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"s8_notes__6__5": {
"value": "Note 1: General informationD\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 owns the following businesses: - Belron (50.30% in fully diluted economic rights at 31 December 2023, equity-accounted investee): worldwide leader in vehicle glass repair, replacement and recalibration. - D'Ieteren Automotive (100% owned) distributor of Volkswagen, Audi, SEAT, \u0160koda, Bentley, Lamborghini, Bugatti, Cupra, Rimac, Microlino, Maserati and Porsche vehicles in Belgium and expanding into other mobility services. - PHE (100% in economic rights \u2013 see note 33) 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. - TVH (40% owned \u2013 equity accounted-investee): leading global independent distributor for aftermarket parts for material handling, construction & industrial, and agricultural equipment. - Moleskine (100% owned): develops and sells iconic branded notebooks and writing, travel and reading accessories through a global multichannel platform. - D\u2019Ieteren Immo (100% owned): groups together the Belgian real estate interests of D\u2019Ieteren Group. 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 29 March 2024. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__9": {
"value": "D\u2019Ieteren Group SA/NV",
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"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__8": {
"value": "D\u2019Ieteren Group SA/NV",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__6": {
"value": "D\u2019Ieteren Group",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__7": {
"value": "SA/NV",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__11": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__10": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__12": {
"value": "Rue du Mail 50, B-1050 Brussels",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__13": {
"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 owns the following businesses: - Belron (50.30% in fully diluted economic rights at 31 December 2023, equity-accounted investee): worldwide leader in vehicle glass repair, replacement and recalibration. - D'Ieteren Automotive (100% owned) distributor of Volkswagen, Audi, SEAT, \u0160koda, Bentley, Lamborghini, Bugatti, Cupra, Rimac, Microlino, Maserati and Porsche vehicles in Belgium and expanding into other mobility services. - PHE (100% in economic rights \u2013 see note 33) 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. - TVH (40% owned \u2013 equity accounted-investee): leading global independent distributor for aftermarket parts for material handling, construction & industrial, and agricultural equipment. - Moleskine (100% owned): develops and sells iconic branded notebooks and writing, travel and reading accessories through a global multichannel platform. - D\u2019Ieteren Immo (100% owned): groups together the Belgian real estate interests of D\u2019Ieteren Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__14": {
"value": "These consolidated financial statements have been authorized for issue by the Board of Directors on 29 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__16": {
"value": "Restatement of comparative information In accordance with IAS 8 \u201cAccounting Policies, Changes in Accounting Estimates and Errors\u201d, the consolidated statement of profit or loss, the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement of changes in equity and the consolidated statement of cash flows have been restated for 2022. The restatements performed mainly include the following: - The finalisation of the purchase price allocation of PHE in the first semester of 2023 (see note 26 for more information about the adjustments made to the provisional fair value of assets acquired and liabilities assumed at acquisition date). - The correction of the accounting of some post-employment benefits in the D\u2019Ieteren Automotive and Belron segments. The adjustment in the Belron segment is an additional obligation in relation to one of the pension schemes, as identified in note 34 of the 2022 consolidated financial statements. - The reclassification of the provisions related to the long-term incentive plans (LTIP) from the lines \u201cprovisions\u201d and \u201cother payables\u201d to \u201cemployee benefits\u201d in the D\u2019Ieteren Automotive, Moleskine and TVH segments. - Reclassification of some deferred considerations from put options granted to NCI to other payables in the PHE segment following a misclassification in the 2022 consolidated statement of financial position. - The reversal of the tax income recognised in the D\u2019Ieteren Automotive segment on the additional LTI provision recognised in 2022. The tables below show the amount of restatement operated in the segment statement of profit or loss for the period ended 31 December 2022 and the segment statement of financial position as at 31 December 2022 and reconcile the segment information to the Group IFRS consolidated figures. In the consolidated statement of changes in equity, the restatement of -\u20ac23.7m in the retained earnings on the 1st of January 2022 is related to the adjustments to post-employment benefits as disclosed above and attributable for -\u20ac4.1m to the D\u2019Ieteren Automotive segment and for -\u20ac19.6m to the Belron segment. In the consolidated statement of other comprehensive income for the period ended 31 December 2022, a restatement of +\u20ac7.8m is included in the line \u201cEquity-accounted investees - share of OCI\u201d and represents the share of the Group in the OCI movement recorded on the post-employment benefit obligation in the Belron segment. \u20acm - restatement of the segment statement of profit or loss 31 December 2022 D'Ieteren Automotive PHE Group Segment revenue - - - Operating result - -5.5 -5.5 Net finance costs - - - Share of result of equity-accounted investees. net of income tax - - - Result before tax - -5.5 -5.5 Income tax expense -1.8 1.4 -0.4 Operating result from continuing operations -1.8 -4.1 -5.9 of which: attributable to equity holders of the Company -1.8 -4.1 -5.9 \u20acm - restatement of the segment statement of financial position 31 December 2022 D'Ieteren Belron Moleskine TVH (100%) PHE Eliminations Group Automotive (100%) Goodwill - - - - -421.0 - -421.0 Intangible assets - - - - 490.2 - 490.2 Equity-accounted investees - 2.3 - - - -14.3 -12.0 Financial investments - -2.3 - 2.3 - Deferred tax assets 1.4 - - - - - 1.4 Non-current assets 1.4 - - - 69.2 -12.0 58.6 Assets classified as held for sale - - - - 59.6 - 59.6 Current assets - - - - 59.6 - 59.6 TOTAL ASSETS 1.4 - - - 128.8 -12.0 118.2 Capital & reserves attributable to equity holder of the Company (*) -5.9 -12.0 - - -4.1 - -22.0 Employee benefits 13.6 24.0 1.9 2.2 - -26.2 15.5 Provisions -8.1 - -1.9 - - - -10.0 Put options granted to non-controlling interests - - - - -6.4 - -6.4 Other payables - - - -2.2 6.8 2.2 6.8 Deferred tax liabilities - - - - 132.9 - 132.9 Non-current liabilities 5.5 24.0 - - 133.3 -24.0 138.8 Put options granted to non-controlling interests - - - - -0.2 - -0.2 Current tax liabilities 1.8 - - - - - 1.8 Trade & other payables - - - - -0.2 - -0.2 Current liabilities 1.8 - - - -0.4 - 1.4 TOTAL EQUITY AND LIABILITIES 1.4 12.0 - - 128.8 -24.0 118.2 (*) Belron at 50.01%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__15-1": {
"value": "Restatement of comparative information In accordance with IAS 8 \u201cAccounting Policies, Changes in Accounting Estimates and Errors\u201d, the consolidated statement of profit or loss, the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement of changes in equity and the consolidated statement of cash flows have been restated for 2022. The restatements performed mainly include the following: - The finalisation of the purchase price allocation of PHE in the first semester of 2023 (see note 26 for more information about the adjustments made to the provisional fair value of assets acquired and liabilities assumed at acquisition date). - The correction of the accounting of some post-employment benefits in the D\u2019Ieteren Automotive and Belron segments. The adjustment in the Belron segment is an additional obligation in relation to one of the pension schemes, as identified in note 34 of the 2022 consolidated financial statements. - The reclassification of the provisions related to the long-term incentive plans (LTIP) from the lines \u201cprovisions\u201d and \u201cother payables\u201d to \u201cemployee benefits\u201d in the D\u2019Ieteren Automotive, Moleskine and TVH segments. - Reclassification of some deferred considerations from put options granted to NCI to other payables in the PHE segment following a misclassification in the 2022 consolidated statement of financial position. - The reversal of the tax income recognised in the D\u2019Ieteren Automotive segment on the additional LTI provision recognised in 2022. The tables below show the amount of restatement operated in the segment statement of profit or loss for the period ended 31 December 2022 and the segment statement of financial position as at 31 December 2022 and reconcile the segment information to the Group IFRS consolidated figures. In the consolidated statement of changes in equity, the restatement of -\u20ac23.7m in the retained earnings on the 1st of January 2022 is related to the adjustments to post-employment benefits as disclosed above and attributable for -\u20ac4.1m to the D\u2019Ieteren Automotive segment and for -\u20ac19.6m to the Belron segment. In the consolidated statement of other comprehensive income for the period ended 31 December 2022, a restatement of +\u20ac7.8m is included in the line \u201cEquity-accounted investees - share of OCI\u201d and represents the share of the Group in the OCI movement recorded on the post-employment benefit obligation in the Belron segment. \u20acm - restatement of the segment statement of profit or loss 31 December 2022 D'Ieteren Automotive PHE Group Segment revenue - - - Operating result - -5.5 -5.5 Net finance costs - - - Share of result of equity-accounted investees. net of income tax - - - Result before tax - -5.5 -5.5 Income tax expense -1.8 1.4 -0.4 Operating result from continuing operations -1.8 -4.1 -5.9 of which: attributable to equity holders of the Company -1.8 -4.1 -5.9 \u20acm - restatement of the segment statement of financial position 31 December 2022 D'Ieteren Belron Moleskine TVH (100%) PHE Eliminations Group Automotive (100%) Goodwill - - - - -421.0 - -421.0 Intangible assets - - - - 490.2 - 490.2 Equity-accounted investees - 2.3 - - - -14.3 -12.0 Financial investments - -2.3 - 2.3 - Deferred tax assets 1.4 - - - - - 1.4 Non-current assets 1.4 - - - 69.2 -12.0 58.6 Assets classified as held for sale - - - - 59.6 - 59.6 Current assets - - - - 59.6 - 59.6 TOTAL ASSETS 1.4 - - - 128.8 -12.0 118.2 Capital & reserves attributable to equity holder of the Company (*) -5.9 -12.0 - - -4.1 - -22.0 Employee benefits 13.6 24.0 1.9 2.2 - -26.2 15.5 Provisions -8.1 - -1.9 - - - -10.0 Put options granted to non-controlling interests - - - - -6.4 - -6.4 Other payables - - - -2.2 6.8 2.2 6.8 Deferred tax liabilities - - - - 132.9 - 132.9 Non-current liabilities 5.5 24.0 - - 133.3 -24.0 138.8 Put options granted to non-controlling interests - - - - -0.2 - -0.2 Current tax liabilities 1.8 - - - - - 1.8 Trade & other payables - - - - -0.2 - -0.2 Current liabilities 1.8 - - - -0.4 - 1.4 TOTAL EQUITY AND LIABILITIES 1.4 12.0 - - 128.8 -24.0 118.2 (*) Belron at 50.01%.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. The Group has adopted \u201cInternational Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12)\u201d upon their release in May 2023. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. The legislation will be effective for the Group\u2019s financial year beginning 1 January 2024. Since the Pillar Two legislation was not effective at the reporting date, the Group has no related current tax exposure. The Group has applied the temporary mandatory exception to the accounting for deferred taxes arising from the implementation of the Pillar Two model rules, as provided in the amendment to IAS 12 issued in May 2023. The Group is in scope of the enacted or substantively enacted legislation and has performed an assessment of the Group\u2019s potential exposure to Pillar Two income taxes. Theassessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reportings, and financial statements for theconstituent entities in the Group. Based on the assessment, the Pillar Two effective tax rates in most of the jurisdictions in which the Group operates are above 15%. Belron and TVH, consolidated in the Group using the equity method, are not in scope of the Pillar 2 assessment performed by the Group. Belron is considered a Ultimate Parent Entity of a separate MNE Group that is subject to the GloBE Rules itself and is therefore not part of D\u2019Ieteren Group for Pillar 2 purposes. Belron performed an assessment of the potential exposure to Pillar Two income taxes forthe year ending 31 December 2024. Based on the assessment, the Pillar Two effective tax rates in most of the jurisdictions in which Belron operates are above 15%. However, Belron has identified potential exposure to Pillar Two income taxes in respect of profits earned in the United Kingdom. TVH is owned 40% by the Group and is therefore not part of D\u2019Ieteren Group for Pillar 2 purposes. TVH performed a simplified simulation based on the 2022 country-by-country data and concluded that almost all of the jurisdiction where TVH operates satisfy to the safe harbour simplifications.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__17": {
"value": "Note 2: Basis of preparationThese 2023 consolidated financial statements are for the 12 months ended 31 December 2023. They are presented in euro, which is the Group\u2019s functional currency. All amounts have been rounded to the nearest thousand, 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 2023 and are effective for the period ending 31 December 2023. 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 2022 and 31 December 2023, 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 4) and to derivative financial instruments (see note 18). At 31 December 2022 and 31 December 2023, 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 26). There are no other financial liabilities measured at fair value at 31 December 2022 and 31 December 2023 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 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 and share-based payments (discount rates used and estimates of the future profitability of the business). See note 33 and note 9. - Contingent consideration on acquisitions. See note 26. - Measurement of financial investments (key assumptions and valuation techniques used) . See note 18. 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 ongoing war in Ukraine and the current uncertain economic environment 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 on the basis of preparation of these consolidated financial statements. The Group continues to take measures to minimise 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 funds 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 2022. 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 had therefore found alternative sources of supply. The conflict is also impacting TVH, which had decided to stop operating in Russia in 2022. The activity in Russia is qualified as \u201cAssets/Liabilities held for sale\u201d since the 30 June 2022, and the net assets of TVH Russia have been fully impaired since the 30 June 2023, as TVH management is uncertain as to whether the carrying value of the remaining assets in Russia can be recovered. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__18": {
"value": "They are presented in euro, which is the Group\u2019s functional currency.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__19": {
"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 2023 and are effective for the period ending 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__20-1": {
"value": "On 31 December 2022 and 31 December 2023, 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 4) and to derivative financial instruments (see note 18). At 31 December 2022 and 31 December 2023, 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 26). There are no other financial liabilities measured at fair value at 31 December 2022 and 31 December 2023 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__21": {
"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 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 and share-based payments (discount rates used and estimates of the future profitability of the business). See note 33 and note 9. - Contingent consideration on acquisitions. See note 26. - Measurement of financial investments (key assumptions and valuation techniques used) . See note 18. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__23": {
"value": "Risks and uncertainties The ongoing war in Ukraine and the current uncertain economic environment 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 on the basis of preparation of these consolidated financial statements. The Group continues to take measures to minimise 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 funds 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 2022. 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 had therefore found alternative sources of supply. The conflict is also impacting TVH, which had decided to stop operating in Russia in 2022. The activity in Russia is qualified as \u201cAssets/Liabilities held for sale\u201d since the 30 June 2022, and the net assets of TVH Russia have been fully impaired since the 30 June 2023, as TVH management is uncertain as to whether the carrying value of the remaining assets in Russia can be recovered. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__24": {
"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. The Group has adopted \u201cInternational Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12)\u201d upon their release in May 2023. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. The legislation will be effective for the Group\u2019s financial year beginning 1 January 2024. Since the Pillar Two legislation was not effective at the reporting date, the Group has no related current tax exposure. The Group has applied the temporary mandatory exception to the accounting for deferred taxes arising from the implementation of the Pillar Two model rules, as provided in the amendment to IAS 12 issued in May 2023. The Group is in scope of the enacted or substantively enacted legislation and has performed an assessment of the Group\u2019s potential exposure to Pillar Two income taxes. Theassessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reportings, and financial statements for theconstituent entities in the Group. Based on the assessment, the Pillar Two effective tax rates in most of the jurisdictions in which the Group operates are above 15%. Belron and TVH, consolidated in the Group using the equity method, are not in scope of the Pillar 2 assessment performed by the Group. Belron is considered a Ultimate Parent Entity of a separate MNE Group that is subject to the GloBE Rules itself and is therefore not part of D\u2019Ieteren Group for Pillar 2 purposes. Belron performed an assessment of the potential exposure to Pillar Two income taxes forthe year ending 31 December 2024. Based on the assessment, the Pillar Two effective tax rates in most of the jurisdictions in which Belron operates are above 15%. However, Belron has identified potential exposure to Pillar Two income taxes in respect of profits earned in the United Kingdom. TVH is owned 40% by the Group and is therefore not part of D\u2019Ieteren Group for Pillar 2 purposes. TVH performed a simplified simulation based on the 2022 country-by-country data and concluded that almost all of the jurisdiction where TVH operates satisfy to the safe harbour simplifications.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__26": {
"value": "Note 4: Segment informationThe Group\u2019s reportable operating segments are D\u2019Ieteren Automotive, Belron, Moleskine, TVH and PHE (as from 4th of August 2022 \u2013 including the holding company of the PHEGroup). The other segments are disclosed in the category \u201cCorporate & Unallocated\u201d(D\u2019Ieteren Group, corporate and real estate activities). These operating segments areconsistent with the Group\u2019s organisational and internal reporting structure, and with therequirements 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. Belroncomprises 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 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 separatereportable operating segments, reflecting the Group\u2019s internal reporting structure. Thesegment \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 internalreporting structure. Segment Statement of Profit or Loss - Operating Segments (Year ended 31 December) \u20acm Notes 2023 D'Ieteren Belron TVH Corp. & Moleskine PHE Eliminations Group Automotive (100%) (100%) unallocated External revenue 5 5,296.5 6,047.7 130.2 1,607.0 2,556.9 - -7,654.7 7,983.6 Inter-segment revenue 0.3 - 0.1 - - - -0.4 - Segment revenue 5,296.8 6,047.7 130.3 1,607.0 2,556.9 - -7,655.1 7,983.6 Operating result (being segment result) 6 191.4 1,069.6 26.9 113.5 166.4 -9.1 -1,183.1 375.6 Net finance costs 7 -15.9 -225.1 -21.2 -36.9 -99.8 17.5 262.0 -119.4 Finance income 1.5 27.7 0.5 3.6 4.3 15.6 -29.1 24.1 Finance costs -17.4 -252.8 -1.6 -38.3 -104.1 -20.4 291.1 -143.5 Inter-segment financing interests - - -20.1 -2.2 - 22.3 - - Share of result of equity-accounted investees, net of 17 -0.9 1.1 - - 0.1 - 356.4 356.7 income tax Result before tax 174.6 845.6 5.7 76.6 66.7 8.4 -564.7 612.9 Income tax expense 11 -63.2 -171.6 -5.4 -29.1 -25.2 -8.8 200.7 -102.6 Result from continuing operations 111.4 674.0 0.3 47.5 41.5 -0.4 -364.0 510.3 Discontinued operations - - - - - - - - RESULT FOR THE PERIOD 111.4 674.0 0.3 47.5 41.5 -0.4 -364.0 510.3 D'Ieteren Corp. & Attributable to: Belron(*) Moleskine TVH (*) PHE Group Automotive unallocated Equity holders of the Company(*) 112.6 338.4 0.3 19.1 34.7 -0.4 504.7 Non-controlling interests (\"NCI\") -1.2 - - - 6.8 - 5.6 RESULT FOR THE PERIOD 111.4 338.4 0.3 19.1 41.5 -0.4 510.3 Segment Statement of Profit or Loss \u2013 Operating Segments (Year ended 31 December) \u20acm 2022\u207d\u00b9\u207e D'Ieteren Belron TVHCorp. & Moleskine PHE (5 months)Eliminations Group Automotive (100%) (100%) unallocated External revenue 3,609.5 5,574.3 143.3 1,621.7 961.8 - -7,196.0 4,714.6 Inter-segment revenue - - - - - - - - Segment revenue 3,609.5 5,574.3 143.3 1,621.7 961.8 --7,196.04,714.6 Operating result (being segment result) 145.9 860.9 21.2 172.0 39.4 -5.0 -1,032.9 201.5Net finance costs 6.5 -348.8-11.0-6.5-31.112.8 355.3 -22.8Finance income 11.2 20.5 2.1 15.4 0.2 1.0 -33.6 16.8 Finance costs -4.7 -369.3 -2.4 -19.6 -31.3 -1.2 388.9 -39.6Inter-segment financing interests - - -10.7 -2.3 - 13.0 - - Share of result of equity-accounted investees, net of income tax 6.8 0.4 - - 0.2 -202.7210.1 Result before tax 159.2 512.5 10.2 165.5 8.5 7.8 -474.9 388.8Income tax expense -45.9-211.3-1.0-34.3-8.2-3.8245.6 -58.9Result from continuing operations 113.3 301.2 9.2 131.2 0.3 4.0 -229.3 329.9Discontinued operations - - - - 2.9 - - 2.9 RESULT FOR THE PERIOD 113.3 301.2 9.2 131.2 3.2 4.0 -229.3 332.8 D'Ieteren Corp. & Attributable to: Belron(*) Moleskine TVH(*) PHE (5 months) Group Automotive unallocated Equity holders of the Company(*) 113.9 150.6 9.2 52.5 2.5 4.0 332.7Non-controlling interests (\"NCI\") -0.6 - - - 0.7 - 0.1 RESULT FOR THE PERIOD 113.3 150.6 9.2 52.5 3.2 4.0 332.8 (1) As restated \u2013 Refer to note 1 for more information on the restatement of comparative information.(*) Belron at 50.01% and TVH at 40.00% \u2013 see note 17.In 2022 and 2023, the columns \u201cEliminations\u201d reconcile the segment statement of profit or loss (with the net results 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 results of Belron and TVH presented in the line \u201cshare of result of equity-accounted investees, net of income tax\u201d representing the share of the Group \u2013 50.20% in 2023 and 50.01% in 2022; see note 17 \u2013 in the net result of Belron and the share of the Group \u2013 40%; see note 17 \u2013 in the net result of TVH). In the consolidated statement of profit or loss, the increase in gross margin and the increases in the lines \u201cCosts of sales\u201d and \u201cCommercial and administrative expenses\u201d in the period are mainly explained by the integration of PHE in the consolidated statement of profit or loss as from the date of acquisition (12 months in 2023 compared to 5 months in 2022) and to the operating performance of the D\u2019Ieteren Automotive segment. Similarly, the increase in the lines \u201cOther operating income\u201d, \u201cOther operating expenses\u201d and \u201cNet finance costs\u201d are mainly due to the integration of PHE.D\u2019Ieteren Automotive In 2023, the line \u201coperating result\u201d includes, amongst other amounts, -\u20ac26.0m (-\u20ac7.2m in the prior period) of share-based payment expense recognised as part of the Long-Term Incentive Plan (LTIP) put in place in April 2021 (see note 9). This charge is included in the line \u201ccommercial and administrative expenses\u201d in the consolidated statement of profit or loss. In 2022, the line \u201cfinance income\u201d included, 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 represented 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. Excluding this consolidated gain, net finance costs increased by more than \u20ac12m in 2023 compared to 2022 as a result of rising interest rates and increased volume of debt. Belron In 2023, the line \u201cOperating result\u201d includes, amongst other amounts, -\u20ac37.5m of employees costs in relation to the restricted share units (\u2018RSUs\u2019) awarded by the Board of Directors of Belron in December 2021 to employees (comprising a share-based payment charge of -\u20ac32.2m and associated payroll taxes of -\u20ac5.3m \u2013 this transaction has and will have no economic impact on the Group and on the 50.30% fully diluted stake held by the Group in Belron). It also includes -\u20ac124.1m of costs in relation with the group-wide transformation programme and -\u20ac13.9m of costs in respect of restructurings and integrations. In 2022, this line included, amongst other amounts, -\u20ac122.7m of costs in relation with the group-wide transformation programme, -\u20ac39.4m of employee costs in relation with the restricted share units (\u2018RSUs\u2019) and -\u20ac14.7m of costs in respect of restructurings and integrations. In 2022, in the Belron segment, the line \u201cfinance costs\u201d included, amongst other amounts, costs related to the refinancing operated in April 2021 (-\u20ac197.7m of non-cash foreign exchange losses arising upon the translation of the USD Term Loan at the closing rate). A new structure was implemented in September 2022 which allows the foreign currency movements on these borrowings to naturally flow through the translation reserve in the statement of financial position prospectively, without impacting the profit or loss. In 2023, the net finance costs in the Belron segment includes the additional interests arising from the new financing issued in April 2023 (refer to the section \u201cSegment Statement of Financial Position - Operating Segment\u201d for more information on the refinancing). Moleskine In 2023, the line \u201coperating result\u201d includes, amongst other amounts, \u20ac5.8m related to the full reversal of the outstanding provision for the Long-Term Incentive Program (LTIP) as well as -\u20ac2.3m of provision for an exceptional cash bonus granted to the management for the efforts and the business impact achieved these last years. These amounts are included in the line \u201ccommercial & administrative expenses\u201d in the consolidated statement of profit or loss. TVH In 2023 and 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 of the 2022 consolidated financial statements). This line also includes -\u20ac48.0m of costs in relation to the IT and business transformation programme (-\u20ac18.6m in 2022). In 2023, the increase in net finance costs compared to the prior period is mainly due to increased short term funding as a result of working capital financing needs and to adverse foreign exchange fluctuation in USD, leading to -\u20ac6.0m foreign exchange losses in 2023 compared to \u20ac7.5m foreign exchange gains in 2022. The line \u201cfinance costs\u201d includes -\u20ac5.1m of impairment on financial assets of TVH Russia as TVH management is uncertain as to whether the carrying value of the remaining assets in Russia can be recovered. The total impairment of TVH Russia amounts to -\u20ac12.7m (the remaining amount beeing recorded in operating result for -\u20ac7.0m and tax expense for -\u20ac0.6m). The line \u201cnet finance costs\u201d also includes -\u20ac1.0m (\u20ac6.1m in the prior period) of change in fair value of interest rates swaps. PHE In 2023, the line \u201cOperating result\u201d includes, amongst other amounts, -\u20ac25.9m of amortization on customer contracts with finite useful lives recognized following the finalization of the purchase price allocation by the Group in the first half of 2023 (-\u20ac10.8m in the prior period, as restated), see note 26. In 2023, the line \u201cOperating result\u201d also includes -\u20ac26.6m of share-based payment expense (-\u20ac2.2m in the prior period) that represents the portion of the fair value of the free shares granted to PHE\u2019s key management personnel as part of the Management Reward Plan, which is spread over their vesting period (see note 9) as well as -\u20ac3.3m of associated payroll taxes. In 2022, the line \u201cOperating result\u201d included -\u20ac18.6m of expert fees and other costs incurred in relation with the acquisition of Parts Holding Europe (closing of the acquisition on the 4th of August 2022) as well as -\u20ac3.3m of fees incurred in relation with the disposal of PHE\u2019s specialized glass repair activity Mondial Pare-Brise. In 2023, the line \u201cNet finance costs\u201d includes, amongst other amounts, -\u20ac10.9m of change in fair value of deferred consideration on acquisitions. It also includes -\u20ac4.1m of accelerated depreciation of deferred financing costs following the refinancing closed in February 2024 (see note 34). In 2022, the line \u201cdiscontinued operations\u201d included the net result of PHE\u2019s specialized glass repair activity Mondial Pare-Brise, from the date of the acquisition of PHE by the Group th(4 of August 2022) until 31 December 2022. Assets and liabilities of Mondial Pare Brise were classified as held for sale at 31 December 2022. The disposal of Mondial Pare Brise has been closed on 13 February 2023. The percentage used to consolidate the net result of PHE is 100% in 2022, 2023 and beyond. The results attributable to non-controlling interests are those attributable to minority shareholders holding minority interests at the level of the direct and indirect subsidiaries of PHE. 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 (see section \u201cSegment Statement of Financial Position - Operating Segment\u201d for more information on the put options granted). 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. Corporate & non-allocated In 2023, the line \u201cfinance costs\u201d includes, amongst other amounts, -\u20ac19.6m of impairment charge related to an outstanding investment (\u20ac114.4m at 31 December 2023 prior to the impairment) in the Supply Chain Finance Fund managed by Credit Suisse. In March 2021, Credit Suisse announced that their Supply Chain Finance Fund would enter into a liquidation process. Credit Suisse has informed that the credit assets held by the funds are covered by insurance. This fund distributed by Credit Suisse was qualified as low risk in the documentation made available to customers. The FINMA (the Swiss financial-markets regulator) has indicated that in that context Credit Suisse had seriously failed to meet its prudential obligations in terms of risk management and adequate organization, and has ordered corrective measures. The Group has decided to initiate legal proceedings against Credit Suisse. The impairment charge takes into consideration the best estimate of the amount of liquidation costs borne by the fund which may be attributable to the Group (\u20ac11.5m). Additionally, and given the uncertainty of timing to recover the remaining inventory value, the Group discounted the financial asset for a total amount of \u20ac8.1m and reclassified it to non-current financial investments. At 31 December 2023, the carrying value of the investment, taking into account the above mentioned charge of -\u20ac19.6m, amounts to \u20ac94.8m. The increase in the line \u201cfinance income\u201d in 2023 is largely explained by the higher interests rates and the higher amount of cash and cash equivalents and other financial assets compared to 2022. In 2022, the line \u201cOperating result\u201d included, 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). Segment Statement of Financial Position - Operating Segment \u20acm Notes 31 December 2023 D'Ieteren Belron TVH Corp. & Moleskine PHE Eliminations Group Automotive (100%) (100%) unallocated Goodwill 12 62.8 762.3 48.8 788.6 471.1 3.1 -1,550.9 585.8 Intangible assets 13 35.9 488.9 409.1 1,021.2 797.5 - -1,510.1 1,242.5 Property, plant & equipment 14 155.7 983.3 14.0 516.5 304.4 216.2 -1,499.8 690.3 Investment property 15 - - - - - 40.1 - 40.1 Equity-accounted investees 17 124.8 2.3 - - 7.5 - 915.5 1,050.1 Financial investments - 9.0 - - 1.0 94.8 -9.0 95.8 Derivative financial instruments - 84.6 - 1.4 - - -86.0 - Employee benefits - 99.8 - - - - -99.8 - Deferred tax assets 11 24.1 72.2 - 25.0 15.7 16.2 -97.2 56.0 Other receivables 20 6.1 31.3 1.2 10.0 26.9 5.7 -41.3 39.9 Non-current assets 409.4 2,533.7 473.1 2,362.7 1,624.1 376.1 -3,978.6 3,800.5 Inventories 16 872.2 419.2 26.9 475.3 535.2 - -894.5 1,434.3 Financial investments 4 - - - 0.2 - 238.3 -0.2 238.3 Derivative financial instruments - 14.5 - - 3.8 - -14.5 3.8 Current tax assets 11 3.2 10.2 1.1 7.3 6.8 73.1 -17.5 84.2 Trade and other receivables 20 356.9 337.2 33.1 332.0 493.3 5.9 -669.2 889.2 Cash & cash equivalents 19 16.8 233.0 15.6 107.7 103.9 621.6 -340.7 757.9 Assets classified as held for sale 21 - - - - - - - - Current assets 1,249.1 1,014.1 76.7 922.5 1,143.0 938.9 -1,936.6 3,407.7 TOTAL ASSETS 1,658.5 3,547.8 549.8 3,285.2 2,767.1 1,315.0 -5,915.2 7,208.2 Segment Statement of Financial Position - Operating Segment (continued) \u20acm Notes 31 December 2023 D'Ieteren Belron TVH Corp. & Moleskine PHE Eliminations Group Automotive (100%) (100%) unallocated Equity - - - - - 3,472.9 - 3,472.9 Employee benefits 10 46.7 39.9 2.2 11.5 29.60.4 -51.4 78.9 Provisions 23 9.8 75.4 - 0.7 2.10.8 -76.1 12.7 Loans & borrowings 24 106.9 4,694.8 7.9 736.4 1,120.239.8 -5,431.2 1,274.8 Inter-segment loan - - 272.4 - --272.4 - - Derivative financial instruments - 26.6 - - -- -26.6 - Put options granted to non-controlling interests 33 8.8 - - - 175.3- - 184.1 Other payables 25 0.4 5.3 - 0.1 10.7- -5.4 11.1 Deferred tax liabilities 11 1.0 49.7 108.1 259.7 145.920.7 -309.4 275.7 Non-current liabilities 173.6 4,891.7 390.6 1,008.4 1,483.8 -210.7 -5,900.1 1,837.3 Provisions 23 - 31.9 1.1 2.3 5.6 5.2 -34.2 11.9 Loans & borrowings 24 164.5 215.4 4.6 173.6 179.3 3.2 -389.0 351.6 Inter-segment loan - - - - - - - - Derivative financial instruments - 5.0 - - - - -5.0 - Put options granted to non-controlling interests 33 - - - - 116.4 - - 116.4 Current tax liabilities 11 18.7 166.4 0.6 12.8 -0.9 76.1 -179.2 94.5 Trade & other payables 25 767.6 735.3 28.8 202.2 512.6 14.6 -937.5 1,323.6 Liabilities directly associated with the assets held for sale 21 - - - - - - - - Current liabilities 950.8 1,154.0 35.1 390.9 813.0 99.1 -1,544.9 1,898.0 TOTAL EQUITY AND LIABILITIES 1,124.4 6,045.7 425.7 1,399.3 2,296.8 3,361.3 -7,445.0 7,208.2 Segment Statement of Financial Position \u2013 Operating Segments (continued) \u20acm 31 December 2022\u207d\u00b9\u207e D'Ieteren Belron TVH Corp. & Moleskine PHE Eliminations Group Automotive (100%) (100%) unallocated Goodwill 49.2 734.1 48.8 788.1 459.1 3.1 -1,522.2 560.2 Intangible assets 33.8 527.8 410.4 1,056.7 795.6 - -1,584.5 1,239.8 Property, plant & equipment 83.0 895.7 16.3 497.2 289.6 177.2 -1,392.9 566.1 Investment property 0.1 - - - - 41.7 - 41.8 Equity-accounted investees 128.8 2.3 - - 5.0 - 1,224.5 1,360.6 Financial investments 0.1 - - - 2.5 - - 2.6 Derivative financial instruments - 142.1 - 2.3 - - -144.4 - Employee benefits - 96.5 - - - - -96.5 - Deferred tax assets 19.2 53.4 - 15.8 20.0 19.6 -69.2 58.8 Other receivables 4.8 34.2 1.1 9.1 25.7 44.2 -43.3 75.8 Non-current assets 319.0 2,486.1 476.6 2,369.2 1,597.5 285.8 -3,628.5 3,905.7 Inventories 678.6 445.8 29.7 516.3 483.4 - -962.1 1,191.7 Financial investments - - - - - 128.6 - 128.6 Derivative financial instruments - 41.3 - - 4.1 - -41.3 4.1 Current tax assets 1.6 7.4 4.3 3.6 2.8 0.5 -11.0 9.2 Trade and other receivables 306.4 337.5 34.3 372.9 352.3 5.6 -710.4 698.6 Cash & cash equivalents 0.8 146.0 26.9 91.3 122.0 196.1 -237.3 345.8 Assets classified as held for sale - - - 17.9 131.8 - -17.9 131.8 Current assets 987.4 978.0 95.2 1,002.0 1,096.4 330.8 -1,980.0 2,509.8 TOTAL ASSETS 1,306.4 3,464.1 571.8 3,371.2 2,693.9 616.6 -5,608.5 6,415.5 (1) As restated \u2013 Refer to note 1 for more information on the restatement of comparative information. Segment Statement of Financial Position \u2013 Operating Segments (continued) \u20acm 31 December 2022\u207d\u00b9\u207e D'Ieteren Belron TVH Corp. & Moleskine PHE Eliminations Group Automotive (100%) (100%) unallocated Equity - - - - - 3,155.9 - 3,155.9 Employee benefits 23.7 27.4 3.8 6.7 26.8 0.6 -34.1 54.9 Provisions 7.5 62.0 - 0.9 - 0.6 -62.9 8.1 Loans & borrowings 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-controlling interests 2.9 - - - 235.4 - - 238.3 Other payables - 9.3 - 0.1 39.3 - -9.4 39.3 Deferred tax liabilities 1.1 129.6 105.4 278.5 145.0 20.8 -408.1 272.3 Non-current liabilities 128.7 4,214.3 391.4 951.3 1,570.9 -285.6 -5,125.6 1,845.4 Provisions - 48.0 4.9 2.2 5.4 5.2 -50.2 15.5 Loans & borrowings 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-controlling interests - - - - 5.6 - - 5.6 Current tax liabilities 11.9 100.4 0.5 10.8 - 1.1 -111.2 13.5 Trade & other payables 527.1 695.6 30.9 229.0 413.7 12.8 -924.6 984.5 Liabilities directly associated with the assets held for sale - - - 1.3 27.0 - -1.3 27.0 Current liabilities 660.7 1,048.5 56.7 569.6 677.0 19.2 -1,617.5 1,414.2 TOTAL EQUITY AND LIABILITIES 789.4 5,262.8 448.1 1,520.9 2,247.9 2,889.5 -6,743.1 6,415.5 (1) As restated \u2013 Refer to note 1 for more information on the restatement of comparative information. In 2022 and 2023, the columns \u201cEliminations\u201d reconcile the segment statement of financial position (including the assets and liabilities of Belron and 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 2023 and 31 December 2022, the lines \u201cinter-segment loans\u201d include the amounts lent by the Corporate & unallocated segment to the Moleskine segment (non-recourse loan in the framework of the acquisition; increased by \u20ac0.1m compared to 31 December 2022, representing \u20ac20.2m of capitalised interests and -\u20ac20.1m of cash payments in 2023). At 31 December 2022, the line \u201cinter-segment loans\u201d also included the shareholder loan from the Corporate and unallocated segment to the TVH segment put in place on 1st October 2021 in the framework of the acquisition of a 40% stake in TVH, of which \u20ac0.6m represented capitalised interests, classified in the line \u201cinter-segment loan\u201d in the current liabilities (fully reimbursed in December 2023). At 31 December 2023 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 At 31 December 2023, the increase in goodwill (+\u20ac13.6m) compared to 31 December 2022 reflects the acquisitions performed in 2023 (Jennes and several acquisitions at Lucien). The 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. The acquisitions performed in 2023 amounted to -\u20ac24.6m (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 2023, the increase in Property, plant and equipment compared to 31 December 2022 mainly arises from the recognition of capital expenditures and right-of-use assets following acquisitions performed in 2023 (+\u20ac28m) and the recognition of additional right-of-use assets in the Retail segment. At 31 December 2023, the increase of the line \u201cEmployee benefits\u201d compared to the 31 December 2022 mainly arises from the additional provision for the long-term incentive program (LTIP) put in place in April 2021 (+\u20ac26m compared to the prior period). Belron At 31 December 2023, the long-term loans and borrowings include the additional financing operated in April 2023 (total amount of $870m \u2013 or \u20ac800m equivalent \u2013 with a maturity of 6 years). The proceeds of the new loan, together with available liquidity on the balance sheet allowed for the distribution of a dividend to Belron\u2019s shareholders (\u20ac1,106.2m of dividend declared, of which \u20ac572.9m to the Corporate & unallocated segment). This long-term loan has been repriced in December 2023 from the current [Term Sofr + 250bps] to [Term Sofr + 225bps]together with the sustainability-linked loan of $1,580m outstanding due in April 2028, repriced from the current [Term Sofr + 250bps] to [Term Sofr + 200bps]. In December 2023, Belron has declared and distributed an additional interim dividend of \u20ac363.2m to its shareholders out of cash on balance sheet (of which \u20ac188.1m to the Corporate & unallocated segment). At 31 December 2023 and 31 December 2022, 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. Moleskine At 31 December 2023, the decrease in short-term loans and borrowings compared to 31 December 2022 is mainly explained by the full reimbursment of the external bank loan in the first semester 2023 (-\u20ac15m). TVH At 31 December 2023 and 31 December 2022, 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 customer contracts and other intangible assets with finite useful lives recognised by stthe Group following the acquisition of a 40% stake in TVH on 1 October 2021 (see note 17 of the 2022 consolidated financial statements for more information on the purchase price allocation of TVH). At 31 December 2023, the line \u201cLoans and borrowings\u201d includes the new mid-term loan of \u20ac300m concluded by TVH in December 2023. The proceeds from the new loan were used to reimburse the shareholder loan of \u20ac100m (of which \u20ac40m to the Corporate and Unallocated segment) and a large part of the outstanding straight loans. At 31 December 2022, the lines \u201cAssets classified as held for sale\u201d and \u201cLiabilities directly associated with the assets held for sale\u201d included the assets and liabilities of TVH Russia. The net assets have been fully impaired in 2023, leading to an impairment charge of -\u20ac12.7m (-\u20ac7.0m in operating result, -\u20ac5.1m in finance costs and -\u20ac0.6m in tax expense) as TVH management is uncertain as to whether the carrying value of the remaining assets in Russia can be recovered. PHE At 31 December 2023, the line \u201cGoodwill\u201d mainly includes the final goodwill recognised thfollowing the acquisition of PHE by the Group on 4 August 2022. At 31 December 2022, the Group had not finalised the acquisition accounting of PHE and hence a provisional goodwill had been booked and no fair value adjustments had been recognised on the acquired assets and 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 finalise the acquisition accounting), the provisional allocation has been reviewed in the first semester of 2023 and reallocated to brands and other intangible assets. Figures as at 31 December 2022 have been restated accordingly (see note 26). At 31 December 2023, the lines \u201cPut options granted to non-controlling interests\u201d include the put options granted to PHE\u2019s non controlling interests holding minority interests in some of PHE\u2019s direct and indirect subsidiaries (\u20ac116.4m at 31 December 2023 compared to \u20ac103.6m at 31 December 2022, as restated \u2013 see note 1). They also comprise 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 c. 9% (valued at \u20ac175.3m at 31 December 2023, increased by \u20ac37.9m compared to 31 December 2022, of which \u20ac26.6m related to the vesting and change in fair value of the free shares granted to PHE\u2019s key management personnel as part of the Management Reward Plan, recognised in profit or loss in employee benefits expenses). With the exception of the free shares granted to PHE management, the increase in the carrying value of the liability associated with these put options is accounted for directly in equity for an amount of \u20ac11.3m for the period ended 31 December 2023 on a consolidated basis. Refer to note 9 for more information on this management reward plan. At 31 December 2023, the line \u201cTrade and other payables\u201d in the current liabilities mainly includes \u20ac53.7m of deferred considerations on past acquisitions (compared to \u20ac30.7m on the lines \u201cOther payables\u201d and \u201cTrade and other payables\u201d at 31 December 2022, restated). The increase compared to the prior period mainly results from additional deferred considerations recognized on new acquisitions (\u20ac12.4m) and from change in fair value of deferred considerations recognized on past acquisitions (\u20ac10.6m). At 31 December 2022, the lines \u201cAssets classified as held for sale\u201d and \u201cLiabilities directly associated with the assets held for sale\u201d included the assets and liabilities of PHE\u2019s specialised glass repair activity. The disposal occurred in February 2023. The consideration received (net of cash disposed of) amounted to \u20ac92.1m, included in the line \u201cDisposal of subsidiaries, net of cash disposed of\u201d in the consolidated statement of cash flows. Corporate and unallocated At 31 December 2023, the line \u201cfinancial investments\u201d in the non-current assets includes \u20ac94.8m of investments in the Supply Chain Fund managed by Credit Suisse. Refer to the section \u201cSegment Statement of Profit or Loss - Operating Segments (Year Ended 31 December)\u201d for more information on the underlying investment. At 31 December 2022, those investments were classified in the line \u201cfinancial investments\u201d in the current assets. The line \u201cfinancial Investments\u201d in the current assets comprises investments in a portfolio of marketable securities (mainly corporate bonds in Europe for a total amount of \u20ac238.3m at 31 December 2023 and \u20ac10.0m at 31 December 2022). These investments are accounted at amortized costs and have a maturity of less than one year and weighted average returns in 2023 of 3.77%. Amounts of underlying investments being large, with short maturities and very quick turnover, acquisitions and disposals of underlying assets are not separately disclosed. The increase in the line \u201cProperty, plant and equipment\u201d and \u201cLoans and borrowings\u201d compared to 31 December 2022 mainly reflects the additional right-of-use assets recognised and lease liabilities assumed in relation to new real estate projects at D\u2019Ieteren Immo. Segment Statement of Cash Flows - Operating Segments (Year ended 31 December) \u20acm Notes 2023 D'Ieteren Belron TVH Corp. & Moleskine PHE Eliminations Group Automotive (100%) (100%) unallocated Cash flows from operating activities - Continuing Result from continuing operations 111.4 674.0 0.3 47.5 41.5 -0.4 -364.0 510.3 Income tax expense 11 63.2 171.6 5.4 29.1 25.2 8.8 -200.7 102.6 Share of result of equity-accounted investees, net of income tax 17 0.9 -1.1 - - -0.1 - -356.4 -356.7 Net finance costs 7 15.9 225.1 21.2 36.9 99.8 -17.5 -262.0 119.4 Operating result from continuing operations 191.4 1,069.6 26.9 113.5 166.4 -9.1 -1,183.1 375.6 Depreciation on PP&E (including right-of-use assets) 6/14/15 42.7 241.1 6.0 38.5 73.3 9.9 -279.6 131.9 Amortisation of intangible assets 6/13 7.8 64.3 3.2 78.0 45.2 - -142.3 56.2 Impairment and write-offs on goodwill and other non-current assets - 4.8 - - - - -4.8 - Other non-cash items 4 11.9 1.6 -1.2 15.5 4.7 -0.2 -17.1 15.2 Share-based payment and other employee benefit expenses 4/9 26.5 32.2 -5.1 1.6 26.6 5.5 -33.8 53.5 Other cash items - - -0.2 -4.7 - - 4.7 -0.2 Change in net working capital 4 26.4 35.3 5.0 28.0 -130.3 3.6 -63.3 -95.3 Cash generated from operations 306.7 1,448.9 34.6 270.4 185.9 9.7 -1,719.3 536.9 Income tax paid -63.9 -187.6 -1.3 -50.4 -31.6 -3.2 238.0 -100.0 Net cash from operating activities 242.8 1,261.3 33.3 220.0 154.3 6.5 -1,481.3 436.9 Segment Statement of Cash Flows - Operating Segments (Year ended 31 December \u2013 continued) \u20acm 2023 D'Ieteren Belron TVH Corp. & Moleskine PHE Eliminations Group Automotive (100%) (100%) unallocated Cash flows from investing activities - Continuing Purchase of property, plant and equipment and intangible assets 13/14/15 -38.3 -120.6 -3.1 -98.6 -50.7 -14.4 219.2 -106.5 Sale of property, plant and equipment and intangible assets 3.3 9.8 - 3.1 3.4 8.2 -12.9 14.9 Net capital expenditure -35.0 -110.8 -3.1 -95.5 -47.3 -6.2 206.3 -91.6 Acquisition of subsidiaries (net of cash acquired) 26 -27.6 -57.5 - -2.4 -32.8 - 59.9 -60.4 Acquisition of equity-accounted investees 17 -1.6 - - - - -50.0 - -51.6 Disposal of subsidiaries (net of cash disposed of) 4 - 5.2 - 0.2 92.1 - -5.4 92.1 Contribution of cash from/(to) joint venture - 0.4 - - - - -0.4 - Proceeds from the sale of / (investments in) financial assets 4 - 0.8 - - -1.2 -224.0 -0.8 -225.2 Interest received 1.4 20.7 - 1.7 4.1 17.8 -22.4 23.3 Dividends received from /(paid by) equity-accounted investees 4/17 4.9 -1,447.5 - - - 761.0 1,447.5 765.9 Movement in shareholder loan with equity-accounted investee 17 - - - -40.0 - 40.0 40.0 40.0 Loans to employees in relation to Long Term Incentive Plan and stock -1.3- - - - -1.5 - -2.8 options Net cash from investing activities -59.2 -1,588.7 -3.1 -136.0 14.9 537.1 1,724.7 489.7 Segment Statement of Cash Flows - Operating Segments (Year ended 31 December \u2013 continued) \u20acm 2023 D'Ieteren Belron TVH Corp. & Moleskine PHE Eliminations Group Automotive (100%) (100%) unallocated Cash flows from financing activities - Continuing Acquisition (-)/Disposal (+) of non-controlling interests 26 - - - - - 0.4 - 0.4 Share capital increase - 5.5 - - - - -5.5 - Acquisition of treasury shares 22 - - - - - -81.6 - -81.6 Disposal of treasury shares 22 - 150.0 - - - 21.3 -150.0 21.3 Net proceeds from the sale & purchase of own shares (buyback from --90.5 - - - - 90.5 - MRP participants) Repayment of lease liabilities 24 -26.8 -189.1 -5.4 -13.0 -47.6 -3.5 202.1 -83.3 Proceeds from loans and borrowings 24 61.4 802.0 - 141.9 12.7 - -943.9 74.1 Repayment of loans and borrowings 24 -100.1 -43.7 -15.0 -174.2 -75.8 -0.2 217.9 -191.1 Inter-segment financing interests - - -20.0 - - 20.0 - - Interest paid -15.2 -218.8 -0.7 -25.4 -85.9 -0.7 244.2 -102.5 Dividends received from/(paid to) other segment -86.9 - - - - 86.9 - - Dividends paid by the Company 22 - - - - - -160.7 - -160.7 Dividends paid to non-controlling interests of consolidated subsidiaries - - - - -1.9 - - -1.9 Net cash from financing activities -167.6 415.4 -41.1 -70.7 -198.5 -118.1 -344.7 -525.3 Cash flows from continuing operations 16.0 88.0 -10.9 13.3 -29.3 425.5 -101.3 401.3 Cash flows from discontinued operations - - - - - - - - TOTAL CASH FLOW FOR THE PERIOD 16.0 88.0 -10.9 13.3 -29.3 425.5 -101.3 401.3 Segment Statement of Cash Flows - Operating Segments (Year ended 31 December \u2013 continued) \u20acm 2023 D'Ieteren Belron TVH Corp. & Moleskine PHE Eliminations Group Automotive (100%) (100%) unallocated Reconciliation with statement of financial position Cash at beginning of period 0.8 146.0 26.9 91.3 122.0 196.1 -237.3 345.8 Cash included in non-current assets held for sale - - - 10.3 11.2 - -10.3 11.2 Cash and cash equivalents at beginning of period 0.8 146.0 26.9 101.6 133.2 196.1 -247.6 357.0 Total cash flow for the period 16.0 88.0 -10.9 13.3 -29.3 425.5 -101.3 401.3 Effects of movement in exchange rates - -1.0 -0.4 -2.1 - - 3.1 -0.4 Effect of impairment on cash and cash equivalents - - - -5.1 - - 5.1 - Cash and cash equivalents at end of period 16.8 233.0 15.6 107.7 103.9 621.6 -340.7 757.9 Included within \"Cash and cash equivalents 16.8 233.0 15.6 107.7 103.9 621.6 -340.7 757.9 Included within \"Non-current assets held for sale\" - - - - - - - - Segment Statement of Cash Flows \u2013 Operating Segments (Year ended 31 December \u2013 continued) \u20acm 2022\u207d\u00b9\u207e D'Ieteren Belron TVH PHE (5 Corp. & Moleskine Eliminations Group Automotive (100%) (100%) months) unallocated Cash flows from operating activities - Continuing Result from continuing operations 113.3 301.2 9.2 131.2 0.3 4.0 -229.3 329.9 Income tax expense 45.9 211.3 1.0 34.3 8.2 3.8 -245.6 58.9 Share of result of equity-accounted investees, net of income tax -6.8 -0.4 - - -0.2 - -202.7 -210.1 Net finance costs -6.5 348.8 11.0 6.5 31.1 -12.8 -355.3 22.8 Operating result from continuing operations 145.9 860.9 21.2 172.0 39.4 -5.0 -1,032.9 201.5 Depreciation on PP&E (including right-of-use assets) 24.2 226.3 6.2 37.1 28.4 9.3 -263.4 68.1 Amortisation of intangible assets 4.1 63.7 3.6 76.2 18.2 - -139.9 25.9 Impairment and write-offs on goodwill and other non-current assets - 11.2 - - - - -11.2 - 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 expenses 7.4 37.0 3.2 3.7 8.8 4.7 -40.7 24.1 Other cash items -0.3 1.8 1.8 - - - -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 operations -4.1 1,040.9 31.6 145.2 91.3 26.0 -1,186.1 144.8 Income tax paid -38.3 -162.7 -1.7 -62.2 -17.7 0.5 224.9 -57.2 Net cash from operating activities -42.4 878.2 29.9 83.0 73.6 26.5 -961.2 87.6 (1) As restated \u2013 Refer to note 1 for more information on the restatement of comparative information. Segment Statement of Cash Flows \u2013 Operating Segments (Year ended 31 December \u2013 continued) \u20acm 2022 D'Ieteren Belron TVH PHE (5 Corp. & Moleskine Eliminations Group Automotive (100%) (100%) months) unallocated Cash flows from investing activities - Continuing Purchase of property, plant and equipment and intangible assets -35.5 -107.7 -3.6 -119.6 -22.4 -15.5 227.3 -77.0 Sale of property, plant and equipment and intangible assets 3.1 6.9 - 25.5 0.6 6.7 -32.4 10.4 Net capital expenditure -32.4 -100.8 -3.6 -94.1 -21.8 -8.8 194.9 -66.6 Acquisition of subsidiaries (net of cash acquired) -10.7 -147.4 - -13.8 78.5 -584.6 161.2 -516.8 Disposal of subsidiaries (net of cash disposed of) - 2.3 - - - - -2.3 - Contribution of cash from/(to) joint venture 2.4 - - - - - - 2.4 Proceeds from the sale of / (investments in) financial assets - - - 0.1 -0.3 415.5 -0.1 415.2 Interest received 0.9 14.4 - 0.7 0.2 6.1 -15.1 7.2 Dividends received from /(paid by) equity-accounted investees 4.5 -403.8 - - - 212.5 403.8 217.0 Loans to employees in relation to Long Term Incentive Plan and stock options -0.6 - - - - -0.7 - -1.3 Net cash from investing activities -35.9 -635.3 -3.6 -107.1 56.6 40.0 742.4 57.1 Segment Statement of Cash Flows \u2013 Operating Segments (Year ended 31 December \u2013 continued) \u20acm 2022 D'Ieteren Belron TVH PHE (5 Corp. & Moleskine Eliminations Group Automotive (100%) (100%) months) unallocated Cash flows from financing activities - Continuing Acquisition (-)/Disposal (+) of non-controlling interests 2.7 - - - 50.4 - 53.1 Share capital increase - 0.6 - - - -0.6 - Acquisition of treasury shares - - - - - -117.4 - -117.4 Disposal of treasury shares - - - - - 30.7 - 30.7 Net proceeds from the sale & purchase of own shares (buyback from MRP - -7.5 - - - - 7.5 - participants) Repayment of lease liabilities -14.4 -187.7 -5.1 -12.9 -17.7 -0.7 200.6 -37.9 Proceeds from loans and borrowings 66.1 - - 181.2 41.3 - -181.2 107.4 Repayment of loans and borrowings -7.9 -32.6 -29.4 -162.3 -9.8 -0.2 194.9 -47.3 Interest paid -1.8 -160.3 -3.9 -15.7 -12.9 -1.2 176.0 -19.8 Dividends received from/(paid to) other segment -51.6 - - - - 51.6 - - 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 operations -85.2 -144.6 -12.1 -33.8 131.1 -33.9 178.4 -0.1 Cash flows from discontinued operations - - - - 2.1 - - 2.1 TOTAL CASH FLOW FOR THE PERIOD -85.2 -144.6 -12.1 -33.8 133.2 -33.9 178.4 2.0 Segment Statement of Cash Flows \u2013 Operating Segments (Year ended 31 December \u2013 continued) \u20acm 2022 D'Ieteren Belron TVH PHE (5 Corp. & Moleskine Eliminations Group Automotive (100%) (100%) months) unallocated Reconciliation with statement of financial position Cash at beginning of period 86.0 244.9 38.6 137.0 - 230.0 -381.9 354.6 Cash and cash equivalents at beginning of period 86.0 244.9 38.6 137.0 - 230.0 -381.9 354.6 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 rates - 45.7 0.4 -1.6 - - -44.1 0.4 Cash and cash equivalents at end of period 0.8 146.0 26.9 101.6 133.2 196.1 -247.6 357.0 Included within \"Cash and cash equivalents 0.8 146.0 26.9 91.3 122.0 196.1 -237.3 345.8 Included within \"Non-current assets held for sale\" - - - 10.3 11.2 - -10.3 11.2 In 2022 and 2023, 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 2023, the line \u201cother non-cash items\u201d mainly includes movements in provisions, write-down on stocks and write-down on receivables. In 2022, this line mainly included movements in provisions, write-down on receivables and gains on disposals of furniture and equipment. In 2023 and 2022, 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 (c. \u20ac26m in 2023 and c. \u20ac7m in 2022). In 2023, the cash inflow from change in net working capital reflects a higher level of inventories and trade receivables, partially offset by increase in trade payables. In 2022, the cash outflow from the change in net working capital mainly reflected higher inventories compared to 2021. In 2023 and 20222, the line \u201cacquisition of subsidiaries (net of cash acquired)\u201d mainly represents the acquisitions of subsidiaries in Belgium. In 2023 and 2022, the line \u201cDividends received from/(paid to) other segment\u201d includes the dividend paid to the Corporate & unallocated segment. Belron In 2023 and 2022, 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, the cash outflow from change in net working capital mainly arose from an increase in inventories primarily relating to the stocking up on the back of inflationary and supply chain pressures. In 2023, the line \u201cDividends received from /(paid by) equity-accounted investees\u201d includes the dividend paid to Belron\u2019s shareholders (\u20ac1,448.7m, of which \u20ac761.0m paid to D\u2019Ieteren Group) following the additional financing operated in April 2023 and the ordinary interim dividend paid in December 2023. In 2023, the line \u201cDisposal of treasury shares\u201d represents the proceeds from the disposal of own shares to existing shareholders (\u20ac150.0m, of which \u20ac50.0m to D\u2019Ieteren Group) (see note 17). In 2023 and 2022, the line \u201cNet proceeds from the sale & purchase of own shares (buyback from MRP participants)\u201d represents the net cash received from the sales and purchase of own shares to MRP participants (see note 17). In 2023, the line \u201cIncrease of other loans and borrowings\u201d mainly includes the additional financing operated in April 2023 (total amount of $870m \u2013 or \u20ac800m equivalent \u2013 with a maturity of 6 years). Moleskine In 2023, the line \u201cShare based payment and other employee benefit expenses\u201d mainly includes the full reversal of the outstanding provision for the Long-Term Incentive Program (LTIP) (\u20ac5.8m) while in 2022, this line mainly included the additional provision for the LTIP (-\u20ac2.6m). In 2023, the line \u201cChange in net working capital\u201d includes, amongst other amounts, a provision for an exceptional cash bonus granted to the management for the efforts and the business impact achieved these last years (-\u20ac2.3m). In 2023, the line \u201cInter-segment financing interests\u201d includes the reimbursement to the Corporate & unallocated segment of the 2023 interests on the shareholder loan. TVH In 2023 and 2022, the line \u201cother non-cash items\u201d mainly includes write down on inventories and receivables. In 2023 and 2022, the line \u201cshare based payment and other employee benefit expenses\u201d includes the provision for the Long-Term Incentive Program (LTIP) (-\u20ac2.6m in 2023 ; -\u20ac2.2m in 2022). In 2022, the cash outflow from change in net working capital mainly arose from a voluntary high level of inventory to face supply chain disruption. In 2023, the lines \u201cMovement of shareholder loan towards equity-accounted investee\u201d, \u201cproceeds from loans and borrowings\u201d and \u201crepayment of loans and borrowings\u201d include the reimbursment of the shareholder loan of \u20ac100m (of which \u20ac40m to the Corporate and Unallocated segment), and the cash outflow and inflows resulting from the conclusion of the new mid-term loan of \u20ac300m in December 2023 and the reimbursment of a large part of the outstanding straight loans. PHE In 2023 and 2022, the line \u201cshare based payment and other employee benefit expenses\u201d includes, amongst other amounts, the share-based payment expense (-\u20ac26.6m in 2023 and -\u20ac2.2m in 2022) recognised following the management plan put in place in October 2022 (see note 9). In 2023, the cash outflow from change in net working capital is mainly explained by the decision of PHE to decrease significantly non-recourse factoring by using cash received from the disposal of Mondial Pare-Brise (and therefore to reduce associated finance costs). In 2023, the line \u201cDisposal of subsidiaries (net of cash disposed of)\u201d includes the proceeds from the disposal of Mondial Pare-Brise closed in February 2023. In 2022, the line \u201ccash-flow from discontinued operations\u201d included the cash generated by PHE\u2019s specialized glass repair activity Mondial Pare-Brise (classified as held for sale at 31 thDecember 2022) from the date of acquisition of PHE (4 of August 2022). Disposal occurred in February 2023. Corporate & unallocated In 2022, the line \u201cother non-cash items\u201d mainly related to the gain realised on the disposal of properties in Belgium (\u20ac3.4m). In 2023 and 2022, the line \u201cshare based payment and other employee benefit expenses\u201d mainly includes the equity-settled share-based payment expenses (see note 9). In 2022, the line \u201cacquisition of subsidiaries (net of cash acquired)\u201d included the acquisition thof PHE (closed on the 4 of August 2022). See note 26 for more information on the business combination of PHE. In 2023, the line \u201cAcquisition of equity-accounted investees\u201d represents the acquisition in May 2023 of additional Belron\u2019s shares (-\u20ac50.0m, previously held by the Employee Benefit Trust). The additional shares acquired increased the fully diluted percentage of the Group in Belron from 50.01% to 50.30%, leading to a weighted average economic percentage of 50.20% in 2023 (see note 17). In 2023, the line \u201cProceeds from the sale of / (investments in) financial assets\u201d mainly comprises the cash movements related to the investments in a portfolio of marketable securities (mainly corporate bonds in Europe). In 2023 and 2022, the line \u201cDividends received from/(paid by) equity-accounted investees\u201d related to the share of the Group in the dividends (\u20ac761.0m in 2023 ; \u20ac212.5m in 2022) received from the Belron segment. In 2023, the line \u201cmovement of shareholder loan towards equity-accounted investee\u201d includes the reimbursment of the shareholder loan of TVH. In 2023 and 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 c. 9%. In 2023, the line \u201cInter-segment financing interests\u201d includes the reimbursement of the 2023 interests on the shareholder loan of Moleskine. The line \u201cDividends received from/(paid to) other segment\u201d includes the dividend received from the D\u2019Ieteren Automotive segment (\u20ac86.9m in 2023 ; \u20ac51.6m in 2022). The line \u201cDividends paid by the Company\u201d includes the distribution to shareholders of the ordinary dividend (2023: \u20ac3.00 per share; 2022: \u20ac2.10 per share). Geographical Segment Information (Year ended 31 December) The Group\u2019s operating segments (being D\u2019Ieteren Automotive, Moleskine, PHE and Corporate & unallocated) operate in four main geographical areas, 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 2023 2022\u207d\u00b3\u207e Rest of Rest of the Rest of Rest of the Belgium France Group Belgium France Group Europe world Europe world Segment revenue from external customers\u207d\u00b9\u207e 5,369.2 1,713.9 823.4 77.1 7,983.6 3,630.6 648.0 348.1 87.9 4,714.6 Non-current assets\u207d\u00b2\u207e 650.6 1,003.3 937.2 7.5 2,598.6 539.1 1,095.4 841.0 8.2 2,483.7 (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. (3) As restated \u2013 Refer to note 1 for more information on the restatement of comparative information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__27": {
"value": "The Group\u2019s reportable operating segments are D\u2019Ieteren Automotive, Belron, Moleskine, TVH and PHE (as from 4th of August 2022 \u2013 including the holding company of the PHEGroup). The other segments are disclosed in the category \u201cCorporate & Unallocated\u201d(D\u2019Ieteren Group, corporate and real estate activities). These operating segments areconsistent with the Group\u2019s organisational and internal reporting structure, and with therequirements 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. Belroncomprises 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 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 separatereportable operating segments, reflecting the Group\u2019s internal reporting structure. Thesegment \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 internalreporting structure.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__28": {
"value": "Segment Statement of Cash Flows - Operating Segments (Year ended 31 December) \u20acm Notes 2023 D'Ieteren Belron TVH Corp. & Moleskine PHE Eliminations Group Automotive (100%) (100%) unallocated Cash flows from operating activities - Continuing Result from continuing operations 111.4 674.0 0.3 47.5 41.5 -0.4 -364.0 510.3 Income tax expense 11 63.2 171.6 5.4 29.1 25.2 8.8 -200.7 102.6 Share of result of equity-accounted investees, net of income tax 17 0.9 -1.1 - - -0.1 - -356.4 -356.7 Net finance costs 7 15.9 225.1 21.2 36.9 99.8 -17.5 -262.0 119.4 Operating result from continuing operations 191.4 1,069.6 26.9 113.5 166.4 -9.1 -1,183.1 375.6 Depreciation on PP&E (including right-of-use assets) 6/14/15 42.7 241.1 6.0 38.5 73.3 9.9 -279.6 131.9 Amortisation of intangible assets 6/13 7.8 64.3 3.2 78.0 45.2 - -142.3 56.2 Impairment and write-offs on goodwill and other non-current assets - 4.8 - - - - -4.8 - Other non-cash items 4 11.9 1.6 -1.2 15.5 4.7 -0.2 -17.1 15.2 Share-based payment and other employee benefit expenses 4/9 26.5 32.2 -5.1 1.6 26.6 5.5 -33.8 53.5 Other cash items - - -0.2 -4.7 - - 4.7 -0.2 Change in net working capital 4 26.4 35.3 5.0 28.0 -130.3 3.6 -63.3 -95.3 Cash generated from operations 306.7 1,448.9 34.6 270.4 185.9 9.7 -1,719.3 536.9 Income tax paid -63.9 -187.6 -1.3 -50.4 -31.6 -3.2 238.0 -100.0 Net cash from operating activities 242.8 1,261.3 33.3 220.0 154.3 6.5 -1,481.3 436.9 Segment Statement of Cash Flows - Operating Segments (Year ended 31 December \u2013 continued) \u20acm 2023 D'Ieteren Belron TVH Corp. & Moleskine PHE Eliminations Group Automotive (100%) (100%) unallocated Cash flows from investing activities - Continuing Purchase of property, plant and equipment and intangible assets 13/14/15 -38.3 -120.6 -3.1 -98.6 -50.7 -14.4 219.2 -106.5 Sale of property, plant and equipment and intangible assets 3.3 9.8 - 3.1 3.4 8.2 -12.9 14.9 Net capital expenditure -35.0 -110.8 -3.1 -95.5 -47.3 -6.2 206.3 -91.6 Acquisition of subsidiaries (net of cash acquired) 26 -27.6 -57.5 - -2.4 -32.8 - 59.9 -60.4 Acquisition of equity-accounted investees 17 -1.6 - - - - -50.0 - -51.6 Disposal of subsidiaries (net of cash disposed of) 4 - 5.2 - 0.2 92.1 - -5.4 92.1 Contribution of cash from/(to) joint venture - 0.4 - - - - -0.4 - Proceeds from the sale of / (investments in) financial assets 4 - 0.8 - - -1.2 -224.0 -0.8 -225.2 Interest received 1.4 20.7 - 1.7 4.1 17.8 -22.4 23.3 Dividends received from /(paid by) equity-accounted investees 4/17 4.9 -1,447.5 - - - 761.0 1,447.5 765.9 Movement in shareholder loan with equity-accounted investee 17 - - - -40.0 - 40.0 40.0 40.0 Loans to employees in relation to Long Term Incentive Plan and stock -1.3- - - - -1.5 - -2.8 options Net cash from investing activities -59.2 -1,588.7 -3.1 -136.0 14.9 537.1 1,724.7 489.7 Segment Statement of Cash Flows - Operating Segments (Year ended 31 December \u2013 continued) \u20acm 2023 D'Ieteren Belron TVH Corp. & Moleskine PHE Eliminations Group Automotive (100%) (100%) unallocated Cash flows from financing activities - Continuing Acquisition (-)/Disposal (+) of non-controlling interests 26 - - - - - 0.4 - 0.4 Share capital increase - 5.5 - - - - -5.5 - Acquisition of treasury shares 22 - - - - - -81.6 - -81.6 Disposal of treasury shares 22 - 150.0 - - - 21.3 -150.0 21.3 Net proceeds from the sale & purchase of own shares (buyback from --90.5 - - - - 90.5 - MRP participants) Repayment of lease liabilities 24 -26.8 -189.1 -5.4 -13.0 -47.6 -3.5 202.1 -83.3 Proceeds from loans and borrowings 24 61.4 802.0 - 141.9 12.7 - -943.9 74.1 Repayment of loans and borrowings 24 -100.1 -43.7 -15.0 -174.2 -75.8 -0.2 217.9 -191.1 Inter-segment financing interests - - -20.0 - - 20.0 - - Interest paid -15.2 -218.8 -0.7 -25.4 -85.9 -0.7 244.2 -102.5 Dividends received from/(paid to) other segment -86.9 - - - - 86.9 - - Dividends paid by the Company 22 - - - - - -160.7 - -160.7 Dividends paid to non-controlling interests of consolidated subsidiaries - - - - -1.9 - - -1.9 Net cash from financing activities -167.6 415.4 -41.1 -70.7 -198.5 -118.1 -344.7 -525.3 Cash flows from continuing operations 16.0 88.0 -10.9 13.3 -29.3 425.5 -101.3 401.3 Cash flows from discontinued operations - - - - - - - - TOTAL CASH FLOW FOR THE PERIOD 16.0 88.0 -10.9 13.3 -29.3 425.5 -101.3 401.3 Segment Statement of Cash Flows - Operating Segments (Year ended 31 December \u2013 continued) \u20acm 2023 D'Ieteren Belron TVH Corp. & Moleskine PHE Eliminations Group Automotive (100%) (100%) unallocated Reconciliation with statement of financial position Cash at beginning of period 0.8 146.0 26.9 91.3 122.0 196.1 -237.3 345.8 Cash included in non-current assets held for sale - - - 10.3 11.2 - -10.3 11.2 Cash and cash equivalents at beginning of period 0.8 146.0 26.9 101.6 133.2 196.1 -247.6 357.0 Total cash flow for the period 16.0 88.0 -10.9 13.3 -29.3 425.5 -101.3 401.3 Effects of movement in exchange rates - -1.0 -0.4 -2.1 - - 3.1 -0.4 Effect of impairment on cash and cash equivalents - - - -5.1 - - 5.1 - Cash and cash equivalents at end of period 16.8 233.0 15.6 107.7 103.9 621.6 -340.7 757.9 Included within \"Cash and cash equivalents 16.8 233.0 15.6 107.7 103.9 621.6 -340.7 757.9 Included within \"Non-current assets held for sale\" - - - - - - - - Segment Statement of Cash Flows \u2013 Operating Segments (Year ended 31 December \u2013 continued) \u20acm 2022\u207d\u00b9\u207e D'Ieteren Belron TVH PHE (5 Corp. & Moleskine Eliminations Group Automotive (100%) (100%) months) unallocated Cash flows from operating activities - Continuing Result from continuing operations 113.3 301.2 9.2 131.2 0.3 4.0 -229.3 329.9 Income tax expense 45.9 211.3 1.0 34.3 8.2 3.8 -245.6 58.9 Share of result of equity-accounted investees, net of income tax -6.8 -0.4 - - -0.2 - -202.7 -210.1 Net finance costs -6.5 348.8 11.0 6.5 31.1 -12.8 -355.3 22.8 Operating result from continuing operations 145.9 860.9 21.2 172.0 39.4 -5.0 -1,032.9 201.5 Depreciation on PP&E (including right-of-use assets) 24.2 226.3 6.2 37.1 28.4 9.3 -263.4 68.1 Amortisation of intangible assets 4.1 63.7 3.6 76.2 18.2 - -139.9 25.9 Impairment and write-offs on goodwill and other non-current assets - 11.2 - - - - -11.2 - 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 expenses 7.4 37.0 3.2 3.7 8.8 4.7 -40.7 24.1 Other cash items -0.3 1.8 1.8 - - - -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 operations -4.1 1,040.9 31.6 145.2 91.3 26.0 -1,186.1 144.8 Income tax paid -38.3 -162.7 -1.7 -62.2 -17.7 0.5 224.9 -57.2 Net cash from operating activities -42.4 878.2 29.9 83.0 73.6 26.5 -961.2 87.6 (1) As restated \u2013 Refer to note 1 for more information on the restatement of comparative information. Segment Statement of Cash Flows \u2013 Operating Segments (Year ended 31 December \u2013 continued) \u20acm 2022 D'Ieteren Belron TVH PHE (5 Corp. & Moleskine Eliminations Group Automotive (100%) (100%) months) unallocated Cash flows from investing activities - Continuing Purchase of property, plant and equipment and intangible assets -35.5 -107.7 -3.6 -119.6 -22.4 -15.5 227.3 -77.0 Sale of property, plant and equipment and intangible assets 3.1 6.9 - 25.5 0.6 6.7 -32.4 10.4 Net capital expenditure -32.4 -100.8 -3.6 -94.1 -21.8 -8.8 194.9 -66.6 Acquisition of subsidiaries (net of cash acquired) -10.7 -147.4 - -13.8 78.5 -584.6 161.2 -516.8 Disposal of subsidiaries (net of cash disposed of) - 2.3 - - - - -2.3 - Contribution of cash from/(to) joint venture 2.4 - - - - - - 2.4 Proceeds from the sale of / (investments in) financial assets - - - 0.1 -0.3 415.5 -0.1 415.2 Interest received 0.9 14.4 - 0.7 0.2 6.1 -15.1 7.2 Dividends received from /(paid by) equity-accounted investees 4.5 -403.8 - - - 212.5 403.8 217.0 Loans to employees in relation to Long Term Incentive Plan and stock options -0.6 - - - - -0.7 - -1.3 Net cash from investing activities -35.9 -635.3 -3.6 -107.1 56.6 40.0 742.4 57.1 Segment Statement of Cash Flows \u2013 Operating Segments (Year ended 31 December \u2013 continued) \u20acm 2022 D'Ieteren Belron TVH PHE (5 Corp. & Moleskine Eliminations Group Automotive (100%) (100%) months) unallocated Cash flows from financing activities - Continuing Acquisition (-)/Disposal (+) of non-controlling interests 2.7 - - - 50.4 - 53.1 Share capital increase - 0.6 - - - -0.6 - Acquisition of treasury shares - - - - - -117.4 - -117.4 Disposal of treasury shares - - - - - 30.7 - 30.7 Net proceeds from the sale & purchase of own shares (buyback from MRP - -7.5 - - - - 7.5 - participants) Repayment of lease liabilities -14.4 -187.7 -5.1 -12.9 -17.7 -0.7 200.6 -37.9 Proceeds from loans and borrowings 66.1 - - 181.2 41.3 - -181.2 107.4 Repayment of loans and borrowings -7.9 -32.6 -29.4 -162.3 -9.8 -0.2 194.9 -47.3 Interest paid -1.8 -160.3 -3.9 -15.7 -12.9 -1.2 176.0 -19.8 Dividends received from/(paid to) other segment -51.6 - - - - 51.6 - - 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 operations -85.2 -144.6 -12.1 -33.8 131.1 -33.9 178.4 -0.1 Cash flows from discontinued operations - - - - 2.1 - - 2.1 TOTAL CASH FLOW FOR THE PERIOD -85.2 -144.6 -12.1 -33.8 133.2 -33.9 178.4 2.0 Segment Statement of Cash Flows \u2013 Operating Segments (Year ended 31 December \u2013 continued) \u20acm 2022 D'Ieteren Belron TVH PHE (5 Corp. & Moleskine Eliminations Group Automotive (100%) (100%) months) unallocated Reconciliation with statement of financial position Cash at beginning of period 86.0 244.9 38.6 137.0 - 230.0 -381.9 354.6 Cash and cash equivalents at beginning of period 86.0 244.9 38.6 137.0 - 230.0 -381.9 354.6 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 rates - 45.7 0.4 -1.6 - - -44.1 0.4 Cash and cash equivalents at end of period 0.8 146.0 26.9 101.6 133.2 196.1 -247.6 357.0 Included within \"Cash and cash equivalents 0.8 146.0 26.9 91.3 122.0 196.1 -237.3 345.8 Included within \"Non-current assets held for sale\" - - - 10.3 11.2 - -10.3 11.2 In 2022 and 2023, 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 2023, the line \u201cother non-cash items\u201d mainly includes movements in provisions, write-down on stocks and write-down on receivables. In 2022, this line mainly included movements in provisions, write-down on receivables and gains on disposals of furniture and equipment. In 2023 and 2022, 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 (c. \u20ac26m in 2023 and c. \u20ac7m in 2022). In 2023, the cash inflow from change in net working capital reflects a higher level of inventories and trade receivables, partially offset by increase in trade payables. In 2022, the cash outflow from the change in net working capital mainly reflected higher inventories compared to 2021. In 2023 and 20222, the line \u201cacquisition of subsidiaries (net of cash acquired)\u201d mainly represents the acquisitions of subsidiaries in Belgium. In 2023 and 2022, the line \u201cDividends received from/(paid to) other segment\u201d includes the dividend paid to the Corporate & unallocated segment. Belron In 2023 and 2022, 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, the cash outflow from change in net working capital mainly arose from an increase in inventories primarily relating to the stocking up on the back of inflationary and supply chain pressures. In 2023, the line \u201cDividends received from /(paid by) equity-accounted investees\u201d includes the dividend paid to Belron\u2019s shareholders (\u20ac1,448.7m, of which \u20ac761.0m paid to D\u2019Ieteren Group) following the additional financing operated in April 2023 and the ordinary interim dividend paid in December 2023. In 2023, the line \u201cDisposal of treasury shares\u201d represents the proceeds from the disposal of own shares to existing shareholders (\u20ac150.0m, of which \u20ac50.0m to D\u2019Ieteren Group) (see note 17). In 2023 and 2022, the line \u201cNet proceeds from the sale & purchase of own shares (buyback from MRP participants)\u201d represents the net cash received from the sales and purchase of own shares to MRP participants (see note 17). In 2023, the line \u201cIncrease of other loans and borrowings\u201d mainly includes the additional financing operated in April 2023 (total amount of $870m \u2013 or \u20ac800m equivalent \u2013 with a maturity of 6 years). Moleskine In 2023, the line \u201cShare based payment and other employee benefit expenses\u201d mainly includes the full reversal of the outstanding provision for the Long-Term Incentive Program (LTIP) (\u20ac5.8m) while in 2022, this line mainly included the additional provision for the LTIP (-\u20ac2.6m). In 2023, the line \u201cChange in net working capital\u201d includes, amongst other amounts, a provision for an exceptional cash bonus granted to the management for the efforts and the business impact achieved these last years (-\u20ac2.3m). In 2023, the line \u201cInter-segment financing interests\u201d includes the reimbursement to the Corporate & unallocated segment of the 2023 interests on the shareholder loan. TVH In 2023 and 2022, the line \u201cother non-cash items\u201d mainly includes write down on inventories and receivables. In 2023 and 2022, the line \u201cshare based payment and other employee benefit expenses\u201d includes the provision for the Long-Term Incentive Program (LTIP) (-\u20ac2.6m in 2023 ; -\u20ac2.2m in 2022). In 2022, the cash outflow from change in net working capital mainly arose from a voluntary high level of inventory to face supply chain disruption. In 2023, the lines \u201cMovement of shareholder loan towards equity-accounted investee\u201d, \u201cproceeds from loans and borrowings\u201d and \u201crepayment of loans and borrowings\u201d include the reimbursment of the shareholder loan of \u20ac100m (of which \u20ac40m to the Corporate and Unallocated segment), and the cash outflow and inflows resulting from the conclusion of the new mid-term loan of \u20ac300m in December 2023 and the reimbursment of a large part of the outstanding straight loans. PHE In 2023 and 2022, the line \u201cshare based payment and other employee benefit expenses\u201d includes, amongst other amounts, the share-based payment expense (-\u20ac26.6m in 2023 and -\u20ac2.2m in 2022) recognised following the management plan put in place in October 2022 (see note 9). In 2023, the cash outflow from change in net working capital is mainly explained by the decision of PHE to decrease significantly non-recourse factoring by using cash received from the disposal of Mondial Pare-Brise (and therefore to reduce associated finance costs). In 2023, the line \u201cDisposal of subsidiaries (net of cash disposed of)\u201d includes the proceeds from the disposal of Mondial Pare-Brise closed in February 2023. In 2022, the line \u201ccash-flow from discontinued operations\u201d included the cash generated by PHE\u2019s specialized glass repair activity Mondial Pare-Brise (classified as held for sale at 31 thDecember 2022) from the date of acquisition of PHE (4 of August 2022). Disposal occurred in February 2023. Corporate & unallocated In 2022, the line \u201cother non-cash items\u201d mainly related to the gain realised on the disposal of properties in Belgium (\u20ac3.4m). In 2023 and 2022, the line \u201cshare based payment and other employee benefit expenses\u201d mainly includes the equity-settled share-based payment expenses (see note 9). In 2022, the line \u201cacquisition of subsidiaries (net of cash acquired)\u201d included the acquisition thof PHE (closed on the 4 of August 2022). See note 26 for more information on the business combination of PHE. In 2023, the line \u201cAcquisition of equity-accounted investees\u201d represents the acquisition in May 2023 of additional Belron\u2019s shares (-\u20ac50.0m, previously held by the Employee Benefit Trust). The additional shares acquired increased the fully diluted percentage of the Group in Belron from 50.01% to 50.30%, leading to a weighted average economic percentage of 50.20% in 2023 (see note 17). In 2023, the line \u201cProceeds from the sale of / (investments in) financial assets\u201d mainly comprises the cash movements related to the investments in a portfolio of marketable securities (mainly corporate bonds in Europe). In 2023 and 2022, the line \u201cDividends received from/(paid by) equity-accounted investees\u201d related to the share of the Group in the dividends (\u20ac761.0m in 2023 ; \u20ac212.5m in 2022) received from the Belron segment. In 2023, the line \u201cmovement of shareholder loan towards equity-accounted investee\u201d includes the reimbursment of the shareholder loan of TVH. In 2023 and 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 c. 9%. In 2023, the line \u201cInter-segment financing interests\u201d includes the reimbursement of the 2023 interests on the shareholder loan of Moleskine. The line \u201cDividends received from/(paid to) other segment\u201d includes the dividend received from the D\u2019Ieteren Automotive segment (\u20ac86.9m in 2023 ; \u20ac51.6m in 2022). The line \u201cDividends paid by the Company\u201d includes the distribution to shareholders of the ordinary dividend (2023: \u20ac3.00 per share; 2022: \u20ac2.10 per share).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__29": {
"value": "Geographical Segment Information (Year ended 31 December) The Group\u2019s operating segments (being D\u2019Ieteren Automotive, Moleskine, PHE and Corporate & unallocated) operate in four main geographical areas, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__31": {
"value": "Note 5: RevenueDisaggregation of revenue issued from contracts with customers for the year ended 31 December 2022 and 31 December 2023 is presented in the table below: \u20acm 2023 2022 D'Ieteren Automotive New vehicles 4,294.5 2,893.2 Used cars 449.2 305.9 Spare parts and accessories 319.2 275.1 After-sales activities 74.8 54.4 Other revenue 158.8 80.9 Subtotal D'Ieteren Automotive 5,296.5 3,609.5 Moleskine Europe, Middle-East and Africa (EMEA) 57.8 59.4 America 53.5 62.0 Asia-Pacific (APAC) 18.9 21.9 Subtotal Moleskine 130.2 143.3 PHE France 1,705.3 643.0 International 851.6 318.8 Subtotal PHE 2,556.9 961.8 Total Revenue 7,983.6 4,714.6 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__30": {
"value": "Note 5: RevenueDisaggregation of revenue issued from contracts with customers for the year ended 31 December 2022 and 31 December 2023 is presented in the table below: \u20acm 2023 2022 D'Ieteren Automotive New vehicles 4,294.5 2,893.2 Used cars 449.2 305.9 Spare parts and accessories 319.2 275.1 After-sales activities 74.8 54.4 Other revenue 158.8 80.9 Subtotal D'Ieteren Automotive 5,296.5 3,609.5 Moleskine Europe, Middle-East and Africa (EMEA) 57.8 59.4 America 53.5 62.0 Asia-Pacific (APAC) 18.9 21.9 Subtotal Moleskine 130.2 143.3 PHE France 1,705.3 643.0 International 851.6 318.8 Subtotal PHE 2,556.9 961.8 Total Revenue 7,983.6 4,714.6 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__41": {
"value": "Note 6: Operating resultOperating result is stated after charging: \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Purchases and changes in inventories -4,461.1 -27.7 -1,467.9 -3.6 -5,960.3 -2,999.9 -28.3 -555.0 -1.6 -3,584.8 Depreciation on PP&E & investment property -42.7 -6.0 -73.3 -9.9 -131.9 -24.2 -6.2 -28.4 -9.3 -68.1 Amortisation -7.8 -3.2 -45.2 - -56.2 -4.1 -3.6 -18.2 - -25.9 Write-down on inventories -9.7 0.7 -3.3 - -12.3 -0.4 0.4 2.3 - 2.3 Write down on receivables -1.9 0.2 -2.9 0.1 -4.5 -1.0 - -5.1 - -6.1 Employee benefit expenses (see note 10) -276.3 -19.5 -498.3 -22.1 -816.2 -208.7 -25.9 -183.3 -19.4 -437.3 Gain on sale of property, plant and equipment 1.7 - - - 1.7 2.3 - - 3.5 5.8 Loss on sale of property, plant and equipment -1.0 - - - -1.0 - - - - - Rental income from investment property - - - 6.6 6.6 - - - 5.0 5.0 Sundry\u207d\u00b2\u207e-306.3 -47.8 -299.6 19.8 -633.9 -227.6 -58.5 -134.7 16.8 -404.0 Net operating expenses / income -5,105.1 -103.3 -2,390.5 -9.1 -7,608.0 -3,463.6 -122.1 -922.4 -5.0 -4,513.1 (1) As restated \u2013 Refer to note 1 for more information on the restatement of comparative information. (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 gross margin, cost of sales, In 2022 and 2023, the line \u201cdepreciation on PP&E & investment property\u201d includes the and commercial and administrative expenses compared to 2022 are mainly explained by depreciation on right-of-use assets recognised in accordance with IFRS 16 (see note 32 for the integration of PHE in the consolidated statement of profit or loss as from the date of additional information on the right-of-use assets). acquisition (12 months in 2023 compared to 5 months in 2022) and to the operating performance of the D\u2019Ieteren Automotive segment. Similarly, the increase in the lines \u201cOther operating income\u201d and \u201cOther operating expenses\u201d are mainly due to the integration of PHE. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__40": {
"value": "Note 6: Operating resultOperating result is stated after charging: \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Purchases and changes in inventories -4,461.1 -27.7 -1,467.9 -3.6 -5,960.3 -2,999.9 -28.3 -555.0 -1.6 -3,584.8 Depreciation on PP&E & investment property -42.7 -6.0 -73.3 -9.9 -131.9 -24.2 -6.2 -28.4 -9.3 -68.1 Amortisation -7.8 -3.2 -45.2 - -56.2 -4.1 -3.6 -18.2 - -25.9 Write-down on inventories -9.7 0.7 -3.3 - -12.3 -0.4 0.4 2.3 - 2.3 Write down on receivables -1.9 0.2 -2.9 0.1 -4.5 -1.0 - -5.1 - -6.1 Employee benefit expenses (see note 10) -276.3 -19.5 -498.3 -22.1 -816.2 -208.7 -25.9 -183.3 -19.4 -437.3 Gain on sale of property, plant and equipment 1.7 - - - 1.7 2.3 - - 3.5 5.8 Loss on sale of property, plant and equipment -1.0 - - - -1.0 - - - - - Rental income from investment property - - - 6.6 6.6 - - - 5.0 5.0 Sundry\u207d\u00b2\u207e-306.3 -47.8 -299.6 19.8 -633.9 -227.6 -58.5 -134.7 16.8 -404.0 Net operating expenses / income -5,105.1 -103.3 -2,390.5 -9.1 -7,608.0 -3,463.6 -122.1 -922.4 -5.0 -4,513.1 (1) As restated \u2013 Refer to note 1 for more information on the restatement of comparative information. (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 gross margin, cost of sales, In 2022 and 2023, the line \u201cdepreciation on PP&E & investment property\u201d includes the and commercial and administrative expenses compared to 2022 are mainly explained by depreciation on right-of-use assets recognised in accordance with IFRS 16 (see note 32 for the integration of PHE in the consolidated statement of profit or loss as from the date of additional information on the right-of-use assets). acquisition (12 months in 2023 compared to 5 months in 2022) and to the operating performance of the D\u2019Ieteren Automotive segment. Similarly, the increase in the lines \u201cOther operating income\u201d and \u201cOther operating expenses\u201d are mainly due to the integration of PHE. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__39-1": {
"value": "Note 6: Operating resultOperating result is stated after charging: \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Purchases and changes in inventories -4,461.1 -27.7 -1,467.9 -3.6 -5,960.3 -2,999.9 -28.3 -555.0 -1.6 -3,584.8 Depreciation on PP&E & investment property -42.7 -6.0 -73.3 -9.9 -131.9 -24.2 -6.2 -28.4 -9.3 -68.1 Amortisation -7.8 -3.2 -45.2 - -56.2 -4.1 -3.6 -18.2 - -25.9 Write-down on inventories -9.7 0.7 -3.3 - -12.3 -0.4 0.4 2.3 - 2.3 Write down on receivables -1.9 0.2 -2.9 0.1 -4.5 -1.0 - -5.1 - -6.1 Employee benefit expenses (see note 10) -276.3 -19.5 -498.3 -22.1 -816.2 -208.7 -25.9 -183.3 -19.4 -437.3 Gain on sale of property, plant and equipment 1.7 - - - 1.7 2.3 - - 3.5 5.8 Loss on sale of property, plant and equipment -1.0 - - - -1.0 - - - - - Rental income from investment property - - - 6.6 6.6 - - - 5.0 5.0 Sundry\u207d\u00b2\u207e-306.3 -47.8 -299.6 19.8 -633.9 -227.6 -58.5 -134.7 16.8 -404.0 Net operating expenses / income -5,105.1 -103.3 -2,390.5 -9.1 -7,608.0 -3,463.6 -122.1 -922.4 -5.0 -4,513.1 (1) As restated \u2013 Refer to note 1 for more information on the restatement of comparative information. (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 gross margin, cost of sales, In 2022 and 2023, the line \u201cdepreciation on PP&E & investment property\u201d includes the and commercial and administrative expenses compared to 2022 are mainly explained by depreciation on right-of-use assets recognised in accordance with IFRS 16 (see note 32 for the integration of PHE in the consolidated statement of profit or loss as from the date of additional information on the right-of-use assets). acquisition (12 months in 2023 compared to 5 months in 2022) and to the operating performance of the D\u2019Ieteren Automotive segment. Similarly, the increase in the lines \u201cOther operating income\u201d and \u201cOther operating expenses\u201d are mainly due to the integration of PHE. \u20acm Brands (finite and Other Total indefinite useful lives) Gross amount at 1 January 2023\u207d\u00b9\u207e 649.6 670.6 1,320.2 Accumulated amortisation and impairment losses at 1 January 2023\u207d\u00b9\u207e - -80.4 -80.4 Carrying amount at 1 January 2023\u207d\u00b9\u207e 649.6 590.2 1,239.8 Additions: Items separately acquired - 27.4 27.4 Disposals - -0.4 -0.4 Amortisation - -56.2 -56.2 Transfer from (to) another caption - 24.0 24.0 Items acquired through business combinations (see note 26) - 8.0 8.0 Translation differences - -0.1 -0.1 Carrying amount at 31 December 2023 649.6 592.9 1,242.5 of which: gross amount 649.6 729.5 1,379.1 of which: accumulated amortisation and impairment losses - -136.6 -136.6 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\u207d\u00b9\u207e - -25.9 -25.9 Transfer from (to) another caption 0.2 -0.6 -0.4 Items acquired through business combinations\u207d\u00b9\u207e 246.6 560.8 807.4 Scope exit - -1.8 -1.8 Carrying amount at 31 December 2022\u207d\u00b9\u207e 649.6 590.2 1,239.8 of which: gross amount\u207d\u00b9\u207e 649.6 670.6 1,320.2 of which: accumulated amortisation and impairment losses\u207d\u00b9\u207e - -80.4 -80.4 (1) As restated \u2013 see note 1 for more information. \u20acm Plant and Assets under Property Total equipment construction Gross amount at 1 January 2023 748.5 497.9 32.5 1,278.9 Accumulated depreciation and impairment losses at 1 January 2023 -368.8 -344.0 - -712.8 Carrying amount at 1 January 2023 379.7 153.9 32.5 566.1 Additions 134.8 89.2 31.3 255.3 Disposals -4.3 -8.2 -12.0 -24.5 Depreciation on PP&E (including right-of-use assets) -65.7 -64.8 - -130.5 Reversal of impairment - 0.7 - 0.7 Transfer from (to) another caption 7.912.3 -15.0 5.2 Items acquired through business combinations (see note 26) 10.1 8.0 - 18.1 Translation differences -0.1 - - -0.1 Carrying amount at 31 December 2023 462.4 191.1 36.8 690.3 of which: gross amount 893.2566.0 36.8 1,496.0 of which: accumulated depreciation and impairment losses -430.8 -374.9 - -805.7 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 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 748.5497.9 32.5 1,278.9 of which: accumulated depreciation and impairment losses -368.8 -344.0 - -712.8\u20acm 2023 2022 Gross amount at 1 January 79.9 69.3 Accumulated depreciation at 1 January -38.1 -35.7 Carrying amount at 1 January 41.8 33.6 Additions - 0.1 Disposals -0.1 -0.1 Depreciation on PP&E & investment property -1.4 -1.5 Transfer from (to) another caption -0.2 9.7 Carrying amount at 31 December 40.1 41.8 of which: gross amount 79.5 79.9 of which: accumulated depreciation -39.4 -38.1 Fair value 66.7 61.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__38": {
"value": "Note 6: Operating resultOperating result is stated after charging: \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Purchases and changes in inventories -4,461.1 -27.7 -1,467.9 -3.6 -5,960.3 -2,999.9 -28.3 -555.0 -1.6 -3,584.8 Depreciation on PP&E & investment property -42.7 -6.0 -73.3 -9.9 -131.9 -24.2 -6.2 -28.4 -9.3 -68.1 Amortisation -7.8 -3.2 -45.2 - -56.2 -4.1 -3.6 -18.2 - -25.9 Write-down on inventories -9.7 0.7 -3.3 - -12.3 -0.4 0.4 2.3 - 2.3 Write down on receivables -1.9 0.2 -2.9 0.1 -4.5 -1.0 - -5.1 - -6.1 Employee benefit expenses (see note 10) -276.3 -19.5 -498.3 -22.1 -816.2 -208.7 -25.9 -183.3 -19.4 -437.3 Gain on sale of property, plant and equipment 1.7 - - - 1.7 2.3 - - 3.5 5.8 Loss on sale of property, plant and equipment -1.0 - - - -1.0 - - - - - Rental income from investment property - - - 6.6 6.6 - - - 5.0 5.0 Sundry\u207d\u00b2\u207e-306.3 -47.8 -299.6 19.8 -633.9 -227.6 -58.5 -134.7 16.8 -404.0 Net operating expenses / income -5,105.1 -103.3 -2,390.5 -9.1 -7,608.0 -3,463.6 -122.1 -922.4 -5.0 -4,513.1 (1) As restated \u2013 Refer to note 1 for more information on the restatement of comparative information. (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 gross margin, cost of sales, In 2022 and 2023, the line \u201cdepreciation on PP&E & investment property\u201d includes the and commercial and administrative expenses compared to 2022 are mainly explained by depreciation on right-of-use assets recognised in accordance with IFRS 16 (see note 32 for the integration of PHE in the consolidated statement of profit or loss as from the date of additional information on the right-of-use assets). acquisition (12 months in 2023 compared to 5 months in 2022) and to the operating performance of the D\u2019Ieteren Automotive segment. Similarly, the increase in the lines \u201cOther operating income\u201d and \u201cOther operating expenses\u201d are mainly due to the integration of PHE. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__37": {
"value": "Note 6: Operating resultOperating result is stated after charging: \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Purchases and changes in inventories -4,461.1 -27.7 -1,467.9 -3.6 -5,960.3 -2,999.9 -28.3 -555.0 -1.6 -3,584.8 Depreciation on PP&E & investment property -42.7 -6.0 -73.3 -9.9 -131.9 -24.2 -6.2 -28.4 -9.3 -68.1 Amortisation -7.8 -3.2 -45.2 - -56.2 -4.1 -3.6 -18.2 - -25.9 Write-down on inventories -9.7 0.7 -3.3 - -12.3 -0.4 0.4 2.3 - 2.3 Write down on receivables -1.9 0.2 -2.9 0.1 -4.5 -1.0 - -5.1 - -6.1 Employee benefit expenses (see note 10) -276.3 -19.5 -498.3 -22.1 -816.2 -208.7 -25.9 -183.3 -19.4 -437.3 Gain on sale of property, plant and equipment 1.7 - - - 1.7 2.3 - - 3.5 5.8 Loss on sale of property, plant and equipment -1.0 - - - -1.0 - - - - - Rental income from investment property - - - 6.6 6.6 - - - 5.0 5.0 Sundry\u207d\u00b2\u207e-306.3 -47.8 -299.6 19.8 -633.9 -227.6 -58.5 -134.7 16.8 -404.0 Net operating expenses / income -5,105.1 -103.3 -2,390.5 -9.1 -7,608.0 -3,463.6 -122.1 -922.4 -5.0 -4,513.1 (1) As restated \u2013 Refer to note 1 for more information on the restatement of comparative information. (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 gross margin, cost of sales, In 2022 and 2023, the line \u201cdepreciation on PP&E & investment property\u201d includes the and commercial and administrative expenses compared to 2022 are mainly explained by depreciation on right-of-use assets recognised in accordance with IFRS 16 (see note 32 for the integration of PHE in the consolidated statement of profit or loss as from the date of additional information on the right-of-use assets). acquisition (12 months in 2023 compared to 5 months in 2022) and to the operating performance of the D\u2019Ieteren Automotive segment. Similarly, the increase in the lines \u201cOther operating income\u201d and \u201cOther operating expenses\u201d are mainly due to the integration of PHE. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__36": {
"value": "Note 6: Operating resultOperating result is stated after charging: \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Purchases and changes in inventories -4,461.1 -27.7 -1,467.9 -3.6 -5,960.3 -2,999.9 -28.3 -555.0 -1.6 -3,584.8 Depreciation on PP&E & investment property -42.7 -6.0 -73.3 -9.9 -131.9 -24.2 -6.2 -28.4 -9.3 -68.1 Amortisation -7.8 -3.2 -45.2 - -56.2 -4.1 -3.6 -18.2 - -25.9 Write-down on inventories -9.7 0.7 -3.3 - -12.3 -0.4 0.4 2.3 - 2.3 Write down on receivables -1.9 0.2 -2.9 0.1 -4.5 -1.0 - -5.1 - -6.1 Employee benefit expenses (see note 10) -276.3 -19.5 -498.3 -22.1 -816.2 -208.7 -25.9 -183.3 -19.4 -437.3 Gain on sale of property, plant and equipment 1.7 - - - 1.7 2.3 - - 3.5 5.8 Loss on sale of property, plant and equipment -1.0 - - - -1.0 - - - - - Rental income from investment property - - - 6.6 6.6 - - - 5.0 5.0 Sundry\u207d\u00b2\u207e-306.3 -47.8 -299.6 19.8 -633.9 -227.6 -58.5 -134.7 16.8 -404.0 Net operating expenses / income -5,105.1 -103.3 -2,390.5 -9.1 -7,608.0 -3,463.6 -122.1 -922.4 -5.0 -4,513.1 (1) As restated \u2013 Refer to note 1 for more information on the restatement of comparative information. (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 gross margin, cost of sales, In 2022 and 2023, the line \u201cdepreciation on PP&E & investment property\u201d includes the and commercial and administrative expenses compared to 2022 are mainly explained by depreciation on right-of-use assets recognised in accordance with IFRS 16 (see note 32 for the integration of PHE in the consolidated statement of profit or loss as from the date of additional information on the right-of-use assets). acquisition (12 months in 2023 compared to 5 months in 2022) and to the operating performance of the D\u2019Ieteren Automotive segment. Similarly, the increase in the lines \u201cOther operating income\u201d and \u201cOther operating expenses\u201d are mainly due to the integration of PHE. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__35": {
"value": "Note 6: Operating resultOperating result is stated after charging: \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Purchases and changes in inventories -4,461.1 -27.7 -1,467.9 -3.6 -5,960.3 -2,999.9 -28.3 -555.0 -1.6 -3,584.8 Depreciation on PP&E & investment property -42.7 -6.0 -73.3 -9.9 -131.9 -24.2 -6.2 -28.4 -9.3 -68.1 Amortisation -7.8 -3.2 -45.2 - -56.2 -4.1 -3.6 -18.2 - -25.9 Write-down on inventories -9.7 0.7 -3.3 - -12.3 -0.4 0.4 2.3 - 2.3 Write down on receivables -1.9 0.2 -2.9 0.1 -4.5 -1.0 - -5.1 - -6.1 Employee benefit expenses (see note 10) -276.3 -19.5 -498.3 -22.1 -816.2 -208.7 -25.9 -183.3 -19.4 -437.3 Gain on sale of property, plant and equipment 1.7 - - - 1.7 2.3 - - 3.5 5.8 Loss on sale of property, plant and equipment -1.0 - - - -1.0 - - - - - Rental income from investment property - - - 6.6 6.6 - - - 5.0 5.0 Sundry\u207d\u00b2\u207e-306.3 -47.8 -299.6 19.8 -633.9 -227.6 -58.5 -134.7 16.8 -404.0 Net operating expenses / income -5,105.1 -103.3 -2,390.5 -9.1 -7,608.0 -3,463.6 -122.1 -922.4 -5.0 -4,513.1 (1) As restated \u2013 Refer to note 1 for more information on the restatement of comparative information. (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 gross margin, cost of sales, In 2022 and 2023, the line \u201cdepreciation on PP&E & investment property\u201d includes the and commercial and administrative expenses compared to 2022 are mainly explained by depreciation on right-of-use assets recognised in accordance with IFRS 16 (see note 32 for the integration of PHE in the consolidated statement of profit or loss as from the date of additional information on the right-of-use assets). acquisition (12 months in 2023 compared to 5 months in 2022) and to the operating performance of the D\u2019Ieteren Automotive segment. Similarly, the increase in the lines \u201cOther operating income\u201d and \u201cOther operating expenses\u201d are mainly due to the integration of PHE. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__34": {
"value": "Note 6: Operating resultOperating result is stated after charging: \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Purchases and changes in inventories -4,461.1 -27.7 -1,467.9 -3.6 -5,960.3 -2,999.9 -28.3 -555.0 -1.6 -3,584.8 Depreciation on PP&E & investment property -42.7 -6.0 -73.3 -9.9 -131.9 -24.2 -6.2 -28.4 -9.3 -68.1 Amortisation -7.8 -3.2 -45.2 - -56.2 -4.1 -3.6 -18.2 - -25.9 Write-down on inventories -9.7 0.7 -3.3 - -12.3 -0.4 0.4 2.3 - 2.3 Write down on receivables -1.9 0.2 -2.9 0.1 -4.5 -1.0 - -5.1 - -6.1 Employee benefit expenses (see note 10) -276.3 -19.5 -498.3 -22.1 -816.2 -208.7 -25.9 -183.3 -19.4 -437.3 Gain on sale of property, plant and equipment 1.7 - - - 1.7 2.3 - - 3.5 5.8 Loss on sale of property, plant and equipment -1.0 - - - -1.0 - - - - - Rental income from investment property - - - 6.6 6.6 - - - 5.0 5.0 Sundry\u207d\u00b2\u207e-306.3 -47.8 -299.6 19.8 -633.9 -227.6 -58.5 -134.7 16.8 -404.0 Net operating expenses / income -5,105.1 -103.3 -2,390.5 -9.1 -7,608.0 -3,463.6 -122.1 -922.4 -5.0 -4,513.1 (1) As restated \u2013 Refer to note 1 for more information on the restatement of comparative information. (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 gross margin, cost of sales, In 2022 and 2023, the line \u201cdepreciation on PP&E & investment property\u201d includes the and commercial and administrative expenses compared to 2022 are mainly explained by depreciation on right-of-use assets recognised in accordance with IFRS 16 (see note 32 for the integration of PHE in the consolidated statement of profit or loss as from the date of additional information on the right-of-use assets). acquisition (12 months in 2023 compared to 5 months in 2022) and to the operating performance of the D\u2019Ieteren Automotive segment. Similarly, the increase in the lines \u201cOther operating income\u201d and \u201cOther operating expenses\u201d are mainly due to the integration of PHE. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__33": {
"value": "Note 6: Operating resultOperating result is stated after charging: \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Purchases and changes in inventories -4,461.1 -27.7 -1,467.9 -3.6 -5,960.3 -2,999.9 -28.3 -555.0 -1.6 -3,584.8 Depreciation on PP&E & investment property -42.7 -6.0 -73.3 -9.9 -131.9 -24.2 -6.2 -28.4 -9.3 -68.1 Amortisation -7.8 -3.2 -45.2 - -56.2 -4.1 -3.6 -18.2 - -25.9 Write-down on inventories -9.7 0.7 -3.3 - -12.3 -0.4 0.4 2.3 - 2.3 Write down on receivables -1.9 0.2 -2.9 0.1 -4.5 -1.0 - -5.1 - -6.1 Employee benefit expenses (see note 10) -276.3 -19.5 -498.3 -22.1 -816.2 -208.7 -25.9 -183.3 -19.4 -437.3 Gain on sale of property, plant and equipment 1.7 - - - 1.7 2.3 - - 3.5 5.8 Loss on sale of property, plant and equipment -1.0 - - - -1.0 - - - - - Rental income from investment property - - - 6.6 6.6 - - - 5.0 5.0 Sundry\u207d\u00b2\u207e-306.3 -47.8 -299.6 19.8 -633.9 -227.6 -58.5 -134.7 16.8 -404.0 Net operating expenses / income -5,105.1 -103.3 -2,390.5 -9.1 -7,608.0 -3,463.6 -122.1 -922.4 -5.0 -4,513.1 (1) As restated \u2013 Refer to note 1 for more information on the restatement of comparative information. (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 gross margin, cost of sales, In 2022 and 2023, the line \u201cdepreciation on PP&E & investment property\u201d includes the and commercial and administrative expenses compared to 2022 are mainly explained by depreciation on right-of-use assets recognised in accordance with IFRS 16 (see note 32 for the integration of PHE in the consolidated statement of profit or loss as from the date of additional information on the right-of-use assets). acquisition (12 months in 2023 compared to 5 months in 2022) and to the operating performance of the D\u2019Ieteren Automotive segment. Similarly, the increase in the lines \u201cOther operating income\u201d and \u201cOther operating expenses\u201d are mainly due to the integration of PHE. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__32": {
"value": "Note 6: Operating resultOperating result is stated after charging: \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Purchases and changes in inventories -4,461.1 -27.7 -1,467.9 -3.6 -5,960.3 -2,999.9 -28.3 -555.0 -1.6 -3,584.8 Depreciation on PP&E & investment property -42.7 -6.0 -73.3 -9.9 -131.9 -24.2 -6.2 -28.4 -9.3 -68.1 Amortisation -7.8 -3.2 -45.2 - -56.2 -4.1 -3.6 -18.2 - -25.9 Write-down on inventories -9.7 0.7 -3.3 - -12.3 -0.4 0.4 2.3 - 2.3 Write down on receivables -1.9 0.2 -2.9 0.1 -4.5 -1.0 - -5.1 - -6.1 Employee benefit expenses (see note 10) -276.3 -19.5 -498.3 -22.1 -816.2 -208.7 -25.9 -183.3 -19.4 -437.3 Gain on sale of property, plant and equipment 1.7 - - - 1.7 2.3 - - 3.5 5.8 Loss on sale of property, plant and equipment -1.0 - - - -1.0 - - - - - Rental income from investment property - - - 6.6 6.6 - - - 5.0 5.0 Sundry\u207d\u00b2\u207e-306.3 -47.8 -299.6 19.8 -633.9 -227.6 -58.5 -134.7 16.8 -404.0 Net operating expenses / income -5,105.1 -103.3 -2,390.5 -9.1 -7,608.0 -3,463.6 -122.1 -922.4 -5.0 -4,513.1 (1) As restated \u2013 Refer to note 1 for more information on the restatement of comparative information. (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 gross margin, cost of sales, In 2022 and 2023, the line \u201cdepreciation on PP&E & investment property\u201d includes the and commercial and administrative expenses compared to 2022 are mainly explained by depreciation on right-of-use assets recognised in accordance with IFRS 16 (see note 32 for the integration of PHE in the consolidated statement of profit or loss as from the date of additional information on the right-of-use assets). acquisition (12 months in 2023 compared to 5 months in 2022) and to the operating performance of the D\u2019Ieteren Automotive segment. Similarly, the increase in the lines \u201cOther operating income\u201d and \u201cOther operating expenses\u201d are mainly due to the integration of PHE. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__47": {
"value": "Note 7: Net finance costsNet finance costs are broken down as follows: \u20acm 2023 2022 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Finance costs: Interest expense -14.3 -0.8 -81.3 -0.3 -96.7 -3.2 -1.6 -31.2 -0.8 -36.8 Interest costs on pension -0.2 -0.1 -0.9 - -1.2 -0.1 - -0.1 - -0.2 Other financial charges -2.9 -0.7 -11.4 -0.5 -15.5 -1.4 -0.8 - -0.4 -2.6 Subtotal finance costs -17.4 -1.6 -93.6 -0.8 -113.4 -4.7 -2.4 -31.3 -1.2 -39.6 Re-measurements of financial instruments: Measured at fair value upon initial recognition - - -10.5 -19.6 -30.1 - - - - - Finance income 1.5 0.5 4.3 17.8 24.1 11.2 2.1 0.2 3.3 16.8 Inter-segment financing interests - -20.1 - 20.1 - - -10.7 - 10.7 - Net finance costs -15.9 -21.2 -99.8 17.5 -119.4 6.5 -11.0 -31.1 12.8 -22.8 In 2022 and 2023, 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 profit or loss as from the date of acquisition (12 months in 2023 compared to 5 months in 2022), higher interest expense on the \u20ac100m amortising term loan and the \u20ac225m revolving credit facility in the D\u2019Ieteren Automotive segment (-\u20ac5.7m in 2023; -\u20ac1.1m in 2022), and to additional interests expenses on lease liabilities following the increase in interest rates in 2023. In the PHE segment, the interest expenses mainly include interests on senior secured notes and revolving credit facilities and interest charges on lease liabilities. Other financial charges include, amongst other amounts, the accelerated depreciation of deferred financing costs following the refinancing closed in February 2024 (see note 34). In 2023, the re-measurements of financial instruments include the change in fair value of interest rates swaps and caps and deferred consideration on acquisitions in the PHE segment, and an impairment charge related to an outstanding investment (\u20ac114.4m at 31 December 2023 prior to the impairment) in the Supply Chain Finance Fund managed by Credit Suisse in the Corporate and unallocated segment (see note 4 for more information on this investment). The increase in finance income compared to 2022 is largely explained by the higher interests rates and the higher amount of cash and cash equivalents and other financial assets held in the Corporate and unallocated segment, partially offset by the consolidated gain recognised on the loss of exclusive control of entities in the D\u2019Ieteren Automotive segment in 2022 (\u20ac10.2m). In 2022 and 2023, 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). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__46": {
"value": "Note 7: Net finance costsNet finance costs are broken down as follows: \u20acm 2023 2022 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Finance costs: Interest expense -14.3 -0.8 -81.3 -0.3 -96.7 -3.2 -1.6 -31.2 -0.8 -36.8 Interest costs on pension -0.2 -0.1 -0.9 - -1.2 -0.1 - -0.1 - -0.2 Other financial charges -2.9 -0.7 -11.4 -0.5 -15.5 -1.4 -0.8 - -0.4 -2.6 Subtotal finance costs -17.4 -1.6 -93.6 -0.8 -113.4 -4.7 -2.4 -31.3 -1.2 -39.6 Re-measurements of financial instruments: Measured at fair value upon initial recognition - - -10.5 -19.6 -30.1 - - - - - Finance income 1.5 0.5 4.3 17.8 24.1 11.2 2.1 0.2 3.3 16.8 Inter-segment financing interests - -20.1 - 20.1 - - -10.7 - 10.7 - Net finance costs -15.9 -21.2 -99.8 17.5 -119.4 6.5 -11.0 -31.1 12.8 -22.8 In 2022 and 2023, 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 profit or loss as from the date of acquisition (12 months in 2023 compared to 5 months in 2022), higher interest expense on the \u20ac100m amortising term loan and the \u20ac225m revolving credit facility in the D\u2019Ieteren Automotive segment (-\u20ac5.7m in 2023; -\u20ac1.1m in 2022), and to additional interests expenses on lease liabilities following the increase in interest rates in 2023. In the PHE segment, the interest expenses mainly include interests on senior secured notes and revolving credit facilities and interest charges on lease liabilities. Other financial charges include, amongst other amounts, the accelerated depreciation of deferred financing costs following the refinancing closed in February 2024 (see note 34). In 2023, the re-measurements of financial instruments include the change in fair value of interest rates swaps and caps and deferred consideration on acquisitions in the PHE segment, and an impairment charge related to an outstanding investment (\u20ac114.4m at 31 December 2023 prior to the impairment) in the Supply Chain Finance Fund managed by Credit Suisse in the Corporate and unallocated segment (see note 4 for more information on this investment). The increase in finance income compared to 2022 is largely explained by the higher interests rates and the higher amount of cash and cash equivalents and other financial assets held in the Corporate and unallocated segment, partially offset by the consolidated gain recognised on the loss of exclusive control of entities in the D\u2019Ieteren Automotive segment in 2022 (\u20ac10.2m). In 2022 and 2023, 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). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__45": {
"value": "Note 7: Net finance costsNet finance costs are broken down as follows: \u20acm 2023 2022 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Finance costs: Interest expense -14.3 -0.8 -81.3 -0.3 -96.7 -3.2 -1.6 -31.2 -0.8 -36.8 Interest costs on pension -0.2 -0.1 -0.9 - -1.2 -0.1 - -0.1 - -0.2 Other financial charges -2.9 -0.7 -11.4 -0.5 -15.5 -1.4 -0.8 - -0.4 -2.6 Subtotal finance costs -17.4 -1.6 -93.6 -0.8 -113.4 -4.7 -2.4 -31.3 -1.2 -39.6 Re-measurements of financial instruments: Measured at fair value upon initial recognition - - -10.5 -19.6 -30.1 - - - - - Finance income 1.5 0.5 4.3 17.8 24.1 11.2 2.1 0.2 3.3 16.8 Inter-segment financing interests - -20.1 - 20.1 - - -10.7 - 10.7 - Net finance costs -15.9 -21.2 -99.8 17.5 -119.4 6.5 -11.0 -31.1 12.8 -22.8 In 2022 and 2023, 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 profit or loss as from the date of acquisition (12 months in 2023 compared to 5 months in 2022), higher interest expense on the \u20ac100m amortising term loan and the \u20ac225m revolving credit facility in the D\u2019Ieteren Automotive segment (-\u20ac5.7m in 2023; -\u20ac1.1m in 2022), and to additional interests expenses on lease liabilities following the increase in interest rates in 2023. In the PHE segment, the interest expenses mainly include interests on senior secured notes and revolving credit facilities and interest charges on lease liabilities. Other financial charges include, amongst other amounts, the accelerated depreciation of deferred financing costs following the refinancing closed in February 2024 (see note 34). In 2023, the re-measurements of financial instruments include the change in fair value of interest rates swaps and caps and deferred consideration on acquisitions in the PHE segment, and an impairment charge related to an outstanding investment (\u20ac114.4m at 31 December 2023 prior to the impairment) in the Supply Chain Finance Fund managed by Credit Suisse in the Corporate and unallocated segment (see note 4 for more information on this investment). The increase in finance income compared to 2022 is largely explained by the higher interests rates and the higher amount of cash and cash equivalents and other financial assets held in the Corporate and unallocated segment, partially offset by the consolidated gain recognised on the loss of exclusive control of entities in the D\u2019Ieteren Automotive segment in 2022 (\u20ac10.2m). In 2022 and 2023, 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). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__44": {
"value": "Note 7: Net finance costsNet finance costs are broken down as follows: \u20acm 2023 2022 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Finance costs: Interest expense -14.3 -0.8 -81.3 -0.3 -96.7 -3.2 -1.6 -31.2 -0.8 -36.8 Interest costs on pension -0.2 -0.1 -0.9 - -1.2 -0.1 - -0.1 - -0.2 Other financial charges -2.9 -0.7 -11.4 -0.5 -15.5 -1.4 -0.8 - -0.4 -2.6 Subtotal finance costs -17.4 -1.6 -93.6 -0.8 -113.4 -4.7 -2.4 -31.3 -1.2 -39.6 Re-measurements of financial instruments: Measured at fair value upon initial recognition - - -10.5 -19.6 -30.1 - - - - - Finance income 1.5 0.5 4.3 17.8 24.1 11.2 2.1 0.2 3.3 16.8 Inter-segment financing interests - -20.1 - 20.1 - - -10.7 - 10.7 - Net finance costs -15.9 -21.2 -99.8 17.5 -119.4 6.5 -11.0 -31.1 12.8 -22.8 In 2022 and 2023, 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 profit or loss as from the date of acquisition (12 months in 2023 compared to 5 months in 2022), higher interest expense on the \u20ac100m amortising term loan and the \u20ac225m revolving credit facility in the D\u2019Ieteren Automotive segment (-\u20ac5.7m in 2023; -\u20ac1.1m in 2022), and to additional interests expenses on lease liabilities following the increase in interest rates in 2023. In the PHE segment, the interest expenses mainly include interests on senior secured notes and revolving credit facilities and interest charges on lease liabilities. Other financial charges include, amongst other amounts, the accelerated depreciation of deferred financing costs following the refinancing closed in February 2024 (see note 34). In 2023, the re-measurements of financial instruments include the change in fair value of interest rates swaps and caps and deferred consideration on acquisitions in the PHE segment, and an impairment charge related to an outstanding investment (\u20ac114.4m at 31 December 2023 prior to the impairment) in the Supply Chain Finance Fund managed by Credit Suisse in the Corporate and unallocated segment (see note 4 for more information on this investment). The increase in finance income compared to 2022 is largely explained by the higher interests rates and the higher amount of cash and cash equivalents and other financial assets held in the Corporate and unallocated segment, partially offset by the consolidated gain recognised on the loss of exclusive control of entities in the D\u2019Ieteren Automotive segment in 2022 (\u20ac10.2m). In 2022 and 2023, 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). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__43": {
"value": "Note 7: Net finance costsNet finance costs are broken down as follows: \u20acm 2023 2022 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Finance costs: Interest expense -14.3 -0.8 -81.3 -0.3 -96.7 -3.2 -1.6 -31.2 -0.8 -36.8 Interest costs on pension -0.2 -0.1 -0.9 - -1.2 -0.1 - -0.1 - -0.2 Other financial charges -2.9 -0.7 -11.4 -0.5 -15.5 -1.4 -0.8 - -0.4 -2.6 Subtotal finance costs -17.4 -1.6 -93.6 -0.8 -113.4 -4.7 -2.4 -31.3 -1.2 -39.6 Re-measurements of financial instruments: Measured at fair value upon initial recognition - - -10.5 -19.6 -30.1 - - - - - Finance income 1.5 0.5 4.3 17.8 24.1 11.2 2.1 0.2 3.3 16.8 Inter-segment financing interests - -20.1 - 20.1 - - -10.7 - 10.7 - Net finance costs -15.9 -21.2 -99.8 17.5 -119.4 6.5 -11.0 -31.1 12.8 -22.8 In 2022 and 2023, 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 profit or loss as from the date of acquisition (12 months in 2023 compared to 5 months in 2022), higher interest expense on the \u20ac100m amortising term loan and the \u20ac225m revolving credit facility in the D\u2019Ieteren Automotive segment (-\u20ac5.7m in 2023; -\u20ac1.1m in 2022), and to additional interests expenses on lease liabilities following the increase in interest rates in 2023. In the PHE segment, the interest expenses mainly include interests on senior secured notes and revolving credit facilities and interest charges on lease liabilities. Other financial charges include, amongst other amounts, the accelerated depreciation of deferred financing costs following the refinancing closed in February 2024 (see note 34). In 2023, the re-measurements of financial instruments include the change in fair value of interest rates swaps and caps and deferred consideration on acquisitions in the PHE segment, and an impairment charge related to an outstanding investment (\u20ac114.4m at 31 December 2023 prior to the impairment) in the Supply Chain Finance Fund managed by Credit Suisse in the Corporate and unallocated segment (see note 4 for more information on this investment). The increase in finance income compared to 2022 is largely explained by the higher interests rates and the higher amount of cash and cash equivalents and other financial assets held in the Corporate and unallocated segment, partially offset by the consolidated gain recognised on the loss of exclusive control of entities in the D\u2019Ieteren Automotive segment in 2022 (\u20ac10.2m). In 2022 and 2023, 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). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__42": {
"value": "Note 7: Net finance costsNet finance costs are broken down as follows: \u20acm 2023 2022 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Finance costs: Interest expense -14.3 -0.8 -81.3 -0.3 -96.7 -3.2 -1.6 -31.2 -0.8 -36.8 Interest costs on pension -0.2 -0.1 -0.9 - -1.2 -0.1 - -0.1 - -0.2 Other financial charges -2.9 -0.7 -11.4 -0.5 -15.5 -1.4 -0.8 - -0.4 -2.6 Subtotal finance costs -17.4 -1.6 -93.6 -0.8 -113.4 -4.7 -2.4 -31.3 -1.2 -39.6 Re-measurements of financial instruments: Measured at fair value upon initial recognition - - -10.5 -19.6 -30.1 - - - - - Finance income 1.5 0.5 4.3 17.8 24.1 11.2 2.1 0.2 3.3 16.8 Inter-segment financing interests - -20.1 - 20.1 - - -10.7 - 10.7 - Net finance costs -15.9 -21.2 -99.8 17.5 -119.4 6.5 -11.0 -31.1 12.8 -22.8 In 2022 and 2023, 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 profit or loss as from the date of acquisition (12 months in 2023 compared to 5 months in 2022), higher interest expense on the \u20ac100m amortising term loan and the \u20ac225m revolving credit facility in the D\u2019Ieteren Automotive segment (-\u20ac5.7m in 2023; -\u20ac1.1m in 2022), and to additional interests expenses on lease liabilities following the increase in interest rates in 2023. In the PHE segment, the interest expenses mainly include interests on senior secured notes and revolving credit facilities and interest charges on lease liabilities. Other financial charges include, amongst other amounts, the accelerated depreciation of deferred financing costs following the refinancing closed in February 2024 (see note 34). In 2023, the re-measurements of financial instruments include the change in fair value of interest rates swaps and caps and deferred consideration on acquisitions in the PHE segment, and an impairment charge related to an outstanding investment (\u20ac114.4m at 31 December 2023 prior to the impairment) in the Supply Chain Finance Fund managed by Credit Suisse in the Corporate and unallocated segment (see note 4 for more information on this investment). The increase in finance income compared to 2022 is largely explained by the higher interests rates and the higher amount of cash and cash equivalents and other financial assets held in the Corporate and unallocated segment, partially offset by the consolidated gain recognised on the loss of exclusive control of entities in the D\u2019Ieteren Automotive segment in 2022 (\u20ac10.2m). In 2022 and 2023, 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). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__48": {
"value": "Note 8: Earnings per shareEarnings 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 53,021,486 (53,230,995 in the prior period) and the weighted average number of ordinary shares taken into account for diluted EPS is 53,422,347 (53,810,452 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 were added to the weighted average number of shares of the Company taken into account for diluted earnings per share in 2022 and 2023 as option exercise prices were below the average market share price. The computation of basic and diluted EPS is set out hereafter: 2023 2022\u207d\u00b9\u207e Result for the period attributable to equity holders 504.7 332.7 Adjustment for participating shares -5.9 -3.9 Numerator for EPS (\u20acm) (a) 498.8 328.8 Result from continuing operations 510.3 329.9 Share of non-controlling interests in result from -5.6 -0.1 continuing operations Result from continuing operations attributable to equity 504.7 329.8 holders Adjustment for participating shares -5.9 -3.8 Numerator for continuing EPS (in \u20acm) (b) 498.8 326.0 Weighted average number of ordinary shares (c) 53,021,486 53,230,995 outstanding during the period Adjustment for stock option plans 400,861 579,457 Weighted average number of ordinary shares taken into (d) 53,422,347 53,810,452 account for diluted EPS Result for the period attributable to equity holders Basic EPS (in \u20ac) (a)/(c) 9.41 6.18 Diluted EPS (\u20ac) (a)/(d) 9.34 6.11 Result from continuing operations attributable to equity holders Basic continuing EPS (in \u20ac) (b)/(c) 9.41 6.13 Diluted continuing EPS (in \u20ac) (b)/(d) 9.34 6.06 (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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__49": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__50": {
"value": "Note 9: Share-based paymentsCorporate & 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: Number of options (in Date of grant Exercise price Exercise period units) 2023 2022 (\u20ac) From To 2023 13,333 - 153.60 1/01/2027 7/09/2033 2023 168,500 - 185.17 1/01/2027 8/03/2033 2022 183,000 183,000 118.10 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 3,000 185,000 33.19 1/01/2023 28/02/2022018 - 4,250 33.32 1/01/2022 5/06/2028 2016 11,394 13,376 29.18 1/01/2020 13/03/2026 2016 5,866 10,866 26.62 1/01/2020 21/01/2026 2015 17,918 18,938 29.54 1/01/2019 12/03/2025 2015 7,878 8,204 29.54 1/01/2019 12/03/2025 2013 - 4,214 32.20 1/01/2017 24/11/2023 Total 749,389 766,348 All outstanding options are covered by treasury shares (see note 22). 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) 2023 2022 2023 2022 Outstanding options at the beginning of the 766,348 1,009,331 64.55 41.69 period Granted during the period 181,833 183,000 182.86 118.10 Exercised during the period -198,792 -423,918 32.94 33.43 Other movements during the period - -2,065 - 26.21 Outstanding options at the end of the period 749,389 766,348 101.64 64.55 of which: exercisable at the end of the 46,056 59,848 29.32 29.39 period The average share price during the period was \u20ac164.83 (2022: \u20ac154.87). Other movements in 2022 related 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 2023 7.4 31 December 2022 7.4 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 \u20ac5.3m (covering the options granted from 2020 to 2023) 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 2022 and 2023 issues were as follows: 2023 2022 Number of employees 2 20 21 Spot share price (in \u20ac) 153.6 169.7 142.8 Option exercise price (in \u20ac) 153.6 185.2 118.1 Vesting period (in years) 3.3 3.8 3.8 Weighted average fair value per option (in \u20ac) 30.6 26.7 51.8 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. In 2022, another 38.339 options have been granted as well as 46.337 options in 2023, translating into 357.280 options granted as of the end of December 2023 (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, the last period ending on the 21 March 2027 for the options granted in 2021 and 2022 and on the 15 May 2028 for the options granted in 2023. All granted options are therefore outstanding as at 31 December 2023 with a weighted average remaining contractual life of 3.4 years. The fair value of the options granted has been assessed on the 31 December 2023 based on the classical closed-form Black & Scholes formula for European options. IFRS 2 \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 recognised in profit or loss for the period. In 2023, a non-cash charge of -\u20ac26.0m (2022: -\u20ac7.2m) has been recognised in employee benefit expenses for this share-based payment 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. PHE Following the acquisition of PHE by the Group, a Management Reward Plan (MRP) has been put in place, whereby the Group granted free shares to PHE\u2019s key management personnel. In 2022 the Group granted free \u201cratchet\u201d shares of the mother company of PHE (Lake SAS). These shares have no economic value until a liquidity event occurs (the holders of the shares will then be entitled to an amount equal to a percentage of the Project Capital Gain). In addition, in March and November 2023, free ordinary shares, free preference shares and free \u201cratchet\u201d shares were granted to PHE\u2019s key management personnel, each category of shares having different rights at liquidity. Free preference shares bear a fixed annual compounding interest of 7%. 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 2023, the Group accounted for a non-cash share-based payment expense of -\u20ac26.6m (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. The fair value of these shares has been assessed on the 31 of December 2023 by a third-party based on a binomial approach. There were also -\u20ac3.3m of social charges related to this expense and included in \u201cemployee benefits\u201d (see note 10).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__51": {
"value": "Note 10: Employee benefitsNote 10.1: Employee benefit expense The employee benefit expense is analysed below: \u20acm 2023 2022 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Retirement benefit charges under defined contribution - - -2.9 - -2.9 - - -1.1 - -1.1 schemes Retirement benefit charges under Belgian defined contribution schemes considered as defined benefit -4.9 - - -0.3 -5.2 -4.0 - - -0.3 -4.3 schemes Retirement benefit charges under defined benefit - -0.6 - - -0.6 - -0.6 - - -0.6 schemes Total retirement benefit charge (see note 10.2) -4.9 -0.6 -2.9 -0.3 -8.7 -4.0 -0.6 -1.1 -0.3 -6.0 Wages, salaries and social security costs -245.4 -24.7 -465.5 -15.8 -751.4 -197.5 -22.7 -180.0 -14.9 -415.1 Share-based payments and LTIP expenses -26.0 5.8 -29.9 -6.0 -56.1 -7.2 -2.6 -2.2 -4.2 -16.2 Total employee benefit expense -276.3 -19.5 -498.3 -22.1 -816.2 -208.7 -25.9 -183.3 -19.4 -437.3 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 such as provisions for long-term incentive plans. The amounts recognised in the statement of financial position in the lines \u201cemployee benefits\u201d are summarised as follows, depending on the net position of each pension scheme: \u20acm 2023 2022\u207d\u00b9\u207e Long-term employee benefit assets - - Long-term employee benefit obligations -44.3 -44.9 Recognised net deficit (-) / surplus (+) in the schemes -44.3 -44.9 of which: amount expected to be settled within 12 months -1.0 -1.4 of which: amount expected to be settled in more than 12 months -43.3 -43.5 Obligation arising from long-term incentive plans -34.6 -10.0 Total employee benefit obligation (-) / assets (+) -78.9 -54.9 (1) As restated \u2013 see note 1 for more information Post-employment employee benefits are analysed below. Where relevant, information relating to long-term incentive programs are disclosed in the relevant notes (see notes 4 and 9). 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. 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 Group also 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). Funded schemes Unfunded schemes 2023 2022 2023 2022 Min. Max. Min. Max. Min. Max. Min. Max. Inflation rate 2.1% 2.2% 2.1% 2.2% n.s. n.s. 0.0% 0.0% Discount rate 3.5% 3.6% 3.1% 3.2% n.s. n.s. 3.1% 3.1% Rate of salary increases 3.1% 3.1% 3.1% 3.1% 3.0% 4.0% 2.5% 2.5% Life expectancy of male 18.6 18.6 18.6 18.6 pensioner Life expectancy of female 22.0 22.0 22.0 22.0 pensioner Life expectancy of male 18.6 18.6 18.6 18.6 non-pensioner Life expectancy of female 22.0 22.0 22.0 22.0 non-pensioner For all schemes, the amounts recognised in the statement of financial position are analysed as follows: \u20acm 2023 2022\u207d\u00b9\u207e Funded Unfunded Funded Unfunded Total Total schemes schemes schemes schemes Present value of defined -71.8 -38.8 -110.6 -72.9 -36.2 -109.1 benefit obligations Fair value of scheme assets 66.3 - 66.3 64.2 - 64.2 Net deficit (-) / surplus (+) in -5.5 -38.8 -44.3 -8.7 -36.2 -44.9 the schemes (1) As restated \u2013 see note 1 for more information. The amounts recognised through the statement of comprehensive income (excluding the share of other comprehensive income in equity-accounted investees and before any deferred tax impact) are as follows. \u20acm 2023 2022 Funded Unfunded Funded Unfunded Total Total schemes schemes schemes schemes Actual return less interest return on pension assets net of asset 0.4 - 0.4 2.1 - 2.1 management charges Experience gain (+) / loss (-) on 0.2 - 0.2 -5.1 -0.1 -5.2 liabilities Gain (+) / Loss (-) on change of 0.8 -0.6 0.2 14.4 3.2 17.6 financial assumptions Gain (+) / Loss (-) on change of 1.2 - 1.2 - - - demographic assumptions Actuarial gains (+) / losses (-) 2.6 -0.6 2.0 11.4 3.1 14.5 Changes to financial assumptions during 2023, all of which were prepared on a consistent basis to prior period, impacted the total actuarial gains (+) / losses (-) by +\u20ac0.2m (2022: +\u20ac17.6m). The actuarial gain of the prior period was primarily the result of an increase of the discount rate in 2022 compared to 2021. The fair value of scheme assets includes the following items: \u20acm 2023 2022 Quoted Quoted in an in an Other Total Other Total active active market market Other assets - 66.3 66.3 - 64.2 64.2 Fair value of scheme assets - 66.3 66.3 - 64.2 64.2 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 2023 2022 Total Total Scheme assets at 1 January 64.2 64.6 Employer contribution 4.8 4.1 Interest on pension assets 2.1 0.4 Contributions paid by employees 1.2 1.1 Benefits paid -6.4 -8.1 Actual return less interest return on pension assets 0.4 2.1 Scheme assets at 31 December 66.3 64.2 The actual return on scheme assets is as follows: \u20acm 2023 2022 Interest return on pension assets 2.1 0.4 Actual return less interest return on pension assets 0.4 2.1 Actual net return on pension assets 2.5 2.5 The movements in the present value of defined benefit obligations are as follows: \u20acm 2023 2022\u207d\u00b9\u207e Funded Unfunded Funded Unfunded Total Total schemes schemes schemes schemes Defined benefit obligations at 1 January before restatement -72.9 -36.2 -109.1 -84.8 -5.3 -90.1 Restatement\u207d\u00b9\u207e - - - - -5.5 -5.5 Defined benefit obligations at 1 January -72.9 -36.2 -109.1 -84.8 -10.8 -95.6 Items acquired through business combinations - - - - -28.0 -28.0 Current service cost -5.3 -3.4 -8.7 -5.1 -0.9 -6.0 Interest payable on pension liabilities -2.2 -1.1 -3.3 -0.5 -0.1 -0.6 Benefits paid 6.4 2.3 8.7 8.2 1.3 9.5 Experience gain (+) / loss (-) on liabilities 0.2 - 0.2 -5.1 -0.1 -5.2 Gain (+) / Loss (-) arising from changes to financial assumptions 0.8 -0.6 0.2 14.4 3.2 17.6 Gain (+) / Loss (-) arising from changes to demographic assumptions 1.2 - 1.2 - - - Curtailment and settlements - - - - 0.2 0.2 Group change - 0.2 0.2 - -1.0 -1.0 Defined benefit obligations at 31 December -71.8 -38.8 -110.6 -72.9 -36.2 -109.1 (1) As restated \u2013 see note 1 for more information. The amounts recognised in the statement of profit or loss are as follows: \u20acm 2023 2022 Funded Unfunded Funded Unfunded Total Total schemes schemes schemes schemes Current service cost -5.3 -3.4 -8.7 -5.1 -0.9 -6.0 Pension costs within the operating result -5.3 -3.4 -8.7 -5.1 -0.9 -6.0 Interest payable on pension liabilities -2.2 -1.1 -3.3 -0.5 -0.1 -0.6 Interest return on pension assets 2.1 - 2.1 0.4 - 0.4 Net pension interest cost -0.1 -1.1 -1.2 -0.1 -0.1 -0.2 Expense recognised in the statement of profit or loss -5.4 -4.5 -9.9 -5.2 -1.0 -6.2 The best estimate of normal contributions expected to be paid to the schemes during the 2024 annual period is ca. \u20ac6m. 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 (\u20ac44.9m at 31 December 2022 restated \u2013 see note 1; \u20ac44.3m at 31 December 2023) 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 2023 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) / decrease in (Increase) / decrease in defined benefit obligation defined benefit obligation at 31 December 2023 at 31 December 2022\u207d\u00b9\u207e Discount rate Increase by 25 basis points 4.1 3.9 Decrease by 25 basis points -4.4 -4.0 Inflation rate Increase by 25 basis points -3.0 -3.0 Decrease by 25 basis points 2.8 2.8 (1) As restated \u2013 see note 1 for more information. 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, 3.25% on employer contributions paid up to 31 December 2015, and 1.75% on employer contributions paid as from 1 January 2016). The minimum rate might increase as from 2025 due to the increase of the interest rates observed the last months. 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 \u20ac67.5m (2022: \u20ac67.7m). 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 \u20ac62.4m (2022: \u20ac60.0m) 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 \u20ac5.1m (2022: \u20ac7.7m), recognized in the consolidated statement of financial position. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__52": {
"value": "Note 11.1: Income tax expenses Income tax expense is broken down as follows: \u20acm 2023 2022\u207d\u00b9\u207e Current year income tax -107.3 -56.3 Prior year income tax -4.2 -3.4 Movement in deferred taxes 8.9 0.8 Income tax expense -102.6 -58.9 (1) As restated \u2013 Refer to note 1 for more information on the restatement of comparative information. The relationship between income tax expense and accounting profit is explained below: \u20acm 2023 2022\u207d\u00b9\u207e Result before taxes 612.8 388.8 Less: share of result of equity-accounted investees, net of income -356.7 -210.1 tax Result before taxes less share of result of equity-accounted investees 256.2 178.7 Tax at the Belgian corporation tax rate of 25.00% -64.0 -44.8 Foreign tax rate differential -2.9 0.2 Tax effect of non-taxable income and non-deductible expenses -28.1 -3.2 Tax effect of current and deferred tax adjustments related to prior 7.5 1.6 years Current year tax losses for which no deferred tax asset is -6.6 -5.5 recognised Derecognition of previously recognised deferred tax assets -0.1 - Other -8.4 -7.2 Actual income tax on PBT -102.6 -58.9 (1) As restated \u2013 Refer to note 1 for more information on the restatement of comparative information. 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 previous reporting period (from the acquisition date until the 31 December 2022). The Group\u2019s consolidated effective tax rate for the year ended 31 December 2023 is 16.7% (15.1% for the year-ended 31 December 2022, restated \u2013 see note 1). Excluding the share of the Group in the net result of equity-accounted investees, the Group\u2019s effective tax rate is 40.0% (33.0% for the year ended 31 December 2022, restated \u2013 see note 1). The increase in effective tax rate (excluding the share of the Group in the net result of equity-accounted investees) is primarily the result of: - unrecognised deferred tax assets on current year tax lossesAutomotive segment; - charges recognised as part of the Long-Term Incentive Plans (LTIP) and share-based payment expenses in the PHE and D\u2019Ieteren Automotive segments that are not tax deductible; and - charges related to the impairment and discounting of the Group\u2019s investments in the Supply Chain Finance Fund managed by Credit Suisse (see note 4) that are not tax deductible. 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 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__53": {
"value": "Note 11.2: Current tax assets and liabilities Current tax assets (liabilities) are largely expected to be recovered (settled) within 12 months. Current tax liabilities include \u20ac72.6m related to a tax notice received by the Group for prior years. A current tax asset for the same amount is recognized considering the dispute of the full amount and as supported by tax counsel.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__54": {
"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 2023 31 December 2022\u207d\u00b9\u207e Assets Liabilities Net Assets Liabilities Net Goodwill & intangible assets 8.1-319.3-311.2 6.7 -314.4 -307.7 Property, plant & equipment (excluding right-of use assets) 2.0 -21.7 -19.7 2.4 -22.3 -19.9 Right-of-use assets - -69.1 -69.1 - -61.7 -61.7 Derivative financial instruments -0.3 - -0.3 - -0.5 -0.5 Employee benefits 7.6-7.6 7.9 - 7.9 Inventories 10.7 - 10.7 6.9 - 6.9 Provisions 5.5 - 5.5 6.8 - 6.8 Lease liabilities 71.8 - 71.8 63.8 - 63.8 Other assets & liabilities 13.8-0.912.9 9.3 -1.1 8.2 Deferred tax assets/(liabilities) arising from temporary differences 119.2 -411.0 -291.8 103.8 -400.0 -296.2 Tax losses carried forward 72.1 - 72.1 82.7 - - Deferred tax assets/(liabilities) 191.3 -411.0 -219.7 186.5 -400.0 -213.5 Set-off of tax -135.3135.3- -127.7 127.7 - Net deferred tax assets/(liabilities) 56.0 -275.7 -219.7 58.8 -272.3 -213.5 (1) As restated \u2013 Refer to note 1 for more information on the restatement of comparative information. The net deferred tax balance includes net deferred tax assets amounting to \u20ac24.4m (2022: \u20ac29.2m) 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 asoriginally foreseen. At the balance sheet date, the Group has unused tax losses and credits of \u20ac133.9m (2022: \u20ac151.5m) 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. 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 if 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. The movement in deferred tax assets and liabilities during the period and the prior period is as follows:\u20acm 2023 2022\u207d\u00b9\u207eNet deferred tax liabilities (negative amounts) At 1 January -272.3 -133.1 Recognised in profit or loss 4.1 2.2 Recognised in other comprehensive income - -0.1 Recognition arising from business combination -8.3 -146.6 Exchange rate differences - 0.1 Other variation 0.8 5.2 At 31 December -275.7 -272.3 Net deferred tax assets (positive amounts) 2023 2022\u207d\u00b9\u207e At 1 January 58.8 48.0 Recognised in profit or loss 4.8 -1.4 Recognised in other comprehensive income 0.4 -0.9 Recognised directly in equity -0.7 -2.7 Recognition arising from business combination 0.1 24.1 Exchange rate differences 0.2 - Other variation -7.6 -8.3 At 31 December 56.0 58.8 (1) As restated \u2013 Refer to note 1 for more information on the restatement of comparative information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__58": {
"value": "Note 12: GoodwillThe reconciliation of the carrying amount of goodwill is set out below: \u20acm 2023 2022\u207d\u00b9\u207e Gross amount at 1 January 684.9 207.9 Accumulated impairment losses at 1 January -124.7 -124.7 Carrying amount at 1 January 560.2 83.2 Transfer from (to) another caption -15.1 - Items acquired through business combinations (see note 26) 40.7 477.0 Carrying amount at 31 December 585.8 560.2 of which: gross amount 710.5 684.9 of which: accumulated impairment losses -124.7 -124.7 (1) Restated \u2013 see note 1. The line \u201ctransfer from (to) another caption\u201d mainly relates to the finalisation of purchase price allocations of subsidiaries in the PHE segment, whereby PHE re-valued previously acquired assets and liabilities assumed (mainly recognising customer contracts asintangible assets with finite useful lives and related deferred tax impacts), therefore reducing the amount of provisional goodwill recognised at the time of the acquisition. The Group decided not to restate comparative information to reflect the finalisation of these purchase price allocations of PHE, since it is not considered material to the Group. 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: \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren Automotive 62.8 49.2 Moleskine 48.8 48.8 PHE 471.1 459.1 Corp. & unallocated 3.1 3.1 Group 585.8 560.2 (1) As restated \u2013 see note 1 for more information on the restatement of comparative information As a result of their classification as equity-accounted investees, information on theimpairment 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 2023 (\u20ac13.6m) reflects the acquisitions performed in 2023, 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), \u201cLucien\u201d (bike retail and services), and \u201cEDI\u201d (charging points provider for electric vehicles and solar panels provider). 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 2024 figures until 2030) 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 8.03% to 15.00% and are based upon the weighted average cost of capital of the D\u2019Ieteren Automotive segment. Moleskine At year-end 2023, 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 Management\u2019s latest business plan (2024-2028). A terminal growth rate of 1.95% was applied to the forecasted cash flows and determined based on management\u2019s estimate of the long-term compound annual EBITDA growth rate, consistent with the assumptions that a market participant would make. The discount rate applied amounts to 10.1% (2022: 9.1%) 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 1.6% for the discount rate or -2.2% for the terminal growth rate. At 31 December 2023, the recoverable amount of the CGU exceeds its carrying amount by \u20ac79m. The calculations are highly sensitive and goodwill in respect of the Moleskine cash-generating unit remains at risk of impairment. 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 than its recoverable amount. The fair value of the investment properties is classified in level 2 of the fair-value hierarchy (see note 18). PHE At 31 December 2022, the Group had not finalised the acquisition accounting of PHE and hence no fair value adjustments had been recognised on the acquired assets or liabilities assumed, because the Group was not in a position to reasonably measure thoseadjustments. As permitted by IFRS 3 \u201cBusiness Combinations\u201d (maximum period of 12 months to finalise the acquisition accounting), the provisional goodwill has been reviewed and reallocated in 2023, mainly to brands and other intangible assets (see note 1 for the restatement figures at 31 December 2022 and note 26 for the final figures at acquisition date). At year-end 2023, the carrying value of the CGU PHE was reviewed using management best estimates for the following five years, a weighted average cost of capital of 7.8% and a terminal growth rate of 2%. The individual change required for the carrying amount to equal the value in use is +4.3% for the discount rate or -6.2% for the terminal growth rate. The Board of Directors of the Company is satisfied that the carrying amount of the PHE cash-generating unit is stated at no more than its value in use.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__57": {
"value": "Note 12: GoodwillThe reconciliation of the carrying amount of goodwill is set out below: \u20acm 2023 2022\u207d\u00b9\u207e Gross amount at 1 January 684.9 207.9 Accumulated impairment losses at 1 January -124.7 -124.7 Carrying amount at 1 January 560.2 83.2 Transfer from (to) another caption -15.1 - Items acquired through business combinations (see note 26) 40.7 477.0 Carrying amount at 31 December 585.8 560.2 of which: gross amount 710.5 684.9 of which: accumulated impairment losses -124.7 -124.7 (1) Restated \u2013 see note 1. The line \u201ctransfer from (to) another caption\u201d mainly relates to the finalisation of purchase price allocations of subsidiaries in the PHE segment, whereby PHE re-valued previously acquired assets and liabilities assumed (mainly recognising customer contracts asintangible assets with finite useful lives and related deferred tax impacts), therefore reducing the amount of provisional goodwill recognised at the time of the acquisition. The Group decided not to restate comparative information to reflect the finalisation of these purchase price allocations of PHE, since it is not considered material to the Group. 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: \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren Automotive 62.8 49.2 Moleskine 48.8 48.8 PHE 471.1 459.1 Corp. & unallocated 3.1 3.1 Group 585.8 560.2 (1) As restated \u2013 see note 1 for more information on the restatement of comparative information As a result of their classification as equity-accounted investees, information on theimpairment 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 2023 (\u20ac13.6m) reflects the acquisitions performed in 2023, 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), \u201cLucien\u201d (bike retail and services), and \u201cEDI\u201d (charging points provider for electric vehicles and solar panels provider). 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 2024 figures until 2030) 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 8.03% to 15.00% and are based upon the weighted average cost of capital of the D\u2019Ieteren Automotive segment. Moleskine At year-end 2023, 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 Management\u2019s latest business plan (2024-2028). A terminal growth rate of 1.95% was applied to the forecasted cash flows and determined based on management\u2019s estimate of the long-term compound annual EBITDA growth rate, consistent with the assumptions that a market participant would make. The discount rate applied amounts to 10.1% (2022: 9.1%) 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 1.6% for the discount rate or -2.2% for the terminal growth rate. At 31 December 2023, the recoverable amount of the CGU exceeds its carrying amount by \u20ac79m. The calculations are highly sensitive and goodwill in respect of the Moleskine cash-generating unit remains at risk of impairment. 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 than its recoverable amount. The fair value of the investment properties is classified in level 2 of the fair-value hierarchy (see note 18). PHE At 31 December 2022, the Group had not finalised the acquisition accounting of PHE and hence no fair value adjustments had been recognised on the acquired assets or liabilities assumed, because the Group was not in a position to reasonably measure thoseadjustments. As permitted by IFRS 3 \u201cBusiness Combinations\u201d (maximum period of 12 months to finalise the acquisition accounting), the provisional goodwill has been reviewed and reallocated in 2023, mainly to brands and other intangible assets (see note 1 for the restatement figures at 31 December 2022 and note 26 for the final figures at acquisition date). At year-end 2023, the carrying value of the CGU PHE was reviewed using management best estimates for the following five years, a weighted average cost of capital of 7.8% and a terminal growth rate of 2%. The individual change required for the carrying amount to equal the value in use is +4.3% for the discount rate or -6.2% for the terminal growth rate. The Board of Directors of the Company is satisfied that the carrying amount of the PHE cash-generating unit is stated at no more than its value in use.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__56": {
"value": "Note 12: GoodwillThe reconciliation of the carrying amount of goodwill is set out below: \u20acm 2023 2022\u207d\u00b9\u207e Gross amount at 1 January 684.9 207.9 Accumulated impairment losses at 1 January -124.7 -124.7 Carrying amount at 1 January 560.2 83.2 Transfer from (to) another caption -15.1 - Items acquired through business combinations (see note 26) 40.7 477.0 Carrying amount at 31 December 585.8 560.2 of which: gross amount 710.5 684.9 of which: accumulated impairment losses -124.7 -124.7 (1) Restated \u2013 see note 1. The line \u201ctransfer from (to) another caption\u201d mainly relates to the finalisation of purchase price allocations of subsidiaries in the PHE segment, whereby PHE re-valued previously acquired assets and liabilities assumed (mainly recognising customer contracts asintangible assets with finite useful lives and related deferred tax impacts), therefore reducing the amount of provisional goodwill recognised at the time of the acquisition. The Group decided not to restate comparative information to reflect the finalisation of these purchase price allocations of PHE, since it is not considered material to the Group. 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: \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren Automotive 62.8 49.2 Moleskine 48.8 48.8 PHE 471.1 459.1 Corp. & unallocated 3.1 3.1 Group 585.8 560.2 (1) As restated \u2013 see note 1 for more information on the restatement of comparative information As a result of their classification as equity-accounted investees, information on theimpairment 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 2023 (\u20ac13.6m) reflects the acquisitions performed in 2023, 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), \u201cLucien\u201d (bike retail and services), and \u201cEDI\u201d (charging points provider for electric vehicles and solar panels provider). 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 2024 figures until 2030) 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 8.03% to 15.00% and are based upon the weighted average cost of capital of the D\u2019Ieteren Automotive segment. Moleskine At year-end 2023, 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 Management\u2019s latest business plan (2024-2028). A terminal growth rate of 1.95% was applied to the forecasted cash flows and determined based on management\u2019s estimate of the long-term compound annual EBITDA growth rate, consistent with the assumptions that a market participant would make. The discount rate applied amounts to 10.1% (2022: 9.1%) 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 1.6% for the discount rate or -2.2% for the terminal growth rate. At 31 December 2023, the recoverable amount of the CGU exceeds its carrying amount by \u20ac79m. The calculations are highly sensitive and goodwill in respect of the Moleskine cash-generating unit remains at risk of impairment. 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 than its recoverable amount. The fair value of the investment properties is classified in level 2 of the fair-value hierarchy (see note 18). PHE At 31 December 2022, the Group had not finalised the acquisition accounting of PHE and hence no fair value adjustments had been recognised on the acquired assets or liabilities assumed, because the Group was not in a position to reasonably measure thoseadjustments. As permitted by IFRS 3 \u201cBusiness Combinations\u201d (maximum period of 12 months to finalise the acquisition accounting), the provisional goodwill has been reviewed and reallocated in 2023, mainly to brands and other intangible assets (see note 1 for the restatement figures at 31 December 2022 and note 26 for the final figures at acquisition date). At year-end 2023, the carrying value of the CGU PHE was reviewed using management best estimates for the following five years, a weighted average cost of capital of 7.8% and a terminal growth rate of 2%. The individual change required for the carrying amount to equal the value in use is +4.3% for the discount rate or -6.2% for the terminal growth rate. The Board of Directors of the Company is satisfied that the carrying amount of the PHE cash-generating unit is stated at no more than its value in use.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__55-1": {
"value": "Note 12: GoodwillThe reconciliation of the carrying amount of goodwill is set out below: \u20acm 2023 2022\u207d\u00b9\u207e Gross amount at 1 January 684.9 207.9 Accumulated impairment losses at 1 January -124.7 -124.7 Carrying amount at 1 January 560.2 83.2 Transfer from (to) another caption -15.1 - Items acquired through business combinations (see note 26) 40.7 477.0 Carrying amount at 31 December 585.8 560.2 of which: gross amount 710.5 684.9 of which: accumulated impairment losses -124.7 -124.7 (1) Restated \u2013 see note 1. The line \u201ctransfer from (to) another caption\u201d mainly relates to the finalisation of purchase price allocations of subsidiaries in the PHE segment, whereby PHE re-valued previously acquired assets and liabilities assumed (mainly recognising customer contracts asintangible assets with finite useful lives and related deferred tax impacts), therefore reducing the amount of provisional goodwill recognised at the time of the acquisition. The Group decided not to restate comparative information to reflect the finalisation of these purchase price allocations of PHE, since it is not considered material to the Group. 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: \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren Automotive 62.8 49.2 Moleskine 48.8 48.8 PHE 471.1 459.1 Corp. & unallocated 3.1 3.1 Group 585.8 560.2 (1) As restated \u2013 see note 1 for more information on the restatement of comparative information As a result of their classification as equity-accounted investees, information on theimpairment 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 2023 (\u20ac13.6m) reflects the acquisitions performed in 2023, 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), \u201cLucien\u201d (bike retail and services), and \u201cEDI\u201d (charging points provider for electric vehicles and solar panels provider). 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 2024 figures until 2030) 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 8.03% to 15.00% and are based upon the weighted average cost of capital of the D\u2019Ieteren Automotive segment. Moleskine At year-end 2023, 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 Management\u2019s latest business plan (2024-2028). A terminal growth rate of 1.95% was applied to the forecasted cash flows and determined based on management\u2019s estimate of the long-term compound annual EBITDA growth rate, consistent with the assumptions that a market participant would make. The discount rate applied amounts to 10.1% (2022: 9.1%) 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 1.6% for the discount rate or -2.2% for the terminal growth rate. At 31 December 2023, the recoverable amount of the CGU exceeds its carrying amount by \u20ac79m. The calculations are highly sensitive and goodwill in respect of the Moleskine cash-generating unit remains at risk of impairment. 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 than its recoverable amount. The fair value of the investment properties is classified in level 2 of the fair-value hierarchy (see note 18). PHE At 31 December 2022, the Group had not finalised the acquisition accounting of PHE and hence no fair value adjustments had been recognised on the acquired assets or liabilities assumed, because the Group was not in a position to reasonably measure thoseadjustments. As permitted by IFRS 3 \u201cBusiness Combinations\u201d (maximum period of 12 months to finalise the acquisition accounting), the provisional goodwill has been reviewed and reallocated in 2023, mainly to brands and other intangible assets (see note 1 for the restatement figures at 31 December 2022 and note 26 for the final figures at acquisition date). At year-end 2023, the carrying value of the CGU PHE was reviewed using management best estimates for the following five years, a weighted average cost of capital of 7.8% and a terminal growth rate of 2%. The individual change required for the carrying amount to equal the value in use is +4.3% for the discount rate or -6.2% for the terminal growth rate. The Board of Directors of the Company is satisfied that the carrying amount of the PHE cash-generating unit is stated at no more than its value in use.Note 13: Intangible assetsGoodwill is analysed in note 12. All intangible assets have finite useful lives, unless otherwise specified. \u20acm Brands (finite and Other Total indefinite useful lives) Gross amount at 1 January 2023\u207d\u00b9\u207e 649.6 670.6 1,320.2 Accumulated amortisation and impairment losses at 1 January 2023\u207d\u00b9\u207e - -80.4 -80.4 Carrying amount at 1 January 2023\u207d\u00b9\u207e 649.6 590.2 1,239.8 Additions: Items separately acquired - 27.4 27.4 Disposals - -0.4 -0.4 Amortisation - -56.2 -56.2 Transfer from (to) another caption - 24.0 24.0 Items acquired through business combinations (see note 26) - 8.0 8.0 Translation differences - -0.1 -0.1 Carrying amount at 31 December 2023 649.6 592.9 1,242.5 of which: gross amount 649.6 729.5 1,379.1 of which: accumulated amortisation and impairment losses - -136.6 -136.6 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\u207d\u00b9\u207e - -25.9 -25.9 Transfer from (to) another caption 0.2 -0.6 -0.4 Items acquired through business combinations\u207d\u00b9\u207e 246.6 560.8 807.4 Scope exit - -1.8 -1.8 Carrying amount at 31 December 2022\u207d\u00b9\u207e 649.6 590.2 1,239.8 of which: gross amount\u207d\u00b9\u207e 649.6 670.6 1,320.2 of which: accumulated amortisation and impairment losses\u207d\u00b9\u207e - -80.4 -80.4 (1) As restated \u2013 see note 1 for more information. 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 \u201cTransfer from (to) another caption\u201d mainly relates to the finalisation of purchase price allocations of subsidiaries in the PHE segment, whereby PHE recognised customercontracts, therefore reducing the amount of provisional goodwill recognised at the time of the acquisition and increasing the value of intangible assets with finite useful lives. The Group decided not to restate comparative information to reflect the finalisation of these purchase price allocations of PHE, since it is not considered material to the Group. The line \u201cItems acquired through business combination\u201d includes the net book value of the intangible assets acquired by D\u2019Ieteren Automotive and PHE following the acquisitions performed in the period (see note 26). 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__61": {
"value": "Note 14: Property, plant and equipment\u20acm Plant and Assets under Property Total equipment construction Gross amount at 1 January 2023 748.5 497.9 32.5 1,278.9 Accumulated depreciation and impairment losses at 1 January 2023 -368.8 -344.0 - -712.8 Carrying amount at 1 January 2023 379.7 153.9 32.5 566.1 Additions 134.8 89.2 31.3 255.3 Disposals -4.3 -8.2 -12.0 -24.5 Depreciation on PP&E (including right-of-use assets) -65.7 -64.8 - -130.5 Reversal of impairment - 0.7 - 0.7 Transfer from (to) another caption 7.912.3 -15.0 5.2 Items acquired through business combinations (see note 26) 10.1 8.0 - 18.1 Translation differences -0.1 - - -0.1 Carrying amount at 31 December 2023 462.4 191.1 36.8 690.3 of which: gross amount 893.2566.0 36.8 1,496.0 of which: accumulated depreciation and impairment losses -430.8 -374.9 - -805.7 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 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 748.5497.9 32.5 1,278.9 of which: accumulated depreciation and impairment losses -368.8 -344.0 - -712.8At 31 December 2022 and at 31 December 2023, assets under construction mainly include 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 2023 324.3 31 December 2022 231.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__63": {
"value": "Note 15: Investment property\u20acm 2023 2022 Gross amount at 1 January 79.9 69.3 Accumulated depreciation at 1 January -38.1 -35.7 Carrying amount at 1 January 41.8 33.6 Additions - 0.1 Disposals -0.1 -0.1 Depreciation on PP&E & investment property -1.4 -1.5 Transfer from (to) another caption -0.2 9.7 Carrying amount at 31 December 40.1 41.8 of which: gross amount 79.5 79.9 of which: accumulated depreciation -39.4 -38.1 Fair value 66.7 61.1The 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 2022 related 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__65": {
"value": "Note 16: Inventories\u20acm 2023 2022 D'Ieteren Automotive Vehicles 818.2 617.4 Spare parts and accessories 45.1 45.9 Other 8.9 15.3 Subtotal 872.2 678.6 Moleskine 26.9 29.7 PHE 535.2 483.4 GROUP 1,434.3 1,191.7 The accumulated write-down on inventories amounts to \u20ac66.6m (2022: \u20ac53.4m). The amount of write down of inventories recognised in the period in the cost of sales (see note 6) is a charge of -\u20ac12.3m (2022: an income of \u20ac2.3m). 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__66": {
"value": "Note 17: Equity-accounted investeesIn 2022 and 2023, the entities accounted for using the equity method are Volkswagen D\u2019Ieteren Finance, Skipr, Lizzy and MyMove in the D\u2019Ieteren Automotive segment, Belron Group s.a., and TVH. PHE also holds equity-accounted investees, but no further information is provided since they are not considered material to the Group. \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren D'Ieteren Belron TVH PHE Group Belron TVH PHE Group Autom. Autom. Interests in joint ventures 124.8 -308.6 1,226.4 7.5 1,050.1 128.8 14.9 1,211.9 5.0 1,360.6 Total of equity-accounted investees 124.8 -308.6 1,226.4 7.5 1,050.1 128.8 14.9 1,211.9 5.0 1,360.6 Share of profit in joint ventures -0.9 338.4 19.1 0.1 356.7 6.8 150.6 52.5 0.2 210.1 Total of share of result after tax of equity-accounted -0.9 338.4 19.1 0.1 356.7 6.8 150.6 52.5 0.2 210.1 investees (1) As restated \u2013 refer to note 1 for more information on the restatement of comparative information. Belron In 2022 and 2023, 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 50.30% in economic rights by the Group on fully diluted basis as at 31 December 2023. The Group has joint control over BGSA as a result of some reserved matters being shared with Clayton, Dubilier & Rice (\u201cCD&R\u201d). In May 2023, D\u2019Ieteren Group and other shareholders have bought additional shares in Belron from the Employee Benefit Trust. Belron\u2019s shareholding structure is now as follows: 50.30% D\u2019Ieteren Group, 20.44% CD&R, 18.25% H&F, GIC and BlackRock Private Equity Partners, 11.01% management & the family holding company of Belron\u2019s former CEO. Following the transaction described above, the Group\u2019s share in the net result of Belron for the period ended 31 December 2023 corresponds to a weighted average economic percentage in the ordinary shares over the period (50.20%). For the period ended 31 December 2022, the Group\u2019s share in the net result of Belron was 50.01%, corresponding to the Group\u2019s percentage of ownership in the ordinary shares on 31 December 2022. 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 2023 (50.20%) 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 \u201cSegment information\u201d. At year-end 2023, 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 discount rate assumptions. The cashflows were obtained from Belron\u2019s board approved 2024 budget and the five-year plan, while the discount rates were revised using updated cost of equity and cost of debt data. This review did not result in any impairment charge to be recognised. At year-end 2023, 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 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 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 2023; 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 -\u20ac2.0m of remeasurements of defined benefit assets/liabilities, -\u20ac31.2m of movements in cash flow hedges reserve (interest rate swaps and cross currency interest rate swaps used to partially hedge the debt) and \u20ac25.1m 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 2022 and 31 December 2023. The Group\u2019s share in net result is computed based on the Group\u2019s percentage of ownership in the ordinary shares (50.01%) in 2022 and the Group\u2019s weighted average percentage of ownership in the ordinary shares (50.20%) in 2023. \u20acm - Belron 2023 2022\u207d\u00b9\u207eRevenue (100%) 6,047.7 5,574.3 Profit before tax (100%) 845.6 512.5 Result for the period (100%) 674.0 301.2 Other comprehensive income (100%) -16.1 207.7 Profit (or loss) and total comprehensive income (100%) 657.9 508.9 Group's share of profit (or loss) and comprehensive income 330.3 254.5 Group's share of profit (or loss) 338.4 150.6 Group's share of comprehensive income -8.1 103.9 (1) As restated. Refer to note 1 for more information on the restatement of comparative information. The reconciliation of the Group\u2019s share in the net assets of BGSA from 31 December 2022 to 31 December 2023 is presented below. The Group\u2019s share in the net assets of BGSA at 31 December 2023 is negative as a result of the dividends distributed by BGSA in 2023. The negative balance does 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 2022\u207d\u00b9\u207e 14.9 Group's share of profit (or loss) and comprehensive income 330.3 Group's share in gain arising from disposal of MRP shares 40.9 Group's share in dividends -761.0 Purchase of shares by the Group 50.0 Other movements, Group's share 16.3 Group's share of net assets at 31 December 2023 -308.6 (1) As restated. Refer to note 1 for more information on the restatement of comparative information. In the period, BGSA purchased own shares from previous MRP participants for an amount of \u20ac97.6m (2022: \u20ac91.9m). 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 2023 (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 MRP participants in 2023, leading to a disposal gain of \u20ac40.9m (2022: \u20ac24.3m), 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 employees with a cash bonus (paid in December 2021) and restricted share units (\u2018RSUs\u2019) to thank 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 an 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 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 in the line \u201cother movements\u201d in the consolidated statement of changes in equity) 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 \u20ac13.3m (2022: \u20ac7.2m). This reward will have no economic impact whatsoever on the Group and other shareholders and there will be no dilution to the 50.30% fully diluted stake held by the Group as at 31 December 2023. TVH 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. A shareholder loan of \u20ac40m has also been put in place between the Corporate & unallocated segment and TVH as part of the acquisition (reimbursed in full in December 2023). In the second half of 2022, in accordance with IAS 28, the Group finalised the purchase price allocation of TVH. TVH brand has been valued at \u20ac341.0m. 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. 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. The value of technology is amortized on a straight-line basis over its estimated economic useful lives of 9 years (see note 17 of the 2022 consolidated financial statement for more information on the purchase price allocation of TVH). The detailed statement of financial position of TVH is disclosed in note 4 \u201cSegment information\u201d. The group\u2019s share of profit in TVH for the period ended 31 December 2023 is \u20ac19.1m, representing a decrease of -\u20ac33.4m compared to the period ended 31 December 2022. This variation is mainly explained by the cyberattack which occured in March 2023 and led to a significant temporary interruption of activities. 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 31 December 2023. \u20acm - TVH 2023 2022 Revenue (100%) 1,607.0 1,621.7 Profit before tax (100%) 76.6 165.5 Result for the period (100%) 47.5 131.2 Other comprehensive income (100%) -11.3 7.5 Profit (or loss) and total comprehensive income (100%) 36.2 138.7 Group's share of profit (or loss) and comprehensive income 14.5 55.5 (40%) Group's share of profit (or loss) 19.1 52.5 Group's share of comprehensive income -4.6 3.0 In the consolidated statement of comprehensive income, the lines \u201cEquity-accounted investees \u2013 share of OCI\u201d include -\u20ac0.9m of remeasurements of defined benefit assets/liabilities and -\u20ac3.6m related to translation differences. The reconciliation of the Group\u2019s share in the net assets of TVH from the 31 December 2022 to the 31 December 2023 is presented below: \u20acm - TVH Group's share of net assets at 31 December 2022 1,211.9 Group's share of profit (or loss) and comprehensive income (40%) 14.5 Group's share of net assets at 31 December 2023 1,226.4 At year-end 2023, 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. 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. The following table summarises the financial information of VDFin as included in its own financial statements, adjusted for differences in accounting policies, and reconciles this summarised financial information to the carrying amount of the Group\u2019s interest in VDFin. \u20acm - VDFin (100% - except otherwise stated) 2023 2022 Non-current assets 1,995.2 1,810.5 Current assets (excluding cash and cash equivalents) 1,367.8 980.2 Cash and cash equivalents 163.9 135.2 Non-current liabilities (excluding financial liabilities) -5.5 -5.9 Non-current financial liabilities -1,618.4 -1,325.2 Current liabilities (excluding financial liabilities) -192.6 -182.2 Current financial liabilities -1,502.0 -1,203.4 208.4 209.2 Net assets Group's share of net assets (49.99%) and carrying amount of 104.2 104.6 interest in joint venture \u20acm - VDFin (100% - except otherwise stated) 2023 2022 Revenue 529.0 492.5 Depreciation and amortization -150.9 -139.1 Net finance costs 8.8 30.5 Profit before tax 12.0 27.9 Tax expense -3.0 -8.1 Result for the period 9.0 19.8 Other comprehensive income 0.1 0.7 Profit (or loss) and total comprehensive income 9.1 20.5 Group's share of profit (or loss) and comprehensive income 4.6 10.2 (49.99%) The three other equity-accounted investees in the D\u2019Ieteren Automotive segment are Skipr, Lizy and MyMove. The financial information of Skipr, Lizy and MyMove are not material to the Group and are not separately disclosed. The Group\u2019s share in the net assets of Skipr at 31 December 2023 amounts to \u20ac12.3m and the Group\u2019s share in the profit or loss of Skipr for the 12-month period ended 31 December 2023 amounts to -\u20ac0.9m. The Group\u2019s share in the net assets of Lizy and MyMove at 31 December 2023 amounts to \u20ac8.3m and nil, respectively, and the Group\u2019s share in their profit or loss for the 12-month period ended 31 December 2023 amounts to -\u20ac1.7m and -\u20ac2.8m respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__67": {
"value": "Note 18: Financial instruments \u2013 fair value and risk managementFinancial instruments - measurement Financial assets held by the Group at 31 December 2023 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 2023 consist in loans and borrowings (see note 24), trade and other payables (see note 25), both classified as liabilities atamortised costs under IFRS 9, put options granted to non-controlling interests (see note33), measured at fair value through equity, and contingent consideration on acquisitions (see note 26) measured at fair value through profit or loss. In the Belron segment (equity-accounted investee), there is a contingent consideration liability (\u20ac7.0m at 31 December 2023; \u20ac8.7m at 31 December 2022, 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 carriedout 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 aredenominated 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 exchangecontracts 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 consolidatedstatement 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 2022 and 2023, 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 (and level 2 in 2023 for the investment in the Supply Chain Finance Fund managed by Credit Suisse), the contingent considerations and the put options (and associated call options) granted to non-controlling interests classified in level 3. 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 between one and five Due within one year Due after five years Total years Capital Interest Capital Interest Capital Interest Capital Interest At 31 December 2023 Loans and borrowings Public bonds 1.2 - - - - - 1.2 - Lease liabilities 81.8 10.0 187.0 19.8 80.6 7.5 349.4 37.3 Other borrowings and private bonds 218.6 4.2 59.3 4.0 0.4 - 278.3 8.2 Loan notes - 71.3 - 303.2 960.0 79.5 960.0 454.0 Commercial paper 4.3 - - - - - 4.3 - Total 305.9 85.5 246.3 327.0 1,041.0 87.0 1,593.2 499.5 Trade and other payables 1,323.6 - - - - - 1,323.6 - Total 1,629.5 85.5 246.3 327.0 1,041.0 87.0 2,916.8 499.5 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 bonds 256.8 4.5 91.6 6.5 0.1 0.1 348.5 11.1 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 984.5 - - - - - 984.5 - Total 1,307.2 73.9 820.8 188.4 420.7 4.2 2,548.7 266.5Interest 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. Result from continuing operations \u20acm 1% increase 1% decrease 31 December 2023 -3.3 3.3 31 December 2022 -6.5 6.5 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 2023 and in 2022 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 2023 EUR vs GBP -0.7 0.8 EUR vs USD -0.2 0.2 EUR vs CHF - - 31 December 2022 EUR vs GBP -0.4 0.5 EUR vs USD -1.0 1.2 EUR vs CHF 0.2 -0.2Price 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__68": {
"value": "Financial instruments - measurement Financial assets held by the Group at 31 December 2023 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 2023 consist in loans and borrowings (see note 24), trade and other payables (see note 25), both classified as liabilities atamortised costs under IFRS 9, put options granted to non-controlling interests (see note33), measured at fair value through equity, and contingent consideration on acquisitions (see note 26) measured at fair value through profit or loss. In the Belron segment (equity-accounted investee), there is a contingent consideration liability (\u20ac7.0m at 31 December 2023; \u20ac8.7m at 31 December 2022, 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 carriedout 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 aredenominated 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 exchangecontracts 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 consolidatedstatement 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 2022 and 2023, 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 (and level 2 in 2023 for the investment in the Supply Chain Finance Fund managed by Credit Suisse), 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__69": {
"value": "The other financial instruments held in the Belron segment (equity-accounted investee) are carriedout 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 aredenominated 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 exchangecontracts 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__70": {
"value": "All Group\u2019s financial assets and liabilities measured at fair value in the consolidatedstatement 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 2022 and 2023, 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 (and level 2 in 2023 for the investment in the Supply Chain Finance Fund managed by Credit Suisse), the contingent considerations and the put options (and associated call options) granted to non-controlling interests classified in level 3. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__71": {
"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 between one and five Due within one year Due after five years Total years Capital Interest Capital Interest Capital Interest Capital Interest At 31 December 2023 Loans and borrowings Public bonds 1.2 - - - - - 1.2 - Lease liabilities 81.8 10.0 187.0 19.8 80.6 7.5 349.4 37.3 Other borrowings and private bonds 218.6 4.2 59.3 4.0 0.4 - 278.3 8.2 Loan notes - 71.3 - 303.2 960.0 79.5 960.0 454.0 Commercial paper 4.3 - - - - - 4.3 - Total 305.9 85.5 246.3 327.0 1,041.0 87.0 1,593.2 499.5 Trade and other payables 1,323.6 - - - - - 1,323.6 - Total 1,629.5 85.5 246.3 327.0 1,041.0 87.0 2,916.8 499.5 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 bonds 256.8 4.5 91.6 6.5 0.1 0.1 348.5 11.1 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 984.5 - - - - - 984.5 - Total 1,307.2 73.9 820.8 188.4 420.7 4.2 2,548.7 266.5Interest 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. Result from continuing operations \u20acm 1% increase 1% decrease 31 December 2023 -3.3 3.3 31 December 2022 -6.5 6.5 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 2023 and in 2022 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 2023 EUR vs GBP -0.7 0.8 EUR vs USD -0.2 0.2 EUR vs CHF - - 31 December 2022 EUR vs GBP -0.4 0.5 EUR vs USD -1.0 1.2 EUR vs CHF 0.2 -0.2Price 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__72": {
"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 between one and five Due within one year Due after five years Total years Capital Interest Capital Interest Capital Interest Capital Interest At 31 December 2023 Loans and borrowings Public bonds 1.2 - - - - - 1.2 - Lease liabilities 81.8 10.0 187.0 19.8 80.6 7.5 349.4 37.3 Other borrowings and private bonds 218.6 4.2 59.3 4.0 0.4 - 278.3 8.2 Loan notes - 71.3 - 303.2 960.0 79.5 960.0 454.0 Commercial paper 4.3 - - - - - 4.3 - Total 305.9 85.5 246.3 327.0 1,041.0 87.0 1,593.2 499.5 Trade and other payables 1,323.6 - - - - - 1,323.6 - Total 1,629.5 85.5 246.3 327.0 1,041.0 87.0 2,916.8 499.5 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 bonds 256.8 4.5 91.6 6.5 0.1 0.1 348.5 11.1 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 984.5 - - - - - 984.5 - Total 1,307.2 73.9 820.8 188.4 420.7 4.2 2,548.7 266.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__73": {
"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. Result from continuing operations \u20acm 1% increase 1% decrease 31 December 2023 -3.3 3.3 31 December 2022 -6.5 6.5 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 2023 and in 2022 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 2023 EUR vs GBP -0.7 0.8 EUR vs USD -0.2 0.2 EUR vs CHF - - 31 December 2022 EUR vs GBP -0.4 0.5 EUR vs USD -1.0 1.2 EUR vs CHF 0.2 -0.2Price 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__74-1": {
"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 2023 and in 2022 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 2023 EUR vs GBP -0.7 0.8 EUR vs USD -0.2 0.2 EUR vs CHF - - 31 December 2022 EUR vs GBP -0.4 0.5 EUR vs USD -1.0 1.2 EUR vs CHF 0.2 -0.2Note 30: Exchange ratesMonthly 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 2023 2022 Closing rate GBP 1.15 1.13 USD 0.90 0.94 HKD 0.12 0.12 CNY 0.13 0.14 JPY 0.01 0.01 SGD 0.69 0.70 CHF 1.08 1.02 Average rate\u207d\u00b9\u207e GBP 1.15 1.17 USD 0.90 0.95 HKD 0.12 0.12 CNY 0.13 0.14 JPY 0.01 0.01 SGD 0.69 0.69 CHF 1.03 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__75": {
"value": "Note 19: Cash and cash equivalentsCash and cash equivalents are analysed below: \u20acm 2023 2022 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Cash at bank and in hand 7.8 15.6 103.9 160.5 287.8 0.8 26.9 122.0 142.9 292.6 Short-term deposits 9.0 - - 461.1 470.1 - - - 53.2 53.2 Cash and cash equivalents 16.8 15.6 103.9 621.6 757.9 0.8 26.9 122.0 196.1 345.8 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. The increase in the cash and cash equivalents in the Corporate & unallocated segment is mainly the result of the dividends received from the Belron segment and from the D\u2019Ieteren Automotive segment, partially offset by the dividend paid out to the shareholders of D\u2019Ieteren Group in June 2023, the acquisition of treasury shares and the acquisition in May 2023 of additional Belron\u2019s shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__79": {
"value": "Note 20: Trade and other receivables \u20acm 2023 2022 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Non-current receivables 6.1 1.2 26.9 5.7 39.9 4.8 1.1 25.7 44.2 75.8 Trade receivables - net 331.9 30.7 333.1 0.7 696.4 256.7 31.3 279.4 1.1 568.5 Current receivables from equity-12.7 - -- 12.7 30.0 - - 0.8 30.8 accounted investees Other current receivables 12.3 2.4 160.2 5.2 180.1 19.7 3.0 72.9 3.7 99.3 Trade and other receivables 356.9 33.1 493.3 5.9 889.2 306.4 34.3 352.3 5.6 698.6 At 31 December 2022 in the Corporate & unallocated segment, non-current receivables included, 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, fully reimbursed in 2023. 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 financialcounterparties). 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 6.1% (2022: 5.8%) and no customer is above 3% (2023: 1.4%; 2022: 1.9%). 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 2023, the provisions for bad and doubtful debt amount to \u20ac34.3m (2022: \u20ac33.1m). The ageing analysis of trade and other receivables past due but not impaired is as follows: \u20acm 2023 2022 Up to three months past due 53.9 59.4 Over three months past due 34.7 31.4 Total 88.6 90.8 In 2022 and 2023, the amounts presented in the aging analysis only include, in the D\u2019Ieteren Automotive segment, the trade receivables of D\u2019Ieteren Automotive SA. The charge in 2023 for bad and doubtful debts amounts to -\u20ac4.5m (2022: -\u20ac6.1m). See note 6.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__78": {
"value": "Note 20: Trade and other receivables \u20acm 2023 2022 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Non-current receivables 6.1 1.2 26.9 5.7 39.9 4.8 1.1 25.7 44.2 75.8 Trade receivables - net 331.9 30.7 333.1 0.7 696.4 256.7 31.3 279.4 1.1 568.5 Current receivables from equity-12.7 - -- 12.7 30.0 - - 0.8 30.8 accounted investees Other current receivables 12.3 2.4 160.2 5.2 180.1 19.7 3.0 72.9 3.7 99.3 Trade and other receivables 356.9 33.1 493.3 5.9 889.2 306.4 34.3 352.3 5.6 698.6 At 31 December 2022 in the Corporate & unallocated segment, non-current receivables included, 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, fully reimbursed in 2023. 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 financialcounterparties). 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 6.1% (2022: 5.8%) and no customer is above 3% (2023: 1.4%; 2022: 1.9%). 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 2023, the provisions for bad and doubtful debt amount to \u20ac34.3m (2022: \u20ac33.1m). The ageing analysis of trade and other receivables past due but not impaired is as follows: \u20acm 2023 2022 Up to three months past due 53.9 59.4 Over three months past due 34.7 31.4 Total 88.6 90.8 In 2022 and 2023, the amounts presented in the aging analysis only include, in the D\u2019Ieteren Automotive segment, the trade receivables of D\u2019Ieteren Automotive SA. The charge in 2023 for bad and doubtful debts amounts to -\u20ac4.5m (2022: -\u20ac6.1m). See note 6.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__77": {
"value": "Note 20: Trade and other receivables \u20acm 2023 2022 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Non-current receivables 6.1 1.2 26.9 5.7 39.9 4.8 1.1 25.7 44.2 75.8 Trade receivables - net 331.9 30.7 333.1 0.7 696.4 256.7 31.3 279.4 1.1 568.5 Current receivables from equity-12.7 - -- 12.7 30.0 - - 0.8 30.8 accounted investees Other current receivables 12.3 2.4 160.2 5.2 180.1 19.7 3.0 72.9 3.7 99.3 Trade and other receivables 356.9 33.1 493.3 5.9 889.2 306.4 34.3 352.3 5.6 698.6 At 31 December 2022 in the Corporate & unallocated segment, non-current receivables included, 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, fully reimbursed in 2023. 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 financialcounterparties). 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 6.1% (2022: 5.8%) and no customer is above 3% (2023: 1.4%; 2022: 1.9%). 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 2023, the provisions for bad and doubtful debt amount to \u20ac34.3m (2022: \u20ac33.1m). The ageing analysis of trade and other receivables past due but not impaired is as follows: \u20acm 2023 2022 Up to three months past due 53.9 59.4 Over three months past due 34.7 31.4 Total 88.6 90.8 In 2022 and 2023, the amounts presented in the aging analysis only include, in the D\u2019Ieteren Automotive segment, the trade receivables of D\u2019Ieteren Automotive SA. The charge in 2023 for bad and doubtful debts amounts to -\u20ac4.5m (2022: -\u20ac6.1m). See note 6.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__76": {
"value": "Note 20: Trade and other receivables \u20acm 2023 2022 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Non-current receivables 6.1 1.2 26.9 5.7 39.9 4.8 1.1 25.7 44.2 75.8 Trade receivables - net 331.9 30.7 333.1 0.7 696.4 256.7 31.3 279.4 1.1 568.5 Current receivables from equity-12.7 - -- 12.7 30.0 - - 0.8 30.8 accounted investees Other current receivables 12.3 2.4 160.2 5.2 180.1 19.7 3.0 72.9 3.7 99.3 Trade and other receivables 356.9 33.1 493.3 5.9 889.2 306.4 34.3 352.3 5.6 698.6 At 31 December 2022 in the Corporate & unallocated segment, non-current receivables included, 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, fully reimbursed in 2023. 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 financialcounterparties). 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 6.1% (2022: 5.8%) and no customer is above 3% (2023: 1.4%; 2022: 1.9%). 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 2023, the provisions for bad and doubtful debt amount to \u20ac34.3m (2022: \u20ac33.1m). The ageing analysis of trade and other receivables past due but not impaired is as follows: \u20acm 2023 2022 Up to three months past due 53.9 59.4 Over three months past due 34.7 31.4 Total 88.6 90.8 In 2022 and 2023, the amounts presented in the aging analysis only include, in the D\u2019Ieteren Automotive segment, the trade receivables of D\u2019Ieteren Automotive SA. The charge in 2023 for bad and doubtful debts amounts to -\u20ac4.5m (2022: -\u20ac6.1m). See note 6.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_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 financialcounterparties). 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 6.1% (2022: 5.8%) and no customer is above 3% (2023: 1.4%; 2022: 1.9%). 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 2023, the provisions for bad and doubtful debt amount to \u20ac34.3m (2022: \u20ac33.1m). The ageing analysis of trade and other receivables past due but not impaired is as follows: \u20acm 2023 2022 Up to three months past due 53.9 59.4 Over three months past due 34.7 31.4 Total 88.6 90.8 In 2022 and 2023, the amounts presented in the aging analysis only include, in the D\u2019Ieteren Automotive segment, the trade receivables of D\u2019Ieteren Automotive SA. The charge in 2023 for bad and doubtful debts amounts to -\u20ac4.5m (2022: -\u20ac6.1m). See note 6.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__80": {
"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 financialcounterparties). 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 6.1% (2022: 5.8%) and no customer is above 3% (2023: 1.4%; 2022: 1.9%). 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 2023, the provisions for bad and doubtful debt amount to \u20ac34.3m (2022: \u20ac33.1m). The ageing analysis of trade and other receivables past due but not impaired is as follows: \u20acm 2023 2022 Up to three months past due 53.9 59.4 Over three months past due 34.7 31.4 Total 88.6 90.8 In 2022 and 2023, the amounts presented in the aging analysis only include, in the D\u2019Ieteren Automotive segment, the trade receivables of D\u2019Ieteren Automotive SA. The charge in 2023 for bad and doubtful debts amounts to -\u20ac4.5m (2022: -\u20ac6.1m). See note 6.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__82-1": {
"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) 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 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 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 (excluding put options to minority shareholders) are subsequently measured at amortised cost using the effective interest method. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__85": {
"value": "Note 21: Non-current assets and disposal group classified as held for sale and discontinued operationsFollowing the closing of the acquisition of Parts Holding Europe (PHE) by the Group on the th4 of August 2022, 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 31 December 2022, the PHE segment was committed to a sale plan of Mondial Pare Brise. It had 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 in 2022 related 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, the net result from discontinued operations and the cash flow from discontinued operations in 2022 are presented in note 21 of the 2022 consolidated financial statements. Closing of the disposal of Mondial Pare-Brise occurred on 13 February 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__84": {
"value": "Note 21: Non-current assets and disposal group classified as held for sale and discontinued operationsFollowing the closing of the acquisition of Parts Holding Europe (PHE) by the Group on the th4 of August 2022, 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 31 December 2022, the PHE segment was committed to a sale plan of Mondial Pare Brise. It had 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 in 2022 related 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, the net result from discontinued operations and the cash flow from discontinued operations in 2022 are presented in note 21 of the 2022 consolidated financial statements. Closing of the disposal of Mondial Pare-Brise occurred on 13 February 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__83": {
"value": "Note 21: Non-current assets and disposal group classified as held for sale and discontinued operationsFollowing the closing of the acquisition of Parts Holding Europe (PHE) by the Group on the th4 of August 2022, 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 31 December 2022, the PHE segment was committed to a sale plan of Mondial Pare Brise. It had 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 in 2022 related 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, the net result from discontinued operations and the cash flow from discontinued operations in 2022 are presented in note 21 of the 2022 consolidated financial statements. Closing of the disposal of Mondial Pare-Brise occurred on 13 February 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__86": {
"value": "Note 22: Capital and reservesA 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 capital shares At 1 January 2022 54,367,928 160.0 Change - - At 31 December 2022 54,367,928 160.0 Change -658,929 - At 31 December 2023 53,708,999 160.0 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 2023 31 December 2022 Number Amount Number Amount Treasury shares held by the Company 777,223 88.5 1,256,732 134.1 Treasury shares held by subsidiaries - - - - Treasury shares held 777,223 88.5 1,256,732 134.1 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 2023, a total of 469,836 treasury shares have been acquired by the Company and 290,416 treasury shares have been sold, for a net amount of -\u20ac60.3m (of which acquisitions of -\u20ac81.6m and disposals of \u20ac21.3m). In May 2023, the Company cancelled 658,929 ordinary own shares acquired in the context of the share buyback programme. 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 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 declaration of Capital shares Participating shares Total voting rights transparency dated 2 November 2011, and to further communications to the company (as at 31 December 2023). Number % Number % Number % s.a. de Participations et de Gestion, Brussels 12,762,105 23.76% 1,250,000 25.00% 14,012,105 23.87% Reptid Commercial Corporation, Dover, Delaware 1,883,375 3.51% - - 1,883,375 3.21% Mr Olivier P\u00e9rier 10,000 0.02% - - 10,000 0.02% The three abovementioned shareholders (collectively \u201cSPDG Group\u201d) are 14,655,480 27.29% 1,250,000 25.00% 15,905,480 27.09% associated. Nayarit Participations s.c.a., Brussels 17,684,020 32.93% - - 17,684,020 30.12% Mr Nicolas D'Ieteren 10,000 0.02% 3,750,000 75.00% 3,760,000 6.40% The two abovementioned shareholders (collectively \u201cNayarit Group\u201d) are 17,694,020 32.94% 3,750,000 75.00% 21,444,020 36.53% 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 \u20ac 3.75 per share (2022: gross dividend of \u20ac 3.00 per share), or \u20ac200.8m in aggregate (2022: \u20ac161.2m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__87": {
"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 capital shares At 1 January 2022 54,367,928 160.0 Change - - At 31 December 2022 54,367,928 160.0 Change -658,929 - At 31 December 2023 53,708,999 160.0 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_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 2023 31 December 2022 Number Amount Number Amount Treasury shares held by the Company 777,223 88.5 1,256,732 134.1 Treasury shares held by subsidiaries - - - - Treasury shares held 777,223 88.5 1,256,732 134.1 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 2023, a total of 469,836 treasury shares have been acquired by the Company and 290,416 treasury shares have been sold, for a net amount of -\u20ac60.3m (of which acquisitions of -\u20ac81.6m and disposals of \u20ac21.3m). In May 2023, the Company cancelled 658,929 ordinary own shares acquired in the context of the share buyback programme.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__88": {
"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 2023 31 December 2022 Number Amount Number Amount Treasury shares held by the Company 777,223 88.5 1,256,732 134.1 Treasury shares held by subsidiaries - - - - Treasury shares held 777,223 88.5 1,256,732 134.1 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 2023, a total of 469,836 treasury shares have been acquired by the Company and 290,416 treasury shares have been sold, for a net amount of -\u20ac60.3m (of which acquisitions of -\u20ac81.6m and disposals of \u20ac21.3m). In May 2023, the Company cancelled 658,929 ordinary own shares acquired in the context of the share buyback programme. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__90": {
"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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__91": {
"value": "The Board of Directors proposed the distribution of a gross dividend amounting to \u20ac 3.75 per share (2022: gross dividend of \u20ac 3.00 per share), or \u20ac200.8m in aggregate (2022: \u20ac161.2m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__92": {
"value": "3.75",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"s8_notes__7__92": {
"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"
}
},
"s8_notes__6__93": {
"value": "Note 23: ProvisionsThe major classes of provisions are the following ones. The other provisions, either current or non-current, are analysed below. (1)\u20acm 2023 2022D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Non-current provisions Dealer-related 0.5 - - - 0.5 0.2 - - - 0.2 Other non-current items 9.3 - 2.1 0.8 12.2 7.3 - - 0.6 7.9 Subtotal 9.8 - 2.1 0.8 12.7 7.5 - - 0.6 8.1 Current provisions Other current items - 1.1 5.6 5.2 11.9 - 4.9 5.4 5.2 15.5 Subtotal - 1.1 5.6 5.2 11.9 - 4.9 5.4 5.2 15.5 Total provisions 9.8 1.1 7.7 6.0 24.6 7.5 4.9 5.4 5.8 23.6 (1) As restated, refer to note 1. The changes in provisions are set out below for the year ended 31 December 2023: \u20acm Dealer-related Other non-current items Other current items Total At 1 January 2023\u207d\u00b9\u207e 0.2 7.9 15.5 23.6 Charged in the year 1.5 7.9 1.3 10.7 Utilised in the year - -2.3 -0.9 -3.2 Reversed in the year -1.2 -1.4 -4.0 -6.6 Transferred during the year - 0.1 - 0.1 At 31 December 2023 0.5 12.2 11.9 24.6 (1) As restated, refer to Note 1. 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: - Provision for the warranty granted on vehicles sold in the D\u2019Ieteren Automotive segment. - 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 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__94": {
"value": "Note 24: Loans and borrowingsLoans and borrowings are presented as follows: \u20acm 2023 2022 D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Non-current loans and borrowings Lease liabilities 55.6 7.9 152.4 39.8 255.7 18.1 9.9 153.2 4.7 185.9 Bank and other loans 51.3 - 967.8 - 1,019.1 75.4 - 971.2 - 1,046.6 Inter-segment loan - 272.4 - -272.4 - - 272.3 - -272.3 - Subtotal non-current loans and borrowings 106.9 280.3 1,120.2 -232.6 1,274.8 93.5 282.2 1,124.4 -267.6 1,232.5 Current loans and borrowings Bonds - - 1.2 - 1.2 - - 1.2 - 1.2 Lease liabilities 26.8 4.6 47.3 3.1 81.8 11.2 5.5 44.0 0.6 61.3 Bank and other loans 133.4 - 130.8 0.1 264.3 106.0 14.9 180.1 0.1 301.1 Commercial paper 4.3 - - - 4.3 4.5 - - - 4.5 Subtotal current loans and borrowings 164.5 4.6 179.3 3.2 351.6 121.7 20.4 225.3 0.7 368.1 TOTAL LOANS AND BORROWINGS 271.4 284.9 1,299.5 -229.4 1,626.4 215.2 302.6 1,349.7 -266.9 1,600.6 Obligations under lease contracts are analysed below: \u20acm 2023 2022 Present Present Minimum value of Minimum value of lease minimum lease minimum payments lease payments lease payments payments Within one year 81.8 81.8 61.4 61.3 Between one and five years 186.9 180.5 149.7 144.6 More than five years 80.6 75.2 44.3 41.3 Subtotal 349.3 337.5 255.4 247.2 Present value of lease obligations 337.5 247.2 In 2023, the increase in lease liabilities compared to 31 December 2022 in the D\u2019Ieteren Automotive segment mainly arises from the recognition of lease liabilities following acquisitions performed in 2023 and the recognition of additional lease liabilities in the Retail segment. The increase in lease liabilities in the Corporate & unallocated segment mainly reflects the additional lease liabilities assumed in relation to new real estate projects at D\u2019Ieteren Immo. In 2022 and 2023, 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, \u20ac20.1m of interests have been recognised in profit or loss and -\u20ac20.0m have been paid cash. The \u20ac40.6m lent in 2022 by the Corporate & unallocated segment to TVH (fully reimbursed in 2023) was not presented in the line \u201cinter-segment loan\u201d in the table above since TVH is an equity accounted investee but was presented in non-current receivables in the Corporate & unallocated segment (see note 20). Bank and other loans in the PHE segment mainly consist in Senior Secured fixed and floating rate notes, as well as revolving credit facilities (undrawn at 31 December 2023 ; \u20ac62m at 31 December 2022). In January 2024, PHE announced that it has refinanced its \u20ac580m July 2025 Senior Secured Notes and its \u20ac380m July 2027 Floating Rate Senior Secured Notes with the issuance of a \u20ac960m new Term Loan B with a 7-year maturity (see note 34). Non-current loans and borrowings are due for settlement after more than one year, in accordance with the maturity profile set out below: \u20acm 2023 2022 Between one and five years 239.2 814.7 After more than five years 1,035.6 417.8 Non-current loans and borrowings 1,274.8 1,232.5 The interest rate and currency profiles of loans and borrowings are as follows (excluding the lease liabilities accounted for in accordance with IFRS 16 in 2022 and 2023) : \u20acm 2023 2022 Currency Fixed Floating Fixed Floating Total Total rate rate rate rate EUR 665.5 623.4 1,288.9 607.4 746.4 1,353.8 Total 665.5 623.4 1,288.9 607.4 746.4 1,353.8 EUR borrowings are stated after deduction of deferred financing costs of \u20ac0.7m as at 31 December 2023 (31 December 2022: \u20ac5.1m).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: 2023 2022 Currency Min. Max. Min. Max. EUR 1.0% 6.5% 1.0% 6.5% 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 acquired Repayment New Loans Additions/ At 31 December of lease \u20acm At 1 January 2023 through Conversion loans repayment Disposals Transfer Other 2023 liabilities business difference IFRS16 combinations Long-term loans and borrowings 1,046.6 2.5 8.2 -3.1 - - - -39.4 4.3 1,019.1 Short-term loans and borrowings 306.8 43.1 65.9 -188.0 - - - 41.8 0.2 269.8 Lease liabilities 247.2 6.4 - - -83.3 167.4 -0.1 -0.0 -0.1 337.5 Total liabilities arising from financing activities 1,600.6 52.0 74.1 -191.1 -83.3 167.4 -0.1 2.4 4.4 1,626.4 Non-cash movements Items acquired Repayment At 31 At 1 January through Loans Additions/ \u20acm New loans of lease Conversion December 2022 business repayment Disposals Transfer Other liabilities difference 2022 combinations IFRS16 Long-term loans and borrowings 129.4 975.2 38.6 -8.8 - - - -88.0 0.2 1,046.6 Short-term loans and borrowings 36.6 130.9 68.8 -38.5 - - - 107.4 1.6 306.8 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 In 2023, the other non-cash movements relate, among other amounts, to the accelerated depreciation of deferred financing costs in the PHE segment following the refinancing operated on 23 January 2024 (see note 34). In 2022, this line included, 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 the amortization of deferred financing costs in the Moleskine segment. In 2022, the \u20ac19.4m of transfers represented a capitalization of accrued interests on loans and borrowings, previously booked in trade and other payables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__103": {
"value": "Note 25: Trade and other payablesTrade and other payables are described below: \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Non-current payables 0.4 - 10.7 - 11.1 - - 39.3 - 39.3 Trade payables 543.5 20.3 359.8 3.2 926.8 339.1 23.7 313.6 3.4 679.8 Accrued charges and deferred income 81.6 0.7 2.7 1.0 86.0 64.4 1.0 3.9 0.1 69.4 Non-income taxes 60.2 1.1 16.8 0.2 78.3 52.0 1.5 18.3 - 71.8 Contingent consideration on 3.3 - 53.7 - 57.0 1.6 - 0.2 - 1.8 acquisitions Other current creditors 79.0 6.7 79.6 10.2 175.5 70.0 4.7 77.7 9.3 161.7 Trade and other payables 767.6 28.8 512.6 14.6 1,323.6 527.1 30.9 413.7 12.8 984.5 (1) As restated, refer to note 1. 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 included contingent considerations on past acquisitions. In 2023, these contingent consideration payables are included in the current liabilities, and amount to \u20ac53.7m at 31 December 2023 In both periods, the line \u201cNon-income taxes\u201d mainly include VAT payables in the D\u2019Ieteren Automotive and PHE segment. In both periods, the line \u201cOther current creditors\u201d includes, amongst other amounts, the payroll related payables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__102-1": {
"value": "Note 25: Trade and other payablesTrade and other payables are described below: \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Non-current payables 0.4 - 10.7 - 11.1 - - 39.3 - 39.3 Trade payables 543.5 20.3 359.8 3.2 926.8 339.1 23.7 313.6 3.4 679.8 Accrued charges and deferred income 81.6 0.7 2.7 1.0 86.0 64.4 1.0 3.9 0.1 69.4 Non-income taxes 60.2 1.1 16.8 0.2 78.3 52.0 1.5 18.3 - 71.8 Contingent consideration on 3.3 - 53.7 - 57.0 1.6 - 0.2 - 1.8 acquisitions Other current creditors 79.0 6.7 79.6 10.2 175.5 70.0 4.7 77.7 9.3 161.7 Trade and other payables 767.6 28.8 512.6 14.6 1,323.6 527.1 30.9 413.7 12.8 984.5 (1) As restated, refer to note 1. 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 included contingent considerations on past acquisitions. In 2023, these contingent consideration payables are included in the current liabilities, and amount to \u20ac53.7m at 31 December 2023 In both periods, the line \u201cNon-income taxes\u201d mainly include VAT payables in the D\u2019Ieteren Automotive and PHE segment. In both periods, the line \u201cOther current creditors\u201d includes, amongst other amounts, the payroll related payables.Note 28: Contingencies and commitments\u20acm 2023 2022 Commitments to acquisition of non-current assets 40.8 116.5 Other important commitments: Commitments given 1.0 - Commitments received 4.5 4.5 In 2022 and 2023, the commitments to acquisition of non-current assets mainly concern property, plant and equipment in the segment \u201cCorporate & unallocated\u201d and 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 granted a parental guarantee to the VW group in relation D\u2019Ieteren Automotive\u2019s obligations under the importers contracts. This parental guarantee was limited to three years (applicable until 31 December 2023) and to an amount of \u20ac80m. In the PHE segment, assets are pledged as collateral for the financing of the Senior Secured Notes and the Revolving Credit Facility Agreement. These assets mainly include equity interests in subsidiaries PHE and bank accounts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__101": {
"value": "Note 25: Trade and other payablesTrade and other payables are described below: \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Non-current payables 0.4 - 10.7 - 11.1 - - 39.3 - 39.3 Trade payables 543.5 20.3 359.8 3.2 926.8 339.1 23.7 313.6 3.4 679.8 Accrued charges and deferred income 81.6 0.7 2.7 1.0 86.0 64.4 1.0 3.9 0.1 69.4 Non-income taxes 60.2 1.1 16.8 0.2 78.3 52.0 1.5 18.3 - 71.8 Contingent consideration on 3.3 - 53.7 - 57.0 1.6 - 0.2 - 1.8 acquisitions Other current creditors 79.0 6.7 79.6 10.2 175.5 70.0 4.7 77.7 9.3 161.7 Trade and other payables 767.6 28.8 512.6 14.6 1,323.6 527.1 30.9 413.7 12.8 984.5 (1) As restated, refer to note 1. 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 included contingent considerations on past acquisitions. In 2023, these contingent consideration payables are included in the current liabilities, and amount to \u20ac53.7m at 31 December 2023 In both periods, the line \u201cNon-income taxes\u201d mainly include VAT payables in the D\u2019Ieteren Automotive and PHE segment. In both periods, the line \u201cOther current creditors\u201d includes, amongst other amounts, the payroll related payables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__100": {
"value": "Note 25: Trade and other payablesTrade and other payables are described below: \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Non-current payables 0.4 - 10.7 - 11.1 - - 39.3 - 39.3 Trade payables 543.5 20.3 359.8 3.2 926.8 339.1 23.7 313.6 3.4 679.8 Accrued charges and deferred income 81.6 0.7 2.7 1.0 86.0 64.4 1.0 3.9 0.1 69.4 Non-income taxes 60.2 1.1 16.8 0.2 78.3 52.0 1.5 18.3 - 71.8 Contingent consideration on 3.3 - 53.7 - 57.0 1.6 - 0.2 - 1.8 acquisitions Other current creditors 79.0 6.7 79.6 10.2 175.5 70.0 4.7 77.7 9.3 161.7 Trade and other payables 767.6 28.8 512.6 14.6 1,323.6 527.1 30.9 413.7 12.8 984.5 (1) As restated, refer to note 1. 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 included contingent considerations on past acquisitions. In 2023, these contingent consideration payables are included in the current liabilities, and amount to \u20ac53.7m at 31 December 2023 In both periods, the line \u201cNon-income taxes\u201d mainly include VAT payables in the D\u2019Ieteren Automotive and PHE segment. In both periods, the line \u201cOther current creditors\u201d includes, amongst other amounts, the payroll related payables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__99": {
"value": "Note 25: Trade and other payablesTrade and other payables are described below: \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Non-current payables 0.4 - 10.7 - 11.1 - - 39.3 - 39.3 Trade payables 543.5 20.3 359.8 3.2 926.8 339.1 23.7 313.6 3.4 679.8 Accrued charges and deferred income 81.6 0.7 2.7 1.0 86.0 64.4 1.0 3.9 0.1 69.4 Non-income taxes 60.2 1.1 16.8 0.2 78.3 52.0 1.5 18.3 - 71.8 Contingent consideration on 3.3 - 53.7 - 57.0 1.6 - 0.2 - 1.8 acquisitions Other current creditors 79.0 6.7 79.6 10.2 175.5 70.0 4.7 77.7 9.3 161.7 Trade and other payables 767.6 28.8 512.6 14.6 1,323.6 527.1 30.9 413.7 12.8 984.5 (1) As restated, refer to note 1. 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 included contingent considerations on past acquisitions. In 2023, these contingent consideration payables are included in the current liabilities, and amount to \u20ac53.7m at 31 December 2023 In both periods, the line \u201cNon-income taxes\u201d mainly include VAT payables in the D\u2019Ieteren Automotive and PHE segment. In both periods, the line \u201cOther current creditors\u201d includes, amongst other amounts, the payroll related payables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__98": {
"value": "Note 25: Trade and other payablesTrade and other payables are described below: \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Non-current payables 0.4 - 10.7 - 11.1 - - 39.3 - 39.3 Trade payables 543.5 20.3 359.8 3.2 926.8 339.1 23.7 313.6 3.4 679.8 Accrued charges and deferred income 81.6 0.7 2.7 1.0 86.0 64.4 1.0 3.9 0.1 69.4 Non-income taxes 60.2 1.1 16.8 0.2 78.3 52.0 1.5 18.3 - 71.8 Contingent consideration on 3.3 - 53.7 - 57.0 1.6 - 0.2 - 1.8 acquisitions Other current creditors 79.0 6.7 79.6 10.2 175.5 70.0 4.7 77.7 9.3 161.7 Trade and other payables 767.6 28.8 512.6 14.6 1,323.6 527.1 30.9 413.7 12.8 984.5 (1) As restated, refer to note 1. 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 included contingent considerations on past acquisitions. In 2023, these contingent consideration payables are included in the current liabilities, and amount to \u20ac53.7m at 31 December 2023 In both periods, the line \u201cNon-income taxes\u201d mainly include VAT payables in the D\u2019Ieteren Automotive and PHE segment. In both periods, the line \u201cOther current creditors\u201d includes, amongst other amounts, the payroll related payables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__97": {
"value": "Note 25: Trade and other payablesTrade and other payables are described below: \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Non-current payables 0.4 - 10.7 - 11.1 - - 39.3 - 39.3 Trade payables 543.5 20.3 359.8 3.2 926.8 339.1 23.7 313.6 3.4 679.8 Accrued charges and deferred income 81.6 0.7 2.7 1.0 86.0 64.4 1.0 3.9 0.1 69.4 Non-income taxes 60.2 1.1 16.8 0.2 78.3 52.0 1.5 18.3 - 71.8 Contingent consideration on 3.3 - 53.7 - 57.0 1.6 - 0.2 - 1.8 acquisitions Other current creditors 79.0 6.7 79.6 10.2 175.5 70.0 4.7 77.7 9.3 161.7 Trade and other payables 767.6 28.8 512.6 14.6 1,323.6 527.1 30.9 413.7 12.8 984.5 (1) As restated, refer to note 1. 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 included contingent considerations on past acquisitions. In 2023, these contingent consideration payables are included in the current liabilities, and amount to \u20ac53.7m at 31 December 2023 In both periods, the line \u201cNon-income taxes\u201d mainly include VAT payables in the D\u2019Ieteren Automotive and PHE segment. In both periods, the line \u201cOther current creditors\u201d includes, amongst other amounts, the payroll related payables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__96": {
"value": "Note 25: Trade and other payablesTrade and other payables are described below: \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Non-current payables 0.4 - 10.7 - 11.1 - - 39.3 - 39.3 Trade payables 543.5 20.3 359.8 3.2 926.8 339.1 23.7 313.6 3.4 679.8 Accrued charges and deferred income 81.6 0.7 2.7 1.0 86.0 64.4 1.0 3.9 0.1 69.4 Non-income taxes 60.2 1.1 16.8 0.2 78.3 52.0 1.5 18.3 - 71.8 Contingent consideration on 3.3 - 53.7 - 57.0 1.6 - 0.2 - 1.8 acquisitions Other current creditors 79.0 6.7 79.6 10.2 175.5 70.0 4.7 77.7 9.3 161.7 Trade and other payables 767.6 28.8 512.6 14.6 1,323.6 527.1 30.9 413.7 12.8 984.5 (1) As restated, refer to note 1. 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 included contingent considerations on past acquisitions. In 2023, these contingent consideration payables are included in the current liabilities, and amount to \u20ac53.7m at 31 December 2023 In both periods, the line \u201cNon-income taxes\u201d mainly include VAT payables in the D\u2019Ieteren Automotive and PHE segment. In both periods, the line \u201cOther current creditors\u201d includes, amongst other amounts, the payroll related payables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__95": {
"value": "Note 25: Trade and other payablesTrade and other payables are described below: \u20acm 2023 2022\u207d\u00b9\u207e D'Ieteren Corp. & D'Ieteren Corp. & Moleskine PHE Group Moleskine PHE Group Automotive unallocated Automotive unallocated Non-current payables 0.4 - 10.7 - 11.1 - - 39.3 - 39.3 Trade payables 543.5 20.3 359.8 3.2 926.8 339.1 23.7 313.6 3.4 679.8 Accrued charges and deferred income 81.6 0.7 2.7 1.0 86.0 64.4 1.0 3.9 0.1 69.4 Non-income taxes 60.2 1.1 16.8 0.2 78.3 52.0 1.5 18.3 - 71.8 Contingent consideration on 3.3 - 53.7 - 57.0 1.6 - 0.2 - 1.8 acquisitions Other current creditors 79.0 6.7 79.6 10.2 175.5 70.0 4.7 77.7 9.3 161.7 Trade and other payables 767.6 28.8 512.6 14.6 1,323.6 527.1 30.9 413.7 12.8 984.5 (1) As restated, refer to note 1. 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 included contingent considerations on past acquisitions. In 2023, these contingent consideration payables are included in the current liabilities, and amount to \u20ac53.7m at 31 December 2023 In both periods, the line \u201cNon-income taxes\u201d mainly include VAT payables in the D\u2019Ieteren Automotive and PHE segment. In both periods, the line \u201cOther current creditors\u201d includes, amongst other amounts, the payroll related payables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__104": {
"value": "Note 26: Business combinationsNote 26.1: Current year business combination 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, and the column PHE relates to the acquisitions performed by Parts Holding Europe (PHE). D'Ieteren Total provisional fair \u20acm PHE Automotive value\u207d\u00b9\u207e Intangible assets 0.3 7.7 8.0 Property, plant & equipment 8.8 9.3 18.1 Equity-accounted investees - 0.3 0.3 Deferred tax assets - 0.1 0.1 Other receivables - 0.3 0.3 Inventories 41.2 17.5 58.7 Other financial assets 0.1 - 0.1 Trade and other receivables 11.6 11.9 23.5 Cash and cash equivalents 8.0 2.9 10.9 Loans & borrowings -1.8 -10.4 -12.2 Deferred tax liabilities - -1.9 -1.9 Loans & borrowings (short-term) -39.8 - -39.8 Current tax liabilities -0.4 - -0.4 Trade & other payables -9.1 -12.1 -21.2 Net assets acquired 18.9 25.6 44.5 Non-controlling interests (\"NCI\") 0.1 -14.0 -13.9 Goodwill 13.6 27.1 40.7 TOTAL IDENTIFIABLE NET ASSETS ACQUIRED AND LIABILITIES ASSUMED, INCLUDING GOODWILL 32.6 38.7 71.3 Consideration satisfied by: Cash payment 31.7 28.7 60.4 Contingent consideration 0.9 10.0 10.9 TOTAL CONSIDERATION 32.6 38.7 71.3 (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 made the following business combinations: - Acquisition of 100% of Jennes Group, consisting in 5 car dealerships and 1 bodyshop in Belgium; - Acquisition of 100% of the shares in Alpha Bikes s.r.l., a bike store in Belgium; - Acquisition of 100% of the shares in Plum-Ghent b.v., a bike store in Belgium; - 51% of the shares in Transport Care n.v. (acquisition of 20%, followed by a 31% capital increase), a software dealer specialized in bodyshops and garages in Belgium; - Acquisition of 100% of the shares in King+ b.v., a bike store in Belgium; - Acquisition of the inventories and commercial properties of Cyclo Europe b.v., Remory b.v., Robot b.v. and Bike Planet Sport b.v. (through asset deals), four bike stores in Belgium. The additional revenue and net result arising subsequent to these acquisitions amount to respectively \u20ac21.1m and -\u20ac0.8m. If the acquisitions had occurred on the first day of the period, revenue would have been \u20ac240.4m and net result \u20ac1.2m. The contingent consideration of \u20ac0.9m 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 2023, contingent consideration liability amount to \u20ac3.7m and is presented in the lines \u201cOther payables\u201d for \u20ac0.4m and \u201cTrade and other payables\u201d for \u20ac3.3m in the consolidated statement of financial position. The \u20ac13.6m 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 During the period, the PHE segment made the following business combinations: - Acquisition of 75% of the shares of AD Basconia in March 2023, a distributor of spare parts active in Spain. - Acquisition of 75% of the shares of AD Masanes in December 2023, a distributor of spare parts active in Andorra; - Acquisition of 66% of the shares of Egido in December 2023, a distributor of spare parts active in Spain; The additional revenue and net result arising subsequent to the acquisition of AD Basconia (the two other acquisitions being closed in December, no revenue or net result have been recognised in 2023) amount to respectively \u20ac16.3m and \u20ac1.5m. If the acquisitions of AD Basconia and AD Masanes have occurred on the first day of the period, revenue would have been \u20ac63m and net result would have been \u20ac1.9m. The acquisition of Egido is not material to the Group; revenue and net result for 2023 are not separately disclosed. The contingent consideration of \u20ac10.0m 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. Subsequent change in fair value of the earn-out, if any, will be accounted for in profit or loss. At 31 December 2023, contingent consideration liability amount to \u20ac53.7m and is presented in the line \u201cTrade and other payables\u201d in the consolidated statement of financial position. The \u20ac27.1m of goodwill recognised reflects the expected synergies and other benefits resulting from the combination of the acquired activities with those of the PHE 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 the acquisition is not expected to be deductible for tax purposes. PHE finalised the acquisition accounting of prior period\u2019s business combinations (mainly through the recognition of customer contracts and related deferred tax liabilities), leading to a decrease in goodwill of -\u20ac15.1m. These adjustments are not considered material and not separately disclosed. Note 26.2: Change to prior year business combination At 31 December 2022, the Group did not finalise the acquisition accounting of Parts Holding Europe (acquired on the 4th of August 2022) and hence no fair value adjustments have been recognised on the acquired assets and 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 finalise the acquisition accounting), the provisional allocation has been reviewed in the first semester of 2023 and reallocated to brands and other intangible assets. The following table summarises the adjustments made to the provisional purchase price allocation as of 4 August 2022. PHE - provisional \u20acm Adjustments PHE - final fair value fair value Intangible assets 311.7 495.6 807.3 Property, plant & equipment 280.0 - 280.0 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 463.6 - 463.6 Derivative financial instruments (short-term) 0.7 - 0.7 Trade and other receivables 393.7 - 393.7 Cash & cash equivalents (excluding cash included in assets classified as held-for-sale) 91.9 - 91.9 Assets classified as held for sale 75.1 59.6 134.7 Employee benefits -28.0 - -28.0 Loans & borrowings -1,128.2 - -1,128.2 Put options granted to non-controlling interests -80.5 - -80.5 Other payables -37.8 - -37.8 Deferred tax liabilities -13.4 -134.2 -147.6 Provisions (short-term) -5.6 - -5.6 Loans & borrowings (short-term) -165.4 - -165.4 Put options granted to non-controlling interests (short-term) -4.9 - -4.9 Trade & other payables -455.4 - -455.4 Liabilities directly associated with the assets held for sale -30.7 - -30.7 Net assets acquired -277.5 421.0 143.5 Non-controlling interests (\"NCI\") -1.8 - -1.8 Goodwill 850.3 -421.0 429.3 TOTAL IDENTIFIABLE NET ASSETS ACQUIRED AND LIABILITIES ASSUMED, INCLUDING GOODWILL 571.0 - 571.0 Consideration satisfied by: Cash payment 571.0 - 571.0 TOTAL CONSIDERATION 571.0 - 571.0 The \u20ac807.3m intangible assets recognised on acquisition date include \u20ac246.6m of brands and \u20ac530.9m of customer contracts. The brands recognised in the PHE segment have an indefinite useful life, since, given the absence of factors that could cause their obsolescence and considering 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 customer contracts in scope of this purchase price, whose value was determined with the excess earnings method, will be amortised over 21 years as from the acquisition date (4th of August 2022). The amount of amortisation of these customer contracts amounts to -\u20ac25.9m in 2023 (-\u20ac10.8m in 2022, restated). The adjustment booked in deferred tax liabilities is directly linked to the adjustment booked in intangible assets. The deferred tax liabilities related to the customer contracts will be reversed over the same remaining useful lives of the underlying customer contracts. The \u20ac59.6m adjustment on the assets classified as held for sale relates to the portion of the goodwill allocated to Mondial Pare-Brise, the specialised glass repair activity of PHE, disposed of in February 2023. The net assets disposed of therefore corresponded to the consideration received.",
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"s8_notes__6__107": {
"value": "Note 27: List of subsidiaries, associates and joint venturesThe 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 owned at 31 % of share capital owned at 31 Name Country of incorporation December 2023 December 2022 D'Ieteren Automotive D'Ieteren Automotive s.a./n.v. 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% P.C. Louvain-La-Neuve 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 92.40% 100% Electric By D'Ieteren (EDI) Belgium 92.50% 92.50% % of share capital owned at 31 % of share capital owned at 31 Name Country of incorporation December 2023 December 2022 Lizy n.v. Belgium 41.41% 39.63% 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% 56.00% Mbrella srl Belgium 91.50% 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 92.40% 100% Taxi Radio Bruxellois s.a. Belgium 92.40% 100% Joule n.v. Belgium 57.87% 57.87% Lizy France s.a.s. France 41.41% 39.63% EDI Network s.a. Belgium 100% 100% LB Sunshine s.r.l. Belgium 92.50% 92.50% Waassolar b.v. Belgium 92.50% 92.50% Go-Solar n.v. Belgium 92.50% 92.50% D'Ieteren Mobility Services s.a. Belgium 100% 100% Velofixer b.v. Belgium 100% 100% Re Cycle s.r.l. Belgium 100% 100% Jennes n.v. Belgium 100% - Jennes Machelen n.v. Belgium 100% - Jennes Leefdaal n.v. Belgium 100% - Jennes Aarschot n.v. Belgium 100% - Jennes Used Cars n.v. Belgium 100% - Carrosseries Jennes n.v Belgium 100% - Alpha Bikes s.r.l Belgium 100% - Plum-Ghent b.v Belgium 100% - Transport Care n.v Belgium 51.00% - King n.v Belgium 100% - Belron Belron Group s.a. (in voting rights) Luxembourg 54.79% 55.00% TVH TVH Global NV Belgium 40.00% 40.00% % of share capital owned at 31 % of share capital owned at 31 Name Country of incorporation December 2023 December 2022 Moleskine Moleskine s.r.l. Italy 100% 100% Moleskine America Inc. United States 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% 100% D'Ieteren Cherry MRP s.\u00e0.r.l Luxembourg 100% 100% s.a. Spider Bidco n.v. Belgium 100% 100% PHE Lake SAS (in voting rights) France 91.26% 91.38% The percentages below are the ones held by Lake SAS (the mother company of PHE) in those subsidiaries: % of share capital owned at 31 % of share capital owned at 31 Name Country of incorporation December 2023 December 2022 Parts Holding Europe France 100% 100% ACR Group France 100% 100% AD Bassin Parisien Nord France 99.99% 99.99% Autodistribution Belux Belgium 100% 100% AD bosch Industrial Spain 75% 74.95% AD bosch Recanvis Spain 75% 74.95% AD bosch Serveis Spain 75% 74.95% Autodistribution Gobillot Rhone France 100% 100% AD Grand Ouest France 100% 100% AD International Belgium 14.90% 14.90% AD Normandie Maine France 79.40% 79.40% AD Parts Intergroup Spain 99.90% 100% Aube distribution automobile France 100% 100% Marne distribution automobile France 100% 100% Ariane France 100% 100% Parts Europe France 100% 100% Parts Holdings Italie Italy 55.94% 55.94% Autodis Holding Italia srl Italy 84.89% 79.94% Autodis Italia Italy 100% 100% Autodistribution France 100% 100% Autodistribution Poids Lourds France 100% 100% Autodistribution Sogo France 99.95% 99.95% BDN - Grup Eina Spain 42.00% 42.00% Bremstar France 100% 100% Cofirhad France 100% 100% Cogemad France 100% 100% Comptoir Vi France 100% 100% Cora SAS France 100% 100% Digital Aftermarket France 77.78% 77.78% Gigital Auto Parts Holding France 100% 100% Doyen Auto Belgium Belgium 100% 100% Doyen Auto France France 100% 100% Doyen Auto Belgium 100% 100% Autodistribution Nederland Netherland 100% 100% Verviers Freins Belgium 100% 100% ETS Rembaud France 100% 100% Fournitures Industrielles Automobiles France 100% 100% FGL Italy 84.89% 79.94% Freinage Poids Lourds Services \"F.P.L.S.\" France 100% 100% AD Poids Lourds Gobillot France 100% 100% % of share capital owned at 31 % of share capital owned at 31 Name Country of incorporation December 2023 December 2022 Gadest France 100% 100% General Auto Italy 84.89% 79.94% Go Logistics Italy 84.89% 79.94% Glass Auto Service France absorbed 100% Ile de France Poids Lourds France 100% 100% Instant Packet Service Maragall Spain 74.95% 74.95% Logisteo France 100% 100% Loek Autoparts bv Belgium 100% 100% Lubrial Oil Spain 74.95% 74.95% Ovam Italy 84.89% 79.94% Pelter Auto Overpelt Belgium 100% 100% Partenaires Produits et Services France 100% 100% Autodistribution Italia Italy 55.94% 55.94% Plateforme Technique Nationale Montajault France 100% 100% Port Marly Accessoires (PMA) France 100% 100% Ricauto Italy 84.89% 79.94% RM Distribution France 100% 100% Sarco Italy absorbed 79.94% sarl Auto Contr\u00f4le France 100% 100% sarl FRA France 100% 100% Sarpi Italy 84.89% 79.94% SCI Lorat France 100% 100% SLPA France 49.00% 49.00% Top Car Italy 84.89% 79.94% Truck & Car Services France 100% 100% AD Poids Lourds Centre Ouest France 100% 100% Vallespir Auto Diffusion France 100% 100% Oscaro Holding SAS France 82.50% 82.50% Oscaro.com France 82.50% 82.50% Olcani France 82.50% 82.50% Oscarios Recambios Spain 82.50% 82.50% 3c.com France 82.50% 82.50% Geevers Auto Parts b.v. Netherland 100% 100% Geevers Auto Parts Belgi\u00eb Belgium 100% 100% Discount Depot Autoteile Germany - 100% Praefectus Netherland 100% 100% Shadeservice Zuid Netherland 100% 100% AD Autoparts Belgium 100% 100% Autovak Belgium 100% 100% 2G Padauto Italy 84.89% 79.94% EUMA Parts Spain 75.00% 75.00% % of share capital owned at 31 % of share capital owned at 31 Name Country of incorporation December 2023 December 2022 EUMA Pro 2020 Spain 75.00% 75.00% AD Marina Spain 75.00% 75.00% Regenauto Spain 75.00% 75.00% Regenauto Equipos y Servicios Spain 75.00% 75.00% Acumuladores Navarra Spain 75.00% 75.00% Cida Auto Components Italy 84.89% 79.94% AD Levante Parts Spain 75.00% 75.00% AD Marche Italy 84.89% 79.94% Auto Recambios Vilber Spain 75.00% 75.00% Penalver Spain 75.00% 75.00% Attrezzauto.com Italy 84.89% 79.94% France Distribution - Fradis France 100% 100% Sarat Italy 76.40% 71.94% Auto Industrial Basconia Spain 75.00% - Masanes Spain 75.00% - Recambios Egido Spain 66.00% - AD Parts SL Spain 24.64% - Mondial Pare Brise France - 100% Loire Pare Brise France - 100% Atlantique Pare Brise France - 100% The Group\u2019s average stake (used for the income statement) in Belron equalled 50.20% in 2023 (50.01% in 2022). 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__106": {
"value": "Note 27: List of subsidiaries, associates and joint venturesThe 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 owned at 31 % of share capital owned at 31 Name Country of incorporation December 2023 December 2022 D'Ieteren Automotive D'Ieteren Automotive s.a./n.v. 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% P.C. Louvain-La-Neuve 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 92.40% 100% Electric By D'Ieteren (EDI) Belgium 92.50% 92.50% % of share capital owned at 31 % of share capital owned at 31 Name Country of incorporation December 2023 December 2022 Lizy n.v. Belgium 41.41% 39.63% 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% 56.00% Mbrella srl Belgium 91.50% 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 92.40% 100% Taxi Radio Bruxellois s.a. Belgium 92.40% 100% Joule n.v. Belgium 57.87% 57.87% Lizy France s.a.s. France 41.41% 39.63% EDI Network s.a. Belgium 100% 100% LB Sunshine s.r.l. Belgium 92.50% 92.50% Waassolar b.v. Belgium 92.50% 92.50% Go-Solar n.v. Belgium 92.50% 92.50% D'Ieteren Mobility Services s.a. Belgium 100% 100% Velofixer b.v. Belgium 100% 100% Re Cycle s.r.l. Belgium 100% 100% Jennes n.v. Belgium 100% - Jennes Machelen n.v. Belgium 100% - Jennes Leefdaal n.v. Belgium 100% - Jennes Aarschot n.v. Belgium 100% - Jennes Used Cars n.v. Belgium 100% - Carrosseries Jennes n.v Belgium 100% - Alpha Bikes s.r.l Belgium 100% - Plum-Ghent b.v Belgium 100% - Transport Care n.v Belgium 51.00% - King n.v Belgium 100% - Belron Belron Group s.a. (in voting rights) Luxembourg 54.79% 55.00% TVH TVH Global NV Belgium 40.00% 40.00% % of share capital owned at 31 % of share capital owned at 31 Name Country of incorporation December 2023 December 2022 Moleskine Moleskine s.r.l. Italy 100% 100% Moleskine America Inc. United States 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% 100% D'Ieteren Cherry MRP s.\u00e0.r.l Luxembourg 100% 100% s.a. Spider Bidco n.v. Belgium 100% 100% PHE Lake SAS (in voting rights) France 91.26% 91.38% The percentages below are the ones held by Lake SAS (the mother company of PHE) in those subsidiaries: % of share capital owned at 31 % of share capital owned at 31 Name Country of incorporation December 2023 December 2022 Parts Holding Europe France 100% 100% ACR Group France 100% 100% AD Bassin Parisien Nord France 99.99% 99.99% Autodistribution Belux Belgium 100% 100% AD bosch Industrial Spain 75% 74.95% AD bosch Recanvis Spain 75% 74.95% AD bosch Serveis Spain 75% 74.95% Autodistribution Gobillot Rhone France 100% 100% AD Grand Ouest France 100% 100% AD International Belgium 14.90% 14.90% AD Normandie Maine France 79.40% 79.40% AD Parts Intergroup Spain 99.90% 100% Aube distribution automobile France 100% 100% Marne distribution automobile France 100% 100% Ariane France 100% 100% Parts Europe France 100% 100% Parts Holdings Italie Italy 55.94% 55.94% Autodis Holding Italia srl Italy 84.89% 79.94% Autodis Italia Italy 100% 100% Autodistribution France 100% 100% Autodistribution Poids Lourds France 100% 100% Autodistribution Sogo France 99.95% 99.95% BDN - Grup Eina Spain 42.00% 42.00% Bremstar France 100% 100% Cofirhad France 100% 100% Cogemad France 100% 100% Comptoir Vi France 100% 100% Cora SAS France 100% 100% Digital Aftermarket France 77.78% 77.78% Gigital Auto Parts Holding France 100% 100% Doyen Auto Belgium Belgium 100% 100% Doyen Auto France France 100% 100% Doyen Auto Belgium 100% 100% Autodistribution Nederland Netherland 100% 100% Verviers Freins Belgium 100% 100% ETS Rembaud France 100% 100% Fournitures Industrielles Automobiles France 100% 100% FGL Italy 84.89% 79.94% Freinage Poids Lourds Services \"F.P.L.S.\" France 100% 100% AD Poids Lourds Gobillot France 100% 100% % of share capital owned at 31 % of share capital owned at 31 Name Country of incorporation December 2023 December 2022 Gadest France 100% 100% General Auto Italy 84.89% 79.94% Go Logistics Italy 84.89% 79.94% Glass Auto Service France absorbed 100% Ile de France Poids Lourds France 100% 100% Instant Packet Service Maragall Spain 74.95% 74.95% Logisteo France 100% 100% Loek Autoparts bv Belgium 100% 100% Lubrial Oil Spain 74.95% 74.95% Ovam Italy 84.89% 79.94% Pelter Auto Overpelt Belgium 100% 100% Partenaires Produits et Services France 100% 100% Autodistribution Italia Italy 55.94% 55.94% Plateforme Technique Nationale Montajault France 100% 100% Port Marly Accessoires (PMA) France 100% 100% Ricauto Italy 84.89% 79.94% RM Distribution France 100% 100% Sarco Italy absorbed 79.94% sarl Auto Contr\u00f4le France 100% 100% sarl FRA France 100% 100% Sarpi Italy 84.89% 79.94% SCI Lorat France 100% 100% SLPA France 49.00% 49.00% Top Car Italy 84.89% 79.94% Truck & Car Services France 100% 100% AD Poids Lourds Centre Ouest France 100% 100% Vallespir Auto Diffusion France 100% 100% Oscaro Holding SAS France 82.50% 82.50% Oscaro.com France 82.50% 82.50% Olcani France 82.50% 82.50% Oscarios Recambios Spain 82.50% 82.50% 3c.com France 82.50% 82.50% Geevers Auto Parts b.v. Netherland 100% 100% Geevers Auto Parts Belgi\u00eb Belgium 100% 100% Discount Depot Autoteile Germany - 100% Praefectus Netherland 100% 100% Shadeservice Zuid Netherland 100% 100% AD Autoparts Belgium 100% 100% Autovak Belgium 100% 100% 2G Padauto Italy 84.89% 79.94% EUMA Parts Spain 75.00% 75.00% % of share capital owned at 31 % of share capital owned at 31 Name Country of incorporation December 2023 December 2022 EUMA Pro 2020 Spain 75.00% 75.00% AD Marina Spain 75.00% 75.00% Regenauto Spain 75.00% 75.00% Regenauto Equipos y Servicios Spain 75.00% 75.00% Acumuladores Navarra Spain 75.00% 75.00% Cida Auto Components Italy 84.89% 79.94% AD Levante Parts Spain 75.00% 75.00% AD Marche Italy 84.89% 79.94% Auto Recambios Vilber Spain 75.00% 75.00% Penalver Spain 75.00% 75.00% Attrezzauto.com Italy 84.89% 79.94% France Distribution - Fradis France 100% 100% Sarat Italy 76.40% 71.94% Auto Industrial Basconia Spain 75.00% - Masanes Spain 75.00% - Recambios Egido Spain 66.00% - AD Parts SL Spain 24.64% - Mondial Pare Brise France - 100% Loire Pare Brise France - 100% Atlantique Pare Brise France - 100% The Group\u2019s average stake (used for the income statement) in Belron equalled 50.20% in 2023 (50.01% in 2022). 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.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__105": {
"value": "Note 27: List of subsidiaries, associates and joint venturesThe 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 owned at 31 % of share capital owned at 31 Name Country of incorporation December 2023 December 2022 D'Ieteren Automotive D'Ieteren Automotive s.a./n.v. 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% P.C. Louvain-La-Neuve 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 92.40% 100% Electric By D'Ieteren (EDI) Belgium 92.50% 92.50% % of share capital owned at 31 % of share capital owned at 31 Name Country of incorporation December 2023 December 2022 Lizy n.v. Belgium 41.41% 39.63% 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% 56.00% Mbrella srl Belgium 91.50% 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 92.40% 100% Taxi Radio Bruxellois s.a. Belgium 92.40% 100% Joule n.v. Belgium 57.87% 57.87% Lizy France s.a.s. France 41.41% 39.63% EDI Network s.a. Belgium 100% 100% LB Sunshine s.r.l. Belgium 92.50% 92.50% Waassolar b.v. Belgium 92.50% 92.50% Go-Solar n.v. Belgium 92.50% 92.50% D'Ieteren Mobility Services s.a. Belgium 100% 100% Velofixer b.v. Belgium 100% 100% Re Cycle s.r.l. Belgium 100% 100% Jennes n.v. Belgium 100% - Jennes Machelen n.v. Belgium 100% - Jennes Leefdaal n.v. Belgium 100% - Jennes Aarschot n.v. Belgium 100% - Jennes Used Cars n.v. Belgium 100% - Carrosseries Jennes n.v Belgium 100% - Alpha Bikes s.r.l Belgium 100% - Plum-Ghent b.v Belgium 100% - Transport Care n.v Belgium 51.00% - King n.v Belgium 100% - Belron Belron Group s.a. (in voting rights) Luxembourg 54.79% 55.00% TVH TVH Global NV Belgium 40.00% 40.00% % of share capital owned at 31 % of share capital owned at 31 Name Country of incorporation December 2023 December 2022 Moleskine Moleskine s.r.l. Italy 100% 100% Moleskine America Inc. United States 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% 100% D'Ieteren Cherry MRP s.\u00e0.r.l Luxembourg 100% 100% s.a. Spider Bidco n.v. Belgium 100% 100% PHE Lake SAS (in voting rights) France 91.26% 91.38% The percentages below are the ones held by Lake SAS (the mother company of PHE) in those subsidiaries: % of share capital owned at 31 % of share capital owned at 31 Name Country of incorporation December 2023 December 2022 Parts Holding Europe France 100% 100% ACR Group France 100% 100% AD Bassin Parisien Nord France 99.99% 99.99% Autodistribution Belux Belgium 100% 100% AD bosch Industrial Spain 75% 74.95% AD bosch Recanvis Spain 75% 74.95% AD bosch Serveis Spain 75% 74.95% Autodistribution Gobillot Rhone France 100% 100% AD Grand Ouest France 100% 100% AD International Belgium 14.90% 14.90% AD Normandie Maine France 79.40% 79.40% AD Parts Intergroup Spain 99.90% 100% Aube distribution automobile France 100% 100% Marne distribution automobile France 100% 100% Ariane France 100% 100% Parts Europe France 100% 100% Parts Holdings Italie Italy 55.94% 55.94% Autodis Holding Italia srl Italy 84.89% 79.94% Autodis Italia Italy 100% 100% Autodistribution France 100% 100% Autodistribution Poids Lourds France 100% 100% Autodistribution Sogo France 99.95% 99.95% BDN - Grup Eina Spain 42.00% 42.00% Bremstar France 100% 100% Cofirhad France 100% 100% Cogemad France 100% 100% Comptoir Vi France 100% 100% Cora SAS France 100% 100% Digital Aftermarket France 77.78% 77.78% Gigital Auto Parts Holding France 100% 100% Doyen Auto Belgium Belgium 100% 100% Doyen Auto France France 100% 100% Doyen Auto Belgium 100% 100% Autodistribution Nederland Netherland 100% 100% Verviers Freins Belgium 100% 100% ETS Rembaud France 100% 100% Fournitures Industrielles Automobiles France 100% 100% FGL Italy 84.89% 79.94% Freinage Poids Lourds Services \"F.P.L.S.\" France 100% 100% AD Poids Lourds Gobillot France 100% 100% % of share capital owned at 31 % of share capital owned at 31 Name Country of incorporation December 2023 December 2022 Gadest France 100% 100% General Auto Italy 84.89% 79.94% Go Logistics Italy 84.89% 79.94% Glass Auto Service France absorbed 100% Ile de France Poids Lourds France 100% 100% Instant Packet Service Maragall Spain 74.95% 74.95% Logisteo France 100% 100% Loek Autoparts bv Belgium 100% 100% Lubrial Oil Spain 74.95% 74.95% Ovam Italy 84.89% 79.94% Pelter Auto Overpelt Belgium 100% 100% Partenaires Produits et Services France 100% 100% Autodistribution Italia Italy 55.94% 55.94% Plateforme Technique Nationale Montajault France 100% 100% Port Marly Accessoires (PMA) France 100% 100% Ricauto Italy 84.89% 79.94% RM Distribution France 100% 100% Sarco Italy absorbed 79.94% sarl Auto Contr\u00f4le France 100% 100% sarl FRA France 100% 100% Sarpi Italy 84.89% 79.94% SCI Lorat France 100% 100% SLPA France 49.00% 49.00% Top Car Italy 84.89% 79.94% Truck & Car Services France 100% 100% AD Poids Lourds Centre Ouest France 100% 100% Vallespir Auto Diffusion France 100% 100% Oscaro Holding SAS France 82.50% 82.50% Oscaro.com France 82.50% 82.50% Olcani France 82.50% 82.50% Oscarios Recambios Spain 82.50% 82.50% 3c.com France 82.50% 82.50% Geevers Auto Parts b.v. Netherland 100% 100% Geevers Auto Parts Belgi\u00eb Belgium 100% 100% Discount Depot Autoteile Germany - 100% Praefectus Netherland 100% 100% Shadeservice Zuid Netherland 100% 100% AD Autoparts Belgium 100% 100% Autovak Belgium 100% 100% 2G Padauto Italy 84.89% 79.94% EUMA Parts Spain 75.00% 75.00% % of share capital owned at 31 % of share capital owned at 31 Name Country of incorporation December 2023 December 2022 EUMA Pro 2020 Spain 75.00% 75.00% AD Marina Spain 75.00% 75.00% Regenauto Spain 75.00% 75.00% Regenauto Equipos y Servicios Spain 75.00% 75.00% Acumuladores Navarra Spain 75.00% 75.00% Cida Auto Components Italy 84.89% 79.94% AD Levante Parts Spain 75.00% 75.00% AD Marche Italy 84.89% 79.94% Auto Recambios Vilber Spain 75.00% 75.00% Penalver Spain 75.00% 75.00% Attrezzauto.com Italy 84.89% 79.94% France Distribution - Fradis France 100% 100% Sarat Italy 76.40% 71.94% Auto Industrial Basconia Spain 75.00% - Masanes Spain 75.00% - Recambios Egido Spain 66.00% - AD Parts SL Spain 24.64% - Mondial Pare Brise France - 100% Loire Pare Brise France - 100% Atlantique Pare Brise France - 100% The Group\u2019s average stake (used for the income statement) in Belron equalled 50.20% in 2023 (50.01% in 2022). 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__108": {
"value": "Note 28: Contingencies and commitments\u20acm 2023 2022 Commitments to acquisition of non-current assets 40.8 116.5 Other important commitments: Commitments given 1.0 - Commitments received 4.5 4.5 In 2022 and 2023, the commitments to acquisition of non-current assets mainly concern property, plant and equipment in the segment \u201cCorporate & unallocated\u201d and 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 granted a parental guarantee to the VW group in relation D\u2019Ieteren Automotive\u2019s obligations under the importers contracts. This parental guarantee was limited to three years (applicable until 31 December 2023) and to an amount of \u20ac80m. In the PHE segment, assets are pledged as collateral for the financing of the Senior Secured Notes and the Revolving Credit Facility Agreement. These assets mainly include equity interests in subsidiaries PHE and bank accounts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__110": {
"value": "Note 29: Related party transactions\u20acm 2023 2022 With entities with joint control or significant influence over the Group: Amount of the transactions entered into during the period 0.9 0.7 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(*) 194.9 97.0 Purchases(*) -7.7 -10.8 Trade receivables outstanding at 31 December(*) 12.7 30.8 With key management personnel: Compensation: Short-term employee benefits 5.1 4.5 Post-employment benefits 0.3 0.2 Termination benefits - - Total compensation 5.4 4.7 Amount of the other transactions entered into during the period - - Outstanding creditor balance at 31 December 2.1 1.5 With other related parties: Amount of the transactions entered into during the period 0.2 0.3 Outstanding creditor balance at 31 December - - (*) In 2022 and 2023, 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. 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 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 63.62% of the voting rights of the Company (see note 22). In 2023, some of these shareholders and/or entities related to them carried out commercial transactions with the Company and/or its subsidiaries. These transactions (total of \u20ac1.1m) 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 2023, 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. 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 2023, a total of 73,333 options were issued to key managers (at exercise prices of \u20ac185.17 and \u20ac153.60 per option). The total fair value of all share options granted to key management personnel charged to the 2023 income statement amounted to \u20ac2.6m. 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 December 2023, loans granted by the Company to the members of the Executive Committee were outstanding for a total amount of \u20ac2.1m. 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 2023 were granted for periods of 5 or 3 years with interest rates of respectively 3.82% and 3.70%. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__111": {
"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 2023, a total of 73,333 options were issued to key managers (at exercise prices of \u20ac185.17 and \u20ac153.60 per option). The total fair value of all share options granted to key management personnel charged to the 2023 income statement amounted to \u20ac2.6m. 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 December 2023, loans granted by the Company to the members of the Executive Committee were outstanding for a total amount of \u20ac2.1m. 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 2023 were granted for periods of 5 or 3 years with interest rates of respectively 3.82% and 3.70%. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__113": {
"value": "Note 31: Services provided by the statutory auditorThe external audit is conducted by KPMG R\u00e9viseurs d\u2019Entreprises, represented by Axel Jorion, whose audit mandate expires at the General Meeting of 2026. \u20acm 2023 2022 Audit services 6.7 4.7 KPMG in Belgium 1.3 1.2 Other firms in the KPMG network 5.4 3.5 Non-audit services 0.2 0.5 KPMG in Belgium 0.1 0.1 Other firms in the KPMG network 0.1 0.4 Services provided by the Statutory Auditor and its network 6.9 5.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__114": {
"value": "Note 32: LeasesLeases 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 Land and Plant and Total buildings equipment Balance at 1 January 2023 189.3 41.7 231.0 Items acquired through business combinations 6.9 - 6.9 Depreciation charge for the year -52.3 -29.1 -81.4 Additions to right-of-use assets 121.4 51.6 173.0 Derecognition of right-of-use assets -3.1 -5.9 -9.0 Others 2.6 1.2 3.8 Balance at 31 December 2023 264.8 59.5 324.3 The increase in the net book value of right-of-use assets in the period is mainly the result of : - the recognition of right-of-use assets following acquisitions performed in 2023 in the D\u2019Ieteren Automotive segment ; - the recognition of additional right-of-use assets previously unrecognized in the D\u2019Ieteren Automotive segment, and ; - the recognition of right-of-use assets recognised in relation to new real estate projects at D\u2019Ieteren Immo. 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 leases are classified as operating 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 2023 equals \u20ac6.6m (2022: \u20ac5.1m). The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date. \u20acm 2023 2022 Other Other Investment property, Investment property, Total Total property plant and property plant and equipment equipment Within one year 5.5 - 5.5 4.9 - 4.9 Later than one year and less than five 18.0 - 18.0 18.3 - 18.3 years After five years 5.8 - 5.8 5.3 - 5.3 Total 29.3 - 29.3 28.5 - 28.5 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__115": {
"value": "Note 33: Put options granted to non-controlling interestsPHE In October 2022, following the closing of the acquisition of Parts Holding Europe, minority investors including management and several partners and independent distributors invested alongside D\u2019Ieteren Group in the holding company of PHE, up to 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 and 31 December 2023, 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 9) 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 is accounted for in profit or loss. At 31 December 2023, the Group accounted for a share-based payment expense of -\u20ac26.6m (-\u20ac2.2m in the prior period), with a corresponding increase in liability. At 31 December 2023, 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 \u20ac175.3m (\u20ac137.4m at 31 December 2022) 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 -\u20ac20.7m movement presented in the statement of changes in equity in 2023 includes, amongst other amounts, -\u20ac3.8m 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 (-\u20ac11.1m). 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 in the short-term liabilities also includes \u20ac116.4m of put options granted by PHE to non-controlling shareholders holding minority interests in some its direct and indirect subsidiaries. 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 \u20ac8.8m 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__116": {
"value": "Note 34: Subsequent eventsOn 23 January 2024, PHE announced that it has refinanced its \u20ac580m July 2025 Senior Secured Notes and its \u20ac380m July 2027 Floating Rate Senior Secured Notes with the issuance of a \u20ac960m new Term Loan B with a 7-year maturity (January 2031). The new EUR loan of \u20ac960m has been successfully allocated and the transaction closed February 2024. The new TLB bears Interest rate of Euribor + 375bps. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__117": {
"value": "Note 35: Accounting policiesThe 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 2023 are listed below: - IFRS 17 Insurance Contracts (issued on 18 May 2017); including Amendments to IFRS 17 (issued on 25 June 2020 \u2013 endorsed by the EU); - Amendments to IFRS 17 Insurance contracts: initial application of IFRS 17 and IFRS 9 \u2013 Comparative information (issued on 9 December 2021 \u2013 endorsed by the EU); - Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (issued on 7 May 2021 \u2013 endorsed by the EU); - Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies (issued on 12 February 2021 \u2013 endorsed by the EU); - Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (issued on 12 February 2021 \u2013 endorsed by the EU); - Amendments to IAS 12 Income taxes: International Tax Reform \u2013 Pillar Two Model Rules (effective immediately, disclosures are required for annual periods beginning on or after 1 January 2023 - endorsed by the EU). These new standards do not have a material impact on the Group\u2019s financial statements. For more information on the impact of the Pillar Two legislation on the Group, refer to note 3. The standards, amendments and interpretations to existing standards issued by the IASB but not yet effective in 2023 have not been early adopted by the Group. They are listed below: - Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants (effective 1 January 2024); - Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (effective 1 January 2024); - Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements (effective 1 January 2024 \u2013 subject to endorsement by the EU). - Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (effective 1 January 2025 \u2013 subject to endorsement 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. Associates and joint ventures Associates are all entities over which the Group has significant influence but not control or joint control, over the financial and operating policies. 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. Investments in associates and joint ventures 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 as well as the investor\u2019s share in dividend distribution and other variations in reserves, 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. 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 recycled 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. For each business combination, the Group measures the non-controlling interest in the acquiree either at fair value or at the proportionate share 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 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. 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. 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 comprised between 2 and 21 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 carried at its cost less any accumulated depreciation and any accumulated impairment losses. The cost comprises its purchaseprice (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. 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. As a lessee, the Group recognizes right-of-use assets and lease liabilities at the lease commencement date. 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. The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee and which 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 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. 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. The majority of these plans is funded, 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. 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) 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 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 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 (excluding put options to minority shareholders) are subsequently measured at amortised cost using the effective interest method. 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 rules of 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. 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 financial liability related to 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. Subsequent remeasurements of this liability are realized through reserves. NON-CURRENT ASSETS (OR DISPOSAL GROUPS) HELD FOR SALE ANDDISCONTINUED 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 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. 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 made in connection with employee stock option plans (\u201cESOP\u201d) or management reward plans (\u201cMRP\u201d). In accordance with IFRS 2, the cost of share-based payments corresponds to the fair value of the free shares or options granted and is recognized in the income statement over the vesting period of the awards. For equity-settled share-based payments the expense is taken with a corresponding increase in equity. For cash-settled share-based payments, which are the plans where the Group may be required to settle in cash rather in equity instruments, a liability is recognized. 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. 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 periodconsidered 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. 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. 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 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__124": {
"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. Associates and joint ventures Associates are all entities over which the Group has significant influence but not control or joint control, over the financial and operating policies. 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. Investments in associates and joint ventures 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 as well as the investor\u2019s share in dividend distribution and other variations in reserves, 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__123-1": {
"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. Associates and joint ventures Associates are all entities over which the Group has significant influence but not control or joint control, over the financial and operating policies. 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. Investments in associates and joint ventures 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 as well as the investor\u2019s share in dividend distribution and other variations in reserves, 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.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 financial liability related to 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. Subsequent remeasurements of this liability are realized through reserves.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_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. Associates and joint ventures Associates are all entities over which the Group has significant influence but not control or joint control, over the financial and operating policies. 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. Investments in associates and joint ventures 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 as well as the investor\u2019s share in dividend distribution and other variations in reserves, 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_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. Associates and joint ventures Associates are all entities over which the Group has significant influence but not control or joint control, over the financial and operating policies. 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. Investments in associates and joint ventures 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 as well as the investor\u2019s share in dividend distribution and other variations in reserves, 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_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. Associates and joint ventures Associates are all entities over which the Group has significant influence but not control or joint control, over the financial and operating policies. 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. Investments in associates and joint ventures 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 as well as the investor\u2019s share in dividend distribution and other variations in reserves, 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_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. Associates and joint ventures Associates are all entities over which the Group has significant influence but not control or joint control, over the financial and operating policies. 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. Investments in associates and joint ventures 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 as well as the investor\u2019s share in dividend distribution and other variations in reserves, 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__118": {
"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. Associates and joint ventures Associates are all entities over which the Group has significant influence but not control or joint control, over the financial and operating policies. 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. Investments in associates and joint ventures 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 as well as the investor\u2019s share in dividend distribution and other variations in reserves, 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_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. For each business combination, the Group measures the non-controlling interest in the acquiree either at fair value or at the proportionate share 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 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.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. 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__125-1": {
"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. For each business combination, the Group measures the non-controlling interest in the acquiree either at fair value or at the proportionate share 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 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.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. 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 periodconsidered 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. 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. 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__127": {
"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 recycled in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_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. For each business combination, the Group measures the non-controlling interest in the acquiree either at fair value or at the proportionate share 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 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_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. For each business combination, the Group measures the non-controlling interest in the acquiree either at fair value or at the proportionate share 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 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_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. For each business combination, the Group measures the non-controlling interest in the acquiree either at fair value or at the proportionate share 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 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_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. For each business combination, the Group measures the non-controlling interest in the acquiree either at fair value or at the proportionate share 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 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__130": {
"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. For each business combination, the Group measures the non-controlling interest in the acquiree either at fair value or at the proportionate share 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 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_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. 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 comprised between 2 and 21 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 carried at its cost less any accumulated depreciation and any accumulated impairment losses. The cost comprises its purchaseprice (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. 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. As a lessee, the Group recognizes right-of-use assets and lease liabilities at the lease commencement date. 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. The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee and which 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__135": {
"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. 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 comprised between 2 and 21 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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__140-1": {
"value": "PROPERTY, PLANT AND EQUIPMENT An item of property, plant and equipment is carried at its cost less any accumulated depreciation and any accumulated impairment losses. The cost comprises its purchaseprice (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. 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. As a lessee, the Group recognizes right-of-use assets and lease liabilities at the lease commencement date. 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. The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee and which 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__139-1": {
"value": "PROPERTY, PLANT AND EQUIPMENT An item of property, plant and equipment is carried at its cost less any accumulated depreciation and any accumulated impairment losses. The cost comprises its purchaseprice (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. 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. As a lessee, the Group recognizes right-of-use assets and lease liabilities at the lease commencement date. 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. The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee and which 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__138": {
"value": "PROPERTY, PLANT AND EQUIPMENT An item of property, plant and equipment is carried at its cost less any accumulated depreciation and any accumulated impairment losses. The cost comprises its purchaseprice (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. 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. As a lessee, the Group recognizes right-of-use assets and lease liabilities at the lease commencement date. 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. The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee and which 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__143": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__144": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__145": {
"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. The majority of these plans is funded, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__159": {
"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) 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 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 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 (excluding put options to minority shareholders) are subsequently measured at amortised cost using the effective interest method. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__157": {
"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) 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 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 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 (excluding put options to minority shareholders) are subsequently measured at amortised cost using the effective interest method. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__156": {
"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) 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 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 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 (excluding put options to minority shareholders) are subsequently measured at amortised cost using the effective interest method. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_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) 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 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 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 (excluding put options to minority shareholders) are subsequently measured at amortised cost using the effective interest method. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_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) 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 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 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 (excluding put options to minority shareholders) are subsequently measured at amortised cost using the effective interest method. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__153-1": {
"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) 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 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 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 (excluding put options to minority shareholders) are subsequently measured at amortised cost using the effective interest method. 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 rules of 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_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) 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 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 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 (excluding put options to minority shareholders) are subsequently measured at amortised cost using the effective interest method. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__151-1": {
"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) 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 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 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 (excluding put options to minority shareholders) are subsequently measured at amortised cost using the effective interest method. 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 rules of 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__150-1": {
"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) 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 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 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 (excluding put options to minority shareholders) are subsequently measured at amortised cost using the effective interest method. 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 rules of 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. 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. 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 periodconsidered 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__149": {
"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) 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 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 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 (excluding put options to minority shareholders) are subsequently measured at amortised cost using the effective interest method. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__148": {
"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) 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 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 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 (excluding put options to minority shareholders) are subsequently measured at amortised cost using the effective interest method. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__147": {
"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) 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 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 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 (excluding put options to minority shareholders) are subsequently measured at amortised cost using the effective interest method. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__146": {
"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) 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 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 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 (excluding put options to minority shareholders) are subsequently measured at amortised cost using the effective interest method. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__165": {
"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 rules of 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__164": {
"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 rules of 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__163": {
"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 rules of 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__169": {
"value": "NON-CURRENT ASSETS (OR DISPOSAL GROUPS) HELD FOR SALE ANDDISCONTINUED 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__168": {
"value": "NON-CURRENT ASSETS (OR DISPOSAL GROUPS) HELD FOR SALE ANDDISCONTINUED 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__167": {
"value": "NON-CURRENT ASSETS (OR DISPOSAL GROUPS) HELD FOR SALE ANDDISCONTINUED 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__171": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__172": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__175": {
"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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__174": {
"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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__173": {
"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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__176": {
"value": "SHARE-BASED PAYMENTS Share-based payments are made in connection with employee stock option plans (\u201cESOP\u201d) or management reward plans (\u201cMRP\u201d). In accordance with IFRS 2, the cost of share-based payments corresponds to the fair value of the free shares or options granted and is recognized in the income statement over the vesting period of the awards. For equity-settled share-based payments the expense is taken with a corresponding increase in equity. For cash-settled share-based payments, which are the plans where the Group may be required to settle in cash rather in equity instruments, a liability is recognized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300DV5KJ23OKVTW34",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__177": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__179": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__178": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__181": {
"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. 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 periodconsidered 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}