables include, amongst other amounts, \u20ac40.0m related to the shareholder loan from the Corporate and unallocated segment put in place on 1st October 2021 in the framework of the acquisition of a 40% stake in TVH (see note 17). The trade and other receivables are expected to be recovered within 12 months. Their carrying amount approximates their fair value, and they generate no interest income. The Group is exposed to credit risk arising from its operating activities (potential losses arising from the non-fulfilment of obligations assumed by trade and financial counterparties). Such risks are mitigated by selecting clients and other business partners on the basis of their credit quality and by avoiding as far as possible concentration on a few large counterparties. Credit quality of large counterparties is assessed systematically, and credit limits are set prior to taking exposure. Payment terms are on average less than one month except where local practices are otherwise. Receivables from sales involving credit are closely tracked and collected mostly centrally in the D\u2019Ieteren Automotive segment, and at the country level in the Belron segment (equity-accounted investee). In the Moleskine segment, the risk of insolvency is monitored centrally with review of the credit exposure. In the PHE segment, the customer base is very diversified and therefore the risk is mitigated. The credit risk is differentiated by sales channel and the acceptance of new customers is monitored by conducting qualitative and quantitative corporate rating services. In the D\u2019Ieteren Automotive segment, concentration on top ten customers (excluding trade receivables from VW Group), based on the gross receivables, is 5.8% (2021: 10.3%) and no customer is above 3% (2022: 1.9%; 2021: 2.4%). Certain receivables are also credit insured. In the Belron segment (equity-accounted investee), concentrations of risk with respect to receivables are limited due to the diversity of Belron\u2019s customer base. In the Moleskine segment, trade receivables are concentrated due to the distribution model. However, there were no specific concentration risks since the counterparties do not present solvency risk and in any event could be replaced, if required, which would not entail operational difficulties. The credit position of certain customers is also partly guaranteed by letters of credit. In the PHE segment, the Group make usage of factoring services to reduce exposure to credit risk. Statement of financial position amounts are stated net of provisions for doubtful debts, and accordingly, the maximum credit risk exposure is the carrying amount of the receivables in the statement of financial position. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected credit loss allowance for trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the historic payment profiles and the corresponding historical credit losses experienced. The historical loss rates are adjusted where relevant to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. As at 31 December 2022, the provisions for bad and doubtful debt amount to \u20ac33.1m (2021: \u20ac4.8m). The increase in the period is mainly due to the integration of PHE in the consolidated statement of financial position as from the date of acquisition by the Group (see note 26). The ageing analysis of trade and other receivables past due but not impaired is as follows: 46 \u20acm 2022 2021 Up to three months past due 59.4 21.4 Over three months past due 31.4 6.8 Total 90.8 28.2 In 2022 and 2021, the amounts presented in the aging analysis only include, in the D\u2019Ieteren Automotive segment, the trade receivables of D\u2019Ieteren Automotive SA. The increase in receivables past due but not impaired is mainly attributable to the integration of PHE in the Group\u2019s consolidated statement of financial position at 31 December 2022. The charge in 2022 for bad and doubtful debts amounts to -\u20ac6.1m (2021: nihil). See note 6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__78": { "value": "Note 20: Trade and other receivables \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Non-current 4.8 1.1 25.7 44.2 75.8 3.9 1.1 44.0 49.0 receivables Trade receivables - net 256.7 31.3 279.4 1.1 568.5 302.2 31.7 0.7 334.6 Current receivables from equity-accounted 30.0 - - 0.8 30.8 9.4 - 2.2 11.6 investees Other current 19.7 3.0 72.9 3.7 99.3 10.1 1.9 22.4 34.4 receivables Trade and other 306.4 34.3 352.3 5.6 698.6 321.7 33.6 25.3 380.6 receivables In 2021 and 2022 in the Corporate & unallocated segment, non-current receivables include, amongst other amounts, \u20ac40.0m related to the shareholder loan from the Corporate and unallocated segment put in place on 1st October 2021 in the framework of the acquisition of a 40% stake in TVH (see note 17). The trade and other receivables are expected to be recovered within 12 months. Their carrying amount approximates their fair value, and they generate no interest income. The Group is exposed to credit risk arising from its operating activities (potential losses arising from the non-fulfilment of obligations assumed by trade and financial counterparties). Such risks are mitigated by selecting clients and other business partners on the basis of their credit quality and by avoiding as far as possible concentration on a few large counterparties. Credit quality of large counterparties is assessed systematically, and credit limits are set prior to taking exposure. Payment terms are on average less than one month except where local practices are otherwise. Receivables from sales involving credit are closely tracked and collected mostly centrally in the D\u2019Ieteren Automotive segment, and at the country level in the Belron segment (equity-accounted investee). In the Moleskine segment, the risk of insolvency is monitored centrally with review of the credit exposure. In the PHE segment, the customer base is very diversified and therefore the risk is mitigated. The credit risk is differentiated by sales channel and the acceptance of new customers is monitored by conducting qualitative and quantitative corporate rating services. In the D\u2019Ieteren Automotive segment, concentration on top ten customers (excluding trade receivables from VW Group), based on the gross receivables, is 5.8% (2021: 10.3%) and no customer is above 3% (2022: 1.9%; 2021: 2.4%). Certain receivables are also credit insured. In the Belron segment (equity-accounted investee), concentrations of risk with respect to receivables are limited due to the diversity of Belron\u2019s customer base. In the Moleskine segment, trade receivables are concentrated due to the distribution model. However, there were no specific concentration risks since the counterparties do not present solvency risk and in any event could be replaced, if required, which would not entail operational difficulties. The credit position of certain customers is also partly guaranteed by letters of credit. In the PHE segment, the Group make usage of factoring services to reduce exposure to credit risk. Statement of financial position amounts are stated net of provisions for doubtful debts, and accordingly, the maximum credit risk exposure is the carrying amount of the receivables in the statement of financial position. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected credit loss allowance for trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the historic payment profiles and the corresponding historical credit losses experienced. The historical loss rates are adjusted where relevant to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. As at 31 December 2022, the provisions for bad and doubtful debt amount to \u20ac33.1m (2021: \u20ac4.8m). The increase in the period is mainly due to the integration of PHE in the consolidated statement of financial position as from the date of acquisition by the Group (see note 26). The ageing analysis of trade and other receivables past due but not impaired is as follows: 46 \u20acm 2022 2021 Up to three months past due 59.4 21.4 Over three months past due 31.4 6.8 Total 90.8 28.2 In 2022 and 2021, the amounts presented in the aging analysis only include, in the D\u2019Ieteren Automotive segment, the trade receivables of D\u2019Ieteren Automotive SA. The increase in receivables past due but not impaired is mainly attributable to the integration of PHE in the Group\u2019s consolidated statement of financial position at 31 December 2022. The charge in 2022 for bad and doubtful debts amounts to -\u20ac6.1m (2021: nihil). See note 6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__77": { "value": "Note 20: Trade and other receivables \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Non-current 4.8 1.1 25.7 44.2 75.8 3.9 1.1 44.0 49.0 receivables Trade receivables - net 256.7 31.3 279.4 1.1 568.5 302.2 31.7 0.7 334.6 Current receivables from equity-accounted 30.0 - - 0.8 30.8 9.4 - 2.2 11.6 investees Other current 19.7 3.0 72.9 3.7 99.3 10.1 1.9 22.4 34.4 receivables Trade and other 306.4 34.3 352.3 5.6 698.6 321.7 33.6 25.3 380.6 receivables In 2021 and 2022 in the Corporate & unallocated segment, non-current receivables include, amongst other amounts, \u20ac40.0m related to the shareholder loan from the Corporate and unallocated segment put in place on 1st October 2021 in the framework of the acquisition of a 40% stake in TVH (see note 17). The trade and other receivables are expected to be recovered within 12 months. Their carrying amount approximates their fair value, and they generate no interest income. The Group is exposed to credit risk arising from its operating activities (potential losses arising from the non-fulfilment of obligations assumed by trade and financial counterparties). Such risks are mitigated by selecting clients and other business partners on the basis of their credit quality and by avoiding as far as possible concentration on a few large counterparties. Credit quality of large counterparties is assessed systematically, and credit limits are set prior to taking exposure. Payment terms are on average less than one month except where local practices are otherwise. Receivables from sales involving credit are closely tracked and collected mostly centrally in the D\u2019Ieteren Automotive segment, and at the country level in the Belron segment (equity-accounted investee). In the Moleskine segment, the risk of insolvency is monitored centrally with review of the credit exposure. In the PHE segment, the customer base is very diversified and therefore the risk is mitigated. The credit risk is differentiated by sales channel and the acceptance of new customers is monitored by conducting qualitative and quantitative corporate rating services. In the D\u2019Ieteren Automotive segment, concentration on top ten customers (excluding trade receivables from VW Group), based on the gross receivables, is 5.8% (2021: 10.3%) and no customer is above 3% (2022: 1.9%; 2021: 2.4%). Certain receivables are also credit insured. In the Belron segment (equity-accounted investee), concentrations of risk with respect to receivables are limited due to the diversity of Belron\u2019s customer base. In the Moleskine segment, trade receivables are concentrated due to the distribution model. However, there were no specific concentration risks since the counterparties do not present solvency risk and in any event could be replaced, if required, which would not entail operational difficulties. The credit position of certain customers is also partly guaranteed by letters of credit. In the PHE segment, the Group make usage of factoring services to reduce exposure to credit risk. Statement of financial position amounts are stated net of provisions for doubtful debts, and accordingly, the maximum credit risk exposure is the carrying amount of the receivables in the statement of financial position. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected credit loss allowance for trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the historic payment profiles and the corresponding historical credit losses experienced. The historical loss rates are adjusted where relevant to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. As at 31 December 2022, the provisions for bad and doubtful debt amount to \u20ac33.1m (2021: \u20ac4.8m). The increase in the period is mainly due to the integration of PHE in the consolidated statement of financial position as from the date of acquisition by the Group (see note 26). The ageing analysis of trade and other receivables past due but not impaired is as follows: 46 \u20acm 2022 2021 Up to three months past due 59.4 21.4 Over three months past due 31.4 6.8 Total 90.8 28.2 In 2022 and 2021, the amounts presented in the aging analysis only include, in the D\u2019Ieteren Automotive segment, the trade receivables of D\u2019Ieteren Automotive SA. The increase in receivables past due but not impaired is mainly attributable to the integration of PHE in the Group\u2019s consolidated statement of financial position at 31 December 2022. The charge in 2022 for bad and doubtful debts amounts to -\u20ac6.1m (2021: nihil). See note 6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__81": { "value": "The Group is exposed to credit risk arising from its operating activities (potential losses arising from the non-fulfilment of obligations assumed by trade and financial counterparties). Such risks are mitigated by selecting clients and other business partners on the basis of their credit quality and by avoiding as far as possible concentration on a few large counterparties. Credit quality of large counterparties is assessed systematically, and credit limits are set prior to taking exposure. Payment terms are on average less than one month except where local practices are otherwise. Receivables from sales involving credit are closely tracked and collected mostly centrally in the D\u2019Ieteren Automotive segment, and at the country level in the Belron segment (equity-accounted investee). In the Moleskine segment, the risk of insolvency is monitored centrally with review of the credit exposure. In the PHE segment, the customer base is very diversified and therefore the risk is mitigated. The credit risk is differentiated by sales channel and the acceptance of new customers is monitored by conducting qualitative and quantitative corporate rating services. In the D\u2019Ieteren Automotive segment, concentration on top ten customers (excluding trade receivables from VW Group), based on the gross receivables, is 5.8% (2021: 10.3%) and no customer is above 3% (2022: 1.9%; 2021: 2.4%). Certain receivables are also credit insured. In the Belron segment (equity-accounted investee), concentrations of risk with respect to receivables are limited due to the diversity of Belron\u2019s customer base. In the Moleskine segment, trade receivables are concentrated due to the distribution model. However, there were no specific concentration risks since the counterparties do not present solvency risk and in any event could be replaced, if required, which would not entail operational difficulties. The credit position of certain customers is also partly guaranteed by letters of credit. In the PHE segment, the Group make usage of factoring services to reduce exposure to credit risk. Statement of financial position amounts are stated net of provisions for doubtful debts, and accordingly, the maximum credit risk exposure is the carrying amount of the receivables in the statement of financial position. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected credit loss allowance for trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the historic payment profiles and the corresponding historical credit losses experienced. The historical loss rates are adjusted where relevant to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. As at 31 December 2022, the provisions for bad and doubtful debt amount to \u20ac33.1m (2021: \u20ac4.8m). The increase in the period is mainly due to the integration of PHE in the consolidated statement of financial position as from the date of acquisition by the Group (see note 26). The ageing analysis of trade and other receivables past due but not impaired is as follows: 46 \u20acm 2022 2021 Up to three months past due 59.4 21.4 Over three months past due 31.4 6.8 Total 90.8 28.2 In 2022 and 2021, the amounts presented in the aging analysis only include, in the D\u2019Ieteren Automotive segment, the trade receivables of D\u2019Ieteren Automotive SA. The increase in receivables past due but not impaired is mainly attributable to the integration of PHE in the Group\u2019s consolidated statement of financial position at 31 December 2022. The charge in 2022 for bad and doubtful debts amounts to -\u20ac6.1m (2021: nihil). See note 6.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__82": { "value": "The Group is exposed to credit risk arising from its operating activities (potential losses arising from the non-fulfilment of obligations assumed by trade and financial counterparties). Such risks are mitigated by selecting clients and other business partners on the basis of their credit quality and by avoiding as far as possible concentration on a few large counterparties. Credit quality of large counterparties is assessed systematically, and credit limits are set prior to taking exposure. Payment terms are on average less than one month except where local practices are otherwise. Receivables from sales involving credit are closely tracked and collected mostly centrally in the D\u2019Ieteren Automotive segment, and at the country level in the Belron segment (equity-accounted investee). In the Moleskine segment, the risk of insolvency is monitored centrally with review of the credit exposure. In the PHE segment, the customer base is very diversified and therefore the risk is mitigated. The credit risk is differentiated by sales channel and the acceptance of new customers is monitored by conducting qualitative and quantitative corporate rating services. In the D\u2019Ieteren Automotive segment, concentration on top ten customers (excluding trade receivables from VW Group), based on the gross receivables, is 5.8% (2021: 10.3%) and no customer is above 3% (2022: 1.9%; 2021: 2.4%). Certain receivables are also credit insured. In the Belron segment (equity-accounted investee), concentrations of risk with respect to receivables are limited due to the diversity of Belron\u2019s customer base. In the Moleskine segment, trade receivables are concentrated due to the distribution model. However, there were no specific concentration risks since the counterparties do not present solvency risk and in any event could be replaced, if required, which would not entail operational difficulties. The credit position of certain customers is also partly guaranteed by letters of credit. In the PHE segment, the Group make usage of factoring services to reduce exposure to credit risk. Statement of financial position amounts are stated net of provisions for doubtful debts, and accordingly, the maximum credit risk exposure is the carrying amount of the receivables in the statement of financial position. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected credit loss allowance for trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the historic payment profiles and the corresponding historical credit losses experienced. The historical loss rates are adjusted where relevant to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. As at 31 December 2022, the provisions for bad and doubtful debt amount to \u20ac33.1m (2021: \u20ac4.8m). The increase in the period is mainly due to the integration of PHE in the consolidated statement of financial position as from the date of acquisition by the Group (see note 26). The ageing analysis of trade and other receivables past due but not impaired is as follows: 46 \u20acm 2022 2021 Up to three months past due 59.4 21.4 Over three months past due 31.4 6.8 Total 90.8 28.2 In 2022 and 2021, the amounts presented in the aging analysis only include, in the D\u2019Ieteren Automotive segment, the trade receivables of D\u2019Ieteren Automotive SA. The increase in receivables past due but not impaired is mainly attributable to the integration of PHE in the Group\u2019s consolidated statement of financial position at 31 December 2022. The charge in 2022 for bad and doubtful debts amounts to -\u20ac6.1m (2021: nihil). See note 6.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__83-1": { "value": "The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected credit loss allowance for trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the historic payment profiles and the corresponding historical credit losses experienced. The historical loss rates are adjusted where relevant to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.FINANCIAL INSTRUMENTS EXCLUDING DERIVATIVES The Group initially recognises loans and receivables and debt securities issued on the date when they are originated. All other financial assets and liabilities are initially recognised when the entity becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. The Group derecognises a financial asset when the contractual rights to cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, expire, or are substantially modified. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. The Group classifies its financial assets in the following categories on initial recognition: at amortised cost; at fair value through other comprehensive income (FVOCI) \u2013 debt; at FVOCI \u2013 equity investment; or fair value through profit or loss (FVTPL). Management determines the classification of its financial assets at initial recognition based on a) the business model in which 70 the financial asset is held; and 2) on the assessment whether contractual cash flows are solely payments of principal and interests (see below). Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Business model assessment The Group assesses the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; Assessment whether contractual cash flows are solely payments of principal and interest In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basis lending risks and costs, as well as profit margin. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL, including all derivative financial assets. Subsequent measurement of financial assets: - Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss, except for derivatives designated as hedging instruments. - Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. - Debt investment at FVOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. - Equity investments at FVOCI are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Cash and Cash Equivalents Cash comprises cash on hand and demand deposits, excluding any blocked or restricted cash held by the Group. Cash equivalents are short-term (maximum 3 months), highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified and measured at amortised cost. Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL (except hedging instruments) are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. 71 Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effect(s). Where the Company (or its subsidiaries) reacquires its own equity instruments, those instruments are deducted from equity as treasury shares. Where such equity instruments are subsequently sold, any consideration received is recognised in equity. Dividends to holders of equity instruments proposed or declared after the balance sheet date are not recognised as a liability at the balance sheet date; it is presented in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__86": { "value": "Note 21: Non-current assets and disposal group classified as held for sale and discontinued operations thFollowing the closing of the acquisition of Parts Holding Europe (PHE) by the Group on the 4 of August 2022 (see note 26), the European Commission imposed the disposal of PHE\u2019s specialized glass repair activities \u201cMondial Pare Brise\u201d. The Board of Directors of the Company concluded that, at the balance sheet date, the PHE segment is committed to a sale plan of Mondial Pare Brise. It has therefore classified in the consolidated statement of financial position at 31 december 2022 all the assets and liabilities of Mondial Pare Brise as held for sale; the recognition criteria defined in IFRS 5 \u201cNon-current assets held for sale and discontinued operations\u201d being satisfied. In the consolidated statement of profit or loss, the line \u201cDiscontinued operations\u201d relates to the net result of Mondial Pare-Brise, from the date of the acquisition of PHE by the Group until 31 December 2022. The assets classified as held for sale and liabilities directly associated with the assets held for sale are presented below. \u20acm 31 December 2022 Goodwill 17.1 Intangible assets 20.3 Property, plant & equipment 23.7 Deferred tax assets -4.7 Other receivables 1.2 Inventories 0.6 Current tax assets 0.5 Trade and other receivables 2.4 Cash & cash equivalents 11.1 Assets classified as held for sale 72.2 \u20acm 31 December 2022 Loans & borrowings 11.3 Deferred tax liabilities 0.7 Provisions 0.2 Loans & borrowings (short-term) 4.0 Trade & other payables 10.8 Liabilities directly associated with the assets held for sale 27.0 The net result from discontinued operations is presented below. \u20acm 2022 Revenue 20.9 Operating result 4.1 Net finance costs -0.2 Result before tax 3.9 Income tax expense -1.0 Result after tax from discontinued operations 2.9 Basic earnings (loss) per share from discontinued operations (EUR) 0.05 Diluted earnings (loss) per share from discontinued operations (EUR) 0.05 The cash flow from discontinued operations is presented below. 47 \u20acm 2022 Net cash from operating activities 4.8 Net cash from investing activities -0.6 Net cash from financing activities -2.1 Cash flows from discontinued operations 2.1 In accordance with IFRS 5, the non-current assets have been measured at the lower of their carrying amounts and fair value less costs to sell, being the net book value as at 31 December 2022 (the financial consideration of the transaction corresponding to an equity consideration of \u20ac102m \u2013 see note 34). Depreciation and amortisation of the non-current assets of Mondial Pare Brise ceased as from the date of their classification as held for sale. Closing of the disposal occurred on 13 February 2023 (see note 34). There are no cumulative income or expenses included in other comprehensive income relating to Mondial Pare Brise.", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__85": { "value": "Note 21: Non-current assets and disposal group classified as held for sale and discontinued operations thFollowing the closing of the acquisition of Parts Holding Europe (PHE) by the Group on the 4 of August 2022 (see note 26), the European Commission imposed the disposal of PHE\u2019s specialized glass repair activities \u201cMondial Pare Brise\u201d. The Board of Directors of the Company concluded that, at the balance sheet date, the PHE segment is committed to a sale plan of Mondial Pare Brise. It has therefore classified in the consolidated statement of financial position at 31 december 2022 all the assets and liabilities of Mondial Pare Brise as held for sale; the recognition criteria defined in IFRS 5 \u201cNon-current assets held for sale and discontinued operations\u201d being satisfied. In the consolidated statement of profit or loss, the line \u201cDiscontinued operations\u201d relates to the net result of Mondial Pare-Brise, from the date of the acquisition of PHE by the Group until 31 December 2022. The assets classified as held for sale and liabilities directly associated with the assets held for sale are presented below. \u20acm 31 December 2022 Goodwill 17.1 Intangible assets 20.3 Property, plant & equipment 23.7 Deferred tax assets -4.7 Other receivables 1.2 Inventories 0.6 Current tax assets 0.5 Trade and other receivables 2.4 Cash & cash equivalents 11.1 Assets classified as held for sale 72.2 \u20acm 31 December 2022 Loans & borrowings 11.3 Deferred tax liabilities 0.7 Provisions 0.2 Loans & borrowings (short-term) 4.0 Trade & other payables 10.8 Liabilities directly associated with the assets held for sale 27.0 The net result from discontinued operations is presented below. \u20acm 2022 Revenue 20.9 Operating result 4.1 Net finance costs -0.2 Result before tax 3.9 Income tax expense -1.0 Result after tax from discontinued operations 2.9 Basic earnings (loss) per share from discontinued operations (EUR) 0.05 Diluted earnings (loss) per share from discontinued operations (EUR) 0.05 The cash flow from discontinued operations is presented below. 47 \u20acm 2022 Net cash from operating activities 4.8 Net cash from investing activities -0.6 Net cash from financing activities -2.1 Cash flows from discontinued operations 2.1 In accordance with IFRS 5, the non-current assets have been measured at the lower of their carrying amounts and fair value less costs to sell, being the net book value as at 31 December 2022 (the financial consideration of the transaction corresponding to an equity consideration of \u20ac102m \u2013 see note 34). Depreciation and amortisation of the non-current assets of Mondial Pare Brise ceased as from the date of their classification as held for sale. Closing of the disposal occurred on 13 February 2023 (see note 34). There are no cumulative income or expenses included in other comprehensive income relating to Mondial Pare Brise.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__84": { "value": "Note 21: Non-current assets and disposal group classified as held for sale and discontinued operations thFollowing the closing of the acquisition of Parts Holding Europe (PHE) by the Group on the 4 of August 2022 (see note 26), the European Commission imposed the disposal of PHE\u2019s specialized glass repair activities \u201cMondial Pare Brise\u201d. The Board of Directors of the Company concluded that, at the balance sheet date, the PHE segment is committed to a sale plan of Mondial Pare Brise. It has therefore classified in the consolidated statement of financial position at 31 december 2022 all the assets and liabilities of Mondial Pare Brise as held for sale; the recognition criteria defined in IFRS 5 \u201cNon-current assets held for sale and discontinued operations\u201d being satisfied. In the consolidated statement of profit or loss, the line \u201cDiscontinued operations\u201d relates to the net result of Mondial Pare-Brise, from the date of the acquisition of PHE by the Group until 31 December 2022. The assets classified as held for sale and liabilities directly associated with the assets held for sale are presented below. \u20acm 31 December 2022 Goodwill 17.1 Intangible assets 20.3 Property, plant & equipment 23.7 Deferred tax assets -4.7 Other receivables 1.2 Inventories 0.6 Current tax assets 0.5 Trade and other receivables 2.4 Cash & cash equivalents 11.1 Assets classified as held for sale 72.2 \u20acm 31 December 2022 Loans & borrowings 11.3 Deferred tax liabilities 0.7 Provisions 0.2 Loans & borrowings (short-term) 4.0 Trade & other payables 10.8 Liabilities directly associated with the assets held for sale 27.0 The net result from discontinued operations is presented below. \u20acm 2022 Revenue 20.9 Operating result 4.1 Net finance costs -0.2 Result before tax 3.9 Income tax expense -1.0 Result after tax from discontinued operations 2.9 Basic earnings (loss) per share from discontinued operations (EUR) 0.05 Diluted earnings (loss) per share from discontinued operations (EUR) 0.05 The cash flow from discontinued operations is presented below. 47 \u20acm 2022 Net cash from operating activities 4.8 Net cash from investing activities -0.6 Net cash from financing activities -2.1 Cash flows from discontinued operations 2.1 In accordance with IFRS 5, the non-current assets have been measured at the lower of their carrying amounts and fair value less costs to sell, being the net book value as at 31 December 2022 (the financial consideration of the transaction corresponding to an equity consideration of \u20ac102m \u2013 see note 34). Depreciation and amortisation of the non-current assets of Mondial Pare Brise ceased as from the date of their classification as held for sale. Closing of the disposal occurred on 13 February 2023 (see note 34). There are no cumulative income or expenses included in other comprehensive income relating to Mondial Pare Brise.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__87": { "value": "Note 22: Capital and reserves A reconciliation of share capital and reserves are set out in the consolidated statement of changes in equity. Share capital The change in ordinary share capital is set out below: \u20acm, except number of shares stated in units Number of Ordinary ordinary share shares capital At 1 January 2021 54,367,928 160.0 Change - - At 31 December 2021 54,367,928 160.0 Change - - At 31 December 2022 54,367,928 160.0 The 5,000,000 nominative participating shares do not represent share capital. Each participating share confers one voting right and gives the right to a dividend equal to one eighth of the dividend of an ordinary share. Treasury shares reserve Treasury shares are held by the Company and by subsidiaries as set out below: \u20acm, except number of shares stated in units 31 December 2022 31 December 2021 Number Amount Number Amount Treasury shares held by the Company 1,256,732 134.1 1,017,135 47.4 Treasury shares held by subsidiaries - - - - Treasury shares held 1,256,732 134.1 1,017,135 47.4 Treasury shares are held in the framework of the share buyback programme and liquidity contract and to cover the stock option plans set up by the Company since 1999 (see note 9). During the year 2022, a total of 764,574 treasury shares have been acquired by the Company and 524,977 treasury shares have been sold, for a net amount of -\u20ac86.7m (of which acquisitions of -\u20ac117.4m and disposals of \u20ac30.7m). Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss as the hedged cash flows affect profit or loss. Cumulative tax impact related to the net change in the fair value of hedging instruments are separately included in retained earnings. Translation reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations, as well as from the translation of financial instruments that hedge the Group\u2019s net investment in a foreign subsidiary. Registered shares not fully paid-up may not be transferred except by virtue of a special authorisation from the Board of Directors for each assignment and in favour of an assignee appointed by the Board (art. 7 of the Articles). Participating shares may not 48 be transferred except by the agreement of a majority of members of the Board of Directors, in which case they must be transferred to an assignee appointed by said members (art. 8 of the Articles). The Group\u2019s objectives when managing capital are to safeguard each of its activities ability to continue as a going concern and to maintain an optimal capital structure to reduce the cost of capital. The Group monitors the capital adequacy at the level of each of its activities through a set of ratios relevant to their specific business. In order to maintain or adjust the capital structure, each activity may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt, taking into account the existence of non-controlling shareholders. The controlling shareholders are listed here below: Shareholders with controlling interest according to the Capital shares Participating shares Total voting rights declaration of transparency dated 2 November 2011, and to further communications to the company (as at 31 December 2022). Number % Number % Number % s.a. de Participations et de Gestion, Brussels12,740,605 23.43% 0 -12,740,60521.46% Reptid Commercial Corporation, Dover, Delaware 1,904,875 3.50% 0 -1,904,8753.21% Mrs Catheline P\u00e9rier-D'Ieteren 0 0.00% 1,250,000 25.00% 1,250,000 2.11% Mr Olivier P\u00e9rier 10,000 0.02% 0 -10,0000.02% The four abovementioned shareholders (collectively 14,655,480 26.96% 1,250,000 25.00% 15,905,480 26.79% \u201cSPDG Group\u201d) are associated. Nayarit Participations s.c.a., Brussels 17,684,020 32.53% 0 -17,684,02029.79% Mr Nicolas D'Ieteren 10,000 0.02% 3,750,000 75.00% 3,760,000 6.33% The two abovementioned shareholders (collectively 17,694,020 32.54% 3,750,000 75.00% 21,444,020 36.12% \u201cNayarit Group\u201d) are associated. The shareholders referred to as SPDG Group and Nayarit Group act in concert. The Board of Directors proposed the distribution of a gross dividend amounting to \u20ac3.00 per share (2021: gross dividend of \u20ac2.10 per share), or \u20ac161.2m in aggregate (2021: \u20ac113.4m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__88": { "value": "A reconciliation of share capital and reserves are set out in the consolidated statement of changes in equity. Share capital The change in ordinary share capital is set out below: \u20acm, except number of shares stated in units Number of Ordinary ordinary share shares capital At 1 January 2021 54,367,928 160.0 Change - - At 31 December 2021 54,367,928 160.0 Change - - At 31 December 2022 54,367,928 160.0 The 5,000,000 nominative participating shares do not represent share capital. Each participating share confers one voting right and gives the right to a dividend equal to one eighth of the dividend of an ordinary share.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__90": { "value": "Treasury shares reserve Treasury shares are held by the Company and by subsidiaries as set out below: \u20acm, except number of shares stated in units 31 December 2022 31 December 2021 Number Amount Number Amount Treasury shares held by the Company 1,256,732 134.1 1,017,135 47.4 Treasury shares held by subsidiaries - - - - Treasury shares held 1,256,732 134.1 1,017,135 47.4 Treasury shares are held in the framework of the share buyback programme and liquidity contract and to cover the stock option plans set up by the Company since 1999 (see note 9). During the year 2022, a total of 764,574 treasury shares have been acquired by the Company and 524,977 treasury shares have been sold, for a net amount of -\u20ac86.7m (of which acquisitions of -\u20ac117.4m and disposals of \u20ac30.7m).", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__89": { "value": "Treasury shares reserve Treasury shares are held by the Company and by subsidiaries as set out below: \u20acm, except number of shares stated in units 31 December 2022 31 December 2021 Number Amount Number Amount Treasury shares held by the Company 1,256,732 134.1 1,017,135 47.4 Treasury shares held by subsidiaries - - - - Treasury shares held 1,256,732 134.1 1,017,135 47.4 Treasury shares are held in the framework of the share buyback programme and liquidity contract and to cover the stock option plans set up by the Company since 1999 (see note 9). During the year 2022, a total of 764,574 treasury shares have been acquired by the Company and 524,977 treasury shares have been sold, for a net amount of -\u20ac86.7m (of which acquisitions of -\u20ac117.4m and disposals of \u20ac30.7m). Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss as the hedged cash flows affect profit or loss. Cumulative tax impact related to the net change in the fair value of hedging instruments are separately included in retained earnings. Translation reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations, as well as from the translation of financial instruments that hedge the Group\u2019s net investment in a foreign subsidiary.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__91": { "value": "Registered shares not fully paid-up may not be transferred except by virtue of a special authorisation from the Board of Directors for each assignment and in favour of an assignee appointed by the Board (art. 7 of the Articles). Participating shares may not 48 be transferred except by the agreement of a majority of members of the Board of Directors, in which case they must be transferred to an assignee appointed by said members (art. 8 of the Articles). The Group\u2019s objectives when managing capital are to safeguard each of its activities ability to continue as a going concern and to maintain an optimal capital structure to reduce the cost of capital. The Group monitors the capital adequacy at the level of each of its activities through a set of ratios relevant to their specific business. In order to maintain or adjust the capital structure, each activity may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt, taking into account the existence of non-controlling shareholders.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__92": { "value": "The Board of Directors proposed the distribution of a gross dividend amounting to \u20ac3.00 per share (2021: gross dividend of \u20ac2.10 per share), or \u20ac161.2m in aggregate (2021: \u20ac113.4m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__93": { "value": "3", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "s10_notes__7__93": { "value": "2.1", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "s10_notes__6__94": { "value": "Note 23: Provisions Liabilities for post-retirement benefit schemes are analysed in note 10. The other provisions, either current or non-current, are analysed below. The major classes of provisions are the following ones: \u20acm 2022 2021 D'IeterenCorp. & D'IeterenCorp. &Moleskine PHEGroup MoleskineGroupAutomotive unallocated Automotive unallocated Non-current provisions Dealer-related 0.2 - - - 0.2 6.3 - - 6.3 LTIP provision 8.7 1.9 -0.511.1 1.4 3.2 -4.6Other non-current items 6.7 - - 0.1 6.8 4.3 -0.34.6 Subtotal 15.6 1.9 -0.618.1 12.0 3.2 0.3 15.5 Current provisions LTIP provision -3.8- - 3.8 - - - - Other current items -1.1 5.45.2 11.7 4.3 1.7 5.3 11.3 Subtotal -4.9 5.45.2 15.5 4.3 1.7 5.3 11.3 Total provisions 15.6 6.8 5.4 5.8 33.6 16.3 4.9 5.6 26.8 49The changes in provisions are set out below for the year ended 31 December 2022: \u20acm Other non-Other current current items Dealer-related items including Total including LTIP LTIP provision provision At 1 January 2022 6.3 9.2 11.3 26.8 Charged in the year 0.1 14.2 1.0 15.3 Utilised in the year -6.2 -1.7 -0.6 -8.5 Reversed in the year - -1.9 -1.0 -2.9 Transferred during the year - -7.4 4.7 -2.7 Items acquired through business combinations (see note - 5.5 - 5.5 26) Translation differences - - 0.1 0.1 At 31 December 2022 0.2 17.9 15.5 33.6 When the timing of the outflows is uncertain, the provisions are considered as non-current items. The non-current provisions are not discounted since the impact is not considered material to the Group. Current provisions are expected to be settled within 12 months. In the D\u2019Ieteren Automotive segment, the dealer-related provisions arise from the ongoing improvement of the distribution networks. Other non-current provisions also comprise: - Dilapidation and environmental provisions to cover the costs of the remediation of certain properties held under leases; - Provision against legal claims that arise in the normal course of business, that are expected to crystallise in the next couple of years. After taking appropriate legal advice, the outcome of these legal claims should not give rise to any significant loss beyond amounts provided at 31 December 2022. The increase of other current provisions is mainly related to the integration of PHE in the consolidated statement of financial position as from the acquisition by the Group (see note 26).", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__95": { "value": "Note 24: Loans and borrowings Loans and borrowings are presented as follows: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Non-current loans and borrowings Lease liabilities 18.1 9.9 153.2 4.7 185.9 12.4 12.0 4.6 29.0 Bank and other loans 75.4 - 971.2 - 1,046.6 99.5 29.8 0.1 129.4 Inter-segment loan - 272.3 - -272.3 - - 264.1 -264.1 - Subtotal non-current loans 93.5 282.2 1,124.4 -267.6 1,232.5 111.9 305.9 -259.4 158.4 and borrowings Current loans and borrowings Lease liabilities 11.2 5.5 44.0 0.6 61.3 10.6 5.4 0.5 16.5 Bank and other loans 110.5 14.9 181.3 0.1 306.8 22.2 14.3 0.1 36.6 Subtotal current loans and 121.7 20.4 225.3 0.7 368.1 32.8 19.7 0.6 53.1 borrowings TOTAL LOANS AND 215.2 302.6 1,349.7 -266.9 1,600.6 144.7 325.6 -258.8 211.5 BORROWINGS The increase in loans and borrowings compared to 31 December 2021 is mainly attributable to the integration of PHE in the Group\u2019s consolidated statement of financial position at 31 December 2022. 50 Obligations under lease contracts are analysed below: \u20acm 2022 2021 Present value of Present value of Minimum lease Minimum lease minimum lease minimum lease payments payments payments payments Within one year 61.4 61.4 16.5 16.5 Between one and five years 149.7 144.5 19.9 19.2 More than five years 44.3 41.3 10.5 9.8 Subtotal 255.4 247.2 46.9 45.5 Present value of lease obligations 247.2 45.5 In 2021 and 2022, the inter-segment loans comprise amounts lent by the Corporate & unallocated segment to the Moleskine segment (non-recourse loan in the framework of the acquisition). In the period, \u20ac10.7m of interests have been recognised in profit or loss and -\u20ac2.7m have been paid cash. The \u20ac40.6m lent in 2021 and 2022 by the Corporate & unallocated segment to TVH are not presented in the line \u201cinter-segment loan\u201d in the table above since TVH is an equity accounted investee but is presented in non-current receivables in the Corporate & unallocated segment (see note 20). In 2022, Moleskine proceeded to the partial reimbursement of the external bank loan (\u20ac14.5m of senior term loan instalment and \u20ac15m of voluntary prepayment). In December 2021, D\u2019Ieteren Automotive secured a new 5-year \u20ac325m bank financing (maturity date December 2026), consisting of \u20ac100m of amortising term loan and \u20ac225m revolving credit facility, included in the lines \u201cbank and other loans\u201d in the above table. The increase in current loans and borrowings compared to 31 December 2021 mainly relates to bank overdrafts reclassified from \u201ccash and cash equivalents\u201d to \u201cloans and borrowings\u201d (\u20ac52.4m at 31 December 2022 vs nil at 31 December 2021). Those bank overdrafts are permitted under the ancillary facilities negociated under the revolving credit facility of \u20ac225m and mainly result from a significant cash outflow driven by a sharp increase in inventory as the deliveries from the factories accelerated at the very end of the year. At 31 December 2022, there is no breach of covenants attached to the loans. Bank and other loans in the PHE segment mainly consist in Senior Secured fixed and floating rate Notes maturing between 2025 and 2027, as well as revolving credit facilities. Non-current loans and borrowings are due for settlement after more than one year, in accordance with the maturity profile set out below: \u20acm 2022 2021 Between one and five years 814.7 148.6 After more than five years 417.8 9.8 Non-current loans and borrowings 1,232.5 158.4 The exposure of the Group\u2019s loans and borrowings to interest rate changes and the repricing dates (before the effect of the debt derivatives) at the balance sheet date is as follows: \u20acm 2022 2021 Less than one year 368.1 53.1 Between one and five years 814.7 148.6 After more than five years 417.8 9.8 Loans and borrowings 1,600.6 211.5 The interest rate and currency profiles of loans and borrowings are as follows (including the effects of debt derivatives and excluding the lease liabilities accounted for in accordance with IFRS 16 in 2021 and 2022): 51 \u20acm 2022 2021 Currency Fixed Floating Fixed Floating Total Total rate rate rate rate EUR 607.4 746.4 1,353.8 0.2 165.8 166.0 Total 607.4 746.4 1,353.8 0.2 165.8 166.0 EUR borrowings are stated after deduction of deferred financing costs of \u20ac0.9m as at 31 December 2022 (31 December 2021: \u20ac1.5m). The floating rate borrowings bear interest at various rates set with reference to the prevailing EURIBOR or equivalent. The range of interest rates applicable for fixed rate borrowings outstanding is as follows: 2022 2021 Currency Min. Max. Min. Max. EUR 1.0% 6.5% 1.0% 4.3% The fair value of loans and borrowings (both current and non-current) approximates their carrying amount. Certain of the borrowings in the Group have covenants attached. At year-end, there is no breach of covenants. The table below provides information about the changes in liabilities arising from financing activities: Items Non-cash movements At 1 acquired Repayment At 31 New Loans Additions/ \u20acm January through of lease December loans repayment Disposals Transfer Other 202022 business liabilities 22 IFRS16 combinations Long-term loans and 129.4 975.2 38.6 -8.8 - - -88.0 0.2 1,046.6 borrowings Short-term loans and 36.6 130.9 68.8 -38.5 - - 107.4 1.6 306.8 borrowings Lease liabilities 45.5 209.6 - - -37.9 30.0 - - 247.2 Total liabilities arising from 211.5 1,315.7 107.4 -47.3 -37.9 30.0 19.4 1.8 1,600.6 financing activities Non-cash movements At 1 Repayment At 31 New Loans Additions/ \u20acm January of lease December Conversion loans repayment Disposals Transfer Other 20difference 2021 liabilities 21 IFRS16 Long-term loans and 44.6 99.2 -0.1 - - - -14.6 0.3 129.4 borrowings Short-term loans and 8.4 19.1 -13.4 - - - 14.6 7.9 36.6 borrowings Lease liabilities 50.4 - - -16.1 10.7 0.7 - -0.2 45.5 Total liabilities arising from 103.4 118.3 -13.5 -16.1 10.7 0.7 - 8.0 211.5 financing activities In 2022, the other non-cash movements include, among other amounts, the impact of the change in consolidation method of Lizzy and MyMove following the loss of exclusive control (see note 17) and in 2021 and 2022, the amortization of deferred financing costs in the Moleskine segment. In 2022, the \u20ac19.4m of transfers represent a capitalization of accrued interests on loans and borrowings, previously booked in trade and other payables. 52", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__104": { "value": "Note 25: Trade and other payables Trade and other payables are described below: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Non-current payables - - 32.5 - 32.5 - - - - Trade payables 339.1 23.7 313.6 3.4 679.8 271.6 27.2 3.7 302.5 Accrued charges and 64.4 1.0 3.9 0.1 69.4 48.4 1.1 0.8 50.3 deferred income Non-income taxes 52.0 1.5 18.3 - 71.8 43.7 0.8 - 44.5 Contingent consideration on 1.6 - 0.4 - 2.0 - - - - acquisitions Other current creditors 70.0 4.7 77.7 9.3 161.7 85.9 5.0 7.8 98.7 Trade and other 527.1 30.9 413.9 12.8 984.7 449.6 34.1 12.3 496.0 payables Trade and other current payables are expected to be settled within 12 months. The carrying value of trade and other current payables approximates their fair value. In the PHE segment, at 31 December 2022, the non-current payables mainly include contingent consiacquisitions. In both periods, the line \u201cNon-income taxes\u201d mainly include VAT payables in the D\u2019Ieteren Automotive segment, and in 2022 only, in the PHE segment. At 31 December 2021, the other current creditors included included, among other amounts, \u20ac16.8m of liabilities related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites. 53", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__103-1": { "value": "Note 25: Trade and other payables Trade and other payables are described below: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Non-current payables - - 32.5 - 32.5 - - - - Trade payables 339.1 23.7 313.6 3.4 679.8 271.6 27.2 3.7 302.5 Accrued charges and 64.4 1.0 3.9 0.1 69.4 48.4 1.1 0.8 50.3 deferred income Non-income taxes 52.0 1.5 18.3 - 71.8 43.7 0.8 - 44.5 Contingent consideration on 1.6 - 0.4 - 2.0 - - - - acquisitions Other current creditors 70.0 4.7 77.7 9.3 161.7 85.9 5.0 7.8 98.7 Trade and other 527.1 30.9 413.9 12.8 984.7 449.6 34.1 12.3 496.0 payables Trade and other current payables are expected to be settled within 12 months. The carrying value of trade and other current payables approximates their fair value. In the PHE segment, at 31 December 2022, the non-current payables mainly include contingent consiacquisitions. In both periods, the line \u201cNon-income taxes\u201d mainly include VAT payables in the D\u2019Ieteren Automotive segment, and in 2022 only, in the PHE segment. At 31 December 2021, the other current creditors included included, among other amounts, \u20ac16.8m of liabilities related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites. 53Note 28: Contingencies and commitments \u20acm 2022 2021 Commitments to acquisition of non-current assets 116.5 8.2 Other important commitments: Commitments given - 0.4 Commitments received 4.5 4.4 In 2021 and 2022, the commitments to acquisition of non-current assets mainly concerned property, plant and equipment in the segment \u201cCorporate & unallocated\u201d and in 2022 only, commitments to purchase second hand vehicles in the D\u2019Ieteren Automotive segment. Other important commitments received mainly relate to guarantees received from a contractor as part of a construction project in the segment \u201cCorporate & unallocated\u201d. Further to the carve-out of D\u2019Ieteren Automotive into a fully owned subsidiary as of the 1st of January 2021, D\u2019Ieteren Group SA/NV has granted a parental guarantee to the VW group in relation D\u2019Ieteren Automotive\u2019s obligations under the importers contracts. This parental guarantee is limited to three years and to an amount of \u20ac80m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__102": { "value": "Note 25: Trade and other payables Trade and other payables are described below: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Non-current payables - - 32.5 - 32.5 - - - - Trade payables 339.1 23.7 313.6 3.4 679.8 271.6 27.2 3.7 302.5 Accrued charges and 64.4 1.0 3.9 0.1 69.4 48.4 1.1 0.8 50.3 deferred income Non-income taxes 52.0 1.5 18.3 - 71.8 43.7 0.8 - 44.5 Contingent consideration on 1.6 - 0.4 - 2.0 - - - - acquisitions Other current creditors 70.0 4.7 77.7 9.3 161.7 85.9 5.0 7.8 98.7 Trade and other 527.1 30.9 413.9 12.8 984.7 449.6 34.1 12.3 496.0 payables Trade and other current payables are expected to be settled within 12 months. The carrying value of trade and other current payables approximates their fair value. In the PHE segment, at 31 December 2022, the non-current payables mainly include contingent consiacquisitions. In both periods, the line \u201cNon-income taxes\u201d mainly include VAT payables in the D\u2019Ieteren Automotive segment, and in 2022 only, in the PHE segment. At 31 December 2021, the other current creditors included included, among other amounts, \u20ac16.8m of liabilities related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites. 53", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__101": { "value": "Note 25: Trade and other payables Trade and other payables are described below: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Non-current payables - - 32.5 - 32.5 - - - - Trade payables 339.1 23.7 313.6 3.4 679.8 271.6 27.2 3.7 302.5 Accrued charges and 64.4 1.0 3.9 0.1 69.4 48.4 1.1 0.8 50.3 deferred income Non-income taxes 52.0 1.5 18.3 - 71.8 43.7 0.8 - 44.5 Contingent consideration on 1.6 - 0.4 - 2.0 - - - - acquisitions Other current creditors 70.0 4.7 77.7 9.3 161.7 85.9 5.0 7.8 98.7 Trade and other 527.1 30.9 413.9 12.8 984.7 449.6 34.1 12.3 496.0 payables Trade and other current payables are expected to be settled within 12 months. The carrying value of trade and other current payables approximates their fair value. In the PHE segment, at 31 December 2022, the non-current payables mainly include contingent consiacquisitions. In both periods, the line \u201cNon-income taxes\u201d mainly include VAT payables in the D\u2019Ieteren Automotive segment, and in 2022 only, in the PHE segment. At 31 December 2021, the other current creditors included included, among other amounts, \u20ac16.8m of liabilities related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites. 53", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__100": { "value": "Note 25: Trade and other payables Trade and other payables are described below: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Non-current payables - - 32.5 - 32.5 - - - - Trade payables 339.1 23.7 313.6 3.4 679.8 271.6 27.2 3.7 302.5 Accrued charges and 64.4 1.0 3.9 0.1 69.4 48.4 1.1 0.8 50.3 deferred income Non-income taxes 52.0 1.5 18.3 - 71.8 43.7 0.8 - 44.5 Contingent consideration on 1.6 - 0.4 - 2.0 - - - - acquisitions Other current creditors 70.0 4.7 77.7 9.3 161.7 85.9 5.0 7.8 98.7 Trade and other 527.1 30.9 413.9 12.8 984.7 449.6 34.1 12.3 496.0 payables Trade and other current payables are expected to be settled within 12 months. The carrying value of trade and other current payables approximates their fair value. In the PHE segment, at 31 December 2022, the non-current payables mainly include contingent consiacquisitions. In both periods, the line \u201cNon-income taxes\u201d mainly include VAT payables in the D\u2019Ieteren Automotive segment, and in 2022 only, in the PHE segment. At 31 December 2021, the other current creditors included included, among other amounts, \u20ac16.8m of liabilities related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites. 53", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__99": { "value": "Note 25: Trade and other payables Trade and other payables are described below: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Non-current payables - - 32.5 - 32.5 - - - - Trade payables 339.1 23.7 313.6 3.4 679.8 271.6 27.2 3.7 302.5 Accrued charges and 64.4 1.0 3.9 0.1 69.4 48.4 1.1 0.8 50.3 deferred income Non-income taxes 52.0 1.5 18.3 - 71.8 43.7 0.8 - 44.5 Contingent consideration on 1.6 - 0.4 - 2.0 - - - - acquisitions Other current creditors 70.0 4.7 77.7 9.3 161.7 85.9 5.0 7.8 98.7 Trade and other 527.1 30.9 413.9 12.8 984.7 449.6 34.1 12.3 496.0 payables Trade and other current payables are expected to be settled within 12 months. The carrying value of trade and other current payables approximates their fair value. In the PHE segment, at 31 December 2022, the non-current payables mainly include contingent consiacquisitions. In both periods, the line \u201cNon-income taxes\u201d mainly include VAT payables in the D\u2019Ieteren Automotive segment, and in 2022 only, in the PHE segment. At 31 December 2021, the other current creditors included included, among other amounts, \u20ac16.8m of liabilities related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites. 53", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__98": { "value": "Note 25: Trade and other payables Trade and other payables are described below: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Non-current payables - - 32.5 - 32.5 - - - - Trade payables 339.1 23.7 313.6 3.4 679.8 271.6 27.2 3.7 302.5 Accrued charges and 64.4 1.0 3.9 0.1 69.4 48.4 1.1 0.8 50.3 deferred income Non-income taxes 52.0 1.5 18.3 - 71.8 43.7 0.8 - 44.5 Contingent consideration on 1.6 - 0.4 - 2.0 - - - - acquisitions Other current creditors 70.0 4.7 77.7 9.3 161.7 85.9 5.0 7.8 98.7 Trade and other 527.1 30.9 413.9 12.8 984.7 449.6 34.1 12.3 496.0 payables Trade and other current payables are expected to be settled within 12 months. The carrying value of trade and other current payables approximates their fair value. In the PHE segment, at 31 December 2022, the non-current payables mainly include contingent consiacquisitions. In both periods, the line \u201cNon-income taxes\u201d mainly include VAT payables in the D\u2019Ieteren Automotive segment, and in 2022 only, in the PHE segment. At 31 December 2021, the other current creditors included included, among other amounts, \u20ac16.8m of liabilities related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites. 53", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__97": { "value": "Note 25: Trade and other payables Trade and other payables are described below: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Non-current payables - - 32.5 - 32.5 - - - - Trade payables 339.1 23.7 313.6 3.4 679.8 271.6 27.2 3.7 302.5 Accrued charges and 64.4 1.0 3.9 0.1 69.4 48.4 1.1 0.8 50.3 deferred income Non-income taxes 52.0 1.5 18.3 - 71.8 43.7 0.8 - 44.5 Contingent consideration on 1.6 - 0.4 - 2.0 - - - - acquisitions Other current creditors 70.0 4.7 77.7 9.3 161.7 85.9 5.0 7.8 98.7 Trade and other 527.1 30.9 413.9 12.8 984.7 449.6 34.1 12.3 496.0 payables Trade and other current payables are expected to be settled within 12 months. The carrying value of trade and other current payables approximates their fair value. In the PHE segment, at 31 December 2022, the non-current payables mainly include contingent consiacquisitions. In both periods, the line \u201cNon-income taxes\u201d mainly include VAT payables in the D\u2019Ieteren Automotive segment, and in 2022 only, in the PHE segment. At 31 December 2021, the other current creditors included included, among other amounts, \u20ac16.8m of liabilities related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites. 53", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__96": { "value": "Note 25: Trade and other payables Trade and other payables are described below: \u20acm 2022 2021 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine Group Automotive unallocated Automotive unallocated Non-current payables - - 32.5 - 32.5 - - - - Trade payables 339.1 23.7 313.6 3.4 679.8 271.6 27.2 3.7 302.5 Accrued charges and 64.4 1.0 3.9 0.1 69.4 48.4 1.1 0.8 50.3 deferred income Non-income taxes 52.0 1.5 18.3 - 71.8 43.7 0.8 - 44.5 Contingent consideration on 1.6 - 0.4 - 2.0 - - - - acquisitions Other current creditors 70.0 4.7 77.7 9.3 161.7 85.9 5.0 7.8 98.7 Trade and other 527.1 30.9 413.9 12.8 984.7 449.6 34.1 12.3 496.0 payables Trade and other current payables are expected to be settled within 12 months. The carrying value of trade and other current payables approximates their fair value. In the PHE segment, at 31 December 2022, the non-current payables mainly include contingent consiacquisitions. In both periods, the line \u201cNon-income taxes\u201d mainly include VAT payables in the D\u2019Ieteren Automotive segment, and in 2022 only, in the PHE segment. At 31 December 2021, the other current creditors included included, among other amounts, \u20ac16.8m of liabilities related to the decision of D\u2019Ieteren Automotive to close down two of its structurally loss-making sites. 53", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__105": { "value": "Note 26: Business combinations The details of the net assets acquired, goodwill and consideration of the acquisitions performed by the Group are set out in the following table. The column \u201cD\u2019Ieteren Automotive\u201d relate to the acquisitions performed by the D\u2019Ieteren Automotive segment, thand the column PHE relates to the acquisition by the Group of Parts Holding Europe (PHE) on the 4 of August 2022. Total D'Ieteren \u20acm PHE provisional fair Automotive value\u207d\u207d\u00b9\u207e\u207eIntangible assets - 311.7 311.7 Property, plant & equipment 11.2 280.0 291.2 Financial investments - 4.7 4.7 Derivative financial instruments - 2.1 2.1 Deferred tax assets - 24.2 24.2 Other receivables - 24.7 24.7 Inventories 8.1 463.6 471.7 Derivative financial instruments (short-term) - 0.7 0.7 Trade and other receivables 4.6 393.7 398.3 Cash & cash equivalents (excluding cash included in assets classified as held-for-sale) 3.4 91.9 95.3 Assets classified as held for sale - 75.1 75.1 Employee benefits - -28.0 -28.0 Loans & borrowings -12.4 -1,128.2 -1,140.6 Put options granted to non-controlling interests - -80.5 -80.5 Other payables - -37.8 -37.8 Deferred tax liabilities -0.1 -13.4 -13.5 Provisions (short-term) - -5.6 -5.6 Loans & borrowings (short-term) -1.1 -165.4 -166.5 Put options granted to non-controlling interests (short-term) - -4.9 -4.9 Current tax liabilities -0.9 - -0.9 Trade & other payables -10.7 -455.4 -466.1 Liabilities directly associated with the assets held for sale - -30.7 -30.7 Net assets acquired 2.1 -277.5 -275.4 Non-controlling interests (\"NCI\") -0.3 -1.8 -2.1 Goodwill 17.9 850.3 868.2 TOTAL IDENTIFIABLE NET ASSETS ACQUIRED AND LIABILITIES ASSUMED, 19.7 571.0 590.7 INCLUDING GOODWILL Consideration satisfied by: Cash payment 14.1 571.0 585.1 Contingent consideration 5.6 - 5.6 TOTAL CONSIDERATION 19.7 571.0 590.7 (1) The fair values have been measured on a provisional basis. If new information obtained within one year from the date of acquisition about facts and circumstances that existed at the date of acquisition, then the accounting for the acquisition will be revised. D\u2019Ieteren Automotive During the period, the D\u2019Ieteren Automotive segment finalized the following acquisitions: - 100% of the shares of Taxi Radio Bruxellois s.a in H1-2022, the leading provider of on-demand transportation services in the Brussels-Capital Region and surrounding areas; - 67.84% of the shares of Joule n.v. in H1-2022, a company specialising in the supply of bicycles to corporate and public sector organisations; - 100% of the shares of V\u00e9lofixer b.v.b.a. in H1-2022, an (e-)bikes store in the centre of Brussels; - 100% of the shares of Re-Cycle s.r.l in H2-2022, an (e-)bikes store specialised in second-hand bikes in the Brussels area; - 100% of the shares of Go-Solar n.v. in H2-2022, a company specialised in the supply of solar panels and home batteries in Flanders. The additional revenue and net result arising subsequent to these acquisitions amount to respectively \u20ac36.2m and \u20ac2.1m. If the acquisitions have occurred on the first day of the period, revenue would have been \u20ac65.9m and net result \u20ac3.0m. 54 The contingent consideration of \u20ac5.6m recognised on these acquisitions is initially measured at fair value through profit or loss (FVTPL) and is based on the expected payout that the Group will incur, based on the probability of achievement of financial performances of the underlying acquired businesses (such as target revenue, target gross margin). The fair value calculations require significant judgment and estimates from the management, especially with regards to the revenue growth and gross margin performances). Subsequent change in fair value of the earn-out, if any, will be accounted for in profit or loss. At 31 December 2022, contingent consideration liability amount to \u20ac5.8m and is presented in the line \u201cTrade and other payables\u201d in the consolidated statement of financial position. The \u20ac17.9m of goodwill recognised reflects the expected synergies and other benefits resulting from the combination of the acquired activities with those of the D\u2019Ieteren Automotive segment. As permitted by IFRS 3 \u201cBusiness Combinations\u201d (maximum period of 12 months to finalize the acquisition accounting), the above provisional allocation will be reviewed and if necessary reallocated to brands and intangible assets. There are no trade and other receivables acquired that are expected to be uncollectable at the date of acquisition. The provisional goodwill recognised on these acquisitions is not expected to be deductible for tax purposes. PHE thOn the 4 of August 2022, D\u2019Ieteren Group announced that it has closed the acquisition of Parts Holding Europe (PHE), a Western European leader in independent distribution of vehicle spare parts present in six countries: France, Belgium, The Netherlands, Luxemburg, Italy and Spain. The acquisition if fully aligned with the Group\u2019s investment criteria and PHE perfectly fits in the Group\u2019s family of businesses as a new strong leading growth platform enabling significant value creation with the ambition to generate a meaningful impact. The acquisition price corresponded to an Enterprise Value of \u20ac1.7bn, resulting in an equity consideration paid of \u20ac571.0m, financed with D\u2019Ieteren Group\u2019s excess liquidity. This corresponded to an EV/EBITDA 2021 multiple of 6.9x. At the date of the closing of the acquisition, D\u2019Ieteren Group owned 100% of PHE and fully consolidates ththe company (global integration) as from the 4 of August 2022. Acquisition related cosadministrative expenses in the consolidated statement of profit or loss) amount to \u20ac18.6m (these costs are qualified as adjusting items \u2013 refer to the consolidated management report and the press release for more information on Alternative Performance Measures and adjusting items). PHE is a reportable operating segment since the acquisition date (see note 4). At inception, the capital structure of the holding company of PHE was composed of ordinary shares (c. 30% of total equity) and preference shares (c. 70% of equity). In October 2022, minority investors including management and several partners and independent distributors invested alongside D\u2019Ieteren Group in the holding company of PHE, up to a combined ownership of c.9%, in the same proportion between ordinary shares and preference shares. Preference shares bear a fixed annual compounding dividend rate of 7% (any distribution being first allocated to the preference shares in order to satisfy the accumulated dividend and to redeem the subscription amount of preference shares). At the same time, a Management Reward Plan (MRP) has been put in place, whereby the Group granted to PHE\u2019s key management personnel free \u201cratchet\u201d shares. These shares have no economic value until a liquidity event occurs (the value of the shares will then be entitled to an amount equal to a percentage of the Project Capital Gain). This management reward plan is a cash-settled share-based payment in scope of IFRS 2. The Group will therefore account in profit or loss for the fair value of the free shares granted to management over the vesting period (being one year as from the grant date), with a corresponding increase in liability. Before and beyond vesting, the change in fair value of the liability will be accounted for in profit or loss. At 31 December 2022, the Group accounted for a share-based payment expense of -\u20ac2.2m, with a corresponding increase in liability. The Group has granted to minority investors put options on the ordinary, preference and \u201cratchet\u201d shares. Refer to note 33 for more information on the put options granted to non-controlling shareholders. For the five-month period ended 31 December 2022, PHE contributed revenue of \u20ac961.8m and net result of \u20ac7.3m. If the acquisition had occurred on the first day of the period, revenue would have been \u20ac2,259.8m and net result \u20ac58.6m. In the segment statement of cash flows, the line \u201cacquisition of subsidiaries, net of cash acquired\u201d in the PHE and Corporate & unallocated segments (total of -\u20ac506.1m) represents the total consideration paid by the Group for the acquisition of PHE (-\u20ac571.0m), less cash and cash equivalents acquired for \u20ac100.9m (consisting in \u20ac91.9m disclosed in the above table and \u20ac9.0m of cash and cash equivalents classified as held for sale at the date of acquisition) and -\u20ac36.0m of acquisitions in the PHE segment since the acquisition by the Group. There are no trade and other receivables acquired that are expected to be uncollectable at the date of acquisition. The provisional goodwill recognised on the acquisition is not expected to be deductible for tax purposes. The goodwill recognised on the acquisition of PHE (\u20ac332.0m of goodwill acquired at acquisition date and \u20ac518.3m of goodwill recognised on the difference between the consideration paid and the fair value of the net assets acquired) reflects the expected synergies and other benefits resulting from the combination of the acquired activities with those of the Group. 55 At 31 December 2022, the Group did not finalise the acquisition accounting and hence no fair value adjustments have been recognised on the acquired assets or liabilities assumed, because the Group was not in a position to reasonably measure those adjustments. As permitted by IFRS 3 \u201cBusiness Combinations\u201d (maximum period of 12 months to finalize the acquisition accounting), the above provisional allocation will be reviewed and if necessary reallocated to brands and other intangible and tangible assets. During the period from the acquisition of PHE by the Group until 31 December 2022, the PHE segment finalized the acquisitions of subsidiaries in Spain and France. The details of these acquisitions are not presented in the above table. The total goodwill recognized upon these acquisitions amounts to \u20ac29.4m. Total consideration paid for these acquisitions amount to \u20ac42.4m and includes \u20ac2.0m of contingent consideration. At 31 December 2022, contingent consideration liabilities amount to \u20ac24.2 and is presented in the lines \u201cOther payables\u201d for \u20ac23.7m and \u201cTrade and other payables\u201d for \u20ac0.5m in the consolidated statement of financial position. A total amount of \u20ac36.0m is presented in the line \u201cacquisition of subsidiaries, net of cash acquired\u201d in the consolidated statement of cash flows and includes the cash payment of \u20ac40.4m less cash acquired of \u20ac4.4m. The detail of the net assets acquired, and liabilities assumed on these acquisitions are not considered material to the Group and are therefore not separately disclosed. 56", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__108": { "value": "Note 27: List of subsidiaries, associates and joint ventures The full list of companies concerned by articles 3:104 and 3:156 of the Royal Decree of 29 April 2019 implementing the Company Code will be lodged with the Central Balance Sheet department of the National Bank of Belgium. It is also available on request from the Company head office (see note 1). The subsidiaries, associates and joint ventures of the Company are listed below: % of share capital % of share capital Country of Name owned at 31 owned at 31 incorporation December 2022 December 2021 D'Ieteren Automotive D'Ieteren Automotive s.a. Belgium 100% 100% P.C. Mechelen n.v. Belgium 100% 100% P.C. Paal-Beringen n.v. Belgium 100% 100% P.C. Li\u00e8ge s.a. Belgium 100% 100% Kronos Automobiles s.a. Belgium 100% 100% Garage Rietje n.v. Belgium 100% 100% Carrosserie Rietje n.v. Belgium 100% 100% Rietje Waasland n.v. Belgium 100% 100% Garage Clissen n.v. Belgium 100% 100% BAG A/D n.v. Belgium 100% 100% ACBornem n.v. Belgium 100% 100% Auto Center Kontich b.v.b.a. Belgium 100% 100% Automobiel Center Puurs n.v. Belgium 100% 100% Don Bosco b.v.b.a. Belgium 100% 100% Autonatie n.v. Belgium 100% 100% Overijse Automotive n.v. Belgium 100% 100% Autobedrijf Y&N Claessens b.v.b.a. Belgium 100% 100% Sopadis Knokke n.v. Belgium 100% 100% Automobile Center Mechelen 2 b.v.b.a. Belgium 100% 100% Auto Natie Wommelgem NV Belgium 100% 100% Auto Natie Kontich b.v.b.a. Belgium 100% 100% D'ieteren Mobility Company s.a. Belgium 100% 100% s.a. Volkswagen D'Ieteren Finance n.v. Belgium 49.99% 49.99% s.a. D'Ieteren Lease n.v. Belgium 49.99% 49.99% s.a. D'Ieteren Micromobility n.v. Belgium 100% 100% s.a. WonderAuto n.v. Belgium 100% 100% Lab Box s.a. Belgium 100% 100% Poppy Mobility n.v. Belgium 100% 100% Skipr n.v. Belgium 50.44% 50.44% CarASAP s.a. Belgium 100% 100% Electric By D'Ieteren (EDI) Belgium 92.50% 100% Lizy n.v. Belgium 39.63% 52.64% ACBornem n.v. Belgium 100% 100% PC Brussels s.a. Belgium 100% 100% PC Antwerp n.v. Belgium 100% 100% D'Ieteren Centers s.a. Belgium 100% 100% Brussels Auto Group Groot-Bijgaarden n.v. Belgium 100% 100% Brussels Auto Group Ternat b.v. Belgium 100% 100% Wondercar Groot-Bijgaarden b.v. Belgium 100% 100% Autralis b.v. Belgium 100% 100% MyMove srl Belgium 56.00% 52.00% Mbrella srl Belgium 57.36% 57.36% Wondergroup s.a. Belgium 100% 100% iBike b.v.b.a. Belgium 100% 100% Goodbikes s.r.l. Belgium 100% 100% LB RiHa s.r.l. Belgium 100% Taxi Radio Bruxellois s.a. Belgium 100% 57 % of share capital % of share capital Name Country of incorporation owned at 31 owned at 31 December 2022 December 2021 Joule n.v. Belgium 57.87% Lizy France s.a.s. France 39.63% EDI Network s.a. Belgium 100% LB Sunshine s.r.l. Belgium 92.50% Waassolar b.v. Belgium 92.50% Go-Solar n.v. Belgium 92.50% D'Ieteren Mobility Services s.a. Belgium 100% Velofixer b.v. Belgium 100% Re Cycle s.r.l. Belgium 100% Belron Belron Group s.a. (in voting rights) Luxembourg 55.00% 54.85% TVH TVH Global NV Belgium 40.00% 40.00% Moleskine Moleskine s.r.l. Italy 100% 100% Moleskine America Inc. United States of America 100% 100% Moleskine Asia Ltd. Hong-Kong 100% 100% Moleskine Commerce & Trade Shanghai Co. Ltd. China 100% 100% Moleskine France s.\u00e0.r.l France 100% 100% Moleskine Germany GmbH Germany 100% 100% Moleskine Singapore Pte Ltd Singapore 100% 100% Moleskine Uk Ltd. United Kingdom 100% 100% Moleskine Japan k.k. Japan 100% 100% Moleskine Korea Co. Ltd. Korea 100% 100% Moleskine Caf\u00e9 s.r.l. Italy 100% 100% Moleskine b.v. Netherland 100% 100% Moleskine Digital Studio Pte. Ltd. Singapore 55.00% 55.00% EDO.IO s.r.l. Italy 55.13% 55.13% Corp. & unallocated s.a. D'Ieteren Immo n.v. Belgium 100% 100% D'IM s.a. Luxembourg 100% 100% D Participation Management Luxembourg s.a. Luxembourg 100% 100% s.a. D'Ieteren Services n.v. Belgium 100% 100% D Participation Management s.a. Belgium 100% 100% Lys Bidco s.\u00e0.r.l Luxembourg 100% 100% DImmoLux s.\u00e0.r.l Luxembourg 100% D'Ieteren Cherry MRP s.\u00e0.r.l Luxembourg 100% s.a. Spider Bidco n.v. Belgium 100% PHE Lake SAS (in voting rights) France 91.38% 58 The percentages below are the ones held by Lake SAS (the mother company of PHE) in those subsidiaries: % of share capital % of share capital Country of Name owned at 31 owned at 31 incorporation December 2022 December 2021 Parts Holding Europe France 100% ACR Group France 100% AD BASSIN PARISIEN NORD France 100% Autodistribution Belux Belgium 100% AD Bosch Industrial Spain 100% AD Bosch Recanvis Spain 100% AD Bosch Serveis Spain 100% AUTODISTRIBUTION GOBILLOT RHONE France 100% AD GRAND OUEST France 100% AD NORMANDIE MAINE France 100% AD Parts Intergroup Spain 100% Aube distribution automobile France 100% Marne distribution automobile France 100% Ariane France 100% PARTS EUROPE France 100% Autodis Italia Holding Italy 55.94% Autodis Italia Italy 100% AUTODISTRIBUTION France 100% AUTODISTRIBUTION POIDS LOURDS France 100% AUTODISTRIBUTION SOGO France 100% BDN - Grup EINA Spain 42.00% BREMSTAR France 100% COFIRHAD France 100% COGEMAD France 100% COMPTOIR VI France 100% CORA SAS France 100% DIGITAL AFTERMARKET France 100% DIGITAL AUTO PARTS HOLDING France 100% Doyen Auto Belgium Belgium 100% Doyen Auto France France 100% Doyen Auto Belgium 100% Autodistribution Nederland Netherland 100% VERVIERS FREINS Belgium 100% ETS REMBAUD France 100% FOURNITURES INDUSTRIELLES AUTOMOBILES France 100% FGL Italy 100% FREINAGE POIDS LOURDS SERVICES \"F.P.L.S.\" France 100% AD POIDS LOURDS GOBILLOT France 100% GADEST France 100% GENERAL AUTO Italy 100% GO LOGISTICS Italy 100% GLASS AUTO SERVICE France 100% ILE DE France POIDS LOURDS France 100% INSTANT PACKET SERVICE MARAGALL Spain 100% LOGISTEO France 100% LOEK Autoparts BV Belgium 100% Lubrial Oil Spain 100% 59 % of share capital % of share capital Country of Name owned at 31 owned at 31 incorporation December 2022 December 2021 OVAM Italy 100% PELTER AUTO OVERPELT Belgium 100% Partenaires produits et services France 100% Autodistribution Italia Italy 55.94% PLATEFORME TECHNIQUE NATIONALE MONTAJAULT France 100% Port Marly Accessoires (PMA) France 100% RICAUTO Italy 100% RM DISTRIBUTION France 100% SARCO Italy 100% SARL AUTO CONTR\u00d4LE France 100% SARL FRA France 100% SARPI Italy 100% SCI LORAT France 100% SLPA France 49.00% TOP CAR Italy 100% TRUCK & CAR SERVICES France 100% AD Poids Lourds CENTRE OUEST France 100% Vallespir Auto Diffusion France 100% OSCARO Holding SAS France 100% OSCARO.COM France 100% OLCANI France 100% OSCARIOS RECAMBIOS Spain 100% 3C.COM France 100% GEEVERS AUTO PARTS b.v. Netherland 100% GEEVERS AUTO PARTS BELGI\u00cb Belgium 100% DISCOUNT DEPOT AUTOTEILE Germany 100% PRAEFECTUS Netherland 100% Shadeservice Zuid Netherland 100% AD Autoparts Belgium 100% AUTOVAK Belgium 100% 2G PADAUTO Italy 100% EUMA Parts Spain 100% EUMA Pro 2020 Spain 100% AD MARINA Spain 100% REGENAUTO Spain 100% REGENAUTO EQUIPOS Y SERVICIOS Spain 100% ACUMULADORES NAVARRA Spain 100% CIDA AUTO COMPONENTS Italy 100% AD LEVANTE PARTS Spain 100% AD MARCHE Italy 100% AUTO RECAMBIOS VILBER Spain 100% PENALVER Spain 100% ATTREZZAUTO.COM Italy 100% FRANCE DISTRIBUTION - FRADIS France 100% SARAT Italy 100% The Group\u2019s average stake (used for the income statement) in Belron equalled 50.01% in 2022 (52.88% in 2021). See note 17. The percentage used to consolidate the net result of PHE is 100% (see note 33 for more information). The main entities accounted for using the equity method are the joint venture Belron Group SA, TVH Global NV and Volkswagen D\u2019Ieteren Finance SA/N.V. See note 17 for adequate disclosures. 60", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__107": { "value": "Note 27: List of subsidiaries, associates and joint ventures The full list of companies concerned by articles 3:104 and 3:156 of the Royal Decree of 29 April 2019 implementing the Company Code will be lodged with the Central Balance Sheet department of the National Bank of Belgium. It is also available on request from the Company head office (see note 1). The subsidiaries, associates and joint ventures of the Company are listed below: % of share capital % of share capital Country of Name owned at 31 owned at 31 incorporation December 2022 December 2021 D'Ieteren Automotive D'Ieteren Automotive s.a. Belgium 100% 100% P.C. Mechelen n.v. Belgium 100% 100% P.C. Paal-Beringen n.v. Belgium 100% 100% P.C. Li\u00e8ge s.a. Belgium 100% 100% Kronos Automobiles s.a. Belgium 100% 100% Garage Rietje n.v. Belgium 100% 100% Carrosserie Rietje n.v. Belgium 100% 100% Rietje Waasland n.v. Belgium 100% 100% Garage Clissen n.v. Belgium 100% 100% BAG A/D n.v. Belgium 100% 100% ACBornem n.v. Belgium 100% 100% Auto Center Kontich b.v.b.a. Belgium 100% 100% Automobiel Center Puurs n.v. Belgium 100% 100% Don Bosco b.v.b.a. Belgium 100% 100% Autonatie n.v. Belgium 100% 100% Overijse Automotive n.v. Belgium 100% 100% Autobedrijf Y&N Claessens b.v.b.a. Belgium 100% 100% Sopadis Knokke n.v. Belgium 100% 100% Automobile Center Mechelen 2 b.v.b.a. Belgium 100% 100% Auto Natie Wommelgem NV Belgium 100% 100% Auto Natie Kontich b.v.b.a. Belgium 100% 100% D'ieteren Mobility Company s.a. Belgium 100% 100% s.a. Volkswagen D'Ieteren Finance n.v. Belgium 49.99% 49.99% s.a. D'Ieteren Lease n.v. Belgium 49.99% 49.99% s.a. D'Ieteren Micromobility n.v. Belgium 100% 100% s.a. WonderAuto n.v. Belgium 100% 100% Lab Box s.a. Belgium 100% 100% Poppy Mobility n.v. Belgium 100% 100% Skipr n.v. Belgium 50.44% 50.44% CarASAP s.a. Belgium 100% 100% Electric By D'Ieteren (EDI) Belgium 92.50% 100% Lizy n.v. Belgium 39.63% 52.64% ACBornem n.v. Belgium 100% 100% PC Brussels s.a. Belgium 100% 100% PC Antwerp n.v. Belgium 100% 100% D'Ieteren Centers s.a. Belgium 100% 100% Brussels Auto Group Groot-Bijgaarden n.v. Belgium 100% 100% Brussels Auto Group Ternat b.v. Belgium 100% 100% Wondercar Groot-Bijgaarden b.v. Belgium 100% 100% Autralis b.v. Belgium 100% 100% MyMove srl Belgium 56.00% 52.00% Mbrella srl Belgium 57.36% 57.36% Wondergroup s.a. Belgium 100% 100% iBike b.v.b.a. Belgium 100% 100% Goodbikes s.r.l. Belgium 100% 100% LB RiHa s.r.l. Belgium 100% Taxi Radio Bruxellois s.a. Belgium 100% 57 % of share capital % of share capital Name Country of incorporation owned at 31 owned at 31 December 2022 December 2021 Joule n.v. Belgium 57.87% Lizy France s.a.s. France 39.63% EDI Network s.a. Belgium 100% LB Sunshine s.r.l. Belgium 92.50% Waassolar b.v. Belgium 92.50% Go-Solar n.v. Belgium 92.50% D'Ieteren Mobility Services s.a. Belgium 100% Velofixer b.v. Belgium 100% Re Cycle s.r.l. Belgium 100% Belron Belron Group s.a. (in voting rights) Luxembourg 55.00% 54.85% TVH TVH Global NV Belgium 40.00% 40.00% Moleskine Moleskine s.r.l. Italy 100% 100% Moleskine America Inc. United States of America 100% 100% Moleskine Asia Ltd. Hong-Kong 100% 100% Moleskine Commerce & Trade Shanghai Co. Ltd. China 100% 100% Moleskine France s.\u00e0.r.l France 100% 100% Moleskine Germany GmbH Germany 100% 100% Moleskine Singapore Pte Ltd Singapore 100% 100% Moleskine Uk Ltd. United Kingdom 100% 100% Moleskine Japan k.k. Japan 100% 100% Moleskine Korea Co. Ltd. Korea 100% 100% Moleskine Caf\u00e9 s.r.l. Italy 100% 100% Moleskine b.v. Netherland 100% 100% Moleskine Digital Studio Pte. Ltd. Singapore 55.00% 55.00% EDO.IO s.r.l. Italy 55.13% 55.13% Corp. & unallocated s.a. D'Ieteren Immo n.v. Belgium 100% 100% D'IM s.a. Luxembourg 100% 100% D Participation Management Luxembourg s.a. Luxembourg 100% 100% s.a. D'Ieteren Services n.v. Belgium 100% 100% D Participation Management s.a. Belgium 100% 100% Lys Bidco s.\u00e0.r.l Luxembourg 100% 100% DImmoLux s.\u00e0.r.l Luxembourg 100% D'Ieteren Cherry MRP s.\u00e0.r.l Luxembourg 100% s.a. Spider Bidco n.v. Belgium 100% PHE Lake SAS (in voting rights) France 91.38% 58 The percentages below are the ones held by Lake SAS (the mother company of PHE) in those subsidiaries: % of share capital % of share capital Country of Name owned at 31 owned at 31 incorporation December 2022 December 2021 Parts Holding Europe France 100% ACR Group France 100% AD BASSIN PARISIEN NORD France 100% Autodistribution Belux Belgium 100% AD Bosch Industrial Spain 100% AD Bosch Recanvis Spain 100% AD Bosch Serveis Spain 100% AUTODISTRIBUTION GOBILLOT RHONE France 100% AD GRAND OUEST France 100% AD NORMANDIE MAINE France 100% AD Parts Intergroup Spain 100% Aube distribution automobile France 100% Marne distribution automobile France 100% Ariane France 100% PARTS EUROPE France 100% Autodis Italia Holding Italy 55.94% Autodis Italia Italy 100% AUTODISTRIBUTION France 100% AUTODISTRIBUTION POIDS LOURDS France 100% AUTODISTRIBUTION SOGO France 100% BDN - Grup EINA Spain 42.00% BREMSTAR France 100% COFIRHAD France 100% COGEMAD France 100% COMPTOIR VI France 100% CORA SAS France 100% DIGITAL AFTERMARKET France 100% DIGITAL AUTO PARTS HOLDING France 100% Doyen Auto Belgium Belgium 100% Doyen Auto France France 100% Doyen Auto Belgium 100% Autodistribution Nederland Netherland 100% VERVIERS FREINS Belgium 100% ETS REMBAUD France 100% FOURNITURES INDUSTRIELLES AUTOMOBILES France 100% FGL Italy 100% FREINAGE POIDS LOURDS SERVICES \"F.P.L.S.\" France 100% AD POIDS LOURDS GOBILLOT France 100% GADEST France 100% GENERAL AUTO Italy 100% GO LOGISTICS Italy 100% GLASS AUTO SERVICE France 100% ILE DE France POIDS LOURDS France 100% INSTANT PACKET SERVICE MARAGALL Spain 100% LOGISTEO France 100% LOEK Autoparts BV Belgium 100% Lubrial Oil Spain 100% 59 % of share capital % of share capital Country of Name owned at 31 owned at 31 incorporation December 2022 December 2021 OVAM Italy 100% PELTER AUTO OVERPELT Belgium 100% Partenaires produits et services France 100% Autodistribution Italia Italy 55.94% PLATEFORME TECHNIQUE NATIONALE MONTAJAULT France 100% Port Marly Accessoires (PMA) France 100% RICAUTO Italy 100% RM DISTRIBUTION France 100% SARCO Italy 100% SARL AUTO CONTR\u00d4LE France 100% SARL FRA France 100% SARPI Italy 100% SCI LORAT France 100% SLPA France 49.00% TOP CAR Italy 100% TRUCK & CAR SERVICES France 100% AD Poids Lourds CENTRE OUEST France 100% Vallespir Auto Diffusion France 100% OSCARO Holding SAS France 100% OSCARO.COM France 100% OLCANI France 100% OSCARIOS RECAMBIOS Spain 100% 3C.COM France 100% GEEVERS AUTO PARTS b.v. Netherland 100% GEEVERS AUTO PARTS BELGI\u00cb Belgium 100% DISCOUNT DEPOT AUTOTEILE Germany 100% PRAEFECTUS Netherland 100% Shadeservice Zuid Netherland 100% AD Autoparts Belgium 100% AUTOVAK Belgium 100% 2G PADAUTO Italy 100% EUMA Parts Spain 100% EUMA Pro 2020 Spain 100% AD MARINA Spain 100% REGENAUTO Spain 100% REGENAUTO EQUIPOS Y SERVICIOS Spain 100% ACUMULADORES NAVARRA Spain 100% CIDA AUTO COMPONENTS Italy 100% AD LEVANTE PARTS Spain 100% AD MARCHE Italy 100% AUTO RECAMBIOS VILBER Spain 100% PENALVER Spain 100% ATTREZZAUTO.COM Italy 100% FRANCE DISTRIBUTION - FRADIS France 100% SARAT Italy 100% The Group\u2019s average stake (used for the income statement) in Belron equalled 50.01% in 2022 (52.88% in 2021). See note 17. The percentage used to consolidate the net result of PHE is 100% (see note 33 for more information). The main entities accounted for using the equity method are the joint venture Belron Group SA, TVH Global NV and Volkswagen D\u2019Ieteren Finance SA/N.V. See note 17 for adequate disclosures. 60", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__106": { "value": "Note 27: List of subsidiaries, associates and joint ventures The full list of companies concerned by articles 3:104 and 3:156 of the Royal Decree of 29 April 2019 implementing the Company Code will be lodged with the Central Balance Sheet department of the National Bank of Belgium. It is also available on request from the Company head office (see note 1). The subsidiaries, associates and joint ventures of the Company are listed below: % of share capital % of share capital Country of Name owned at 31 owned at 31 incorporation December 2022 December 2021 D'Ieteren Automotive D'Ieteren Automotive s.a. Belgium 100% 100% P.C. Mechelen n.v. Belgium 100% 100% P.C. Paal-Beringen n.v. Belgium 100% 100% P.C. Li\u00e8ge s.a. Belgium 100% 100% Kronos Automobiles s.a. Belgium 100% 100% Garage Rietje n.v. Belgium 100% 100% Carrosserie Rietje n.v. Belgium 100% 100% Rietje Waasland n.v. Belgium 100% 100% Garage Clissen n.v. Belgium 100% 100% BAG A/D n.v. Belgium 100% 100% ACBornem n.v. Belgium 100% 100% Auto Center Kontich b.v.b.a. Belgium 100% 100% Automobiel Center Puurs n.v. Belgium 100% 100% Don Bosco b.v.b.a. Belgium 100% 100% Autonatie n.v. Belgium 100% 100% Overijse Automotive n.v. Belgium 100% 100% Autobedrijf Y&N Claessens b.v.b.a. Belgium 100% 100% Sopadis Knokke n.v. Belgium 100% 100% Automobile Center Mechelen 2 b.v.b.a. Belgium 100% 100% Auto Natie Wommelgem NV Belgium 100% 100% Auto Natie Kontich b.v.b.a. Belgium 100% 100% D'ieteren Mobility Company s.a. Belgium 100% 100% s.a. Volkswagen D'Ieteren Finance n.v. Belgium 49.99% 49.99% s.a. D'Ieteren Lease n.v. Belgium 49.99% 49.99% s.a. D'Ieteren Micromobility n.v. Belgium 100% 100% s.a. WonderAuto n.v. Belgium 100% 100% Lab Box s.a. Belgium 100% 100% Poppy Mobility n.v. Belgium 100% 100% Skipr n.v. Belgium 50.44% 50.44% CarASAP s.a. Belgium 100% 100% Electric By D'Ieteren (EDI) Belgium 92.50% 100% Lizy n.v. Belgium 39.63% 52.64% ACBornem n.v. Belgium 100% 100% PC Brussels s.a. Belgium 100% 100% PC Antwerp n.v. Belgium 100% 100% D'Ieteren Centers s.a. Belgium 100% 100% Brussels Auto Group Groot-Bijgaarden n.v. Belgium 100% 100% Brussels Auto Group Ternat b.v. Belgium 100% 100% Wondercar Groot-Bijgaarden b.v. Belgium 100% 100% Autralis b.v. Belgium 100% 100% MyMove srl Belgium 56.00% 52.00% Mbrella srl Belgium 57.36% 57.36% Wondergroup s.a. Belgium 100% 100% iBike b.v.b.a. Belgium 100% 100% Goodbikes s.r.l. Belgium 100% 100% LB RiHa s.r.l. Belgium 100% Taxi Radio Bruxellois s.a. Belgium 100% 57 % of share capital % of share capital Name Country of incorporation owned at 31 owned at 31 December 2022 December 2021 Joule n.v. Belgium 57.87% Lizy France s.a.s. France 39.63% EDI Network s.a. Belgium 100% LB Sunshine s.r.l. Belgium 92.50% Waassolar b.v. Belgium 92.50% Go-Solar n.v. Belgium 92.50% D'Ieteren Mobility Services s.a. Belgium 100% Velofixer b.v. Belgium 100% Re Cycle s.r.l. Belgium 100% Belron Belron Group s.a. (in voting rights) Luxembourg 55.00% 54.85% TVH TVH Global NV Belgium 40.00% 40.00% Moleskine Moleskine s.r.l. Italy 100% 100% Moleskine America Inc. United States of America 100% 100% Moleskine Asia Ltd. Hong-Kong 100% 100% Moleskine Commerce & Trade Shanghai Co. Ltd. China 100% 100% Moleskine France s.\u00e0.r.l France 100% 100% Moleskine Germany GmbH Germany 100% 100% Moleskine Singapore Pte Ltd Singapore 100% 100% Moleskine Uk Ltd. United Kingdom 100% 100% Moleskine Japan k.k. Japan 100% 100% Moleskine Korea Co. Ltd. Korea 100% 100% Moleskine Caf\u00e9 s.r.l. Italy 100% 100% Moleskine b.v. Netherland 100% 100% Moleskine Digital Studio Pte. Ltd. Singapore 55.00% 55.00% EDO.IO s.r.l. Italy 55.13% 55.13% Corp. & unallocated s.a. D'Ieteren Immo n.v. Belgium 100% 100% D'IM s.a. Luxembourg 100% 100% D Participation Management Luxembourg s.a. Luxembourg 100% 100% s.a. D'Ieteren Services n.v. Belgium 100% 100% D Participation Management s.a. Belgium 100% 100% Lys Bidco s.\u00e0.r.l Luxembourg 100% 100% DImmoLux s.\u00e0.r.l Luxembourg 100% D'Ieteren Cherry MRP s.\u00e0.r.l Luxembourg 100% s.a. Spider Bidco n.v. Belgium 100% PHE Lake SAS (in voting rights) France 91.38% 58 The percentages below are the ones held by Lake SAS (the mother company of PHE) in those subsidiaries: % of share capital % of share capital Country of Name owned at 31 owned at 31 incorporation December 2022 December 2021 Parts Holding Europe France 100% ACR Group France 100% AD BASSIN PARISIEN NORD France 100% Autodistribution Belux Belgium 100% AD Bosch Industrial Spain 100% AD Bosch Recanvis Spain 100% AD Bosch Serveis Spain 100% AUTODISTRIBUTION GOBILLOT RHONE France 100% AD GRAND OUEST France 100% AD NORMANDIE MAINE France 100% AD Parts Intergroup Spain 100% Aube distribution automobile France 100% Marne distribution automobile France 100% Ariane France 100% PARTS EUROPE France 100% Autodis Italia Holding Italy 55.94% Autodis Italia Italy 100% AUTODISTRIBUTION France 100% AUTODISTRIBUTION POIDS LOURDS France 100% AUTODISTRIBUTION SOGO France 100% BDN - Grup EINA Spain 42.00% BREMSTAR France 100% COFIRHAD France 100% COGEMAD France 100% COMPTOIR VI France 100% CORA SAS France 100% DIGITAL AFTERMARKET France 100% DIGITAL AUTO PARTS HOLDING France 100% Doyen Auto Belgium Belgium 100% Doyen Auto France France 100% Doyen Auto Belgium 100% Autodistribution Nederland Netherland 100% VERVIERS FREINS Belgium 100% ETS REMBAUD France 100% FOURNITURES INDUSTRIELLES AUTOMOBILES France 100% FGL Italy 100% FREINAGE POIDS LOURDS SERVICES \"F.P.L.S.\" France 100% AD POIDS LOURDS GOBILLOT France 100% GADEST France 100% GENERAL AUTO Italy 100% GO LOGISTICS Italy 100% GLASS AUTO SERVICE France 100% ILE DE France POIDS LOURDS France 100% INSTANT PACKET SERVICE MARAGALL Spain 100% LOGISTEO France 100% LOEK Autoparts BV Belgium 100% Lubrial Oil Spain 100% 59 % of share capital % of share capital Country of Name owned at 31 owned at 31 incorporation December 2022 December 2021 OVAM Italy 100% PELTER AUTO OVERPELT Belgium 100% Partenaires produits et services France 100% Autodistribution Italia Italy 55.94% PLATEFORME TECHNIQUE NATIONALE MONTAJAULT France 100% Port Marly Accessoires (PMA) France 100% RICAUTO Italy 100% RM DISTRIBUTION France 100% SARCO Italy 100% SARL AUTO CONTR\u00d4LE France 100% SARL FRA France 100% SARPI Italy 100% SCI LORAT France 100% SLPA France 49.00% TOP CAR Italy 100% TRUCK & CAR SERVICES France 100% AD Poids Lourds CENTRE OUEST France 100% Vallespir Auto Diffusion France 100% OSCARO Holding SAS France 100% OSCARO.COM France 100% OLCANI France 100% OSCARIOS RECAMBIOS Spain 100% 3C.COM France 100% GEEVERS AUTO PARTS b.v. Netherland 100% GEEVERS AUTO PARTS BELGI\u00cb Belgium 100% DISCOUNT DEPOT AUTOTEILE Germany 100% PRAEFECTUS Netherland 100% Shadeservice Zuid Netherland 100% AD Autoparts Belgium 100% AUTOVAK Belgium 100% 2G PADAUTO Italy 100% EUMA Parts Spain 100% EUMA Pro 2020 Spain 100% AD MARINA Spain 100% REGENAUTO Spain 100% REGENAUTO EQUIPOS Y SERVICIOS Spain 100% ACUMULADORES NAVARRA Spain 100% CIDA AUTO COMPONENTS Italy 100% AD LEVANTE PARTS Spain 100% AD MARCHE Italy 100% AUTO RECAMBIOS VILBER Spain 100% PENALVER Spain 100% ATTREZZAUTO.COM Italy 100% FRANCE DISTRIBUTION - FRADIS France 100% SARAT Italy 100% The Group\u2019s average stake (used for the income statement) in Belron equalled 50.01% in 2022 (52.88% in 2021). See note 17. The percentage used to consolidate the net result of PHE is 100% (see note 33 for more information). The main entities accounted for using the equity method are the joint venture Belron Group SA, TVH Global NV and Volkswagen D\u2019Ieteren Finance SA/N.V. See note 17 for adequate disclosures. 60", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__109": { "value": "Note 28: Contingencies and commitments \u20acm 2022 2021 Commitments to acquisition of non-current assets 116.5 8.2 Other important commitments: Commitments given - 0.4 Commitments received 4.5 4.4 In 2021 and 2022, the commitments to acquisition of non-current assets mainly concerned property, plant and equipment in the segment \u201cCorporate & unallocated\u201d and in 2022 only, commitments to purchase second hand vehicles in the D\u2019Ieteren Automotive segment. Other important commitments received mainly relate to guarantees received from a contractor as part of a construction project in the segment \u201cCorporate & unallocated\u201d. Further to the carve-out of D\u2019Ieteren Automotive into a fully owned subsidiary as of the 1st of January 2021, D\u2019Ieteren Group SA/NV has granted a parental guarantee to the VW group in relation D\u2019Ieteren Automotive\u2019s obligations under the importers contracts. This parental guarantee is limited to three years and to an amount of \u20ac80m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__111": { "value": "Note 29: Related party transactions \u20acm 2022 2021 With entities with joint control or significant influence over the Group: Amount of the transactions entered into during the period 0.7 0.8 Outstanding creditor balance at 31 December - - With associates: Sales - - Purchases - - Trade receivables outstanding at 31 December - - With joint ventures in which the Group is a venturer: Sales(*) 97.0 101.6 Purchases(*) -10.8 -8.3 Trade receivables outstanding at 31 December(*) 30.8 12.4 With key management personnel: Compensation: Short-term employee benefits 4.5 4.2 Post-employment benefits 0.2 0.2 Termination benefits - - Total compensation 4.7 4.4 Amount of the other transactions entered into during the period - - Outstanding creditor balance at 31 December 1.5 1.2 With other related parties: Amount of the transactions entered into during the period 0.3 0.1 Outstanding creditor balance at 31 December - - (*) In 2022 and 2021, due to lack of information, figures from the D\u2019Ieteren Automotive segment only include D\u2019Ieteren Automotive SA and Wonderauto n.v., representing the majority of the transaction and balances of the Group with joint ventures. Shareholders and other related parties The Nayarit group (Nayarit Participations S.c.a. and Nicolas D\u2019Ieteren) and the SPDG group (s.a. de Participations et de Gestion, Reptid Commercial Corporation, Catheline D\u2019Ieteren and Olivier P\u00e9rier), acting in concert following an agreement pertaining to the exercise of their voting rights with a view to leading a sustainable joint strategy, together hold 62.91% of the voting rights of the Company (see note 22). In 2022, some of these shareholders and/or entities related to them carried out commercial transactions with the Company. These transactions (total of \u20ac1.0m) relate to automobile repair, supply of spare parts and sale of vehicles carried out by the Company and invoiced to these parties. Joint Ventures Refer to note 17 for more information related to the joint ventures. In 2022, sales to joint ventures mainly consist in sales of new vehicles by the D\u2019Ieteren Automotive segment to VDFin. Purchases mainly relate to used cars purchased by the D\u2019Ieteren Automotive segment from VDFin (former fleet vehicles). The outstanding trade receivables are mainly related to VDFin. 61 Key management personnel The key managers comprise the members of the Company\u2019s Board of Directors and its Executive Committee (see the Corporate Governance Statement). In 2022, a total of 90,000 options were issued to key managers (at an exercise price of EUR 118.10 per option). The total fair value of all share options granted to key management personnel charged to the 2022 income statement amounted to \u20ac2.1m. For more information on the remuneration of key managers, reference is made to the remuneration report that can be found in the Corporate Governance Statement. In 2022, loans granted by the Company and one of its subsidiaries to the members of the Executive Committee were outstanding for a total amount of \u20ac1.5m. These loans were granted in the context of the stock option plans in order to enable those concerned to pay the taxes due at the moment the options were accepted. The loans granted in 2022 were granted for periods of 10 or 5 years with interest rates of respectively 1.83% and 1.32%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__112": { "value": "Key management personnel The key managers comprise the members of the Company\u2019s Board of Directors and its Executive Committee (see the Corporate Governance Statement). In 2022, a total of 90,000 options were issued to key managers (at an exercise price of EUR 118.10 per option). The total fair value of all share options granted to key management personnel charged to the 2022 income statement amounted to \u20ac2.1m. For more information on the remuneration of key managers, reference is made to the remuneration report that can be found in the Corporate Governance Statement. In 2022, loans granted by the Company and one of its subsidiaries to the members of the Executive Committee were outstanding for a total amount of \u20ac1.5m. These loans were granted in the context of the stock option plans in order to enable those concerned to pay the taxes due at the moment the options were accepted. The loans granted in 2022 were granted for periods of 10 or 5 years with interest rates of respectively 1.83% and 1.32%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__114": { "value": "Note 31: Services provided by the statutory auditor The external audit is conducted by KPMG R\u00e9viseurs d\u2019Entreprises, represented by Axel Jorion, whose audit mandate expires at the General Meeting of 2023. \u20acm 2022 2021 Audit services 4.7 4.0 KPMG in Belgium 1.2 0.9 Other firms in the KPMG network 3.5 3.1 Non-audit services 0.5 0.4 KPMG in Belgium 0.1 0.1 Other firms in the KPMG network 0.4 0.3 Services provided by the Statutory Auditor and its network 5.2 4.4 62", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__115": { "value": "Note 32: Leases Leases as lessee The Group leases buildings, stores, non-fleet vehicles and items of property, plant and equipment. The Group also leases IT equipment for which no right-of-use assets and lease liabilities have been recognised since these leases are short-term and/or leases of low-value items. Right-of-use assets related to leased properties that do not meet the definition of investment property are presented as property, plant and equipment. Right-of-use assets recognised under IFRS 16 are presented below. \u20acm Plant and Land and buildings Total equipment Balance at 1 January 2022 18.6 27.3 45.9 Items acquired through business combinations 182.5 14.8 197.3 Depreciation charge for the year -23.8 -15.2 -39.0 Additions to right-of-use assets 15.9 21.4 37.3 Derecognition of right-of-use assets -0.1 -5.9 -6.0 Others 0.5 -0.4 0.1 Balance at 31 December 2022 193.6 42.0 235.6 The increase in the net book value of right-of-use assets in the period is mainly attributable to the integration of PHE in the Group\u2019s consolidated statement of financial position at 31 December 2022 (see note 26). Some property leases contain extension options exercisable by the Group. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options. The Group reassesses whether it is reasonably certain to exercise the option if there is a significant event or significant change in circumstances within its control. The impact on the lease liability resulting from the exercise of extension options is not considered material to the Group. The total amount of expenses related to short-term leases and leases of low-value assets is not considered significant to the Group and is not separately disclosed. Leases as lessor The Group leases out its investment property (held in the \u201cCorporate & unallocated\u201d segment). All leasoperating leases from a lessor perspective because they do not transfer substantially all the risks and rewards incidental to the ownership of the assets. Rental income recognised by the Group during 2022 equals \u20ac5.1m (2021: \u20ac4.8m). The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date. \u20acm 2022 2021 Other Other Investment property, Investment property, Total Total property plant and property plant and equipment equipment Within one year 4.9 - 4.9 3.8 - 3.8 Later than one year and less than five 18.3 - 18.3 14.6 - 14.6 years After five years 5.3 - 5.3 1.9 - 1.9 Total 28.5 - 28.5 20.3 - 20.3 The revenue, expenses, rights and obligations arising from leasing arrangements regarding investment property are notconsidered material to the Group, and accordingly a general description of these leasing arrangements is not disclosed. The Group is not acting as a lessor under finance leases. 63", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__116": { "value": "Note 33: Put options granted to non-controlling interests PHE In October 2022, following the closing of the acquisition of Parts Holding Europe (PHE \u2013 see note 26), minoritincluding management and several partners and independent distributors invested alongside D\u2019Ieteren Group in the holding company of PHE, up to a combined ownership of c.9%, in the same proportion between ordinary shares and preference shares. The Group has granted to minority investors put options on the ordinary, preference and \u201cratchet\u201d shares representing the capital of the holding company of PHE, maturing end of 2026. The exercise price of such put options is reflected as a liability in the line \u201cPut options granted to non-controlling interests\u201d in the consolidated statement of financial position. The put options on ordinary and preference shares are measured at fair value (based on an EBITDA multiple of PHE at the end of 2026) and a liability is recognized at an amount equal to the discounted present value of the amount of cash that the Group may be required to pay. The estimation of the fair values requires significant judgment and estimates from the management, especially regarding the projected enterprise value, EBITDA multiples and discount rates. At inception, this liability is recognised against shareholders equity and subsequent re-measurements (due to changes in fair value of the underlying and due to the unwinding of the discount) are also recognized against shareholders equity. The Group holds associated call options, which are in scope of IFRS 9 \u201cFinancial Instruments\u201d, measured at fair value through profit or loss and categorised in level 3 of the fair value hierarchy (see note 18). At 31 December 2022, the fair value of the call options amounts to nil, the underlying exercise prices being equal to the fair value of the underlying ordinary and preference shares. The \u201cratchet\u201d shares granted by the Group to PHE\u2019s key management personnel as part of the Management Reward Plan (see note 26) are treated as cash-settled share-based payments in scope of IFRS 2. The Group therefore account in profit or loss for the fair value of the free shares granted to management over the vesting period (being one year as from the grant date), with a corresponding increase in liability. Before and beyond vesting, the change in fair value of the liability will be accounted for in profit or loss. At 31 December 2022, the Group accounted for a share-based payment expense of -\u20ac2.2m, with a corresponding increase in liability. At 31 December 2022, the carrying value of the put options granted by the Group to non-controlling interests at the level of the holding company of PHE amounts to \u20ac137.4m and is presented in the line \u201cPut options granted to non-controlling interests\u201d. The Group applies the anticipated-acquisition method under which the non-controlling interests are derecognized when the put liability is recognized because the interests subject to the put options are deemed to have been already acquired by the Group. Profits and losses attributable to non-controlling interests are therefore presented as attributable to the Group, both in the consolidated statement of financial position, in the consolidated statement of profit or loss and in the consolidated statement of comprehensive income. The \u20ac100.3m movement presented in the statement of changes in equity in 2022 includes \u20ac12.9m of change in fair value of put options granted to non-controlling shareholders holding minority interests in some of PHE\u2019s direct and indirect subsidiaries and the subsequent change in fair value of the put options over ordinary shares and preference shares (\u20ac84.8m). The interests of the non-controlling shareholders holding put options being entirely recognised as a liability in the consolidated statement of financial position, there will be no attribution of net result to non-controlling interests subject to the put options and 100% of profits and losses of PHE are attributable to the Group. The net result attributable to the preference shares being held by the non-controlling interests are not significant and are therefore not presented as attributable to non-controlling interests. In the PHE segment, the line \u201cPut options granted to non-controlling interests\u201d also includes \u20ac110.2m of put options granted by PHE to non-controlling shareholders holding minority interests in some its direct and indirect subsidiaries (\u20ac5.8m in short-term liabilities and \u20ac104.4m in long-term liabilities). D\u2019Ieteren Automotive In the framework of recent acquisitions, put options have been granted to minority interests (with related call options held by the Group). The fair value of the put options amount to \u20ac2.9m and have been recognised as a liability in the consolidated statement of financial position, with a corresponding movement in equity, included in the line \u201cPut options - movement of the period\u201d in the consolidated statement of changes in equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__117": { "value": "Note 34: Subsequent events On 13 February 2023, PHE announced that it has closed the disposal of its specialized glass repair activity Mondial Pare-Brise and that customary merger control approvals have been granted. The disposal of PHE\u2019s specialized glass repair activities was imposed by the European Commission following the acquisition of PHE by D\u2019Ieteren Group. The financial consideration of the transaction corresponds to an equity consideration of \u20ac102m. The proceeds from the disposal will strengthen PHE\u2019s strategic development through organic and external growth. 64 In the Belron segment, a possible obligation in relation to one of Belron\u2019s pension schemes has been identified. Management does not consider that a cash outflow is probable based on the information available at the time these consolidated financial statements are authorised for issue and hence no provision has been recognised. A review is still in progress and some of the information required to reach a conclusion is not yet available. Management estimates the potential range of the contingent liability to be between nil and \u20ac40m (meaning a potential range of nil and \u20ac20m, taking into account the 50.01% fully diluted economic rights of the Group in Belron). Belron announced on 3 April 2023 that it launched a syndication in the institutional loan market for a new term loan on a best effort basis. The new USD loan has been successfully allocated and the transaction closed on 18 April 2023 (total amount of $870m \u2013 or \u20ac800m equivalent \u2013 with a maturity of 6 years). The proceeds, together with c.\u20ac300m available liquidity will be upstreamed to the shareholders of Belron. This transaction optimises Belron\u2019s capital structure with a Senior Secured net leverage ratio at 3.75x whilst maintaining full flexibility for its strategic options. Moreover, S&P has upgraded Belron\u2019s credit rating to Investment Grade (BBB-) while Moody\u2019s has affirmed the current Ba2 rating. No other significant transactions occurred between the closing date and the date these consolidated financial statements were authorised for issue. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__118": { "value": "Note 35: Accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated. The new standards and amendments to standards that are mandatory for the first time for the Group\u2019s accounting period beginning on 1 January 2022 are listed below. - Amendments to IFRS 3 \u201cBusiness Combination\u201d (effective 1 January 2022 \u2013 endorsed by the EU); - Amendments to IAS 16 \u201cProperty, Plant and Equipment\u201d (effective 1 January 2022 \u2013 endorsed by the EU); - Amendments to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d (effective 1 January 2022 \u2013 endorsed by the EU); - Annual Improvements to IFRS Standards 2018\u20132020 (effective 1 January 2022 \u2013 endorsed by the EU). These new standards do not have a significant impact on the Group\u2019s financial statements. The standards, amendments and interpretations to existing standards issued by the IASB but not yet effective in 2022 have not been early adopted by the Group. They are listed below: - Amendments to IAS 1 \u201cPresentation of Financial Statements\u201d and IFRS Practice Statement 2 - Disclosure of Accounting policies (effective 1 January 2023 \u2013 endorsed by the EU); - Amendments to IAS 8 \u201cAccounting policies, Changes in Accounting Estimates and Errors\u201d \u2013 Definition of Accounting Estimates (effective 1 January 2023 \u2013 endorsed by the EU); - Amendments to IAS 12 \u201cIncome Taxes\u201d - Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective 1 January 2023 \u2013 endorsed by the EU); - Amendments to IAS 1 \u201cPresentation of Financial Statements\u201d \u2013 Classification of Liabilities as Current or Non-current (effective 1 January 2024 \u2013 subject to endorsement by the EU); - Amendments to IAS 1 \u201cPresentation of Financial Statements\u201d \u2013 Non-current Liabilities with covenantsJanuary 2024 \u2013 subject to endorsement by the EU); - Amendments to IFRS 16 \u201cLeases\u201d \u2013 Lease Liability in a Sale and Leaseback (effective 1 January 2024 \u2013 subject to endorsement by the EU); - IFRS 17 \u201cInsurance Contracts\u201d (issued on 18 May 2017), including Amendments to IFRS 17 (issued on 25 June 2020) (effective 1 January 2023 \u2013 endorsed by the EU); - Amendments to IFRS 17 \u201cInsurance contracts\u201d \u2013 initial application of IFRS 17 and IFRS 9 \u2013 Comparative information (effective 1 January 2023, endorsed by the EU). The amendments are not expected to have a material impact on the Group\u2019s consolidated financial statements. PRINCIPLES OF CONSOLIDATION Subsidiaries Subsidiaries, which are those entities in which the Group has, directly or indirectly, an interest of more than half of the voting rights or otherwise has the power to exercise control over the operations, are consolidated. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date that control is transferred to the Group and are no longer consolidated from the date that control ceases. All inter-company transactions, balances and unrealised gains and losses on transactions between group companies are eliminated upon consolidation. Transactions with non-controlling interest that do not result in loss of control are accounted for as equity transactions. The difference between fair value of any consideration paid and the relevant share acquired in their interests in the subsidiary\u2019s equity is recorded in equity. Gains or losses on disposals to non-controlling interest (that do not result in loss of control) are also recorded in equity. 65 When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date where control is lost, with the change in carrying amount recognised in profit or loss as part of the gain or loss recognized upon loss of control. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income are reclassified to profit or loss if required by IFRS standards. Associates Associates are all entities over which the Group has significant influence but not control or joint control, over the financial and operating policies. Investments in associates are accounted for using the equity method. The investment is initially recognised at cost (including transaction costs), and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss and OCI of the investee after the date of acquisition, until the date on which significant influence ceases. The Group\u2019s investment in associates includes goodwill identified on acquisition. The Group\u2019s share of profit from the associate represents the Group\u2019s share of the associate\u2019s profit after tax. Profits and losses resulting from transactions between the Group and its associate are eliminated to the extent of the Group\u2019s interest in the associate. Unrealised gains on transactions between the Group and its associate are also eliminated based on the same principle; unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Equity accounting is discontinued when the carrying amount of the investment in an associate reaches zero, unless the Group has incurred obligations or guaranteed obligations in respect of the associate. Interests in joint ventures A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in joint ventures are recognised using the equity method. The above principles regarding associates are also applicable to joint ventures. Impairment of associates and joint ventures The Group determines at each reporting date whether there is any objective evidence that the investment in the equity-accounted investee is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount (being the higher of the value in use or fair value less costs to sell) of the associate or joint venture and its carrying value and recognises the amount adjacent to \u201cshare of result of equity-accounted investees, net of income tax\u201d in the income statement. FOREIGN CURRENCY TRANSLATION The Group consolidation is prepared in euro. Income statements of foreign operations are translated into euro at the weighted average exchange rates for the period and statements of financial positions are translated into euro at the exchange rate at the reporting date (except for each component of equity, translated once at the exchange rates at the dates of the relevant transactions). Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as local currency assets and liabilities of the foreign entity and are translated at the closing rate. The translation reserve, which is recorded in other comprehensive income (except to the extent that the translation difference is allocated to NCI) includes both the difference generated by translating income statement items at a different exchange rate from the period-end rate and the differences generated by translating opening shareholders\u2019 equity amounts at a different exchange rate from the period-end rate. Monetary items that are receivable or payable to a foreign operation for which settlement is neither planned nor likely to occur in the foreseeable future are, in substance, a part of the Group\u2019s net investment in that foreign operation. Exchange differences arising on a monetary item that forms part of the Group\u2019s net investment in a foreign operation is recognised initially in other comprehensive income and reclassified from equity to profit or loss on disposal of the net investment. Foreign currency transactions are accounted for at the exchange rate prevailing at the date of the transaction. Gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised within the income statement (or within OCI if it relates to equity instruments designated at FVOCI). On disposal of a foreign operation, gains and losses accumulated in other comprehensive income are included in the income statement. BUSINESS COMBINATIONS AND GOODWILL Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. For each business combination, the Group measures the non-controlling interest in the acquiree either at fair value or at the proportionate share 66 of the acquiree\u2019s identifiable net assets. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. The excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net recognised amount (generally at fair value) of the identifiable assets acquired and liabilities assumed constitutes goodwill and is recognised as an asset. In case this excess is negative, it is recognised immediately in the income statement. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured, and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Acquisition-related costs, other than those associated with the issue of debt or equity securities that the Group incurs in connection with a business combination, are expensed as incurred. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGU\u2019s or groups of CGU\u2019s that are expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level for business combinations performed by the Company. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs to sell. Any impairment is recognised immediately as an expense and is not subsequently reversed. INTANGIBLE ASSETS An item of intangible assets is valued at its cost less any accumulated amortisation and any accumulated impairment losses. Customer contracts and brands acquired in a business combination are recognised at fair value at the acquisition date. Software-as-a-service (SaaS) arrangements are service contracts providing the Group with the right to access the cloud provider\u2019s application software over the contract period. As such the Group generally does not receive a software intangible asset at the contract commencement date. A right to receive future access to the supplier\u2019s software generally does not, at the contract commencement date, give the customer the power to obtain the future economic benefits flowing from the software itself and to restrict others\u2019 access to those benefits. Costs incurred for the development of software code that enhances or modifies, or creates additional capability to, existing on-premise systems and meets the definition of and recognition criteria for an intangible asset are recognised as intangible software assets. Refer to note 3 for information on changes in significant accounting policies. The amortisation method used reflects the pattern in which the assets\u2019 future economic benefits are expected to be consumed. Intangible assets with a finite useful life are generally amortised over their useful life on a straight-line basis. The estimated useful lives are between 2 and 11 years. Brands for which there is a limit to the period over which these assets are expected to generate cash inflows will be amortised on a straight-line basis over their remaining useful lives which are estimated to be up to 5 years. Amortisation periods are reassessed annually. Brands that have indefinite useful lives are those, thanks to the marketing spend, the advertising made and the absence of factors that could cause their obsolescence, where there is no foreseeable limit to the period over which these assets are expected to generate net cash inflows for the Group. They are therefore not amortised but tested for impairment annually. For any intangible asset with a finite or indefinite useful life, where an indication of impairment exists, its carrying amount is assessed and written down immediately to its recoverable amount. Impairment losses are recognised in the consolidated income statement. Expenditure on internally generated intangible assets which does not meet the capitalization conditions under IFRS is recognised in the consolidated income statement as an expense as incurred. Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is expensed as incurred. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units and then, to reduce the carrying amount of the other assets in the unit, on a pro rata basis. RESEARCH AND DEVELOPMENT Expenditure on research (or on the research phase of an internal project) is recognised as an expense when it is incurred. An intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only if, all of the following are demonstrated: (a) the technical feasibility of completing the intangible asset so that it will be available for use or sale; 67 (b) the Group has the intention to complete the intangible asset and use or sell it; (c) the Group has ability to use or sell the intangible asset; (d) how the intangible asset will generate probable future economic benefits; (e) the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; (f) the Group has the ability to measure reliably the expenditure attributable to the intangible asset during its development. PROPERTY, PLANT AND EQUIPMENT An item of property, plant and equipment is initially measured at cost. This cost comprises its purchase price (including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates), plus any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating. If applicable, the initial estimate of the cost of dismantling and removing the item and restoring the site is also included in the cost of the item. After initial recognition, the item is carried at its cost less any accumulated depreciation and any accumulated impairment losses. The cost of self-constructed assets includes the cost of materials, direct labour, the initial estimate, where relevant, of the costs of dismantling and removing the items and restoring the site on which they are located, and an appropriate proportion of production overheads if directly attributable. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. The depreciable amount of the item is allocated according to the straight-line method over its useful life. Land is not depreciated. The main depreciation periods are the following: - Buildings: 40 to 50 years; - Plant and equipment: 3 to 15 years; - IT equipment: 2 to 7 years. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the items will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Lessee At inception of a contract, the Group assesses whether a contract is or contains a lease. A contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. This policy is applied to contracts entered into or changed on or after 1 January 2019. As a lessee, the Group recognizes right-of-use assets and lease liabilities at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurement of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate at that date. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by reference to the interest rate it would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. 68 Lease payments included in the initial measurement of the lease liability comprise fixed payments, and in some cases, variable lease payments (being those depending on an index or a rate, initially measured using the index or rate as at the commencement date), the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise the extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate the lease earlier. The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, which affects the amount of lease liabilities and right-of-use assets recognized. The lease liability is measured at amortised cost using the effective interest method and is remeasured when there is a change in future lease payments arising from a change in an index or rate or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. In case the lease liability is remeasured, corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Right-of-use assets that do not meet the definition of investment property are presented in \u201cproperty, plant and equipment\u201d in the statement of financial position, under the same line item than the assets of the same nature that it owns. Lease liabilities are presented in \u201cloans and borrowings\u201d in the statement of financial position. The Group applies the practical expedient whereby short-term leases (less than or equal to 12 months) and leases of low-value assets are not recognized as right-of-use assets and lease liabilities and to recognize the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Lessor Lessor accounting remained substantially unchanged compared to previous guidance. At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. In rare situations in which the Group acts as an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. INVESTMENT PROPERTIES Investment properties are measured at cost less accumulated depreciation and accumulated impairment losses. These items are amortised over their useful life on a straight-line basis method. The estimated useful lives are between 40 and 50 years. INVENTORIES Inventories are measured at the lower of cost and net realisable value. The cost of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Items that are not interchangeable, like new vehicles and second-hand vehicles, are valued using specific identification of their individual costs. Other items are valued using the first in, first out or weighted average cost formula. When inventories are sold, the carrying amount of those inventories are recognised as an expense in the period in which the related revenue is recognised. Losses and write-downs of inventories are recognised in the period in which they occur. Reversal of a write-down is recognised as a credit to cost of sales in the period in which the reversal occurs. PROVISIONS A provision is recognised when: - there is a present obligation (legal or constructive) as a result of a past event; - it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and - a reliable estimate can be made of the amount of the obligation. If these conditions are not met, no provision is recognised. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money. A provision for warranties is recognised when the underlying products or services are sold, based on historical warranty data and a weighting of possible outcomes against their associated probabilities. A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring either has commenced or has been announced publicly. Future operating losses are not provided for. 69 EMPLOYEE BENEFITS Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. On amendment, curtailment or settlement of a defined benefit plan, a company now uses updated actuarial assumptions to determine its current service and net interest for the period and the effect of the asset ceiling is disregarded when calculating the gain or loss of any settlement of the plan and is dealt with separately in other comprehensive income. The Group has various defined benefit pension plans and defined contribution pension plans. Most of these plans are funded schemes, i.e. they are financed through a pension fund or an external insurance policy. The minimum funding level of these schemes is defined by national rules (see note 10). Obligations for contributions to defined contribution pension plans are charged as an expense as the related service is provided. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available. The Group\u2019s commitments under defined benefit pension plans, and the related costs, are valued using the \u201cprojected unit credit method\u201d, with independent actuaries carrying out the valuations at least on a yearly basis. To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirements. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. Actuarial gains and losses are recognised in full in the period in which they occur. They are recognised in other comprehensive income. Past service cost is recognised as an expense at the earlier of the following dates: a) when the plan amendment or curtailment occurs; and b) when the entity recognizes related restructuring costs or termination benefits. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognised in profit or loss. The long-term employee benefit obligation recognised in the statement of financial position represents the present value of the defined benefit obligations as reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to the present value of any refunds and reductions in future contributions to the plan. TERMINATION BENEFITS Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits as it is demonstrably committed to a termination when the entity has a detailed formal plan to terminate the employment of current employees without possibility of withdrawal. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted. OTHER LONG-TERM INCENTIVES The group recognises a provision for long-term incentives where they are contractually obliged or where there is a past practice that has created a constructive obligation. This provision is discounted to determine its present value. Re-measurements are recognised in profit or loss in the period in which they arise. FINANCIAL INSTRUMENTS EXCLUDING DERIVATIVES The Group initially recognises loans and receivables and debt securities issued on the date when they are originated. All other financial assets and liabilities are initially recognised when the entity becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. The Group derecognises a financial asset when the contractual rights to cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, expire, or are substantially modified. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. The Group classifies its financial assets in the following categories on initial recognition: at amortised cost; at fair value through other comprehensive income (FVOCI) \u2013 debt; at FVOCI \u2013 equity investment; or fair value through profit or loss (FVTPL). Management determines the classification of its financial assets at initial recognition based on a) the business model in which 70 the financial asset is held; and 2) on the assessment whether contractual cash flows are solely payments of principal and interests (see below). Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Business model assessment The Group assesses the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; Assessment whether contractual cash flows are solely payments of principal and interest In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basis lending risks and costs, as well as profit margin. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL, including all derivative financial assets. Subsequent measurement of financial assets: - Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss, except for derivatives designated as hedging instruments. - Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. - Debt investment at FVOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. - Equity investments at FVOCI are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Cash and Cash Equivalents Cash comprises cash on hand and demand deposits, excluding any blocked or restricted cash held by the Group. Cash equivalents are short-term (maximum 3 months), highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified and measured at amortised cost. Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL (except hedging instruments) are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. 71 Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effect(s). Where the Company (or its subsidiaries) reacquires its own equity instruments, those instruments are deducted from equity as treasury shares. Where such equity instruments are subsequently sold, any consideration received is recognised in equity. Dividends to holders of equity instruments proposed or declared after the balance sheet date are not recognised as a liability at the balance sheet date; it is presented in equity. DERIVATIVE FINANCIAL INSTRUMENTS Derivatives are used as hedges in the financing and financial risk management of the Group. The Group\u2019s activities expose it to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange forward contracts, interest rate swaps, cross currency interest rate swaps, and options to hedge these exposures. The Group does not use derivatives for speculative purposes. However, certain financial derivative transactions, while constituting effective economic hedges, do not qualify for hedge accounting under the specific rules in IAS 39. Despite the introduction of IFRS 9, the Group still applies hedge accounting for Moleskine under IAS 39 (which is an option under IFRS 9). Derivatives are recorded initially and subsequently at fair value. Any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent changes in fair value are generally recognised in profit or loss. Cash flow hedge Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income and any ineffective portion is recognised immediately in the income statement. Cumulative tax impact related to the net change in the fair value of hedging instruments are separately included in retained earnings. If the cash flow hedge is a firm commitment or the forecasted transaction results in the recognition of an asset or a liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive income are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in other comprehensive income are recognised in the income statement in the same period in which the hedged item affects net profit or loss. Fair value hedge For an effective hedge of an exposure to changes in the fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with a corresponding entry in profit or loss. Gains or losses from re-measuring the derivative, or for non-derivatives the foreign currency component of its carrying amount, are recognised in profit or loss. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. In the case of a cash flow hedge, any cumulative gain or loss recognised in other comprehensive income is transferred to profit or loss when profit or loss is impacted by the hedged item. If the forecast transaction is no longer expected to occur, the cumulative gain or loss is reclassified in the profit or loss immediately. PUT OPTIONS GRANTED TO NON-CONTROLLING INTERESTS The Group is committed to acquiring the non-controlling interests owned by third parties, should these third parties wish to exercise their put options. The exercise price of such options granted to non-controlling interests is reflected as a liability in the consolidated statement of financial position. A corresponding debit is recognized in equity on initial recognition of the written put on non-controlling interests and is presented as a deduction from shareholders\u2019 equity (the non-controlling interests being already fully derecognised at inception). The exercise prices of the put options granted to non-controlling interests correspond to the present value of the cash consideration that the Group may be required to pay, should the third parties wish to exercise their put options, or should the Group wish to exercise its associated call options. NON-CURRENT ASSETS (OR DISPOSAL GROUPS) HELD FOR SALE AND DISCONTINUED OPERATIONS Non-current assets (or disposal groups comprising assets and liabilities) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and fair value less costs to sell. Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortised or depreciated. A discontinued operation is a component of the Group\u2019s business that represents a separate major line of the business or geographical area of operations that either has been disposed of or is classified as held for sale and is disclosed as a single line item in the income statement. When an operation is classified as a discontinued operation, the comparative statement of profit 72 or loss and statement of comprehensive income is re-presented as if the operation had been discontinued from the start of the comparative year. REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it transfers control over a good or service to a customer. In the D\u2019Ieteren Automotive segment, the Group generates revenue primarily from the sale of new vehicles to independent dealers and to final customers, the sale of used vehicles to final customers, the sale of spare parts and accessories and the rendering of after-sale services. Upon selling vehicles or spare parts to independent dealers or final customers, the Group satisfies its performance obligations and recognizes revenue at a point in time, when control of the goods transfers to the customers. Since the Group issues invoices to customers upon satisfying its performance obligations, rights to financial consideration immediately become unconditional and are therefore recognized as receivables. A legal warranty of 2 years applies to the sale of new vehicles to customers, which in turn corresponds to the legal warranty that the factory grants to the D\u2019Ieteren Automotive segment. This warranty does therefore not represent a separate performance obligation. The Group offers to customers the possibility to purchase maintenance contracts together with the sale of a new vehicle. The duration of these contracts ranges from 3 to 12 years. This type of contract represents a separate performance obligation and should not be combined with the sale of a new vehicle. Under such arrangements, the Group transfers the benefit of the maintenance services to the customers as it performs and therefore satisfies its performance obligation over time. The Group recognizes revenue over time by estimating the occurrence of performance obligations using historical data and projected revenue. Revenue recognized according to the percentage of completion method is therefore reasonably estimated using cost curves and historical data. The difference between the consideration received from the final customers and the costs incurred over time to satisfy the performance obligation represent contract liabilities under IFRS 15. Since the amount of contract liabilities are not considered significant to the Group compared to total revenue, they have not been presented in a separate line item in the consolidated statement of financial position. When rendering other repair or maintenance services to final customers, the Group recognizes revenue over time if deemed significant. The revenue to be recognized over time for other repair and maintenance was not significant as at the end of the reporting period. Across all sales channels of the Moleskine segment, revenue is recognized at a point in time, as soon as control of the goods transfers to the customers (i.e. when the good is physically delivered to the final customer). In the PHE segment, revenue arise primarily from the sale of spare parts to independent dealers and customers. Variable considerations are sometimes attached to contracts with customers, such as fidelity premiums and year-end rebates. These variable considerations are estimated by the Group based on contract specificities and past experience and are included in the transaction prices. The Group also sometimes act as an agent in selling spare parts and equipment to customers. In these cases, the Group recognises in revenue the net amount between the transaction price paid by customers and the amount charged by supplier for the underlying goods. To assess whether the Group acts as a principal or and agent, the Group considers whether it control the underlying good, and assumes the responsibility of execution of the contracts prior to delivering the goods to the final customer. Disaggregation of revenue from contracts with customers In selecting the categories to use to disaggregate revenue from contracts with customers, management considered how the information about the Group\u2019s revenue is presented for other purpose, including press releases and information presented to the chief operating decision maker, as well as how the nature, amount, timing and uncertainties of revenue and cash flows are affected by economic factors. See note 5 for additional information on disaggregation of revenue. FINANCE INCOME AND FINANCE COSTS Finance income and finance costs include interest income, interest expenses, dividend income, and net gains and losses on financial assets and financial liabilities measured at fair value through profit or loss. Interest income and expenses are recognized using the effective interest rate method. The \u2018effective interest rate\u2019 is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: - The gross carrying amount of the financial asset; or - The amortised cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis. 73 Dividend income is recognized in profit or loss on the date on which the Group\u2019s right to receive payment is established. SHARE-BASED PAYMENTS Share-based payments are exclusively made in connection with employee stock option plans (\u201cESOP\u201d). Equity-settled ESOP granted after 7 November 2002 are accounted for in accordance with IFRS 2, such that their cost is recognised in the income statement, with a corresponding increase in equity, over the vesting period of the awards. BORROWING COSTS Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part of the cost of that asset. GOVERNMENT GRANTS Government grants related to assets are presented in liabilities as deferred income and amortised over the useful life of the related assets. INCOME TAXES Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or other comprehensive income. Current taxes relating to current and prior periods are, to the extent unpaid, recognised as a liability. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. Current taxes are measured using tax rates enacted or substantially enacted at the reporting date. If the amount already paid in respect of current and prior periods exceeds the amount due for those periods, the excess is recognised as an asset. The benefit relating to a tax loss that can be carried back to recover current tax of a previous period is recognised as an asset. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Current tax assets and liabilities are offset only if the following criteria are met: - the entity has a legally enforceable right to set off the recognised amounts\u037e and - intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Deferred taxes are provided using the balance sheet liability method, on temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes (such as unused tax losses carried forward). Deferred tax is not recognised for: \u2013 temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; \u2013 temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2013 taxable temporary differences arising on the initial recognition of goodwill. The amount of deferred tax recognized is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantially enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the unused tax losses and credits can be utilised. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balance on a net basis. IMPAIRMENT OF NON-DERIVATIVE FINANCIAL ASSETS The Group recognizes loss allowances for ECLs (expected credit losses) on financial assets measured at amortized cost, debt investments measured at FVOCI and contract assets. The Group measures loss allowances at an amount equal to lifetime ECLs, except for debt securities that are determined to have low credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) at the reporting date and other debt securities and bank balances for which the credit risk has not increased significantly since initial recognition which are measured at 12-month ECLs. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs. The Group considers a debt security to have low credit risk when its credit risk rating is equivalent to the globally understood definition of \u2018investment grade\u2019. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. 74 When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment, that includes forward-looking information. A financial asset is considered in default, when the debtor is unlikely to pay its credit obligation in full. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. ECLs are a probability-weighted estimate of credit losses, measured as the present value of all cash shortfalls (the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortized costs and debt securities at FVOCI are credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: - significant financial difficulty of the debtor; - breach of contract such as default; - probability that the debtor will enter bankruptcy or other financial reorganization; - disappearance of an active market for security because of financial difficulties. Loss allowances for financial assets measured at amortized costs are deducted from the gross carrying amount of the assets. For debt securities at FVOCI, the loss allowance is charged to profit or loss and is recognized in OCI. The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. IMPAIRMENT OF NON-FINANCIAL ASSETS At each reporting date, the Group reviews the carrying amount of its non-financial assets (other than investment property recognized at fair value - if any -, inventories, and deferred tax assets) to determine whether there is an indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amount of other assets in the unit, on a pro-rata basis. An impairment loss in respect of goodwill is never reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__125": { "value": "PRINCIPLES OF CONSOLIDATION Subsidiaries Subsidiaries, which are those entities in which the Group has, directly or indirectly, an interest of more than half of the voting rights or otherwise has the power to exercise control over the operations, are consolidated. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date that control is transferred to the Group and are no longer consolidated from the date that control ceases. All inter-company transactions, balances and unrealised gains and losses on transactions between group companies are eliminated upon consolidation. Transactions with non-controlling interest that do not result in loss of control are accounted for as equity transactions. The difference between fair value of any consideration paid and the relevant share acquired in their interests in the subsidiary\u2019s equity is recorded in equity. Gains or losses on disposals to non-controlling interest (that do not result in loss of control) are also recorded in equity. 65 When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date where control is lost, with the change in carrying amount recognised in profit or loss as part of the gain or loss recognized upon loss of control. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income are reclassified to profit or loss if required by IFRS standards. Associates Associates are all entities over which the Group has significant influence but not control or joint control, over the financial and operating policies. Investments in associates are accounted for using the equity method. The investment is initially recognised at cost (including transaction costs), and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss and OCI of the investee after the date of acquisition, until the date on which significant influence ceases. The Group\u2019s investment in associates includes goodwill identified on acquisition. The Group\u2019s share of profit from the associate represents the Group\u2019s share of the associate\u2019s profit after tax. Profits and losses resulting from transactions between the Group and its associate are eliminated to the extent of the Group\u2019s interest in the associate. Unrealised gains on transactions between the Group and its associate are also eliminated based on the same principle; unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Equity accounting is discontinued when the carrying amount of the investment in an associate reaches zero, unless the Group has incurred obligations or guaranteed obligations in respect of the associate. Interests in joint ventures A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in joint ventures are recognised using the equity method. The above principles regarding associates are also applicable to joint ventures.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__124-1": { "value": "PRINCIPLES OF CONSOLIDATION Subsidiaries Subsidiaries, which are those entities in which the Group has, directly or indirectly, an interest of more than half of the voting rights or otherwise has the power to exercise control over the operations, are consolidated. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date that control is transferred to the Group and are no longer consolidated from the date that control ceases. All inter-company transactions, balances and unrealised gains and losses on transactions between group companies are eliminated upon consolidation. Transactions with non-controlling interest that do not result in loss of control are accounted for as equity transactions. The difference between fair value of any consideration paid and the relevant share acquired in their interests in the subsidiary\u2019s equity is recorded in equity. Gains or losses on disposals to non-controlling interest (that do not result in loss of control) are also recorded in equity. 65 When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date where control is lost, with the change in carrying amount recognised in profit or loss as part of the gain or loss recognized upon loss of control. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income are reclassified to profit or loss if required by IFRS standards. Associates Associates are all entities over which the Group has significant influence but not control or joint control, over the financial and operating policies. Investments in associates are accounted for using the equity method. The investment is initially recognised at cost (including transaction costs), and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss and OCI of the investee after the date of acquisition, until the date on which significant influence ceases. The Group\u2019s investment in associates includes goodwill identified on acquisition. The Group\u2019s share of profit from the associate represents the Group\u2019s share of the associate\u2019s profit after tax. Profits and losses resulting from transactions between the Group and its associate are eliminated to the extent of the Group\u2019s interest in the associate. Unrealised gains on transactions between the Group and its associate are also eliminated based on the same principle; unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Equity accounting is discontinued when the carrying amount of the investment in an associate reaches zero, unless the Group has incurred obligations or guaranteed obligations in respect of the associate. Interests in joint ventures A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in joint ventures are recognised using the equity method. The above principles regarding associates are also applicable to joint ventures.PUT OPTIONS GRANTED TO NON-CONTROLLING INTERESTS The Group is committed to acquiring the non-controlling interests owned by third parties, should these third parties wish to exercise their put options. The exercise price of such options granted to non-controlling interests is reflected as a liability in the consolidated statement of financial position. A corresponding debit is recognized in equity on initial recognition of the written put on non-controlling interests and is presented as a deduction from shareholders\u2019 equity (the non-controlling interests being already fully derecognised at inception). The exercise prices of the put options granted to non-controlling interests correspond to the present value of the cash consideration that the Group may be required to pay, should the third parties wish to exercise their put options, or should the Group wish to exercise its associated call options.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__123": { "value": "PRINCIPLES OF CONSOLIDATION Subsidiaries Subsidiaries, which are those entities in which the Group has, directly or indirectly, an interest of more than half of the voting rights or otherwise has the power to exercise control over the operations, are consolidated. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date that control is transferred to the Group and are no longer consolidated from the date that control ceases. All inter-company transactions, balances and unrealised gains and losses on transactions between group companies are eliminated upon consolidation. Transactions with non-controlling interest that do not result in loss of control are accounted for as equity transactions. The difference between fair value of any consideration paid and the relevant share acquired in their interests in the subsidiary\u2019s equity is recorded in equity. Gains or losses on disposals to non-controlling interest (that do not result in loss of control) are also recorded in equity. 65 When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date where control is lost, with the change in carrying amount recognised in profit or loss as part of the gain or loss recognized upon loss of control. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income are reclassified to profit or loss if required by IFRS standards. Associates Associates are all entities over which the Group has significant influence but not control or joint control, over the financial and operating policies. Investments in associates are accounted for using the equity method. The investment is initially recognised at cost (including transaction costs), and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss and OCI of the investee after the date of acquisition, until the date on which significant influence ceases. The Group\u2019s investment in associates includes goodwill identified on acquisition. The Group\u2019s share of profit from the associate represents the Group\u2019s share of the associate\u2019s profit after tax. Profits and losses resulting from transactions between the Group and its associate are eliminated to the extent of the Group\u2019s interest in the associate. Unrealised gains on transactions between the Group and its associate are also eliminated based on the same principle; unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Equity accounting is discontinued when the carrying amount of the investment in an associate reaches zero, unless the Group has incurred obligations or guaranteed obligations in respect of the associate. Interests in joint ventures A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in joint ventures are recognised using the equity method. The above principles regarding associates are also applicable to joint ventures.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__122": { "value": "PRINCIPLES OF CONSOLIDATION Subsidiaries Subsidiaries, which are those entities in which the Group has, directly or indirectly, an interest of more than half of the voting rights or otherwise has the power to exercise control over the operations, are consolidated. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date that control is transferred to the Group and are no longer consolidated from the date that control ceases. All inter-company transactions, balances and unrealised gains and losses on transactions between group companies are eliminated upon consolidation. Transactions with non-controlling interest that do not result in loss of control are accounted for as equity transactions. The difference between fair value of any consideration paid and the relevant share acquired in their interests in the subsidiary\u2019s equity is recorded in equity. Gains or losses on disposals to non-controlling interest (that do not result in loss of control) are also recorded in equity. 65 When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date where control is lost, with the change in carrying amount recognised in profit or loss as part of the gain or loss recognized upon loss of control. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income are reclassified to profit or loss if required by IFRS standards. Associates Associates are all entities over which the Group has significant influence but not control or joint control, over the financial and operating policies. Investments in associates are accounted for using the equity method. The investment is initially recognised at cost (including transaction costs), and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss and OCI of the investee after the date of acquisition, until the date on which significant influence ceases. The Group\u2019s investment in associates includes goodwill identified on acquisition. The Group\u2019s share of profit from the associate represents the Group\u2019s share of the associate\u2019s profit after tax. Profits and losses resulting from transactions between the Group and its associate are eliminated to the extent of the Group\u2019s interest in the associate. Unrealised gains on transactions between the Group and its associate are also eliminated based on the same principle; unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Equity accounting is discontinued when the carrying amount of the investment in an associate reaches zero, unless the Group has incurred obligations or guaranteed obligations in respect of the associate. Interests in joint ventures A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in joint ventures are recognised using the equity method. The above principles regarding associates are also applicable to joint ventures.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__121": { "value": "PRINCIPLES OF CONSOLIDATION Subsidiaries Subsidiaries, which are those entities in which the Group has, directly or indirectly, an interest of more than half of the voting rights or otherwise has the power to exercise control over the operations, are consolidated. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date that control is transferred to the Group and are no longer consolidated from the date that control ceases. All inter-company transactions, balances and unrealised gains and losses on transactions between group companies are eliminated upon consolidation. Transactions with non-controlling interest that do not result in loss of control are accounted for as equity transactions. The difference between fair value of any consideration paid and the relevant share acquired in their interests in the subsidiary\u2019s equity is recorded in equity. Gains or losses on disposals to non-controlling interest (that do not result in loss of control) are also recorded in equity. 65 When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date where control is lost, with the change in carrying amount recognised in profit or loss as part of the gain or loss recognized upon loss of control. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income are reclassified to profit or loss if required by IFRS standards. Associates Associates are all entities over which the Group has significant influence but not control or joint control, over the financial and operating policies. Investments in associates are accounted for using the equity method. The investment is initially recognised at cost (including transaction costs), and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss and OCI of the investee after the date of acquisition, until the date on which significant influence ceases. The Group\u2019s investment in associates includes goodwill identified on acquisition. The Group\u2019s share of profit from the associate represents the Group\u2019s share of the associate\u2019s profit after tax. Profits and losses resulting from transactions between the Group and its associate are eliminated to the extent of the Group\u2019s interest in the associate. Unrealised gains on transactions between the Group and its associate are also eliminated based on the same principle; unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Equity accounting is discontinued when the carrying amount of the investment in an associate reaches zero, unless the Group has incurred obligations or guaranteed obligations in respect of the associate. Interests in joint ventures A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in joint ventures are recognised using the equity method. The above principles regarding associates are also applicable to joint ventures.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__120": { "value": "PRINCIPLES OF CONSOLIDATION Subsidiaries Subsidiaries, which are those entities in which the Group has, directly or indirectly, an interest of more than half of the voting rights or otherwise has the power to exercise control over the operations, are consolidated. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date that control is transferred to the Group and are no longer consolidated from the date that control ceases. All inter-company transactions, balances and unrealised gains and losses on transactions between group companies are eliminated upon consolidation. Transactions with non-controlling interest that do not result in loss of control are accounted for as equity transactions. The difference between fair value of any consideration paid and the relevant share acquired in their interests in the subsidiary\u2019s equity is recorded in equity. Gains or losses on disposals to non-controlling interest (that do not result in loss of control) are also recorded in equity. 65 When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date where control is lost, with the change in carrying amount recognised in profit or loss as part of the gain or loss recognized upon loss of control. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income are reclassified to profit or loss if required by IFRS standards. Associates Associates are all entities over which the Group has significant influence but not control or joint control, over the financial and operating policies. Investments in associates are accounted for using the equity method. The investment is initially recognised at cost (including transaction costs), and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss and OCI of the investee after the date of acquisition, until the date on which significant influence ceases. The Group\u2019s investment in associates includes goodwill identified on acquisition. The Group\u2019s share of profit from the associate represents the Group\u2019s share of the associate\u2019s profit after tax. Profits and losses resulting from transactions between the Group and its associate are eliminated to the extent of the Group\u2019s interest in the associate. Unrealised gains on transactions between the Group and its associate are also eliminated based on the same principle; unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Equity accounting is discontinued when the carrying amount of the investment in an associate reaches zero, unless the Group has incurred obligations or guaranteed obligations in respect of the associate. Interests in joint ventures A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in joint ventures are recognised using the equity method. The above principles regarding associates are also applicable to joint ventures.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__119": { "value": "PRINCIPLES OF CONSOLIDATION Subsidiaries Subsidiaries, which are those entities in which the Group has, directly or indirectly, an interest of more than half of the voting rights or otherwise has the power to exercise control over the operations, are consolidated. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date that control is transferred to the Group and are no longer consolidated from the date that control ceases. All inter-company transactions, balances and unrealised gains and losses on transactions between group companies are eliminated upon consolidation. Transactions with non-controlling interest that do not result in loss of control are accounted for as equity transactions. The difference between fair value of any consideration paid and the relevant share acquired in their interests in the subsidiary\u2019s equity is recorded in equity. Gains or losses on disposals to non-controlling interest (that do not result in loss of control) are also recorded in equity. 65 When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date where control is lost, with the change in carrying amount recognised in profit or loss as part of the gain or loss recognized upon loss of control. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income are reclassified to profit or loss if required by IFRS standards. Associates Associates are all entities over which the Group has significant influence but not control or joint control, over the financial and operating policies. Investments in associates are accounted for using the equity method. The investment is initially recognised at cost (including transaction costs), and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss and OCI of the investee after the date of acquisition, until the date on which significant influence ceases. The Group\u2019s investment in associates includes goodwill identified on acquisition. The Group\u2019s share of profit from the associate represents the Group\u2019s share of the associate\u2019s profit after tax. Profits and losses resulting from transactions between the Group and its associate are eliminated to the extent of the Group\u2019s interest in the associate. Unrealised gains on transactions between the Group and its associate are also eliminated based on the same principle; unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Equity accounting is discontinued when the carrying amount of the investment in an associate reaches zero, unless the Group has incurred obligations or guaranteed obligations in respect of the associate. Interests in joint ventures A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in joint ventures are recognised using the equity method. The above principles regarding associates are also applicable to joint ventures.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__127-1": { "value": "Impairment of associates and joint ventures The Group determines at each reporting date whether there is any objective evidence that the investment in the equity-accounted investee is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount (being the higher of the value in use or fair value less costs to sell) of the associate or joint venture and its carrying value and recognises the amount adjacent to \u201cshare of result of equity-accounted investees, net of income tax\u201d in the income statement.BUSINESS COMBINATIONS AND GOODWILL Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. For each business combination, the Group measures the non-controlling interest in the acquiree either at fair value or at the proportionate share 66 of the acquiree\u2019s identifiable net assets. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. The excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net recognised amount (generally at fair value) of the identifiable assets acquired and liabilities assumed constitutes goodwill and is recognised as an asset. In case this excess is negative, it is recognised immediately in the income statement. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured, and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Acquisition-related costs, other than those associated with the issue of debt or equity securities that the Group incurs in connection with a business combination, are expensed as incurred. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGU\u2019s or groups of CGU\u2019s that are expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level for business combinations performed by the Company. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs to sell. Any impairment is recognised immediately as an expense and is not subsequently reversed. IMPAIRMENT OF NON-FINANCIAL ASSETS At each reporting date, the Group reviews the carrying amount of its non-financial assets (other than investment property recognized at fair value - if any -, inventories, and deferred tax assets) to determine whether there is an indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amount of other assets in the unit, on a pro-rata basis. An impairment loss in respect of goodwill is never reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__126-1": { "value": "Impairment of associates and joint ventures The Group determines at each reporting date whether there is any objective evidence that the investment in the equity-accounted investee is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount (being the higher of the value in use or fair value less costs to sell) of the associate or joint venture and its carrying value and recognises the amount adjacent to \u201cshare of result of equity-accounted investees, net of income tax\u201d in the income statement.BUSINESS COMBINATIONS AND GOODWILL Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. For each business combination, the Group measures the non-controlling interest in the acquiree either at fair value or at the proportionate share 66 of the acquiree\u2019s identifiable net assets. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. The excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net recognised amount (generally at fair value) of the identifiable assets acquired and liabilities assumed constitutes goodwill and is recognised as an asset. In case this excess is negative, it is recognised immediately in the income statement. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured, and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Acquisition-related costs, other than those associated with the issue of debt or equity securities that the Group incurs in connection with a business combination, are expensed as incurred. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGU\u2019s or groups of CGU\u2019s that are expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level for business combinations performed by the Company. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs to sell. Any impairment is recognised immediately as an expense and is not subsequently reversed. IMPAIRMENT OF NON-DERIVATIVE FINANCIAL ASSETS The Group recognizes loss allowances for ECLs (expected credit losses) on financial assets measured at amortized cost, debt investments measured at FVOCI and contract assets. The Group measures loss allowances at an amount equal to lifetime ECLs, except for debt securities that are determined to have low credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) at the reporting date and other debt securities and bank balances for which the credit risk has not increased significantly since initial recognition which are measured at 12-month ECLs. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs. The Group considers a debt security to have low credit risk when its credit risk rating is equivalent to the globally understood definition of \u2018investment grade\u2019. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. 74 When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment, that includes forward-looking information. A financial asset is considered in default, when the debtor is unlikely to pay its credit obligation in full. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. ECLs are a probability-weighted estimate of credit losses, measured as the present value of all cash shortfalls (the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortized costs and debt securities at FVOCI are credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: - significant financial difficulty of the debtor; - breach of contract such as default; - probability that the debtor will enter bankruptcy or other financial reorganization; - disappearance of an active market for security because of financial difficulties. Loss allowances for financial assets measured at amortized costs are deducted from the gross carrying amount of the assets. For debt securities at FVOCI, the loss allowance is charged to profit or loss and is recognized in OCI. The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof.IMPAIRMENT OF NON-FINANCIAL ASSETS At each reporting date, the Group reviews the carrying amount of its non-financial assets (other than investment property recognized at fair value - if any -, inventories, and deferred tax assets) to determine whether there is an indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amount of other assets in the unit, on a pro-rata basis. An impairment loss in respect of goodwill is never reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__128": { "value": "FOREIGN CURRENCY TRANSLATION The Group consolidation is prepared in euro. Income statements of foreign operations are translated into euro at the weighted average exchange rates for the period and statements of financial positions are translated into euro at the exchange rate at the reporting date (except for each component of equity, translated once at the exchange rates at the dates of the relevant transactions). Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as local currency assets and liabilities of the foreign entity and are translated at the closing rate. The translation reserve, which is recorded in other comprehensive income (except to the extent that the translation difference is allocated to NCI) includes both the difference generated by translating income statement items at a different exchange rate from the period-end rate and the differences generated by translating opening shareholders\u2019 equity amounts at a different exchange rate from the period-end rate. Monetary items that are receivable or payable to a foreign operation for which settlement is neither planned nor likely to occur in the foreseeable future are, in substance, a part of the Group\u2019s net investment in that foreign operation. Exchange differences arising on a monetary item that forms part of the Group\u2019s net investment in a foreign operation is recognised initially in other comprehensive income and reclassified from equity to profit or loss on disposal of the net investment. Foreign currency transactions are accounted for at the exchange rate prevailing at the date of the transaction. Gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised within the income statement (or within OCI if it relates to equity instruments designated at FVOCI). On disposal of a foreign operation, gains and losses accumulated in other comprehensive income are included in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__135": { "value": "BUSINESS COMBINATIONS AND GOODWILL Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. For each business combination, the Group measures the non-controlling interest in the acquiree either at fair value or at the proportionate share 66 of the acquiree\u2019s identifiable net assets. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. The excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net recognised amount (generally at fair value) of the identifiable assets acquired and liabilities assumed constitutes goodwill and is recognised as an asset. In case this excess is negative, it is recognised immediately in the income statement. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured, and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Acquisition-related costs, other than those associated with the issue of debt or equity securities that the Group incurs in connection with a business combination, are expensed as incurred. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGU\u2019s or groups of CGU\u2019s that are expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level for business combinations performed by the Company. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs to sell. Any impairment is recognised immediately as an expense and is not subsequently reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__134": { "value": "BUSINESS COMBINATIONS AND GOODWILL Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. For each business combination, the Group measures the non-controlling interest in the acquiree either at fair value or at the proportionate share 66 of the acquiree\u2019s identifiable net assets. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. The excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net recognised amount (generally at fair value) of the identifiable assets acquired and liabilities assumed constitutes goodwill and is recognised as an asset. In case this excess is negative, it is recognised immediately in the income statement. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured, and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Acquisition-related costs, other than those associated with the issue of debt or equity securities that the Group incurs in connection with a business combination, are expensed as incurred. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGU\u2019s or groups of CGU\u2019s that are expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level for business combinations performed by the Company. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs to sell. Any impairment is recognised immediately as an expense and is not subsequently reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__133": { "value": "BUSINESS COMBINATIONS AND GOODWILL Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. For each business combination, the Group measures the non-controlling interest in the acquiree either at fair value or at the proportionate share 66 of the acquiree\u2019s identifiable net assets. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. The excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net recognised amount (generally at fair value) of the identifiable assets acquired and liabilities assumed constitutes goodwill and is recognised as an asset. In case this excess is negative, it is recognised immediately in the income statement. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured, and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Acquisition-related costs, other than those associated with the issue of debt or equity securities that the Group incurs in connection with a business combination, are expensed as incurred. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGU\u2019s or groups of CGU\u2019s that are expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level for business combinations performed by the Company. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs to sell. Any impairment is recognised immediately as an expense and is not subsequently reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__132": { "value": "BUSINESS COMBINATIONS AND GOODWILL Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. For each business combination, the Group measures the non-controlling interest in the acquiree either at fair value or at the proportionate share 66 of the acquiree\u2019s identifiable net assets. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. The excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net recognised amount (generally at fair value) of the identifiable assets acquired and liabilities assumed constitutes goodwill and is recognised as an asset. In case this excess is negative, it is recognised immediately in the income statement. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured, and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Acquisition-related costs, other than those associated with the issue of debt or equity securities that the Group incurs in connection with a business combination, are expensed as incurred. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGU\u2019s or groups of CGU\u2019s that are expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level for business combinations performed by the Company. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs to sell. Any impairment is recognised immediately as an expense and is not subsequently reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__131": { "value": "BUSINESS COMBINATIONS AND GOODWILL Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. For each business combination, the Group measures the non-controlling interest in the acquiree either at fair value or at the proportionate share 66 of the acquiree\u2019s identifiable net assets. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. The excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net recognised amount (generally at fair value) of the identifiable assets acquired and liabilities assumed constitutes goodwill and is recognised as an asset. In case this excess is negative, it is recognised immediately in the income statement. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured, and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Acquisition-related costs, other than those associated with the issue of debt or equity securities that the Group incurs in connection with a business combination, are expensed as incurred. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGU\u2019s or groups of CGU\u2019s that are expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level for business combinations performed by the Company. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs to sell. Any impairment is recognised immediately as an expense and is not subsequently reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__137-1": { "value": "INTANGIBLE ASSETS An item of intangible assets is valued at its cost less any accumulated amortisation and any accumulated impairment losses. Customer contracts and brands acquired in a business combination are recognised at fair value at the acquisition date. Software-as-a-service (SaaS) arrangements are service contracts providing the Group with the right to access the cloud provider\u2019s application software over the contract period. As such the Group generally does not receive a software intangible asset at the contract commencement date. A right to receive future access to the supplier\u2019s software generally does not, at the contract commencement date, give the customer the power to obtain the future economic benefits flowing from the software itself and to restrict others\u2019 access to those benefits. Costs incurred for the development of software code that enhances or modifies, or creates additional capability to, existing on-premise systems and meets the definition of and recognition criteria for an intangible asset are recognised as intangible software assets. Refer to note 3 for information on changes in significant accounting policies. The amortisation method used reflects the pattern in which the assets\u2019 future economic benefits are expected to be consumed. Intangible assets with a finite useful life are generally amortised over their useful life on a straight-line basis. The estimated useful lives are between 2 and 11 years. Brands for which there is a limit to the period over which these assets are expected to generate cash inflows will be amortised on a straight-line basis over their remaining useful lives which are estimated to be up to 5 years. Amortisation periods are reassessed annually. Brands that have indefinite useful lives are those, thanks to the marketing spend, the advertising made and the absence of factors that could cause their obsolescence, where there is no foreseeable limit to the period over which these assets are expected to generate net cash inflows for the Group. They are therefore not amortised but tested for impairment annually. For any intangible asset with a finite or indefinite useful life, where an indication of impairment exists, its carrying amount is assessed and written down immediately to its recoverable amount. Impairment losses are recognised in the consolidated income statement. Expenditure on internally generated intangible assets which does not meet the capitalization conditions under IFRS is recognised in the consolidated income statement as an expense as incurred. Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is expensed as incurred. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units and then, to reduce the carrying amount of the other assets in the unit, on a pro rata basis.PROPERTY, PLANT AND EQUIPMENT An item of property, plant and equipment is initially measured at cost. This cost comprises its purchase price (including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates), plus any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating. If applicable, the initial estimate of the cost of dismantling and removing the item and restoring the site is also included in the cost of the item. After initial recognition, the item is carried at its cost less any accumulated depreciation and any accumulated impairment losses. The cost of self-constructed assets includes the cost of materials, direct labour, the initial estimate, where relevant, of the costs of dismantling and removing the items and restoring the site on which they are located, and an appropriate proportion of production overheads if directly attributable. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. The depreciable amount of the item is allocated according to the straight-line method over its useful life. Land is not depreciated. The main depreciation periods are the following: - Buildings: 40 to 50 years; - Plant and equipment: 3 to 15 years; - IT equipment: 2 to 7 years. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the items will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Lessee At inception of a contract, the Group assesses whether a contract is or contains a lease. A contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. This policy is applied to contracts entered into or changed on or after 1 January 2019. As a lessee, the Group recognizes right-of-use assets and lease liabilities at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurement of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate at that date. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by reference to the interest rate it would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. 68 Lease payments included in the initial measurement of the lease liability comprise fixed payments, and in some cases, variable lease payments (being those depending on an index or a rate, initially measured using the index or rate as at the commencement date), the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise the extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate the lease earlier. The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, which affects the amount of lease liabilities and right-of-use assets recognized. The lease liability is measured at amortised cost using the effective interest method and is remeasured when there is a change in future lease payments arising from a change in an index or rate or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. In case the lease liability is remeasured, corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Right-of-use assets that do not meet the definition of investment property are presented in \u201cproperty, plant and equipment\u201d in the statement of financial position, under the same line item than the assets of the same nature that it owns. Lease liabilities are presented in \u201cloans and borrowings\u201d in the statement of financial position. The Group applies the practical expedient whereby short-term leases (less than or equal to 12 months) and leases of low-value assets are not recognized as right-of-use assets and lease liabilities and to recognize the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Lessor Lessor accounting remained substantially unchanged compared to previous guidance. At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. In rare situations in which the Group acts as an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset.INVESTMENT PROPERTIES Investment properties are measured at cost less accumulated depreciation and accumulated impairment losses. These items are amortised over their useful life on a straight-line basis method. The estimated useful lives are between 40 and 50 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__136-1": { "value": "INTANGIBLE ASSETS An item of intangible assets is valued at its cost less any accumulated amortisation and any accumulated impairment losses. Customer contracts and brands acquired in a business combination are recognised at fair value at the acquisition date. Software-as-a-service (SaaS) arrangements are service contracts providing the Group with the right to access the cloud provider\u2019s application software over the contract period. As such the Group generally does not receive a software intangible asset at the contract commencement date. A right to receive future access to the supplier\u2019s software generally does not, at the contract commencement date, give the customer the power to obtain the future economic benefits flowing from the software itself and to restrict others\u2019 access to those benefits. Costs incurred for the development of software code that enhances or modifies, or creates additional capability to, existing on-premise systems and meets the definition of and recognition criteria for an intangible asset are recognised as intangible software assets. Refer to note 3 for information on changes in significant accounting policies. The amortisation method used reflects the pattern in which the assets\u2019 future economic benefits are expected to be consumed. Intangible assets with a finite useful life are generally amortised over their useful life on a straight-line basis. The estimated useful lives are between 2 and 11 years. Brands for which there is a limit to the period over which these assets are expected to generate cash inflows will be amortised on a straight-line basis over their remaining useful lives which are estimated to be up to 5 years. Amortisation periods are reassessed annually. Brands that have indefinite useful lives are those, thanks to the marketing spend, the advertising made and the absence of factors that could cause their obsolescence, where there is no foreseeable limit to the period over which these assets are expected to generate net cash inflows for the Group. They are therefore not amortised but tested for impairment annually. For any intangible asset with a finite or indefinite useful life, where an indication of impairment exists, its carrying amount is assessed and written down immediately to its recoverable amount. Impairment losses are recognised in the consolidated income statement. Expenditure on internally generated intangible assets which does not meet the capitalization conditions under IFRS is recognised in the consolidated income statement as an expense as incurred. Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is expensed as incurred. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units and then, to reduce the carrying amount of the other assets in the unit, on a pro rata basis.RESEARCH AND DEVELOPMENT Expenditure on research (or on the research phase of an internal project) is recognised as an expense when it is incurred. An intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only if, all of the following are demonstrated: (a) the technical feasibility of completing the intangible asset so that it will be available for use or sale; 67 (b) the Group has the intention to complete the intangible asset and use or sell it; (c) the Group has ability to use or sell the intangible asset; (d) how the intangible asset will generate probable future economic benefits; (e) the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; (f) the Group has the ability to measure reliably the expenditure attributable to the intangible asset during its development.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__139": { "value": "RESEARCH AND DEVELOPMENT Expenditure on research (or on the research phase of an internal project) is recognised as an expense when it is incurred. An intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only if, all of the following are demonstrated: (a) the technical feasibility of completing the intangible asset so that it will be available for use or sale; 67 (b) the Group has the intention to complete the intangible asset and use or sell it; (c) the Group has ability to use or sell the intangible asset; (d) how the intangible asset will generate probable future economic benefits; (e) the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; (f) the Group has the ability to measure reliably the expenditure attributable to the intangible asset during its development.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__143-1": { "value": "PROPERTY, PLANT AND EQUIPMENT An item of property, plant and equipment is initially measured at cost. This cost comprises its purchase price (including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates), plus any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating. If applicable, the initial estimate of the cost of dismantling and removing the item and restoring the site is also included in the cost of the item. After initial recognition, the item is carried at its cost less any accumulated depreciation and any accumulated impairment losses. The cost of self-constructed assets includes the cost of materials, direct labour, the initial estimate, where relevant, of the costs of dismantling and removing the items and restoring the site on which they are located, and an appropriate proportion of production overheads if directly attributable. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. The depreciable amount of the item is allocated according to the straight-line method over its useful life. Land is not depreciated. The main depreciation periods are the following: - Buildings: 40 to 50 years; - Plant and equipment: 3 to 15 years; - IT equipment: 2 to 7 years. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the items will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Lessee At inception of a contract, the Group assesses whether a contract is or contains a lease. A contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. This policy is applied to contracts entered into or changed on or after 1 January 2019. As a lessee, the Group recognizes right-of-use assets and lease liabilities at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurement of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate at that date. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by reference to the interest rate it would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. 68 Lease payments included in the initial measurement of the lease liability comprise fixed payments, and in some cases, variable lease payments (being those depending on an index or a rate, initially measured using the index or rate as at the commencement date), the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise the extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate the lease earlier. The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, which affects the amount of lease liabilities and right-of-use assets recognized. The lease liability is measured at amortised cost using the effective interest method and is remeasured when there is a change in future lease payments arising from a change in an index or rate or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. In case the lease liability is remeasured, corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Right-of-use assets that do not meet the definition of investment property are presented in \u201cproperty, plant and equipment\u201d in the statement of financial position, under the same line item than the assets of the same nature that it owns. Lease liabilities are presented in \u201cloans and borrowings\u201d in the statement of financial position. The Group applies the practical expedient whereby short-term leases (less than or equal to 12 months) and leases of low-value assets are not recognized as right-of-use assets and lease liabilities and to recognize the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Lessor Lessor accounting remained substantially unchanged compared to previous guidance. At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. In rare situations in which the Group acts as an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset.REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it transfers control over a good or service to a customer. In the D\u2019Ieteren Automotive segment, the Group generates revenue primarily from the sale of new vehicles to independent dealers and to final customers, the sale of used vehicles to final customers, the sale of spare parts and accessories and the rendering of after-sale services. Upon selling vehicles or spare parts to independent dealers or final customers, the Group satisfies its performance obligations and recognizes revenue at a point in time, when control of the goods transfers to the customers. Since the Group issues invoices to customers upon satisfying its performance obligations, rights to financial consideration immediately become unconditional and are therefore recognized as receivables. A legal warranty of 2 years applies to the sale of new vehicles to customers, which in turn corresponds to the legal warranty that the factory grants to the D\u2019Ieteren Automotive segment. This warranty does therefore not represent a separate performance obligation. The Group offers to customers the possibility to purchase maintenance contracts together with the sale of a new vehicle. The duration of these contracts ranges from 3 to 12 years. This type of contract represents a separate performance obligation and should not be combined with the sale of a new vehicle. Under such arrangements, the Group transfers the benefit of the maintenance services to the customers as it performs and therefore satisfies its performance obligation over time. The Group recognizes revenue over time by estimating the occurrence of performance obligations using historical data and projected revenue. Revenue recognized according to the percentage of completion method is therefore reasonably estimated using cost curves and historical data. The difference between the consideration received from the final customers and the costs incurred over time to satisfy the performance obligation represent contract liabilities under IFRS 15. Since the amount of contract liabilities are not considered significant to the Group compared to total revenue, they have not been presented in a separate line item in the consolidated statement of financial position. When rendering other repair or maintenance services to final customers, the Group recognizes revenue over time if deemed significant. The revenue to be recognized over time for other repair and maintenance was not significant as at the end of the reporting period. Across all sales channels of the Moleskine segment, revenue is recognized at a point in time, as soon as control of the goods transfers to the customers (i.e. when the good is physically delivered to the final customer). In the PHE segment, revenue arise primarily from the sale of spare parts to independent dealers and customers. Variable considerations are sometimes attached to contracts with customers, such as fidelity premiums and year-end rebates. These variable considerations are estimated by the Group based on contract specificities and past experience and are included in the transaction prices. The Group also sometimes act as an agent in selling spare parts and equipment to customers. In these cases, the Group recognises in revenue the net amount between the transaction price paid by customers and the amount charged by supplier for the underlying goods. To assess whether the Group acts as a principal or and agent, the Group considers whether it control the underlying good, and assumes the responsibility of execution of the contracts prior to delivering the goods to the final customer. Disaggregation of revenue from contracts with customers In selecting the categories to use to disaggregate revenue from contracts with customers, management considered how the information about the Group\u2019s revenue is presented for other purpose, including press releases and information presented to the chief operating decision maker, as well as how the nature, amount, timing and uncertainties of revenue and cash flows are affected by economic factors. See note 5 for additional information on disaggregation of revenue.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__142-1": { "value": "PROPERTY, PLANT AND EQUIPMENT An item of property, plant and equipment is initially measured at cost. This cost comprises its purchase price (including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates), plus any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating. If applicable, the initial estimate of the cost of dismantling and removing the item and restoring the site is also included in the cost of the item. After initial recognition, the item is carried at its cost less any accumulated depreciation and any accumulated impairment losses. The cost of self-constructed assets includes the cost of materials, direct labour, the initial estimate, where relevant, of the costs of dismantling and removing the items and restoring the site on which they are located, and an appropriate proportion of production overheads if directly attributable. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. The depreciable amount of the item is allocated according to the straight-line method over its useful life. Land is not depreciated. The main depreciation periods are the following: - Buildings: 40 to 50 years; - Plant and equipment: 3 to 15 years; - IT equipment: 2 to 7 years. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the items will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Lessee At inception of a contract, the Group assesses whether a contract is or contains a lease. A contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. This policy is applied to contracts entered into or changed on or after 1 January 2019. As a lessee, the Group recognizes right-of-use assets and lease liabilities at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurement of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate at that date. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by reference to the interest rate it would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. 68 Lease payments included in the initial measurement of the lease liability comprise fixed payments, and in some cases, variable lease payments (being those depending on an index or a rate, initially measured using the index or rate as at the commencement date), the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise the extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate the lease earlier. The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, which affects the amount of lease liabilities and right-of-use assets recognized. The lease liability is measured at amortised cost using the effective interest method and is remeasured when there is a change in future lease payments arising from a change in an index or rate or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. In case the lease liability is remeasured, corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Right-of-use assets that do not meet the definition of investment property are presented in \u201cproperty, plant and equipment\u201d in the statement of financial position, under the same line item than the assets of the same nature that it owns. Lease liabilities are presented in \u201cloans and borrowings\u201d in the statement of financial position. The Group applies the practical expedient whereby short-term leases (less than or equal to 12 months) and leases of low-value assets are not recognized as right-of-use assets and lease liabilities and to recognize the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Lessor Lessor accounting remained substantially unchanged compared to previous guidance. At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. In rare situations in which the Group acts as an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset.INVESTMENT PROPERTIES Investment properties are measured at cost less accumulated depreciation and accumulated impairment losses. These items are amortised over their useful life on a straight-line basis method. The estimated useful lives are between 40 and 50 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__141": { "value": "PROPERTY, PLANT AND EQUIPMENT An item of property, plant and equipment is initially measured at cost. This cost comprises its purchase price (including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates), plus any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating. If applicable, the initial estimate of the cost of dismantling and removing the item and restoring the site is also included in the cost of the item. After initial recognition, the item is carried at its cost less any accumulated depreciation and any accumulated impairment losses. The cost of self-constructed assets includes the cost of materials, direct labour, the initial estimate, where relevant, of the costs of dismantling and removing the items and restoring the site on which they are located, and an appropriate proportion of production overheads if directly attributable. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. The depreciable amount of the item is allocated according to the straight-line method over its useful life. Land is not depreciated. The main depreciation periods are the following: - Buildings: 40 to 50 years; - Plant and equipment: 3 to 15 years; - IT equipment: 2 to 7 years. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the items will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Lessee At inception of a contract, the Group assesses whether a contract is or contains a lease. A contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. This policy is applied to contracts entered into or changed on or after 1 January 2019. As a lessee, the Group recognizes right-of-use assets and lease liabilities at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurement of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate at that date. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by reference to the interest rate it would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. 68 Lease payments included in the initial measurement of the lease liability comprise fixed payments, and in some cases, variable lease payments (being those depending on an index or a rate, initially measured using the index or rate as at the commencement date), the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise the extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate the lease earlier. The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, which affects the amount of lease liabilities and right-of-use assets recognized. The lease liability is measured at amortised cost using the effective interest method and is remeasured when there is a change in future lease payments arising from a change in an index or rate or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. In case the lease liability is remeasured, corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Right-of-use assets that do not meet the definition of investment property are presented in \u201cproperty, plant and equipment\u201d in the statement of financial position, under the same line item than the assets of the same nature that it owns. Lease liabilities are presented in \u201cloans and borrowings\u201d in the statement of financial position. The Group applies the practical expedient whereby short-term leases (less than or equal to 12 months) and leases of low-value assets are not recognized as right-of-use assets and lease liabilities and to recognize the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Lessor Lessor accounting remained substantially unchanged compared to previous guidance. At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. In rare situations in which the Group acts as an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__146": { "value": "INVESTMENT PROPERTIES Investment properties are measured at cost less accumulated depreciation and accumulated impairment losses. These items are amortised over their useful life on a straight-line basis method. The estimated useful lives are between 40 and 50 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__147": { "value": "INVENTORIES Inventories are measured at the lower of cost and net realisable value. The cost of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Items that are not interchangeable, like new vehicles and second-hand vehicles, are valued using specific identification of their individual costs. Other items are valued using the first in, first out or weighted average cost formula. When inventories are sold, the carrying amount of those inventories are recognised as an expense in the period in which the related revenue is recognised. Losses and write-downs of inventories are recognised in the period in which they occur. Reversal of a write-down is recognised as a credit to cost of sales in the period in which the reversal occurs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__148-1": { "value": "PROVISIONS A provision is recognised when: - there is a present obligation (legal or constructive) as a result of a past event; - it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and - a reliable estimate can be made of the amount of the obligation. If these conditions are not met, no provision is recognised. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money. A provision for warranties is recognised when the underlying products or services are sold, based on historical warranty data and a weighting of possible outcomes against their associated probabilities. A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring either has commenced or has been announced publicly. Future operating losses are not provided for. 69OTHER LONG-TERM INCENTIVES The group recognises a provision for long-term incentives where they are contractually obliged or where there is a past practice that has created a constructive obligation. This provision is discounted to determine its present value. Re-measurements are recognised in profit or loss in the period in which they arise.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__149": { "value": "EMPLOYEE BENEFITS Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. On amendment, curtailment or settlement of a defined benefit plan, a company now uses updated actuarial assumptions to determine its current service and net interest for the period and the effect of the asset ceiling is disregarded when calculating the gain or loss of any settlement of the plan and is dealt with separately in other comprehensive income. The Group has various defined benefit pension plans and defined contribution pension plans. Most of these plans are funded schemes, i.e. they are financed through a pension fund or an external insurance policy. The minimum funding level of these schemes is defined by national rules (see note 10). Obligations for contributions to defined contribution pension plans are charged as an expense as the related service is provided. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available. The Group\u2019s commitments under defined benefit pension plans, and the related costs, are valued using the \u201cprojected unit credit method\u201d, with independent actuaries carrying out the valuations at least on a yearly basis. To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirements. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. Actuarial gains and losses are recognised in full in the period in which they occur. They are recognised in other comprehensive income. Past service cost is recognised as an expense at the earlier of the following dates: a) when the plan amendment or curtailment occurs; and b) when the entity recognizes related restructuring costs or termination benefits. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognised in profit or loss. The long-term employee benefit obligation recognised in the statement of financial position represents the present value of the defined benefit obligations as reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to the present value of any refunds and reductions in future contributions to the plan.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__150": { "value": "TERMINATION BENEFITS Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits as it is demonstrably committed to a termination when the entity has a detailed formal plan to terminate the employment of current employees without possibility of withdrawal. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__165": { "value": "FINANCIAL INSTRUMENTS EXCLUDING DERIVATIVES The Group initially recognises loans and receivables and debt securities issued on the date when they are originated. All other financial assets and liabilities are initially recognised when the entity becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. The Group derecognises a financial asset when the contractual rights to cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, expire, or are substantially modified. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. The Group classifies its financial assets in the following categories on initial recognition: at amortised cost; at fair value through other comprehensive income (FVOCI) \u2013 debt; at FVOCI \u2013 equity investment; or fair value through profit or loss (FVTPL). Management determines the classification of its financial assets at initial recognition based on a) the business model in which 70 the financial asset is held; and 2) on the assessment whether contractual cash flows are solely payments of principal and interests (see below). Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Business model assessment The Group assesses the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; Assessment whether contractual cash flows are solely payments of principal and interest In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basis lending risks and costs, as well as profit margin. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL, including all derivative financial assets. Subsequent measurement of financial assets: - Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss, except for derivatives designated as hedging instruments. - Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. - Debt investment at FVOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. - Equity investments at FVOCI are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Cash and Cash Equivalents Cash comprises cash on hand and demand deposits, excluding any blocked or restricted cash held by the Group. Cash equivalents are short-term (maximum 3 months), highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified and measured at amortised cost. Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL (except hedging instruments) are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. 71 Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effect(s). Where the Company (or its subsidiaries) reacquires its own equity instruments, those instruments are deducted from equity as treasury shares. Where such equity instruments are subsequently sold, any consideration received is recognised in equity. Dividends to holders of equity instruments proposed or declared after the balance sheet date are not recognised as a liability at the balance sheet date; it is presented in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__163": { "value": "FINANCIAL INSTRUMENTS EXCLUDING DERIVATIVES The Group initially recognises loans and receivables and debt securities issued on the date when they are originated. All other financial assets and liabilities are initially recognised when the entity becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. The Group derecognises a financial asset when the contractual rights to cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, expire, or are substantially modified. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. The Group classifies its financial assets in the following categories on initial recognition: at amortised cost; at fair value through other comprehensive income (FVOCI) \u2013 debt; at FVOCI \u2013 equity investment; or fair value through profit or loss (FVTPL). Management determines the classification of its financial assets at initial recognition based on a) the business model in which 70 the financial asset is held; and 2) on the assessment whether contractual cash flows are solely payments of principal and interests (see below). Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Business model assessment The Group assesses the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; Assessment whether contractual cash flows are solely payments of principal and interest In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basis lending risks and costs, as well as profit margin. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL, including all derivative financial assets. Subsequent measurement of financial assets: - Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss, except for derivatives designated as hedging instruments. - Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. - Debt investment at FVOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. - Equity investments at FVOCI are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Cash and Cash Equivalents Cash comprises cash on hand and demand deposits, excluding any blocked or restricted cash held by the Group. Cash equivalents are short-term (maximum 3 months), highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified and measured at amortised cost. Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL (except hedging instruments) are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. 71 Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effect(s). Where the Company (or its subsidiaries) reacquires its own equity instruments, those instruments are deducted from equity as treasury shares. Where such equity instruments are subsequently sold, any consideration received is recognised in equity. Dividends to holders of equity instruments proposed or declared after the balance sheet date are not recognised as a liability at the balance sheet date; it is presented in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__162": { "value": "FINANCIAL INSTRUMENTS EXCLUDING DERIVATIVES The Group initially recognises loans and receivables and debt securities issued on the date when they are originated. All other financial assets and liabilities are initially recognised when the entity becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. The Group derecognises a financial asset when the contractual rights to cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, expire, or are substantially modified. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. The Group classifies its financial assets in the following categories on initial recognition: at amortised cost; at fair value through other comprehensive income (FVOCI) \u2013 debt; at FVOCI \u2013 equity investment; or fair value through profit or loss (FVTPL). Management determines the classification of its financial assets at initial recognition based on a) the business model in which 70 the financial asset is held; and 2) on the assessment whether contractual cash flows are solely payments of principal and interests (see below). Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Business model assessment The Group assesses the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; Assessment whether contractual cash flows are solely payments of principal and interest In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basis lending risks and costs, as well as profit margin. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL, including all derivative financial assets. Subsequent measurement of financial assets: - Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss, except for derivatives designated as hedging instruments. - Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. - Debt investment at FVOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. - Equity investments at FVOCI are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Cash and Cash Equivalents Cash comprises cash on hand and demand deposits, excluding any blocked or restricted cash held by the Group. Cash equivalents are short-term (maximum 3 months), highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified and measured at amortised cost. Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL (except hedging instruments) are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. 71 Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effect(s). Where the Company (or its subsidiaries) reacquires its own equity instruments, those instruments are deducted from equity as treasury shares. Where such equity instruments are subsequently sold, any consideration received is recognised in equity. Dividends to holders of equity instruments proposed or declared after the balance sheet date are not recognised as a liability at the balance sheet date; it is presented in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__161": { "value": "FINANCIAL INSTRUMENTS EXCLUDING DERIVATIVES The Group initially recognises loans and receivables and debt securities issued on the date when they are originated. All other financial assets and liabilities are initially recognised when the entity becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. The Group derecognises a financial asset when the contractual rights to cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, expire, or are substantially modified. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. The Group classifies its financial assets in the following categories on initial recognition: at amortised cost; at fair value through other comprehensive income (FVOCI) \u2013 debt; at FVOCI \u2013 equity investment; or fair value through profit or loss (FVTPL). Management determines the classification of its financial assets at initial recognition based on a) the business model in which 70 the financial asset is held; and 2) on the assessment whether contractual cash flows are solely payments of principal and interests (see below). Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Business model assessment The Group assesses the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; Assessment whether contractual cash flows are solely payments of principal and interest In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basis lending risks and costs, as well as profit margin. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL, including all derivative financial assets. Subsequent measurement of financial assets: - Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss, except for derivatives designated as hedging instruments. - Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. - Debt investment at FVOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. - Equity investments at FVOCI are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Cash and Cash Equivalents Cash comprises cash on hand and demand deposits, excluding any blocked or restricted cash held by the Group. Cash equivalents are short-term (maximum 3 months), highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified and measured at amortised cost. Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL (except hedging instruments) are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. 71 Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effect(s). Where the Company (or its subsidiaries) reacquires its own equity instruments, those instruments are deducted from equity as treasury shares. Where such equity instruments are subsequently sold, any consideration received is recognised in equity. Dividends to holders of equity instruments proposed or declared after the balance sheet date are not recognised as a liability at the balance sheet date; it is presented in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__160": { "value": "FINANCIAL INSTRUMENTS EXCLUDING DERIVATIVES The Group initially recognises loans and receivables and debt securities issued on the date when they are originated. All other financial assets and liabilities are initially recognised when the entity becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. The Group derecognises a financial asset when the contractual rights to cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, expire, or are substantially modified. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. The Group classifies its financial assets in the following categories on initial recognition: at amortised cost; at fair value through other comprehensive income (FVOCI) \u2013 debt; at FVOCI \u2013 equity investment; or fair value through profit or loss (FVTPL). Management determines the classification of its financial assets at initial recognition based on a) the business model in which 70 the financial asset is held; and 2) on the assessment whether contractual cash flows are solely payments of principal and interests (see below). Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Business model assessment The Group assesses the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; Assessment whether contractual cash flows are solely payments of principal and interest In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basis lending risks and costs, as well as profit margin. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL, including all derivative financial assets. Subsequent measurement of financial assets: - Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss, except for derivatives designated as hedging instruments. - Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. - Debt investment at FVOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. - Equity investments at FVOCI are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Cash and Cash Equivalents Cash comprises cash on hand and demand deposits, excluding any blocked or restricted cash held by the Group. Cash equivalents are short-term (maximum 3 months), highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified and measured at amortised cost. Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL (except hedging instruments) are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. 71 Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effect(s). Where the Company (or its subsidiaries) reacquires its own equity instruments, those instruments are deducted from equity as treasury shares. Where such equity instruments are subsequently sold, any consideration received is recognised in equity. Dividends to holders of equity instruments proposed or declared after the balance sheet date are not recognised as a liability at the balance sheet date; it is presented in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__159-1": { "value": "FINANCIAL INSTRUMENTS EXCLUDING DERIVATIVES The Group initially recognises loans and receivables and debt securities issued on the date when they are originated. All other financial assets and liabilities are initially recognised when the entity becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. The Group derecognises a financial asset when the contractual rights to cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, expire, or are substantially modified. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. The Group classifies its financial assets in the following categories on initial recognition: at amortised cost; at fair value through other comprehensive income (FVOCI) \u2013 debt; at FVOCI \u2013 equity investment; or fair value through profit or loss (FVTPL). Management determines the classification of its financial assets at initial recognition based on a) the business model in which 70 the financial asset is held; and 2) on the assessment whether contractual cash flows are solely payments of principal and interests (see below). Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Business model assessment The Group assesses the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; Assessment whether contractual cash flows are solely payments of principal and interest In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basis lending risks and costs, as well as profit margin. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL, including all derivative financial assets. Subsequent measurement of financial assets: - Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss, except for derivatives designated as hedging instruments. - Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. - Debt investment at FVOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. - Equity investments at FVOCI are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Cash and Cash Equivalents Cash comprises cash on hand and demand deposits, excluding any blocked or restricted cash held by the Group. Cash equivalents are short-term (maximum 3 months), highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified and measured at amortised cost. Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL (except hedging instruments) are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. 71 Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effect(s). Where the Company (or its subsidiaries) reacquires its own equity instruments, those instruments are deducted from equity as treasury shares. Where such equity instruments are subsequently sold, any consideration received is recognised in equity. Dividends to holders of equity instruments proposed or declared after the balance sheet date are not recognised as a liability at the balance sheet date; it is presented in equity.DERIVATIVE FINANCIAL INSTRUMENTS Derivatives are used as hedges in the financing and financial risk management of the Group. The Group\u2019s activities expose it to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange forward contracts, interest rate swaps, cross currency interest rate swaps, and options to hedge these exposures. The Group does not use derivatives for speculative purposes. However, certain financial derivative transactions, while constituting effective economic hedges, do not qualify for hedge accounting under the specific rules in IAS 39. Despite the introduction of IFRS 9, the Group still applies hedge accounting for Moleskine under IAS 39 (which is an option under IFRS 9). Derivatives are recorded initially and subsequently at fair value. Any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent changes in fair value are generally recognised in profit or loss. Cash flow hedge Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income and any ineffective portion is recognised immediately in the income statement. Cumulative tax impact related to the net change in the fair value of hedging instruments are separately included in retained earnings. If the cash flow hedge is a firm commitment or the forecasted transaction results in the recognition of an asset or a liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive income are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in other comprehensive income are recognised in the income statement in the same period in which the hedged item affects net profit or loss. Fair value hedge For an effective hedge of an exposure to changes in the fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with a corresponding entry in profit or loss. Gains or losses from re-measuring the derivative, or for non-derivatives the foreign currency component of its carrying amount, are recognised in profit or loss. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. In the case of a cash flow hedge, any cumulative gain or loss recognised in other comprehensive income is transferred to profit or loss when profit or loss is impacted by the hedged item. If the forecast transaction is no longer expected to occur, the cumulative gain or loss is reclassified in the profit or loss immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__158": { "value": "FINANCIAL INSTRUMENTS EXCLUDING DERIVATIVES The Group initially recognises loans and receivables and debt securities issued on the date when they are originated. All other financial assets and liabilities are initially recognised when the entity becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. The Group derecognises a financial asset when the contractual rights to cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, expire, or are substantially modified. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. The Group classifies its financial assets in the following categories on initial recognition: at amortised cost; at fair value through other comprehensive income (FVOCI) \u2013 debt; at FVOCI \u2013 equity investment; or fair value through profit or loss (FVTPL). Management determines the classification of its financial assets at initial recognition based on a) the business model in which 70 the financial asset is held; and 2) on the assessment whether contractual cash flows are solely payments of principal and interests (see below). Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Business model assessment The Group assesses the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; Assessment whether contractual cash flows are solely payments of principal and interest In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basis lending risks and costs, as well as profit margin. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL, including all derivative financial assets. Subsequent measurement of financial assets: - Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss, except for derivatives designated as hedging instruments. - Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. - Debt investment at FVOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. - Equity investments at FVOCI are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Cash and Cash Equivalents Cash comprises cash on hand and demand deposits, excluding any blocked or restricted cash held by the Group. Cash equivalents are short-term (maximum 3 months), highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified and measured at amortised cost. Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL (except hedging instruments) are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. 71 Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effect(s). Where the Company (or its subsidiaries) reacquires its own equity instruments, those instruments are deducted from equity as treasury shares. Where such equity instruments are subsequently sold, any consideration received is recognised in equity. Dividends to holders of equity instruments proposed or declared after the balance sheet date are not recognised as a liability at the balance sheet date; it is presented in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__157-1": { "value": "FINANCIAL INSTRUMENTS EXCLUDING DERIVATIVES The Group initially recognises loans and receivables and debt securities issued on the date when they are originated. All other financial assets and liabilities are initially recognised when the entity becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. The Group derecognises a financial asset when the contractual rights to cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, expire, or are substantially modified. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. The Group classifies its financial assets in the following categories on initial recognition: at amortised cost; at fair value through other comprehensive income (FVOCI) \u2013 debt; at FVOCI \u2013 equity investment; or fair value through profit or loss (FVTPL). Management determines the classification of its financial assets at initial recognition based on a) the business model in which 70 the financial asset is held; and 2) on the assessment whether contractual cash flows are solely payments of principal and interests (see below). Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Business model assessment The Group assesses the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; Assessment whether contractual cash flows are solely payments of principal and interest In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basis lending risks and costs, as well as profit margin. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL, including all derivative financial assets. Subsequent measurement of financial assets: - Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss, except for derivatives designated as hedging instruments. - Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. - Debt investment at FVOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. - Equity investments at FVOCI are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Cash and Cash Equivalents Cash comprises cash on hand and demand deposits, excluding any blocked or restricted cash held by the Group. Cash equivalents are short-term (maximum 3 months), highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified and measured at amortised cost. Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL (except hedging instruments) are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. 71 Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effect(s). Where the Company (or its subsidiaries) reacquires its own equity instruments, those instruments are deducted from equity as treasury shares. Where such equity instruments are subsequently sold, any consideration received is recognised in equity. Dividends to holders of equity instruments proposed or declared after the balance sheet date are not recognised as a liability at the balance sheet date; it is presented in equity.DERIVATIVE FINANCIAL INSTRUMENTS Derivatives are used as hedges in the financing and financial risk management of the Group. The Group\u2019s activities expose it to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange forward contracts, interest rate swaps, cross currency interest rate swaps, and options to hedge these exposures. The Group does not use derivatives for speculative purposes. However, certain financial derivative transactions, while constituting effective economic hedges, do not qualify for hedge accounting under the specific rules in IAS 39. Despite the introduction of IFRS 9, the Group still applies hedge accounting for Moleskine under IAS 39 (which is an option under IFRS 9). Derivatives are recorded initially and subsequently at fair value. Any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent changes in fair value are generally recognised in profit or loss. Cash flow hedge Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income and any ineffective portion is recognised immediately in the income statement. Cumulative tax impact related to the net change in the fair value of hedging instruments are separately included in retained earnings. If the cash flow hedge is a firm commitment or the forecasted transaction results in the recognition of an asset or a liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive income are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in other comprehensive income are recognised in the income statement in the same period in which the hedged item affects net profit or loss. Fair value hedge For an effective hedge of an exposure to changes in the fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with a corresponding entry in profit or loss. Gains or losses from re-measuring the derivative, or for non-derivatives the foreign currency component of its carrying amount, are recognised in profit or loss. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. In the case of a cash flow hedge, any cumulative gain or loss recognised in other comprehensive income is transferred to profit or loss when profit or loss is impacted by the hedged item. If the forecast transaction is no longer expected to occur, the cumulative gain or loss is reclassified in the profit or loss immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__156-1": { "value": "FINANCIAL INSTRUMENTS EXCLUDING DERIVATIVES The Group initially recognises loans and receivables and debt securities issued on the date when they are originated. All other financial assets and liabilities are initially recognised when the entity becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. The Group derecognises a financial asset when the contractual rights to cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, expire, or are substantially modified. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. The Group classifies its financial assets in the following categories on initial recognition: at amortised cost; at fair value through other comprehensive income (FVOCI) \u2013 debt; at FVOCI \u2013 equity investment; or fair value through profit or loss (FVTPL). Management determines the classification of its financial assets at initial recognition based on a) the business model in which 70 the financial asset is held; and 2) on the assessment whether contractual cash flows are solely payments of principal and interests (see below). Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Business model assessment The Group assesses the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; Assessment whether contractual cash flows are solely payments of principal and interest In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basis lending risks and costs, as well as profit margin. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL, including all derivative financial assets. Subsequent measurement of financial assets: - Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss, except for derivatives designated as hedging instruments. - Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. - Debt investment at FVOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. - Equity investments at FVOCI are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Cash and Cash Equivalents Cash comprises cash on hand and demand deposits, excluding any blocked or restricted cash held by the Group. Cash equivalents are short-term (maximum 3 months), highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified and measured at amortised cost. Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL (except hedging instruments) are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. 71 Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effect(s). Where the Company (or its subsidiaries) reacquires its own equity instruments, those instruments are deducted from equity as treasury shares. Where such equity instruments are subsequently sold, any consideration received is recognised in equity. Dividends to holders of equity instruments proposed or declared after the balance sheet date are not recognised as a liability at the balance sheet date; it is presented in equity.DERIVATIVE FINANCIAL INSTRUMENTS Derivatives are used as hedges in the financing and financial risk management of the Group. The Group\u2019s activities expose it to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange forward contracts, interest rate swaps, cross currency interest rate swaps, and options to hedge these exposures. The Group does not use derivatives for speculative purposes. However, certain financial derivative transactions, while constituting effective economic hedges, do not qualify for hedge accounting under the specific rules in IAS 39. Despite the introduction of IFRS 9, the Group still applies hedge accounting for Moleskine under IAS 39 (which is an option under IFRS 9). Derivatives are recorded initially and subsequently at fair value. Any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent changes in fair value are generally recognised in profit or loss. Cash flow hedge Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income and any ineffective portion is recognised immediately in the income statement. Cumulative tax impact related to the net change in the fair value of hedging instruments are separately included in retained earnings. If the cash flow hedge is a firm commitment or the forecasted transaction results in the recognition of an asset or a liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive income are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in other comprehensive income are recognised in the income statement in the same period in which the hedged item affects net profit or loss. Fair value hedge For an effective hedge of an exposure to changes in the fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with a corresponding entry in profit or loss. Gains or losses from re-measuring the derivative, or for non-derivatives the foreign currency component of its carrying amount, are recognised in profit or loss. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. In the case of a cash flow hedge, any cumulative gain or loss recognised in other comprehensive income is transferred to profit or loss when profit or loss is impacted by the hedged item. If the forecast transaction is no longer expected to occur, the cumulative gain or loss is reclassified in the profit or loss immediately. IMPAIRMENT OF NON-DERIVATIVE FINANCIAL ASSETS The Group recognizes loss allowances for ECLs (expected credit losses) on financial assets measured at amortized cost, debt investments measured at FVOCI and contract assets. The Group measures loss allowances at an amount equal to lifetime ECLs, except for debt securities that are determined to have low credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) at the reporting date and other debt securities and bank balances for which the credit risk has not increased significantly since initial recognition which are measured at 12-month ECLs. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs. The Group considers a debt security to have low credit risk when its credit risk rating is equivalent to the globally understood definition of \u2018investment grade\u2019. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. 74 When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment, that includes forward-looking information. A financial asset is considered in default, when the debtor is unlikely to pay its credit obligation in full. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. ECLs are a probability-weighted estimate of credit losses, measured as the present value of all cash shortfalls (the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortized costs and debt securities at FVOCI are credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: - significant financial difficulty of the debtor; - breach of contract such as default; - probability that the debtor will enter bankruptcy or other financial reorganization; - disappearance of an active market for security because of financial difficulties. Loss allowances for financial assets measured at amortized costs are deducted from the gross carrying amount of the assets. For debt securities at FVOCI, the loss allowance is charged to profit or loss and is recognized in OCI. The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__155": { "value": "FINANCIAL INSTRUMENTS EXCLUDING DERIVATIVES The Group initially recognises loans and receivables and debt securities issued on the date when they are originated. All other financial assets and liabilities are initially recognised when the entity becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. The Group derecognises a financial asset when the contractual rights to cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, expire, or are substantially modified. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. The Group classifies its financial assets in the following categories on initial recognition: at amortised cost; at fair value through other comprehensive income (FVOCI) \u2013 debt; at FVOCI \u2013 equity investment; or fair value through profit or loss (FVTPL). Management determines the classification of its financial assets at initial recognition based on a) the business model in which 70 the financial asset is held; and 2) on the assessment whether contractual cash flows are solely payments of principal and interests (see below). Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Business model assessment The Group assesses the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; Assessment whether contractual cash flows are solely payments of principal and interest In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basis lending risks and costs, as well as profit margin. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL, including all derivative financial assets. Subsequent measurement of financial assets: - Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss, except for derivatives designated as hedging instruments. - Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. - Debt investment at FVOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. - Equity investments at FVOCI are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Cash and Cash Equivalents Cash comprises cash on hand and demand deposits, excluding any blocked or restricted cash held by the Group. Cash equivalents are short-term (maximum 3 months), highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified and measured at amortised cost. Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL (except hedging instruments) are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. 71 Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effect(s). Where the Company (or its subsidiaries) reacquires its own equity instruments, those instruments are deducted from equity as treasury shares. Where such equity instruments are subsequently sold, any consideration received is recognised in equity. Dividends to holders of equity instruments proposed or declared after the balance sheet date are not recognised as a liability at the balance sheet date; it is presented in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__154": { "value": "FINANCIAL INSTRUMENTS EXCLUDING DERIVATIVES The Group initially recognises loans and receivables and debt securities issued on the date when they are originated. All other financial assets and liabilities are initially recognised when the entity becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. The Group derecognises a financial asset when the contractual rights to cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, expire, or are substantially modified. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. The Group classifies its financial assets in the following categories on initial recognition: at amortised cost; at fair value through other comprehensive income (FVOCI) \u2013 debt; at FVOCI \u2013 equity investment; or fair value through profit or loss (FVTPL). Management determines the classification of its financial assets at initial recognition based on a) the business model in which 70 the financial asset is held; and 2) on the assessment whether contractual cash flows are solely payments of principal and interests (see below). Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Business model assessment The Group assesses the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; Assessment whether contractual cash flows are solely payments of principal and interest In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basis lending risks and costs, as well as profit margin. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL, including all derivative financial assets. Subsequent measurement of financial assets: - Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss, except for derivatives designated as hedging instruments. - Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. - Debt investment at FVOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. - Equity investments at FVOCI are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Cash and Cash Equivalents Cash comprises cash on hand and demand deposits, excluding any blocked or restricted cash held by the Group. Cash equivalents are short-term (maximum 3 months), highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified and measured at amortised cost. Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL (except hedging instruments) are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. 71 Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effect(s). Where the Company (or its subsidiaries) reacquires its own equity instruments, those instruments are deducted from equity as treasury shares. Where such equity instruments are subsequently sold, any consideration received is recognised in equity. Dividends to holders of equity instruments proposed or declared after the balance sheet date are not recognised as a liability at the balance sheet date; it is presented in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__153": { "value": "FINANCIAL INSTRUMENTS EXCLUDING DERIVATIVES The Group initially recognises loans and receivables and debt securities issued on the date when they are originated. All other financial assets and liabilities are initially recognised when the entity becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. The Group derecognises a financial asset when the contractual rights to cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, expire, or are substantially modified. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. The Group classifies its financial assets in the following categories on initial recognition: at amortised cost; at fair value through other comprehensive income (FVOCI) \u2013 debt; at FVOCI \u2013 equity investment; or fair value through profit or loss (FVTPL). Management determines the classification of its financial assets at initial recognition based on a) the business model in which 70 the financial asset is held; and 2) on the assessment whether contractual cash flows are solely payments of principal and interests (see below). Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Business model assessment The Group assesses the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; Assessment whether contractual cash flows are solely payments of principal and interest In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basis lending risks and costs, as well as profit margin. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL, including all derivative financial assets. Subsequent measurement of financial assets: - Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss, except for derivatives designated as hedging instruments. - Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. - Debt investment at FVOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. - Equity investments at FVOCI are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Cash and Cash Equivalents Cash comprises cash on hand and demand deposits, excluding any blocked or restricted cash held by the Group. Cash equivalents are short-term (maximum 3 months), highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified and measured at amortised cost. Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL (except hedging instruments) are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. 71 Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effect(s). Where the Company (or its subsidiaries) reacquires its own equity instruments, those instruments are deducted from equity as treasury shares. Where such equity instruments are subsequently sold, any consideration received is recognised in equity. Dividends to holders of equity instruments proposed or declared after the balance sheet date are not recognised as a liability at the balance sheet date; it is presented in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__152": { "value": "FINANCIAL INSTRUMENTS EXCLUDING DERIVATIVES The Group initially recognises loans and receivables and debt securities issued on the date when they are originated. All other financial assets and liabilities are initially recognised when the entity becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. The Group derecognises a financial asset when the contractual rights to cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, expire, or are substantially modified. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. The Group classifies its financial assets in the following categories on initial recognition: at amortised cost; at fair value through other comprehensive income (FVOCI) \u2013 debt; at FVOCI \u2013 equity investment; or fair value through profit or loss (FVTPL). Management determines the classification of its financial assets at initial recognition based on a) the business model in which 70 the financial asset is held; and 2) on the assessment whether contractual cash flows are solely payments of principal and interests (see below). Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Business model assessment The Group assesses the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; Assessment whether contractual cash flows are solely payments of principal and interest In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basis lending risks and costs, as well as profit margin. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL, including all derivative financial assets. Subsequent measurement of financial assets: - Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss, except for derivatives designated as hedging instruments. - Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. - Debt investment at FVOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. - Equity investments at FVOCI are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Cash and Cash Equivalents Cash comprises cash on hand and demand deposits, excluding any blocked or restricted cash held by the Group. Cash equivalents are short-term (maximum 3 months), highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are classified and measured at amortised cost. Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL (except hedging instruments) are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. 71 Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effect(s). Where the Company (or its subsidiaries) reacquires its own equity instruments, those instruments are deducted from equity as treasury shares. Where such equity instruments are subsequently sold, any consideration received is recognised in equity. Dividends to holders of equity instruments proposed or declared after the balance sheet date are not recognised as a liability at the balance sheet date; it is presented in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__171": { "value": "DERIVATIVE FINANCIAL INSTRUMENTS Derivatives are used as hedges in the financing and financial risk management of the Group. The Group\u2019s activities expose it to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange forward contracts, interest rate swaps, cross currency interest rate swaps, and options to hedge these exposures. The Group does not use derivatives for speculative purposes. However, certain financial derivative transactions, while constituting effective economic hedges, do not qualify for hedge accounting under the specific rules in IAS 39. Despite the introduction of IFRS 9, the Group still applies hedge accounting for Moleskine under IAS 39 (which is an option under IFRS 9). Derivatives are recorded initially and subsequently at fair value. Any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent changes in fair value are generally recognised in profit or loss. Cash flow hedge Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income and any ineffective portion is recognised immediately in the income statement. Cumulative tax impact related to the net change in the fair value of hedging instruments are separately included in retained earnings. If the cash flow hedge is a firm commitment or the forecasted transaction results in the recognition of an asset or a liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive income are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in other comprehensive income are recognised in the income statement in the same period in which the hedged item affects net profit or loss. Fair value hedge For an effective hedge of an exposure to changes in the fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with a corresponding entry in profit or loss. Gains or losses from re-measuring the derivative, or for non-derivatives the foreign currency component of its carrying amount, are recognised in profit or loss. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. In the case of a cash flow hedge, any cumulative gain or loss recognised in other comprehensive income is transferred to profit or loss when profit or loss is impacted by the hedged item. If the forecast transaction is no longer expected to occur, the cumulative gain or loss is reclassified in the profit or loss immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__170": { "value": "DERIVATIVE FINANCIAL INSTRUMENTS Derivatives are used as hedges in the financing and financial risk management of the Group. The Group\u2019s activities expose it to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange forward contracts, interest rate swaps, cross currency interest rate swaps, and options to hedge these exposures. The Group does not use derivatives for speculative purposes. However, certain financial derivative transactions, while constituting effective economic hedges, do not qualify for hedge accounting under the specific rules in IAS 39. Despite the introduction of IFRS 9, the Group still applies hedge accounting for Moleskine under IAS 39 (which is an option under IFRS 9). Derivatives are recorded initially and subsequently at fair value. Any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent changes in fair value are generally recognised in profit or loss. Cash flow hedge Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income and any ineffective portion is recognised immediately in the income statement. Cumulative tax impact related to the net change in the fair value of hedging instruments are separately included in retained earnings. If the cash flow hedge is a firm commitment or the forecasted transaction results in the recognition of an asset or a liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive income are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in other comprehensive income are recognised in the income statement in the same period in which the hedged item affects net profit or loss. Fair value hedge For an effective hedge of an exposure to changes in the fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with a corresponding entry in profit or loss. Gains or losses from re-measuring the derivative, or for non-derivatives the foreign currency component of its carrying amount, are recognised in profit or loss. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. In the case of a cash flow hedge, any cumulative gain or loss recognised in other comprehensive income is transferred to profit or loss when profit or loss is impacted by the hedged item. If the forecast transaction is no longer expected to occur, the cumulative gain or loss is reclassified in the profit or loss immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__169": { "value": "DERIVATIVE FINANCIAL INSTRUMENTS Derivatives are used as hedges in the financing and financial risk management of the Group. The Group\u2019s activities expose it to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange forward contracts, interest rate swaps, cross currency interest rate swaps, and options to hedge these exposures. The Group does not use derivatives for speculative purposes. However, certain financial derivative transactions, while constituting effective economic hedges, do not qualify for hedge accounting under the specific rules in IAS 39. Despite the introduction of IFRS 9, the Group still applies hedge accounting for Moleskine under IAS 39 (which is an option under IFRS 9). Derivatives are recorded initially and subsequently at fair value. Any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent changes in fair value are generally recognised in profit or loss. Cash flow hedge Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income and any ineffective portion is recognised immediately in the income statement. Cumulative tax impact related to the net change in the fair value of hedging instruments are separately included in retained earnings. If the cash flow hedge is a firm commitment or the forecasted transaction results in the recognition of an asset or a liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive income are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in other comprehensive income are recognised in the income statement in the same period in which the hedged item affects net profit or loss. Fair value hedge For an effective hedge of an exposure to changes in the fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with a corresponding entry in profit or loss. Gains or losses from re-measuring the derivative, or for non-derivatives the foreign currency component of its carrying amount, are recognised in profit or loss. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. In the case of a cash flow hedge, any cumulative gain or loss recognised in other comprehensive income is transferred to profit or loss when profit or loss is impacted by the hedged item. If the forecast transaction is no longer expected to occur, the cumulative gain or loss is reclassified in the profit or loss immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__175": { "value": "NON-CURRENT ASSETS (OR DISPOSAL GROUPS) HELD FOR SALE AND DISCONTINUED OPERATIONS Non-current assets (or disposal groups comprising assets and liabilities) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and fair value less costs to sell. Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortised or depreciated. A discontinued operation is a component of the Group\u2019s business that represents a separate major line of the business or geographical area of operations that either has been disposed of or is classified as held for sale and is disclosed as a single line item in the income statement. When an operation is classified as a discontinued operation, the comparative statement of profit 72 or loss and statement of comprehensive income is re-presented as if the operation had been discontinued from the start of the comparative year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__174": { "value": "NON-CURRENT ASSETS (OR DISPOSAL GROUPS) HELD FOR SALE AND DISCONTINUED OPERATIONS Non-current assets (or disposal groups comprising assets and liabilities) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and fair value less costs to sell. Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortised or depreciated. A discontinued operation is a component of the Group\u2019s business that represents a separate major line of the business or geographical area of operations that either has been disposed of or is classified as held for sale and is disclosed as a single line item in the income statement. When an operation is classified as a discontinued operation, the comparative statement of profit 72 or loss and statement of comprehensive income is re-presented as if the operation had been discontinued from the start of the comparative year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__173": { "value": "NON-CURRENT ASSETS (OR DISPOSAL GROUPS) HELD FOR SALE AND DISCONTINUED OPERATIONS Non-current assets (or disposal groups comprising assets and liabilities) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and fair value less costs to sell. Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortised or depreciated. A discontinued operation is a component of the Group\u2019s business that represents a separate major line of the business or geographical area of operations that either has been disposed of or is classified as held for sale and is disclosed as a single line item in the income statement. When an operation is classified as a discontinued operation, the comparative statement of profit 72 or loss and statement of comprehensive income is re-presented as if the operation had been discontinued from the start of the comparative year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__177": { "value": "REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it transfers control over a good or service to a customer. In the D\u2019Ieteren Automotive segment, the Group generates revenue primarily from the sale of new vehicles to independent dealers and to final customers, the sale of used vehicles to final customers, the sale of spare parts and accessories and the rendering of after-sale services. Upon selling vehicles or spare parts to independent dealers or final customers, the Group satisfies its performance obligations and recognizes revenue at a point in time, when control of the goods transfers to the customers. Since the Group issues invoices to customers upon satisfying its performance obligations, rights to financial consideration immediately become unconditional and are therefore recognized as receivables. A legal warranty of 2 years applies to the sale of new vehicles to customers, which in turn corresponds to the legal warranty that the factory grants to the D\u2019Ieteren Automotive segment. This warranty does therefore not represent a separate performance obligation. The Group offers to customers the possibility to purchase maintenance contracts together with the sale of a new vehicle. The duration of these contracts ranges from 3 to 12 years. This type of contract represents a separate performance obligation and should not be combined with the sale of a new vehicle. Under such arrangements, the Group transfers the benefit of the maintenance services to the customers as it performs and therefore satisfies its performance obligation over time. The Group recognizes revenue over time by estimating the occurrence of performance obligations using historical data and projected revenue. Revenue recognized according to the percentage of completion method is therefore reasonably estimated using cost curves and historical data. The difference between the consideration received from the final customers and the costs incurred over time to satisfy the performance obligation represent contract liabilities under IFRS 15. Since the amount of contract liabilities are not considered significant to the Group compared to total revenue, they have not been presented in a separate line item in the consolidated statement of financial position. When rendering other repair or maintenance services to final customers, the Group recognizes revenue over time if deemed significant. The revenue to be recognized over time for other repair and maintenance was not significant as at the end of the reporting period. Across all sales channels of the Moleskine segment, revenue is recognized at a point in time, as soon as control of the goods transfers to the customers (i.e. when the good is physically delivered to the final customer). In the PHE segment, revenue arise primarily from the sale of spare parts to independent dealers and customers. Variable considerations are sometimes attached to contracts with customers, such as fidelity premiums and year-end rebates. These variable considerations are estimated by the Group based on contract specificities and past experience and are included in the transaction prices. The Group also sometimes act as an agent in selling spare parts and equipment to customers. In these cases, the Group recognises in revenue the net amount between the transaction price paid by customers and the amount charged by supplier for the underlying goods. To assess whether the Group acts as a principal or and agent, the Group considers whether it control the underlying good, and assumes the responsibility of execution of the contracts prior to delivering the goods to the final customer. Disaggregation of revenue from contracts with customers In selecting the categories to use to disaggregate revenue from contracts with customers, management considered how the information about the Group\u2019s revenue is presented for other purpose, including press releases and information presented to the chief operating decision maker, as well as how the nature, amount, timing and uncertainties of revenue and cash flows are affected by economic factors. See note 5 for additional information on disaggregation of revenue.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__178": { "value": "In the PHE segment, revenue arise primarily from the sale of spare parts to independent dealers and customers. Variable considerations are sometimes attached to contracts with customers, such as fidelity premiums and year-end rebates. These variable considerations are estimated by the Group based on contract specificities and past experience and are included in the transaction prices. The Group also sometimes act as an agent in selling spare parts and equipment to customers. In these cases, the Group recognises in revenue the net amount between the transaction price paid by customers and the amount charged by supplier for the underlying goods. To assess whether the Group acts as a principal or and agent, the Group considers whether it control the underlying good, and assumes the responsibility of execution of the contracts prior to delivering the goods to the final customer.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__181": { "value": "FINANCE INCOME AND FINANCE COSTS Finance income and finance costs include interest income, interest expenses, dividend income, and net gains and losses on financial assets and financial liabilities measured at fair value through profit or loss. Interest income and expenses are recognized using the effective interest rate method. The \u2018effective interest rate\u2019 is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: - The gross carrying amount of the financial asset; or - The amortised cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis. 73 Dividend income is recognized in profit or loss on the date on which the Group\u2019s right to receive payment is established.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__180": { "value": "FINANCE INCOME AND FINANCE COSTS Finance income and finance costs include interest income, interest expenses, dividend income, and net gains and losses on financial assets and financial liabilities measured at fair value through profit or loss. Interest income and expenses are recognized using the effective interest rate method. The \u2018effective interest rate\u2019 is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: - The gross carrying amount of the financial asset; or - The amortised cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis. 73 Dividend income is recognized in profit or loss on the date on which the Group\u2019s right to receive payment is established.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__179": { "value": "FINANCE INCOME AND FINANCE COSTS Finance income and finance costs include interest income, interest expenses, dividend income, and net gains and losses on financial assets and financial liabilities measured at fair value through profit or loss. Interest income and expenses are recognized using the effective interest rate method. The \u2018effective interest rate\u2019 is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: - The gross carrying amount of the financial asset; or - The amortised cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis. 73 Dividend income is recognized in profit or loss on the date on which the Group\u2019s right to receive payment is established.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__182": { "value": "SHARE-BASED PAYMENTS Share-based payments are exclusively made in connection with employee stock option plans (\u201cESOP\u201d). Equity-settled ESOP granted after 7 November 2002 are accounted for in accordance with IFRS 2, such that their cost is recognised in the income statement, with a corresponding increase in equity, over the vesting period of the awards.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__183": { "value": "BORROWING COSTS Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part of the cost of that asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__184": { "value": "GOVERNMENT GRANTS Government grants related to assets are presented in liabilities as deferred income and amortised over the useful life of the related assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__185": { "value": "INCOME TAXES Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or other comprehensive income. Current taxes relating to current and prior periods are, to the extent unpaid, recognised as a liability. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. Current taxes are measured using tax rates enacted or substantially enacted at the reporting date. If the amount already paid in respect of current and prior periods exceeds the amount due for those periods, the excess is recognised as an asset. The benefit relating to a tax loss that can be carried back to recover current tax of a previous period is recognised as an asset. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Current tax assets and liabilities are offset only if the following criteria are met: - the entity has a legally enforceable right to set off the recognised amounts\u037e and - intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__187": { "value": "Deferred taxes are provided using the balance sheet liability method, on temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes (such as unused tax losses carried forward). Deferred tax is not recognised for: \u2013 temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; \u2013 temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2013 taxable temporary differences arising on the initial recognition of goodwill. The amount of deferred tax recognized is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantially enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the unused tax losses and credits can be utilised. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balance on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__186": { "value": "Deferred taxes are provided using the balance sheet liability method, on temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes (such as unused tax losses carried forward). Deferred tax is not recognised for: \u2013 temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; \u2013 temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2013 taxable temporary differences arising on the initial recognition of goodwill. The amount of deferred tax recognized is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantially enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the unused tax losses and credits can be utilised. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balance on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__6__189": { "value": "IMPAIRMENT OF NON-DERIVATIVE FINANCIAL ASSETS The Group recognizes loss allowances for ECLs (expected credit losses) on financial assets measured at amortized cost, debt investments measured at FVOCI and contract assets. The Group measures loss allowances at an amount equal to lifetime ECLs, except for debt securities that are determined to have low credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) at the reporting date and other debt securities and bank balances for which the credit risk has not increased significantly since initial recognition which are measured at 12-month ECLs. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs. The Group considers a debt security to have low credit risk when its credit risk rating is equivalent to the globally understood definition of \u2018investment grade\u2019. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. 74 When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment, that includes forward-looking information. A financial asset is considered in default, when the debtor is unlikely to pay its credit obligation in full. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. ECLs are a probability-weighted estimate of credit losses, measured as the present value of all cash shortfalls (the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortized costs and debt securities at FVOCI are credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: - significant financial difficulty of the debtor; - breach of contract such as default; - probability that the debtor will enter bankruptcy or other financial reorganization; - disappearance of an active market for security because of financial difficulties. Loss allowances for financial assets measured at amortized costs are deducted from the gross carrying amount of the assets. For debt securities at FVOCI, the loss allowance is charged to profit or loss and is recognized in OCI. The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300DV5KJ23OKVTW34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }