{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"cocacolahbcag": "http://cocacolahbcag.com/xbrl/2022",
"ifrs-full": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
"iso4217": "http://www.xbrl.org/2003/iso4217",
"scheme": "http://standards.iso.org/iso/17442",
"xbrl": "https://xbrl.org/2021",
"xbrli": "http://www.xbrl.org/2003/instance"
},
"taxonomy": [
"http://cocacolahbcag.com/xbrl/2022/549300EFP3TNG7JGVE49-2022-12-31.xsd"
]
},
"facts": {
"fact-74": {
"value": "9198400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-75": {
"value": "7168400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-76": {
"value": "6054200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CostOfSales",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-77": {
"value": "4570200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CostOfSales",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-78": {
"value": "3144200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:GrossProfit",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-79": {
"value": "2598200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:GrossProfit",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-80": {
"value": "2354600000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:OperatingExpensesExcludingExceptionalItemsRelatedToRussiaUkraineConflict",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-81": {
"value": "1833300000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:OperatingExpensesExcludingExceptionalItemsRelatedToRussiaUkraineConflict",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-82": {
"value": "127400000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:ExceptionalItemsRelatedToRussiaUkraineConflict",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-83": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:ExceptionalItemsRelatedToRussiaUkraineConflict",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-84": {
"value": "2482000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-85": {
"value": "1833300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-86": {
"value": "41600000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:ShareOfResultsOfIntegralEquitymethodInvestments",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-87": {
"value": "34400000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:ShareOfResultsOfIntegralEquitymethodInvestments",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-88": {
"value": "703800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-89": {
"value": "799300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-90": {
"value": "13200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-91": {
"value": "5300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-92": {
"value": "95900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-93": {
"value": "72900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-94": {
"value": "-82700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceIncomeCost",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-95": {
"value": "-67600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceIncomeCost",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-96": {
"value": "2500000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:ShareOfResultsOfNonintegralEquitymethodInvestments",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-97": {
"value": "3200000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:ShareOfResultsOfNonintegralEquitymethodInvestments",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-98": {
"value": "623600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-99": {
"value": "734900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-100": {
"value": "208000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-101": {
"value": "187400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-102": {
"value": "415600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-103": {
"value": "547500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-104": {
"value": "415400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-105": {
"value": "547200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-106": {
"value": "200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-107": {
"value": "300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-108": {
"value": "415600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-109": {
"value": "547500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-110": {
"value": "1.13",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"fact-111": {
"value": "1.5",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"fact-112": {
"value": "1.13",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"fact-113": {
"value": "1.49",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"fact-40": {
"value": "415600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-41": {
"value": "547500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-42": {
"value": "3500000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:CostOfHedging",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-43": {
"value": "2700000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:CostOfHedging",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-44": {
"value": "34600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-45": {
"value": "69500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-46": {
"value": "-252600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-47": {
"value": "73600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-48": {
"value": "34200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossBeforeTax",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-49": {
"value": "14600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossBeforeTax",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-50": {
"value": "145200000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:ReclassificationOfShareOfOtherComprehensiveIncomeOfEquityMethodInvestmentsToTheIncomeStatementArisingFromBusinessCombination",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-51": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:ReclassificationOfShareOfOtherComprehensiveIncomeOfEquityMethodInvestmentsToTheIncomeStatementArisingFromBusinessCombination",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-52": {
"value": "3900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-53": {
"value": "9500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-54": {
"value": "-46000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-55": {
"value": "145500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-56": {
"value": "-100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesFromInvestmentsInEquityInstruments",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-57": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesFromInvestmentsInEquityInstruments",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-58": {
"value": "26000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-59": {
"value": "16100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-60": {
"value": "-1800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-61": {
"value": "6100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-62": {
"value": "27700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-63": {
"value": "10000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-64": {
"value": "-18300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-65": {
"value": "155500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-66": {
"value": "397300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-67": {
"value": "703000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-68": {
"value": "406100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-69": {
"value": "702700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-70": {
"value": "-8800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-71": {
"value": "300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-72": {
"value": "397300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-73": {
"value": "703000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-114": {
"value": "2542500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsAndGoodwill",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-115": {
"value": "2043300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsAndGoodwill",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-116": {
"value": "3266300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-117": {
"value": "2830900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-118": {
"value": "205600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-119": {
"value": "365800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-120": {
"value": "9400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentFinancialAssets",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-121": {
"value": "16600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentFinancialAssets",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-122": {
"value": "37500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-123": {
"value": "31000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-124": {
"value": "78200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentAssets",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-125": {
"value": "69800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentAssets",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-126": {
"value": "6139500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-127": {
"value": "5357400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-128": {
"value": "770000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-129": {
"value": "519800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-130": {
"value": "1147900000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:TradeOtherReceivablesAndAssets",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-131": {
"value": "948600000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:TradeOtherReceivablesAndAssets",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-132": {
"value": "1063800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentFinancialAssets",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-133": {
"value": "878900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentFinancialAssets",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-134": {
"value": "14500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxAssets",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-135": {
"value": "26700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxAssets",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-136": {
"value": "719900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-137": {
"value": "782800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-138": {
"value": "3716100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-139": {
"value": "3156800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-140": {
"value": "100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-141": {
"value": "100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-142": {
"value": "3716200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-143": {
"value": "3156900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-144": {
"value": "9855700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-145": {
"value": "8514300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-146": {
"value": "337000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-147": {
"value": "381700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-148": {
"value": "41900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentFinancialLiabilities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-149": {
"value": "11600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentFinancialLiabilities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-150": {
"value": "2331900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayables",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-151": {
"value": "1885800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayables",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-152": {
"value": "181500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentProvisions",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-153": {
"value": "157200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentProvisions",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-154": {
"value": "114400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-155": {
"value": "80100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-156": {
"value": "3006700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-157": {
"value": "2516400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-158": {
"value": "3082900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-159": {
"value": "2555700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-160": {
"value": "3700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentFinancialLiabilities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-161": {
"value": "3000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentFinancialLiabilities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-162": {
"value": "264600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-163": {
"value": "197700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-164": {
"value": "106900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentProvisions",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-165": {
"value": "118800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentProvisions",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-166": {
"value": "5300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentLiabilities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-167": {
"value": "5600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentLiabilities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-168": {
"value": "3463400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-169": {
"value": "2880800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-170": {
"value": "6470100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-171": {
"value": "5397200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-172": {
"value": "2024300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-173": {
"value": "2022300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-174": {
"value": "2837400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-175": {
"value": "3097300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-176": {
"value": "6472100000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:GroupReorganisationReserve",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-177": {
"value": "6472100000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:GroupReorganisationReserve",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-178": {
"value": "131200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TreasuryShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-179": {
"value": "146600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TreasuryShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-180": {
"value": "-1218200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-181": {
"value": "-1154000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-182": {
"value": "292500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherReserves",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-183": {
"value": "310200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherReserves",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-184": {
"value": "5949600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-185": {
"value": "5457400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-186": {
"value": "3282300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-187": {
"value": "3114500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-188": {
"value": "103300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-189": {
"value": "2600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-190": {
"value": "3385600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-191": {
"value": "3117100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-192": {
"value": "9855700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-193": {
"value": "8514300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-194": {
"value": "2014400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-195": {
"value": "3321400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-196": {
"value": "-6472100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-197": {
"value": "-155500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-198": {
"value": "-1242100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-199": {
"value": "266700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-200": {
"value": "4897900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-201": {
"value": "2630700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-202": {
"value": "2600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-203": {
"value": "2633300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-204": {
"value": "7900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-205": {
"value": "11700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-206": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-207": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-208": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-209": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-210": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-211": {
"value": "19600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-212": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-213": {
"value": "19600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-214": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:IncreaseDecreaseInEquityRelatingToPerformanceShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-215": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:IncreaseDecreaseInEquityRelatingToPerformanceShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-216": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:IncreaseDecreaseInEquityRelatingToPerformanceShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-217": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:IncreaseDecreaseInEquityRelatingToPerformanceShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-218": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:IncreaseDecreaseInEquityRelatingToPerformanceShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-219": {
"value": "15100000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:IncreaseDecreaseInEquityRelatingToPerformanceShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-220": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:IncreaseDecreaseInEquityRelatingToPerformanceShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-221": {
"value": "15100000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:IncreaseDecreaseInEquityRelatingToPerformanceShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-222": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:IncreaseDecreaseInEquityRelatingToPerformanceShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-223": {
"value": "15100000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:IncreaseDecreaseInEquityRelatingToPerformanceShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-224": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:MovementInSharesHeldForEquityCompensationPlan",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-225": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:MovementInSharesHeldForEquityCompensationPlan",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-226": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:MovementInSharesHeldForEquityCompensationPlan",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-227": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:MovementInSharesHeldForEquityCompensationPlan",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-228": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:MovementInSharesHeldForEquityCompensationPlan",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-229": {
"value": "-100000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:MovementInSharesHeldForEquityCompensationPlan",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-230": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:MovementInSharesHeldForEquityCompensationPlan",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-231": {
"value": "-100000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:MovementInSharesHeldForEquityCompensationPlan",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-232": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:MovementInSharesHeldForEquityCompensationPlan",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-233": {
"value": "-100000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:MovementInSharesHeldForEquityCompensationPlan",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-234": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AppropriationOfReserves",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-235": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AppropriationOfReserves",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-236": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AppropriationOfReserves",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-237": {
"value": "8900000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AppropriationOfReserves",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-238": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AppropriationOfReserves",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-239": {
"value": "-9000000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AppropriationOfReserves",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-240": {
"value": "100000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AppropriationOfReserves",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-241": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AppropriationOfReserves",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-242": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AppropriationOfReserves",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-243": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AppropriationOfReserves",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-244": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-245": {
"value": "235800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-246": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-247": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-248": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-249": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-250": {
"value": "-2200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-251": {
"value": "233600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-252": {
"value": "300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-253": {
"value": "233900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-254": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-255": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-256": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-257": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-258": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-259": {
"value": "19900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-260": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-261": {
"value": "19900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-262": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-263": {
"value": "19900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-264": {
"value": "2022300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-265": {
"value": "3097300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-266": {
"value": "-6472100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-267": {
"value": "-146600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-268": {
"value": "-1242100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-269": {
"value": "252800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-270": {
"value": "4900200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-271": {
"value": "2411800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-272": {
"value": "2300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-273": {
"value": "2414100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-274": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-275": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-276": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-277": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-278": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-279": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-280": {
"value": "547200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-281": {
"value": "547200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-282": {
"value": "300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-283": {
"value": "547500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-284": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-285": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-286": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-287": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-288": {
"value": "88100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-289": {
"value": "57400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-290": {
"value": "10000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-291": {
"value": "155500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-292": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-293": {
"value": "155500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-294": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-295": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-296": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-297": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-298": {
"value": "88100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-299": {
"value": "57400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-300": {
"value": "557200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-301": {
"value": "702700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-302": {
"value": "300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-303": {
"value": "703000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-304": {
"value": "2022300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-305": {
"value": "3097300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-306": {
"value": "-6472100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-307": {
"value": "-146600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-308": {
"value": "-1154000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-309": {
"value": "310200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-310": {
"value": "5457400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-311": {
"value": "3114500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-312": {
"value": "2600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-313": {
"value": "3117100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-314": {
"value": "2000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-315": {
"value": "2700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-316": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-317": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-318": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-319": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-320": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-321": {
"value": "4700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-322": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-323": {
"value": "4700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-324": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:IncreaseDecreaseInEquityRelatingToPerformanceShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-325": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:IncreaseDecreaseInEquityRelatingToPerformanceShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-326": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:IncreaseDecreaseInEquityRelatingToPerformanceShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-327": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:IncreaseDecreaseInEquityRelatingToPerformanceShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-328": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:IncreaseDecreaseInEquityRelatingToPerformanceShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-329": {
"value": "16600000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:IncreaseDecreaseInEquityRelatingToPerformanceShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-330": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:IncreaseDecreaseInEquityRelatingToPerformanceShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-331": {
"value": "16600000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:IncreaseDecreaseInEquityRelatingToPerformanceShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-332": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:IncreaseDecreaseInEquityRelatingToPerformanceShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-333": {
"value": "16600000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:IncreaseDecreaseInEquityRelatingToPerformanceShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-334": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:MovementInSharesHeldForEquityCompensationPlan",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-335": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:MovementInSharesHeldForEquityCompensationPlan",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-336": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:MovementInSharesHeldForEquityCompensationPlan",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-337": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:MovementInSharesHeldForEquityCompensationPlan",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-338": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:MovementInSharesHeldForEquityCompensationPlan",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-339": {
"value": "1200000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:MovementInSharesHeldForEquityCompensationPlan",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-340": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:MovementInSharesHeldForEquityCompensationPlan",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-341": {
"value": "1200000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:MovementInSharesHeldForEquityCompensationPlan",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-342": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:MovementInSharesHeldForEquityCompensationPlan",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-343": {
"value": "1200000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:MovementInSharesHeldForEquityCompensationPlan",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-344": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AppropriationOfReserves",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-345": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AppropriationOfReserves",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-346": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AppropriationOfReserves",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-347": {
"value": "15400000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AppropriationOfReserves",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-348": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AppropriationOfReserves",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-349": {
"value": "-21100000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AppropriationOfReserves",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-350": {
"value": "5700000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AppropriationOfReserves",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-351": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AppropriationOfReserves",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-352": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AppropriationOfReserves",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-353": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AppropriationOfReserves",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-354": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "cocacolahbcag:NonControllingInterestsOnBusinessCombinations",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-355": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "cocacolahbcag:NonControllingInterestsOnBusinessCombinations",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-356": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "cocacolahbcag:NonControllingInterestsOnBusinessCombinations",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-357": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "cocacolahbcag:NonControllingInterestsOnBusinessCombinations",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-358": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "cocacolahbcag:NonControllingInterestsOnBusinessCombinations",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-359": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "cocacolahbcag:NonControllingInterestsOnBusinessCombinations",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-360": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "cocacolahbcag:NonControllingInterestsOnBusinessCombinations",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-361": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "cocacolahbcag:NonControllingInterestsOnBusinessCombinations",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-362": {
"value": "259600000",
"decimals": -6,
"dimensions": {
"concept": "cocacolahbcag:NonControllingInterestsOnBusinessCombinations",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-363": {
"value": "259600000",
"decimals": -6,
"dimensions": {
"concept": "cocacolahbcag:NonControllingInterestsOnBusinessCombinations",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-364": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-365": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-366": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-367": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-368": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-369": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-370": {
"value": "40900000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-371": {
"value": "40900000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-372": {
"value": "-149800000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-373": {
"value": "-108900000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-374": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-375": {
"value": "262600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-376": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-377": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-378": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-379": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-380": {
"value": "-2400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-381": {
"value": "260200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-382": {
"value": "300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-383": {
"value": "260500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-384": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-385": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-386": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-387": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-388": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-389": {
"value": "41500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-390": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-391": {
"value": "41500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-392": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-393": {
"value": "41500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-394": {
"value": "2024300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-395": {
"value": "2837400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-396": {
"value": "-6472100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-397": {
"value": "-131200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-398": {
"value": "-1154000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-399": {
"value": "265400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-400": {
"value": "5506400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-401": {
"value": "2876200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-402": {
"value": "112100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-403": {
"value": "2988300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-404": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-405": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-406": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-407": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-408": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-409": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-410": {
"value": "415400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-411": {
"value": "415400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-412": {
"value": "200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-413": {
"value": "415600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-414": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-415": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-416": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-417": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-418": {
"value": "-64200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-419": {
"value": "27100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-420": {
"value": "27800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-421": {
"value": "-9300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-422": {
"value": "-9000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-423": {
"value": "-18300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-424": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-425": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-426": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-427": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-428": {
"value": "-64200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-429": {
"value": "27100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-430": {
"value": "443200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-431": {
"value": "406100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-432": {
"value": "-8800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-433": {
"value": "397300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-434": {
"value": "2024300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"fact-435": {
"value": "2837400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"fact-436": {
"value": "-6472100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "cocacolahbcag:GroupReorganisationReserveMember",
"unit": "iso4217:EUR"
}
},
"fact-437": {
"value": "-131200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"fact-438": {
"value": "-1218200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-439": {
"value": "292500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-440": {
"value": "5949600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-441": {
"value": "3282300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"fact-442": {
"value": "103300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-443": {
"value": "3385600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-1": {
"value": "19900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-2": {
"value": "24000000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:CostOfHedgingTransferredToInventory",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-3": {
"value": "-4100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-4": {
"value": "88100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-5": {
"value": "14500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossBeforeTax",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-6": {
"value": "57400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-7": {
"value": "66800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-8": {
"value": "100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossBeforeTax",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-9": {
"value": "9500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-10": {
"value": "557200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-11": {
"value": "547200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-12": {
"value": "16100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-13": {
"value": "6100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-14": {
"value": "300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-15": {
"value": "41500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AmountRemovedFromReserveOfCashFlowHedgesAndIncludedInInitialCostOrOtherCarryingAmountOfNonfinancialAssetLiabilityOrFirmCommitmentForWhichFairValueHedgeAccountingIsApplied",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-16": {
"value": "51400000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:CostOfHedgingTransferredToInventory",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-17": {
"value": "9900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-18": {
"value": "-64200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-19": {
"value": "34800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossBeforeTax",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-20": {
"value": "144600000",
"decimals": -6,
"dimensions": {
"concept": "cocacolahbcag:ReclassificationAdjustmentsOnShareOfOtherComprehensiveIncomeOfEquityMethodInvestments",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"fact-21": {
"value": "27100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-22": {
"value": "31100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-23": {
"value": "600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossBeforeTax",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-24": {
"value": "100000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesFromInvestmentsInEquityInstruments",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-25": {
"value": "600000",
"decimals": -6,
"dimensions": {
"concept": "cocacolahbcag:ReclassificationAdjustmentsOnShareOfOtherComprehensiveIncomeOfEquityMethodInvestments",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-26": {
"value": "3900000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:EUR"
}
},
"fact-27": {
"value": "443200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-28": {
"value": "415400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-29": {
"value": "26000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-30": {
"value": "1800000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"fact-31": {
"value": "-8800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"fact-32": {
"value": "9000000",
"decimals": -6,
"dimensions": {
"concept": "cocacolahbcag:ExchangeLossAttributedToTheNonControllingInterest",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-33": {
"value": "200000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-444": {
"value": "415600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-445": {
"value": "547500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-446": {
"value": "82700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceCosts",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-447": {
"value": "67600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceCosts",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-448": {
"value": "2500000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AdjustmentsForShareOfResultsOfNonintegralEquitymethodInvestments",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-449": {
"value": "3200000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AdjustmentsForShareOfResultsOfNonintegralEquitymethodInvestments",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-450": {
"value": "208000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncomeTaxExpense",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-451": {
"value": "187400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncomeTaxExpense",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-452": {
"value": "403400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationExpense",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-453": {
"value": "330300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationExpense",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-454": {
"value": "81500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-455": {
"value": "6000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-456": {
"value": "16500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForSharebasedPayments",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-457": {
"value": "14900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForSharebasedPayments",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-458": {
"value": "1400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForAmortisationExpense",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-459": {
"value": "1000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForAmortisationExpense",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-460": {
"value": "13700000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-461": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-462": {
"value": "52800000",
"decimals": -6,
"dimensions": {
"concept": "cocacolahbcag:ImpairmentOfOtherEquityMethodInvestments",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-463": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "cocacolahbcag:ImpairmentOfOtherEquityMethodInvestments",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-464": {
"value": "70500000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherAdjustmentsForNoncashItems",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-465": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherAdjustmentsForNoncashItems",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-466": {
"value": "1343600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-467": {
"value": "1151500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-468": {
"value": "41600000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AdjustmentsForShareOfResultsOfIntegralEquitymethodInvestments",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-469": {
"value": "34400000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:AdjustmentsForShareOfResultsOfIntegralEquitymethodInvestments",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-470": {
"value": "1500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-471": {
"value": "-28400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-472": {
"value": "-241100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-473": {
"value": "-114500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-474": {
"value": "-104700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-475": {
"value": "-109000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-476": {
"value": "472600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-477": {
"value": "419300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-478": {
"value": "195700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-479": {
"value": "142300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-480": {
"value": "1234600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-481": {
"value": "1142200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-482": {
"value": "523400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-483": {
"value": "506500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-484": {
"value": "7500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-485": {
"value": "35800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-486": {
"value": "399200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-487": {
"value": "5600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-488": {
"value": "13000000",
"decimals": -6,
"dimensions": {
"concept": "cocacolahbcag:ProceedsFromSettlementOfDerivativesRelatingToBusinessCombinationClassifiedAsInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-489": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "cocacolahbcag:ProceedsFromSettlementOfDerivativesRelatingToBusinessCombinationClassifiedAsInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-490": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:PaymentForAcquisitionOfJointOperation",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-491": {
"value": "900000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:PaymentForAcquisitionOfJointOperation",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-492": {
"value": "4000000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:PaymentsForIntegralEquityMethodInvestmentsClassifiedAsInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-493": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:PaymentsForIntegralEquityMethodInvestmentsClassifiedAsInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-494": {
"value": "9700000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:ReceiptsFromIntegralEquitymethodInvestmentsClassifiedAsInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-495": {
"value": "47800000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:ReceiptsFromIntegralEquitymethodInvestmentsClassifiedAsInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-496": {
"value": "6500000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:PaymentsForAcquisitionOfNonIntegralEquitymethodInvestmentsClassifiedAsInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-497": {
"value": "87000000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:PaymentsForAcquisitionOfNonIntegralEquitymethodInvestmentsClassifiedAsInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-498": {
"value": "1800000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:ReceiptsFromNonIntegralEquityMethodInvestmentsClassifiedAsInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-499": {
"value": "1900000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:ReceiptsFromNonIntegralEquityMethodInvestmentsClassifiedAsInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-500": {
"value": "333400000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:NetPaymentsForInvestmentsInFinancialAssetsAtAmortisedCostClassifiedAsInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-501": {
"value": "102800000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:NetPaymentsForInvestmentsInFinancialAssetsAtAmortisedCostClassifiedAsInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-502": {
"value": "142600000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:NetProceedsFromPaymentsForInvestmentsInFinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-503": {
"value": "-640600000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:NetProceedsFromPaymentsForInvestmentsInFinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-504": {
"value": "400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAdvancesAndLoansMadeToRelatedParties",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-505": {
"value": "900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAdvancesAndLoansMadeToRelatedParties",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-506": {
"value": "2000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-507": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-508": {
"value": "7200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-509": {
"value": "-300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-510": {
"value": "-1083100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-511": {
"value": "-1259100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-512": {
"value": "4700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromIssuingShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-513": {
"value": "19600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromIssuingShares",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-514": {
"value": "108900000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:PurchaseOfSharesFromNonControllingInterestsClassifiedAsFinancingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-515": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:PurchaseOfSharesFromNonControllingInterestsClassifiedAsFinancingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-516": {
"value": "650000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-517": {
"value": "129300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-518": {
"value": "358600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-519": {
"value": "133800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-520": {
"value": "65200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-521": {
"value": "63100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-522": {
"value": "260200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-523": {
"value": "233600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-524": {
"value": "200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-525": {
"value": "200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-526": {
"value": "-100000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:PaymentsForSettlementOfDerivativesRegardingFinancingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-527": {
"value": "-4900000",
"decimals": -5,
"dimensions": {
"concept": "cocacolahbcag:PaymentsForSettlementOfDerivativesRegardingFinancingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-528": {
"value": "60400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-529": {
"value": "45500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-530": {
"value": "-198700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-531": {
"value": "-322400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-532": {
"value": "-47200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-533": {
"value": "-439300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-534": {
"value": "782800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-535": {
"value": "1215800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-536": {
"value": "-47200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-537": {
"value": "-439300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-538": {
"value": "-15700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-539": {
"value": "6300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-540": {
"value": "719900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-541": {
"value": "782800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"fact-542": {
"value": "Notes to the consolidated financial statements
1. Description of business
Coca\u2011Cola HBC AG and its subsidiaries (the \u2018Group\u2019 or \u2018Coca\u2011Cola HBC\u2019 or \u2018the Company\u2019) are principally
engaged in the production, sales and distribution of primarily non-alcoholic ready-to-drink beverages,
under franchise from The Coca-Cola Company. The Company distributes its products in Nigeria, Egypt
and 27 countries in Europe. Information on the Company\u2019s operations by segment is included in Note 7.
On 11 October 2012, Coca\u2011Cola HBC, a Swiss stock corporation (Aktiengesellschaft / Soci\u00e9t\u00e9
Anonyme) incorporated by Kar\u2011Tess Holding (a related party of the Group, refer to Note 28),
announced a voluntary share exchange offer to acquire all outstanding ordinary registered shares and
all American depositary shares of Coca\u2011Cola Hellenic Bottling Company S.A. As a result of the
successful completion of this offer, on 25 April 2013 Coca\u2011Cola HBC acquired 96.85% of the issued
Coca\u2011Cola Hellenic Bottling Company S.A. shares, including shares represented by American
depositary shares, and became the new parent company of the Group. On 17 June 2013, Coca-Cola
HBC completed its statutory buy\u2011out of the remaining shares of Coca\u2011Cola Hellenic Bottling Company
S.A. that it did not acquire upon completion of its voluntary share exchange offer. Consequently,
Coca\u2011Cola HBC acquired 100% of Coca\u2011Cola Hellenic Bottling Company S.A. which was eventually
delisted from the Athens Exchange, from the London Stock Exchange where it had a secondary listing
and from the New York Stock Exchange where American depositary shares were listed.
The shares of Coca\u2011Cola HBC started trading in the premium segment of the London Stock Exchange
(Ticker symbol: CCH) and on the Athens Exchange (Ticker symbol: EEE) and regular way trading in
Coca\u2011Cola HBC American depositary shares commenced on the New York Stock Exchange (Ticker
symbol: CCH) on 29 April 2013. On 24 July 2014 the Group proceeded to the delisting of its American
depository shares from the New York Stock Exchange and terminated its reporting obligations under
the US Securities Exchange Act of 1934. The deregistration of Coca\u2011Cola HBC shares under the US
Securities Exchange Act of 1934 and the termination of its reporting obligations became effective on 3
November 2014.
2. Basis of preparation and consolidation
Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and in
compliance with Swiss law.
These consolidated financial statements were approved for issue by the Board of Directors on 17
March 2023 and are expected to be verified at the Annual General Meeting to be held on 17 May 2023 .
Going concern
The financial statements have been prepared on a going concern basis. In adopting the going concern
basis for the preparation of these consolidated financial statements, management has considered the
Group\u2019s financial performance in the year, the expected extension of the bottlers\u2019 agreements with The
Coca-Cola Company beyond 31 December 2023, as well as a quantitative viability exercise linked to the
Group\u2019s principal risks, including those relating to climate change and the geopolitical events involving
Russia and Ukraine. Management has reviewed the financial forecasts and funding requirements with
consideration given to the potential impact of severe but plausible downside scenarios. Even under
these scenarios, the Group\u2019s cash position is still expected to remain strong over the period of the
financial forecasts, considering also that there are mitigating actions the Group could take, should they
be required, by making adjustments to its operating plans within the normal course of business.
After assessing the Group\u2019s current strong balance sheet and liquidity position, the committed funding
facilities and the financial forecasts, management confirms the Group\u2019s ability to generate cash for a
period of 12 months from the date of approval of these consolidated financial statements and beyond.
Therefore, it is deemed appropriate that the Group continues to adopt the going concern basis for the
preparation of the consolidated financial statements under the historical cost convention, as modified
by the revaluation of financial assets at fair value through profit or loss, investments in equity instruments
classified at fair value through other comprehensive income and derivative financial instruments.
Basis of consolidation
Subsidiary undertakings are those companies over which the Group, directly or indirectly, has control.
The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through power over the entity.
Subsidiary undertakings are consolidated from the date on which control is transferred to the Group
and cease to be consolidated from the date on which control is transferred out of the Group.
Transactions with non-controlling interests that do not result in loss of control are accounted for as
equity transactions \u2013 that is, as transactions with the owners in their capacity as owners. The difference
between fair value of any consideration paid and the relevant acquired share of the carrying value of net
assets of the subsidiary is recorded in equity.
Inter-company transactions and balances between Group companies are eliminated. The subsidiaries\u2019
accounting policies are consistent with policies adopted by the Group.
When the Group ceases to have control, any retained interest in the entity is remeasured to its fair value
at the date when such control is lost, with the change in carrying amount recognised in the income
statement. The fair value is the initial carrying amount for the purposes of subsequently accounting for
the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously
recognised in other comprehensive income in respect of that entity are accounted for as if the Group
had directly disposed of the related assets or liabilities. This means that amounts previously recognised
in other comprehensive income, if any, are reclassified to the income statement.
3. Foreign currency and translation
The individual financial statements of each Group entity are presented in the currency of the primary
economic environment in which the entity operates (its functional currency). For the purposes of the
consolidated financial statements, the results and financial position of each entity are expressed in
Euro, which is the presentation currency for the consolidated financial statements.
The assets and liabilities of foreign subsidiaries are translated into Euro at the exchange rate prevailing
at the balance sheet date. The results of foreign subsidiaries are translated into Euro using the average
monthly exchange rate (being a reasonable approximation of the rates prevailing on the transaction
dates). The exchange differences arising on translation are recognised in other comprehensive income.
On disposal of a foreign entity, accumulated exchange differences are recognised as a component of
the gain or loss on disposal.
Transactions in foreign currencies are recorded at the rate ruling at the date of transaction. Monetary
assets and liabilities denominated in foreign currencies are remeasured at the rate of exchange ruling at
the balance sheet date. All gains and losses arising on remeasurement are included in the income
statement, except for exchange differences arising on assets and liabilities classified as cash flow
hedges, which are deferred in equity until the occurrence of the hedged transaction, at which time they
are recognised in the income statement. Share capital denominated in a currency other than the
functional currency is initially stated at the spot rate of the date of issue but is not retranslated.
The principal exchange rates used for translation purposes in respect of one Euro are:
Average
2022
Average
2021
Closing
2022
Closing
2021
US Dollar 1.05 1.18 1.06 1.13
UK Sterling 0.85 0.86 0.88 0.84
Polish Zloty 4.68 4.56 4.69 4.60
Nigerian Naira 448.99 484.31 493.61 481.32
Hungarian Forint 390.36 358.49 401.54 370.08
Swiss Franc 1.01 1.08 0.99 1.04
Russian Rouble 74.01 87.23 79.23 83.87
Romanian Leu 4.93 4.92 4.94 4.95
Ukrainian Hryvnia 33.92 32.30 38.94 30.78
Czech Koruna 24.56 25.64 24.21 24.95
Serbian Dinar 117.47 117.57 117.30 117.56
Egyptian Pound 20.09 \u2013 26.35 \u2013
4. Accounting pronouncements
a) Accounting pronouncements adopted in 2022
The Group has adopted the following amendments which were endorsed by the EU that are relevant
to its operations and effective for accounting periods beginning on 1 January 2022:
\u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16
\u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37
\u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3
\u2022 Annual Improvements to IFRS Standards 2018 \u2013 2020; and
\u2022 COVID\u201119\u2011Related Rent Concessions beyond 30 June 2021 \u2013 Amendments to IFRS 16
The adoption of these amendments did not have a material impact on the consolidated financial
statements of the Group.
b) Accounting pronouncements not yet adopted
At the date of approval of these consolidated financial statements, the following amendments relevant
to the Group\u2019s operations were issued but not yet effective and not early-adopted:
\u2022 Classification of Liabilities as Current or Non\u2011current \u2013 Amendments to IAS 1 (not endorsed by the EU)
\u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1
\u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8
\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12
\u2022 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 (not endorsed by the EU); and
\u2022 Non\u2011current Liabilities with Covenants \u2013 Amendments to IAS 1 (not endorsed by the EU)
The above amendments are not expected to have a material impact on the consolidated financial
statements of the Group.
5. Critical accounting estimates and judgements
In conformity with IFRS, the preparation of the consolidated financial statements for Coca\u2011Cola HBC
requires management to make estimates and judgements that affect the reported amounts of assets,
liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities in the
consolidated financial statements and accompanying notes. Although these estimates and judgements
are based on management\u2019s knowledge of current events and actions that may be undertaken in the
future, actual results may ultimately differ from estimates.
Estimates
The key items concerning the future and other key sources of estimation uncertainty at the reporting
date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year, are described below:
\u2022 Impairment of goodwill and indefinite\u2011lived intangible assets (refer to Note 14); and
\u2022 Employee benefits \u2013 defined benefit pension plans (refer to Note 22)
Judgements
In the process of applying the Group\u2019s accounting policies, management has made the following
judgements, apart from those involving estimations as described above, which have the most
significant effect on the amounts recognised in the consolidated financial statements:
\u2022 Joint arrangements (refer to Note 16)
6. Russia\u2011Ukraine conflict impact
6.1. Exceptional items related to Russia\u2011Ukraine conflict
The conflict between Russia and Ukraine has affected the Group\u2019s business in those countries resulting
in significant non-recurring costs. More specifically, the Group has incurred significant net impairment
losses for property, plant and equipment, intangible assets and equity method investments in Russia.
These items have been presented in a separate line \u2018Exceptional items related to Russia\u2011Ukraine
conflict\u2019 in the consolidated income statement, to provide users with enhanced visibility over these
items, considering their materiality. The exceptional items related to the Russia-Ukraine conflict for
2022 can be summarised as follows:
Impairment losses
\u20ac million
Reversals of
impairment losses
\u20ac million
Net impairment
losses
\u20ac million
Recoverability of individual assets in Russia
1
102.1 (42.8) 59.3
Recoverability of the Russian cash-generating unit:
Goodwill 13.7 \u2013 13.7
Property, plant and equipment 15.0 (13.4) 1.6
Recoverability of equity method investments 52.8 \u2013 52.8
Exceptional items related to Russia-Ukraine conflict 183.6 (56.2) 127.4
1. References to Russia, Russian operation or Russian cash\u2011generating unit in this Note relate to Multon Partners LLC (formerly LLC
Coca\u2011Cola HBC Eurasia), the Group\u2019s bottler in Russia.
a) Operations in Russia
Recoverability of individual assets in Russia
The Coca-Cola Company announced in March 2022 the suspension of its business in Russia, following
the Russia-Ukraine conflict. In response to this decision, the Group implemented a restructuring plan
in connection with its Russian operation and transitioned to a self\u2011sufficient business model focusing
on local brands. This resulted in pre\u2011tax impairment losses related to buildings, production and
cold drink equipment of \u20ac102.1 million during the first half of 2022, that were recorded based on
a value\u2011in\u2011use exercise, reported in line \u2018Exceptional items related to Russia\u2011Ukraine conflict\u2019 of
the condensed consolidated interim income statement and included under Emerging markets
for segmental reporting purposes.
Following June 2022, whilst uncertainty levels remain high in Russia, the Group experienced more stable
market conditions and demand than initially anticipated. As a result, an updated value\u2011in\u2011use exercise
was performed for the Russian operation\u2019s property, plant and equipment, which resulted in a partial
reversal of pre-tax impairment losses recognised during the first half of 2022, amounting to \u20ac42.8
million, considering also foreign currency translation impact. Net impairment losses amounted to \u20ac59.3
million for 2022, relating to buildings, production and cold drink equipment, which were reported in line
\u2018Exceptional items related to Russia\u2011Ukraine conflict\u2019 of the consolidated income statement and
included under Emerging markets for segmental reporting purposes.
Following this, property, plant and equipment of the Russian operation, represented approximately 8%
of the Group\u2019s total property, plant and equipment as at 31 December 2022.
Recoverability of the Russian cash-generating unit
During the first half of 2022, the Group experienced worsening macroeconomic factors in Russia, as
sanctions and other regulations had an adverse impact in the country\u2019s economic environment,
resulting in a material deterioration of the discount rate used to determine the recoverable amount of
the Group\u2019s Russian cash-generating unit. The Group performed an interim impairment test of the
Russian cash-generating unit\u2019s recoverable amount, including goodwill, in June 2022 as part of its
condensed consolidated interim financial statements. As part of that exercise, the recoverable amount
was determined based on value-in-use calculations consistent with those performed under the 2021
annual impairment test methodology, updated to consider management\u2019s revised best estimates of
cash flow forecasts and a higher discount rate, reflective of the macroeconomic uncertainty in Russia.
This exercise resulted in pre-tax impairment losses for goodwill and property, plant and equipment of
\u20ac13.7 million and \u20ac15.0 million respectively, which were recorded in line \u2018Exceptional items related to
Russia-Ukraine conflict\u2019 of the condensed consolidated interim income statement and included under
Emerging markets for segmental reporting purposes.
Considering the relevant uncertainty in connection with its new business model in Russia and volatility in
the market, the Group updated the impairment test of its Russian cash-generating unit\u2019s recoverable
amount based on value-in-use calculations consistent with its 2022 annual impairment test
methodology (refer to Note 14), using management\u2019s updated best estimates of cash flow forecasts
taking into account the actual performance of the new business in the year and relevant market
developments as described above. The recoverable amount of the Russian cash-generating unit
resulting from this exercise amounted to approximately \u20ac1.1 billion as at 31 December 2022. In the
context of this exercise, it was identified that the recoverable amount exceeded the carrying amount of
the Russian cash-generating unit, resulting in the reversal of \u20ac13.4 million of pre-tax impairment losses
of property, plant and equipment recognised in June 2022, considering also foreign currency translation
impact. The reversal of the impairment charge was accordingly recorded in line \u2018Exceptional items
related to Russia-Ukraine conflict\u2019 in the consolidated income statement and included under Emerging
markets for segmental reporting purposes.
The following table sets out the key assumptions used in the impairment assessment of the Russian
cash-generating unit for 2022 and 2021, as well as 2022 interim results:
2022 2022 interim 2021
Growth rate in perpetuity 4.0% 4.0% 3.0%
Post-tax discount rate 14.9% 26.5% 6.5%
Growth rate in perpetuity is in line with management\u2019s expectation regarding industry growth
in the country.
The Group applied post-tax discount rates to post-tax cash flows, as the valuation calculated using this
method closely approximates to applying pre-tax discount rates to pre-tax cash flows. Relevant pre-tax
discount rates are presented below:
2022 2022 interim 2021
Pre-tax discount rate 18.3% 29.2% 7.7%
6. Russia\u2011Ukraine conflict impact continued
The increase in discount rate used in the 2022 interim results compared to 2021, was mainly driven by
higher bond yield spreads due to fears of potential default of Russia\u2019s debt, on the back of the imposed
sanctions, which subsided in the second half of the year, thus resulting in a lower discount rate for 2022
compared to the first half of the year; however, still higher than 2021.
Recoverability of equity method investments
The impact of the Russia-Ukraine conflict on the macroeconomic environment of Russia as described
above, was also considered an impairment indicator by the Group under IAS 36 \u2018Impairment of assets\u2019,
in connection with its integral, joint venture investment in Multon A.O. group of companies (\u2018Multon\u2019).
Multon is engaged in the production and distribution of juices in Russia and was jointly controlled by the
Group and The Coca-Cola Company. The Group performed an interim impairment test in connection
with its investment in Multon in June 2022 as part of its condensed consolidated interim financial
statements. The recoverable amount of the investment was determined based on a fair value exercise,
considering management\u2019s best estimates of cash flow forecasts for a discrete period of five years.
Cash flows beyond the five-year period were extrapolated using the following estimated growth
and discount rates:
2022 interim
Growth rate in perpetuity 4.0%
Post-tax rate 28.6%
The recoverable amount of the Group\u2019s investment in Multon resulting from this exercise, which was
classified as a Level 3 fair value measurement, amounted to \u20ac174.2 million. This resulted in a pre-tax
impairment loss of \u20ac52.8 million, which was recorded in line \u2018Exceptional items related to Russia\u2011Ukraine
conflict\u2019 in the consolidated income statement and included under Emerging markets for segmental
reporting purposes.
In August 2022, The Coca\u2011Cola Company unilaterally waived certain of its governance rights in connection
with its 50% interest in Multon. Following this waiver and considering the criteria set out in IFRS 10
\u2018Consolidated financial statements\u2019, the Group has concluded that it controls Multon and has been
accordingly consolidating its financial performance effective from 11 August 2022 (refer to Note 24).
b) Operations in Ukraine
As a result of the Russia\u2011Ukraine conflict, operations of the Group\u2019s Ukrainian subsidiary were
temporarily suspended for the period March\u2011April 2022. During May 2022, the Group resumed
production and distribution of products in Ukraine, where safe to do so. Non-current assets of Ukraine
represented approximately 1% of the Group\u2019s total non\u2011current assets as at 31 December 2022.
An impairment test of the Ukrainian cash\u2011generating unit, based on a value\u2011in\u2011use exercise consistent
with the Group\u2019s annual impairment testing methodology was performed both for the purposes of the
Group\u2019s condensed consolidated interim financial statements and consolidated financial statements
for 2022, as it was considered that, whilst operations have resumed, significant changes in the
relevant market with an adverse effect on the cash\u2011generating unit had taken place during the period.
No impairment was identified as a result of this impairment testing. The Group\u2019s carrying amount of
goodwill and other indefinite-lived intangibles for its Ukrainian cash-generating unit was \u20acnil as at 31
December 2022 and 2021.
An amount of \u20ac4.4 million losses directly attributable to the Russia\u2011Ukraine conflict, primarily related
to inventory and property, plant and equipment write\u2011offs, have been incurred by the Group\u2019s Ukrainian
subsidiary during 2022, of which \u20ac3.3 million have been recorded in line \u2018Operating expenses (excluding
exceptional items related to Russia\u2011Ukraine conflict)\u2019 and \u20ac1.1 million in line \u2018Cost of goods sold\u2019 of the
consolidated income statement.
6.2. Foreign\u2011currency risk
The Group is exposed to the effect of foreign currency risk on future transactions, recognised
monetary assets and liabilities that are denominated in currencies other than the local entity\u2019s
functional currency, as well as net investments in foreign operations. The Group actively manages its
foreign currency risk as described in Note 25 \u2018Financial risk management and financial instruments\u2019.
The Russia\u2011Ukraine conflict has, among other things, resulted in increased volatility in currency markets,
especially in connection with the Russian Rouble.
The following tables present details of the Group\u2019s sensitivity to reasonably possible increases and
decreases in the Euro and US Dollar against the Russian Rouble and Ukrainian Hryvnia. In determining
reasonably possible changes, the historical volatility over a 12-month period of the respective foreign
currencies in relation to the Euro and US Dollar has been considered. The sensitivity analysis determines
the potential gains and losses in the income statement or equity arising from the Group\u2019s foreign
exchange positions as a result of the corresponding percentage increases and decreases in the
Group\u2019s main foreign currencies relative to the Euro and the US Dollar. The sensitivity analysis includes
outstanding foreign-currency-denominated monetary items, external loans and loans between
operations within the Group where the denomination of the loan is in a currency other than the
functional currency of the local entity.
2022 exchange risk sensitivity to reasonably possible changes in Euro against Russian Rouble
and Ukrainian Hryvnia
Euro strengthens
against local currency
Euro weakens against
local currency
% historical
volatility over a
12-month period
(Gain)/loss in
income statement
\u20ac million
(Gain)/loss
in equity
\u20ac million
Loss/(gain) in
income statement
\u20ac million
Loss/(gain) in
equity
\u20ac million
Russian Rouble 54.5% (9.4) (0.1) 31.9 0.2
Ukrainian Hryvnia 12.5% 2.9 \u2013 (3.8) \u2013
2022 exchange risk sensitivity to reasonably possible changes in US Dollar against Russian Rouble
and Ukrainian Hryvnia
US Dollar strengthens
against local currency
US Dollar weakens against
local currency
% historical
volatility over a
12-month period
(Gain)/loss in
income statement
\u20ac million
(Gain)/loss
in equity
\u20ac million
Loss/(gain) in
income statement
\u20ac million
Loss/(gain) in
equity
\u20ac million
Russian Rouble 53.0% (18.7) \u2013 61.0 \u2013
Ukrainian Hryvnia 4.1% (0.1) \u2013 0.1 \u2013
6. Russia\u2011Ukraine conflict impact continued 6.3. Other topics As a result of sanctions and other regulations implemented in 2022, there have been changes in required regulatory approvals, potentially impacting the transfer and usage of cash outside of Russia. Cash and cash equivalents held by the Group\u2019s operations in Russia (including Multon) amounted to \u20ac155.3 million equivalent in Russian Rouble, US Dollar and Euro as at 31 December 2022. The aforementioned changes restrict the usage of cash held in Russia outside the country, however they are not expected to have a material impact on the Group\u2019s liquidity, as the cash and cash equivalents held in Russia are expected to be used in the forthcoming financial periods primarily for working capital purposes in the Russian operations. The Group is continuously monitoring performance of its Russian and Ukrainian operations as well as the developments in the region, to ensure timely actions and initiatives are undertaken to minimise potential adverse impact for the Group. 7. Segmental analysis The Group has essentially one business, being the production, sale and distribution of ready-to-drink, primarily non\u2011alcoholic, beverages. The Group operates in 29 countries, which are aggregated in reportable segments as follows: Established markets Austria, Cyprus, Greece, Italy, Northern Ireland, the Republic of Ireland and Switzerland. Developing markets Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia. Emerging markets Armenia, Belarus, Bosnia and Herzegovina, Bulgaria, Egypt, Moldova, Montenegro, Nigeria, North Macedonia, Romania, the Russian Federation, Serbia (including the Republic of Kosovo) and Ukraine. The Group\u2019s operations in each of the three reportable segments have been aggregated on the basi of their similar economic characteristics, assessed by reference to their net sales revenue per unit cas as well as disposable income per capita, exposure to political and economic volatility, regulator environments, customers and distribution infrastructures. The accounting policies of the reportabl segments are the same as those adopted by the Group. The Group\u2019s chief operating decision make is its Executive Leadership Team, which evaluates performance and allocates resources based o volume, net sales revenue and operating profit. a) Volume and net sales revenue The Group\u2019s sales volume in million unit cases 1 for the years ended 31 December was as follows: 2022 2021 Established 643.9 589.9 Developing 478.8 415.5 Emerging 1,589.1 1,407.3 Total volume 2,711.8 2,412.7 1. One unit case corresponds to approximately 5.678 litres or 24 servings, being a typically used measure of volume. For premium spirits volume, one unit case also corresponds to 5.678 litres. For biscuits volume, one unit case corresponds to 1 kilogram. For coffe volume, one unit case corresponds to 0.5 kilograms or 5.678 litres. Volume data is derived from unaudited operational data. Net sales revenue per reportable segment for the years ended 31 December is presented in th graphs below: 2022 \u20ac9,198.4 million Established Developing Emerging \u20ac2,974.1 m \u20ac1,719.7 m \u20ac4,504.6 m 2021 \u20ac7,168.4 million Established Developing Emerging \u20ac2,479.0m \u20ac1,365.6m \u20ac3,323.8m 7. Segmental analysis continued
Sales or transfers between the Group\u2019s segments are not material, nor are there any customers who
represent more than 10% of net sales revenue for the Group.
In addition to non\u2011alcoholic, ready\u2011to\u2011drink beverages and coffee (\u2018NARTD\u2019), the Group sells and
distributes premium spirits. An analysis of volume and net sales revenue per product type for the years
ended 31 December is presented below:
Volume in million unit cases
1
: 2022 2021
NARTD 2,708.4 2,409.3
Premium spirits 3.4 3.4
Total volume 2,711.8 2,412.7
Net sales revenue in \u20ac million:
NARTD 8,956.0 6,944.5
Premium spirits 242.4 223.9
Total net sales revenue 9,198.4 7,168.4
1. One unit case corresponds to approximately 5.678 litres or 24 servings, being a typically used measure of volume. For premium
spirits volume, one unit case also corresponds to 5.678 litres. For biscuits volume, one unit case corresponds to 1 kilogram. For
coffee volume, one unit case corresponds to 0.5 kilograms or 5.678 litres. Volume data is derived from unaudited operational data.
Net sales revenue from external customers attributed to Switzerland (the Group\u2019s country of domicile),
the Russian Federation, Italy and Nigeria was as follows for the years ended 31 December:
2022
\u20ac million
2021
\u20ac million
Switzerland 426.7 354.3
Russian Federation
2
1,103.2 953.3
Italy 1,096.1 901.6
Nigeria 989.4 702.0
All countries other than Switzerland, the Russian Federation, Italy and
Nigeria 5,583.0 4,257.2
Total net sales revenue from external customers 9,198.4 7,168.4
2. Net sales revenue from external customers for 2022 includes Multon, the Group\u2019s juice business in Russia, for the period from 11
August 2022 to 31 December 2022 (refer to Note 24).
b) Other income statement items
Year ended 31 December Note
2022
\u20ac million
2021
\u20ac million
Operating profit:
Established 310.4 285.6
Developing 113.1 104.7
Emerging 280.3 409.0
Total operating profit 703.8 799.3
Finance costs:
Established (15.6) (17.7)
Developing (18.1) (7.9)
Emerging (55.0) (15.0)
Corporate\u00b3 (118.7) (120.1)
Inter-segment finance cost 111.5 87.8
Total finance costs 10 (95.9) (72.9)
Finance income:
Established 2.4 1.2
Developing 1.0 0.5
Emerging 19.0 9.7
Corporate\u00b3 102.3 81.7
Inter-segment finance income (111.5) (87.8)
Total finance income 10 13.2 5.3
Income tax expense:
Established (75.7) (57.6)
Developing (28.5) (10.6)
Emerging (80.5) (91.1)
Corporate
3
(23.3) (28.1)
Total income tax expense 11 (208.0) (187.4)
Reconciling items:
Share of results of non-integral equity method investments 16 2.5 3.2
Profit after tax 415.6 547.5
3. Corporate refers to holding, finance and other non-operating subsidiaries of the Group.
7. Segmental analysis continued Depreciation and impairment of property, plant and equipment and amortisation and impairment of intangible assets included in the measure of operating profit are as follows: Note 2022 \u20ac million 2021 \u20ac million Depreciation and impairment of property, plant and equipment: Established (96.4) (92.1) Developing (57.8) (54.1) Emerging (330.7) (190.1) Total depreciation and impairment of property, plant and equipment 15 (484.9) (336.3) Amortisation and impairment of intangible assets: Developing (0.6) (0.3) Emerging (14.5) (0.7) Total amortisation and impairment of intangible assets 14 (15.1) (1.0) c) Other items The balance of non-current assets 1 attributed to Switzerland (the Group\u2019s country of domicile), Egypt, Italy and Nigeria was as follows for the years ended 31 December: 2022 \u20ac million 2021 \u20ac million Switzerland 596.0 557.5 Egypt 615.7 \u2013 Italy 1,137.4 1,082.3 Nigeria 744.7 642.1 All countries other than Switzerland, Egypt, Italy and Nigeria 2,946.0 2,984.8 Total non-current assets 1 6,039.8 5,266.7 1. Excluding other financial assets, deferred tax assets, pension plan assets and trade and loans receivable. Expenditure on property, plant and equipment per reportable segment was as follows for the years ended 31 December: 2022 \u20ac million 2021 \u20ac million Established 154.1 104.7 Developing 75.7 89.5 Emerging 2 302.0 319.4 Total expenditure on property, plant and equipment 531.8 513.6 2. Expenditure on property, plant and equipment for 2022 includes \u20ac8.4 million (2021: \u20ac7.1 million) relating to repayment of borrowings undertaken to finance the purchase of production equipment by the Group\u2019s subsidiary in Nigeria, classified as \u2018Repayment of borrowings\u2019 in the consolidated cash flow statement. 8. Net sales revenue Accounting policy The Group essentially produces, sells and distributes ready-to-drink, primarily non-alcoholic, beverages. Under IFRS 15 \u2018Revenue from contracts with customers\u2019 the Group recognises revenue when control of the products is transferred, being when the products are delivered to the customer. Net sales revenue is measured at the fair value of the consideration received or receivable and is stated net of sales discounts and consideration paid to customers. These mainly take the form of promotional incentives and are amortised over the terms of the related contracts as a deduction in revenue. The Group provides volume rebates to customers once the quantity of goods purchased during the period exceeds a threshold specified in the contract. To estimate the variable consideration for the expected future rebates the Group uses the most likely amount method and the amount is recognised in net sales revenue only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved. A contract liability is recognised if a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related goods. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e., transfers control of the related goods to the customer). Net sales revenue includes excise and other duties where the Group acts as a principal but excludes amounts collected by third parties such as value-added taxes as these are not included in the transaction price. The Group assesses these taxes and duties on a jurisdiction\u2011by\u2011jurisdiction basis to conclude on the appropriate accounting treatment. Revenue recognised in 2022 that was included in the contract liability balance at the beginning of the year amounted to \u20ac11.6 million (2021: \u20ac10.4 million). For contract liabilities as at 31 December 2022 and 2021, refer to Note 21. For an analysis of net sales revenue per reportable segment, refer to Note 7. For the contributions received from The Coca-Cola Company, which are offset against consideration paid to customers, refer to Note 28. 9. Operating expenses Operating expenses for the year ended 31 December comprised: 2022 \u20ac million 2021 \u20ac million Selling expenses 1,045.7 879.1 Delivery expenses 698.8 533.0 Administrative expenses 518.5 385.7 Restructuring expenses 11.9 21.2 Acquisition and integration costs (refer to Note 24) 79.7 14.3 Operating expenses (excluding exceptional items related to Russia-Ukraine conflict) 2,354.6 1,833.3 Exceptional items related to Russia\u2011Ukraine conflict (refer to Note 6) 127.4 \u2013 Operating expenses 2,482.0 1,833.3 In 2022, operating expenses included a net loss on disposals of non-current assets of \u20ac1.5 million (2021: \u20ac28.4 million net gain). For the contributions received from The Coca-Cola Company, which are offset against expenses for general marketing programs, refer to Note 28. a) Restructuring expenses Accounting policy Restructuring expenses are recorded in a separate line item within operating expenses and comprise costs arising from significant changes in the way the Group conducts its business such as significant supply chain infrastructure changes, outsourcing of activities and centralisation of processes. Restructuring provisions are recognised only when the Group has a present constructive obligation, which is when a detailed formal plan identifies the business or part of the business concerned, the location, function and number of employees affected, a detailed estimate of the associated costs, and an appropriate timeline, as well as when the employees affected have been notified of the plan\u2019s main features. As part of the effort to optimise its cost base and sustain competitiveness in the marketplace, the Company undertakes restructuring initiatives. The restructuring expenses consist mainly of employees\u2019 termination benefits. Restructuring expenses per reportable segment for the years ended 31 December are presented below: 2022 \u20ac million 2021 \u20ac million Established (6.1) 14.7 Developing (1.5) 3.4 Emerging 19.5 3.1 Total restructuring expenses 11.9 21.2 b) Employee costs Employee costs for the years ended 31 December comprised: 2022 \u20ac million 2021 \u20ac million Wages and salaries 877.6 724.7 Social security costs 163.6 138.3 Pension and other employee benefits 147.6 132.3 Termination benefits 15.1 19.9 Total employee costs 1,203.9 1,015.2 The average number of full\u2011time equivalent employees in 2022 was 33,043 (2021: 26,787). Employee costs for 2022 included in operating expenses and cost of goods sold amounted to \u20ac906.9 million and \u20ac297.0 million respectively (2021: \u20ac766.7 million and \u20ac248.5 million respectively). c) Directors\u2019 and senior management\u2019s remuneration The total remuneration paid or accrued for Directors and the senior management team for the years ended 31 December comprised: 2022 \u20ac million 2021 \u20ac million Salaries and other short-term benefits 19.3 16.3 Performance share awards 8.0 6.4 Pension and post-employment benefits 1.0 0.9 Total remuneration 28.3 23.6 d) Auditor fees Audit and other fees charged in the income statement concerning the auditor of the consolidated financial statements, PricewaterhouseCoopers S.A. and affiliates, were as follows, for the years ended 31 December: 2022 \u20ac million 2021 \u20ac million Audit fees 5.1 4.8 Audit\u2011related fees 1.1 0.7 Total audit and audit-related fees 6.2 5.5 Fees for audit services to firms other than PricewaterhouseCoopers S.A. and affiliates were \u20ac0.7 million for the year ended 31 December 2022 (2021: \u20acnil). 10. Finance costs, net Accounting policy Interest income and interest expense are recognised using the effective interest rate method, and are recorded in the income statement within \u2018Finance income\u2019 and \u2018Finance cost\u2019 respectively. Interest expense includes finance charges with respect to leases, amortisation of the loss on the forward starting swaps and the net impact from swaptions recorded in other comprehensive income (refer to Note 25). Finance costs, net for the years ended 31 December comprised: 2022 \u20ac million 2021 \u20ac million Finance income 13.2 5.3 Interest expense (77.8) (67.1) Other finance costs (2.1) (1.7) Net foreign exchange remeasurement losses (16.0) (4.1) Finance costs (95.9) (72.9) Finance costs, net (82.7) (67.6) Finance income for 2022 and 2021 relates to interest income. Other finance costs include commitment fees on loan facilities (for the part not yet drawn down) and other similar fees. For the interest expense incurred with respect to leases, refer to Note 17. 11. Taxation Accounting policy Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or in equity. In this case, the tax is recognised in other comprehensive income or directly in equity. The current income tax expense is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate, on the basis of amounts expected to be paid to the tax authorities. Deferred tax is provided using the liability method for all temporary differences arising between the tax bases of assets and liabilities and their carrying values for financial reporting purposes. However, the deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Tax rates enacted or substantively enacted at the balance sheet date are those that are expected to apply when the deferred tax asset is realised or deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets are recognised for tax losses carried forward to the extent that realisation of the related tax benefit through the reduction of the future taxes is probable. Deferred tax is provided on temporary differences arising on investments in subsidiaries, associates and joint ventures, except where the timing of the reversal of the temporary difference can be controlled by the Group, and it is probable that the temporary difference will not reverse in the foreseeable future. This includes taxation in respect of the retained earnings of overseas subsidiaries only to the extent that, at the balance sheet date, dividends have been accrued as receivable or a binding agreement to distribute past earnings in future periods has been entered into by the subsidiary. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to offset current tax assets against current income tax liabilities and the deferred taxes relate to the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. The income tax charge for the years ended 31 December was as follows: 2022 \u20ac million 2021 \u20ac million Current tax expense 235.6 183.5 Deferred tax (income) / expense (27.6) 3.9 Income tax expense 208.0 187.4 11. Taxation continued
The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the
weighted average tax rate applicable to profits of the consolidated entities as follows:
2022
\u20ac million
2021
\u20ac million
Profit before tax 623.6 734.9
Tax calculated at domestic tax rates applicable to profits in the
respective countries 162.1 155.7
Additional local taxes in foreign jurisdictions 18.8 13.0
Tax holidays in foreign jurisdictions (0.2) (5.8)
Expenses non-deductible for tax purposes 28.6 17.5
Income not subject to tax (3.6) (2.5)
Changes in tax laws and rates 0.4 3.1
Movement of accumulated tax losses 2.9 3.2
Movement of deferred tax asset not recognised 0.1 (0.6)
Other (1.1) 3.8
Income tax expense 208.0 187.4
Non-deductible expenses for tax purposes include marketing and advertising expenses, service fees,
loss allowances on trade receivables, entertainment expenses, certain employee benefits and other
items that, partially or in full, are not deductible for tax purposes in certain of the Group\u2019s jurisdictions.
The Group is subject to income taxes in numerous jurisdictions. There are many transactions and
calculations for which the ultimate tax determination cannot be assessed with certainty in the ordinary
course of business. The Group recognises a provision for potential cases that might arise in the
foreseeable future based on assessment of the probabilities as to whether additional taxes will be due.
Where the final tax outcome on these matters is different from the amounts that were initially recorded,
such differences will impact the income tax provision in the period in which such determination is
made, however, based on past experience, management expects that any such differences in the
next financial year will be immaterial for the Group. The income tax provision amounted to \u20ac67.5
million as at 31 December 2022 (2021: \u20ac52.6 million), of which \u20ac67.2 million (2021: \u20ac52.6 million) are
classified in line \u2018Current tax liabilities\u2019 and \u20ac0.3 million (2021: \u20acnil) in line \u2018Current tax assets\u2019 of the
consolidated balance sheet.
The income tax provision per reportable segment for the years ended 31 December was as follows:
2022
\u20ac million
2021
\u20ac million
Established 18.2 16.8
Developing 14.3 4.9
Emerging 25.4 21.5
Corporate
1
9.6 9.4
Total income tax provision 67.5 52.6
1. Corporate refers to holding, finance and other non-operating subsidiaries of the Group .
Deferred tax assets and liabilities presented in the consolidated balance sheet as at 31 December can
be further analysed as follows:
Deferred tax assets:
2022
\u20ac million
2021
\u20ac million
To be recovered after 12 months 62.6 32.9
To be recovered within 12 months 73.7 71.5
Gross deferred tax assets 136.3 104.4
Offset of deferred tax (98.8) (73.4)
Net deferred tax assets 37.5 31.0
Deferred tax liabilities:
To be recovered after 12 months (339.6) (255.0)
To be recovered within 12 months (23.8) (16.1)
Gross deferred tax liabilities (363.4) (271.1)
Offset of deferred tax 98.8 73.4
Net deferred tax liabilities (264.6) (197.7)
A reconciliation of net deferred tax is presented below:
2022
\u20ac million
2021
\u20ac million
As at 1 January (166.7) (147.4)
Taken to the income statement 27.6 (3.9)
Arising from business combinations (refer to Note 24) (128.1) \u2013
Taken to other comprehensive income (2.1) (15.6)
Taken directly to equity 9.9 4.1
Foreign currency translation 32.3 (3.9)
As at 31 December (227.1) (166.7)
11. Taxation continued The movements in deferred tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction where applicable, are as follows: Deferred tax assets Provisions \u20ac million Pensions and benefit plans \u20ac million Tax losses carry-forward \u20ac million Book in excess of tax depreciation \u20ac million Leasing \u20ac million Other deferred tax assets \u20ac million Total \u20ac million As at 1 January 2021 28.4 16.1 1.9 5.7 26.5 23.6 102.2 Taken to the income statement 4.4 (5.5) (0.1) (0.6) (2.8) 7.4 2.8 Taken to other comprehensive income \u2013 0.6 \u2013 \u2013 \u2013 (0.5) 0.1 Transfers between assets/liabilities \u2013 \u2013 \u2013 (1.7) \u2013 \u2013 (1.7) Foreign currency translation 0.7 0.1 \u2013 \u2013 0.1 0.1 1.0 As at 31 December 2021 33.5 11.3 1.8 3.4 23.8 30.6 104.4 Taken to the income statement 7.8 1.5 10.0 2.5 6.6 6.8 35.2 Arising from business combinations (refer to Note 24) 0.1 \u2013 \u2013 \u2013 0.5 10.6 11.2 Taken to other comprehensive income \u2013 (2.0) \u2013 \u2013 \u2013 0.7 (1.3) Transfers between assets/liabilities \u2013 0.1 \u2013 \u2013 \u2013 (5.1) (5.0) Foreign currency translation (0.6) (0.1) (5.2) (0.4) (0.3) (1.6) (8.2) As at 31 December 2022 40.8 10.8 6.6 5.5 30.6 42.0 136.3 Deferred tax liabilities Tax in excess of book depreciation \u20ac million Derivative instruments \u20ac million Other deferred tax liabilities \u20ac million Total \u20ac million As at 1 January 2021 (232.8) (1.4) (15.4) (249.6) Taken to the income statement (14.5) 2.1 5.7 (6.7) Taken to other comprehensive income \u2013 (9.0) (6.7) (15.7) Taken directly to equity \u2013 4.1 \u2013 4.1 Transfers between assets/liabilities 1.7 \u2013 \u2013 1.7 Foreign currency translation (3.8) \u2013 (1.1) (4.9) As at 31 December 2021 (249.4) (4.2) (17.5) (271.1) Taken to the income statement 19.8 (3.3) (24.1) (7.6) Arising from business combinations (refer to Note 24) (137.7) (0.7) (0.9) (139.3) Taken to other comprehensive income \u2013 (4.6) 3.8 (0.8) Taken directly to equity \u2013 9.9 \u2013 9.9 Transfers between assets/liabilities \u2013 \u2013 5.0 5.0 Foreign currency translation 34.5 (0.1) 6.1 40.5 As at 31 December 2022 (332.8) (3.0) (27.6) (363.4) Deferred tax assets recognised for tax losses carry-forward in accordance with the relevant local rules applying in the Group\u2019s jurisdictions can be analysed as follows: 2022 \u20ac million 2021 \u20ac million Attributable to tax losses that expire within five years 2.1 0.5 Attributable to tax losses that can be carried forward indefinitely 4.5 1.3 Recognised deferred tax assets attributable to tax losses 6.6 1.8 The Group has unrecognised deferred tax assets attributable to tax losses that are available to carry- forward against future taxable income of \u20ac29.1 million (2021: \u20ac28.1 million). These are analysed as follows: 2022 \u20ac million 2021 \u20ac million Attributable to tax losses that expire within five years 18.7 19.5 Attributable to tax losses that expire after five years 10.4 8.6 Unrecognised deferred tax assets attributable to tax losses 29.1 28.1 The aggregate amount of distributable reserves arising from the realised earnings of the Group\u2019s operations was \u20ac3,574.8 million in 2022 (2021: \u20ac3,111.0 million). No deferred tax liabilities have been recognised on such reserves given that their distribution is controlled by the Group or, in the event of plans to remit overseas earnings of subsidiaries, such distribution would not give rise to a tax liability. 12. Earnings per share Accounting policy Basic earnings per share is calculated by dividing the net profit attributable to the owners of the parent by the weighted average number of ordinary shares outstanding during the year. The weighted average number of ordinary shares outstanding during the year is the number of ordinary shares outstanding at the beginning of the year, adjusted by the number of ordinary shares bought back or issued during the year multiplied by a time-weighting factor. Diluted earnings per share incorporates stock options for which the average share price for the year is in excess of the exercise price of the stock option and which create a dilutive effect. The calculation of the basic and diluted earnings per share attributable to the owners of the parent entity is based on the following data: 2022 2021 Net profit attributable to the owners of the parent (\u20ac million) 415.4 547.2 Weighted average number of ordinary shares for the purposes of basic earnings per share (million) 366.4 365.0 Effect of dilutive stock options on number of shares (million) 0.5 1.3 Weighted average number of ordinary shares for the purposes of diluted earnings per share (million) 366.9 366.3 Basic earnings per share (\u20ac) 1.13 1.50 Diluted earnings per share (\u20ac) 1.13 1.49 13. Components of other comprehensive income The components of other comprehensive income for the years ended 31 December comprise: 2022 2021 Before tax \u20ac million Income tax \u20ac million Net of tax \u20ac million Before tax \u20ac million Income tax \u20ac million Net of tax \u20ac million Cost of hedging (refer to Note 25) (3.5) \u2013 (3.5) (2.7) \u2013 (2.7) Cash flow hedges (refer to Note 25) 34.6 (3.9) 30.7 69.5 (9.5) 60.0 Foreign currency translation (losses)/gains (252.6) \u2013 (252.6) 73.6 \u2013 73.6 Valuation loss on equity investments at fair value through other comprehensive income (0.1) \u2013 (0.1) \u2013 \u2013 \u2013 Actuarial gains 26.0 1.8 27.8 16.1 (6.1) 10.0 Share of other comprehensive income of equity method investments 34.2 \u2013 34.2 14.6 \u2013 14.6 Reclassification of share of other comprehensive income of equity method investments to the income statement, arising from business combination (refer to Note 24) 145.2 \u2013 145.2 \u2013 \u2013 \u2013 Other comprehensive (loss) / income (16.2) (2.1) (18.3) 171.1 (15.6) 155.5 The foreign currency translation losses for 2022 primarily related to the Egyptian Pound and the Russian Rouble, while the gains from the foreign currency translation for 2021 primarily related to the Russian Rouble and the Swiss Franc. 14. Intangible assets Accounting policy Intangible assets consist of goodwill, franchise agreements, trademarks and water rights. Goodwill and other indefinite-lived intangible assets are carried at cost less accumulated impairment losses, while intangible assets with finite lives are amortised over their useful economic lives. The useful lives, both finite and indefinite, assigned to intangible assets are evaluated on an annual basis. Intangible assets with indefinite lives (\u2018not subject to amortisation\u2019) Intangible assets not subject to amortisation consist of goodwill, franchise agreements and trademarks. Goodwill is the excess of the consideration transferred over the fair value of the share of net assets acquired. Goodwill and fair value adjustments arising on the acquisition of subsidiaries are treated as the assets and liabilities of those subsidiaries. These balances are denominated in the functional currency of the subsidiary and are translated to Euro on a basis consistent with the other assets and liabilities of the subsidiary. The useful life of franchise agreements is usually based on the term of the respective franchise agreements. The Coca-Cola Company does not grant perpetual franchise rights outside the United States. However, given the Group\u2019s strategic relationship with The Coca\u2011Cola Company and consistent with past experience, the Group believes that franchise agreements will continue to be renewed at each expiration date with no significant costs. The Group has concluded that the franchise agreements are perpetual in nature and they have therefore been assigned indefinite useful lives. The Group\u2019s trademarks are assigned an indefinite useful life when they have an established sales history in the applicable region, it is the intention of the Group to receive a benefit from them indefinitely and there is no indication that this will not be the case. Goodwill and other indefinite-lived intangible assets are tested for impairment annually and whenever there is an indication of impairment. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the business combination in which the goodwill arose. Other indefinite-lived intangible assets are also allocated to the Group\u2019s cash-generating units expected to benefit from those intangibles. The cash\u2011generating units (\u2018unit\u2019) to which goodwill and other indefinite-lived intangible assets have been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount (i.e. the higher of the value\u2011in\u2011use and fair value less costs to sell) of the cash\u2011generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then pro-rata to the other assets of the unit on the basis of the carrying amount of each asset in the unit. Impairment losses recognised against goodwill are not reversed in subsequent periods. Intangible assets with finite lives Intangible assets with finite lives mainly consist of water rights and certain brands, are amortised over their useful economic lives and are carried at cost less accumulated amortisation and impairment losses. Intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Critical accounting estimates Determining whether goodwill or indefinite-lived intangible assets are impaired requires an estimation of the value-in-use of the cash-generating units to which they have been allocated in order to determine the recoverable amount of the cash\u2011generating units. The value\u2011in\u2011use calculation requires the Group to estimate the future cash flows expected to arise from the cash-generating unit, discounted at an appropriate rate. Estimating the discounted future cash flows involves a significant degree of uncertainty. The value-in-use estimation is sensitive to the discount rate used as well as the perpetuity growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different cash-generating units, including a sensitivity analysis where possible changes to these key assumptions could eliminate the remaining headroom, are disclosed and further explained below under \u2018Annual impairment test for goodwill and other indefinite-lived intangible assets\u2019 section. 14. Intangible assets continued The movements in intangible assets by classes of assets during the year are as follows: Goodwill \u20ac million Franchise agreements \u20ac million Trademarks \u20ac million Other intangible assets \u20ac million Total \u20ac million Cost As at 1 January 2021 1,886.6 144.8 137.3 14.8 2,183.5 Additions (refer to Note 16) 16.4 \u2013 \u2013 \u2013 16.4 Arising from business combinations 1.0 \u2013 \u2013 3.1 4.1 Foreign currency translation 37.7 \u2013 \u2013 \u2013 37.7 As at 31 December 2021 1,941.7 144.8 137.3 17.9 2,241.7 Amortisation As at 1 January 2021 182.4 \u2013 7.2 7.8 197.4 Charge for the year \u2013 \u2013 0.4 0.6 1.0 As at 31 December 2021 182.4 \u2013 7.6 8.4 198.4 Net book value as at 1 January 2021 1,704.2 144.8 130.1 7.0 1,986.1 Net book value as at 31 December 2021 1,759.3 144.8 129.7 9.5 2,043.3 Cost As at 1 January 2022 1,941.7 144.8 137.3 17.9 2,241.7 Arising from business combinations (refer to Note 24) 220.1 367.7 83.4 \u2013 671.2 Impairment (refer to Note 6) (13.7) \u2013 \u2013 \u2013 (13.7) Foreign currency translation (39.7) (116.7) (0.5) \u2013 (156.9) As at 31 December 2022 2,108.4 395.8 220.2 17.9 2,742.3 Amortisation As at 1 January 2022 182.4 \u2013 7.6 8.4 198.4 Charge for the year \u2013 \u2013 0.5 0.9 1.4 As at 31 December 2022 182.4 \u2013 8.1 9.3 199.8 Net book value as at 1 January 2022 1,759.3 144.8 129.7 9.5 2,043.3 Net book value as at 31 December 2022 1,926.0 395.8 212.1 8.6 2,542.5 Additions of goodwill in 2021 were attributable to the demerger of the Group\u2019s mineral water and adult sparkling beverages integral joint venture in Italy as well as the formation of a joint operation in Romania, amounting to \u20ac15.6 million and \u20ac0.8 million respectively (refer to Note 16). Goodwill and other intangible assets of \u20ac1.0 million and \u20ac3.1 million respectively, arising from business combinations in 2021, related to the acquisition by the Group of a self-serve coffee-vending business in its developing markets segment (the \u2019Costa Express Business\u2019), which was integrated into the Group\u2019s operations. Impairment losses of \u20ac13.7 million relate to the impairment of goodwill of the Group\u2019s Russian cash\u2011generating unit recognised as part of 2022 interim results (refer to Note 6). Intangible assets not subject to amortisation amounted to \u20ac2,529.7 million (2021: \u20ac2,028.9 million), and are presented in the charts below: 2022 \u20ac2,529.7 million Goodwill Franchise agreements Trademarks \u20ac1,926.0 millio n \u20ac395.8 million \u20ac207.9 million 2021 \u20ac2,028.9 million Goodwill Franchise agreements Trademarks \u20ac1,759.3 million \u20ac144.8 million \u20ac124.8 million The carrying value of intangible assets subject to amortisation amounted to \u20ac12.8 million (2021: \u20ac14.4 million) and comprised water rights of \u20ac6.0 million, trademarks of \u20ac4.2 million and other intangible assets of \u20ac2.6 million (2021: \u20ac6.4 million water rights, \u20ac4.9 million trademarks and \u20ac3.1 million other intangible assets). 14. Intangible assets continued Annual impairment test for goodwill and other indefinite-lived intangible assets The recoverable amount of each cash-generating unit was determined through a value-in-use calculation. This calculation uses cash flow forecasts based on financial budgets approved by the Board of Directors covering a one-year period and cash flow forecasts for four additional years. Cash flows for years two to five are forecasted by management based on operation and market-specific assumptions including growth rates, forecast selling prices, direct costs and operating expenses. Management determined gross margins based on past performance, expectations for the development of the market and expectations about raw material costs. Cash flows for the subsequent years after the forecast period are extrapolated using perpetuity growth rates which reflect management\u2019s best estimate of industry growth, considering long-term inflation and gross domestic product forecasts specific to the countries of operation. The discount rates used by management represent the current market assessment of the risks specific to each cash-generating unit, taking into consideration the time value of money and are derived from the weighted average cost of capital. The Group applies post-tax discount rates to post-tax cash flows as the valuation calculated using this method closely approximates to applying pre-tax discount rates to pre-tax cash flows. Management also considered the potential adverse impact to future cash flows arising from climate change risk, under different scenarios. These scenarios included the increased capital expenditure required to mitigate climate-related risks and focused on the impact from disruptions to production and distribution due to extreme weather as well as the increased cost of water and carbon emissions. The Group will continue to refine its approach on climate-related risks and opportunities in the impairment assessment, as greater understanding of the potential impacts on the Group\u2019s business is obtained. No impairment of goodwill and other indefinite-lived assets was identified during the annual impairment test of 2022, or that of 2021. The following chart and accompanying table set forth the percentage and carrying value respectively of goodwill and other indefinite\u2011lived intangible assets for those cash\u2011generating units whose carrying value is greater or equal to 9% of the total, as at 31 December 2022. 30% 18% 10% 16% 9% 17% Italy Switzerland The Republic of Ireland and Northern Ireland Egypt Koncern Bambi a.d. Po\u017earevac Other Intangible assets not subject to amortisation as at 31 December 2022 (%) Goodwill \u20ac million Franchise agreements \u20ac million Trademarks \u20ac million Total \u20ac million Italy 640.9 126.9 \u2013 767.8 Switzerland 467.3 \u2013 \u2013 467.3 The Republic of Ireland and Northern Ireland 241.5 \u2013 \u2013 241.5 Egypt 141.9 251.2 \u2013 393.1 Koncern Bambi a.d. Po\u017earevac 115.2 \u2013 118.5 233.7 All other cash\u2011 generating units 319.2 17.7 89.4 426.3 Total 1,926.0 395.8 207.9 2,529.7 The key assumptions for these cash-generating units are presented below: Growth rate in perpetuity (%) Post-tax discount rate (%) Pre-tax discount rate (%) 2022 2021 2022 2021 2022 2021 Egypt 5.0 \u2013 15.2 \u2013 17.8 \u2013 Italy 2.0 1.5 8.6 6.5 11.4 8.7 Switzerland 0.8 0.9 6.7 5.7 8.0 6.7 The Republic of Ireland and Northern Ireland 4.0 4.0 6.6 5.6 7.1 6.0 Koncern Bambi a.d. Po\u017earevac 4.5 4.5 10.9 6.6 11.9 6.9 For the cash-generating units of the Republic of Ireland and Northern Ireland and Koncern Bambi a.d. Po\u017earevac, the growth rate in perpetuity as estimated by management was higher than that expected for the industry in general. This is attributable to the strength of the Group\u2019s brand portfolio, which is amongst the strongest and broadest in the industry. The Group has historically achieved higher revenue growth than the industry leveraging the strength of its portfolio, while it continually invests in brand-related innovations to remain relevant, be able to cater to all consumption occasions and increase market share. 14. Intangible assets continued Sensitivity analysis In the cash\u2011generating unit of Egypt, which as at 31 December 2022 held \u20ac141.9 million and \u20ac251.2 million of goodwill and franchise agreements respectively, reasonably possible changes in key assumptions of the 2022 impairment test would remove the remaining headroom. As at 31 December 2022, the recoverable amount of the Egyptian cash-generating unit calculated based on value-in-use exceeded its carrying value by \u20ac83.7 million; changes per key assumption that would eliminate remaining headroom are summarised in the table below: Growth rate in perpetuity Discount rate Egypt 170bps 120bps As at 31 December 2022, the recoverable amount of the Italian cash\u2011generating unit calculated based on value\u2011in\u2011use significantly exceeded its carrying value. As a result, the key assumptions of the Italian cash-generating unit\u2019s 2022 impairment test are not sensitive to possible changes that would eliminate the remaining headroom. The Group will continue to closely monitor these cash-generating units in order to ensure that timely actions and initiatives are undertaken to minimise potential adverse impact on their expected performance. 15. Property, plant and equipment Accounting policy All property, plant and equipment is initially recorded at cost and subsequently measured at cost less accumulated depreciation and impairment losses. Subsequent expenditure is added to the carrying value of the asset when it is probable that future economic benefits, in excess of the original assessed standard of performance of the existing asset, will flow to the operation and the costs can be measured reliably. All other subsequent expenditure is expensed in the period in which it is incurred. Assets under construction are recorded as part of property, plant and equipment and depreciation on these assets commences when the assets are made available for use. Depreciation is calculated on a straight-line basis to allocate the depreciable amount over the estimated useful life of the assets as follows: Freehold buildings and improvements 40 years Leasehold buildings and improvements Over the lease term, up to 40 years Production equipment 4 to 20 years Vehicles 5 to 8 years Computer hardware and software 3 to 10 years Marketing equipment 3 to 10 years Fixtures and fittings 8 years Returnable containers 3 to 12 years Freehold land is not depreciated as it is considered to have an indefinite life. Deposits received for returnable containers by customers are accounted for as deposit liabilities (refer to Note 21). Residual values and useful lives of assets are reviewed and adjusted if appropriate at each balance sheet date. Property, plant and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount, which is the higher of the asset\u2019s fair value less cost to sell and its value-in-use. For the purposes of assessing impairment, assets are grouped at the lowest level of separately identifiable cash flows. For accounting policy regarding right\u2011of\u2011use assets, refer to Note 17 \u2018Leases\u2019. Land and buildings \u20ac million Plant and equipment \u20ac million Returnable containers \u20ac million Assets under construction \u20ac million Total \u20ac million Cost As at 1 January 2022 1,530.0 3,890.6 450.9 159.1 6,030.6 Additions 4.1 143.6 59.8 373.2 580.7 Arising from business combinations (refer to Note 24) 198.5 125.9 4.5 13.5 342.4 Disposals (5.7) (141.7) (10.8) (1.2) (159.4) Reclassified from right-of-use assets 2 4.2 12.1 \u2013 \u2013 16.3 Reclassified to assets held for sale (refer to Note 20) \u2013 (0.6) \u2013 \u2013 (0.6) Reclassifications 84.5 205.2 \u2013 (289.7) \u2013 Foreign currency translation (63.3) (66.7) (7.4) (5.8) (143.2) As at 31 December 2022 1,752.3 4,168.4 497.0 249.1 6,666.8 Depreciation and impairment As at 1 January 2022 552.2 2,534.3 274.1 1.7 3,362.3 Charge for the year 49.9 252.4 38.9 \u2013 341.2 Impairment 19.0 61.0 0.7 0.8 81.5 Disposals (4.5) (134.0) (6.6) (0.2) (145.3) Reclassified from right-of-use assets 2 1.5 2.3 \u2013 \u2013 3.8 Reclassified to assets held for sale (refer to Note 20) \u2013 (0.5) \u2013 \u2013 (0.5) Foreign currency translation (5.2) (30.2) (3.2) \u2013 (38.6) As at 31 December 2022 612.9 2,685.3 303.9 2.3 3,604.4 Net book value as at 31 December 2022 excluding right-of-use assets 1,139.4 1,483.1 193.1 246.8 3,062.4 Net book value of right-of-use assets as at 31 December 2022 82.7 121.2 \u2013 \u2013 203.9 Net book value as at 31 December 2022 1,222.1 1,604.3 193.1 246.8 3,266.3 2. Line \u2018Reclassified from right\u2011of\u2011use assets\u2019 for 2022 relates to the reclassification from right\u2011of\u2011use assets to land and buildings and plant and equipment of \u20ac12.5 million on a net book value basis, following the exercise of purchase options included in the lease contracts. Assets under construction at 31 December 2022 include advances for equipment purchases of \u20ac63.2 million (2021: \u20ac41.8 million). The depreciation charge for the year, including that for right\u2011of\u2011use assets (refer to Note 17), recognised in operating expenses and cost of goods sold amounted to \u20ac209.6 million (2021: \u20ac181.4 million) and \u20ac193.8 million (2021: \u20ac148.9 million) respectively. 15. Property, plant and equipment continued The movements of property, plant and equipment by class of assets are as follows: Land and buildings \u20ac million Plant and equipment \u20ac million Returnable containers \u20ac million Assets under construction \u20ac million Total \u20ac million Cost As at 1 January 2021 1,412.7 3,597.0 420.7 199.8 5,630.2 Additions 1 7.6 137.0 40.9 297.1 482.6 Arising from business combinations \u2013 1.3 \u2013 \u2013 1.3 Disposals (9.2) (166.8) (12.3) (0.1) (188.4) Reclassified to assets held for sale (refer to Note 20) \u2013 (1.8) \u2013 \u2013 (1.8) Reclassifications 90.8 247.7 \u2013 (338.5) \u2013 Foreign currency translation 28.1 76.2 1.6 0.8 106.7 As at 31 December 2021 1,530.0 3,890.6 450.9 159.1 6,030.6 Depreciation and impairment As at 1 January 2021 498.6 2,440.8 255.1 1.2 3,195.7 Charge for the year 42.9 206.5 27.6 \u2013 277.0 Impairment 1.0 4.0 0.5 0.5 6.0 Disposals (2.1) (165.4) (9.7) \u2013 (177.2) Reclassified to assets held for sale (refer to Note 20) \u2013 (1.7) \u2013 \u2013 (1.7) Foreign currency translation 11.8 50.1 0.6 \u2013 62.5 As at 31 December 2021 552.2 2,534.3 274.1 1.7 3,362.3 Net book value as at 31 December 2021 excluding right-of-use assets 977.8 1,356.3 176.8 157.4 2,668.3 Net book value of right-of-use assets as at 31 December 2021 63.2 99.4 \u2013 \u2013 162.6 Net book value as at 31 December 2021 1,041.0 1,455.7 176.8 157.4 2,830.9 1. Additions line for 2021 includes \u20ac13.8 million on a net book value basis relating to the impact from the demerger of the Group\u2019s mineral water and adult sparkling beverages integral joint venture in Italy (refer to Note 16). 15. Property, plant and equipment continued Impairment of property, plant and equipment In 2021 the Group recorded impairment losses of \u20ac3.7 million, \u20ac0.9 million and \u20ac3.8 million and reversals of impairment of \u20ac0.2 million, \u20ac0.3 million and \u20ac1.9 million relating to property, plant and equipment in the Established, Developing and Emerging segments respectively. The impaired assets, being mainly buildings and production equipment, were written down based mainly on value-in-use calculations. In 2022 the Group recorded impairment losses of \u20ac1.6 million, \u20ac0.9 million and \u20ac81.4 million and reversals of impairment of \u20ac0.6 million, \u20ac0.2 million and \u20ac1.6 million relating to property, plant and equipment in the Established, Developing and Emerging segments respectively. Net impairment losses of \u20ac60.9 million, relating to property, plant and equipment in the Emerging segment are included in the exceptional items related to Russia\u2011Ukraine conflict (refer to Note 6). The impaired assets, being mainly buildings, production and cold-drink equipment, were written down based mainly on value-in-use calculations. 16. Interests in other entities List of principal subsidiaries The following are the principal subsidiaries of the Group as at 31 December: % of voting rights % ownership Country of registration 2022 2021 2022 2021 Adelink Ltd 1 Cyprus 50.0% 50.0% 50.0% 50.0% AS Coca\u2011Cola HBC Eesti Estonia 100.0% 100.0% 100.0% 100.0% CCB Management Services GmbH Austria 100.0% 100.0% 100.0% 100.0% CCHBC Armenia CJSC Armenia 100.0% 100.0% 100.0% 100.0% CCHBC Bulgaria AD Bulgaria 99.4% 99.4% 99.4% 99.4% CCHBC IT Services Limited Bulgaria 100.0% 100.0% 100.0% 100.0% CCHBC Reinsurance Designated Activity Company Republic of Ireland 100.0% 100.0% 100.0% 100.0% CCH CirculaRPET S.r.l. Italy 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Austria GmbH Austria 100.0% 100.0% 100.0% 100.0% Coca-Cola Beverages Belorussiya Belarus 100.0% 100.0% 100.0% 100.0% Coca-Cola Beverages Ukraine Ltd Ukraine 100.0% 100.0% 100.0% 100.0% Coca-Cola Imbuteliere Chisinau SRL Moldova 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC B\u2011H d.o.o. Sarajevo Bosnia and Herzegovina 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC \u010cesko a Slovensko, s.r.o. Czech Republic 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC \u010cesk\u00e1 a Slovensko, s.r.o. \u2013 organiza\u010dn\u00e1 zlo\u017eka Slovakia 100.0% 100.0% 100.0% 100.0% CC Beverages Holdings II B.V. The Netherlands 100.0% 100.0% 100.0% 100.0% Coca-Cola Bottling Company of Egypt (S.A.E.) 2 Egypt 94.7% \u2013 94.7% \u2013 Coca\u2011Cola HBC Cyprus Ltd Cyprus 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Finance B.V. The Netherlands 100.0% 100.0% 100.0% 100.0% % of voting rights % ownership Country of registration 2022 2021 2022 2021 Coca\u2011Cola HBC Greece S.A.I.C. Greece 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Holdings B.V. The Netherlands 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Hrvatska d.o.o. Croatia 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Hungary Ltd Hungary 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Ireland Limited Republic of Ireland 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Italia S.r.l. Italy 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Kosovo L.L.C. Kosovo 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Northern Ireland Limited Northern Ireland 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Polska sp. z o.o. Poland 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Romania Ltd Romania 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Services MEPE Greece 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Slovenija d.o.o. Slovenia 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Sourcing B.V. The Netherlands 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Switzerland Ltd Switzerland 99.9% 99.9% 99.9% 99.9% Coca\u2011Cola HBC\u2011Srbija d.o.o. Serbia 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola Hellenic Bottling Company\u2011Crna Gora d.o.o., Podgorica Montenegro 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola Hellenic Business Service Organisation Bulgaria 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola Hellenic Procurement GmbH Austria 100.0% 100.0% 100.0% 100.0% ESM Effervescent Sodas Management Limited 3 Cyprus 100.0% \u2013 100.0% \u2013 Koncern Bambi a.d. Po\u017earevac Serbia 100.0% 100.0% 100.0% 100.0% Multon AO 1 Russia 50.0% 50.0% 50.0% 50.0% Multon Partners LLC 4 Russia 100.0% 100.0% 100.0% 100.0% Nigerian Bottling Company Ltd Nigeria 100.0% 100.0% 100.0% 100.0% SIA Coca\u2011Cola HBC Latvia Latvia 100.0% 100.0% 100.0% 100.0% Three Cents Hellas Single Member S.A. 3 Greece 100.0% \u2013 100.0% \u2013 UAB Coca\u2011Cola HBC Lietuva Lithuania 100.0% 100.0% 100.0% 100.0% 1. Following unilateral waiver by The Coca\u2011Cola Company of certain of its governance rights, Coca\u2011Cola HBC acquired control of Multon AO Group of companies effective 11 August 2022 (refer to Note 24). 2. Coca\u2011Cola Bottling Company of Egypt (S.A.E.) was acquired on 13 January 2022 (refer to Note 24). 3. ESM Effervescent Sodas Management Limited and its subsidiary Three Cents Hellas Single Member S.A. were acquired on 21 October 2022 (refer to Note 24). 4. LLC Coca\u2011Cola HBC Eurasia was renamed to Multon Partners LLC as of 29 July 2022. 16. Interests in other entities continued Equity method investments Accounting policies Equity method investments comprise investments in associates and joint arrangements and are classified into integral and non-integral on the basis of whether they are considered part of the Group\u2019s core operations and strategy. Investments in associates Investments in associated undertakings are accounted for by the equity method of accounting. Associated undertakings are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% to 50% of the voting rights. The equity method of accounting involves recognising the Group\u2019s share of the associates\u2019 post-acquisition profit or loss and movements in other comprehensive income for the period in the income statement and other comprehensive income respectively. Unrealised gains and losses resulting from transactions between the Group and the associate are eliminated to the extent of the interest in the associate. The Group\u2019s interest in each associate is carried in the balance sheet at an amount that reflects its share of the net assets of the associate and includes goodwill on acquisition. When the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognise further losses, unless the Group has incurred obligations or made payments on behalf of the associate. Investments in joint arrangements Joint arrangements are arrangements in which the Group has contractually agreed sharing of control, which exists only when decisions about the relevant activities require unanimous consent. Joint arrangements are classified as joint ventures or joint operations depending upon the rights and obligations arising from the joint arrangement. The Group classifies a joint arrangement as a joint venture when the Group has rights to the net assets of the arrangement. The Group accounts for its interests in joint ventures using the equity method of accounting as described in the section above. The Group classifies a joint arrangement as a joint operation when the Group has the rights to the assets, and obligations for the liabilities, of the arrangement and accounts for each of its assets, liabilities, revenues and expenses, including its share of those held or incurred jointly, in relation to the joint operation. If facts and circumstances change, the Group reassesses whether it still has joint control and whether the type of joint arrangement in which it is involved has changed. Critical accounting judgements The Group participates in several joint arrangements. Judgement is required in order to determine their classification as a joint venture where the Group has rights to the net assets of the arrangement, or a joint operation where the Group has rights to the assets and obligations for the liabilities of the arrangement. In making this judgement, consideration is given to the legal form of the arrangement, and the contractual terms and conditions, as well as other facts and circumstances (including the economic rationale of the arrangement and the impact of the legal framework). Changes in the carrying amounts of equity method investments for 2021 and 2022 are as follows: Joint ventures \u20ac million Associates \u20ac million Total \u20ac million As at 1 January 2021 284.1 29.6 313.7 Additions \u2013 88.0 88.0 Decrease (34.6) \u2013 (34.6) Share of results of equity method investments 34.4 3.2 37.6 Share of other comprehensive income of equity method investments 14.6 \u2013 14.6 Share of total comprehensive income 49.0 3.2 52.2 Return of capital (6.1) \u2013 (6.1) Dividends (45.5) (1.9) (47.4) As at 31 December 2021 246.9 118.9 365.8 Impairment (refer to Note 6) (52.8) \u2013 (52.8) Gain on remeasurement of previously held equity interest arising from business combination 70.8 \u2013 70.8 Deemed disposal arising from business combination (refer to Note 24) (249.9) \u2013 (249.9) Capital increase 4.0 7.0 11.0 Share of results of equity method investments 42.1 2.0 44.1 Share of other comprehensive income of equity method investments 34.6 (0.4) 34.2 Share of total comprehensive income 76.7 1.6 78.3 Dividends (9.7) (7.9) (17.6) As at 31 December 2022 86.0 119.6 205.6 16. Interests in other entities continued
The carrying amount of equity method investments as at 31 December 2022 comprises integral and
non-integral equity method investments as follows:
Joint ventures
\u20ac million
Associates
\u20ac million
Total
\u20ac million
Integral equity method investments 81.9 \u2013 81.9
Non-integral equity method investments 4.1 119.6 123.7
Total equity method investments 86.0 119.6 205.6
a) Investments in joint ventures
In January 2021, a demerger of Acque Minerali S.r.l., our mineral water and adult sparkling beverages
integral joint venture with The Coca\u2011Cola Company in Italy, was completed. As part of the demerger,
certain operating activities were transferred to the Group, resulting in the recognition of \u20ac15.6 million
of goodwill and \u20ac14.0 million of property, plant and equipment, including right\u2011of\u2011use assets, as part
of the Group\u2019s Italian cash\u2011generating unit (refer to Note 14 and Note 15 respectively) and the decrease
of equity method investments by \u20ac34.6 million, presented in line \u2018Decrease\u2019 of the table on page 187
regarding 2021 changes in the carrying amounts of equity method investments. There was no significant
impact to the Group\u2019s net assets or income statement from this transaction. Also, there was no cash
flow impact for the Group as a result of the transaction.
The Group has a 50% interest in Multon AO Group of companies (\u2018Multon\u2019), which is engaged in the
production and distribution of juices in Russia and was jointly controlled by the Group and The Coa\u2011Cola
Company. The joint arrangement was classified as a joint venture, as its structure provided the Group
with rights to its net assets. In March 2022, in response to the Russia-Ukraine conflict, The Coca-Cola
Company announced that it was suspending its business in Russia. In August 2022, The Coca\u2011Cola
Company unilaterally waived certain of its governance rights in connection with its 50% interest
in Multon, which were accordingly assumed by the Group, while retaining consent rights in respect
of certain limited board and shareholder reserved matters that are protective in nature. As a result,
considering the criteria set out in IFRS 10 \u2018Consolidated financial statements\u2019, the Group has concluded
that, effective 11 August 2022, it controls Multon (refer to Note 24).
As a result of the change in control of Multon described above, on 11 August 2022 the Group
remeasured the previously held equity interest in Multon at its fair value (refer to Note 24), which
resulted in a gain of \u20ac70.8 million, which was presented in line \u2018Gain on remeasurement of previously
held equity interest arising from business combination\u2019 of the table on page 187, regarding 2022 changes
in the carrying amount of equity method investments. The Group then proceeded to derecognise the
resulting carrying amount of Multon investment of approximately \u20ac250 million, against the fair value of
the identifiable net assets recognised (refer to Note 24), which was presented in line \u2018Deemed disposal
arising from business combination\u2019 of the table on page 187 regarding 2022 changes in the carrying
amount of equity method investments.
Apart from Multon, the Group has a significant joint venture with Heineken, through its 50% interest
in AD Pivara Skopje which is engaged in the bottling and distribution of soft drinks and beer in North
Macedonia. The structure of the joint venture provides the Group with rights to its net assets.
Summarised financial information of the Group\u2019s significant joint ventures is presented below.
This information reflects the amounts presented in the IFRS financial statements of the joint venture,
amended to reflect adjustments made when using the equity method, including fair value adjustments
and not the Group\u2019s share in these amounts.
Multon A.O. Group of companies
2021
\u20ac million
Summarised balance sheet
1
:
Non-current loans to related parties 5.1
Other non-current assets 137.9
Non-current assets 143.0
Cash and cash equivalents 9.0
Current loans to related parties 54.1
Other current assets 131.5
Total current assets 194.6
Other current liabilities (including trade payables) (76.0)
Total current liabilities (76.0)
Total non-current liabilities (7.4)
Net assets 254.2
2022
\u20ac million
2021
\u20ac million
Summarised statement of comprehensive income
1
:
Revenue 307.3 417.0
Depreciation (3.4) (5.4)
Interest income 6.6 7.7
Interest expense (1.1) (1.5)
Profit before tax 80.5 65.0
Income tax expense (15.9) (12.6)
Profit after tax 64.6 52.4
Other comprehensive income 69.8 29.0
Total comprehensive income 134.4 81.4
Dividends received and capital returns \u2013 34.8
2021
\u20ac million
Reconciliation of net assets to carrying amount:
Closing net assets 254.2
Interest in joint venture at 50% 127.1
Goodwill 37.6
Carrying value 164.7
1. Further to the Group obtaining control over Multon, the latter\u2019s balance sheet as at 31 December 2022 has been consolidated.
The summarised statement of comprehensive income presented for 2022 reflects the period up to 11 August 2022, during which
Multon was classified as a joint venture.
b) Investments in associates On 7 October 2021, the Group acquired a 30% equity shareholding in Casa Del Caff\u00e8 Vergnano S.p.A. (\u2018Caff\u00e8 Vergnano\u2019), a premium Italian coffee company. The Group also entered into an exclusive distribution agreement for Caff\u00e8 Vergnano\u2019s products in all its territories outside of Italy. The corresponding investment was classified as an associate in accordance with the requirements of IAS 28 \u2018Investments in Associates and Joint Ventures\u2019 since the terms of the transaction gave the Group significant influence over the investee. The investment is accounted for using the equity method and was further classified as a non-integral equity method investment in the consolidated financial statements of the Group, considering that the distribution agreement was separate to the shareholding. The total consideration paid in 2021 amounted to \u20ac87.0 million, including acquisition costs of \u20ac0.1 million. Total acquisition costs incurred in 2021 amounted to \u20ac1.1 million, out of which \u20ac0.8 million were paid in 2022. Consideration including acquisition costs paid was presented in line \u2018Payments for non\u2011integral equity method investments\u2019 of the consolidated cash flow statement, in 2021 and 2022 accordingly. Total consideration and acquisition costs were presented in line \u2018Additions\u2018 of the table on page 187 regarding 2021 changes in the carrying amount of equity method investments. The information below reflects the amounts presented in the financial statements of Caff\u00e8 Vergnano under Italian law, amended to reflect adjustments made by the Group when using the equity method, including fair value adjustments and not the Group\u2019s share in these amounts. Caff\u00e8 Vergnano 2022 \u20ac million 2021 \u20ac million Summarised balance sheet: Non-current assets 125.2 122.6 Cash and cash equivalents 1.0 5.2 Other current assets 54.5 52.7 Total current assets 55.5 57.9 Borrowings (19.6) (16.2) Other current liabilities (including trade payables) (30.6) (33.0) Total current liabilities (50.2) (49.2) Borrowings (2.4) (1.8) Other non-current liabilities (27.5) (28.1) Total non-current liabilities (29.9) (29.9) Net assets 100.6 101.4 16. Interests in other entities continued AD Pivara Skopje 2022 \u20ac million 2021 \u20ac million Summarised balance sheet: Non-current assets 66.1 56.7 Cash and cash equivalents 0.5 0.2 Other current assets 14.4 13.6 Total current assets 14.9 13.8 Borrowings (3.6) (2.2) Other current liabilities (including trade payables) (20.8) (18.5) Total current liabilities (24.4) (20.7) Borrowings (7.0) (0.1) Other non-current liabilities (0.3) (0.6) Total non-current liabilities (7.3) (0.7) Net assets 49.3 49.1 Summarised statement of comprehensive income: Revenue 91.8 79.3 Depreciation (5.7) (5.3) Profit before tax 17.9 17.2 Income tax expense (2.1) (2.0) Profit after tax 15.8 15.2 Total comprehensive income 15.8 15.2 Dividends received 7.7 13.0 Reconciliation of net assets to carrying amount: Closing net assets 49.3 49.1 Interest in joint venture at 50% 24.7 24.6 Goodwill 16.9 16.9 Non-controlling interest (1.6) (1.6) Carrying value 40.0 39.9 Summarised financial information of the Group\u2019s investment in other joint ventures is as follows: 2022 \u20ac million 2021 \u20ac million Carrying amount 46.0 42.3 Share of profit 1.9 0.6 Share of other comprehensive income (0.3) 0.1 Share of total comprehensive income 1.6 (0.7) 16. Interests in other entities continued 2022 \u20ac million 2021 \u20ac million Summarised statement of comprehensive income 1 : Revenue 105.1 22.3 Depreciation (7.6) (1.7) (Loss) / profit before tax (3.6) 0.3 Income tax 0.3 (0.3) (Loss) / profit after tax (3.3) \u2013 Total comprehensive income (3.3) \u2013 Reconciliation of net assets to carrying amount: Closing net assets 100.6 101.3 Interest in associate at 30% 30.2 30.4 Acquisition costs 1.1 1.1 Goodwill 56.5 56.5 Carrying value 87.8 88.0 1. Summarised statement of comprehensive income for 2021 relates to the period following acquisition of the associate. Summarised financial information of the Group\u2019s investment in other associates is as follows: 2022 \u20ac million 2021 \u20ac million Carrying amount 31.8 30.9 Share of profit 3.0 3.2 Share of other comprehensive income (0.4) \u2013 Share of total comprehensive income 2.6 3.2 Frigoglass Industries (Nigeria) Limited, a non\u2011integral associate in which the Group holds an effective interest of 23.9% (2021: 23.9%) through its subsidiary Nigerian Bottling Company Ltd, is guarantor under the amended banking facilities and notes issued by the Frigoglass Group, as part of the debt restructuring of the latter. The Group has no direct exposure arising from this guarantee arrangement, but the Group\u2019s investment in this associate, which stood at \u20ac21.1 million as at 31 December 2022 (31 December 2021: \u20ac25.2 million), would be at potential risk if there was a default under the terms of the amended banking facilities or the notes and the Frigoglass Group (including the guarantor) was unable to meet its obligations thereunder. c) Joint operations Other joint operations of the Group with The Coca\u2011Cola Company comprise mainly a 50% interest in each of the water businesses listed below, which are engaged in the production and distribution of water in the respective countries. Country Joint operation Country Joint operation Austria R\u00f6merquelle Poland Multivita Italy Fonti del Vulture Switzerland Valser Romania Dorna Serbia Vlasinka Baltics Neptuno Vandenys In addition, in April 2021 the Group acquired a 50% interest in Stockday S.R.L., an online business\u2011to\u2011 business platform and distributor in Romania, which was up until that point wholly owned by Heineken Romania S.A. The transaction resulted in the two shareholders jointly controlling Stockday S.R.L. The joint arrangement was classified as a joint operation in accordance with the requirements of IFRS 11 \u2018Joint arrangements\u2018, as it provides the shareholders with rights to the assets and obligations for the liabilities of the joint arrangement. As a result of the above transaction, goodwill of \u20ac0.8 million was recognised as part of the Group\u2019s Emerging segment (refer to Note 14). 17. Leases Accounting policy Leases for which the Group is in a lessee position are recognised as a right-of-use asset and a corresponding lease liability at the date at which the lease asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a net\u2011present\u2011value basis and are recognised as part of \u2018Property, plant and equipment\u2019, \u2018Current borrowings\u2019 and \u2018Non\u2011current borrowings\u2019 in the consolidated balance sheet, respectively. Lease contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components as appropriate. Consideration relevant to the non-lease component is recognised as an expense in the consolidated income statement over the period of the lease. Lease liabilities include the net present value of the following lease payments: a) fixed payments (including in\u2011substance fixed payments) over the lease term, less any lease incentives receivable; b) variable lease payments that are based on an index or a rate; c) amounts expected to be payable by the lessee under residual value guarantees; d) the exercise price of a purchase option if the Group is reasonably certain it will exercise that option; and e) payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. 17. Leases continued Accounting policy continued When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right\u2011of\u2011use asset. Variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs. The lease payments are discounted using the interest rate implicit in the lease (if that rate can be determined), or the incremental borrowing rate of the lease, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms, security and conditions. In determining the incremental borrowing rate to be used, the Group applies judgement to establish the suitable reference rate and credit spread. Each lease payment is allocated between the liability (principal) and finance cost. The interest expense is charged to the consolidated income statement as part of \u2018Finance costs\u2019 over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: a) the amount of the initial measurement of lease liability; b) any lease payments made at or before the commencement date less any lease incentives received; c) any initial direct costs; and d) any restoration costs. The right-of-use assets are depreciated over the shorter of the assets\u2019 useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. The Group utilises a number of practical expedients permitted by the standard, namely: 1) applying the recognition exemption to short\u2011term leases (i.e. leases with a term of 12 months or less) that do not contain a purchase option; and 2) applying the recognition exemption to leases of underlying assets with a low value, which mainly comprise IT equipment. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in the consolidated income statement. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is revised if a significant event or a significant change in circumstances occurs, which affects this assessment and which is within the control of the lessee. Lease payments are presented as follows in the consolidated cash flow statement: \u2022 short-term lease payments, payments for leases of low-value assets and variable lease payments that are not included in the measurement of the lease liabilities are presented within cash flows from operating activities; \u2022 payments for the interest element of recognised lease liabilities are included in \u2018Interest paid\u2019 within cash flows from financing activities; and \u2022 payments for the principal element of recognised lease liabilities are presented within cash flows from financing activities. Leasing activities The leases which are recorded on the consolidated balance sheet are principally in respect of vehicles and buildings. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Extension and termination options are included in a number of leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. Extension options considered reasonably certain to be exercised relate to both buildings and motor vehicles and do not exceed three years. Most termination options have not been considered reasonably certain to be exercised. The Group\u2019s carrying amount of lease liability is presented below as at 31 December: 2022 \u20ac million 2021 \u20ac million Current lease liability 53.9 50.9 Non-current lease liability 152.1 109.4 Total lease liability (refer to Note 26) 206.0 160.3 For the carrying amount of right-of-use assets per class of underlying asset, refer to Note 15. The Group\u2019s additions to right-of-use assets for the years ended 31 December are as follows: 2022 \u20ac million 2021 \u20ac million Land and buildings 32.0 10.4 Plant and equipment 59.2 31.6 Total additions 91.2 42.0 Right\u2011of\u2011use assets arising on business combinations in 2022 amounted to \u20ac40.1 million (2021: \u20acnil). The consolidated income statement includes the following amounts relating to depreciation of right\u2011of\u2011use assets: 2022 \u20ac million 2021 \u20ac million Land and buildings 21.4 19.5 Plant and equipment 40.8 33.8 Total depreciation charge 62.2 53.3 17. Leases continued The following expenses have been included in cost of goods sold and operating expenses: 2022 \u20ac million 2021 \u20ac million Expense relating to short-term leases 22.7 15.1 Expense relating to leases of low-value assets 2.5 1.4 Expense relating to variable lease payments 10.8 7.4 Interest expense on leases in 2022 was \u20ac16.4 million (2021: \u20ac9.9 million) and is recorded within \u2018Finance costs\u2019 in the consolidated income statement (refer to Note 10). The total cash outflow for leases in 2022 was \u20ac103.6 million (2021: \u20ac91.0 million). Expenses relating to short-term leases in 2022 and 2021 comprise consideration for leases with a term of 12 months or less used to cover seasonal business needs. 18. Inventories Accounting policy Inventories are stated at the lower of cost and net realisable value. Cost for raw materials and consumables is determined on a weighted average basis. Cost for work in progress and finished goods comprises the cost of direct materials and labour plus attributable overhead costs. Cost of inventories includes all costs incurred to bring the product to its present location and condition. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to complete and sell the inventory. Inventories consisted of the following as at 31 December: 2022 \u20ac million 2021 \u20ac million Finished goods 331.1 244.0 Raw materials and work in progress 329.3 208.0 Consumables 109.6 67.8 Total inventories 770.0 519.8 The amount of inventories recognised as an expense during 2022 was \u20ac4,509.6 million (2021: \u20ac3,420.4 million). This includes \u20ac1.1 million of write\u2011offs related to the Russia\u2011Ukraine conflict (refer to Note 6). During 2022 provision for obsolete inventories recognised as an expense amounted to \u20ac19.2 million (2021: \u20ac16.2 million), whereas provision reversed in the year amounted to \u20ac0.4 million (2021: \u20ac0.6 million). 19. Trade, other receivables and assets Accounting policies Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method. The normal credit terms are between 7\u201190 days upon delivery. The Group applies the IFRS 9 simplified approach for trade and other receivables and follows an Expected Credit Losses (\u2018ECLs\u2019) approach for measuring the allowance of its trade receivables. The expected loss rate is assessed on the basis of historical credit losses of 24 months before the year end and adjusted to reflect current and forward\u2011looking information. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive. The carrying amount of the receivable is reduced by the loss allowance, which is recognised as part of operating expenses. If a trade receivable ultimately becomes uncollectible, it is written off initially against any loss allowance made in respect of that receivable with any excess recognised as part of operating expenses. Subsequent recoveries of amounts previously written off or loss allowance no longer required are credited against operating expenses. The Group has entered into a contract that provides insurance coverage against defaulted trade receivables. This contract meets the definition of a financial guarantee contract, which is in substance part of the contract terms (that is, integral to the trade receivables) and is not recognised separately. Therefore, the expected cash flows from the credit insurance are included in the measurement of ECLs of trade receivables. Loans are initially recognised at the fair value net of transaction costs incurred. After initial recognition, all interest\u2011bearing loans are subsequently measured at amortised cost. Amortised cost is calculated using the effective interest rate method whereby any discount, premium or transaction costs associated with a loan are amortised to the income statement over the lending period. The ageing analysis of trade receivables classified as current assets is as follows: 2022 \u20ac million 2021 \u20ac million Gross carrying amount Loss allowance Trade receivables Gross carrying amount Loss allowance Trade receivables Within due date 720.2 (1.1) 719.1 636.7 (2.9) 633.8 Past due \u2013 Up to three months 70.5 (0.5) 70.0 54.2 (1.2) 53.0 Past due \u2013 Three to six months 7.0 (1.2) 5.8 6.9 (1.0) 5.9 Past due \u2013 Six to nine months 3.6 (1.3) 2.3 3.3 (1.0) 2.3 Past due \u2013 More than nine months 79.3 (71.7) 7.6 80.5 (70.0) 10.5 Total trade receivables 880.6 (75.8) 804.8 781.6 (76.1) 705.5 The movement in the loss allowance during the year is as follows: 2022 \u20ac million 2021 \u20ac million As at 1 January (76.1) (87.8) Amounts written off during the year 1.7 14.7 Amounts recovered during the year 7.3 3.7 Increase in allowance recognised in income statement (13.6) (6.1) Foreign currency translation 4.9 (0.6) As at 31 December (75.8) (76.1) Receivables from related parties The related party receivables, net of the loss allowance, are as follows: 2022 \u20ac million 2021 \u20ac million Within due date 50.9 57.3 Past due 5.7 3.3 Less: Loss allowance (0.1) (0.2) Total related party receivables 56.5 60.4 The ageing analysis of these receivables is as follows: 2022 \u20ac million 2021 \u20ac million Within due date 50.8 57.2 Past due \u2013 Up to three months 1.8 2.6 Past due \u2013 Three to six months 3.6 0.4 Past due \u2013 More than nine months 0.3 0.2 Total 56.5 60.4 19. Trade, other receivables and assets continued Trade, other receivables and assets consisted of the following as at 31 December: Current assets Non-current assets 2022 \u20ac million 2021 \u20ac million 2022 \u20ac million 2021 \u20ac million Trade receivables 804.8 705.5 0.1 0.1 Receivables from related parties (refer to Note 28) 56.5 60.4 \u2013 \u2013 Loans receivable 1.1 0.5 0.8 1.0 Receivables from sale of property, plant and equipment 0.4 0.5 \u2013 \u2013 Loans and advances to employees 10.1 6.0 \u2013 \u2013 Other receivables 144.1 89.3 1.4 \u2013 Total trade and other receivables 1,017.0 862.2 2.3 1.1 Prepayments 88.6 69.4 14.3 10.4 Pension plan assets (refer to Note 22) \u2013 \u2013 51.9 42.0 Non-current income tax receivable \u2013 \u2013 9.7 16.3 VAT and other taxes receivable 42.3 17.0 \u2013 \u2013 Total other assets 130.9 86.4 75.9 68.7 Total trade, other receivables and assets 1,147.9 948.6 78.2 69.8 An amount of \u20ac50.0 million (2021: \u20ac43.9 million) included in \u2018Other receivables\u2019 relates to receivables from brand partners in the sale and distribution of premium spirits and energy drinks. Non-current trade receivables relate to renegotiated receivables, which are expected to be settled within the new contractual due date. For offsetting impact on trade receivables, refer to Note 23. Trade receivables Trade receivables classified as current assets consisted of the following as at 31 December: 2022 \u20ac million 2021 \u20ac million Trade receivables 880.6 781.6 Less: Loss allowance (75.8) (76.1) Total trade receivables 804.8 705.5 19. Trade, other receivables and assets continued Net impairment Net impairment loss on trade and other receivables recognised in the income statement is analysed as follows: 2022 \u20ac million 2021 \u20ac million Trade receivables 6.2 3.7 Other receivables and assets 2.8 1.4 Net impairment loss 9.0 5.1 20. Assets classified as held for sale Accounting policy Non-current assets and disposal groups are classified as held for sale if it is considered highly probable that their carrying amount will be principally recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. In order for a sale to be considered highly probable, management must be committed to a plan to sell the asset, an active programme to locate a buyer and complete the plan must have been initiated, and the sale should be expected to be completed within one year from the date of classification. In the event that the criteria for continued classification as held for sale are no longer met, the assets are reclassified to property, plant and equipment and the depreciation charge is adjusted for the depreciation that would have been recognised had the assets not been classified as held for sale. Non-current assets and disposal groups classified as held for sale are measured at the lower of the individual assets\u2019 previous carrying amount and their fair value less costs to sell. As at 31 December 2022, the Group\u2019s assets classified as held for sale amounted to \u20ac0.1 million, comprising the net book value of plant and equipment in the Group\u2019s Established segment (2021: \u20ac0.1 million in our Emerging segment), that has been written down to fair value less costs to sell (refer to Note 15). The fair value of assets classified as held for sale was determined through the use of a sales comparison approach and is a non-recurring fair value measurement within level 3 of the fair value hierarchy. Assets classified as held for sale in 2021 were disposed of during 2022. 21. Trade and other payables Accounting policy Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method. Trade and other payables consisted of the following at 31 December: 2022 \u20ac million 2021 \u20ac million Trade payables 947.2 678.3 Accrued liabilities 727.9 565.6 Payables to related parties (refer to Note 28) 268.6 326.1 Deposit liabilities 112.6 92.6 Other tax and social security liabilities 159.2 126.0 Salaries and employee-related payables 69.2 56.9 Contract liabilities (refer to Note 8) 14.7 11.8 Other payables 32.5 28.5 Total trade and other payables 2,331.9 1,885.8 The Group facilitates a supply chain financing programme under which the supplier can elect on an invoice-by-invoice basis to either receive a discounted early payment from the partner bank, or continue to be paid in line with the agreed payment terms; in either case the value and due date of the liability payable by the Group remain unchanged and as such the liability remains classified as trade and other payables. At 31 December 2022 invoices included in the programme amounted to \u20ac175.3 million (2021: \u20ac139.9 million). Accrued liabilities regarding volume, marketing and promotional incentives as well as listing fees and other incentives provided to customers as at 31 December 2022 amounted to \u20ac287.3 million (2021: \u20ac239.9 million). 22. Provisions and employee benefits Provisions and employee benefits consisted of the following as at 31 December: 2022 \u20ac million 2021 \u20ac million Current: Employee benefits 131.5 115.2 Restructuring provisions 3.2 23.6 Other provisions 46.8 18.4 Total current provisions and employee benefits 181.5 157.2 Non-current: Employee benefits 103.8 115.5 Restructuring provisions 1.1 1.2 Other provisions 2.0 2.1 Total non-current provisions and employee benefits 106.9 118.8 Total provisions and employee benefits 288.4 276.0 a) Provisions Accounting policy Provisions are recognised when: the Group has a present obligation (legal or constructive) as a result of a past event; it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and a reliable estimate can be made of the amount of the obligation. Where the Group expects a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognised as a separate asset only when such reimbursement is virtually certain. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Termination benefits are payable whenever an employee\u2019s employment is terminated before the normal retirement date or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of the following dates: a) when the Group can no longer withdraw the offer of those benefits and b) when the Group recognises costs for a restructuring that is within the scope of IAS 37 \u2018Provisions, contingent liabilities and contingent assets\u2019 and involves the payment of termination benefits (refer to Note 9). In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. The movements in restructuring and other provisions comprise: 2022 \u20acmillion 2021 \u20acmillion Restructuring provision Other provisions Restructuring provision Other provisions As at 1 January 24.8 20.5 26.0 9.9 Arising during the year 19.3 22.5 21.7 13.5 Utilised during the year (32.1) (1.4) (21.5) (2.8) Unused amount reversed (7.8) (3.1) (1.4) (0.1) Arising from business combinations 0.1 15.1 \u2013 \u2013 Foreign currency translation \u2013 (4.8) \u2013 \u2013 As at 31 December 4.3 48.8 24.8 20.5 During 2022 a restructuring provision of \u20ac3.9 million was recognised in connection with the new business model in Russia, following the Russia\u2011Ukraine conflict (refer to Note 6), which was utilised during the year. Other provisions primarily comprise provisions in relation to employee litigation, legal and other tax provisions. b) Employee benefits Accounting policies The Group operates a number of defined benefit and defined contribution pension plans in its territories. The defined benefit plans are made up of both funded and unfunded pension plans and employee leaving indemnities. The assets of funded plans are generally held in separate trustee-administered funds and are financed by payments from employees and/or the relevant Group companies. The liability recognised in the balance sheet in respect of defined benefit plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of the plan assets. For defined benefit pension plans, pension costs are assessed using the projected unit credit method. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Such actuarial gains and losses are not reclassified to the income statement in subsequent periods. The defined benefit obligations are measured at the present value of 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 approximating to the terms of the related obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used. Past service cost is recognised immediately in the income statement. A number of the Group\u2019s operations have other long\u2011service benefits in the form of jubilee plans. These plans are measured at the present value of the estimated future cash outflows with immediate recognition of actuarial gains and losses in the income statement. The Group\u2019s contributions to the defined contribution pension plans are charged to the income statement in the period to which the contributions relate. 22. Provisions and employee benefits continued
b) Employee benefits continued
Critical accounting estimates
The Group provides defined benefit pension plans as an employee benefit in certain territories.
Determining the value of these plans requires several actuarial assumptions and estimates that may
differ from actual developments in the future. These include the determination of the discount
rates, rate of compensation increases, rate of pension increases and life expectancy of pensioners
at the age of 65. Due to the long\u2011term nature of these plans, such estimates are subject to
significant uncertainty. Details on the key assumptions used and a sensitivity analysis regarding the
impact of reasonably possible changes in key assumptions on the defined benefit obligation are
further presented below.
Employee benefits consisted of the following as at 31 December:
2022
\u20ac million
2021
\u20ac million
Defined benefit plans:
Employee leaving indemnities 67.9 78.9
Pension plans 3.4 6.2
Long\u2011service benefits (jubilee plans) and other benefits 13.2 12.1
Total defined benefit plans 84.5 97.2
Other employee benefits:
Annual leave 7.6 9.7
Other employee benefits 143.2 123.8
Total other employee benefits 150.8 133.5
Total employee benefits obligations 235.3 230.7
Other employee benefits are primarily comprised of employee bonuses which are linked to business
and individual performance metrics.
Employees of Coca\u2011Cola HBC\u2019s subsidiaries in Austria, Bulgaria, Croatia, Greece, Italy, Montenegro,
Nigeria, Poland, Romania, Serbia and Slovenia are entitled to employee leaving indemnities, generally
based on each employee\u2019s length of service, employment category and remuneration. These are
unfunded plans where the Company meets the payment obligation as it falls due.
Coca\u2011Cola HBC\u2019s subsidiaries in Austria, Northern Ireland, the Republic of Ireland and Switzerland
sponsor defined benefit pension plans. Of the three plans in the Republic of Ireland, two have plan assets,
as do the two plans in Northern Ireland, and one plan out of the three in Switzerland. The Austrian plans
do not have plan assets and the Company meets the payment obligation as it falls due. The defined
benefit plans in Austria, Republic of Ireland and Northern Ireland are closed to new members.
Coca\u2011Cola HBC provides long\u2011service benefits in the form of jubilee plans to its employees in Austria,
Croatia, Nigeria, Poland, Serbia, Slovenia and Switzerland.
Defined benefit obligation by segment is as follows for the years ended 31 December:
The average duration of the defined benefit obligations is 14 years and the total employer contributions
expected to be paid in 2023 are \u20ac11.6 million.
\u20ac24.8m\u20ac58.0m Total \u20ac84.5m
\u20ac21.5m\u20ac73.6m Total \u20ac97.2m
\u20ac2.1m
Established Developing Emerging
22. Provisions and employee benefits continued The reconciliation of plan assets and plan liabilities for the years ended 31 December is as follows: Plan assets \u20ac million Plan liabilities \u20ac million Net (deficit) / surplus \u20ac million As at 1 January 2021 481.3 (538.1) (56.8) Current service cost \u2013 (10.8) (10.8) Past service cost \u2013 (1.6) (1.6) Administrative expenses (0.3) \u2013 (0.3) Curtailment/settlement (16.4) 14.2 (2.2) Interest income/(expense) 2.3 (4.0) (1.7) Actuarial gains \u2013 0.6 0.6 Total expense recognised in income statement (14.4) (1.6) (16.0) Gains from change in demographic assumptions \u2013 1.4 1.4 Gains from change in financial assumptions \u2013 16.0 16.0 Experience adjustments \u2013 (2.4) (2.4) Return on plan assets excluding interest income 34.6 \u2013 34.6 Total remeasurements recognised in other comprehensive income 34.6 15.0 49.6 Benefits paid (23.1) 23.1 \u2013 Employer\u2019s contributions 16.4 \u2013 16.4 Participants\u2019 contributions 4.6 (4.6) \u2013 Net increase in defined benefit obligation from other movements \u2013 (0.7) (0.7) Foreign currency translation 20.0 (19.4) 0.6 As at 31 December 2021 519.4 (526.3) (6.9) Plan assets \u20ac million Plan liabilities \u20ac million Net (deficit) / surplus \u20ac million As at 1 January 2022 519.4 (526.3) (6.9) Current service cost \u2013 (11.8) (11.8) Past service cost \u2013 (3.0) (3.0) Administrative expenses (0.3) \u2013 (0.3) Curtailment/settlement (2.9) 2.8 (0.1) Interest income/(expense) 4.4 (6.1) (1.7) Actuarial gains \u2013 2.0 2.0 Total income/(expense) recognised in income statement 1.2 (16.1) (14.9) Loss from change in demographic assumptions \u2013 (2.9) (2.9) Gains from change in financial assumptions \u2013 145.2 145.2 Experience adjustments \u2013 (8.7) (8.7) Return on plan assets excluding interest income (91.9) \u2013 (91.9) Total remeasurements recognised in other comprehensive income (91.9) 133.6 41.7 Benefits paid (22.4) 22.4 \u2013 Employer\u2019s contributions 13.1 \u2013 13.1 Participants\u2019 contributions 4.8 (4.8) \u2013 Net increase in defined benefit obligation from other movements \u2013 (0.8) (0.8) Foreign currency translation 7.7 (6.5) 1.2 As at 31 December 2022 431.9 (398.5) 33.4 22. Provisions and employee benefits continued The effect of the asset ceiling on plan assets and net deficit for the years ended 31 December is as follows: 2022 \u20ac million 2021 \u20ac million Fair value of plan assets at 31 December excluding asset ceiling 431.9 519.4 Opening unrecognised asset due to the asset ceiling (48.3) (14.1) Change in asset ceiling recognised in other comprehensive income (15.7) (33.5) Exchange rate gain (1.8) (0.7) Interest income on unrecognised asset recognised in income statement (0.2) \u2013 Fair value of plan assets at 31 December including asset ceiling 365.9 471.1 2022 \u20ac million 2021 \u20ac million Present value of funded obligations 316.6 434.1 Fair value of plan assets (431.9) (519.4) Defined benefit obligations of funded plans (115.3) (85.3) Present value of unfunded obligations 81.9 92.2 Unrecognised asset due to asset ceiling 66.0 48.3 Defined benefit obligations 32.6 55.2 Plus: Amounts recognised within non\u2011current assets (refer to Note 19) 51.9 42.0 Total defined benefit obligations 84.5 97.2 Funding levels are monitored in conjunction with the agreed contribution rate. The funding level of the funded plans as at 31 December 2022 was 116% (2021: 109%). Five of the plans have funded status surplus totalling \u20ac51.9 million as at 31 December 2022 (2021: five plans, totalling \u20ac42.0 million) that is recognised as an asset on the basis that the Group has an unconditional right to future economic benefits either via a refund or a reduction in future contributions. Defined benefit plan expense is included in employee costs and presented in cost of goods sold and operating expenses. The assumptions (weighted average for the Group) used in computing the defined benefit obligation comprised the following for the years ended 31 December: 2022 % 2021 % Discount rate 3.6 1.2 Rate of compensation increase 2.8 2.5 Rate of pension increase 0.9 1.0 Life expectancy for pensioners at the age of 65 in years: Male 22 22 Female 24 24 Asset liability matching: Plan assets allocated to growth assets are monitored regularly to ensure they remain appropriate and in line with the Group\u2019s long\u2011term strategy to manage the plans. As the plans mature, the level of investment risk will be reduced by investing more in assets such as bonds that better match the liabilities. Pension plan assets are invested in different asset classes in order to maintain a balance between risk and return. Investments are well diversified to limit the financial effect of the failure of any individual investment. Through its defined benefit plans the Group is exposed to a number of risks, as outlined below: \u2022 Asset volatility: The liabilities are calculated using a discount rate set with reference to corporate bond yields; if assets underperform this yield, a deficit will be created. The Northern Ireland, the Republic of Ireland and Swiss plans hold a significant proportion of growth assets (equities), which are expected to outperform corporate bonds in the long term while being subject to volatility and risk in the short term. \u2022 Changes in bond yields: A decrease in corporate bond yields will increase the plan liabilities, although this will be partially offset by an increase in the value of the plans\u2019 bond holdings. Conversely an increase in corporate bond yields will decrease the plan liabilities, although this will be partially offset by a decrease in the value of the plans\u2019 bond holdings. \u2022 Inflation: The Northern Ireland, the Republic of Ireland and Swiss plans\u2019 benefit obligations are linked to inflation, which is used as a basis to determine the rate of compensation increases. As a result, higher inflation will lead to higher liabilities, although, in most cases, caps on the level of inflationary increases are in place to protect against extreme inflation. The majority of the assets are either unaffected by or only loosely correlated with inflation, meaning that an increase in inflation will also increase the deficit. \u2022 Life expectancy: The majority of the pension plans\u2019 obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the liabilities. The sensitivity analysis presented below is based on a change in a single assumption while all other assumptions remain constant. Change in assumption Impact on defined benefit obligation (%) Increase in assumption Decrease in assumption 2022 2021 2022 2021 Discount rate 0.50% (5.5%) (8.2%) 7.1% 9.4% Rate of compensation increase 0.50% 1.5% 1.8% (1.4%) (1.5%) Rate of pension increase 0.50% 3.8% 5.2% (3.8%) (4.9%) Life expectancy 1 year 2.4% 2.8% (2.4%) (2.8%) 22. Provisions and employee benefits continued Plan assets are invested as follows: The assets of funded plans are generally held in separately administered trusts, either as specific assets or as a proportion of a general fund, or are insurance contracts. Plan assets held in trust are governed by local regulations and practice in each country. The category \u2018Other\u2019 mainly includes investments in funds holding a portfolio of assets. Plan assets relate predominantly to quoted financial instruments. Equity securities were not invested in ordinary shares of the Company as at 31 December 2022 or 31 December 2021. Defined contribution plans The expense recognised in the income statement in 2022 for the defined contribution plans is \u20ac22.5 million (2021: \u20ac19.4 million). This is included in employee costs and recorded in cost of goods sold and operating expenses. 3 % 22 30 10 10 11 1 % 13 Equity securities \u2013 Eurozone Equity securities \u2013 Non-Eurozone Government bonds \u2013 Eurozone Corporate bonds \u2013 Eurozone Corporate bonds \u2013 Non-Eurozone Real estate Cash Other 2% 19% 17% 12% 11% 12% 13% 2% 12% Equity securities \u2013 Eurozone Equity securities \u2013 Non-Eurozone Government bonds \u2013 Eurozone Government bonds \u2013 Non-Eurozone Corporate bonds \u2013 Eurozone Corporate bonds \u2013 Non-Eurozone Real estate Cash Other Assets category 2022 (%) Assets category 2021 (%) 23. Offsetting financial assets and financial liabilities Accounting policy The Group offsets financial assets and financial liabilities to the net amount reported in the balance sheet when it currently has a legally enforceable right to offset the recognised amounts and it intends to settle on a net basis or to realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty. The Group enters into derivative transactions under International Swaps and Derivatives Association (ISDA) master netting agreements or other similar agreements. In general, under such agreements the counterparties can elect to settle as one single net amount the aggregated amounts owed by each counterparty on a single day with respect to all outstanding transactions of the same currency and the same type of derivative. In the event of default or early termination all outstanding transactions under the agreement are terminated and subject to any set\u2011off. These agreements do not meet all of the IAS 32 criteria for offsetting in the balance sheet as the Group does not have any current legally enforceable right to offset amounts since the right can only be applied if elected by both counterparties. The financial assets and financial liabilities presented below are subject to offsetting, enforceable master netting or similar agreements. The column \u2018Net amount\u2019 shows the impact on the Group\u2019s balance sheet if all set-off rights were exercised. Financial liabilities offset against trade receivables mainly relate to accrued customer rebates. a) Financial assets As at 31 December 2022 Related amounts not set off in the balance sheet Gross amounts of recognised financial assets \u20ac million Gross amounts of recognised financial liabilities set off in the balance sheet \u20ac million Net amounts of financial assets presented in the balance sheet \u20ac million Financial instruments \u20ac million Net amount \u20ac million Derivative financial assets 36.1 \u2013 36.1 (16.7) 19.4 Trade receivables 876.1 (71.3) 804.8 \u2013 804.8 Total 912.2 (71.3) 840.9 (16.7) 824.2 23. Offsetting financial assets and financial liabilities continued As at 31 December 2021 Related amounts not set off in the balance sheet Gross amounts of recognised financial assets \u20ac million Gross amounts of recognised financial liabilities set off in the balance sheet \u20ac million Net amounts of financial assets presented in the balance sheet \u20ac million Financial instruments \u20ac million Net amount \u20ac million Derivative financial assets 48.2 \u2013 48.2 (8.1) 40.1 Trade receivables 764.0 (58.5) 705.5 \u2013 705.5 Total 812.2 (58.5) 753.7 (8.1) 745.6 b) Financial liabilities As at 31 December 2022 Related amounts not set off in the balance sheet Gross amounts of recognised financial liabilities \u20ac million Gross amounts of recognised financial assets set off in the balance sheet \u20ac million Net amounts of financial liabilities presented in the balance sheet \u20ac million Financial instruments \u20ac million Net amount \u20ac million Derivative financial liabilities 45.6 \u2013 45.6 (16.7) 28.9 Trade payables 1,018.5 (71.3) 947.2 \u2013 947.2 Total 1,064.1 (71.3) 992.8 (16.7) 976.1 As at 31 December 2021 Related amounts not set off in the balance sheet Gross amounts of recognised financial liabilities \u20ac million Gross amounts of recognised financial assets set off in the balance sheet \u20ac million Net amounts of financial liabilities presented in the balance sheet \u20ac million Financial instruments \u20ac million Net amount \u20ac million Derivative financial liabilities 14.6 \u2013 14.6 (8.1) 6.5 Trade payables 736.8 (58.5) 678.3 \u2013 678.3 Total 751.4 (58.5) 692.9 (8.1) 684.8 24. Business combinations Accounting policy The acquisition method of accounting is used to account for business combinations. The consideration transferred is the fair value of any asset transferred, shares issued and liabilities assumed. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed are measured initially at their fair values at the acquisition date. The excess of the consideration transferred and the fair value of non-controlling interest over the net assets acquired and liabilities assumed is recorded as goodwill. In a business combination achieved without the transfer of consideration, the acquisition-date fair value of the previously held interest in the acquiree is used in place of the acquisition-date fair value of the consideration transferred to measure goodwill or a gain on a bargain purchase. Acquisition costs comprise costs incurred to effect a business combination such as finder\u2019s, advisory, legal, accounting, valuation and other professional or consulting fees. Integration costs comprise direct incremental costs necessary for the acquiree to operate within the Group. All acquisition and integration\u2011related costs are expensed as incurred. For each business combination, the Group elects to measure the non-controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. If the business combination is achieved in stages, the acquisition date carrying value of the previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss, within operating expenses in line \u2018Acquisition and integration costs\u2019. Any accumulated amounts regarding the Group\u2019s share of other comprehensive income of the previously held equity interest are reclassified to the income statement, within operating expenses in line \u2018Acquisition and integration costs\u2019. The Group has also elected to present gains on bargain purchase within operating expenses in line \u2018Acquisition and integration costs\u2019. Refer also to Note 2 for accounting policy regarding basis of consolidation. Acquisition of Coca\u2011Cola Bottling Company of Egypt S.A.E. On 12 August 2021, the Group entered into a sale and purchase agreement to acquire approximately 52.7% of Coca\u2011Cola Bottling Company of Egypt S.A.E. (\u2018CCBCE\u2019), the bottling partner of The Coca\u2011Cola Company in Egypt, from MAC Beverages Limited and certain of its affiliated entities (\u2019MBL acquisition\u2019). The MBL acquisition was completed on 13 January 2022 and resulted in the Group obtaining control over CCBCE. The acquisition of CCBCE expands the Group\u2019s existing footprint on the African continent and further increases its exposure to high-growth markets, as it provides access to one of the largest non-alcoholic ready\u2011to\u2011drink markets by volume in Africa. In addition, sharing of the Group\u2019s proven capabilities, experience and best practices with CCBCE is expected to unlock growth opportunities, creating value for all stakeholders. The operating results and assets and liabilities of CCBCE have been consolidated from 14 January 2022. 24. Business combinations continued The fair value of the consideration for the MBL acquisition consisted of US Dollar 303.7 million (\u20ac264.9 million), which was transferred on acquisition, and an additional payment of US Dollar 124.0 million (\u20ac119.1 million), based on CCBCE\u2019s past performance, net financial position and working capital movement, which was transferred in October 2022. Foreign exchange loss arising on settlement of the consideration payable for the MBL acquisition amounted to \u20ac11.3 million and was presented in line \u2018Payment for business combinations, net of cash acquired\u2019 of the consolidated cash flow statement, while proceeds from settlement of derivatives used to hedge the relevant foreign currency risk amounted to \u20ac13.0 million and were presented in line \u2018Proceeds from settlement of derivatives relating to business combination\u2019 of the consolidated cash flow statement. As part of the MBL acquisition completion, a convertible loan which had been granted to CCBCE from a wholly\u2011owned affiliate of TCCC, one of its major shareholders, was also transferred to the Group for a consideration of \u20ac19.1 million, which was presented in line \u2018Repayments of borrowings\u2019 in the consolidated cash flow statement. The consideration was equal to the outstanding principal amount of the convertible loan and any unpaid interest at the time of its transfer. The loan was convertible at its original maturity in March 2022 into new CCBCE shares at fair market value and was eliminated upon consolidation of CCBCE. The conversion option was not subsequently exercised. Details of the MBL acquisition with regard to the determined fair values of the net assets acquired, non-controlling interests and goodwill are presented in the below table. Fair value \u20ac million Franchise agreements 367.7 Property, plant and equipment 318.7 Inventories 59.3 Trade, other receivables and assets 64.5 Cash and cash equivalents 15.9 Borrowings (217.0) Trade and other payables (129.6) Net deferred tax liabilities (122.7) Net identifiable assets acquired 356.8 Less: Non-controlling interests (168.9) Add: Goodwill arising on acquisition 196.1 Net assets acquired 384.0 No significant changes to net identifiable assets acquired have been identified compared to the relevant amounts disclosed as part of the Group\u2019s 2021 Integrated Annual Report. The goodwill is attributable to CCBCE\u2019s strong market position and growth potential. The line \u2018Borrowings\u2019 in the above table includes the convertible loan as well as third\u2011party loans of \u20ac122.7 million, which have been repaid and replaced with intra-group borrowings. The Group has chosen to recognise the non-controlling interests at their proportional share of the fair value of CCBCE\u2019s net identifiable assets acquired. The Group incurred acquisition and integration costs of \u20ac8.8 million in 2022 (2021: \u20ac13.9 million) regarding the acquisition of CCBCE, which were included in operating expenses. On 12 August 2021, the Group entered into an additional sale and purchase agreement to acquire approximately 42% of CCBCE, from a wholly\u2011owned affiliate of TCCC (\u2019TCCC acquisition\u2019). The TCCC acquisition was completed on 25 January 2022. The fair value of the consideration paid for the TCCC acquisition amounted to US Dollar 122.7 million (\u20ac108.9 million). The transaction was treated as separate to the MBL acquisition, considering that whilst the transactions above were entered into at the same time and in contemplation of each other, they are separate from a commercial and contractual perspective. The TCCC acquisition was accordingly accounted for as an equity transaction. Following the completion of both the transactions, the Group holds a 94.7% interest in CCBCE. The acquired business contributed revenue of \u20ac483.5 million to the Group for the period from 14 January 2022 to 31 December 2022, while it recorded a total net loss of \u20ac17.0 million for the same period. If the acquisition had occurred on 1 January 2022, consolidated revenue for 2022 would have been higher by \u20ac18.8 million, while net loss recorded would not have been significantly different. The fair value of trade, other receivables and assets acquired includes trade receivables with a fair value of \u20ac28.3 million. The gross contractual amount for trade receivables acquired was \u20ac42.0 million, of which \u20ac13.7 million was considered to be uncollectible. Multon A.O. group of companies (\u2019Multon\u2019) The Group holds a 50% interest in Multon, which is engaged in the production and distribution of juices in Russia and was jointly controlled by the Group and TCCC. On 8 March 2022, as a result of the Russia-Ukraine conflict, TCCC announced that it was suspending its business in Russia. On 10 August 2022, TCCC unilaterally waived certain of its governance rights in connection with its 50% interest in Multon, while retaining consent rights in respect of certain limited board and shareholder reserved matters that are protective in nature (the \u2018Waiver\u2019). The waived rights include, among others, TCCC\u2019s appointment rights over Multon\u2019s board and management, TCCC\u2019s approval rights over Multon\u2019s financial budgets and rights to receive any dividends or other distributions declared or paid by Multon, which were accordingly assumed by the Group. The Waiver is irrevocable for a two-year period, while there was no consideration transferred in connection with the Waiver. For the duration of the Waiver period, TCCC waives any rights to receive any dividends or other distributions declared or paid by Multon. Given that TCCC waived the aforementioned rights, the Group has power over Multon, exposure to variable returns and the ability to use its power to affect its returns from Multon. Moreover, the irrevocable period of the Waiver is considered long enough so as not to prevent control by the Group. Hence, considering the criteria set out in IFRS 10 \u2018Consolidated financial statements\u2019, the Group concluded that, effective 11 August 2022, it controlled Multon. The change in control of Multon was accounted for as a business combination achieved in stages in line with IFRS 3 \u2018Business combinations\u2019 requirements. 24. Business combinations continued The fair value of the Group\u2019s previously held equity interest in Multon, following TCCC unilaterally waiving certain of its governance rights, amounted to approximately \u20ac250 million and was estimated based on discounted forecasted cash flows of the business, using a discount rate of 27.8%. As a result of the change in control of Multon, a gain on remeasurement of the previously held equity interest to fair value amounting to \u20ac70.8 million and a loss regarding the reclassification to the income statement of the Group\u2019s share of Multon\u2019s other comprehensive income amounting to \u20ac145.2 million were recognised in 2022. The arising net loss of \u20ac74.4 million was recognised within \u2018Operating expenses\u2019 line of the consolidated income statement, included under Emerging markets for segmental reporting purposes and within \u2018Other non\u2011cash items\u2019 line of the consolidated cash flow statement.The Group incurred acquisition costs of \u20ac0.1 million in 2022 regarding the change in control of Multon, which were included in operating expenses. Information on the fair values of the net assets acquired, non-controlling interests and gain from bargain purchase arising on the business combination is presented in the below table. Fair value \u20ac million Trademarks 60.8 Property, plant and equipment 63.6 Inventories 37.5 Trade, other receivables and assets 212.4 Cash and cash equivalents 24.2 Borrowings (1.2) Trade and other payables (50.1) Net deferred tax liability (2.7) Net identifiable assets acquired 344.5 Less: Non-controlling interests (90.7) Less: Gain from bargain purchase arising on business combination (3.9) Net assets acquired 249.9 The cash and cash equivalents acquired amounting to \u20ac24.2 million was presented in line \u2018Payment for business combinations, net of cash acquired\u2019 in the consolidated cash flow statement. Trade balances between the Group and Multon were effectively settled on acquisition, with no gain or loss recognised on the settlement, as the balances were effectively settled at the recorded amount. The gain from bargain purchase arises mainly due to the deferred tax asset recognised on the economic obsolescence attributed to Multon\u2019s machinery and equipment and was presented in line \u2018Operating expenses\u2019 in the consolidated income statement and line \u2018Other non\u2011cash items\u2019 in the consolidated cash flow statement. More specifically, the business enterprise value, which was estimated based on discounted forecasted cash flows of the business, was lower than the estimated fair value of the net identifiable assets acquired, using the cost of depreciated replacement to new methodology for the machinery and equipment of Multon. The Group considered that a market participant would not be willing to buy the net assets of the business at the estimated fair value, as described above, if the utility of the same, measured by the discounted forecasted cash flows of the business is smaller. Therefore, a downward adjustment of \u20ac39.8 million was made on the fair value of the identifiable assets as economic obsolescence in connection with Multon\u2019s machinery and equipment, representing the difference between the business enterprise value and the fair value of net identifiable assets. This in turn resulted in the recognition of a deferred tax asset, which is considered recoverable based on the future economic performance of Multon and was included in the value of net identifiable assets acquired. The Group has chosen to recognise the non\u2011controlling interests in Multon (TCCC\u2019s 50% share) at their fair value. This was determined based on discounted forecasted cash flows of the business and a scenario\u2011based approach altering the potential dates at which TCCC could potentially reinstate its rights in Multon, based on the terms of the unilateral Waiver described above. The discount rate used in discounting the forecasted cash flows was 27.8%. More specifically, the Group has considered the following scenarios: \u2022 a Waiver ranging from two years to eight years with an exit (of the agreement) in each of the years; and \u2022 a perpetuity Waiver of rights. In addition to the exit-year range for the revocability of the Waiver, the Group assigned a set of probabilities to each of the years within this range in which the Waiver could be revoked, including a probability for the indefinite Waiver scenario. Both the range for the revocability of the Waiver and the associated probabilities assigned were established based on management\u2019s best estimate regarding TCCC resuming its business in Russia, considering also the outcomes of historical cases of sanctions. As described above, following the Waiver TCCC effectively has no entitlement over Multon\u2019s profit or loss generated in the ordinary course of business as it has contractually waived its rights over dividend or other distributions made by Multon. As a result Multon\u2019s net profit or loss will not be allocated to non-controlling interests during the period of the Waiver. Net sales revenue and profit after tax contributed by Multon to the Group for the period from 11 August 2022 to 31 December 2022 amounted to \u20ac271.8 million and \u20ac77.7 million respectively. If the business combination had occurred on 1 January 2022, consolidated net sales revenue for the year ended 31 December 2022 would have been higher by \u20ac307.3 million, while net profit recorded would have been higher by \u20ac32.3 million. Acquisition of Three Cents On 21 October 2022, the Group acquired 100% of the issued shares of ESM Effervescent Sodas Management Limited and its subsidiary Three Cents Hellas Single Member S.A. (together \u2018Three Cents\u2019), the owner of the super\u2011premium adult sparkling beverage and mixer product line under the Three Cents brand, for a consideration of \u20ac45.9 million. The acquisition complements and further premiumises the Group\u2019s existing adult sparkling beverage portfolio and will better position the Group to address a wider range of consumer tastes and segments. 25. Financial risk management and financial instruments Accounting policies Financial assets On initial recognition financial assets are recorded at fair value plus, in the case of financial assets not at fair value through profit or loss (FVTPL), any directly attributable transaction costs. Transaction costs of financial assets at FVTPL are expensed. Financial assets are classified into three categories: a) Financial assets at amortised cost (debt instruments) The classification of debt instruments at amortised cost depends on two criteria: a) the Group\u2019s business model for managing assets and b) whether the instruments\u2019 contractual cash flows represent solely payments for principal and interest on the principal amount outstanding (the \u2018SPPI criterion\u2018). If both criteria are met the financial assets of the Group are subsequently measured at amortised cost whereby any interest income is recognised using the effective interest method. This category includes trade receivables, treasury bills and time deposits. The accounting policy for trade receivables is described in Note 19. b) Financial assets through other comprehensive income (FVOCI) The Group also has investments in financial assets at FVOCI. These include equity investments that are not of a trading nature and which are subsequently recorded at fair value. The Group intends to hold these equity instruments for the foreseeable future and has irrevocably elected to classify them as financial assets at FVOCI upon initial recognition. Upon derecognition of these financial assets, there is no recycling of gains or losses to the income statement. c) Financial assets through profit or loss (FVTPL) The Group also has investments in financial assets at FVTPL, which are subsequently measured at fair value and where changes in fair value are recognised in the income statement. Financial assets at FVTPL mainly comprise money market funds. For those financial assets that are not subsequently held at fair value, the Group assesses whether there is evidence of impairment at each balance sheet date. Derivative financial instruments The Group uses derivative financial instruments, including currency, commodity and interest rate derivatives, to manage currency, commodity price and interest rate risk associated with the Group\u2019s underlying business activities. The Group does not enter into derivative financial instruments for trading activity purposes. All derivative financial instruments are initially recognised on the balance sheet at fair value and are subsequently remeasured at their fair value. Changes in the fair value of derivative financial instruments are recognised at each reporting date either in the income statement or in equity, depending on whether the derivative financial instrument qualifies for hedge accounting as a cash flow hedge . 24. Business combinations continued Details of the acquisition with regard to the provisionally determined fair values of the net assets acquired and goodwill are presented in the table below: Fair value \u20ac million Trademarks 22.6 Property, plant and equipment 0.2 Trade, other receivables and assets 1.9 Cash and cash equivalents 1.9 Borrowings (0.1) Trade and other payables (1.9) Net deferred tax liabilities (2.7) Net identifiable assets acquired 21.9 Add: Goodwill arising on acquisition 24.0 Net assets acquired 45.9 The acquisition resulted in the Group recording \u20ac24.0 million of goodwill and \u20ac22.6 million of trademarks in its Established segment. The goodwill arising is attributable to the brand\u2019s growth potential across the Group\u2019s markets. Acquisition\u2011related costs of \u20ac0.3 million were included in the 2022 operating expenses, as a result of the above acquisition. The fair value of trade, other receivables and assets acquired includes trade receivables with a fair value of \u20ac0.8 million, while there was no significant amount of trade receivables acquired considered to be uncollectible. Net sales revenue and loss after tax contributed by Three Cents to the Group for the period from 21 October 2022 to 31 December 2022, amounted to \u20ac0.9 million and \u20ac2.3 million respectively. If the business combination had occurred on 1 January 2022, consolidated net sales revenue for the year ended 31 December 2022 would have been higher by \u20ac9.2 million, while net profit recorded would have been higher by \u20ac0.8 million. 25. Financial risk management and financial instruments continued Embedded derivatives in financial host contracts are recorded at fair value through profit or loss together with the host contracts. All derivative financial instruments that are not part of an effective hedging relationship (undesignated hedges) are classified as assets or liabilities at fair value through profit or loss. At the inception of a hedge transaction the Group documents the relationship between the hedging instrument and the hedged item, as well as its risk management objective and strategy for undertaking the hedge transaction. This process includes linking the derivative financial instrument designated as a hedging instrument to the specific asset, liability, firm commitment or forecast transaction. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risks of the hedging instruments are identical to the hedged risks component. The economic relationship between the hedged item and the hedging instrument is assessed on an ongoing basis. Ineffectiveness may arise if the timing or the notional value of the forecast transaction changes, or if the credit risk changes impacting the fair value movements of the hedging instruments. Changes in the fair value of derivative financial instruments (both the intrinsic value and the aligned time value) that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income and the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are recycled to the income statement as the related hedged asset acquired or liability assumed affects the income statement. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecast transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to the income statement. Derivatives embedded in non-financial host contracts are accounted for as separate derivatives and recorded at fair value if: \u2022 their economic characteristics and risks are not closely related to those of the host contracts; \u2022 the host contracts are not designated as at fair value through profit or loss; and \u2022 a separate instrument with the same terms as the embedded derivative meets the definition of a derivative. These embedded derivatives are measured at fair value with changes in fair value recognised in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through profit or loss category. Regular purchases and sales of investments are recognised on the trade date, which is the day the Group commits to purchase or sell. The investments are recognised initially at fair value plus transaction costs, except in the case of FVTPL. For investments traded in active markets, fair value is determined by reference to stock exchange quoted bid prices. For other investments, fair value is estimated by reference to the current market value of similar instruments or by reference to the discounted cash flows of the underlying net assets. Financial risk factors The Group\u2019s activities expose it to a variety of financial risks: market risk (including foreign currency risk, commodity price risk and interest rate risk), credit risk, liquidity risk and capital risk. The Group\u2019s overall risk management programme focuses on the volatility of financial markets and seeks to minimise potential adverse effects on the Group\u2019s cash flows. The Group uses derivative financial instruments to hedge certain risk exposures. Risk management is carried out by Group Treasury in a controlled manner, consistent with the Board of Directors\u2019 approved policies. Group Treasury identifies, evaluates and hedges financial risks in close co\u2011operation with the Group\u2019s subsidiaries. The Board of Directors has approved the Treasury Policy which provides the control framework for all treasury and treasury\u2011related transactions. Market risk a) Foreign currency risk The Group is exposed to the effect of foreign currency risk on future transactions, recognised monetary assets and liabilities that are denominated in currencies other than the local entity\u2019s functional currency, as well as net investments in foreign operations. Foreign currency forward, option and futures contracts are used to hedge a portion of the Group\u2019s foreign currency risk. The majority of the foreign currency forward, option and futures contracts have maturities of less than one year after the balance sheet date. Management has set up a policy that requires Group companies to manage their foreign exchange risk against their functional currency. To manage their foreign exchange risk arising from future transactions and recognised monetary assets and liabilities, entities in the Group use foreign currency forward, option and futures contracts transacted by Group Treasury. Group Treasury\u2019s risk management policy is to hedge, on an average coverage ratio basis, between 25% and 80% of anticipated cash flows for the next 12 months by using a layer strategy and 100% of balance sheet remeasurement risk in each major foreign currency for which hedging is applicable. Each subsidiary designates contracts with Group Treasury as fair value hedges or cash flow hedges, as appropriate. External foreign exchange contracts are designated at Group level as hedges of foreign exchange risk on specific monetary assets, monetary liabilities or future transactions on a gross basis. The following tables present details of the Group\u2019s sensitivity to reasonably possible increases and decreases in the Euro and US Dollar against the relevant foreign currencies. In determining reasonably possible changes, the historical volatility over a 12-month period of the respective foreign currencies in relation to the Euro and the US Dollar has been considered. The sensitivity analysis determines the potential gains and losses in the income statement or equity arising from the Group\u2019s foreign exchange positions as a result of the corresponding percentage increases and decreases in the Group\u2019s main foreign currencies relative to the Euro and the US Dollar. The sensitivity analysis includes outstanding foreign-currency denominated monetary items, external loans and loans between operations within the Group where the denomination of the loan is in a currency other than the functional currency of the local entity. 2021 exchange risk sensitivity to reasonably possible changes in the US Dollar against relevant other currencies US Dollar strengthens against local currency US Dollar weakens against local currency % historical volatility over a 12-month period (Gain)/loss in income statement \u20ac million (Gain)/loss in equity \u20ac million Loss/(gain) in income statement \u20ac million Loss/(gain) in equity \u20ac million Euro 5.72% (1.8) \u2013 2.0 \u2013 Nigerian Naira 5.89% 0.6 \u2013 (0.5) \u2013 Russian Rouble 9.86% 0.1 (3.2) (0.1) 3.9 Other \u2013 (0.4) \u2013 0.4 \u2013 Total (1.5) (3.2) 1.8 3.9 b) Commodity price risk The Group is affected by the volatility of certain commodity prices (being mainly sugar, aluminium, aluminium premium, plastic and gas oil) in relation to certain raw materials necessary for the production of the Group\u2019s products. Due to the significantly increased volatility of commodity prices, the Group\u2019s Board of Directors has developed and enacted a risk management strategy regarding commodity price risk and its mitigation. Although the Group continues to contract prices with suppliers in advance, to reduce its exposure to the effect of short-term changes in the price of sugar, aluminium, aluminium premium, gas oil and plastic the Group hedges the market price of these commodities using commodity swap contracts based on a rolling forecast for a period up to 36 months. Group Treasury\u2019s Risk management policy is to hedge a minimum of 25% and a maximum of 80% of commodity exposure for the next 12 months with the exception of certain types of plastic for which lower compliance ratios apply. The following table presents details of the Group\u2019s income statement and equity sensitivity to increases and decreases in sugar, aluminium, aluminium premium, plastic and gas oil prices. The table does not show the sensitivity to the Group\u2019s total underlying commodity exposure or the impact of changes in volumes that may arise from increase or decrease in the respective commodity prices. The sensitivity analysis determines the potential effect on profit or loss and equity arising from the Group\u2019s commodity swap contract positions as a result of the reasonably possible increases or decreases of the respective commodity price. 25. Financial risk management and financial instruments continued 2022 exchange risk sensitivity to reasonably possible changes in the Euro against relevant other currencies Euro strengthens against local currency Euro weakens against local currency % historical volatility over a 12-month period Loss/(gain) in income statement \u20ac million Loss/(gain) in equity \u20ac million (Gain)/loss in income statement \u20ac million (Gain)/loss in equity \u20ac million Egyptian Pound 23.35% 4.0 15.7 (6.4) (25.3) Nigerian Naira 15.54% 12.9 \u2013 (17.6) \u2013 Russian Rouble 54.49% (9.4) (0.1) 31.9 0.2 UK Sterling 7.74% (1.1) (0.4) 1.2 0.2 Ukrainian Hryvnia 12.52% 2.9 \u2013 (3.8) \u2013 Other \u2013 2.3 (4.4) (3.1) 5.1 Total 11.6 10.8 2.2 (19.8) 2022 exchange risk sensitivity to reasonably possible changes in the US Dollar against relevant other currencies US Dollar strengthens against local currency US Dollar weakens against local currency % historical volatility over a 12-month period (Gain)/loss in income statement \u20ac million (Gain)/loss in equity \u20ac million Loss/(gain) in income statement \u20ac million Loss/(gain) in equity \u20ac million Euro 10.06% (7.2) \u2013 8.8 \u2013 Egyptian Pound 22.23% 9.9 \u2013 (15.6) \u2013 Nigerian Naira 5.94% 11.0 \u2013 (12.4) \u2013 Russian Rouble 52.99% (18.7) \u2013 61.0 \u2013 Ukrainian Hryvnia 4.15% (0.1) \u2013 0.1 \u2013 Other \u2013 (0.4) \u2013 0.3 \u2013 Total (5.5) \u2013 42.2 \u2013 2021 exchange risk sensitivity to reasonably possible changes in the Euro against relevant other currencies Euro strengthens against local currency Euro weakens against local currency % historical volatility over a 12-month period Loss/(gain) in income statement \u20ac million (Gain)/loss in equity \u20ac million (Gain)/loss in income statement \u20ac million Loss/(gain) in equity \u20ac million Nigerian Naira 16.03% 6.2 \u2013 (8.5) \u2013 Russian Rouble 9.90% (0.7) (0.2) 0.9 0.3 UK Sterling 5.23% 0.9 \u2013 (1.0) \u2013 Ukrainian Hryvnia 6.80% 0.3 \u2013 (0.2) \u2013 Other \u2013 (0.2) (1.5) (0.2) 1.7 Total 6.5 (1.7) (9.0) 2.0 25. Financial risk management and financial instruments continued 2022 commodity price risk sensitivity to reasonably possible changes in the commodity price of relevant commodities Commodity price increases with all other variables held constant Commodity price decreases with all other variables held constant % historical volatility over a 12-month period per contract maturity (Gain)/loss in income statement \u20ac million (Gain)/loss in equity \u20ac million Loss/(gain) in income statement \u20ac million Loss/(gain) in equity \u20ac million Sugar 14.3% (0.9) (19.8) 0.9 19.8 Aluminium 32.3% (2.1) (34.3) 2.1 34.3 Aluminium premium 70.6% (0.2) (5.7) 0.2 5.7 Gas oil 72.5% \u2013 (15.4) \u2013 15.4 Plastic 28.1% (8.9) \u2013 8.9 \u2013 Total (12.1) (75.2) 12.1 75.2 2021 commodity price risk sensitivity to reasonably possible changes in the commodity price of relevant commodities Commodity price increases with all other variables held constant Commodity price decreases with all other variables held constant % historical volatility over a 12-month period per contract maturity (Gain)/loss in income statement \u20ac million (Gain)/loss in equity \u20ac million Loss/(gain) in income statement \u20ac million Loss/(gain) in equity \u20ac million Sugar 20.8% (0.4) (22.6) 0.4 22.6 Aluminium 24.1% (0.8) (19.8) 0.8 19.8 Aluminium premium 46.1% (0.2) (3.0) 0.2 3.0 Gas oil 31.3% \u2013 (5.6) \u2013 5.6 Plastic 27.0% (25.7) \u2013 25.7 \u2013 Total (27.1) (51.0) 27.1 51.0 c) Interest rate risk The sensitivity analysis in the following table has been determined based on exposure to interest rates of both derivative and non-derivative instruments existing at the balance sheet date and assuming constant foreign exchange rates. For floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the balance sheet date was outstanding for the whole year. A 50 basis point increase or decrease for 2022 (2021: 50 basis point) represents management\u2019s assessment of a reasonably possible change in interest rates. Interest rate risk sensitivity to reasonably possible changes in interest rates Loss /(gain) in income statement 2022 \u20ac million 2021 \u20ac million Increase in basis points 0.3 0.2 Decrease in basis points (0.3) (0.2) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its obligations under the contract or arrangement. The Group has limited concentration of credit risk across trade and financial counterparties. Credit policies are in place and the exposure to credit risk is monitored on an ongoing basis. The Group\u2019s maximum exposure to credit risk in the event that counterparties fail to meet their obligations at 31 December 2022 in relation to each class of recognised financial asset is the carrying amount of those assets as indicated on the balance sheet. Under the credit policies, before accepting any new credit customers, the Group investigates the potential customer\u2019s credit quality, using either external agencies and in some cases bank references and/or historic experience, and defines credit limits for each customer. Customers that fail to meet the Group\u2019s benchmark credit quality may transact with the Group only on a prepayment or cash basis. Customers are reviewed on an ongoing basis and credit limits are adjusted accordingly. There is no significant concentration of credit risk with regard to loans, trade and other receivables as the Group has a large number of customers which are geographically dispersed. The Group has policies that limit the amount of credit exposure to any single financial institution. The Group only undertakes investment and derivative transactions with banks and financial institutions that have a minimum credit rating of \u2018BBB\u2011\u2019 from Standard & Poor\u2019s and \u2018Baa3\u2019 from Moody\u2019s, unless the investment is in countries where the Sovereign Credit Rating is below the \u2018BBB\u2011/Baa3\u2019. The Group also uses Credit Default Swaps of a counterparty in order to measure in a timelier way the creditworthiness of a counterparty and set up its counterparties in tiers in order to assign maximum exposure and tenor per tier. If the Credit Default Swaps of a certain counterparty exceed 400 basis points the Group will stop trading derivatives with that counterparty and will try to cancel any deposits on a best-effort basis. In addition, the Group regularly makes use of time deposits, treasury bills and money market funds to invest excess cash balances and to diversify its counterparty risk. As at 31 December 2022, an amount of \u20ac529.5 million (2021: \u20ac423.9 million) is invested in time deposits, \u20acnil in treasury bills (2021: \u20ac6.2 million) and \u20ac497.2 million (2021: \u20ac638.8 million) in money market funds. Liquidity risk The Group actively manages liquidity risk to ensure there are sufficient funds available for any short- term and long-term commitments. Bank overdrafts and bank facilities, both committed and uncommitted, are used to manage this risk. The Group manages liquidity risk by maintaining adequate cash reserves and committed banking facilities, access to the debt and equity capital markets, and by continuously monitoring forecast and actual cash flows. In Note 26, the undrawn facilities that the Group has at its disposal to manage liquidity risk are discussed under the headings \u2018Commercial paper programme\u2019, \u2018Committed credit facilities\u2019 and \u2018Uncommitted loan agreement\u2019. As at 31 December 2022, the Group has a net debt of \u20ac1.7 billion (refer to Note 26). There are no bond maturities until November 2024. In addition, the Group has an undrawn revolving credit facility of \u20ac800 million available, \u20ac0.8 billion available out of the \u20ac1.0 billion commercial paper facility, as well as undrawn uncommitted loan agreement of \u20ac200 million. The following tables detail the Group\u2019s remaining contractual maturities for its financial liabilities. The tables include both interest and principal undiscounted cash flows, assuming that interest rates remain constant from 31 December 2022. The Group\u2019s goal is to maintain a conservative financial profile. This is evidenced by the credit ratings maintained with Standard and Poor\u2019s and Moody\u2019s, which were reaffirmed in 2022, with the exception of Standard and Poor\u2019s outlook, which was negative in 2022 compared to stable in 2021. Rating agency Publication date Long-term debt Outlook Short-term debt Standard and Poor\u2019s March 2022 BBB+ Negative A2 Moody\u2019s May 2022 Baa1 Stable P2 The Group\u2019s medium to long\u2011term target is to maintain the net debt to comparable adjusted EBITDA ratio within a 1.5 to 2.0 range. The ratios as at 31 December were as follows: 2022 \u20ac million 2021 \u20ac million Net debt (refer to Note 26) 1,673.3 1,319.7 Operating profit 703.8 799.3 Depreciation and impairment of property, plant and equipment, including right-of-use assets 484.9 336.3 Amortisation and impairment of intangible assets 15.1 1.0 Employee performance shares 16.5 14.9 Impairment of equity method investments 52.8 \u2013 Other non-cash items 70.5 \u2013 Adjusted EBITDA 1,343.6 1,151.5 Other restructuring expenses (primarily redundancy costs) 11.8 21.0 Unrealised loss/(gain) on commodity derivatives 2.5 (3.8) Russia\u2011Ukraine conflict impact (refer to Note 6.1b) 4.4 \u2013 Acquisition and integration costs 9.2 14.3 Total comparable adjusted EBITDA 1,371.5 1,183.0 Net debt/comparable adjusted EBITDA ratio 1.22 1.12 Other non-cash items for 2022 relate to the net loss recognised in the income statement from the remeasurement to fair value of the Group\u2019s previously held equity interest, the reclassification to the income statement of the Group\u2019s share of other comprehensive income and the gain from bargain purchase in connection with the change in control of Multon Z.A.O. group of companies (refer to Note 24). These non-cash items were classified as part of acquisition and integration costs within operating expenses. The reconciliation of other restructuring expenses to total restructuring expenses for the years ended 31 December was as follows: 2022 \u20ac million 2021 \u20ac million Total restructuring expenses included in operating expenses (refer to Note 9) 11.9 21.2 Less: Impairment of property, plant and equipment (0.1) (0.2) Other restructuring expenses (primarily redundancy costs) 11.8 21.0 25. Financial risk management and financial instruments continued Up to one year \u20ac million One to two years \u20ac million Two to five years \u20ac million Over five years \u20ac million Total \u20ac million Borrowings 314.4 657.9 1,310.1 1,145.3 3,427.7 Derivative liabilities 41.9 3.5 0.2 \u2013 45.6 Trade and other payables (excluding other tax & social security and contract liabilities) 2,158.0 0.4 1.1 3.8 2,163.3 Leases 67.2 55.5 85.6 49.1 257.4 As at 31 December 2022 2,581.5 717.3 1,397.0 1,198.2 5,894.0 Up to one year \u20ac million One to two years \u20ac million Two to five years \u20ac million Over five years \u20ac million Total \u20ac million Borrowings 365.2 48.4 707.3 1,875.2 2,996.1 Derivative liabilities 11.6 3.0 \u2013 \u2013 14.6 Trade and other payables (excluding other tax & social security and contract liabilities) 1,748.0 0.4 1.1 4.1 1,753.6 Leases 58.9 43.2 62.9 29.6 194.6 As at 31 December 2021 2,183.7 95.0 771.3 1,908.9 4,958.9 Capital risk The Group monitors its financial capacity and credit ratings by reference to a number of key financial ratios including net debt to comparable adjusted EBITDA, which provides a framework within which the Group\u2019s capital base is managed. This ratio is calculated as net debt divided by comparable adjusted EBITDA. Adjusted EBITDA is calculated by adding back to operating profit the depreciation and impairment of property, plant and equipment, the amortisation and impairment of intangible assets, the employee performance share costs, the impairment of equity method investments and other non-cash items, if any. Comparable adjusted EBITDA refers to adjusted EBITDA excluding restructuring expenses, the Russia-Ukraine conflict impact, acquisition and integration costs and the unrealised gains or losses resulting from the mark-to-market valuation of derivatives and embedded derivatives related to commodity hedging. Refer to Note 26 for definition of net debt. The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may increase or decrease debt, issue or buy back shares, adjust the amount of dividends paid to shareholders, or return capital to shareholders. 25. Financial risk management and financial instruments continued
Hedging activity
The carrying amounts of the derivative financial instruments are included in lines \u2018Other financial assets\u2019
and \u2018Other financial liabilities\u2019 of the consolidated balance sheet.
a) Cash flow hedges
The impact of the hedging instruments on the consolidated balance sheet was:
As at 31 December 2022
Notional amount
\u20ac million
Carrying amount
\u20ac million
Period of
maturity date
Contracts with positive fair values 172.6 19.2
Non-current 24.1 0.8
Commodity swap contracts 24.1 0.8 Jan24 \u2013 Feb25
Current 148.5 18.4
Foreign currency forward contracts 61.6 0.4 Jan23 \u2013 Sep23
Commodity swap contracts 86.9 18.0 Jan23 \u2013 Dec23
Contracts with negative fair values 221.3 (14.4)
Non-current 54.7 (3.6)
Commodity swap contracts 54.7 (3.6) Jan24 \u2013 Nov25
Current 166.6 (10.8)
Foreign currency forward contracts 66.6 (0.8) Jan23 \u2013 Jun23
Commodity swap contracts 100.0 (10.0) Jan23 \u2013 Dec23
As at 31 December 2021
Notional amount
\u20ac million
Carrying amount
\u20ac million
Period of
maturity date
Contracts with positive fair values 182.6 40.4
Non-current 26.8 9.0
Commodity swap contracts 26.8 9.0 Jan23 \u2013 Nov23
Current 155.8 31.4
Foreign currency forward contracts 48.3 1.3 Jan22 \u2013 Aug22
Commodity swap contracts 107.5 30.1 Jan22 \u2013 Dec22
Contracts with negative fair values 59.3 (1.2)
Non-current 2.5 (0.1)
Commodity swap contracts 2.5 (0.1) Jan23 \u2013 Nov23
Current 56.8 (1.1)
Foreign currency forward contracts 37.9 (0.6) Jan22 \u2013 Dec22
Commodity swap contracts 18.9 (0.5) Jan22 \u2013 Nov22
The impact on the hedging reserve as a result of applying cash flow hedge accounting was:
Spot
component of
foreign
currency
forward
contracts
\u20ac million
Cost of
hedging
reserve of
currency
derivatives
\u20ac million
Commodity
swap
contracts
\u20ac million
Interest rate
swap
contracts
\u20ac million
Total
\u20ac million
Opening balance 1 January 2021 (1.6) 0.7 6.5 (32.5) (26.9)
Net gain of cash flow hedges 1.0 \u2013 60.8 7.7 69.5
Change in fair value of hedging
instruments recognised in OCI 1.0 \u2013 60.8 \u2013 61.8
Reclassified to income statement \u2013 \u2013 \u2013 7.7 7.7
Cost of hedging recognised in OCI \u2013 (2.7) \u2013 \u2013 (2.7)
Reclassified to inventories cost (0.8) 2.4 (25.6) \u2013 (24.0)
Closing balance 31 December 2021 (1.4) 0.4 41.7 (24.8) 15.9
Net gain of cash flow hedges 4.8 \u2013 17.4 12.4 34.6
Change in fair value of hedging
instruments recognised in OCI 4.8 \u2013 20.6 5.1 30.5
Reclassified to income statement \u2013 \u2013 (3.2) 7.3 4.1
Cost of hedging recognised in OCI \u2013 (1.8) \u2013 (1.7) (3.5)
Reclassified to inventories cost (5.1) 1.8 (48.1) \u2013 (51.4)
Closing balance 31 December 2022 (1.7) 0.4 11.0 (14.1) (4.4)
The effect of the cash flow hedges in the consolidated income statement was:
2022
(Gain)/Loss
\u20ac million
2021
Loss/(Gain)
\u20ac million
Net amount reclassified from other comprehensive income
to cost of goods sold (3.2) \u2013
Net amount reclassified from other comprehensive income
to finance costs 7.3 7.7
Total 4.1 7.7
The ineffectiveness on the cash flow hedges for the year ended 31 December 2022 was \u20ac2.6 million
loss, recorded within cost of goods sold, while there was no significant ineffectiveness on the cash flow
hedges in 2021.
Financial instruments\u2019 categories Categories of financial instruments as at 31 December were as follows (in \u20ac million): 2022 Analysis of total assets Assets Debt financial assets at amortised cost Assets at FVTPL Derivatives designated as hedging instruments Equity financial assets at FVOCI Total current and non-current Current Non- current Investments including loans to related parties 534.8 498.7 \u2013 3.6 1,037.1 1,028.5 8.6 Derivative financial instruments \u2013 16.9 19.2 \u2013 36.1 35.3 0.8 Trade and other receivables 1,019.3 \u2013 \u2013 \u2013 1,019.3 1,017.0 2.3 Cash and cash equivalents 719.9 \u2013 \u2013 \u2013 719.9 719.9 \u2013 Total 2,274.0 515.6 19.2 3.6 2,812.4 2,800.7 11.7 Analysis of total liabilities Liabilities Liabilities held at amortised cost Liabilities at FVTPL Derivatives designated as hedging instruments Total current and non-current Current Non- current Trade and other payables (excluding other tax & social security and contract liabilities) 2,163.3 \u2013 \u2013 2,163.3 2,158.0 5.3 Borrowings 3,419.9 \u2013 \u2013 3,419.9 337.0 3,082.9 Derivative financial instruments \u2013 31.2 14.4 45.6 41.9 3.7 Total 5,583.2 31.2 14.4 5,628.8 2,536.9 3,091.9 25. Financial risk management and financial instruments continued b) Undesignated hedges The fair values of derivative financial instruments as at 31 December which economically hedge the Group\u2019s risks and for which hedge accounting has not been applied were: As at 31 December 2022 Notional amount \u20ac million Carrying amount \u20ac million Period of maturity date Contracts with positive fair values 276.4 16.9 Current 276.4 16.9 Foreign currency futures contracts 146.8 3.9 Jan23 \u2013 Nov23 Foreign currency forward contracts 117.9 10.7 Jan23 \u2013 Dec23 Commodity swap contracts 11.7 2.3 Oct23 \u2013 Dec23 Contracts with negative fair values 552.8 (31.2) Non-current 3.6 (0.1) Commodity swap contracts 3.6 (0.1) Jun24 \u2013 Sep 25 Current 549.2 (31.1) Foreign currency futures contracts 84.1 (2.5) Apr23 \u2013 Dec23 Foreign currency forward contracts 433.8 (21.9) Jan23 \u2013 Dec23 Commodity swap contracts 31.3 (6.7) Feb23 \u2013 Nov23 As at 31 December 2021 Notional amount \u20ac million Carrying amount \u20ac million Period of maturity date Contracts with positive fair values 203.2 7.8 Current 203.2 7.8 Embedded derivatives 4.9 0.1 Jan22\u2011Aug22 Foreign currency forward contracts 165.3 1.1 Jan22-Nov22 Commodity swap contracts 33.0 6.6 Jan22-Dec22 Contracts with negative fair values 431.3 (13.4) Non-current 33.4 (2.9) Foreign currency futures contracts 13.9 (0.6) Jan23 Commodity swap contracts 19.5 (2.3) Jan23-Nov23 Current 397.9 (10.5) Foreign currency futures contracts 94.7 (3.3) Apr22\u2011Oct22 Foreign currency forward contracts 246.5 (2.6) Jan22-Nov22 Commodity swap contracts 56.7 (4.6) Jan22-Nov22 The effect of the undesignated hedges in the consolidated income statement was: 2022 (Gain)/loss \u20ac million 2021 (Gain)/loss \u20ac million Net amount recognised in cost of goods sold (34.9) (14.1) Net amount recognised in operating expenses (26.0) (4.4) Total (60.9) (18.5) 25. Financial risk management and financial instruments continued 2021 Analysis of total assets Assets Debt financial assets at amortised cost Assets at FVTPL Derivatives designated as hedging instruments Equity financial assets at FVOCI Total current and non-current Current Non- current Investments including loans to related parties 204.9 638.8 \u2013 3.6 847.3 839.7 7.6 Derivative financial instruments \u2013 7.8 40.4 \u2013 48.2 39.2 9.0 Trade and other receivables 863.3 \u2013 \u2013 \u2013 863.3 862.2 1.1 Cash and cash equivalents 782.8 \u2013 \u2013 \u2013 782.8 782.8 \u2013 Total 1,851.0 646.6 40.4 3.6 2,541.6 2,523.9 17.7 Analysis of total liabilities Liabilities Liabilities held at amortised cost Liabilities at FVTPL Derivatives designated as hedging instruments Total current and non-current Current Non- current Trade and other payables (excluding other tax & social security and contract liabilities) 1,753.6 \u2013 \u2013 1,753.6 1,748.0 5.6 Borrowings 2,937.4 \u2013 \u2013 2,937.4 381.7 2,555.7 Derivative financial instruments \u2013 13.4 1.2 14.6 11.6 3.0 Total 4,691.0 13.4 1.2 4,705.6 2,141.3 2,564.3 Interest rate swap contracts The Group entered into forward starting swap contracts of \u20ac500.0 million in 2014 to hedge the interest rate risk related to its Euro\u2011denominated forecast issuance of fixed rate debt in March 2016. In August 2015 the Group entered into additional forward starting swap contracts of \u20ac100.0 million. In March 2016 the forward starting swap contracts were settled and at the same time the new note was issued. The accumulated loss of \u20ac55.4 million recorded in other comprehensive income is being amortised to the income statement over the term of the new note (refer to Note 26). The Group entered into swaption contracts of \u20ac350.0 million in 2018 and \u20ac1,050.0 million in 2019 to hedge the interest rate risk related to its Euro\u2011denominated forecast issuance of fixed rate debt in 2019 and formally designated them as cash flow hedges. In May and November 2019 the swaption contracts were settled and, at the same time, the new notes were issued. The accumulated loss of \u20ac9.6 million recorded in other comprehensive income is being amortised to the income statement over the relevant period. The Group entered into swaption contracts of \u20ac180.0 million in 2022 to hedge the interest rate risk related to its Euro-denominated forecast issuance of fixed rate debt in 2022 and formally designated them as cash flow hedges. In September 2022 the swaption contracts were settled and, at the same time, the new notes were issued. The accumulated gain of \u20ac3.4 million recorded in other comprehensive income is being amortised to the income statement over the relevant period. Embedded derivatives During 2015 the Group recognised embedded derivatives whose risks and economic characteristics were not considered to be closely related to the commodity contract in which they were embedded. The fair value of the embedded derivatives as at 31 December 2022 amounted to a financial asset of \u20acnil (2021: \u20ac0.1 million). Fair values of financial assets and liabilities For financial instruments such as cash, deposits, debtors and creditors, investments, loans payable to related parties, short\u2011term borrowings (excluding the current portion of bonds and notes payable) and other financial liabilities (other than bonds and notes payable), carrying values are a reasonable approximation of their fair values. According to the fair value hierarchy, the financial instruments measured at fair value are classified as follows: Level 1 The fair value of FVOCI listed equity securities as well as FVTPL securities is based on quoted market prices at the reported date. The fair value of bonds is based on quoted market prices at the reported date. Level 2 The fair value of foreign currency forward, option and futures contracts, commodity swap contracts, bonds and notes payable, interest rate option and swap contracts, cross-currency swap contracts and embedded foreign currency derivatives is determined by using valuation techniques. These valuation techniques maximise the use of observable market data. The fair value of the foreign currency forward, option and futures contracts, commodity swap contracts, embedded foreign currency derivatives and cross-currency swap contracts is calculated by reference to quoted forward exchange and deposit rates and forward rate curves of the underlying commodity at the reported date for contracts with similar maturity dates. The fair value of interest rate option contracts is calculated by reference to the Black\u2011Scholes valuation model and implied volatilities. The fair value of interest rate swap contracts is determined as the difference in the present value of the future interest cash inflows and outflows based on observable yield curves. Level 3 The fair value of FVOCI unlisted equity securities as well as convertible promissory note, certain undesignated derivatives and foreign currency contracts is determined through the use of estimated discounted cash flows or other valuation techniques. These valuation techniques estimate the fair value of undesignated derivatives using settlement and forward prices received from counterparty banks and subscription\u2011based publications and the fair value of foreign currency contracts by using adjusted quoted prices. Transfers between levels of the fair value hierarchy are deemed to have occurred at the date of the event or change in circumstances that caused the transfer. The following table provides the fair value hierarchy levels into which fair value measurements are categorised for assets and liabilities measured at fair value as at 31 December 2021: Level 1 \u20ac million Level 2 \u20ac million Level 3 \u20ac million Total \u20ac million Financial assets at FVTPL Foreign currency forward contracts \u2013 1.1 \u2013 1.1 Embedded derivatives \u2013 0.1 \u2013 0.1 Commodity swap contracts \u2013 0.6 6.0 6.6 Money market funds 638.8 \u2013 \u2013 638.8 Derivative financial assets used for hedging Cash flow hedges Foreign currency forward contracts \u2013 1.3 \u2013 1.3 Commodity swap contracts \u2013 39.1 \u2013 39.1 Assets at FVOCI Equity securities 0.7 \u2013 2.9 3.6 Total financial assets 639.5 42.2 8.9 690.6 Financial liabilities at FVTPL Foreign currency forward contracts \u2013 (2.6) \u2013 (2.6) Foreign currency futures contracts \u2013 \u2013 (3.9) (3.9) Commodity swap contracts \u2013 \u2013 (6.9) (6.9 Derivative financial liabilities used for hedging Cash flow hedges Foreign currency forward contracts \u2013 (0.6) \u2013 (0.6) Commodity swap contracts \u2013 (0.6) \u2013 (0.6) Total financial liabilities \u2013 (3.8) (10.8) (14.6) There were no transfers between Level 1, Level 2 and Level 3 in 2021. The following table presents the changes in Level 3 items for the years ended 31 December 2022 and 31 December 2021: Commodity swap contracts \u20ac million Foreign currency contracts \u20ac million Equity securities \u20ac million Convertible promissory note \u20ac million Total \u20ac million Balance as at 1 January 2021 (5.8) 4.9 2.8 \u2013 1.9 Gains recognised in income statement 13.6 0.4 \u2013 \u2013 14.0 Proceeds from settlement of derivatives (8.7) (9.2) \u2013 \u2013 (17.9) Gains recognised in other comprehensive income \u2013 \u2013 0.1 \u2013 0.1 Balance as at 31 December 2021 (0.9) (3.9) 2.9 (1.9) Gains/(losses) recognised in income statement 19.1 (1.7) \u2013 \u2013 17.4 (Proceeds from)/payments for settlement of derivatives (22.0) 3.3 \u2013 \u2013 (18.7 Addition of financial assets at FVTPL \u2013 \u2013 \u2013 1.5 1.5 Balance as at 31 December 2022 (3.8) (2.3) 2.9 1.5 (1.7 25. Financial risk management and financial instruments continued The following table provides the fair value hierarchy levels into which fair value measurements are categorised for assets and liabilities measured at fair value as at 31 December 2022: Level 1 \u20ac million Level 2 \u20ac million Level 3 \u20ac million Total \u20ac million Financial assets at FVTPL Foreign currency forward contracts \u2013 10.7 \u2013 10.7 Foreign currency futures contracts \u2013 \u2013 3.9 3.9 Commodity swap contracts \u2013 0.2 2.1 2.3 Money market funds 497.2 \u2013 \u2013 497.2 Convertible promissory note \u2013 \u2013 1.5 1.5 Derivative financial assets used for hedging Cash flow hedges Foreign currency forward contracts \u2013 0.4 \u2013 0.4 Commodity swap contracts \u2013 18.8 \u2013 18.8 Assets at FVOCI Equity securities 0.7 \u2013 2.9 3.6 Total financial assets 497.9 30.1 10.4 538.4 Financial liabilities at FVTPL Foreign currency forward contracts \u2013 (18.2) (3.7) (21.9) Foreign currency futures contracts \u2013 \u2013 (2.5) (2.5) Commodity swap contracts \u2013 (0.9) (5.9) (6.8) Derivative financial liabilities used for hedging Cash flow hedges Foreign currency forward contracts \u2013 (0.8) \u2013 (0.8) Commodity swap contracts \u2013 (13.6) \u2013 (13.6) Total financial liabilities \u2013 (33.5) (12.1) (45.6) There were no transfers between Level 1, Level 2 and Level 3 in the year. 26. Net debt
Accounting policy
Borrowings are initially recognised at the fair value net of transaction costs incurred.
After initial recognition, all interest\u2011bearing borrowings are subsequently measured at amortised
cost. Amortised cost is calculated using the effective interest rate method whereby any discount,
premium or transaction costs associated with a borrowing are amortised to the income statement
over the borrowing period.
Refer also to Note 17 for accounting policy on leases.
Cash and cash equivalents comprise cash balances and short-term, highly liquid investments that
are readily convertible to known amounts of cash and which are subject to insignificant risk of change
in value. Bank overdrafts are classified as short-term borrowings in the balance sheet and for the
purpose of the cash flow statement. Time deposits and treasury bills which do not meet the
definition of cash and cash equivalents are classified as short-term investments at amortised cost.
Money market funds are classified as short-term investments at fair value through profit or loss.
The Group has elected to report cash receipts and payments regarding investments at amortised
cost and fair value through profit or loss respectively, on a net basis in the consolidated cash flow
statement, considering that the relevant amounts are large, turnover is quick and maturities are
short. These investments are expected to be continually renewed, taking into account market
returns and cash generation by the Group.
Net debt is defined as current borrowings plus non-current borrowings less cash and cash
equivalents, and certain other financial assets.
Net debt for the year ended 31 December comprised:
2022
\u20ac million
2021
\u20ac million
Current borrowings 337.0 381.7
Non-current borrowings 3,082.9 2,555.7
Less: Cash and cash equivalents (719.9) (782.8)
\u2022 Financial assets at amortised cost (529.5) (196.1)
\u2022 Financial assets at fair value through profit or loss (497.2) (638.8)
Less: Other financial assets (1,026.7) (834.9)
Net debt 1,673.3 1,319.7
The financial assets at amortised cost include time deposits amounting to \u20ac529.5 million (31 December
2021: \u20ac189.9 million) as well as Nigerian treasury bills of \u20acnil (31 December 2021: \u20ac6.2 million). The
financial assets at fair value through profit or loss in 2022 relate to money market funds. The line item
\u2018Other financial assets\u2019 of the consolidated balance sheet includes derivative financial instruments
of \u20ac35.3 million (31 December 2021: \u20ac39.2 million) and related party loans receivable of \u20ac1.8 million
(31 December 2021: \u20ac4.8 million).
a) Borrowings
The Group held the following borrowings as at 31 December:
2022
\u20ac million
2021
\u20ac million
Commercial paper 167.5 235.0
Loans payable to related parties (refer to Note 28) \u2013 58.1
Other borrowings 115.6 37.7
283.1 330.8
Obligations under leases falling due within one year 53.9 50.9
Total borrowings falling due within one year 337.0 381.7
Borrowings falling due within one to two years
Bonds, bills and unsecured notes 599.0 \u2013
Loans payable to related parties (refer to Note 28) \u2013 5.1
Borrowings falling due within two to five years
Bonds, bills and unsecured notes 1,192.5 598.5
Borrowings falling due in more than five years
Bonds, bills and unsecured notes 1,091.9 1,787.2
Other borrowings 47.4 55.5
2,930.8 2,446.3
Obligations under leases falling due in more than one year 152.1 109.4
Total borrowings falling due after one year 3,082.9 2,555.7
Total borrowings 3,419.9 2,937.4
The \u2018Other non\u2011cash movements\u2019 primarily include transfers from long\u2011term to short\u2011term liabilities and interest incurred as well as the decrease to borrowings in 2022, resulting from the change in control of Multon (refer to Note 16). Commercial paper programme In October 2013 the Group established a \u20ac1.0 billion Euro\u2011commercial paper programme (the \u2018CP programme\u2019), which was updated in September 2014, in May 2017 and then in May 2020, to further diversify its short-term funding sources. The Euro-commercial paper notes may be issued either as non-interest-bearing notes sold at a discount or as interest-bearing notes at a fixed or floating rate. All commercial paper issued under the CP programme must be repaid within 7 to 364 days. The CP programme has been granted the Short Term Euro Paper label (STEP) and commercial paper is issued through Coca\u2011Cola HBC\u2019s fully owned subsidiary Coca\u2011Cola HBC Finance B.V. and is fully, unconditionally and irrevocably guaranteed by Coca\u2011Cola HBC AG. The outstanding amount under the CP programme as at 31 December 2022 was \u20ac167.5 million (2021: \u20ac235.0 million). Committed credit facilities In April 2019, the Group updated its then\u2011existing \u20ac500.0 million syndicated revolving credit facility, which was set to expire in June 2021. The updated syndicated revolving credit facility has been increased to \u20ac800.0 million and has been extended to April 2024 with the option to be extended up to two more years until April 2026. In March 2020, the Company exercised its extension option and the facility was extended to April 2025. In April 2021, the Company exercised its second option to further extend the maturity of the syndicated loan facility to April 2026. This facility can be used for general corporate purposes and carries a floating interest rate over EURIBOR. No amounts have been drawn under the syndicated revolving credit facility since inception. The borrower in the syndicated revolving credit facility is Coca\u2011Cola HBC\u2019s fully owned subsidiary Coca\u2011Cola HBC Finance B.V. and any amounts drawn under the facility are fully, unconditionally and irrevocably guaranteed by Coca\u2011Cola HBC AG. In December 2019 the Group established a loan facility of US Dollar 85.0 million to finance the purchase of production equipment by the Group\u2019s subsidiary in Nigeria. The facility has been drawn down by Nigerian Bottling Company (NBC) over the course of 2020 and 2021 maturing in 2027. The obligations under this facility are guaranteed by Coca\u2011Cola HBC AG. As at 31 December 2022, the outstanding liability amounted to \u20ac59.3 million (2021: \u20ac63.2 million). Uncommitted loan agreement In August 2022, the Group established an uncommitted money market loan agreement of \u20ac250.0 million which was subsequently reduced to \u20ac200.0 million from October 2022 onwards. The loan agreement can be used for general corporate purposes. No amounts have been drawn under the money market loan agreement since its inception. The borrower in the money market loan agreement is Coca Cola HBC\u2019s fully owned subsidiary Coca\u2011Cola HBC Finance B.V. 26. Net debt continued Reconciliation of liabilities to cash flows arising from financing activities: Borrowings Leases Derivative assets/ (liabilities) \u20ac million Total \u20ac million Due within one year \u20ac million Due in more than one year \u20ac million Due within one year \u20ac million Due in more than one year \u20ac million Balance as at 1 January 2021 260.4 2,480.9 54.8 129.4 \u2013 2,925.5 Cash flows Proceeds from borrowings 77.0 52.3 \u2013 \u2013 \u2013 129.3 Repayments of borrowings (102.6) (31.2) \u2013 \u2013 \u2013 (133.8) Principal repayments of lease obligations \u2013 \u2013 (63.1) \u2013 \u2013 (63.1) Interest paid (36.2) \u2013 (9.3) \u2013 \u2013 (45.5) Proceeds from/(payments for) settlement of derivatives regarding financing activities \u2013 \u2013 \u2013 \u2013 4.9 4.9 Total cash flows (61.8) 21.1 (72.4) \u2013 4.9 (108.2) Leases increase \u2013 \u2013 0.8 41.2 \u2013 42.0 Effect of changes in exchange rates 0.2 0.2 0.4 1.0 \u2013 1.8 Other non-cash movements 132.0 (55.9) 67.3 (62.2) (2.6) 78.6 Balance as at 31 December 2021 330.8 2,446.3 50.9 109.4 2.3 2,939.7 Cash flows Proceeds from borrowings 150.0 500.0 \u2013 \u2013 \u2013 650.0 Repayments of borrowings (358.2) (0.4) \u2013 \u2013 \u2013 (358.6) Principal repayments of lease obligations \u2013 \u2013 (65.2) \u2013 \u2013 (65.2) Interest paid (40.9) (5.2) (14.3) \u2013 \u2013 (60.4) Proceeds from/settlement of derivatives regarding financing activities \u2013 \u2013 \u2013 \u2013 0.1 0.1 Total cash flows (249.1) 494.4 (79.5) \u2013 0.1 165.9 Leases increase \u2013 \u2013 0.9 90.3 \u2013 91.2 Arising from business combinations 179.3 \u2013 5.0 34.0 \u2013 218.3 Effect of changes in exchange rates (15.5) (0.9) (1.6) (12.0) \u2013 (30.0) Other non-cash movements 37.6 (9.0) 78.2 (69.6) (5.7) 31.5 Balance as at 31 December 2022 283.1 2,930.8 53.9 152.1 (3.3) 3,416.6 26. Net debt continued
Euro medium-term note programme
In June 2013, the Group established a new \u20ac3.0 billion Euro medium\u2011term note programme (the \u2018EMTN
programme\u2019). The EMTN programme was updated in September 2014, September 2015, April 2019,
when it was increased to \u20ac5.0 billion, April 2020, September 2021 and then September 2022. Notes are
issued under the EMTN programme through Coca\u2011Cola HBC\u2019s fully\u2011owned subsidiary Coca\u2011Cola HBC
Finance B.V. and are fully, unconditionally and irrevocably guaranteed by Coca\u2011Cola HBC AG.
In March 2016, Coca\u2011Cola HBC Finance B.V. completed the issue of a \u20ac600 million Euro\u2011denominated
fixed rate bond maturing in November 2024. The coupon rate of the bond is 1.875%, which, including
the amortisation of the loss on the forward starting swap contracts over the term of the fixed rate bond,
results in an effective interest rate of 2.99%. The net proceeds of the new issue were used to partially
repay \u20ac214.6 million of the 4.25%, \u20ac600 million seven\u2011year fixed rate notes due in November 2016.
The remaining \u20ac385.4 million was repaid in November 2016 upon its maturity.
In May 2019, Coca\u2011Cola HBC Finance B.V. completed the issue of a \u20ac700 million Euro\u2011denominated
fixed rate bond maturing in May 2027 with a coupon rate of 1% and the issue of a \u20ac600 million Euro\u2011
denominated fixed rate bond maturing in May 2031 with a coupon rate of 1.625%. The net proceeds
of the new issue were used to partially repay \u20ac236.6 million of the 2.375%, \u20ac800 million seven\u2011year fixed
rate bond due in June 2020, while the remaining \u20ac563.4 million was repaid in June 2020 upon its maturity.
In November 2019, Coca\u2011Cola HBC Finance B.V. completed the issue of a \u20ac500 million Euro\u2011denominated
fixed rate bond maturing in November 2029 with a coupon rate of 0.625%.
In September 2022, Coca\u2011Cola HBC Finance B.V. completed the issue of a \u20ac500 million Euro\u2011denominated
fixed rate green bond maturing in September 2025 with a coupon rate of 2.75%.
As at 31 December 2022, a total of \u20ac2.9 billion in notes issued under the EMTN programme
were outstanding.
Summary of notes outstanding as at 31 December
Book value Fair value
Note
(in million) Start date Maturity date
Fixed
coupon
2022
\u20ac million
2021
\u20ac million
2022
\u20ac million
2021
\u20ac million
\u20ac600 10 March 2016 11 November 2024 1.875% 599.0 598.5 582.0 631.8
\u20ac700 14 May 2019 14 May 2027 1.000% 697.1 696.5 626.6 717.8
\u20ac600 14 May 2019 14 May 2031 1.625% 596.5 596.0 497.1 640.7
\u20ac500 21 November 2019 21 November 2029 0.625% 495.4 494.7 403.9 496.2
\u20ac500 23 September 2022 23 September 2025 2.750% 495.4 \u2013 486.0 \u2013
Total 2,883.4 2,385.7 2,595.6 2,486.5
The weighted average effective interest rate of the Euro\u2011denominated fixed rate bonds is 1.89% and
the weighted average maturity is 4.9 years. The fair values are within Level 1 of the value hierarchy.
None of our debt facilities are subject to any financial covenants that would impact the Group\u2019s liquidity
or access to capital.
Total borrowings at 31 December were held in the following currencies:
Current Non-current
2022
\u20ac million
2021
\u20ac million
2022
\u20ac million
2021
\u20ac million
Euro 237.6 289.5 2,946.6 2,438.8
US Dollar 34.3 13.7 64.4 73.5
Egyptian Pound 39.3 \u2013 23.5 \u2013
Nigerian Naira 9.6 7.5 23.3 15.5
Swiss Franc 4.5 4.6 4.7 4.4
Bulgarian Lev 2.6 2.2 4.6 5.0
Russian Rouble 2.2 57.6 4.8 5.0
UK Sterling 1.7 2.1 2.4 4.4
Czech Koruna 1.3 1.5 2.6 5.3
Polish Zloty 1.2 0.8 2.6 0.8
Romanian Leu 1.4 0.9 1.5 0.7
Hungarian Forint 0.5 0.6 0.5 0.4
Belarusian Rouble 0.1 \u2013 0.8 0.8
Bosnian Mark 0.3 0.4 \u2013 0.3
Croatian Kuna 0.1 0.1 \u2013 \u2013
Other 0.3 0.2 0.6 0.8
Total borrowings 337.0 381.7 3,082.9 2,555.7
The carrying amounts of interest-bearing borrowings held at fixed and floating interest rates as at 31
December 2022 were as follows:
Fixed
interest rate
\u20ac million
Floating
interest rate
\u20ac million
Total
\u20ac million
Euro 3,144.1 40.1 3,184.2
US Dollar 78.6 20.1 98.7
Egyptian Pound 62.8 \u2013 62.8
Nigerian Naira 32.9 \u2013 32.9
Swiss Franc 9.2 \u2013 9.2
Bulgarian Lev 7.2 \u2013 7.2
Russian Rouble 7.0 \u2013 7.0
UK Sterling 0.5 3.6 4.1
Czech Koruna 3.9 \u2013 3.9
Polish Zloty 3.8 \u2013 3.8
Romanian Leu 2.3 0.6 2.9
Hungarian Forint 1.0 \u2013 1.0
Belarusian Rouble 0.9 \u2013 0.9
Bosnian Mark 0.3 \u2013 0.3
Croatian Kuna 0.1 \u2013 0.1
Other 0.9 \u2013 0.9
Total interest-bearing borrowings 3,355.5 64.4 3,419.9
The amount of dividends payable to the Company by its operating subsidiaries is subject to, among other restrictions, general limitations imposed by the corporate laws and exchange control restrictions of the respective jurisdictions where those subsidiaries are organised and operate. Also, there are fund transfer restrictions in certain countries in which we operate, in particular Belarus, Nigeria, Serbia and Ukraine, however these restrictions do not have a material impact on the Group\u2019s liquidity, as the amounts of cash and cash equivalents held in such countries are generally retained for capital expenditure, workin capital and dividend distribution purposes. Intra-group dividends paid by certain of our subsidiaries are also subject to withholding taxes. As a result of sanctions and other regulations implemented in 2022, there have been changes in required regulatory approvals, potentially impacting the transfer and usage of cash outside of Russia. Cash and cash equivalents held by the Group\u2019s operations in Russia amounted to \u20ac155.3 million equivalent in Russian Rouble, US Dollar and Euro as at 31 December 2022. The aforementioned changes restrict the usage of cash held in Russia outside the country, however they are not expected to have a material impact on the Group\u2019s liquidity, as the cash and cash equivalents held in Russia are expected to be used in the forthcoming financial periods primarily for working capital purposes by the Russian operations. 27. Equity Accounting policies Share capital Coca\u2011Cola HBC has only one class of shares, ordinary shares. When new shares are issued, they are recorded in share capital at their par value. The excess of the issue price over the par value is recorded in the share premium reserve. Incremental external costs directly attributable to the issue of new shares or to the process of returning capital to shareholders are recorded in equity as a deduction, net of tax, in the share premium reserve. Dividends Dividends are recorded in the Group\u2019s consolidated financial statements, against the relevant equity component, in the period in which they are approved by the Group\u2019s shareholders. 26. Net debt continued b) Cash and cash equivalents Cash and cash equivalents as at 31 December comprise the following: 2022 \u20ac million 2021 \u20ac million Cash at bank, in transit and in hand 426.4 548.8 Short-term deposits 293.5 234.0 Total cash and cash equivalents 719.9 782.8 Cash and cash equivalents are held in the following currencies: 2022 \u20ac million 2021 \u20ac million Euro 348.9 518.4 Nigerian Naira 120.9 161.4 Russian Rouble 96.4 9.5 US Dollar 51.9 8.4 Swiss Franc 16.6 7.3 Polish Zloty 14.6 28.1 Romanian Leu 9.2 6.0 Moldovan Leu 8.8 6.5 Belarusian Rouble 8.3 5.8 Serbian Dinar 7.0 5.8 Ukrainian Hryvnia 6.6 7.2 Egyptian Pound 6.1 \u2013 Croatian Kuna 4.4 0.7 Bosnian Mark 4.1 3.3 UK Sterling 2.6 2.2 Czech Koruna 2.3 0.8 Hungarian Forint 0.6 6.5 Other 10.6 4.9 Total cash and cash equivalents 719.9 782.8 As at 31 December 2022, time deposits of \u20ac529.5 million (2021: \u20ac189.9 million), which do not meet the definition of cash and cash equivalents, and investment in Nigerian Treasury Bills of \u20acnil (2021: \u20ac6.2 million), which relates to the outstanding balance held for the repayment of Nigerian Bottling Company former minority shareholders following the 2011 acquisition of non-controlling interests, are recorded as other financial assets. Cash and cash equivalents of \u20ac120.9 million (2021: \u20ac161.4 million) equivalent in Nigerian Naira include an amount of \u20ac10.6 million (2021: \u20ac8.9 million), which relates to the outstanding balance held for the repayment of Nigerian Bottling Company former minority shareholders, following the 2011 acquisition of non-controlling interests. 27. Equity continued
a) Share capital, share premium and Group reorganisation reserve
Number of
shares
(authorised
and issued)
Share
capital
\u20ac million
Share
premium
\u20ac million
Group
reorganisation
reserve
\u20ac million
Balance as at 1 January 2021 370,512,597 2,014.4 3,321.4 (6,472.1)
Shares issued to employees
exercising stock options
(refer to Note 29) 1,282,821 7.9 11.7 \u2013
Dividends \u2013 \u2013 (235.8) \u2013
Balance as at 31 December 2021 371,795,418 2,022.3 3,097.3 (6,472.1)
Shares issued to employees
exercising stock options
(refer to Note 29) 290,677 2.0 2.7 \u2013
Dividends \u2013 \u2013 (262.6) \u2013
Balance as at 31 December 2022 372,086,095 2,024.3 2,837.4 (6,472.1)
The Group reorganisation reserve relates to the impact from adjusting share capital, share premium
and treasury shares to reflect the respective statutory amounts of Coca\u2011Cola HBC on 25 April 2013,
together with the transaction costs incurred by the latter, relating primarily to the re-domiciliation of
the Group and its admission to listing in the premium segment of the London Stock Exchange, following
successful completion of the voluntary share exchange offer (refer also to Note 1). These transactions
were treated as a reorganisation of an existing entity that has not changed the substance of the
reporting entity.
In 2022, the share capital of Coca\u2011Cola HBC increased by the issue of 290,677 (2021: 1,282,821) new
ordinary shares following the exercise of stock options pursuant to the Coca\u2011Cola HBC AG\u2019s employees
stock option plan. Total proceeds from the issuance of the shares under the stock option plan
amounted to \u20ac4.7 million (2021: \u20ac19.6 million).
Following the above changes, on 31 December 2022 the share capital of the Group amounted to
\u20ac2.024,3 million and comprised 372,086,095 shares with a nominal value of CHF 6.70 each.
b) Dividends
On 22 June 2021, the shareholders of Coca\u2011Cola HBC AG at the Annual General Meeting approved
a dividend distribution of \u20ac0.64 per share. The total dividend amounted to \u20ac235.8 million and was paid
on 3 August 2021. Of this an amount of \u20ac2.2 million related to shares held by the Group.
The shareholders of Coca\u2011Cola HBC AG approved a dividend distribution of \u20ac0.71 per share at the
Annual General Meeting held on 21 June 2022. The total dividend amounted to \u20ac262.6 million and
was paid on 2 August 2022. Of this an amount of \u20ac2.4 million related to shares held by the Group.
The Board of Directors of Coca\u2011Cola HBC AG has proposed a \u20ac0.78 dividend per share in respect
of 2022. If approved by the shareholders of Coca\u2011Cola HBC AG, this dividend will be paid in 2023.
c) Treasury shares and reserves
The reserves of the Group at 31 December were as follows:
2022
\u20ac million
2021
\u20ac million
Treasury shares (131.2) (146.6)
Exchange equalisation reserve (1,218.2) (1,154.0)
Other reserves
Hedging reserve, net (4.4) 9.9
Tax-free reserve 163.8 163.8
Statutory reserves 22.6 28.3
Stock option, performance share and deferred management
incentive share reserve 87.5 86.3
Financial assets at fair value through other comprehensive
income reserve, net 0.5 0.6
Other 22.5 21.3
Total other reserves 292.5 310.2
Total reserves (1,056.9) (990.4)
Treasury shares
Treasury shares held by the Group represent shares acquired following approval of share buy-back
programmes, forfeited shares under the equity compensation plan operated by the Group, as well as
shares representing the initial ordinary shares of Coca\u2011Cola HBC acquired from Kar\u2011Tess Holding.
An amount of \u20ac15.4 million in 2022 (2021: \u20ac8.9 million) relates to treasury shares provided to employees
in connection with vested performance share awards under the Group\u2019s employee incentive scheme,
which was reflected as an appropriation of reserves between \u2018Treasury shares\u2019 and \u2018Other reserves\u2019,
more specifically the \u2018Stock option, performance share and deferred management incentive share
reserve\u2019 in the consolidated statement of changes in equity.
As at 31 December 2022, 5,386,717 (2021: 5,894,583) treasury shares were held by the Group.
Exchange equalisation reserve
The exchange equalisation reserve comprises all foreign exchange differences arising from the
translation of the financial statements of Group entities with functional currencies other than the Euro.
Other reserves
Hedging reserve
The hedging reserve reflects changes in the fair values of derivatives accounted for as cash flow
hedges, net of the deferred tax related to such balances.
Tax-free and statutory reserves
The tax-free reserve includes investment amounts exempt from tax according to incentive legislation,
other tax-free income or income taxed at source. Statutory reserves are particular to the various
countries in which the Group operates. The amount of statutory reserves of the parent entity,
Coca\u2011Cola HBC AG, is \u20acnil. During 2022, a net amount of \u20ac5.7 million was reclassified from statutory
reserves to retained earnings relating to the net release of additional reserves by the Group\u2019s subsidiaries.
27. Equity continued Stock option, performance share and deferred management incentive share reserve The stock option, performance share and deferred management incentive share reserve represents the cumulative charge to the income statement for employee stock option, performance share and deferred management incentive share awards less the vested performance share and deferred management incentive share awards. Other Other reserves are particular to the various countries in which the Group operates and include shares held for the Group\u2019s employee share purchase plan, which is an equity compensation plan in which eligible employees may participate as well as the Group\u2019s share of changes in other reserves of equity method investments. 28. Related party transactions a) The Coca\u2011Cola Company As at 31 December 2022, The Coca\u2011Cola Company indirectly owned 21.0% (2021: 21.0%) of the issued share capital of Coca\u2011Cola HBC. The Coca\u2011Cola Company considers Coca\u2011Cola HBC to be a \u2018key bottler\u2019 and has entered into bottlers\u2019 agreements with Coca\u2011Cola HBC in respect of each of the Group\u2019s territories. All the bottlers\u2019 agreements entered into by The Coca\u2011Cola Company and Coca\u2011Cola HBC are Standard International Bottlers\u2019 (SIB) agreements. The terms of the bottlers\u2019 agreements grant Coca\u2011Cola HBC the right to produce and the exclusive right to sell and distribute the beverages of The Coca\u2011Cola Company in each of the countries in which the Group operates. Consequently, Coca\u2011Cola HBC is obliged to purchase all concentrate for The Coca\u2011Cola Company\u2019s beverages from The Coca-Cola Company, or its designee, in the ordinary course of business. On 10 October 2012, The Coca-Cola Company agreed to extend the term of the bottlers\u2019 agreements for a further ten years until 2023. The Coca-Cola Company owns or has applied for the trademarks that identify its beverages in each of the countries in which the Group operates. The Coca\u2011Cola Company has authorised Coca\u2011Cola HBC and certain of its subsidiaries to use the trademark \u2018Coca\u2011Cola\u2019 in their corporate names. Accounting policy Contributions from The Coca-Cola Company The Coca-Cola Company participates at its discretion in shared marketing programmes with the Group to promote the sale of The Coca\u2011Cola Company products. Where such co\u2011operative arrangements are entered into, the Group receives contributions from The Coca-Cola Company to offset the cost it has incurred for price support and marketing and promotional campaigns in respect of specific customers as well as general marketing programmes. These contributions from The Coca-Cola Company are classified as other income and are accrued and matched to the expenditure to which they relate, in line with the substance of the arrangement with The Coca-Cola Company as described above. These contributions are presented as follows: \u2022 to the extent that they relate to compensation for costs incurred by the Group for price support and marketing and promotional campaigns in respect of specific customers, which have been treated as a deduction from revenue from contracts with customers, they are presented as an offset against such deductions from revenue and accordingly, included within net sales revenue in the consolidated income statement; \u2022 to the extent that they relate to compensation for expenditure incurred by the Group in connection with general marketing programmes, they are presented as an offset against this expenditure and accordingly, included within operating expenses in the consolidated income statement. The below table summarises transactions with The Coca-Cola Company and its subsidiaries: 2022 \u20ac million 2021 \u20ac million Purchases of concentrate, finished products and other items 1,808.7 1,598.8 Net contributions received for marketing and promotional incentives 108.6 83.1 Sales of finished goods and raw materials 4.2 4.5 Other income 8.6 2.8 Other expenses 4.7 4.2 Contributions received from The Coca-Cola Company for marketing and promotional incentives during the year amounted to \u20ac108.6 million (2021: \u20ac83.1 million): contributions made by The Coca\u2011Cola Company to Coca\u2011Cola HBC for price support and marketing and promotional campaigns in respect of specific customers in 2022 totalled \u20ac59.9 million (2021: \u20ac52.6 million) and were recognised as an offset against the relevant incentives provided to those customers within net sales revenue (refer to Note 8), while contributions made by The Coca\u2011Cola Company to Coca\u2011Cola HBC for general marketing programmes in 2022 totalled \u20ac48.7 million (2021: \u20ac30.5 million) and were recognised against the relevant cost incurred within operating expenses (refer to Note 9). The Coca\u2011Cola Company has also customarily made additional payments for marketing and advertising directly to suppliers as part of the shared marketing arrangements. The proportion of direct and indirect payments, made at The Coca-Cola Company\u2019s discretion, will not necessarily be the same from year to year. 28. Related party transactions continued
As at 31 December 2022, the Group had a total amount due from The Coca\u2011Cola Company of \u20ac45.3
million (2021: \u20ac52.8 million), and a total amount due to The Coca\u2011Cola Company of \u20ac226.9 million
(2021: \u20ac223.1 million).
Also, refer to Note 24 regarding consideration paid to The Coca\u2011Cola Company during 2022 for the
purchase of a convertible loan and shares held by non-controlling interests in connection with the
acquisition of Coca\u2011Cola Bottling Company of Egypt S.A.E. In 2021, the Group paid a total consideration
of \u20ac5.6 million to The Coca-Cola Company for the acquisition of Costa Express business.
b) Frigoglass S.A. (\u2018Frigoglass\u2019), Kar\u2011Tess Holding and AG Leventis (Nigeria) Ltd
Truad Verwaltungs AG currently indirectly owns 48.4% of Frigoglass and 99.3% of AG Leventis (Nigeria)
Ltd (2021: 48.6% and 99.3% respectively) and also indirectly controls Kar\u2011Tess Holding, which holds
approximately 23.0% (2021: 23.0%) of Coca\u2011Cola HBC\u2019s total issued share capital.
The below table summarises transactions with the above entities:
Frigoglass and subsidiaries
2022
\u20ac million
2021
\u20ac million
Purchases of coolers, cooler parts, glass bottles, crowns and raw and
other materials 112.3 117.6
Maintenance and other expenses 33.1 28.6
AG Leventis (Nigeria) Ltd
Purchases of finished goods and other items 3.6 9.3
Other expenses 0.1 0.1
Frigoglass, a company listed on the Athens Exchange, is a manufacturer of coolers, cooler parts, glass
bottles, crowns and plastics.
Frigoglass has a controlling interest in Frigoglass Industries (Nigeria) Limited, a company in which the
Group has a 23.9% effective interest, through its investment in Nigerian Bottling Company Ltd.
The Group entered into a supply agreement with Frigoglass for the purchase of cooling equipment in
1999. The supply agreement was extended in 2004, 2008, 2013, 2018 and, most recently, in 2021,
on substantially similar terms. The current agreement expires on 31 December 2025.
As at 31 December 2022, Coca\u2011Cola HBC owed \u20ac30.9 million (2021: \u20ac14.9 million) to and was owed
\u20ac4.4 million (2021: \u20ac0.8 million), including dividend receivable of \u20ac3.7 million (2021: \u20acnil) by Frigoglass
and its subsidiaries. During 2022, the Group received dividends of \u20ac1.2 million (2021: \u20ac1.4 million) from
Frigoglass Industries (Nigeria) Limited, which are included in line \u2019Receipts from non\u2011integral equity
method investments\u2019 of the consolidated cash flow statement.
As at 31 December 2022, the Group owed \u20ac2.7 million (2021: \u20ac0.9 million) and had a lease liability
of \u20ac4.2 million (2021: \u20ac6.0 million) to AG Leventis (Nigeria) Ltd.
Capital commitments to Frigoglass and its subsidiaries as at 31 December 2022 amounted to \u20ac25.5
million (\u20ac33.5 million as at 31 December 2021) including the Group\u2019s share of its joint ventures\u2018 capital
commitments to Frigoglass.
c) Other related parties
The below table summarises transactions with other related parties:
2022
\u20ac million
2021
\u20ac million
Purchases 8.5 1.5
Other expenses 15.5 15.1
During 2022, the Group incurred subsequent expenditure for fixed assets of \u20ac3.0 million (2021: \u20ac1.5
million) and purchased inventories of \u20ac5.5 million (2021: \u20acnil) from other related parties. Furthermore,
during 2022, the Group incurred expenses of \u20ac15.5 million (2021: \u20ac15.1 million) mainly related to
maintenance services for cold drink equipment and installations of coolers, fountains, vending and
merchandising equipment from other related parties.
As at 31 December 2022, the Group had a total amount due to other related parties of \u20ac3.7 million
(2021: \u20ac0.6 million) and a total amount of dividend and loans receivable of \u20ac1.5 million and \u20acnil
respectively (2021: \u20acnil and \u20ac0.9 million respectively).
During 2022, the Group received dividends of \u20ac0.6 million from non\u2011integral associates (2021: \u20ac0.5
million), which are included in line \u2018Receipts from non\u2011integral equity method investments\u2019 of the
consolidated cash flow statement and paid \u20ac5.7 million (2021: \u20acnil) in connection with capital increase of
non\u2011integral associates, which are included in line \u2018Payments for non\u2011integral equity method
investments\u2019 of the consolidated cash flows statement. Furthermore, during 2022, \u20ac1.3 million
regarding loans receivable from non-integral associates were converted to equity.
d) Joint ventures
During 2022, the Group purchased \u20ac26.0 million of finished goods (2021: \u20ac5.2 million) from joint
ventures. In addition, during 2022 the Group recorded sales of finished goods and raw materials of \u20ac9.2
million (2021: \u20ac4.8 million) to joint ventures. Furthermore, the Group recorded other income of \u20ac15.8
million (2021: \u20ac16.2 million) from joint ventures and other expenses of \u20ac15.7 million (2021: \u20ac13.4 million)
including \u20ac7.8 million (2021: \u20ac7.3 million) of interest charges from loans with joint ventures.
As at 31 December 2022, the Group owed \u20ac4.4 million including loans payable of \u20acnil (2021: \u20ac149.8
million including loans payable of \u20ac63.2 million) to, and was owed \u20ac9.6 million including loans receivable
of \u20ac4.3 million (2021: \u20ac13.9 million including loans receivable of \u20ac7.1 million) by, joint ventures. During
2022, the Group received dividends of \u20ac9.7 million from integral joint ventures (2021: dividends and
capital returns of \u20ac47.8 million), which are included in line \u2018Receipts from integral equity method
investments\u2019 in the consolidated cash flow statement. Furthermore, during 2022, the Group paid \u20ac4.0
million (2021: \u20acnil) in connection with capital increase of integral joint venture which is included in line
\u2018Payment for integral equity method investment\u2019 in the consolidated cash flow statement.
e) Directors and senior management
There have been no transactions between Coca\u2011Cola HBC and the Directors and senior management
except for remuneration (refer to Note 9).
29. Share-based payments Accounting policies Stock option, performance share award and deferred management incentive share plan Coca\u2011Cola HBC provides equity\u2011settled share\u2011based payments to its senior managers in the form of an employee stock option, performance share award and deferred management incentive share plan (the \u2018Plan\u2019). Stock options under the Plan are measured at fair value at the date of grant. Fair value reflects the parameters of the compensation plan, the risk-free interest rate, the expected volatility, the dividend yield and the early exercise experience under the Plan. Expected volatility is determined by calculating the historical volatility of Coca\u2011Cola HBC\u2019s share price over previous years. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period. The Plan offers a specified number of performance share awards and deferred management incentive plan shares that vest three years after the grant. The fair value is determined at the grant date and reflects the parameters of the compensation plan, the dividend yield and the closing share price on the date of grant. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period. At the end of each reporting period the Group revises its estimates of the number of shares that are expected to vest based on non-market conditions, and recognises the impact of the revision to original estimates, if any, in the income statement with a corresponding adjustment to equity. When the terms of an equity-settled award are modified, the minimum expense recognised is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognised for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Employee Share Purchase Plan The Group operates an employee share purchase plan (the \u2018ESPP\u2019), an equity compensation plan in which eligible employees can participate. The Group makes contributions to the plan for participating employees and recognises expenses over the vesting period of the contributions. The charge included in employee costs regarding share-based payments for the years ended 31 December is analysed as follows: 2022 \u20ac million 2021 \u20ac million Performance share awards and deferred MIP shares 15.5 14.6 Employee Share Purchase Plan 6.1 5.5 Total share-based payments charge 21.6 20.1 Terms and conditions Stock option, performance share award and deferred management incentive share plan Based on Plan rules, senior managers are granted awards of stock options, based on performance, potentiality and level of responsibility. Options are granted at an exercise price equal to the closing price of the Company\u2019s shares trading on the London Stock Exchange on the day of the grant. Options vest in one-third increments each year for three years and can be exercised for up to 10 years from the date of award. When the options are exercised, the proceeds received by the Group, net of any transaction costs, are credited to share capital (at the nominal value) and share premium. The Group has not issued any new stock options since 2014. Since 2015 performance shares are the primary long-term award. Senior managers are granted performance share awards, which have a three-year vesting period and are linked to Group-specific key performance indicators. The closing price of the Company\u2019s shares trading on the London Stock Exchange on the day of the grant is used to determine the number of performance share awards granted. In 2018 the Group modified the performance share plan, in order for eligible employees to receive upon vesting, additionally to the specific number of shares, the value of dividends corresponding to the years from grant till vest date, subject to the approval of the Remuneration Committee. Furthermore, 50% of the Chief Executive Officer\u2019s annual bonus awarded under the terms of the management incentive plan is deferred into shares (the \u2019deferred MIP shares\u2019) which vest over a three\u2011year period, subject to service conditions. No dividend\u2011equivalent shares corresponding to the years from grant till vest date are provided, in connection with the deferred shares granted. Employee Share Purchase Plan The Employee Share Purchase Plan is administered by a Plan Administrator. Under the terms of this plan, employees have the opportunity to invest 1% to 15% of their salary in ordinary Coca\u2011Cola HBC shares by contributing to the plan through a payroll deduction. Employee deductions are used monthly to purchase ordinary Coca\u2011Cola HBC shares in the open market (London Stock Exchange). Coca\u2011Cola HBC will match employee contributions up to a maximum of 3% of the employee\u2019s salary. Employer matching cash contributions vest one year after the grant, at which time they are used to purchase matching shares on the open market that are immediately vested. Dividends received in respect of shares held under this plan are used to purchase additional shares at the time of dividend distribution. Shares are held under the Plan Administrator. For employees resident in Greece, Coca\u2011 Cola HBC matches the employee\u2019s contribution with an annual employer contribution of up to 5% of the employee\u2019s salary that vests annually in December of each year. 29. Share-based payments continued
Stock option activity
The outstanding stock options are fully vested and are exercisable until 2025.
A summary of stock option activity in 2022 under all grants is as follows:
Number
of stock
options
2022
Weighted
1
average
exercise price
2022 (EUR)
Weighted
average
exercise price
2022 (GBP)
Outstanding at 1 January 2,338,855 18.08 15.21
Exercised (290,677) 16.05 14.17
Expired (350,448) 24.01 21.20
Outstanding at 31 December 1,697,730 16.02 14.15
Exercisable at 31 December 1,697,730 16.02 14.15
A summary of stock option activity in 2021 under all grants is as follows:
Number
of stock
options
2021
Weighted
1
average
exercise price
2021 (EUR)
Weighted
average
exercise price
2021 (GBP)
Outstanding at 1 January 3,621,676 15.97 14.49
Exercised (1,282,821) 15.66 13.17
Outstanding at 31 December 2,338,855 18.08 15.21
Exercisable at 31 December 2,338,855 18.08 15.21
1. For convenience purposes, the prices are translated at the closing exchange rate.
Total proceeds from the issuance of the shares under the stock option plan in 2022 amounted to
\u20ac4.7 million (2021: \u20ac19.6 million).
The weighted average remaining contractual life of stock options outstanding at 31 December 2022
was 1.9 years (2021: 2.5 years).
Performance shares and deferred MIP shares activity
A summary of performance shares and deferred MIP shares activity is as follows:
Number of
shares
2022
Number of
shares
2021
Outstanding at 1 January 2,475,367 2,294,478
Granted
2
1,301,669 835,477
Vested (516,156) (294,832)
Forfeited/cancelled (284,679) (359,756)
Outstanding at 31 December 2,976,201 2,475,367
2. Includes dividend-equivalent shares.
The weighted average remaining contractual life of performance shares and deferred MIP shares
outstanding at 31 December 2022 was 1.3 years (2021: 1.3 years, regarding performance shares).
The weighted average fair value for the 2022 performance share and deferred MIP share plan was
\u00a315.95 per share (2021: \u00a323.80, regarding performance shares). Relevant inputs into the valuation
were as follows:
2022 2021
Weighted average share price \u00a315.98 \u00a323.80
Dividend yield
3
nil nil
Weighted average exercise period 3 years 3 years
3. Dividend yield in connection with the valuation of the deferred MIP shares granted during 2022 was 3.2%.
30. Contingencies
In relation to the Greek Competition Authority\u2019s decision of 25 January 2002, one of Coca\u2011Cola Hellenic
Bottling Company S.A.\u2019s competitors had filed a lawsuit against Coca\u2011Cola Hellenic Bottling Company
S.A. claiming damages in an amount of \u20ac7.7 million. The court of first instance heard the case on
21 January 2009 and subsequently rejected the lawsuit. The plaintiff appealed the judgement and on
9 December 2013 the Athens Court of Appeals rejected the plaintiff\u2019s appeal. On 19 April 2014, the
same plaintiff filed a new lawsuit against Coca\u2011Cola Hellenic Bottling Company S.A. (following the
spin\u2011off, Coca\u2011Cola HBC Greece S.A.I.C.) claiming payment of \u20ac7.5 million as compensation for losses
and moral damages for alleged anti\u2011competitive commercial practices of Coca\u2011Cola Hellenic Bottling
Company S.A. between 1994 and 2013. On 21 December 2018, the plaintiff served their withdrawal
from the lawsuit. However, on 20 June 2019, the same plaintiff filed a new lawsuit against Coca\u2011Cola
HBC Greece S.A.I.C. claiming payment of \u20ac10.1 million as compensation for losses and moral damages
again for alleged anti\u2011competitive commercial practices of Coca\u2011Cola Hellenic Bottling Company S.A.
for the same period between 1994 and 2013. On 16 July 2021, the Athens Multimember Court of First
Instance issued its judgement number 1929/2021 (hereinafter the \u2018Judgement\u2019), which adjudicates
that Coca\u2011Cola HBC Greece S.A.I.C. is obliged to pay to the plaintiff an amount of circa \u20ac0.9 million plus
interest as of 31 December 2003. Both Coca\u2011Cola HBC Greece S.A.I.C and the plaintiff have appealed
against this decision to the court of appeals. Both appeals were heard on 19 January 2023. The decision
is pending to be issued. Management believes that any liability to the Group that may arise as a result of
these pending legal proceedings will not have a material adverse effect on the results of operations,
cash flows, or the financial position of the Group taken as a whole.
With respect to the investigation of the Greek Competition Commission initiated on 6 September 2016,
regarding Coca\u2011Cola HBC Greece S.A.I.C.\u2019s operations in certain commercial practices in the non\u2011
alcoholic beverages market, the Rapporteur of the Greek Competition Commission appointed for this
case issued her Statement of Objections on 5 July 2021, alleging that Coca\u2011Cola HBC Greece S.A.I.C.
undertook a series of anti-competitive practices in the market of instant consumption for cola and
non-cola carbonated soft drinks, thereby excluding competitors and limiting their growth potential.
30. Contingencies continued Coca\u2011Cola HBC Greece S.A.I.C. has vigorously defended its commercial practices, in rebuttal of the allegations set out in the Statement of Objections. The hearing of the case, before the plenary session of the Greek Competition Commission, was concluded on 29 November 2021 and the supplementary briefs of the parties were submitted on 16 December 2021. On 3 November 2022, the Hellenic Competition Commission notified Coca\u2011Cola HBC Greece S.A.I.C. of its ruling on the case, according to which Coca\u2011Cola HBC Greece S.A.I.C. allegedly abused its dominant position in the Greek immediate consumption market segment for cola and non\u2011cola carbonated soft drinks. The Hellenic Competition Commission ruling imposed on Coca\u2011Cola HBC Greece S.A.I.C. a fine of \u20ac10.3 million, as well as a behavioural remedy in relation to beverage coolers valid until end of 2024. Coca\u2011Cola HBC Greece S.A.I.C. has fully provided for the amount of the fine. Coca\u2011Cola HBC Greece S.A.I.C. strongly disagrees with this ruling and has challenged it before the competent Court of Appeal. The hearing date of the case is not yet set. In 1992, our subsidiary NBC acquired a manufacturing facility in Nigeria from Vacunak, a Nigerian company. In 1994, Vacunak filed a lawsuit against NBC, alleging that a representative of NBC had orally agreed to rescind the sale agreement and instead enter into a lease agreement with Vacunak. As part of its lawsuit, Vacunak sought compensation for rent and loss of business opportunities. NBC discontinued all use of the facility in 1995. On 19 August 2013, NBC received the written judgement of the Nigerian court of first instance issued on 28 June 2012 providing for damages of approximately \u20ac16.7 million. The Appeal Court dismissed NBC\u2019s appeal and Vacunak\u2019s cross\u2011appeal and affirmed the judgement of the first instance court in 2023. NBC has filed an appeal against the judgement before the Supreme Court. Based on advice from NBC\u2019s outside legal counsel, we believe that it is unlikely that NBC will suffer material financial losses from this case. We have consequently not provided for any losses in relation to this case. In May 2021, the European Commission sent CCH a questionnaire, initiating a preliminary investigation into a possible infringement by a CCH subsidiary, Coca\u2011Cola European Partners and The Coca\u2011Cola Company of EU competition rules through the granting of conditional rebates to \u2018off\u2011trade\u2019 customers capable of foreclosing competition from other suppliers. On 28 February 2023, the European Commission publicly announced that it has decided to end this preliminary investigation and as a result this case has closed. The tax filings of the Group and its subsidiaries are routinely subjected to audit by tax authorities in most of the jurisdictions in which the Group conducts business. These audits may result in assessments of additional taxes. The Group provides for additional tax in relation to the outcome of such tax assessments, to the extent that a liability is probable and estimable. The Group is also involved in various other legal proceedings. Management believes that any liability to the Group that may arise as a result of these pending legal proceedings will not have a material adverse effect on the results of operations, cash flows, or the financial position of the Group taken as a whole. Considering the above, there have been no significant adverse changes in contingencies since 31 December 2021 (as described in our 2021 Integrated Annual Report available on the Coca\u2011Cola HBC\u2019s web site: www.coca\u2011colahellenic.com). 31. Commitments Capital commitments As at 31 December 2022, the Group had capital commitments for property, plant and equipment amounting to \u20ac210.5 million (2021: \u20ac166.1 million). Of this, \u20ac0.5 million are related to the Group\u2019s share of the commitments arising from joint ventures (2021: \u20ac9.0 million). Capital commitments for 2022 include total future minimum lease payments under leases not yet commenced to which the Group was committed at 31 December 2022 of \u20ac28.8 million (2021: \u20ac18.1 million). 32. Post balance sheet events During 2023 the Egyptian Pound has depreciated against the Euro by approximately 24%. This has resulted in a foreign exchange loss of approximately \u20ac6 million for the Group. We are continuously monitoring the situation to ensure that timely actions are undertaken as needed to minimise any adverse impact from the devaluation to the business in Egypt. On 17 March 2023, the Remuneration Committee granted performance share and deferred MIP share awards of \u20ac24.8 million equivalent, under the performance share award and deferred management incentive share plan, which have a three-year vesting period. The number of shares granted is calculated by dividing the value of the grant with the closing share price as of the date of the approval of the grant.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-577": {
"value": "1. Description of business Coca\u2011Cola HBC AG and its subsidiaries (the \u2018Group\u2019 or \u2018Coca\u2011Cola HBC\u2019 or \u2018the Company\u2019) are principally engaged in the production, sales and distribution of primarily non-alcoholic ready-to-drink beverages, under franchise from The Coca-Cola Company. The Company distributes its products in Nigeria, Egypt and 27 countries in Europe. Information on the Company\u2019s operations by segment is included in Note 7. On 11 October 2012, Coca\u2011Cola HBC, a Swiss stock corporation (Aktiengesellschaft / Soci\u00e9t\u00e9 Anonyme) incorporated by Kar\u2011Tess Holding (a related party of the Group, refer to Note 28), announced a voluntary share exchange offer to acquire all outstanding ordinary registered shares and all American depositary shares of Coca\u2011Cola Hellenic Bottling Company S.A. As a result of the successful completion of this offer, on 25 April 2013 Coca\u2011Cola HBC acquired 96.85% of the issued Coca\u2011Cola Hellenic Bottling Company S.A. shares, including shares represented by American depositary shares, and became the new parent company of the Group. On 17 June 2013, Coca-Cola HBC completed its statutory buy\u2011out of the remaining shares of Coca\u2011Cola Hellenic Bottling Company S.A. that it did not acquire upon completion of its voluntary share exchange offer. Consequently, Coca\u2011Cola HBC acquired 100% of Coca\u2011Cola Hellenic Bottling Company S.A. which was eventually delisted from the Athens Exchange, from the London Stock Exchange where it had a secondary listing and from the New York Stock Exchange where American depositary shares were listed. The shares of Coca\u2011Cola HBC started trading in the premium segment of the London Stock Exchange (Ticker symbol: CCH) and on the Athens Exchange (Ticker symbol: EEE) and regular way trading in Coca\u2011Cola HBC American depositary shares commenced on the New York Stock Exchange (Ticker symbol: CCH) on 29 April 2013. On 24 July 2014 the Group proceeded to the delisting of its American depository shares from the New York Stock Exchange and terminated its reporting obligations under the US Securities Exchange Act of 1934. The deregistration of Coca\u2011Cola HBC shares under the US Securities Exchange Act of 1934 and the termination of its reporting obligations became effective on 3 November 2014. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-34": {
"value": "Coca\u2011Cola HBC AG",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-35": {
"value": "are principally engaged in the production, sales and distribution of primarily non-alcoholic ready-to-drink beverages, under franchise from The Coca-Cola Company",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-36": {
"value": "The Company distributes its products in Nigeria, Egypt and 27 countries in Europe.",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-37": {
"value": "a Swiss stock corporation (Aktiengesellschaft / Soci\u00e9t\u00e9 Anonyme)",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-576": {
"value": "2. Basis of preparation and consolidation Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and in compliance with Swiss law. These consolidated financial statements were approved for issue by the Board of Directors on 17 March 2023 and are expected to be verified at the Annual General Meeting to be held on 17 May 2023 . Going concern The financial statements have been prepared on a going concern basis. In adopting the going concern basis for the preparation of these consolidated financial statements, management has considered the Group\u2019s financial performance in the year, the expected extension of the bottlers\u2019 agreements with The Coca-Cola Company beyond 31 December 2023, as well as a quantitative viability exercise linked to the Group\u2019s principal risks, including those relating to climate change and the geopolitical events involving Russia and Ukraine. Management has reviewed the financial forecasts and funding requirements with consideration given to the potential impact of severe but plausible downside scenarios. Even under these scenarios, the Group\u2019s cash position is still expected to remain strong over the period of the financial forecasts, considering also that there are mitigating actions the Group could take, should they be required, by making adjustments to its operating plans within the normal course of business. After assessing the Group\u2019s current strong balance sheet and liquidity position, the committed funding facilities and the financial forecasts, management confirms the Group\u2019s ability to generate cash for a period of 12 months from the date of approval of these consolidated financial statements and beyond. Therefore, it is deemed appropriate that the Group continues to adopt the going concern basis for the preparation of the consolidated financial statements under the historical cost convention, as modified by the revaluation of financial assets at fair value through profit or loss, investments in equity instruments classified at fair value through other comprehensive income and derivative financial instruments. Basis of consolidation Subsidiary undertakings are those companies over which the Group, directly or indirectly, has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through power over the entity. Subsidiary undertakings are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions \u2013 that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant acquired share of the carrying value of net assets of the subsidiary is recorded in equity. Inter-company transactions and balances between Group companies are eliminated. The subsidiaries\u2019 accounting policies are consistent with policies adopted by the Group. When the Group ceases to have control, any retained interest in the entity is remeasured to its fair value at the date when such control is lost, with the change in carrying amount recognised in the income statement. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This means that amounts previously recognised in other comprehensive income, if any, are reclassified to the income statement. ",
"dimensions": {
"concept": "cocacolahbcag:DisclosureOfBasisOfPreparationAndConsolidation",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-606": {
"value": "Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and in compliance with Swiss law. These consolidated financial statements were approved for issue by the Board of Directors on 17 March 2023 and are expected to be verified at the Annual General Meeting to be held on 17 May 2023 . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-645": {
"value": "These consolidated financial statements were approved for issue by the Board of Directors on 17 March 2023 and are expected to be verified at the Annual General Meeting to be held on 17 May 2023 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-605": {
"value": "Going concern The financial statements have been prepared on a going concern basis. In adopting the going concern basis for the preparation of these consolidated financial statements, management has considered the Group\u2019s financial performance in the year, the expected extension of the bottlers\u2019 agreements with The Coca-Cola Company beyond 31 December 2023, as well as a quantitative viability exercise linked to the Group\u2019s principal risks, including those relating to climate change and the geopolitical events involving Russia and Ukraine. Management has reviewed the financial forecasts and funding requirements with consideration given to the potential impact of severe but plausible downside scenarios. Even under these scenarios, the Group\u2019s cash position is still expected to remain strong over the period of the financial forecasts, considering also that there are mitigating actions the Group could take, should they be required, by making adjustments to its operating plans within the normal course of business. After assessing the Group\u2019s current strong balance sheet and liquidity position, the committed funding facilities and the financial forecasts, management confirms the Group\u2019s ability to generate cash for a period of 12 months from the date of approval of these consolidated financial statements and beyond. Therefore, it is deemed appropriate that the Group continues to adopt the going concern basis for the preparation of the consolidated financial statements under the historical cost convention, as modified by the revaluation of financial assets at fair value through profit or loss, investments in equity instruments classified at fair value through other comprehensive income and derivative financial instruments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-607": {
"value": "Basis of consolidation Subsidiary undertakings are those companies over which the Group, directly or indirectly, has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through power over the entity. Subsidiary undertakings are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions \u2013 that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant acquired share of the carrying value of net assets of the subsidiary is recorded in equity. Inter-company transactions and balances between Group companies are eliminated. The subsidiaries\u2019 accounting policies are consistent with policies adopted by the Group. When the Group ceases to have control, any retained interest in the entity is remeasured to its fair value at the date when such control is lost, with the change in carrying amount recognised in the income statement. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This means that amounts previously recognised in other comprehensive income, if any, are reclassified to the income statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-578": {
"value": "3. Foreign currency and translation The individual financial statements of each Group entity are presented in the currency of the primary economic environment in which the entity operates (its functional currency). For the purposes of the consolidated financial statements, the results and financial position of each entity are expressed in Euro, which is the presentation currency for the consolidated financial statements. The assets and liabilities of foreign subsidiaries are translated into Euro at the exchange rate prevailing at the balance sheet date. The results of foreign subsidiaries are translated into Euro using the average monthly exchange rate (being a reasonable approximation of the rates prevailing on the transaction dates). The exchange differences arising on translation are recognised in other comprehensive income. On disposal of a foreign entity, accumulated exchange differences are recognised as a component of the gain or loss on disposal. Transactions in foreign currencies are recorded at the rate ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are remeasured at the rate of exchange ruling at the balance sheet date. All gains and losses arising on remeasurement are included in the income statement, except for exchange differences arising on assets and liabilities classified as cash flow hedges, which are deferred in equity until the occurrence of the hedged transaction, at which time they are recognised in the income statement. Share capital denominated in a currency other than the functional currency is initially stated at the spot rate of the date of issue but is not retranslated. The principal exchange rates used for translation purposes in respect of one Euro are: Average 2022 Average 2021 Closing 2022 Closing 2021 US Dollar 1.05 1.18 1.06 1.13 UK Sterling 0.85 0.86 0.88 0.84 Polish Zloty 4.68 4.56 4.69 4.60 Nigerian Naira 448.99 484.31 493.61 481.32 Hungarian Forint 390.36 358.49 401.54 370.08 Swiss Franc 1.01 1.08 0.99 1.04 Russian Rouble 74.01 87.23 79.23 83.87 Romanian Leu 4.93 4.92 4.94 4.95 Ukrainian Hryvnia 33.92 32.30 38.94 30.78 Czech Koruna 24.56 25.64 24.21 24.95 Serbian Dinar 117.47 117.57 117.30 117.56 Egyptian Pound 20.09 \u2013 26.35 \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-608": {
"value": "The individual financial statements of each Group entity are presented in the currency of the primary economic environment in which the entity operates (its functional currency). For the purposes of the consolidated financial statements, the results and financial position of each entity are expressed in Euro, which is the presentation currency for the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-609": {
"value": "The assets and liabilities of foreign subsidiaries are translated into Euro at the exchange rate prevailing at the balance sheet date. The results of foreign subsidiaries are translated into Euro using the average monthly exchange rate (being a reasonable approximation of the rates prevailing on the transaction dates). The exchange differences arising on translation are recognised in other comprehensive income. On disposal of a foreign entity, accumulated exchange differences are recognised as a component of the gain or loss on disposal. Transactions in foreign currencies are recorded at the rate ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are remeasured at the rate of exchange ruling at the balance sheet date. All gains and losses arising on remeasurement are included in the income statement, except for exchange differences arising on assets and liabilities classified as cash flow hedges, which are deferred in equity until the occurrence of the hedged transaction, at which time they are recognised in the income statement. Share capital denominated in a currency other than the functional currency is initially stated at the spot rate of the date of issue but is not retranslated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-579": {
"value": "4. Accounting pronouncements a) Accounting pronouncements adopted in 2022 The Group has adopted the following amendments which were endorsed by the EU that are relevant to its operations and effective for accounting periods beginning on 1 January 2022: \u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37 \u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3 \u2022 Annual Improvements to IFRS Standards 2018 \u2013 2020; and \u2022 COVID\u201119\u2011Related Rent Concessions beyond 30 June 2021 \u2013 Amendments to IFRS 16 The adoption of these amendments did not have a material impact on the consolidated financial statements of the Group. b) Accounting pronouncements not yet adopted At the date of approval of these consolidated financial statements, the following amendments relevant to the Group\u2019s operations were issued but not yet effective and not early-adopted: \u2022 Classification of Liabilities as Current or Non\u2011current \u2013 Amendments to IAS 1 (not endorsed by the EU) \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8 \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 \u2022 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 (not endorsed by the EU); and \u2022 Non\u2011current Liabilities with Covenants \u2013 Amendments to IAS 1 (not endorsed by the EU) The above amendments are not expected to have a material impact on the consolidated financial statements of the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-610": {
"value": "a) Accounting pronouncements adopted in 2022 The Group has adopted the following amendments which were endorsed by the EU that are relevant to its operations and effective for accounting periods beginning on 1 January 2022: \u2022 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37 \u2022 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3 \u2022 Annual Improvements to IFRS Standards 2018 \u2013 2020; and \u2022 COVID\u201119\u2011Related Rent Concessions beyond 30 June 2021 \u2013 Amendments to IFRS 16 The adoption of these amendments did not have a material impact on the consolidated financial statements of the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-611": {
"value": "b) Accounting pronouncements not yet adopted At the date of approval of these consolidated financial statements, the following amendments relevant to the Group\u2019s operations were issued but not yet effective and not early-adopted: \u2022 Classification of Liabilities as Current or Non\u2011current \u2013 Amendments to IAS 1 (not endorsed by the EU) \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8 \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 \u2022 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 (not endorsed by the EU); and \u2022 Non\u2011current Liabilities with Covenants \u2013 Amendments to IAS 1 (not endorsed by the EU) The above amendments are not expected to have a material impact on the consolidated financial statements of the Group. ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-574": {
"value": "5. Critical accounting estimates and judgements In conformity with IFRS, the preparation of the consolidated financial statements for Coca\u2011Cola HBC requires management to make estimates and judgements that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities in the consolidated financial statements and accompanying notes. Although these estimates and judgements are based on management\u2019s knowledge of current events and actions that may be undertaken in the future, actual results may ultimately differ from estimates. Estimates The key items concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below: \u2022 Impairment of goodwill and indefinite\u2011lived intangible assets (refer to Note 14); and \u2022 Employee benefits \u2013 defined benefit pension plans (refer to Note 22) Judgements In the process of applying the Group\u2019s accounting policies, management has made the following judgements, apart from those involving estimations as described above, which have the most significant effect on the amounts recognised in the consolidated financial statements: \u2022 Joint arrangements (refer to Note 16) Critical accounting estimates Determining whether goodwill or indefinite-lived intangible assets are impaired requires an estimation of the value-in-use of the cash-generating units to which they have been allocated in order to determine the recoverable amount of the cash\u2011generating units. The value\u2011in\u2011use calculation requires the Group to estimate the future cash flows expected to arise from the cash-generating unit, discounted at an appropriate rate. Estimating the discounted future cash flows involves a significant degree of uncertainty. The value-in-use estimation is sensitive to the discount rate used as well as the perpetuity growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different cash-generating units, including a sensitivity analysis where possible changes to these key assumptions could eliminate the remaining headroom, are disclosed and further explained below under \u2018Annual impairment test for goodwill and other indefinite-lived intangible assets\u2019 section. Critical accounting judgements The Group participates in several joint arrangements. Judgement is required in order to determine their classification as a joint venture where the Group has rights to the net assets of the arrangement, or a joint operation where the Group has rights to the assets and obligations for the liabilities of the arrangement. In making this judgement, consideration is given to the legal form of the arrangement, and the contractual terms and conditions, as well as other facts and circumstances (including the economic rationale of the arrangement and the impact of the legal framework). Critical accounting estimates The Group provides defined benefit pension plans as an employee benefit in certain territories. Determining the value of these plans requires several actuarial assumptions and estimates that may differ from actual developments in the future. These include the determination of the discount rates, rate of compensation increases, rate of pension increases and life expectancy of pensioners at the age of 65. Due to the long\u2011term nature of these plans, such estimates are subject to significant uncertainty. Details on the key assumptions used and a sensitivity analysis regarding the impact of reasonably possible changes in key assumptions on the defined benefit obligation are further presented below. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-580": {
"value": "6. Russia\u2011Ukraine conflict impact 6.1. Exceptional items related to Russia\u2011Ukraine conflict The conflict between Russia and Ukraine has affected the Group\u2019s business in those countries resulting in significant non-recurring costs. More specifically, the Group has incurred significant net impairment losses for property, plant and equipment, intangible assets and equity method investments in Russia. These items have been presented in a separate line \u2018Exceptional items related to Russia\u2011Ukraine conflict\u2019 in the consolidated income statement, to provide users with enhanced visibility over these items, considering their materiality. The exceptional items related to the Russia-Ukraine conflict for 2022 can be summarised as follows: Impairment losses \u20ac million Reversals of impairment losses \u20ac million Net impairment losses \u20ac million Recoverability of individual assets in Russia1 102.1 (42.8) 59.3 Recoverability of the Russian cash-generating unit: Goodwill 13.7 \u2013 13.7 Property, plant and equipment 15.0 (13.4) 1.6 Recoverability of equity method investments 52.8 \u2013 52.8 Exceptional items related to Russia-Ukraine conflict 183.6 (56.2) 127.4 1. References to Russia, Russian operation or Russian cash\u2011generating unit in this Note relate to Multon Partners LLC (formerly LLC Coca\u2011Cola HBC Eurasia), the Group\u2019s bottler in Russia. a) Operations in Russia Recoverability of individual assets in Russia The Coca-Cola Company announced in March 2022 the suspension of its business in Russia, following the Russia-Ukraine conflict. In response to this decision, the Group implemented a restructuring plan in connection with its Russian operation and transitioned to a self\u2011sufficient business model focusing on local brands. This resulted in pre\u2011tax impairment losses related to buildings, production and cold drink equipment of \u20ac102.1 million during the first half of 2022, that were recorded based on a value\u2011in\u2011use exercise, reported in line \u2018Exceptional items related to Russia\u2011Ukraine conflict\u2019 of the condensed consolidated interim income statement and included under Emerging markets for segmental reporting purposes. Following June 2022, whilst uncertainty levels remain high in Russia, the Group experienced more stable market conditions and demand than initially anticipated. As a result, an updated value\u2011in\u2011use exercise was performed for the Russian operation\u2019s property, plant and equipment, which resulted in a partial reversal of pre-tax impairment losses recognised during the first half of 2022, amounting to \u20ac42.8 million, considering also foreign currency translation impact. Net impairment losses amounted to \u20ac59.3 million for 2022, relating to buildings, production and cold drink equipment, which were reported in line \u2018Exceptional items related to Russia\u2011Ukraine conflict\u2019 of the consolidated income statement and included under Emerging markets for segmental reporting purposes. Following this, property, plant and equipment of the Russian operation, represented approximately 8% of the Group\u2019s total property, plant and equipment as at 31 December 2022. Recoverability of the Russian cash-generating unit During the first half of 2022, the Group experienced worsening macroeconomic factors in Russia, as sanctions and other regulations had an adverse impact in the country\u2019s economic environment, resulting in a material deterioration of the discount rate used to determine the recoverable amount of the Group\u2019s Russian cash-generating unit. The Group performed an interim impairment test of the Russian cash-generating unit\u2019s recoverable amount, including goodwill, in June 2022 as part of its condensed consolidated interim financial statements. As part of that exercise, the recoverable amount was determined based on value-in-use calculations consistent with those performed under the 2021 annual impairment test methodology, updated to consider management\u2019s revised best estimates of cash flow forecasts and a higher discount rate, reflective of the macroeconomic uncertainty in Russia. This exercise resulted in pre-tax impairment losses for goodwill and property, plant and equipment of \u20ac13.7 million and \u20ac15.0 million respectively, which were recorded in line \u2018Exceptional items related to Russia-Ukraine conflict\u2019 of the condensed consolidated interim income statement and included under Emerging markets for segmental reporting purposes. Considering the relevant uncertainty in connection with its new business model in Russia and volatility in the market, the Group updated the impairment test of its Russian cash-generating unit\u2019s recoverable amount based on value-in-use calculations consistent with its 2022 annual impairment test methodology (refer to Note 14), using management\u2019s updated best estimates of cash flow forecasts taking into account the actual performance of the new business in the year and relevant market developments as described above. The recoverable amount of the Russian cash-generating unit resulting from this exercise amounted to approximately \u20ac1.1 billion as at 31 December 2022. In the context of this exercise, it was identified that the recoverable amount exceeded the carrying amount of the Russian cash-generating unit, resulting in the reversal of \u20ac13.4 million of pre-tax impairment losses of property, plant and equipment recognised in June 2022, considering also foreign currency translation impact. The reversal of the impairment charge was accordingly recorded in line \u2018Exceptional items related to Russia-Ukraine conflict\u2019 in the consolidated income statement and included under Emerging markets for segmental reporting purposes. The following table sets out the key assumptions used in the impairment assessment of the Russian cash-generating unit for 2022 and 2021, as well as 2022 interim results: 2022 2022 interim 2021 Growth rate in perpetuity 4.0% 4.0% 3.0% Post-tax discount rate 14.9% 26.5% 6.5% Growth rate in perpetuity is in line with management\u2019s expectation regarding industry growth in the country. The Group applied post-tax discount rates to post-tax cash flows, as the valuation calculated using this method closely approximates to applying pre-tax discount rates to pre-tax cash flows. Relevant pre-tax discount rates are presented below: 2022 2022 interim 2021 Pre-tax discount rate 18.3% 29.2% 7.7% 6. Russia\u2011Ukraine conflict impact continued The increase in discount rate used in the 2022 interim results compared to 2021, was mainly driven by higher bond yield spreads due to fears of potential default of Russia\u2019s debt, on the back of the imposed sanctions, which subsided in the second half of the year, thus resulting in a lower discount rate for 2022 compared to the first half of the year; however, still higher than 2021. Recoverability of equity method investments The impact of the Russia-Ukraine conflict on the macroeconomic environment of Russia as described above, was also considered an impairment indicator by the Group under IAS 36 \u2018Impairment of assets\u2019, in connection with its integral, joint venture investment in Multon A.O. group of companies (\u2018Multon\u2019). Multon is engaged in the production and distribution of juices in Russia and was jointly controlled by the Group and The Coca-Cola Company. The Group performed an interim impairment test in connection with its investment in Multon in June 2022 as part of its condensed consolidated interim financial statements. The recoverable amount of the investment was determined based on a fair value exercise, considering management\u2019s best estimates of cash flow forecasts for a discrete period of five years. Cash flows beyond the five-year period were extrapolated using the following estimated growth and discount rates: 2022 interim Growth rate in perpetuity 4.0% Post-tax rate 28.6% The recoverable amount of the Group\u2019s investment in Multon resulting from this exercise, which was classified as a Level 3 fair value measurement, amounted to \u20ac174.2 million. This resulted in a pre-tax impairment loss of \u20ac52.8 million, which was recorded in line \u2018Exceptional items related to Russia\u2011Ukraine conflict\u2019 in the consolidated income statement and included under Emerging markets for segmental reporting purposes. In August 2022, The Coca\u2011Cola Company unilaterally waived certain of its governance rights in connection with its 50% interest in Multon. Following this waiver and considering the criteria set out in IFRS 10 \u2018Consolidated financial statements\u2019, the Group has concluded that it controls Multon and has been accordingly consolidating its financial performance effective from 11 August 2022 (refer to Note 24). b) Operations in Ukraine As a result of the Russia\u2011Ukraine conflict, operations of the Group\u2019s Ukrainian subsidiary were temporarily suspended for the period March\u2011April 2022. During May 2022, the Group resumed production and distribution of products in Ukraine, where safe to do so. Non-current assets of Ukraine represented approximately 1% of the Group\u2019s total non\u2011current assets as at 31 December 2022. An impairment test of the Ukrainian cash\u2011generating unit, based on a value\u2011in\u2011use exercise consistent with the Group\u2019s annual impairment testing methodology was performed both for the purposes of the Group\u2019s condensed consolidated interim financial statements and consolidated financial statements for 2022, as it was considered that, whilst operations have resumed, significant changes in the relevant market with an adverse effect on the cash\u2011generating unit had taken place during the period. No impairment was identified as a result of this impairment testing. The Group\u2019s carrying amount of goodwill and other indefinite-lived intangibles for its Ukrainian cash-generating unit was \u20acnil as at 31 December 2022 and 2021. An amount of \u20ac4.4 million losses directly attributable to the Russia\u2011Ukraine conflict, primarily related to inventory and property, plant and equipment write\u2011offs, have been incurred by the Group\u2019s Ukrainian subsidiary during 2022, of which \u20ac3.3 million have been recorded in line \u2018Operating expenses (excluding exceptional items related to Russia\u2011Ukraine conflict)\u2019 and \u20ac1.1 million in line \u2018Cost of goods sold\u2019 of the consolidated income statement. 6.2. Foreign\u2011currency risk The Group is exposed to the effect of foreign currency risk on future transactions, recognised monetary assets and liabilities that are denominated in currencies other than the local entity\u2019s functional currency, as well as net investments in foreign operations. The Group actively manages its foreign currency risk as described in Note 25 \u2018Financial risk management and financial instruments\u2019. The Russia\u2011Ukraine conflict has, among other things, resulted in increased volatility in currency markets, especially in connection with the Russian Rouble. The following tables present details of the Group\u2019s sensitivity to reasonably possible increases and decreases in the Euro and US Dollar against the Russian Rouble and Ukrainian Hryvnia. In determining reasonably possible changes, the historical volatility over a 12-month period of the respective foreign currencies in relation to the Euro and US Dollar has been considered. The sensitivity analysis determines the potential gains and losses in the income statement or equity arising from the Group\u2019s foreign exchange positions as a result of the corresponding percentage increases and decreases in the Group\u2019s main foreign currencies relative to the Euro and the US Dollar. The sensitivity analysis includes outstanding foreign-currency-denominated monetary items, external loans and loans between operations within the Group where the denomination of the loan is in a currency other than the functional currency of the local entity. 2022 exchange risk sensitivity to reasonably possible changes in Euro against Russian Rouble and Ukrainian Hryvnia Euro strengthens against local currency Euro weakens against local currency % historical volatility over a 12-month period (Gain)/loss in income statement \u20ac million (Gain)/loss in equity \u20ac million Loss/(gain) in income statement \u20ac million Loss/(gain) in equity \u20ac million Russian Rouble 54.5% (9.4) (0.1) 31.9 0.2 Ukrainian Hryvnia 12.5% 2.9 \u2013 (3.8) \u2013 2022 exchange risk sensitivity to reasonably possible changes in US Dollar against Russian Rouble and Ukrainian Hryvnia US Dollar strengthens against local currency US Dollar weakens against local currency % historical volatility over a 12-month period (Gain)/loss in income statement \u20ac million (Gain)/loss in equity \u20ac million Loss/(gain) in income statement \u20ac million Loss/(gain) in equity \u20ac million Russian Rouble 53.0% (18.7) \u2013 61.0 \u2013 Ukrainian Hryvnia 4.1% (0.1) \u2013 0.1 \u2013 6. Russia\u2011Ukraine conflict impact continued 6.3. Other topics As a result of sanctions and other regulations implemented in 2022, there have been changes in required regulatory approvals, potentially impacting the transfer and usage of cash outside of Russia. Cash and cash equivalents held by the Group\u2019s operations in Russia (including Multon) amounted to \u20ac155.3 million equivalent in Russian Rouble, US Dollar and Euro as at 31 December 2022. The aforementioned changes restrict the usage of cash held in Russia outside the country, however they are not expected to have a material impact on the Group\u2019s liquidity, as the cash and cash equivalents held in Russia are expected to be used in the forthcoming financial periods primarily for working capital purposes in the Russian operations. The Group is continuously monitoring performance of its Russian and Ukrainian operations as well as the developments in the region, to ensure timely actions and initiatives are undertaken to minimise potential adverse impact for the Group",
"dimensions": {
"concept": "cocacolahbcag:RussiaUkraineConflictImpact",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-612": {
"value": "6.1. Exceptional items related to Russia\u2011Ukraine conflict The conflict between Russia and Ukraine has affected the Group\u2019s business in those countries resulting in significant non-recurring costs. More specifically, the Group has incurred significant net impairment losses for property, plant and equipment, intangible assets and equity method investments in Russia. These items have been presented in a separate line \u2018Exceptional items related to Russia\u2011Ukraine conflict\u2019 in the consolidated income statement, to provide users with enhanced visibility over these items, considering their materiality. The exceptional items related to the Russia-Ukraine conflict for 2022 can be summarised as follows: Impairment losses \u20ac million Reversals of impairment losses \u20ac million Net impairment losses \u20ac million Recoverability of individual assets in Russia1 102.1 (42.8) 59.3 Recoverability of the Russian cash-generating unit: Goodwill 13.7 \u2013 13.7 Property, plant and equipment 15.0 (13.4) 1.6 Recoverability of equity method investments 52.8 \u2013 52.8 Exceptional items related to Russia-Ukraine conflict 183.6 (56.2) 127.4 1. References to Russia, Russian operation or Russian cash\u2011generating unit in this Note relate to Multon Partners LLC (formerly LLC Coca\u2011Cola HBC Eurasia), the Group\u2019s bottler in Russia. a) Operations in Russia Recoverability of individual assets in Russia The Coca-Cola Company announced in March 2022 the suspension of its business in Russia, following the Russia-Ukraine conflict. In response to this decision, the Group implemented a restructuring plan in connection with its Russian operation and transitioned to a self\u2011sufficient business model focusing on local brands. This resulted in pre\u2011tax impairment losses related to buildings, production and cold drink equipment of \u20ac102.1 million during the first half of 2022, that were recorded based on a value\u2011in\u2011use exercise, reported in line \u2018Exceptional items related to Russia\u2011Ukraine conflict\u2019 of the condensed consolidated interim income statement and included under Emerging markets for segmental reporting purposes. Following June 2022, whilst uncertainty levels remain high in Russia, the Group experienced more stable market conditions and demand than initially anticipated. As a result, an updated value\u2011in\u2011use exercise was performed for the Russian operation\u2019s property, plant and equipment, which resulted in a partial reversal of pre-tax impairment losses recognised during the first half of 2022, amounting to \u20ac42.8 million, considering also foreign currency translation impact. Net impairment losses amounted to \u20ac59.3 million for 2022, relating to buildings, production and cold drink equipment, which were reported in line \u2018Exceptional items related to Russia\u2011Ukraine conflict\u2019 of the consolidated income statement and included under Emerging markets for segmental reporting purposes. Following this, property, plant and equipment of the Russian operation, represented approximately 8% of the Group\u2019s total property, plant and equipment as at 31 December 2022. Recoverability of the Russian cash-generating unit During the first half of 2022, the Group experienced worsening macroeconomic factors in Russia, as sanctions and other regulations had an adverse impact in the country\u2019s economic environment, resulting in a material deterioration of the discount rate used to determine the recoverable amount of the Group\u2019s Russian cash-generating unit. The Group performed an interim impairment test of the Russian cash-generating unit\u2019s recoverable amount, including goodwill, in June 2022 as part of its condensed consolidated interim financial statements. As part of that exercise, the recoverable amount was determined based on value-in-use calculations consistent with those performed under the 2021 annual impairment test methodology, updated to consider management\u2019s revised best estimates of cash flow forecasts and a higher discount rate, reflective of the macroeconomic uncertainty in Russia. This exercise resulted in pre-tax impairment losses for goodwill and property, plant and equipment of \u20ac13.7 million and \u20ac15.0 million respectively, which were recorded in line \u2018Exceptional items related to Russia-Ukraine conflict\u2019 of the condensed consolidated interim income statement and included under Emerging markets for segmental reporting purposes. Considering the relevant uncertainty in connection with its new business model in Russia and volatility in the market, the Group updated the impairment test of its Russian cash-generating unit\u2019s recoverable amount based on value-in-use calculations consistent with its 2022 annual impairment test methodology (refer to Note 14), using management\u2019s updated best estimates of cash flow forecasts taking into account the actual performance of the new business in the year and relevant market developments as described above. The recoverable amount of the Russian cash-generating unit resulting from this exercise amounted to approximately \u20ac1.1 billion as at 31 December 2022. In the context of this exercise, it was identified that the recoverable amount exceeded the carrying amount of the Russian cash-generating unit, resulting in the reversal of \u20ac13.4 million of pre-tax impairment losses of property, plant and equipment recognised in June 2022, considering also foreign currency translation impact. The reversal of the impairment charge was accordingly recorded in line \u2018Exceptional items related to Russia-Ukraine conflict\u2019 in the consolidated income statement and included under Emerging markets for segmental reporting purposes. The following table sets out the key assumptions used in the impairment assessment of the Russian cash-generating unit for 2022 and 2021, as well as 2022 interim results: 2022 2022 interim 2021 Growth rate in perpetuity 4.0% 4.0% 3.0% Post-tax discount rate 14.9% 26.5% 6.5% Growth rate in perpetuity is in line with management\u2019s expectation regarding industry growth in the country. The Group applied post-tax discount rates to post-tax cash flows, as the valuation calculated using this method closely approximates to applying pre-tax discount rates to pre-tax cash flows. Relevant pre-tax discount rates are presented below: 2022 2022 interim 2021 Pre-tax discount rate 18.3% 29.2% 7.7% 6. Russia\u2011Ukraine conflict impact continued The increase in discount rate used in the 2022 interim results compared to 2021, was mainly driven by higher bond yield spreads due to fears of potential default of Russia\u2019s debt, on the back of the imposed sanctions, which subsided in the second half of the year, thus resulting in a lower discount rate for 2022 compared to the first half of the year; however, still higher than 2021. Recoverability of equity method investments The impact of the Russia-Ukraine conflict on the macroeconomic environment of Russia as described above, was also considered an impairment indicator by the Group under IAS 36 \u2018Impairment of assets\u2019, in connection with its integral, joint venture investment in Multon A.O. group of companies (\u2018Multon\u2019). Multon is engaged in the production and distribution of juices in Russia and was jointly controlled by the Group and The Coca-Cola Company. The Group performed an interim impairment test in connection with its investment in Multon in June 2022 as part of its condensed consolidated interim financial statements. The recoverable amount of the investment was determined based on a fair value exercise, considering management\u2019s best estimates of cash flow forecasts for a discrete period of five years. Cash flows beyond the five-year period were extrapolated using the following estimated growth and discount rates: 2022 interim Growth rate in perpetuity 4.0% Post-tax rate 28.6% The recoverable amount of the Group\u2019s investment in Multon resulting from this exercise, which was classified as a Level 3 fair value measurement, amounted to \u20ac174.2 million. This resulted in a pre-tax impairment loss of \u20ac52.8 million, which was recorded in line \u2018Exceptional items related to Russia\u2011Ukraine conflict\u2019 in the consolidated income statement and included under Emerging markets for segmental reporting purposes. In August 2022, The Coca\u2011Cola Company unilaterally waived certain of its governance rights in connection with its 50% interest in Multon. Following this waiver and considering the criteria set out in IFRS 10 \u2018Consolidated financial statements\u2019, the Group has concluded that it controls Multon and has been accordingly consolidating its financial performance effective from 11 August 2022 (refer to Note 24). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-614": {
"value": "6. Russia\u2011Ukraine conflict impact continued
6.3. Other topics
As a result of sanctions and other regulations implemented in 2022, there have been changes in
required regulatory approvals, potentially impacting the transfer and usage of cash outside of Russia.
Cash and cash equivalents held by the Group\u2019s operations in Russia (including Multon) amounted to
\u20ac155.3 million equivalent in Russian Rouble, US Dollar and Euro as at 31 December 2022. The
aforementioned changes restrict the usage of cash held in Russia outside the country, however they
are not expected to have a material impact on the Group\u2019s liquidity, as the cash and cash equivalents
held in Russia are expected to be used in the forthcoming financial periods primarily for working capital
purposes in the Russian operations.
The Group is continuously monitoring performance of its Russian and Ukrainian operations as well as
the developments in the region, to ensure timely actions and initiatives are undertaken to minimise
potential adverse impact for the Group.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-581": {
"value": "7. Segmental analysis The Group has essentially one business, being the production, sale and distribution of ready-to-drink, primarily non\u2011alcoholic, beverages. The Group operates in 29 countries, which are aggregated in reportable segments as follows: Established markets Austria, Cyprus, Greece, Italy, Northern Ireland, the Republic of Ireland and Switzerland. Developing markets Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia. Emerging markets Armenia, Belarus, Bosnia and Herzegovina, Bulgaria, Egypt, Moldova, Montenegro, Nigeria, North Macedonia, Romania, the Russian Federation, Serbia (including the Republic of Kosovo) and Ukraine. The Group\u2019s operations in each of the three reportable segments have been aggregated on the basi s of their similar economic characteristics, assessed by reference to their net sales revenue per unit cas e as well as disposable income per capita, exposure to political and economic volatility, regulator y environments, customers and distribution infrastructures. The accounting policies of the reportabl e segments are the same as those adopted by the Group. The Group\u2019s chief operating decision make r is its Executive Leadership Team, which evaluates performance and allocates resources based o n volume, net sales revenue and operating profit. a) Volume and net sales revenue The Group\u2019s sales volume in million unit cases 1 for the years ended 31 December was as follows: 2022 2021 Established 643.9 589.9 Developing 478.8 415.5 Emerging 1,589.1 1,407.3 Total volume 2,711.8 2,412.7 1. One unit case corresponds to approximately 5.678 litres or 24 servings, being a typically used measure of volume. For premium spirits volume, one unit case also corresponds to 5.678 litres. For biscuits volume, one unit case corresponds to 1 kilogram. For coffe e volume, one unit case corresponds to 0.5 kilograms or 5.678 litres. Volume data is derived from unaudited operational data. Net sales revenue per reportable segment for the years ended 31 December is presented in th e graphs below: \u20ac2,479.0m \u20ac1,365.6m \u20ac3,323.8m Established Developing Emerging \u20ac2,974.1 \u20ac1,719.7 \u20ac4,504.6 Established Developing Emerging 2022 \u20ac9,198.4 million 2021 \u20ac7,168.4 million 7. Segmental analysis continued Sales or transfers between the Group\u2019s segments are not material, nor are there any customers who represent more than 10% of net sales revenue for the Group. In addition to non\u2011alcoholic, ready\u2011to\u2011drink beverages and coffee (\u2018NARTD\u2019), the Group sells and distributes premium spirits. An analysis of volume and net sales revenue per product type for the years ended 31 December is presented below: Volume in million unit cases 1: 2022 2021 NARTD 2,708.4 2,409.3 Premium spirits 3.4 3.4 Total volume 2,711.8 2,412.7 Net sales revenue in \u20ac million: NARTD 8,956.0 6,944.5 Premium spirits 242.4 223.9 Total net sales revenue 9,198.4 7,168.4 1. One unit case corresponds to approximately 5.678 litres or 24 servings, being a typically used measure of volume. For premium spirits volume, one unit case also corresponds to 5.678 litres. For biscuits volume, one unit case corresponds to 1 kilogram. For coffee volume, one unit case corresponds to 0.5 kilograms or 5.678 litres. Volume data is derived from unaudited operational data. Net sales revenue from external customers attributed to Switzerland (the Group\u2019s country of domicile), the Russian Federation, Italy and Nigeria was as follows for the years ended 31 December: 2022 \u20ac million 2021 \u20ac million Switzerland 426.7 354.3 Russian Federation 2 1,103.2 953.3 Italy 1,096.1 901.6 Nigeria 989.4 702.0 All countries other than Switzerland, the Russian Federation, Italy and Nigeria 5,583.0 4,257.2 Total net sales revenue from external customers 9,198.4 7,168.4 2. Net sales revenue from external customers for 2022 includes Multon, the Group\u2019s juice business in Russia, for the period from 11 August 2022 to 31 December 2022 (refer to Note 24). b) Other income statement items Year ended 31 December Note 2022 \u20ac million 2021 \u20ac million Operating profit: Established 310.4 285.6 Developing 113.1 104.7 Emerging 280.3 409.0 Total operating profit 703.8 799.3 Finance costs: Established (15.6) (17.7) Developing (18.1) (7.9) Emerging (55.0) (15.0) Corporate\u00b3 (118.7) (120.1) Inter-segment finance cost 111.5 87.8 Total finance costs 10 (95.9) (72.9) Finance income: Established 2.4 1.2 Developing 1.0 0.5 Emerging 19.0 9.7 Corporate\u00b3 102.3 81.7 Inter-segment finance income (111.5) (87.8) Total finance income 10 13.2 5.3 Income tax expense: Established (75.7) (57.6) Developing (28.5) (10.6) Emerging (80.5) (91.1) Corporate3 (23.3) (28.1) Total income tax expense 11 (208.0) (187.4) Reconciling items: Share of results of non-integral equity method investments 16 2.5 3.2 Profit after tax 415.6 547.5 3. Corporate refers to holding, finance and other non-operating subsidiaries of the Group. 7. Segmental analysis continued
Depreciation and impairment of property, plant and equipment and amortisation and impairment
of intangible assets included in the measure of operating profit are as follows:
Note
2022
\u20ac million
2021
\u20ac million
Depreciation and impairment of property, plant and equipment:
Established (96.4) (92.1)
Developing (57.8) (54.1)
Emerging (330.7) (190.1)
Total depreciation and impairment of property,
plant and equipment 15 (484.9) (336.3)
Amortisation and impairment of intangible assets:
Developing (0.6) (0.3)
Emerging (14.5) (0.7)
Total amortisation and impairment of intangible assets 14 (15.1) (1.0)
c) Other items
The balance of non-current assets
1
attributed to Switzerland (the Group\u2019s country of domicile), Egypt,
Italy and Nigeria was as follows for the years ended 31 December:
2022
\u20ac million
2021
\u20ac million
Switzerland 596.0 557.5
Egypt 615.7 \u2013
Italy 1,137.4 1,082.3
Nigeria 744.7 642.1
All countries other than Switzerland, Egypt, Italy and Nigeria 2,946.0 2,984.8
Total non-current assets
1
6,039.8 5,266.7
1. Excluding other financial assets, deferred tax assets, pension plan assets and trade and loans receivable.
Expenditure on property, plant and equipment per reportable segment was as follows for the years
ended 31 December:
2022
\u20ac million
2021
\u20ac million
Established 154.1 104.7
Developing 75.7 89.5
Emerging
2
302.0 319.4
Total expenditure on property, plant and equipment 531.8 513.6
2. Expenditure on property, plant and equipment for 2022 includes \u20ac8.4 million (2021: \u20ac7.1 million) relating to repayment of borrowings
undertaken to finance the purchase of production equipment by the Group\u2019s subsidiary in Nigeria, classified as \u2018Repayment of
borrowings\u2019 in the consolidated cash flow statement.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-613": {
"value": "The Group\u2019s operations in each of the three reportable segments have been aggregated on the basi s
of their similar economic characteristics, assessed by reference to their net sales revenue per unit cas e
as well as disposable income per capita, exposure to political and economic volatility, regulator y
environments, customers and distribution infrastructures. The accounting policies of the reportabl e
segments are the same as those adopted by the Group. The Group\u2019s chief operating decision make r
is its Executive Leadership Team, which evaluates performance and allocates resources based o n
volume, net sales revenue and operating profit.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-38": {
"value": "Switzerland",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-39": {
"value": "Switzerland ",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-582": {
"value": "8. Net sales revenue
Accounting policy
The Group essentially produces, sells and distributes ready-to-drink, primarily non-alcoholic,
beverages. Under IFRS 15 \u2018Revenue from contracts with customers\u2019 the Group recognises revenue
when control of the products is transferred, being when the products are delivered to the customer.
Net sales revenue is measured at the fair value of the consideration received or receivable and
is stated net of sales discounts and consideration paid to customers. These mainly take the
form of promotional incentives and are amortised over the terms of the related contracts as a
deduction in revenue.
The Group provides volume rebates to customers once the quantity of goods purchased during
the period exceeds a threshold specified in the contract. To estimate the variable consideration
for the expected future rebates the Group uses the most likely amount method and the amount is
recognised in net sales revenue only to the extent that it is highly probable that a significant reversal
in the amount of cumulative revenue recognised will not occur when the uncertainty associated with
the variable consideration is subsequently resolved.
A contract liability is recognised if a payment is received or a payment is due (whichever is earlier)
from a customer before the Group transfers the related goods. Contract liabilities are recognised
as revenue when the Group performs under the contract (i.e., transfers control of the related goods
to the customer).
Net sales revenue includes excise and other duties where the Group acts as a principal but excludes
amounts collected by third parties such as value-added taxes as these are not included in the
transaction price. The Group assesses these taxes and duties on a jurisdiction\u2011by\u2011jurisdiction basis
to conclude on the appropriate accounting treatment.
Revenue recognised in 2022 that was included in the contract liability balance at the beginning of the
year amounted to \u20ac11.6 million (2021: \u20ac10.4 million). For contract liabilities as at 31 December 2022
and 2021, refer to Note 21.
For an analysis of net sales revenue per reportable segment, refer to Note 7.
For the contributions received from The Coca-Cola Company, which are offset against consideration
paid to customers, refer to Note 28.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-615": {
"value": "8. Net sales revenue Accounting policy The Group essentially produces, sells and distributes ready-to-drink, primarily non-alcoholic, beverages. Under IFRS 15 \u2018Revenue from contracts with customers\u2019 the Group recognises revenue when control of the products is transferred, being when the products are delivered to the customer. Net sales revenue is measured at the fair value of the consideration received or receivable and is stated net of sales discounts and consideration paid to customers. These mainly take the form of promotional incentives and are amortised over the terms of the related contracts as a deduction in revenue. The Group provides volume rebates to customers once the quantity of goods purchased during the period exceeds a threshold specified in the contract. To estimate the variable consideration for the expected future rebates the Group uses the most likely amount method and the amount is recognised in net sales revenue only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved. A contract liability is recognised if a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related goods. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e., transfers control of the related goods to the customer). Net sales revenue includes excise and other duties where the Group acts as a principal but excludes amounts collected by third parties such as value-added taxes as these are not included in the transaction price. The Group assesses these taxes and duties on a jurisdiction\u2011by\u2011jurisdiction basis to conclude on the appropriate accounting treatment. Revenue recognised in 2022 that was included in the contract liability balance at the beginning of the year amounted to \u20ac11.6 million (2021: \u20ac10.4 million). For contract liabilities as at 31 December 2022 and 2021, refer to Note 21. For an analysis of net sales revenue per reportable segment, refer to Note 7. For the contributions received from The Coca-Cola Company, which are offset against consideration paid to customers, refer to Note 28. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-543": {
"value": "Accounting policy The Group essentially produces, sells and distributes ready-to-drink, primarily non-alcoholic, beverages. Under IFRS 15 \u2018Revenue from contracts with customers\u2019 the Group recognises revenue when control of the products is transferred, being when the products are delivered to the customer. Net sales revenue is measured at the fair value of the consideration received or receivable and is stated net of sales discounts and consideration paid to customers. These mainly take the form of promotional incentives and are amortised over the terms of the related contracts as a deduction in revenue. The Group provides volume rebates to customers once the quantity of goods purchased during the period exceeds a threshold specified in the contract. To estimate the variable consideration for the expected future rebates the Group uses the most likely amount method and the amount is recognised in net sales revenue only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved. A contract liability is recognised if a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related goods. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e., transfers control of the related goods to the customer). Net sales revenue includes excise and other duties where the Group acts as a principal but excludes amounts collected by third parties such as value-added taxes as these are not included in the transaction price. The Group assesses these taxes and duties on a jurisdiction\u2011by\u2011jurisdiction basis to conclude on the appropriate accounting treatment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-583": {
"value": "9. Operating expenses Operating expenses for the year ended 31 December comprised: 2022 \u20ac million 2021 \u20ac million Selling expenses 1,045.7 879.1 Delivery expenses 698.8 533.0 Administrative expenses 518.5 385.7 Restructuring expenses 11.9 21.2 Acquisition and integration costs (refer to Note 24) 79.7 14.3 Operating expenses (excluding exceptional items related to Russia-Ukraine conflict) 2,354.6 1,833.3 Exceptional items related to Russia\u2011Ukraine conflict (refer to Note 6) 127.4 \u2013 Operating expenses 2,482.0 1,833.3 In 2022, operating expenses included a net loss on disposals of non-current assets of \u20ac1.5 million (2021: \u20ac28.4 million net gain). For the contributions received from The Coca-Cola Company, which are offset against expenses for general marketing programs, refer to Note 28. a) Restructuring expenses Accounting policy Restructuring expenses are recorded in a separate line item within operating expenses and comprise costs arising from significant changes in the way the Group conducts its business such as significant supply chain infrastructure changes, outsourcing of activities and centralisation of processes. Restructuring provisions are recognised only when the Group has a present constructive obligation, which is when a detailed formal plan identifies the business or part of the business concerned, the location, function and number of employees affected, a detailed estimate of the associated costs, and an appropriate timeline, as well as when the employees affected have been notified of the plan\u2019s main features. As part of the effort to optimise its cost base and sustain competitiveness in the marketplace, the Company undertakes restructuring initiatives. The restructuring expenses consist mainly of employees\u2019 termination benefits. Restructuring expenses per reportable segment for the years ended 31 December are presented below: 2022 \u20ac million 2021 \u20ac million Established (6.1) 14.7 Developing (1.5) 3.4 Emerging 19.5 3.1 Total restructuring expenses 11.9 21.2 b) Employee costs Employee costs for the years ended 31 December comprised: 2022 \u20ac million 2021 \u20ac million Wages and salaries 877.6 724.7 Social security costs 163.6 138.3 Pension and other employee benefits 147.6 132.3 Termination benefits 15.1 19.9 Total employee costs 1,203.9 1,015.2 The average number of full\u2011time equivalent employees in 2022 was 33,043 (2021: 26,787). Employee costs for 2022 included in operating expenses and cost of goods sold amounted to \u20ac906.9 million and \u20ac297.0 million respectively (2021: \u20ac766.7 million and \u20ac248.5 million respectively). c) Directors\u2019 and senior management\u2019s remuneration The total remuneration paid or accrued for Directors and the senior management team for the years ended 31 December comprised: 2022 \u20ac million 2021 \u20ac million Salaries and other short-term benefits 19.3 16.3 Performance share awards 8.0 6.4 Pension and post-employment benefits 1.0 0.9 Total remuneration 28.3 23.6 d) Auditor fees Audit and other fees charged in the income statement concerning the auditor of the consolidated financial statements, PricewaterhouseCoopers S.A. and affiliates, were as follows, for the years ended 31 December: 2022 \u20ac million 2021 \u20ac million Audit fees 5.1 4.8 Audit\u2011related fees 1.1 0.7 Total audit and audit-related fees 6.2 5.5 Fees for audit services to firms other than PricewaterhouseCoopers S.A. and affiliates were \u20ac0.7 million for the year ended 31 December 2022 (2021: \u20acnil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-620": {
"value": "2022
\u20ac million
2021
\u20ac million
Selling expenses 1,045.7 879.1
Delivery expenses 698.8 533.0
Administrative expenses 518.5 385.7
Restructuring expenses 11.9 21.2
Acquisition and integration costs (refer to Note 24) 79.7 14.3
Operating expenses (excluding exceptional items related to
Russia-Ukraine conflict) 2,354.6 1,833.3
Exceptional items related to Russia\u2011Ukraine conflict (refer to Note 6) 127.4 \u2013
Operating expenses 2,482.0 1,833.3
In 2022, operating expenses included a net loss on disposals of non-current assets of \u20ac1.5 million
(2021: \u20ac28.4 million net gain).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-616": {
"value": "a) Restructuring expenses Accounting policy Restructuring expenses are recorded in a separate line item within operating expenses and comprise costs arising from significant changes in the way the Group conducts its business such as significant supply chain infrastructure changes, outsourcing of activities and centralisation of processes. Restructuring provisions are recognised only when the Group has a present constructive obligation, which is when a detailed formal plan identifies the business or part of the business concerned, the location, function and number of employees affected, a detailed estimate of the associated costs, and an appropriate timeline, as well as when the employees affected have been notified of the plan\u2019s main features. As part of the effort to optimise its cost base and sustain competitiveness in the marketplace, the Company undertakes restructuring initiatives. The restructuring expenses consist mainly of employees\u2019 termination benefits. Restructuring expenses per reportable segment for the years ended 31 December are presented below: 2022 \u20ac million 2021 \u20ac million Established (6.1) 14.7 Developing (1.5) 3.4 Emerging 19.5 3.1 Total restructuring expenses 11.9 21.2 ",
"dimensions": {
"concept": "cocacolahbcag:DisclosureOfRestructuringExpenses",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-544": {
"value": "Accounting policy
Restructuring expenses are recorded in a separate line item within operating expenses and comprise
costs arising from significant changes in the way the Group conducts its business such as significant
supply chain infrastructure changes, outsourcing of activities and centralisation of processes.
Restructuring provisions are recognised only when the Group has a present constructive obligation,
which is when a detailed formal plan identifies the business or part of the business concerned, the
location, function and number of employees affected, a detailed estimate of the associated costs,
and an appropriate timeline, as well as when the employees affected have been notified of the plan\u2019s
main features.
",
"dimensions": {
"concept": "cocacolahbcag:DescriptionOfAccountingPolicyForRestructuringExpenses",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-617": {
"value": "b) Employee costs
Employee costs for the years ended 31 December comprised:
2022
\u20ac million
2021
\u20ac million
Wages and salaries 877.6 724.7
Social security costs 163.6 138.3
Pension and other employee benefits 147.6 132.3
Termination benefits 15.1 19.9
Total employee costs 1,203.9 1,015.2
Employee costs for 2022 included in operating expenses and cost of goods sold amounted to \u20ac906.9
million and \u20ac297.0 million respectively (2021: \u20ac766.7 million and \u20ac248.5 million respectively).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAttributionOfExpensesByNatureToTheirFunctionExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-621": {
"value": "The average number of full\u2011time equivalent employees in 2022 was 33,043 (2021: 26,787).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-618": {
"value": "c) Directors\u2019 and senior management\u2019s remuneration
The total remuneration paid or accrued for Directors and the senior management team for the years
ended 31 December comprised:
2022
\u20ac million
2021
\u20ac million
Salaries and other short-term benefits 19.3 16.3
Performance share awards 8.0 6.4
Pension and post-employment benefits 1.0 0.9
Total remuneration 28.3 23.6
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-619": {
"value": "d) Auditor fees
Audit and other fees charged in the income statement concerning the auditor of the consolidated
financial statements, PricewaterhouseCoopers S.A. and affiliates, were as follows, for the years ended
31 December:
2022
\u20ac million
2021
\u20ac million
Audit fees 5.1 4.8
Audit\u2011related fees 1.1 0.7
Total audit and audit-related fees 6.2 5.5
Fees for audit services to firms other than PricewaterhouseCoopers S.A. and affiliates were \u20ac0.7 million
for the year ended 31 December 2022 (2021: \u20acnil).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-584": {
"value": "10. Finance costs, net Accounting policy Interest income and interest expense are recognised using the effective interest rate method, and are recorded in the income statement within \u2018Finance income\u2019 and \u2018Finance cost\u2019 respectively. Interest expense includes finance charges with respect to leases, amortisation of the loss on the forward starting swaps and the net impact from swaptions recorded in other comprehensive income (refer to Note 25). Finance costs, net for the years ended 31 December comprised: 2022 \u20ac million 2021 \u20ac million Finance income 13.2 5.3 Interest expense (77.8) (67.1) Other finance costs (2.1) (1.7) Net foreign exchange remeasurement losses (16.0) (4.1) Finance costs (95.9) (72.9) Finance costs, net (82.7) (67.6) Finance income for 2022 and 2021 relates to interest income. Other finance costs include commitment fees on loan facilities (for the part not yet drawn down) and other similar fees. For the interest expense incurred with respect to leases, refer to Note 17. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-545": {
"value": "Accounting policy
Interest income and interest expense are recognised using the effective interest rate method,
and are recorded in the income statement within \u2018Finance income\u2019 and \u2018Finance cost\u2019 respectively.
Interest expense includes finance charges with respect to leases, amortisation of the loss on the
forward starting swaps and the net impact from swaptions recorded in other comprehensive income
(refer to Note 25).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-585": {
"value": "11. Taxation Accounting policy Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or in equity. In this case, the tax is recognised in other comprehensive income or directly in equity. The current income tax expense is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate, on the basis of amounts expected to be paid to the tax authorities. Deferred tax is provided using the liability method for all temporary differences arising between the tax bases of assets and liabilities and their carrying values for financial reporting purposes. However, the deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Tax rates enacted or substantively enacted at the balance sheet date are those that are expected to apply when the deferred tax asset is realised or deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets are recognised for tax losses carried forward to the extent that realisation of the related tax benefit through the reduction of the future taxes is probable. Deferred tax is provided on temporary differences arising on investments in subsidiaries, associates and joint ventures, except where the timing of the reversal of the temporary difference can be controlled by the Group, and it is probable that the temporary difference will not reverse in the foreseeable future. This includes taxation in respect of the retained earnings of overseas subsidiaries only to the extent that, at the balance sheet date, dividends have been accrued as receivable or a binding agreement to distribute past earnings in future periods has been entered into by the subsidiary. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to offset current tax assets against current income tax liabilities and the deferred taxes relate to the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. The income tax charge for the years ended 31 December was as follows: 2022 \u20ac million 2021 \u20ac million Current tax expense 235.6 183.5 Deferred tax (income) / expense (27.6) 3.9 Income tax expense 208.0 187.4 11. Taxation continued The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows: 2022 \u20ac million 2021 \u20ac million Profit before tax 623.6 734.9 Tax calculated at domestic tax rates applicable to profits in the respective countries 162.1 155.7 Additional local taxes in foreign jurisdictions 18.8 13.0 Tax holidays in foreign jurisdictions (0.2) (5.8) Expenses non-deductible for tax purposes 28.6 17.5 Income not subject to tax (3.6) (2.5) Changes in tax laws and rates 0.4 3.1 Movement of accumulated tax losses 2.9 3.2 Movement of deferred tax asset not recognised 0.1 (0.6) Other (1.1) 3.8 Income tax expense 208.0 187.4 Non-deductible expenses for tax purposes include marketing and advertising expenses, service fees, loss allowances on trade receivables, entertainment expenses, certain employee benefits and other items that, partially or in full, are not deductible for tax purposes in certain of the Group\u2019s jurisdictions. The Group is subject to income taxes in numerous jurisdictions. There are many transactions and calculations for which the ultimate tax determination cannot be assessed with certainty in the ordinary course of business. The Group recognises a provision for potential cases that might arise in the foreseeable future based on assessment of the probabilities as to whether additional taxes will be due. Where the final tax outcome on these matters is different from the amounts that were initially recorded, such differences will impact the income tax provision in the period in which such determination is made, however, based on past experience, management expects that any such differences in the next financial year will be immaterial for the Group. The income tax provision amounted to \u20ac67.5 million as at 31 December 2022 (2021: \u20ac52.6 million), of which \u20ac67.2 million (2021: \u20ac52.6 million) are classified in line \u2018Current tax liabilities\u2019 and \u20ac0.3 million (2021: \u20acnil) in line \u2018Current tax assets\u2019 of the consolidated balance sheet. The income tax provision per reportable segment for the years ended 31 December was as follows: 2022 \u20ac million 2021 \u20ac million Established 18.2 16.8 Developing 14.3 4.9 Emerging 25.4 21.5 Corporate1 9.6 9.4 Total income tax provision 67.5 52.6 1. Corporate refers to holding, finance and other non-operating subsidiaries of the Group . Deferred tax assets and liabilities presented in the consolidated balance sheet as at 31 December can be further analysed as follows: Deferred tax assets: 2022 \u20ac million 2021 \u20ac million To be recovered after 12 months 62.6 32.9 To be recovered within 12 months 73.7 71.5 Gross deferred tax assets 136.3 104.4 Offset of deferred tax (98.8) (73.4) Net deferred tax assets 37.5 31.0 Deferred tax liabilities: To be recovered after 12 months (339.6) (255.0) To be recovered within 12 months (23.8) (16.1) Gross deferred tax liabilities (363.4) (271.1) Offset of deferred tax 98.8 73.4 Net deferred tax liabilities (264.6) (197.7) A reconciliation of net deferred tax is presented below: 2022 \u20ac million 2021 \u20ac million As at 1 January (166.7) (147.4) Taken to the income statement 27.6 (3.9) Arising from business combinations (refer to Note 24) (128.1) \u2013 Taken to other comprehensive income (2.1) (15.6) Taken directly to equity 9.9 4.1 Foreign currency translation 32.3 (3.9) As at 31 December (227.1) (166.7) 11. Taxation continued The movements in deferred tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction where applicable, are as follows: Deferred tax assets Provisions \u20ac million Pensions and benefit plans \u20ac million Tax losses carry-forward \u20ac million Book in excess of tax depreciation \u20ac million Leasing \u20ac million Other deferred tax assets \u20ac million Total \u20ac million As at 1 January 2021 28.4 16.1 1.9 5.7 26.5 23.6 102.2 Taken to the income statement 4.4 (5.5) (0.1) (0.6) (2.8) 7.4 2.8 Taken to other comprehensive income \u2013 0.6 \u2013 \u2013 \u2013 (0.5) 0.1 Transfers between assets/liabilities \u2013 \u2013 \u2013 (1.7) \u2013 \u2013 (1.7) Foreign currency translation 0.7 0.1 \u2013 \u2013 0.1 0.1 1.0 As at 31 December 2021 33.5 11.3 1.8 3.4 23.8 30.6 104.4 Taken to the income statement 7.8 1.5 10.0 2.5 6.6 6.8 35.2 Arising from business combinations (refer to Note 24) 0.1 \u2013 \u2013 \u2013 0.5 10.6 11.2 Taken to other comprehensive income \u2013 (2.0) \u2013 \u2013 \u2013 0.7 (1.3) Transfers between assets/liabilities \u2013 0.1 \u2013 \u2013 \u2013 (5.1) (5.0) Foreign currency translation (0.6) (0.1) (5.2) (0.4) (0.3) (1.6) (8.2) As at 31 December 2022 40.8 10.8 6.6 5.5 30.6 42.0 136.3 Deferred tax liabilities Tax in excess of book depreciation \u20ac million Derivative instruments \u20ac million Other deferred tax liabilities \u20ac million Total \u20ac million As at 1 January 2021 (232.8) (1.4) (15.4) (249.6) Taken to the income statement (14.5) 2.1 5.7 (6.7) Taken to other comprehensive income \u2013 (9.0) (6.7) (15.7) Taken directly to equity \u2013 4.1 \u2013 4.1 Transfers between assets/liabilities 1.7 \u2013 \u2013 1.7 Foreign currency translation (3.8) \u2013 (1.1) (4.9) As at 31 December 2021 (249.4) (4.2) (17.5) (271.1) Taken to the income statement 19.8 (3.3) (24.1) (7.6) Arising from business combinations (refer to Note 24) (137.7) (0.7) (0.9) (139.3) Taken to other comprehensive income \u2013 (4.6) 3.8 (0.8) Taken directly to equity \u2013 9.9 \u2013 9.9 Transfers between assets/liabilities \u2013 \u2013 5.0 5.0 Foreign currency translation 34.5 (0.1) 6.1 40.5 As at 31 December 2022 (332.8) (3.0) (27.6) (363.4) Deferred tax assets recognised for tax losses carry-forward in accordance with the relevant local rules applying in the Group\u2019s jurisdictions can be analysed as follows: 2022 \u20ac million 2021 \u20ac million Attributable to tax losses that expire within five years 2.1 0.5 Attributable to tax losses that can be carried forward indefinitely 4.5 1.3 Recognised deferred tax assets attributable to tax losses 6.6 1.8 The Group has unrecognised deferred tax assets attributable to tax losses that are available to carry- forward against future taxable income of \u20ac29.1 million (2021: \u20ac28.1 million). These are analysed as follows: 2022 \u20ac million 2021 \u20ac million Attributable to tax losses that expire within five years 18.7 19.5 Attributable to tax losses that expire after five years 10.4 8.6 Unrecognised deferred tax assets attributable to tax losses 29.1 28.1 The aggregate amount of distributable reserves arising from the realised earnings of the Group\u2019s operations was \u20ac3,574.8 million in 2022 (2021: \u20ac3,111.0 million). No deferred tax liabilities have been recognised on such reserves given that their distribution is controlled by the Group or, in the event of plans to remit overseas earnings of subsidiaries, such distribution would not give rise to a tax liability. ",
"dimensions": {
"concept": "cocacolahbcag:DisclosureOfTaxation",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-546": {
"value": "Accounting policy
Tax is recognised in the income statement, except to the extent that it relates to items recognised
in other comprehensive income or in equity. In this case, the tax is recognised in other
comprehensive income or directly in equity.
The current income tax expense is calculated on the basis of the tax laws enacted or substantively
enacted at the balance sheet date in the countries where the Group operates and generates taxable
income. Management periodically evaluates positions taken in tax returns with respect to situations
in which applicable tax regulations are subject to interpretation and establishes provisions where
appropriate, on the basis of amounts expected to be paid to the tax authorities.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-622": {
"value": "Accounting policy Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or in equity. In this case, the tax is recognised in other comprehensive income or directly in equity. The current income tax expense is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate, on the basis of amounts expected to be paid to the tax authorities. The income tax charge for the years ended 31 December was as follows:
2022
\u20ac million
2021
\u20ac million
Current tax expense 235.6 183.5
Deferred tax (income) / expense (27.6) 3.9
Income tax expense 208.0 187.4
11. Taxation continued The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows: 2022 \u20ac million 2021 \u20ac million Profit before tax 623.6 734.9 Tax calculated at domestic tax rates applicable to profits in the respective countries 162.1 155.7 Additional local taxes in foreign jurisdictions 18.8 13.0 Tax holidays in foreign jurisdictions (0.2) (5.8) Expenses non-deductible for tax purposes 28.6 17.5 Income not subject to tax (3.6) (2.5) Changes in tax laws and rates 0.4 3.1 Movement of accumulated tax losses 2.9 3.2 Movement of deferred tax asset not recognised 0.1 (0.6) Other (1.1) 3.8 Income tax expense 208.0 187.4 Non-deductible expenses for tax purposes include marketing and advertising expenses, service fees, loss allowances on trade receivables, entertainment expenses, certain employee benefits and other items that, partially or in full, are not deductible for tax purposes in certain of the Group\u2019s jurisdictions. The Group is subject to income taxes in numerous jurisdictions. There are many transactions and calculations for which the ultimate tax determination cannot be assessed with certainty in the ordinary course of business. The Group recognises a provision for potential cases that might arise in the foreseeable future based on assessment of the probabilities as to whether additional taxes will be due. Where the final tax outcome on these matters is different from the amounts that were initially recorded, such differences will impact the income tax provision in the period in which such determination is made, however, based on past experience, management expects that any such differences in the next financial year will be immaterial for the Group. The income tax provision amounted to \u20ac67.5 million as at 31 December 2022 (2021: \u20ac52.6 million), of which \u20ac67.2 million (2021: \u20ac52.6 million) are classified in line \u2018Current tax liabilities\u2019 and \u20ac0.3 million (2021: \u20acnil) in line \u2018Current tax assets\u2019 of the consolidated balance sheet. The income tax provision per reportable segment for the years ended 31 December was as follows: 2022 \u20ac million 2021 \u20ac million Established 18.2 16.8 Developing 14.3 4.9 Emerging 25.4 21.5 Corporate1 9.6 9.4 Total income tax provision 67.5 52.6 1. Corporate refers to holding, finance and other non-operating subsidiaries of the Group ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-567": {
"value": "Deferred tax is provided using the liability method for all temporary differences arising between the
tax bases of assets and liabilities and their carrying values for financial reporting purposes. However,
the deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill.
Deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a
transaction other than a business combination that at the time of the transaction affects neither
accounting nor taxable profit or loss. Tax rates enacted or substantively enacted at the balance
sheet date are those that are expected to apply when the deferred tax asset is realised or deferred
tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be
available against which the temporary differences can be utilised. Deferred tax assets are recognised
for tax losses carried forward to the extent that realisation of the related tax benefit through the
reduction of the future taxes is probable.
Deferred tax is provided on temporary differences arising on investments in subsidiaries, associates
and joint ventures, except where the timing of the reversal of the temporary difference can be
controlled by the Group, and it is probable that the temporary difference will not reverse in the
foreseeable future. This includes taxation in respect of the retained earnings of overseas
subsidiaries only to the extent that, at the balance sheet date, dividends have been accrued as
receivable or a binding agreement to distribute past earnings in future periods has been entered into
by the subsidiary.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to offset
current tax assets against current income tax liabilities and the deferred taxes relate to the same
taxation authority on either the same taxable entity or different taxable entities where there is an
intention to settle the balances on a net basis.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-646": {
"value": "Deferred tax is provided using the liability method for all temporary differences arising between the tax bases of assets and liabilities and their carrying values for financial reporting purposes. However, the deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Tax rates enacted or substantively enacted at the balance sheet date are those that are expected to apply when the deferred tax asset is realised or deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets are recognised for tax losses carried forward to the extent that realisation of the related tax benefit through the reduction of the future taxes is probable. Deferred tax is provided on temporary differences arising on investments in subsidiaries, associates and joint ventures, except where the timing of the reversal of the temporary difference can be controlled by the Group, and it is probable that the temporary difference will not reverse in the foreseeable future. This includes taxation in respect of the retained earnings of overseas subsidiaries only to the extent that, at the balance sheet date, dividends have been accrued as receivable or a binding agreement to distribute past earnings in future periods has been entered into by the subsidiary. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to offset current tax assets against current income tax liabilities and the deferred taxes relate to the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Deferred tax assets and liabilities presented in the consolidated balance sheet as at 31 December can be further analysed as follows: Deferred tax assets: 2022 \u20ac million 2021 \u20ac million To be recovered after 12 months 62.6 32.9 To be recovered within 12 months 73.7 71.5 Gross deferred tax assets 136.3 104.4 Offset of deferred tax (98.8) (73.4) Net deferred tax assets 37.5 31.0 Deferred tax liabilities: To be recovered after 12 months (339.6) (255.0) To be recovered within 12 months (23.8) (16.1) Gross deferred tax liabilities (363.4) (271.1) Offset of deferred tax 98.8 73.4 Net deferred tax liabilities (264.6) (197.7) A reconciliation of net deferred tax is presented below: 2022 \u20ac million 2021 \u20ac million As at 1 January (166.7) (147.4) Taken to the income statement 27.6 (3.9) Arising from business combinations (refer to Note 24) (128.1) \u2013 Taken to other comprehensive income (2.1) (15.6) Taken directly to equity 9.9 4.1 Foreign currency translation 32.3 (3.9) As at 31 December (227.1) (166.7) 11. Taxation continued
The movements in deferred tax assets and liabilities during the year, without taking into consideration
the offsetting of balances within the same tax jurisdiction where applicable, are as follows:
Deferred tax assets
Provisions
\u20ac million
Pensions
and benefit
plans
\u20ac million
Tax losses
carry-forward
\u20ac million
Book in
excess of tax
depreciation
\u20ac million
Leasing
\u20ac million
Other
deferred tax
assets
\u20ac million
Total
\u20ac million
As at 1 January 2021 28.4 16.1 1.9 5.7 26.5 23.6 102.2
Taken to the income
statement 4.4 (5.5) (0.1) (0.6) (2.8) 7.4 2.8
Taken to other
comprehensive income \u2013 0.6 \u2013 \u2013 \u2013 (0.5) 0.1
Transfers between
assets/liabilities \u2013 \u2013 \u2013 (1.7) \u2013 \u2013 (1.7)
Foreign currency translation 0.7 0.1 \u2013 \u2013 0.1 0.1 1.0
As at 31 December 2021 33.5 11.3 1.8 3.4 23.8 30.6 104.4
Taken to the income
statement 7.8 1.5 10.0 2.5 6.6 6.8 35.2
Arising from business
combinations (refer to Note 24) 0.1 \u2013 \u2013 \u2013 0.5 10.6 11.2
Taken to other
comprehensive income \u2013 (2.0) \u2013 \u2013 \u2013 0.7 (1.3)
Transfers between
assets/liabilities \u2013 0.1 \u2013 \u2013 \u2013 (5.1) (5.0)
Foreign currency translation (0.6) (0.1) (5.2) (0.4) (0.3) (1.6) (8.2)
As at 31 December 2022 40.8 10.8 6.6 5.5 30.6 42.0 136.3
Deferred tax liabilities
Tax in excess
of book
depreciation
\u20ac million
Derivative
instruments
\u20ac million
Other
deferred tax
liabilities
\u20ac million
Total
\u20ac million
As at 1 January 2021 (232.8) (1.4) (15.4) (249.6)
Taken to the income statement (14.5) 2.1 5.7 (6.7)
Taken to other comprehensive income \u2013 (9.0) (6.7) (15.7)
Taken directly to equity \u2013 4.1 \u2013 4.1
Transfers between assets/liabilities 1.7 \u2013 \u2013 1.7
Foreign currency translation (3.8) \u2013 (1.1) (4.9)
As at 31 December 2021 (249.4) (4.2) (17.5) (271.1)
Taken to the income statement 19.8 (3.3) (24.1) (7.6)
Arising from business combinations (refer to Note 24) (137.7) (0.7) (0.9) (139.3)
Taken to other comprehensive income \u2013 (4.6) 3.8 (0.8)
Taken directly to equity \u2013 9.9 \u2013 9.9
Transfers between assets/liabilities \u2013 \u2013 5.0 5.0
Foreign currency translation 34.5 (0.1) 6.1 40.5
As at 31 December 2022 (332.8) (3.0) (27.6) (363.4)
Deferred tax assets recognised for tax losses carry-forward in accordance with the relevant local rules
applying in the Group\u2019s jurisdictions can be analysed as follows:
2022
\u20ac million
2021
\u20ac million
Attributable to tax losses that expire within five years 2.1 0.5
Attributable to tax losses that can be carried forward indefinitely 4.5 1.3
Recognised deferred tax assets attributable to tax losses 6.6 1.8
The Group has unrecognised deferred tax assets attributable to tax losses that are available to carry-
forward against future taxable income of \u20ac29.1 million (2021: \u20ac28.1 million). These are analysed as follows:
2022
\u20ac million
2021
\u20ac million
Attributable to tax losses that expire within five years 18.7 19.5
Attributable to tax losses that expire after five years 10.4 8.6
Unrecognised deferred tax assets attributable to tax losses 29.1 28.1
The aggregate amount of distributable reserves arising from the realised earnings of the Group\u2019s
operations was \u20ac3,574.8 million in 2022 (2021: \u20ac3,111.0 million). No deferred tax liabilities have been
recognised on such reserves given that their distribution is controlled by the Group or, in the event of
plans to remit overseas earnings of subsidiaries, such distribution would not give rise to a tax liability.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-586": {
"value": "12. Earnings per share
Accounting policy
Basic earnings per share is calculated by dividing the net profit attributable to the owners of the
parent by the weighted average number of ordinary shares outstanding during the year. The
weighted average number of ordinary shares outstanding during the year is the number of ordinary
shares outstanding at the beginning of the year, adjusted by the number of ordinary shares bought
back or issued during the year multiplied by a time-weighting factor. Diluted earnings per share
incorporates stock options for which the average share price for the year is in excess of the exercise
price of the stock option and which create a dilutive effect.
The calculation of the basic and diluted earnings per share attributable to the owners of the parent
entity is based on the following data:
2022 2021
Net profit attributable to the owners of the parent (\u20ac million) 415.4 547.2
Weighted average number of ordinary shares for the purposes
of basic earnings per share (million) 366.4 365.0
Effect of dilutive stock options on number of shares (million) 0.5 1.3
Weighted average number of ordinary shares for the purposes
of diluted earnings per share (million) 366.9 366.3
Basic earnings per share (\u20ac) 1.13 1.50
Diluted earnings per share (\u20ac) 1.13 1.49
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-547": {
"value": "Accounting policy Basic earnings per share is calculated by dividing the net profit attributable to the owners of the parent by the weighted average number of ordinary shares outstanding during the year. The weighted average number of ordinary shares outstanding during the year is the number of ordinary shares outstanding at the beginning of the year, adjusted by the number of ordinary shares bought back or issued during the year multiplied by a time-weighting factor. Diluted earnings per share incorporates stock options for which the average share price for the year is in excess of the exercise price of the stock option and which create a dilutive effect. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-587": {
"value": "13. Components of other comprehensive income
The components of other comprehensive income for the years ended 31 December comprise:
2022 2021
Before tax
\u20ac million
Income tax
\u20ac million
Net of tax
\u20ac million
Before tax
\u20ac million
Income tax
\u20ac million
Net of tax
\u20ac million
Cost of hedging (refer to Note 25) (3.5) \u2013 (3.5) (2.7) \u2013 (2.7)
Cash flow hedges (refer to Note 25) 34.6 (3.9) 30.7 69.5 (9.5) 60.0
Foreign currency translation
(losses)/gains (252.6) \u2013 (252.6) 73.6 \u2013 73.6
Valuation loss on equity investments
at fair value through other
comprehensive income (0.1) \u2013 (0.1) \u2013 \u2013 \u2013
Actuarial gains 26.0 1.8 27.8 16.1 (6.1) 10.0
Share of other comprehensive income
of equity method investments 34.2 \u2013 34.2 14.6 \u2013 14.6
Reclassification of share of other
comprehensive income of equity
method investments to the income
statement, arising from business
combination (refer to Note 24) 145.2 \u2013 145.2 \u2013 \u2013 \u2013
Other comprehensive (loss) / income (16.2) (2.1) (18.3) 171.1 (15.6) 155.5
The foreign currency translation losses for 2022 primarily related to the Egyptian Pound and the Russian
Rouble, while the gains from the foreign currency translation for 2021 primarily related to the Russian
Rouble and the Swiss Franc.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAnalysisOfOtherComprehensiveIncomeByItemExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-588": {
"value": "14. Intangible assets
Accounting policy
Intangible assets consist of goodwill, franchise agreements, trademarks and water rights. Goodwill
and other indefinite-lived intangible assets are carried at cost less accumulated impairment losses,
while intangible assets with finite lives are amortised over their useful economic lives. The useful
lives, both finite and indefinite, assigned to intangible assets are evaluated on an annual basis.
Intangible assets with indefinite lives (\u2018not subject to amortisation\u2019)
Intangible assets not subject to amortisation consist of goodwill, franchise agreements and trademarks.
Goodwill is the excess of the consideration transferred over the fair value of the share of net assets
acquired. Goodwill and fair value adjustments arising on the acquisition of subsidiaries are treated
as the assets and liabilities of those subsidiaries. These balances are denominated in the functional
currency of the subsidiary and are translated to Euro on a basis consistent with the other assets
and liabilities of the subsidiary.
The useful life of franchise agreements is usually based on the term of the respective franchise
agreements. The Coca-Cola Company does not grant perpetual franchise rights outside the United
States. However, given the Group\u2019s strategic relationship with The Coca\u2011Cola Company and consistent
with past experience, the Group believes that franchise agreements will continue to be renewed
at each expiration date with no significant costs. The Group has concluded that the franchise
agreements are perpetual in nature and they have therefore been assigned indefinite useful lives.
The Group\u2019s trademarks are assigned an indefinite useful life when they have an established sales
history in the applicable region, it is the intention of the Group to receive a benefit from them
indefinitely and there is no indication that this will not be the case.
Goodwill and other indefinite-lived intangible assets are tested for impairment annually and
whenever there is an indication of impairment.
For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating
units expected to benefit from the business combination in which the goodwill arose. Other
indefinite-lived intangible assets are also allocated to the Group\u2019s cash-generating units expected
to benefit from those intangibles. The cash\u2011generating units (\u2018unit\u2019) to which goodwill and other
indefinite-lived intangible assets have been allocated are tested for impairment annually, or more
frequently when there is an indication that the unit may be impaired. If the recoverable amount
(i.e. the higher of the value\u2011in\u2011use and fair value less costs to sell) of the cash\u2011generating unit is less
than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying
amount of any goodwill allocated to the unit and then pro-rata to the other assets of the unit on the
basis of the carrying amount of each asset in the unit. Impairment losses recognised against goodwill
are not reversed in subsequent periods.
Intangible assets with finite lives
Intangible assets with finite lives mainly consist of water rights and certain brands, are amortised
over their useful economic lives and are carried at cost less accumulated amortisation and
impairment losses. Intangible assets with finite lives are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount may not be recoverable.
Critical accounting estimates
Determining whether goodwill or indefinite-lived intangible assets are impaired requires an
estimation of the value-in-use of the cash-generating units to which they have been allocated
in order to determine the recoverable amount of the cash\u2011generating units. The value\u2011in\u2011use
calculation requires the Group to estimate the future cash flows expected to arise from the
cash-generating unit, discounted at an appropriate rate. Estimating the discounted future cash
flows involves a significant degree of uncertainty. The value-in-use estimation is sensitive to the
discount rate used as well as the perpetuity growth rate used for extrapolation purposes. The key
assumptions used to determine the recoverable amount for the different cash-generating units,
including a sensitivity analysis where possible changes to these key assumptions could eliminate the
remaining headroom, are disclosed and further explained below under \u2018Annual impairment test for
goodwill and other indefinite-lived intangible assets\u2019 section.
14. Intangible assets continued The movements in intangible assets by classes of assets during the year are as follows: Goodwill \u20ac million Franchise agreements \u20ac million Trademarks \u20ac million Other intangible assets \u20ac million Total \u20ac million Cost As at 1 January 2021 1,886.6 144.8 137.3 14.8 2,183.5 Additions (refer to Note 16) 16.4 \u2013 \u2013 \u2013 16.4 Arising from business combinations 1.0 \u2013 \u2013 3.1 4.1 Foreign currency translation 37.7 \u2013 \u2013 \u2013 37.7 As at 31 December 2021 1,941.7 144.8 137.3 17.9 2,241.7 Amortisation As at 1 January 2021 182.4 \u2013 7.2 7.8 197.4 Charge for the year \u2013 \u2013 0.4 0.6 1.0 As at 31 December 2021 182.4 \u2013 7.6 8.4 198.4 Net book value as at 1 January 2021 1,704.2 144.8 130.1 7.0 1,986.1 Net book value as at 31 December 2021 1,759.3 144.8 129.7 9.5 2,043.3 Cost As at 1 January 2022 1,941.7 144.8 137.3 17.9 2,241.7 Arising from business combinations (refer to Note 24) 220.1 367.7 83.4 \u2013 671.2 Impairment (refer to Note 6) (13.7) \u2013 \u2013 \u2013 (13.7) Foreign currency translation (39.7) (116.7) (0.5) \u2013 (156.9) As at 31 December 2022 2,108.4 395.8 220.2 17.9 2,742.3 Amortisation As at 1 January 2022 182.4 \u2013 7.6 8.4 198.4 Charge for the year \u2013 \u2013 0.5 0.9 1.4 As at 31 December 2022 182.4 \u2013 8.1 9.3 199.8 Net book value as at 1 January 2022 1,759.3 144.8 129.7 9.5 2,043.3 Net book value as at 31 December 2022 1,926.0 395.8 212.1 8.6 2,542.5 Additions of goodwill in 2021 were attributable to the demerger of the Group\u2019s mineral water and adult sparkling beverages integral joint venture in Italy as well as the formation of a joint operation in Romania, amounting to \u20ac15.6 million and \u20ac0.8 million respectively (refer to Note 16). Goodwill and other intangible assets of \u20ac1.0 million and \u20ac3.1 million respectively, arising from business combinations in 2021, related to the acquisition by the Group of a self-serve coffee-vending business in its developing markets segment (the \u2019Costa Express Business\u2019), which was integrated into the Group\u2019s operations. Impairment losses of \u20ac13.7 million relate to the impairment of goodwill of the Group\u2019s Russian cash\u2011generating unit recognised as part of 2022 interim results (refer to Note 6). Intangible assets not subject to amortisation amounted to \u20ac2,529.7 million (2021: \u20ac2,028.9 million), and are presented in the charts below: The carrying value of intangible assets subject to amortisation amounted to \u20ac12.8 million (2021: \u20ac14.4 million) and comprised water rights of \u20ac6.0 million, trademarks of \u20ac4.2 million and other intangible assets of \u20ac2.6 million (2021: \u20ac6.4 million water rights, \u20ac4.9 million trademarks and \u20ac3.1 million other intangible assets). \u20ac1,759.3million \u20ac144.8million \u20ac124.8million Goodwill Franchise agreements Trademarks \u20ac1,926.0 millio \u20ac395.8 million \u20ac207.9 million Goodwill Franchise agreements Trademarks 2022 \u20ac2,529.7 million 2021 \u20ac2,028.9 million 14. Intangible assets continued
Annual impairment test for goodwill and other indefinite-lived intangible assets
The recoverable amount of each cash-generating unit was determined through a value-in-use
calculation. This calculation uses cash flow forecasts based on financial budgets approved by the Board
of Directors covering a one-year period and cash flow forecasts for four additional years. Cash flows for
years two to five are forecasted by management based on operation and market-specific assumptions
including growth rates, forecast selling prices, direct costs and operating expenses. Management
determined gross margins based on past performance, expectations for the development of the
market and expectations about raw material costs. Cash flows for the subsequent years after the
forecast period are extrapolated using perpetuity growth rates which reflect management\u2019s best
estimate of industry growth, considering long-term inflation and gross domestic product forecasts
specific to the countries of operation. The discount rates used by management represent the current
market assessment of the risks specific to each cash-generating unit, taking into consideration the
time value of money and are derived from the weighted average cost of capital. The Group applies
post-tax discount rates to post-tax cash flows as the valuation calculated using this method closely
approximates to applying pre-tax discount rates to pre-tax cash flows.
Management also considered the potential adverse impact to future cash flows arising from climate
change risk, under different scenarios. These scenarios included the increased capital expenditure
required to mitigate climate-related risks and focused on the impact from disruptions to production
and distribution due to extreme weather as well as the increased cost of water and carbon emissions.
The Group will continue to refine its approach on climate-related risks and opportunities in the impairment
assessment, as greater understanding of the potential impacts on the Group\u2019s business is obtained.
No impairment of goodwill and other indefinite-lived assets was identified during the annual impairment
test of 2022, or that of 2021.
The following chart and accompanying table set forth the percentage and carrying value respectively of goodwill and other indefinite\u2011lived intangible assets for those cash\u2011generating units whose carrying value is greater or equal to 9% of the total, as at 31 December 2022. 30% 18% 10% 16% 9% 17% Italy Switzerland The Republic of Ireland and Northern Ireland Egypt Koncern Bambi a.d. Po\u017earevac Other Intangible assets not subject to amortisation as at 31 December 2022 (%) Goodwill \u20ac million Franchise agreements \u20ac million Trademarks \u20ac million Total \u20ac million Italy 640.9 126.9 \u2013 767.8 Switzerland 467.3 \u2013 \u2013 467.3 The Republic of Ireland and Northern Ireland 241.5 \u2013 \u2013 241.5 Egypt 141.9 251.2 \u2013 393.1 Koncern Bambi a.d. Po\u017earevac 115.2 \u2013 118.5 233.7 All other cash\u2011 generating units 319.2 17.7 89.4 426.3 Total 1,926.0 395.8 207.9 2,529.7 The key assumptions for these cash-generating units are presented below: Growth rate in perpetuity (%) Post-tax discount rate (%) Pre-tax discount rate (%) 2022 2021 2022 2021 2022 2021 Egypt 5.0 \u2013 15.2 \u2013 17.8 \u2013 Italy 2.0 1.5 8.6 6.5 11.4 8.7 Switzerland 0.8 0.9 6.7 5.7 8.0 6.7 The Republic of Ireland and Northern Ireland 4.0 4.0 6.6 5.6 7.1 6.0 Koncern Bambi a.d. Po\u017earevac 4.5 4.5 10.9 6.6 11.9 6.9 For the cash-generating units of the Republic of Ireland and Northern Ireland and Koncern Bambi a.d. Po\u017earevac, the growth rate in perpetuity as estimated by management was higher than that expected for the industry in general. This is attributable to the strength of the Group\u2019s brand portfolio, which is amongst the strongest and broadest in the industry. The Group has historically achieved higher revenue growth than the industry leveraging the strength of its portfolio, while it continually invests in brand-related innovations to remain relevant, be able to cater to all consumption occasions and increase market share. 14. Intangible assets continued
Sensitivity analysis
In the cash\u2011generating unit of Egypt, which as at 31 December 2022 held \u20ac141.9 million and \u20ac251.2
million of goodwill and franchise agreements respectively, reasonably possible changes in key
assumptions of the 2022 impairment test would remove the remaining headroom. As at 31 December
2022, the recoverable amount of the Egyptian cash-generating unit calculated based on value-in-use
exceeded its carrying value by \u20ac83.7 million; changes per key assumption that would eliminate
remaining headroom are summarised in the table below:
Growth rate in
perpetuity Discount rate
Egypt 170bps 120bps
As at 31 December 2022, the recoverable amount of the Italian cash\u2011generating unit calculated based
on value\u2011in\u2011use significantly exceeded its carrying value. As a result, the key assumptions of the Italian
cash-generating unit\u2019s 2022 impairment test are not sensitive to possible changes that would eliminate
the remaining headroom.
The Group will continue to closely monitor these cash-generating units in order to ensure that timely
actions and initiatives are undertaken to minimise potential adverse impact on their expected performance.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-548": {
"value": "Accounting policy Intangible assets consist of goodwill, franchise agreements, trademarks and water rights. Goodwill and other indefinite-lived intangible assets are carried at cost less accumulated impairment losses, while intangible assets with finite lives are amortised over their useful economic lives. The useful lives, both finite and indefinite, assigned to intangible assets are evaluated on an annual basis. Intangible assets with indefinite lives (\u2018not subject to amortisation\u2019) Intangible assets not subject to amortisation consist of goodwill, franchise agreements and trademarks. Goodwill is the excess of the consideration transferred over the fair value of the share of net assets acquired. Goodwill and fair value adjustments arising on the acquisition of subsidiaries are treated as the assets and liabilities of those subsidiaries. These balances are denominated in the functional currency of the subsidiary and are translated to Euro on a basis consistent with the other assets and liabilities of the subsidiary. The useful life of franchise agreements is usually based on the term of the respective franchise agreements. The Coca-Cola Company does not grant perpetual franchise rights outside the United States. However, given the Group\u2019s strategic relationship with The Coca\u2011Cola Company and consistent with past experience, the Group believes that franchise agreements will continue to be renewed at each expiration date with no significant costs. The Group has concluded that the franchise agreements are perpetual in nature and they have therefore been assigned indefinite useful lives. The Group\u2019s trademarks are assigned an indefinite useful life when they have an established sales history in the applicable region, it is the intention of the Group to receive a benefit from them indefinitely and there is no indication that this will not be the case. Goodwill and other indefinite-lived intangible assets are tested for impairment annually and whenever there is an indication of impairment. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the business combination in which the goodwill arose. Other indefinite-lived intangible assets are also allocated to the Group\u2019s cash-generating units expected to benefit from those intangibles. The cash\u2011generating units (\u2018unit\u2019) to which goodwill and other indefinite-lived intangible assets have been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount (i.e. the higher of the value\u2011in\u2011use and fair value less costs to sell) of the cash\u2011generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then pro-rata to the other assets of the unit on the basis of the carrying amount of each asset in the unit. Impairment losses recognised against goodwill are not reversed in subsequent periods. Intangible assets with finite lives Intangible assets with finite lives mainly consist of water rights and certain brands, are amortised over their useful economic lives and are carried at cost less accumulated amortisation and impairment losses. Intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-568": {
"value": "Goodwill is the excess of the consideration transferred over the fair value of the share of net assets acquired. Goodwill and fair value adjustments arising on the acquisition of subsidiaries are treated as the assets and liabilities of those subsidiaries. These balances are denominated in the functional currency of the subsidiary and are translated to Euro on a basis consistent with the other assets and liabilities of the subsidiary. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-569": {
"value": "The useful life of franchise agreements is usually based on the term of the respective franchise agreements. The Coca-Cola Company does not grant perpetual franchise rights outside the United States. However, given the Group\u2019s strategic relationship with The Coca\u2011Cola Company and consistent with past experience, the Group believes that franchise agreements will continue to be renewed at each expiration date with no significant costs. The Group has concluded that the franchise agreements are perpetual in nature and they have therefore been assigned indefinite useful lives. The Group\u2019s trademarks are assigned an indefinite useful life when they have an established sales history in the applicable region, it is the intention of the Group to receive a benefit from them indefinitely and there is no indication that this will not be the case. Intangible assets with finite lives Intangible assets with finite lives mainly consist of water rights and certain brands, are amortised over their useful economic lives and are carried at cost less accumulated amortisation and impairment losses. Intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-589": {
"value": "15. Property, plant and equipment
Accounting policy
All property, plant and equipment is initially recorded at cost and subsequently measured at cost less
accumulated depreciation and impairment losses. Subsequent expenditure is added to the carrying
value of the asset when it is probable that future economic benefits, in excess of the original assessed
standard of performance of the existing asset, will flow to the operation and the costs can be
measured reliably. All other subsequent expenditure is expensed in the period in which it is incurred.
Assets under construction are recorded as part of property, plant and equipment and depreciation
on these assets commences when the assets are made available for use.
Depreciation is calculated on a straight-line basis to allocate the depreciable amount over the
estimated useful life of the assets as follows:
Freehold buildings and improvements 40 years
Leasehold buildings and improvements Over the lease term, up to 40 years
Production equipment 4 to 20 years
Vehicles 5 to 8 years
Computer hardware and software 3 to 10 years
Marketing equipment 3 to 10 years
Fixtures and fittings 8 years
Returnable containers 3 to 12 years
Freehold land is not depreciated as it is considered to have an indefinite life.
Deposits received for returnable containers by customers are accounted for as deposit liabilities
(refer to Note 21).
Residual values and useful lives of assets are reviewed and adjusted if appropriate at each balance
sheet date.
Property, plant and equipment is reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An impairment loss
is recognised for the amount by which the carrying amount of the asset exceeds its recoverable
amount, which is the higher of the asset\u2019s fair value less cost to sell and its value-in-use.
For the purposes of assessing impairment, assets are grouped at the lowest level of separately
identifiable cash flows.
For accounting policy regarding right\u2011of\u2011use assets, refer to Note 17 \u2018Leases\u2019.
15. Property, plant and equipment continued
The movements of property, plant and equipment by class of assets are as follows:
Land and
buildings
\u20ac million
Plant and
equipment
\u20ac million
Returnable
containers
\u20ac million
Assets under
construction
\u20ac million
Total
\u20ac million
Cost
As at 1 January 2021 1,412.7 3,597.0 420.7 199.8 5,630.2
Additions
1
7.6 137.0 40.9 297.1 482.6
Arising from business combinations \u2013 1.3 \u2013 \u2013 1.3
Disposals (9.2) (166.8) (12.3) (0.1) (188.4)
Reclassified to assets held for sale
(refer to Note 20) \u2013 (1.8) \u2013 \u2013 (1.8)
Reclassifications 90.8 247.7 \u2013 (338.5) \u2013
Foreign currency translation 28.1 76.2 1.6 0.8 106.7
As at 31 December 2021 1,530.0 3,890.6 450.9 159.1 6,030.6
Depreciation and impairment
As at 1 January 2021 498.6 2,440.8 255.1 1.2 3,195.7
Charge for the year 42.9 206.5 27.6 \u2013 277.0
Impairment 1.0 4.0 0.5 0.5 6.0
Disposals (2.1) (165.4) (9.7) \u2013 (177.2)
Reclassified to assets held for sale
(refer to Note 20) \u2013 (1.7) \u2013 \u2013 (1.7)
Foreign currency translation 11.8 50.1 0.6 \u2013 62.5
As at 31 December 2021 552.2 2,534.3 274.1 1.7 3,362.3
Net book value as at 31 December 2021
excluding right-of-use assets 977.8 1,356.3 176.8 157.4 2,668.3
Net book value of right-of-use assets
as at 31 December 2021 63.2 99.4 \u2013 \u2013 162.6
Net book value as at 31 December 2021 1,041.0 1,455.7 176.8 157.4 2,830.9
1. Additions line for 2021 includes \u20ac13.8 million on a net book value basis relating to the impact from the demerger of the Group\u2019s
mineral water and adult sparkling beverages integral joint venture in Italy (refer to Note 16).
Land and
buildings
\u20ac million
Plant and
equipment
\u20ac million
Returnable
containers
\u20ac million
Assets under
construction
\u20ac million
Total
\u20ac million
Cost
As at 1 January 2022 1,530.0 3,890.6 450.9 159.1 6,030.6
Additions 4.1 143.6 59.8 373.2 580.7
Arising from business combinations
(refer to Note 24) 198.5 125.9 4.5 13.5 342.4
Disposals (5.7) (141.7) (10.8) (1.2) (159.4)
Reclassified from right-of-use assets
2
4.2 12.1 \u2013 \u2013 16.3
Reclassified to assets held for sale
(refer to Note 20) \u2013 (0.6) \u2013 \u2013 (0.6)
Reclassifications 84.5 205.2 \u2013 (289.7) \u2013
Foreign currency translation (63.3) (66.7) (7.4) (5.8) (143.2)
As at 31 December 2022 1,752.3 4,168.4 497.0 249.1 6,666.8
Depreciation and impairment
As at 1 January 2022 552.2 2,534.3 274.1 1.7 3,362.3
Charge for the year 49.9 252.4 38.9 \u2013 341.2
Impairment 19.0 61.0 0.7 0.8 81.5
Disposals (4.5) (134.0) (6.6) (0.2) (145.3)
Reclassified from right-of-use assets
2
1.5 2.3 \u2013 \u2013 3.8
Reclassified to assets held for sale
(refer to Note 20) \u2013 (0.5) \u2013 \u2013 (0.5)
Foreign currency translation (5.2) (30.2) (3.2) \u2013 (38.6)
As at 31 December 2022 612.9 2,685.3 303.9 2.3 3,604.4
Net book value as at 31 December 2022
excluding right-of-use assets 1,139.4 1,483.1 193.1 246.8 3,062.4
Net book value of right-of-use assets as
at 31 December 2022 82.7 121.2 \u2013 \u2013 203.9
Net book value as at 31 December 2022 1,222.1 1,604.3 193.1 246.8 3,266.3
2. Line \u2018Reclassified from right\u2011of\u2011use assets\u2019 for 2022 relates to the reclassification from right\u2011of\u2011use assets to land and buildings
and plant and equipment of \u20ac12.5 million on a net book value basis, following the exercise of purchase options included in the
lease contracts.
Assets under construction at 31 December 2022 include advances for equipment purchases of \u20ac63.2
million (2021: \u20ac41.8 million). The depreciation charge for the year, including that for right\u2011of\u2011use assets
(refer to Note 17), recognised in operating expenses and cost of goods sold amounted to \u20ac209.6 million
(2021: \u20ac181.4 million) and \u20ac193.8 million (2021: \u20ac148.9 million) respectively.
15. Property, plant and equipment continued
Impairment of property, plant and equipment
In 2021 the Group recorded impairment losses of \u20ac3.7 million, \u20ac0.9 million and \u20ac3.8 million and reversals
of impairment of \u20ac0.2 million, \u20ac0.3 million and \u20ac1.9 million relating to property, plant and equipment in
the Established, Developing and Emerging segments respectively. The impaired assets, being mainly
buildings and production equipment, were written down based mainly on value-in-use calculations.
In 2022 the Group recorded impairment losses of \u20ac1.6 million, \u20ac0.9 million and \u20ac81.4 million and reversals
of impairment of \u20ac0.6 million, \u20ac0.2 million and \u20ac1.6 million relating to property, plant and equipment in
the Established, Developing and Emerging segments respectively. Net impairment losses of \u20ac60.9 million,
relating to property, plant and equipment in the Emerging segment are included in the exceptional
items related to Russia\u2011Ukraine conflict (refer to Note 6). The impaired assets, being mainly buildings,
production and cold-drink equipment, were written down based mainly on value-in-use calculations.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-549": {
"value": "Accounting policy All property, plant and equipment is initially recorded at cost and subsequently measured at cost less accumulated depreciation and impairment losses. Subsequent expenditure is added to the carrying value of the asset when it is probable that future economic benefits, in excess of the original assessed standard of performance of the existing asset, will flow to the operation and the costs can be measured reliably. All other subsequent expenditure is expensed in the period in which it is incurred. Assets under construction are recorded as part of property, plant and equipment and depreciation on these assets commences when the assets are made available for use. Depreciation is calculated on a straight-line basis to allocate the depreciable amount over the estimated useful life of the assets as follows: Freehold buildings and improvements 40 years Leasehold buildings and improvements Over the lease term, up to 40 years Production equipment 4 to 20 years Vehicles 5 to 8 years Computer hardware and software 3 to 10 years Marketing equipment 3 to 10 years Fixtures and fittings 8 years Returnable containers 3 to 12 years Freehold land is not depreciated as it is considered to have an indefinite life. Deposits received for returnable containers by customers are accounted for as deposit liabilities (refer to Note 21). Residual values and useful lives of assets are reviewed and adjusted if appropriate at each balance sheet date. Property, plant and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount, which is the higher of the asset\u2019s fair value less cost to sell and its value-in-use. For the purposes of assessing impairment, assets are grouped at the lowest level of separately identifiable cash flows. For accounting policy regarding right\u2011of\u2011use assets, refer to Note 17 \u2018Leases\u2019. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-623": {
"value": "15. Property, plant and equipment continued Impairment of property, plant and equipment In 2021 the Group recorded impairment losses of \u20ac3.7 million, \u20ac0.9 million and \u20ac3.8 million and reversals of impairment of \u20ac0.2 million, \u20ac0.3 million and \u20ac1.9 million relating to property, plant and equipment in the Established, Developing and Emerging segments respectively. The impaired assets, being mainly buildings and production equipment, were written down based mainly on value-in-use calculations. In 2022 the Group recorded impairment losses of \u20ac1.6 million, \u20ac0.9 million and \u20ac81.4 million and reversals of impairment of \u20ac0.6 million, \u20ac0.2 million and \u20ac1.6 million relating to property, plant and equipment in the Established, Developing and Emerging segments respectively. Net impairment losses of \u20ac60.9 million, relating to property, plant and equipment in the Emerging segment are included in the exceptional items related to Russia\u2011Ukraine conflict (refer to Note 6). The impaired assets, being mainly buildings, production and cold-drink equipment, were written down based mainly on value-in-use calculations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-590": {
"value": "16. Interests in other entities
List of principal subsidiaries
The following are the principal subsidiaries of the Group as at 31 December:
% of voting rights % ownership
Country of registration 2022 2021 2022 2021
Adelink Ltd
1
Cyprus 50.0% 50.0% 50.0% 50.0%
AS Coca\u2011Cola HBC Eesti Estonia 100.0% 100.0% 100.0% 100.0%
CCB Management Services GmbH Austria 100.0% 100.0% 100.0% 100.0%
CCHBC Armenia CJSC Armenia 100.0% 100.0% 100.0% 100.0%
CCHBC Bulgaria AD Bulgaria 99.4% 99.4% 99.4% 99.4%
CCHBC IT Services Limited Bulgaria 100.0% 100.0% 100.0% 100.0%
CCHBC Reinsurance Designated
Activity Company Republic of Ireland 100.0% 100.0% 100.0% 100.0%
CCH CirculaRPET S.r.l. Italy 100.0% 100.0% 100.0% 100.0%
Coca\u2011Cola HBC Austria GmbH Austria 100.0% 100.0% 100.0% 100.0%
Coca-Cola Beverages Belorussiya Belarus 100.0% 100.0% 100.0% 100.0%
Coca-Cola Beverages Ukraine Ltd Ukraine 100.0% 100.0% 100.0% 100.0%
Coca-Cola Imbuteliere Chisinau SRL Moldova 100.0% 100.0% 100.0% 100.0%
Coca\u2011Cola HBC B\u2011H d.o.o. Sarajevo
Bosnia and
Herzegovina 100.0% 100.0% 100.0% 100.0%
Coca\u2011Cola HBC \u010cesko a Slovensko, s.r.o. Czech Republic 100.0% 100.0% 100.0% 100.0%
Coca\u2011Cola HBC \u010cesk\u00e1 a Slovensko, s.r.o.
\u2013 organiza\u010dn\u00e1 zlo\u017eka Slovakia 100.0% 100.0% 100.0% 100.0%
CC Beverages Holdings II B.V. The Netherlands 100.0% 100.0% 100.0% 100.0%
Coca-Cola Bottling Company
of Egypt (S.A.E.)
2
Egypt 94.7% \u2013 94.7% \u2013
Coca\u2011Cola HBC Cyprus Ltd Cyprus 100.0% 100.0% 100.0% 100.0%
Coca\u2011Cola HBC Finance B.V. The Netherlands 100.0% 100.0% 100.0% 100.0%
% of voting rights % ownership
Country of registration 2022 2021 2022 2021
Coca\u2011Cola HBC Greece S.A.I.C. Greece 100.0% 100.0% 100.0% 100.0%
Coca\u2011Cola HBC Holdings B.V. The Netherlands 100.0% 100.0% 100.0% 100.0%
Coca\u2011Cola HBC Hrvatska d.o.o. Croatia 100.0% 100.0% 100.0% 100.0%
Coca\u2011Cola HBC Hungary Ltd Hungary 100.0% 100.0% 100.0% 100.0%
Coca\u2011Cola HBC Ireland Limited Republic of Ireland 100.0% 100.0% 100.0% 100.0%
Coca\u2011Cola HBC Italia S.r.l. Italy 100.0% 100.0% 100.0% 100.0%
Coca\u2011Cola HBC Kosovo L.L.C. Kosovo 100.0% 100.0% 100.0% 100.0%
Coca\u2011Cola HBC Northern Ireland Limited Northern Ireland 100.0% 100.0% 100.0% 100.0%
Coca\u2011Cola HBC Polska sp. z o.o. Poland 100.0% 100.0% 100.0% 100.0%
Coca\u2011Cola HBC Romania Ltd Romania 100.0% 100.0% 100.0% 100.0%
Coca\u2011Cola HBC Services MEPE Greece 100.0% 100.0% 100.0% 100.0%
Coca\u2011Cola HBC Slovenija d.o.o. Slovenia 100.0% 100.0% 100.0% 100.0%
Coca\u2011Cola HBC Sourcing B.V. The Netherlands 100.0% 100.0% 100.0% 100.0%
Coca\u2011Cola HBC Switzerland Ltd Switzerland 99.9% 99.9% 99.9% 99.9%
Coca\u2011Cola HBC\u2011Srbija d.o.o. Serbia 100.0% 100.0% 100.0% 100.0%
Coca\u2011Cola Hellenic Bottling
Company\u2011Crna Gora d.o.o., Podgorica Montenegro 100.0% 100.0% 100.0% 100.0%
Coca\u2011Cola Hellenic Business Service
Organisation Bulgaria 100.0% 100.0% 100.0% 100.0%
Coca\u2011Cola Hellenic Procurement GmbH Austria 100.0% 100.0% 100.0% 100.0%
ESM Effervescent Sodas Management
Limited
3
Cyprus 100.0% \u2013 100.0% \u2013
Koncern Bambi a.d. Po\u017earevac Serbia 100.0% 100.0% 100.0% 100.0%
Multon AO
1
Russia 50.0% 50.0% 50.0% 50.0%
Multon Partners LLC
4
Russia 100.0% 100.0% 100.0% 100.0%
Nigerian Bottling Company Ltd Nigeria 100.0% 100.0% 100.0% 100.0%
SIA Coca\u2011Cola HBC Latvia Latvia 100.0% 100.0% 100.0% 100.0%
Three Cents Hellas Single Member S.A.
3
Greece 100.0% \u2013 100.0% \u2013
UAB Coca\u2011Cola HBC Lietuva Lithuania 100.0% 100.0% 100.0% 100.0%
1. Following unilateral waiver by The Coca\u2011Cola Company of certain of its governance rights, Coca\u2011Cola HBC acquired control
of Multon AO Group of companies effective 11 August 2022 (refer to Note 24).
2. Coca\u2011Cola Bottling Company of Egypt (S.A.E.) was acquired on 13 January 2022 (refer to Note 24).
3. ESM Effervescent Sodas Management Limited and its subsidiary Three Cents Hellas Single Member S.A. were acquired on
21 October 2022 (refer to Note 24).
4. LLC Coca\u2011Cola HBC Eurasia was renamed to Multon Partners LLC as of 29 July 2022.
16. Interests in other entities continued Equity method investments Accounting policies Equity method investments comprise investments in associates and joint arrangements and are classified into integral and non-integral on the basis of whether they are considered part of the Group\u2019s core operations and strategy. Investments in associates Investments in associated undertakings are accounted for by the equity method of accounting. Associated undertakings are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% to 50% of the voting rights. The equity method of accounting involves recognising the Group\u2019s share of the associates\u2019 post-acquisition profit or loss and movements in other comprehensive income for the period in the income statement and other comprehensive income respectively. Unrealised gains and losses resulting from transactions between the Group and the associate are eliminated to the extent of the interest in the associate. The Group\u2019s interest in each associate is carried in the balance sheet at an amount that reflects its share of the net assets of the associate and includes goodwill on acquisition. When the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognise further losses, unless the Group has incurred obligations or made payments on behalf of the associate. Investments in joint arrangements Joint arrangements are arrangements in which the Group has contractually agreed sharing of control, which exists only when decisions about the relevant activities require unanimous consent. Joint arrangements are classified as joint ventures or joint operations depending upon the rights and obligations arising from the joint arrangement. The Group classifies a joint arrangement as a joint venture when the Group has rights to the net assets of the arrangement. The Group accounts for its interests in joint ventures using the equity method of accounting as described in the section above. The Group classifies a joint arrangement as a joint operation when the Group has the rights to the assets, and obligations for the liabilities, of the arrangement and accounts for each of its assets, liabilities, revenues and expenses, including its share of those held or incurred jointly, in relation to the joint operation. If facts and circumstances change, the Group reassesses whether it still has joint control and whether the type of joint arrangement in which it is involved has changed. Critical accounting judgements
The Group participates in several joint arrangements. Judgement is required in order to determine
their classification as a joint venture where the Group has rights to the net assets of the
arrangement, or a joint operation where the Group has rights to the assets and obligations for the
liabilities of the arrangement. In making this judgement, consideration is given to the legal form of
the arrangement, and the contractual terms and conditions, as well as other facts and
circumstances (including the economic rationale of the arrangement and the impact of the legal
framework).
Changes in the carrying amounts of equity method investments for 2021 and 2022 are as follows:
Joint ventures
\u20ac million
Associates
\u20ac million
Total
\u20ac million
As at 1 January 2021 284.1 29.6 313.7
Additions \u2013 88.0 88.0
Decrease (34.6) \u2013 (34.6)
Share of results of equity method investments 34.4 3.2 37.6
Share of other comprehensive income of equity
method investments 14.6 \u2013 14.6
Share of total comprehensive income 49.0 3.2 52.2
Return of capital (6.1) \u2013 (6.1)
Dividends (45.5) (1.9) (47.4)
As at 31 December 2021 246.9 118.9 365.8
Impairment (refer to Note 6) (52.8) \u2013 (52.8)
Gain on remeasurement of previously held equity
interest arising from business combination 70.8 \u2013 70.8
Deemed disposal arising from business combination
(refer to Note 24) (249.9) \u2013 (249.9)
Capital increase 4.0 7.0 11.0
Share of results of equity method investments 42.1 2.0 44.1
Share of other comprehensive income of equity
method investments 34.6 (0.4) 34.2
Share of total comprehensive income 76.7 1.6 78.3
Dividends (9.7) (7.9) (17.6)
As at 31 December 2022 86.0 119.6 205.6
16. Interests in other entities continued The carrying amount of equity method investments as at 31 December 2022 comprises integral and non-integral equity method investments as follows: Joint ventures \u20ac million Associates \u20ac million Total \u20ac million Integral equity method investments 81.9 \u2013 81.9 Non-integral equity method investments 4.1 119.6 123.7 Total equity method investments 86.0 119.6 205.6 a) Investments in joint ventures In January 2021, a demerger of Acque Minerali S.r.l., our mineral water and adult sparkling beverages integral joint venture with The Coca\u2011Cola Company in Italy, was completed. As part of the demerger, certain operating activities were transferred to the Group, resulting in the recognition of \u20ac15.6 million of goodwill and \u20ac14.0 million of property, plant and equipment, including right\u2011of\u2011use assets, as part of the Group\u2019s Italian cash\u2011generating unit (refer to Note 14 and Note 15 respectively) and the decrease of equity method investments by \u20ac34.6 million, presented in line \u2018Decrease\u2019 of the table on page 187 regarding 2021 changes in the carrying amounts of equity method investments. There was no significant impact to the Group\u2019s net assets or income statement from this transaction. Also, there was no cash flow impact for the Group as a result of the transaction. The Group has a 50% interest in Multon AO Group of companies (\u2018Multon\u2019), which is engaged in the production and distribution of juices in Russia and was jointly controlled by the Group and The Coa\u2011Cola Company. The joint arrangement was classified as a joint venture, as its structure provided the Group with rights to its net assets. In March 2022, in response to the Russia-Ukraine conflict, The Coca-Cola Company announced that it was suspending its business in Russia. In August 2022, The Coca\u2011Cola Company unilaterally waived certain of its governance rights in connection with its 50% interest in Multon, which were accordingly assumed by the Group, while retaining consent rights in respect of certain limited board and shareholder reserved matters that are protective in nature. As a result, considering the criteria set out in IFRS 10 \u2018Consolidated financial statements\u2019, the Group has concluded that, effective 11 August 2022, it controls Multon (refer to Note 24). As a result of the change in control of Multon described above, on 11 August 2022 the Group remeasured the previously held equity interest in Multon at its fair value (refer to Note 24), which resulted in a gain of \u20ac70.8 million, which was presented in line \u2018Gain on remeasurement of previously held equity interest arising from business combination\u2019 of the table on page 187, regarding 2022 changes in the carrying amount of equity method investments. The Group then proceeded to derecognise the resulting carrying amount of Multon investment of approximately \u20ac250 million, against the fair value of the identifiable net assets recognised (refer to Note 24), which was presented in line \u2018Deemed disposal arising from business combination\u2019 of the table on page 187 regarding 2022 changes in the carrying amount of equity method investments. Apart from Multon, the Group has a significant joint venture with Heineken, through its 50% interest in AD Pivara Skopje which is engaged in the bottling and distribution of soft drinks and beer in North Macedonia. The structure of the joint venture provides the Group with rights to its net assets. Summarised financial information of the Group\u2019s significant joint ventures is presented below. This information reflects the amounts presented in the IFRS financial statements of the joint venture, amended to reflect adjustments made when using the equity method, including fair value adjustments and not the Group\u2019s share in these amounts. Multon A.O. Group of companies 2021 \u20ac million Summarised balance sheet1 : Non-current loans to related parties 5.1 Other non-current assets 137.9 Non-current assets 143.0 Cash and cash equivalents 9.0 Current loans to related parties 54.1 Other current assets 131.5 Total current assets 194.6 Other current liabilities (including trade payables) (76.0) Total current liabilities (76.0) Total non-current liabilities (7.4) Net assets 254.2 2022 \u20ac million 2021 \u20ac million Summarised statement of comprehensive income1 : Revenue 307.3 417.0 Depreciation (3.4) (5.4) Interest income 6.6 7.7 Interest expense (1.1) (1.5) Profit before tax 80.5 65.0 Income tax expense (15.9) (12.6) Profit after tax 64.6 52.4 Other comprehensive income 69.8 29.0 Total comprehensive income 134.4 81.4 Dividends received and capital returns \u2013 34.8 2021 \u20ac million Reconciliation of net assets to carrying amount: Closing net assets 254.2 Interest in joint venture at 50% 127.1 Goodwill 37.6 Carrying value 164.7 1. Further to the Group obtaining control over Multon, the latter\u2019s balance sheet as at 31 December 2022 has been consolidated. The summarised statement of comprehensive income presented for 2022 reflects the period up to 11 August 2022, during which Multon was classified as a joint venture. 16. Interests in other entities continued
AD Pivara Skopje
2022
\u20ac million
2021
\u20ac million
Summarised balance sheet:
Non-current assets 66.1 56.7
Cash and cash equivalents 0.5 0.2
Other current assets 14.4 13.6
Total current assets 14.9 13.8
Borrowings (3.6) (2.2)
Other current liabilities (including trade payables) (20.8) (18.5)
Total current liabilities (24.4) (20.7)
Borrowings (7.0) (0.1)
Other non-current liabilities (0.3) (0.6)
Total non-current liabilities (7.3) (0.7)
Net assets 49.3 49.1
Summarised statement of comprehensive income:
Revenue 91.8 79.3
Depreciation (5.7) (5.3)
Profit before tax 17.9 17.2
Income tax expense (2.1) (2.0)
Profit after tax 15.8 15.2
Total comprehensive income 15.8 15.2
Dividends received 7.7 13.0
Reconciliation of net assets to carrying amount:
Closing net assets 49.3 49.1
Interest in joint venture at 50% 24.7 24.6
Goodwill 16.9 16.9
Non-controlling interest (1.6) (1.6)
Carrying value 40.0 39.9
Summarised financial information of the Group\u2019s investment in other joint ventures is as follows:
2022
\u20ac million
2021
\u20ac million
Carrying amount 46.0 42.3
Share of profit 1.9 0.6
Share of other comprehensive income (0.3) 0.1
Share of total comprehensive income 1.6 (0.7)
b) Investments in associates On 7 October 2021, the Group acquired a 30% equity shareholding in Casa Del Caff\u00e8 Vergnano S.p.A. (\u2018Caff\u00e8 Vergnano\u2019), a premium Italian coffee company. The Group also entered into an exclusive distribution agreement for Caff\u00e8 Vergnano\u2019s products in all its territories outside of Italy. The corresponding investment was classified as an associate in accordance with the requirements of IAS 28 \u2018Investments in Associates and Joint Ventures\u2019 since the terms of the transaction gave the Group significant influence over the investee. The investment is accounted for using the equity method and was further classified as a non-integral equity method investment in the consolidated financial statements of the Group, considering that the distribution agreement was separate to the shareholding. The total consideration paid in 2021 amounted to \u20ac87.0 million, including acquisition costs of \u20ac0.1 million. Total acquisition costs incurred in 2021 amounted to \u20ac1.1 million, out of which \u20ac0.8 million were paid in 2022. Consideration including acquisition costs paid was presented in line \u2018Payments for non\u2011integral equity method investments\u2019 of the consolidated cash flow statement, in 2021 and 2022 accordingly. Total consideration and acquisition costs were presented in line \u2018Additions\u2018 of the table on page 187 regarding 2021 changes in the carrying amount of equity method investments. The information below reflects the amounts presented in the financial statements of Caff\u00e8 Vergnano under Italian law, amended to reflect adjustments made by the Group when using the equity method, including fair value adjustments and not the Group\u2019s share in these amounts. Caff\u00e8 Vergnano 2022 \u20ac million 2021 \u20ac million Summarised balance sheet: Non-current assets 125.2 122.6 Cash and cash equivalents 1.0 5.2 Other current assets 54.5 52.7 Total current assets 55.5 57.9 Borrowings (19.6) (16.2) Other current liabilities (including trade payables) (30.6) (33.0) Total current liabilities (50.2) (49.2) Borrowings (2.4) (1.8) Other non-current liabilities (27.5) (28.1) Total non-current liabilities (29.9) (29.9) Net assets 100.6 101.4 16. Interests in other entities continued
2022
\u20ac million
2021
\u20ac million
Summarised statement of comprehensive income
1
:
Revenue 105.1 22.3
Depreciation (7.6) (1.7)
(Loss) / profit before tax (3.6) 0.3
Income tax 0.3 (0.3)
(Loss) / profit after tax (3.3) \u2013
Total comprehensive income (3.3) \u2013
Reconciliation of net assets to carrying amount:
Closing net assets 100.6 101.3
Interest in associate at 30% 30.2 30.4
Acquisition costs 1.1 1.1
Goodwill 56.5 56.5
Carrying value 87.8 88.0
1. Summarised statement of comprehensive income for 2021 relates to the period following acquisition of the associate.
Summarised financial information of the Group\u2019s investment in other associates is as follows:
2022
\u20ac million
2021
\u20ac million
Carrying amount 31.8 30.9
Share of profit 3.0 3.2
Share of other comprehensive income (0.4) \u2013
Share of total comprehensive income 2.6 3.2
Frigoglass Industries (Nigeria) Limited, a non\u2011integral associate in which the Group holds an effective
interest of 23.9% (2021: 23.9%) through its subsidiary Nigerian Bottling Company Ltd, is guarantor
under the amended banking facilities and notes issued by the Frigoglass Group, as part of the debt
restructuring of the latter. The Group has no direct exposure arising from this guarantee arrangement,
but the Group\u2019s investment in this associate, which stood at \u20ac21.1 million as at 31 December 2022 (31
December 2021: \u20ac25.2 million), would be at potential risk if there was a default under the terms of the
amended banking facilities or the notes and the Frigoglass Group (including the guarantor) was unable
to meet its obligations thereunder.
c) Joint operations
Other joint operations of the Group with The Coca\u2011Cola Company comprise mainly a 50% interest
in each of the water businesses listed below, which are engaged in the production and distribution
of water in the respective countries.
Country Joint operation Country Joint operation
Austria R\u00f6merquelle Poland Multivita
Italy Fonti del Vulture Switzerland Valser
Romania Dorna Serbia Vlasinka
Baltics Neptuno Vandenys
In addition, in April 2021 the Group acquired a 50% interest in Stockday S.R.L., an online business\u2011to\u2011
business platform and distributor in Romania, which was up until that point wholly owned by Heineken
Romania S.A. The transaction resulted in the two shareholders jointly controlling Stockday S.R.L.
The joint arrangement was classified as a joint operation in accordance with the requirements of IFRS
11 \u2018Joint arrangements\u2018, as it provides the shareholders with rights to the assets and obligations for
the liabilities of the joint arrangement. As a result of the above transaction, goodwill of \u20ac0.8 million was
recognised as part of the Group\u2019s Emerging segment (refer to Note 14).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-647": {
"value": "16. Interests in other entities List of principal subsidiaries The following are the principal subsidiaries of the Group as at 31 December: % of voting rights % ownership Country of registration 2022 2021 2022 2021 Adelink Ltd 1 Cyprus 50.0% 50.0% 50.0% 50.0% AS Coca\u2011Cola HBC Eesti Estonia 100.0% 100.0% 100.0% 100.0% CCB Management Services GmbH Austria 100.0% 100.0% 100.0% 100.0% CCHBC Armenia CJSC Armenia 100.0% 100.0% 100.0% 100.0% CCHBC Bulgaria AD Bulgaria 99.4% 99.4% 99.4% 99.4% CCHBC IT Services Limited Bulgaria 100.0% 100.0% 100.0% 100.0% CCHBC Reinsurance Designated Activity Company Republic of Ireland 100.0% 100.0% 100.0% 100.0% CCH CirculaRPET S.r.l. Italy 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Austria GmbH Austria 100.0% 100.0% 100.0% 100.0% Coca-Cola Beverages Belorussiya Belarus 100.0% 100.0% 100.0% 100.0% Coca-Cola Beverages Ukraine Ltd Ukraine 100.0% 100.0% 100.0% 100.0% Coca-Cola Imbuteliere Chisinau SRL Moldova 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC B\u2011H d.o.o. Sarajevo Bosnia and Herzegovina 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC \u010cesko a Slovensko, s.r.o. Czech Republic 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC \u010cesk\u00e1 a Slovensko, s.r.o. \u2013 organiza\u010dn\u00e1 zlo\u017eka Slovakia 100.0% 100.0% 100.0% 100.0% CC Beverages Holdings II B.V. The Netherlands 100.0% 100.0% 100.0% 100.0% Coca-Cola Bottling Company of Egypt (S.A.E.) 2 Egypt 94.7% \u2013 94.7% \u2013 Coca\u2011Cola HBC Cyprus Ltd Cyprus 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Finance B.V. The Netherlands 100.0% 100.0% 100.0% 100.0% % of voting rights % ownership Country of registration 2022 2021 2022 2021 Coca\u2011Cola HBC Greece S.A.I.C. Greece 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Holdings B.V. The Netherlands 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Hrvatska d.o.o. Croatia 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Hungary Ltd Hungary 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Ireland Limited Republic of Ireland 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Italia S.r.l. Italy 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Kosovo L.L.C. Kosovo 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Northern Ireland Limited Northern Ireland 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Polska sp. z o.o. Poland 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Romania Ltd Romania 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Services MEPE Greece 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Slovenija d.o.o. Slovenia 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Sourcing B.V. The Netherlands 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola HBC Switzerland Ltd Switzerland 99.9% 99.9% 99.9% 99.9% Coca\u2011Cola HBC\u2011Srbija d.o.o. Serbia 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola Hellenic Bottling Company\u2011Crna Gora d.o.o., Podgorica Montenegro 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola Hellenic Business Service Organisation Bulgaria 100.0% 100.0% 100.0% 100.0% Coca\u2011Cola Hellenic Procurement GmbH Austria 100.0% 100.0% 100.0% 100.0% ESM Effervescent Sodas Management Limited 3 Cyprus 100.0% \u2013 100.0% \u2013 Koncern Bambi a.d. Po\u017earevac Serbia 100.0% 100.0% 100.0% 100.0% Multon AO 1 Russia 50.0% 50.0% 50.0% 50.0% Multon Partners LLC 4 Russia 100.0% 100.0% 100.0% 100.0% Nigerian Bottling Company Ltd Nigeria 100.0% 100.0% 100.0% 100.0% SIA Coca\u2011Cola HBC Latvia Latvia 100.0% 100.0% 100.0% 100.0% Three Cents Hellas Single Member S.A. 3 Greece 100.0% \u2013 100.0% \u2013 UAB Coca\u2011Cola HBC Lietuva Lithuania 100.0% 100.0% 100.0% 100.0% 1. Following unilateral waiver by The Coca\u2011Cola Company of certain of its governance rights, Coca\u2011Cola HBC acquired control of Multon AO Group of companies effective 11 August 2022 (refer to Note 24). 2. Coca\u2011Cola Bottling Company of Egypt (S.A.E.) was acquired on 13 January 2022 (refer to Note 24). 3. ESM Effervescent Sodas Management Limited and its subsidiary Three Cents Hellas Single Member S.A. were acquired on 21 October 2022 (refer to Note 24). 4. LLC Coca\u2011Cola HBC Eurasia was renamed to Multon Partners LLC as of 29 July 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-624": {
"value": "16. Interests in other entities continued Equity method investments Accounting policies Equity method investments comprise investments in associates and joint arrangements and are classified into integral and non-integral on the basis of whether they are considered part of the Group\u2019s core operations and strategy. Investments in associates Investments in associated undertakings are accounted for by the equity method of accounting. Associated undertakings are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% to 50% of the voting rights. The equity method of accounting involves recognising the Group\u2019s share of the associates\u2019 post-acquisition profit or loss and movements in other comprehensive income for the period in the income statement and other comprehensive income respectively. Unrealised gains and losses resulting from transactions between the Group and the associate are eliminated to the extent of the interest in the associate. The Group\u2019s interest in each associate is carried in the balance sheet at an amount that reflects its share of the net assets of the associate and includes goodwill on acquisition. When the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognise further losses, unless the Group has incurred obligations or made payments on behalf of the associate. Investments in joint arrangements Joint arrangements are arrangements in which the Group has contractually agreed sharing of control, which exists only when decisions about the relevant activities require unanimous consent. Joint arrangements are classified as joint ventures or joint operations depending upon the rights and obligations arising from the joint arrangement. The Group classifies a joint arrangement as a joint venture when the Group has rights to the net assets of the arrangement. The Group accounts for its interests in joint ventures using the equity method of accounting as described in the section above. If facts and circumstances change, the Group reassesses whether it still has joint control and whether the type of joint arrangement in which it is involved has changed. Critical accounting judgements The Group participates in several joint arrangements. Judgement is required in order to determine their classification as a joint venture where the Group has rights to the net assets of the arrangement, or a joint operation where the Group has rights to the assets and obligations for the liabilities of the arrangement. In making this judgement, consideration is given to the legal form of the arrangement, and the contractual terms and conditions, as well as other facts and circumstances (including the economic rationale of the arrangement and the impact of the legal framework). Changes in the carrying amounts of equity method investments for 2021 and 2022 are as follows: Joint ventures \u20ac million Associates \u20ac million Total \u20ac million As at 1 January 2021 284.1 29.6 313.7 Additions \u2013 88.0 88.0 Decrease (34.6) \u2013 (34.6) Share of results of equity method investments 34.4 3.2 37.6 Share of other comprehensive income of equity method investments 14.6 \u2013 14.6 Share of total comprehensive income 49.0 3.2 52.2 Return of capital (6.1) \u2013 (6.1) Dividends (45.5) (1.9) (47.4) As at 31 December 2021 246.9 118.9 365.8 Impairment (refer to Note 6) (52.8) \u2013 (52.8) Gain on remeasurement of previously held equity interest arising from business combination 70.8 \u2013 70.8 Deemed disposal arising from business combination (refer to Note 24) (249.9) \u2013 (249.9) Capital increase 4.0 7.0 11.0 Share of results of equity method investments 42.1 2.0 44.1 Share of other comprehensive income of equity method investments 34.6 (0.4) 34.2 Share of total comprehensive income 76.7 1.6 78.3 Dividends (9.7) (7.9) (17.6) As at 31 December 2022 86.0 119.6 205.6 16. Interests in other entities continued The carrying amount of equity method investments as at 31 December 2022 comprises integral and non-integral equity method investments as follows: Joint ventures \u20ac million Associates \u20ac million Total \u20ac million Integral equity method investments 81.9 \u2013 81.9 Non-integral equity method investments 4.1 119.6 123.7 Total equity method investments 86.0 119.6 205.6 a) Investments in joint ventures In January 2021, a demerger of Acque Minerali S.r.l., our mineral water and adult sparkling beverages integral joint venture with The Coca\u2011Cola Company in Italy, was completed. As part of the demerger, certain operating activities were transferred to the Group, resulting in the recognition of \u20ac15.6 million of goodwill and \u20ac14.0 million of property, plant and equipment, including right\u2011of\u2011use assets, as part of the Group\u2019s Italian cash\u2011generating unit (refer to Note 14 and Note 15 respectively) and the decrease of equity method investments by \u20ac34.6 million, presented in line \u2018Decrease\u2019 of the table on page 187 regarding 2021 changes in the carrying amounts of equity method investments. There was no significant impact to the Group\u2019s net assets or income statement from this transaction. Also, there was no cash flow impact for the Group as a result of the transaction. The Group has a 50% interest in Multon AO Group of companies (\u2018Multon\u2019), which is engaged in the production and distribution of juices in Russia and was jointly controlled by the Group and The Coa\u2011Cola Company. The joint arrangement was classified as a joint venture, as its structure provided the Group with rights to its net assets. In March 2022, in response to the Russia-Ukraine conflict, The Coca-Cola Company announced that it was suspending its business in Russia. In August 2022, The Coca\u2011Cola Company unilaterally waived certain of its governance rights in connection with its 50% interest in Multon, which were accordingly assumed by the Group, while retaining consent rights in respect of certain limited board and shareholder reserved matters that are protective in nature. As a result, considering the criteria set out in IFRS 10 \u2018Consolidated financial statements\u2019, the Group has concluded that, effective 11 August 2022, it controls Multon (refer to Note 24). As a result of the change in control of Multon described above, on 11 August 2022 the Group remeasured the previously held equity interest in Multon at its fair value (refer to Note 24), which resulted in a gain of \u20ac70.8 million, which was presented in line \u2018Gain on remeasurement of previously held equity interest arising from business combination\u2019 of the table on page 187, regarding 2022 changes in the carrying amount of equity method investments. The Group then proceeded to derecognise the resulting carrying amount of Multon investment of approximately \u20ac250 million, against the fair value of the identifiable net assets recognised (refer to Note 24), which was presented in line \u2018Deemed disposal arising from business combination\u2019 of the table on page 187 regarding 2022 changes in the carrying amount of equity method investments. Apart from Multon, the Group has a significant joint venture with Heineken, through its 50% interest in AD Pivara Skopje which is engaged in the bottling and distribution of soft drinks and beer in North Macedonia. The structure of the joint venture provides the Group with rights to its net assets. Summarised financial information of the Group\u2019s significant joint ventures is presented below. This information reflects the amounts presented in the IFRS financial statements of the joint venture, amended to reflect adjustments made when using the equity method, including fair value adjustments and not the Group\u2019s share in these amounts. Multon A.O. Group of companies 2021 \u20ac million Summarised balance sheet1 : Non-current loans to related parties 5.1 Other non-current assets 137.9 Non-current assets 143.0 Cash and cash equivalents 9.0 Current loans to related parties 54.1 Other current assets 131.5 Total current assets 194.6 Other current liabilities (including trade payables) (76.0) Total current liabilities (76.0) Total non-current liabilities (7.4) Net assets 254.2 2022 \u20ac million 2021 \u20ac million Summarised statement of comprehensive income1 : Revenue 307.3 417.0 Depreciation (3.4) (5.4) Interest income 6.6 7.7 Interest expense (1.1) (1.5) Profit before tax 80.5 65.0 Income tax expense (15.9) (12.6) Profit after tax 64.6 52.4 Other comprehensive income 69.8 29.0 Total comprehensive income 134.4 81.4 Dividends received and capital returns \u2013 34.8 2021 \u20ac million Reconciliation of net assets to carrying amount: Closing net assets 254.2 Interest in joint venture at 50% 127.1 Goodwill 37.6 Carrying value 164.7 1. Further to the Group obtaining control over Multon, the latter\u2019s balance sheet as at 31 December 2022 has been consolidated. The summarised statement of comprehensive income presented for 2022 reflects the period up to 11 August 2022, during which Multon was classified as a joint venture. 16. Interests in other entities continued AD Pivara Skopje 2022 \u20ac million 2021 \u20ac million Summarised balance sheet: Non-current assets 66.1 56.7 Cash and cash equivalents 0.5 0.2 Other current assets 14.4 13.6 Total current assets 14.9 13.8 Borrowings (3.6) (2.2) Other current liabilities (including trade payables) (20.8) (18.5) Total current liabilities (24.4) (20.7) Borrowings (7.0) (0.1) Other non-current liabilities (0.3) (0.6) Total non-current liabilities (7.3) (0.7) Net assets 49.3 49.1 Summarised statement of comprehensive income: Revenue 91.8 79.3 Depreciation (5.7) (5.3) Profit before tax 17.9 17.2 Income tax expense (2.1) (2.0) Profit after tax 15.8 15.2 Total comprehensive income 15.8 15.2 Dividends received 7.7 13.0 Reconciliation of net assets to carrying amount: Closing net assets 49.3 49.1 Interest in joint venture at 50% 24.7 24.6 Goodwill 16.9 16.9 Non-controlling interest (1.6) (1.6) Carrying value 40.0 39.9 Summarised financial information of the Group\u2019s investment in other joint ventures is as follows: 2022 \u20ac million 2021 \u20ac million Carrying amount 46.0 42.3 Share of profit 1.9 0.6 Share of other comprehensive income (0.3) 0.1 Share of total comprehensive income 1.6 (0.7) b) Investments in associates On 7 October 2021, the Group acquired a 30% equity shareholding in Casa Del Caff\u00e8 Vergnano S.p.A. (\u2018Caff\u00e8 Vergnano\u2019), a premium Italian coffee company. The Group also entered into an exclusive distribution agreement for Caff\u00e8 Vergnano\u2019s products in all its territories outside of Italy. The corresponding investment was classified as an associate in accordance with the requirements of IAS 28 \u2018Investments in Associates and Joint Ventures\u2019 since the terms of the transaction gave the Group significant influence over the investee. The investment is accounted for using the equity method and was further classified as a non-integral equity method investment in the consolidated financial statements of the Group, considering that the distribution agreement was separate to the shareholding. The total consideration paid in 2021 amounted to \u20ac87.0 million, including acquisition costs of \u20ac0.1 million. Total acquisition costs incurred in 2021 amounted to \u20ac1.1 million, out of which \u20ac0.8 million were paid in 2022. Consideration including acquisition costs paid was presented in line \u2018Payments for non\u2011integral equity method investments\u2019 of the consolidated cash flow statement, in 2021 and 2022 accordingly. Total consideration and acquisition costs were presented in line \u2018Additions\u2018 of the table on page 187 regarding 2021 changes in the carrying amount of equity method investments. The information below reflects the amounts presented in the financial statements of Caff\u00e8 Vergnano under Italian law, amended to reflect adjustments made by the Group when using the equity method, including fair value adjustments and not the Group\u2019s share in these amounts. Caff\u00e8 Vergnano 2022 \u20ac million 2021 \u20ac million Summarised balance sheet: Non-current assets 125.2 122.6 Cash and cash equivalents 1.0 5.2 Other current assets 54.5 52.7 Total current assets 55.5 57.9 Borrowings (19.6) (16.2) Other current liabilities (including trade payables) (30.6) (33.0) Total current liabilities (50.2) (49.2) Borrowings (2.4) (1.8) Other non-current liabilities (27.5) (28.1) Total non-current liabilities (29.9) (29.9) Net assets 100.6 101.4 16. Interests in other entities continued 2022 \u20ac million 2021 \u20ac million Summarised statement of comprehensive income 1 : Revenue 105.1 22.3 Depreciation (7.6) (1.7) (Loss) / profit before tax (3.6) 0.3 Income tax 0.3 (0.3) (Loss) / profit after tax (3.3) \u2013 Total comprehensive income (3.3) \u2013 Reconciliation of net assets to carrying amount: Closing net assets 100.6 101.3 Interest in associate at 30% 30.2 30.4 Acquisition costs 1.1 1.1 Goodwill 56.5 56.5 Carrying value 87.8 88.0 1. Summarised statement of comprehensive income for 2021 relates to the period following acquisition of the associate. Summarised financial information of the Group\u2019s investment in other associates is as follows: 2022 \u20ac million 2021 \u20ac million Carrying amount 31.8 30.9 Share of profit 3.0 3.2 Share of other comprehensive income (0.4) \u2013 Share of total comprehensive income 2.6 3.2 Frigoglass Industries (Nigeria) Limited, a non\u2011integral associate in which the Group holds an effective interest of 23.9% (2021: 23.9%) through its subsidiary Nigerian Bottling Company Ltd, is guarantor under the amended banking facilities and notes issued by the Frigoglass Group, as part of the debt restructuring of the latter. The Group has no direct exposure arising from this guarantee arrangement, but the Group\u2019s investment in this associate, which stood at \u20ac21.1 million as at 31 December 2022 (31 December 2021: \u20ac25.2 million), would be at potential risk if there was a default under the terms of the amended banking facilities or the notes and the Frigoglass Group (including the guarantor) was unable to meet its obligations thereunder. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-550": {
"value": "Accounting policies
Equity method investments comprise investments in associates and joint arrangements and are
classified into integral and non-integral on the basis of whether they are considered part of the
Group\u2019s core operations and strategy.
Investments in associates
Investments in associated undertakings are accounted for by the equity method of accounting.
Associated undertakings are all entities over which the Group has significant influence but not
control, generally accompanying a shareholding of between 20% to 50% of the voting rights.
The equity method of accounting involves recognising the Group\u2019s share of the associates\u2019
post-acquisition profit or loss and movements in other comprehensive income for the period in the
income statement and other comprehensive income respectively. Unrealised gains and losses
resulting from transactions between the Group and the associate are eliminated to the extent of the
interest in the associate.
The Group\u2019s interest in each associate is carried in the balance sheet at an amount that reflects its
share of the net assets of the associate and includes goodwill on acquisition. When the Group\u2019s
share of losses in an associate equals or exceeds its interest in the associate, the Group does not
recognise further losses, unless the Group has incurred obligations or made payments on behalf of
the associate.
Investments in joint arrangements
Joint arrangements are arrangements in which the Group has contractually agreed sharing of
control, which exists only when decisions about the relevant activities require unanimous consent.
Joint arrangements are classified as joint ventures or joint operations depending upon the rights and
obligations arising from the joint arrangement.
The Group classifies a joint arrangement as a joint venture when the Group has rights to the net
assets of the arrangement. The Group accounts for its interests in joint ventures using the equity
method of accounting as described in the section above.
The Group classifies a joint arrangement as a joint operation when the Group has the rights to the
assets, and obligations for the liabilities, of the arrangement and accounts for each of its assets,
liabilities, revenues and expenses, including its share of those held or incurred jointly, in relation to
the joint operation.
If facts and circumstances change, the Group reassesses whether it still has joint control and
whether the type of joint arrangement in which it is involved has changed.
",
"dimensions": {
"concept": "cocacolahbcag:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointArrangements",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-625": {
"value": "c) Joint operations Other joint operations of the Group with The Coca\u2011Cola Company comprise mainly a 50% interest in each of the water businesses listed below, which are engaged in the production and distribution of water in the respective countries. Country Joint operation Country Joint operation Austria R\u00f6merquelle Poland Multivita Italy Fonti del Vulture Switzerland Valser Romania Dorna Serbia Vlasinka Baltics Neptuno Vandenys In addition, in April 2021 the Group acquired a 50% interest in Stockday S.R.L., an online business\u2011to\u2011 business platform and distributor in Romania, which was up until that point wholly owned by Heineken Romania S.A. The transaction resulted in the two shareholders jointly controlling Stockday S.R.L. The joint arrangement was classified as a joint operation in accordance with the requirements of IFRS 11 \u2018Joint arrangements\u2018, as it provides the shareholders with rights to the assets and obligations for the liabilities of the joint arrangement. As a result of the above transaction, goodwill of \u20ac0.8 million was recognised as part of the Group\u2019s Emerging segment (refer to Note 14). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointOperationsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-591": {
"value": "17. Leases
Accounting policy
Leases for which the Group is in a lessee position are recognised as a right-of-use asset and a
corresponding lease liability at the date at which the lease asset is available for use by the Group.
Assets and liabilities arising from a lease are initially measured on a net\u2011present\u2011value basis and are
recognised as part of \u2018Property, plant and equipment\u2019, \u2018Current borrowings\u2019 and \u2018Non\u2011current
borrowings\u2019 in the consolidated balance sheet, respectively.
Lease contracts may contain both lease and non-lease components. The Group allocates the
consideration in the contract to the lease and non-lease components as appropriate. Consideration
relevant to the non-lease component is recognised as an expense in the consolidated income
statement over the period of the lease.
Lease liabilities include the net present value of the following lease payments:
a) fixed payments (including in\u2011substance fixed payments) over the lease term, less any lease
incentives receivable;
b) variable lease payments that are based on an index or a rate;
c) amounts expected to be payable by the lessee under residual value guarantees;
d) the exercise price of a purchase option if the Group is reasonably certain it will exercise that
option; and
e) payments of penalties for terminating the lease, if the lease term reflects the Group exercising
that option.
17. Leases continued Accounting policy continued When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right\u2011of\u2011use asset. Variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs. The lease payments are discounted using the interest rate implicit in the lease (if that rate can be determined), or the incremental borrowing rate of the lease, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms, security and conditions. In determining the incremental borrowing rate to be used, the Group applies judgement to establish the suitable reference rate and credit spread. Each lease payment is allocated between the liability (principal) and finance cost. The interest expense is charged to the consolidated income statement as part of \u2018Finance costs\u2019 over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: a) the amount of the initial measurement of lease liability; b) any lease payments made at or before the commencement date less any lease incentives received; c) any initial direct costs; and d) any restoration costs. The right-of-use assets are depreciated over the shorter of the assets\u2019 useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. The Group utilises a number of practical expedients permitted by the standard, namely: 1) applying the recognition exemption to short\u2011term leases (i.e. leases with a term of 12 months or less) that do not contain a purchase option; and 2) applying the recognition exemption to leases of underlying assets with a low value, which mainly comprise IT equipment. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in the consolidated income statement. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is revised if a significant event or a significant change in circumstances occurs, which affects this assessment and which is within the control of the lessee. Lease payments are presented as follows in the consolidated cash flow statement: \u2022 short-term lease payments, payments for leases of low-value assets and variable lease payments that are not included in the measurement of the lease liabilities are presented within cash flows from operating activities; \u2022 payments for the interest element of recognised lease liabilities are included in \u2018Interest paid\u2019 within cash flows from financing activities; and \u2022 payments for the principal element of recognised lease liabilities are presented within cash flows from financing activities. Leasing activities The leases which are recorded on the consolidated balance sheet are principally in respect of vehicles and buildings. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Extension and termination options are included in a number of leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. Extension options considered reasonably certain to be exercised relate to both buildings and motor vehicles and do not exceed three years. Most termination options have not been considered reasonably certain to be exercised. The Group\u2019s carrying amount of lease liability is presented below as at 31 December: 2022 \u20ac million 2021 \u20ac million Current lease liability 53.9 50.9 Non-current lease liability 152.1 109.4 Total lease liability (refer to Note 26) 206.0 160.3 For the carrying amount of right-of-use assets per class of underlying asset, refer to Note 15. The Group\u2019s additions to right-of-use assets for the years ended 31 December are as follows: 2022 \u20ac million 2021 \u20ac million Land and buildings 32.0 10.4 Plant and equipment 59.2 31.6 Total additions 91.2 42.0 Right\u2011of\u2011use assets arising on business combinations in 2022 amounted to \u20ac40.1 million (2021: \u20acnil). The consolidated income statement includes the following amounts relating to depreciation of right\u2011of\u2011use assets: 2022 \u20ac million 2021 \u20ac million Land and buildings 21.4 19.5 Plant and equipment 40.8 33.8 Total depreciation charge 62.2 53.3 17. Leases continued
The following expenses have been included in cost of goods sold and operating expenses:
2022
\u20ac million
2021
\u20ac million
Expense relating to short-term leases 22.7 15.1
Expense relating to leases of low-value assets 2.5 1.4
Expense relating to variable lease payments 10.8 7.4
Interest expense on leases in 2022 was \u20ac16.4 million (2021: \u20ac9.9 million) and is recorded within \u2018Finance
costs\u2019 in the consolidated income statement (refer to Note 10).
The total cash outflow for leases in 2022 was \u20ac103.6 million (2021: \u20ac91.0 million).
Expenses relating to short-term leases in 2022 and 2021 comprise consideration for leases with a term
of 12 months or less used to cover seasonal business needs.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-551": {
"value": "Accounting policy Leases for which the Group is in a lessee position are recognised as a right-of-use asset and a corresponding lease liability at the date at which the lease asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a net\u2011present\u2011value basis and are recognised as part of \u2018Property, plant and equipment\u2019, \u2018Current borrowings\u2019 and \u2018Non\u2011current borrowings\u2019 in the consolidated balance sheet, respectively. Lease contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components as appropriate. Consideration relevant to the non-lease component is recognised as an expense in the consolidated income statement over the period of the lease. Lease liabilities include the net present value of the following lease payments: a) fixed payments (including in\u2011substance fixed payments) over the lease term, less any lease incentives receivable; b) variable lease payments that are based on an index or a rate; c) amounts expected to be payable by the lessee under residual value guarantees; d) the exercise price of a purchase option if the Group is reasonably certain it will exercise that option; and e) payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. Accounting policy continued
When adjustments to lease payments based on an index or rate take effect, the lease liability is
reassessed and adjusted against the right\u2011of\u2011use asset.
Variable lease payments that do not depend on an index or a rate are recognised as an expense in
the period in which the event or condition that triggers the payment occurs.
The lease payments are discounted using the interest rate implicit in the lease (if that rate can be
determined), or the incremental borrowing rate of the lease, being the rate that the individual lessee
would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar
economic environment with similar terms, security and conditions. In determining the incremental
borrowing rate to be used, the Group applies judgement to establish the suitable reference rate and
credit spread.
Each lease payment is allocated between the liability (principal) and finance cost. The interest
expense is charged to the consolidated income statement as part of \u2018Finance costs\u2019 over the lease
period so as to produce a constant periodic rate of interest on the remaining balance of the liability
for each period.
Right-of-use assets are measured at cost comprising the following:
a) the amount of the initial measurement of lease liability;
b) any lease payments made at or before the commencement date less any lease incentives
received;
c) any initial direct costs; and
d) any restoration costs.
The right-of-use assets are depreciated over the shorter of the assets\u2019 useful life and the lease term
on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the
right-of-use asset is depreciated over the underlying asset\u2019s useful life.
The Group utilises a number of practical expedients permitted by the standard, namely:
1) applying the recognition exemption to short\u2011term leases (i.e. leases with a term of 12 months or
less) that do not contain a purchase option; and
2) applying the recognition exemption to leases of underlying assets with a low value, which mainly
comprise IT equipment.
Payments associated with short-term leases and leases of low-value assets are recognised on a
straight-line basis as an expense in the consolidated income statement.
In determining the lease term, management considers all facts and circumstances that create an
economic incentive to exercise an extension option, or not exercise a termination option. Extension
options (or periods after termination options) are only included in the lease term if the lease is
reasonably certain to be extended (or not terminated). The assessment is revised if a significant
event or a significant change in circumstances occurs, which affects this assessment and which is
within the control of the lessee.
Lease payments are presented as follows in the consolidated cash flow statement:
\u2022 short-term lease payments, payments for leases of low-value assets and variable lease payments
that are not included in the measurement of the lease liabilities are presented within cash flows
from operating activities;
\u2022 payments for the interest element of recognised lease liabilities are included in \u2018Interest paid\u2019
within cash flows from financing activities; and
\u2022 payments for the principal element of recognised lease liabilities are presented within cash flows
from financing activities.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-593": {
"value": "18. Inventories Accounting policy Inventories are stated at the lower of cost and net realisable value. Cost for raw materials and consumables is determined on a weighted average basis. Cost for work in progress and finished goods comprises the cost of direct materials and labour plus attributable overhead costs. Cost of inventories includes all costs incurred to bring the product to its present location and condition. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to complete and sell the inventory. Inventories consisted of the following as at 31 December: 2022 \u20ac million 2021 \u20ac million Finished goods 331.1 244.0 Raw materials and work in progress 329.3 208.0 Consumables 109.6 67.8 Total inventories 770.0 519.8 The amount of inventories recognised as an expense during 2022 was \u20ac4,509.6 million (2021: \u20ac3,420.4 million). This includes \u20ac1.1 million of write\u2011offs related to the Russia\u2011Ukraine conflict (refer to Note 6). During 2022 provision for obsolete inventories recognised as an expense amounted to \u20ac19.2 million (2021: \u20ac16.2 million), whereas provision reversed in the year amounted to \u20ac0.4 million (2021: \u20ac0.6 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-552": {
"value": "Accounting policy
Inventories are stated at the lower of cost and net realisable value.
Cost for raw materials and consumables is determined on a weighted average basis. Cost for work in
progress and finished goods comprises the cost of direct materials and labour plus attributable
overhead costs. Cost of inventories includes all costs incurred to bring the product to its present
location and condition.
Net realisable value is the estimated selling price in the ordinary course of business, less the
estimated costs necessary to complete and sell the inventory.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-592": {
"value": "19. Trade, other receivables and assets Accounting policies Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method. The normal credit terms are between 7\u201190 days upon delivery. The Group applies the IFRS 9 simplified approach for trade and other receivables and follows an Expected Credit Losses (\u2018ECLs\u2019) approach for measuring the allowance of its trade receivables. The expected loss rate is assessed on the basis of historical credit losses of 24 months before the year end and adjusted to reflect current and forward\u2011looking information. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive. The carrying amount of the receivable is reduced by the loss allowance, which is recognised as part of operating expenses. If a trade receivable ultimately becomes uncollectible, it is written off initially against any loss allowance made in respect of that receivable with any excess recognised as part of operating expenses. Subsequent recoveries of amounts previously written off or loss allowance no longer required are credited against operating expenses. The Group has entered into a contract that provides insurance coverage against defaulted trade receivables. This contract meets the definition of a financial guarantee contract, which is in substance part of the contract terms (that is, integral to the trade receivables) and is not recognised separately. Therefore, the expected cash flows from the credit insurance are included in the measurement of ECLs of trade receivables. Loans are initially recognised at the fair value net of transaction costs incurred. After initial recognition, all interest\u2011bearing loans are subsequently measured at amortised cost. Amortised cost is calculated using the effective interest rate method whereby any discount, premium or transaction costs associated with a loan are amortised to the income statement over the lending period. 19. Trade, other receivables and assets continued
Trade, other receivables and assets consisted of the following as at 31 December:
Current assets Non-current assets
2022
\u20ac million
2021
\u20ac million
2022
\u20ac million
2021
\u20ac million
Trade receivables 804.8 705.5 0.1 0.1
Receivables from related parties
(refer to Note 28) 56.5 60.4 \u2013 \u2013
Loans receivable 1.1 0.5 0.8 1.0
Receivables from sale of property, plant and
equipment 0.4 0.5 \u2013 \u2013
Loans and advances to employees 10.1 6.0 \u2013 \u2013
Other receivables 144.1 89.3 1.4 \u2013
Total trade and other receivables 1,017.0 862.2 2.3 1.1
Prepayments 88.6 69.4 14.3 10.4
Pension plan assets (refer to Note 22) \u2013 \u2013 51.9 42.0
Non-current income tax receivable \u2013 \u2013 9.7 16.3
VAT and other taxes receivable 42.3 17.0 \u2013 \u2013
Total other assets 130.9 86.4 75.9 68.7
Total trade, other receivables and assets 1,147.9 948.6 78.2 69.8
An amount of \u20ac50.0 million (2021: \u20ac43.9 million) included in \u2018Other receivables\u2019 relates to receivables
from brand partners in the sale and distribution of premium spirits and energy drinks.
Non-current trade receivables relate to renegotiated receivables, which are expected to be settled
within the new contractual due date.
For offsetting impact on trade receivables, refer to Note 23.
Trade receivables
Trade receivables classified as current assets consisted of the following as at 31 December:
2022
\u20ac million
2021
\u20ac million
Trade receivables 880.6 781.6
Less: Loss allowance (75.8) (76.1)
Total trade receivables 804.8 705.5
The ageing analysis of trade receivables classified as current assets is as follows:
2022
\u20ac million
2021
\u20ac million
Gross
carrying
amount
Loss
allowance
Trade
receivables
Gross
carrying
amount
Loss
allowance
Trade
receivables
Within due date 720.2 (1.1) 719.1 636.7 (2.9) 633.8
Past due \u2013 Up to three months 70.5 (0.5) 70.0 54.2 (1.2) 53.0
Past due \u2013 Three to six months 7.0 (1.2) 5.8 6.9 (1.0) 5.9
Past due \u2013 Six to nine months 3.6 (1.3) 2.3 3.3 (1.0) 2.3
Past due \u2013 More than nine months 79.3 (71.7) 7.6 80.5 (70.0) 10.5
Total trade receivables 880.6 (75.8) 804.8 781.6 (76.1) 705.5
The movement in the loss allowance during the year is as follows:
2022
\u20ac million
2021
\u20ac million
As at 1 January (76.1) (87.8)
Amounts written off during the year 1.7 14.7
Amounts recovered during the year 7.3 3.7
Increase in allowance recognised in income statement (13.6) (6.1)
Foreign currency translation 4.9 (0.6)
As at 31 December (75.8) (76.1)
Receivables from related parties
The related party receivables, net of the loss allowance, are as follows:
2022
\u20ac million
2021
\u20ac million
Within due date 50.9 57.3
Past due 5.7 3.3
Less: Loss allowance (0.1) (0.2)
Total related party receivables 56.5 60.4
The ageing analysis of these receivables is as follows:
2022
\u20ac million
2021
\u20ac million
Within due date 50.8 57.2
Past due \u2013 Up to three months 1.8 2.6
Past due \u2013 Three to six months 3.6 0.4
Past due \u2013 More than nine months 0.3 0.2
Total 56.5 60.4
19. Trade, other receivables and assets continued Net impairment Net impairment loss on trade and other receivables recognised in the income statement is analysed as follows: 2022 \u20ac million 2021 \u20ac million Trade receivables 6.2 3.7 Other receivables and assets 2.8 1.4 Net impairment loss 9.0 5.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-626": {
"value": "19. Trade, other receivables and assets Accounting policies Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method. The normal credit terms are between 7\u201190 days upon delivery. The Group applies the IFRS 9 simplified approach for trade and other receivables and follows an Expected Credit Losses (\u2018ECLs\u2019) approach for measuring the allowance of its trade receivables. The expected loss rate is assessed on the basis of historical credit losses of 24 months before the year end and adjusted to reflect current and forward\u2011looking information. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive. The carrying amount of the receivable is reduced by the loss allowance, which is recognised as part of operating expenses. If a trade receivable ultimately becomes uncollectible, it is written off initially against any loss allowance made in respect of that receivable with any excess recognised as part of operating expenses. Subsequent recoveries of amounts previously written off or loss allowance no longer required are credited against operating expenses. The Group has entered into a contract that provides insurance coverage against defaulted trade receivables. This contract meets the definition of a financial guarantee contract, which is in substance part of the contract terms (that is, integral to the trade receivables) and is not recognised separately. Therefore, the expected cash flows from the credit insurance are included in the measurement of ECLs of trade receivables. Loans are initially recognised at the fair value net of transaction costs incurred. After initial recognition, all interest\u2011bearing loans are subsequently measured at amortised cost. Amortised cost is calculated using the effective interest rate method whereby any discount, premium or transaction costs associated with a loan are amortised to the income statement over the lending period. 19. Trade, other receivables and assets continued Trade, other receivables and assets consisted of the following as at 31 December: Current assets Non-current assets 2022 \u20ac million 2021 \u20ac million 2022 \u20ac million 2021 \u20ac million Trade receivables 804.8 705.5 0.1 0.1 Receivables from related parties (refer to Note 28) 56.5 60.4 \u2013 \u2013 Loans receivable 1.1 0.5 0.8 1.0 Receivables from sale of property, plant and equipment 0.4 0.5 \u2013 \u2013 Loans and advances to employees 10.1 6.0 \u2013 \u2013 Other receivables 144.1 89.3 1.4 \u2013 Total trade and other receivables 1,017.0 862.2 2.3 1.1 Prepayments 88.6 69.4 14.3 10.4 Pension plan assets (refer to Note 22) \u2013 \u2013 51.9 42.0 Non-current income tax receivable \u2013 \u2013 9.7 16.3 VAT and other taxes receivable 42.3 17.0 \u2013 \u2013 Total other assets 130.9 86.4 75.9 68.7 Total trade, other receivables and assets 1,147.9 948.6 78.2 69.8 An amount of \u20ac50.0 million (2021: \u20ac43.9 million) included in \u2018Other receivables\u2019 relates to receivables from brand partners in the sale and distribution of premium spirits and energy drinks. Non-current trade receivables relate to renegotiated receivables, which are expected to be settled within the new contractual due date. For offsetting impact on trade receivables, refer to Note 23. Trade receivables Trade receivables classified as current assets consisted of the following as at 31 December: 2022 \u20ac million 2021 \u20ac million Trade receivables 880.6 781.6 Less: Loss allowance (75.8) (76.1) Total trade receivables 804.8 705.5 The ageing analysis of trade receivables classified as current assets is as follows: 2022 \u20ac million 2021 \u20ac million Gross carrying amount Loss allowance Trade receivables Gross carrying amount Loss allowance Trade receivables Within due date 720.2 (1.1) 719.1 636.7 (2.9) 633.8 Past due \u2013 Up to three months 70.5 (0.5) 70.0 54.2 (1.2) 53.0 Past due \u2013 Three to six months 7.0 (1.2) 5.8 6.9 (1.0) 5.9 Past due \u2013 Six to nine months 3.6 (1.3) 2.3 3.3 (1.0) 2.3 Past due \u2013 More than nine months 79.3 (71.7) 7.6 80.5 (70.0) 10.5 Total trade receivables 880.6 (75.8) 804.8 781.6 (76.1) 705.5 The movement in the loss allowance during the year is as follows: 2022 \u20ac million 2021 \u20ac million As at 1 January (76.1) (87.8) Amounts written off during the year 1.7 14.7 Amounts recovered during the year 7.3 3.7 Increase in allowance recognised in income statement (13.6) (6.1) Foreign currency translation 4.9 (0.6) As at 31 December (75.8) (76.1) Receivables from related parties The related party receivables, net of the loss allowance, are as follows: 2022 \u20ac million 2021 \u20ac million Within due date 50.9 57.3 Past due 5.7 3.3 Less: Loss allowance (0.1) (0.2) Total related party receivables 56.5 60.4 The ageing analysis of these receivables is as follows: 2022 \u20ac million 2021 \u20ac million Within due date 50.8 57.2 Past due \u2013 Up to three months 1.8 2.6 Past due \u2013 Three to six months 3.6 0.4 Past due \u2013 More than nine months 0.3 0.2 Total 56.5 60.4 19. Trade, other receivables and assets continued
Net impairment
Net impairment loss on trade and other receivables recognised in the income statement is analysed
as follows:
2022
\u20ac million
2021
\u20ac million
Trade receivables 6.2 3.7
Other receivables and assets 2.8 1.4
Net impairment loss 9.0 5.1
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-553": {
"value": "Accounting policies
Trade receivables are amounts due from customers for goods sold or services performed in the
ordinary course of business. They are initially recognised at fair value and subsequently measured
at amortised cost using the effective interest rate method. The normal credit terms are between
7\u201190 days upon delivery.
The Group applies the IFRS 9 simplified approach for trade and other receivables and follows an
Expected Credit Losses (\u2018ECLs\u2019) approach for measuring the allowance of its trade receivables.
The expected loss rate is assessed on the basis of historical credit losses of 24 months before the
year end and adjusted to reflect current and forward\u2011looking information. ECLs are based on the
difference between the contractual cash flows due in accordance with the contract and all the cash
flows that the Group expects to receive. The carrying amount of the receivable is reduced by the
loss allowance, which is recognised as part of operating expenses. If a trade receivable ultimately
becomes uncollectible, it is written off initially against any loss allowance made in respect of that
receivable with any excess recognised as part of operating expenses. Subsequent recoveries
of amounts previously written off or loss allowance no longer required are credited against
operating expenses.
The Group has entered into a contract that provides insurance coverage against defaulted
trade receivables.
This contract meets the definition of a financial guarantee contract, which is in substance part
of the contract terms (that is, integral to the trade receivables) and is not recognised separately.
Therefore, the expected cash flows from the credit insurance are included in the measurement
of ECLs of trade receivables.
Loans are initially recognised at the fair value net of transaction costs incurred. After initial recognition,
all interest\u2011bearing loans are subsequently measured at amortised cost. Amortised cost is calculated
using the effective interest rate method whereby any discount, premium or transaction costs
associated with a loan are amortised to the income statement over the lending period.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-648": {
"value": "19. Trade, other receivables and assets continued Trade, other receivables and assets consisted of the following as at 31 December: Current assets Non-current assets 2022 \u20ac million 2021 \u20ac million 2022 \u20ac million 2021 \u20ac million Trade receivables 804.8 705.5 0.1 0.1 Receivables from related parties (refer to Note 28) 56.5 60.4 \u2013 \u2013 Loans receivable 1.1 0.5 0.8 1.0 Receivables from sale of property, plant and equipment 0.4 0.5 \u2013 \u2013 Loans and advances to employees 10.1 6.0 \u2013 \u2013 Other receivables 144.1 89.3 1.4 \u2013 Total trade and other receivables 1,017.0 862.2 2.3 1.1 Prepayments 88.6 69.4 14.3 10.4 Pension plan assets (refer to Note 22) \u2013 \u2013 51.9 42.0 Non-current income tax receivable \u2013 \u2013 9.7 16.3 VAT and other taxes receivable 42.3 17.0 \u2013 \u2013 Total other assets 130.9 86.4 75.9 68.7 Total trade, other receivables and assets 1,147.9 948.6 78.2 69.8 An amount of \u20ac50.0 million (2021: \u20ac43.9 million) included in \u2018Other receivables\u2019 relates to receivables from brand partners in the sale and distribution of premium spirits and energy drinks. Non-current trade receivables relate to renegotiated receivables, which are expected to be settled within the new contractual due date. For offsetting impact on trade receivables, refer to Note 23. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-654": {
"value": "19. Trade, other receivables and assets continued Trade, other receivables and assets consisted of the following as at 31 December: Current assets Non-current assets 2022 \u20ac million 2021 \u20ac million 2022 \u20ac million 2021 \u20ac million Trade receivables 804.8 705.5 0.1 0.1 Receivables from related parties (refer to Note 28) 56.5 60.4 \u2013 \u2013 Loans receivable 1.1 0.5 0.8 1.0 Receivables from sale of property, plant and equipment 0.4 0.5 \u2013 \u2013 Loans and advances to employees 10.1 6.0 \u2013 \u2013 Other receivables 144.1 89.3 1.4 \u2013 Total trade and other receivables 1,017.0 862.2 2.3 1.1 Prepayments 88.6 69.4 14.3 10.4 Pension plan assets (refer to Note 22) \u2013 \u2013 51.9 42.0 Non-current income tax receivable \u2013 \u2013 9.7 16.3 VAT and other taxes receivable 42.3 17.0 \u2013 \u2013 Total other assets 130.9 86.4 75.9 68.7 Total trade, other receivables and assets 1,147.9 948.6 78.2 69.8 An amount of \u20ac50.0 million (2021: \u20ac43.9 million) included in \u2018Other receivables\u2019 relates to receivables from brand partners in the sale and distribution of premium spirits and energy drinks. Non-current trade receivables relate to renegotiated receivables, which are expected to be settled within the new contractual due date. For offsetting impact on trade receivables, refer to Note 23. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-595": {
"value": "20. Assets classified as held for sale Accounting policy Non-current assets and disposal groups are classified as held for sale if it is considered highly probable that their carrying amount will be principally recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. In order for a sale to be considered highly probable, management must be committed to a plan to sell the asset, an active programme to locate a buyer and complete the plan must have been initiated, and the sale should be expected to be completed within one year from the date of classification. In the event that the criteria for continued classification as held for sale are no longer met, the assets are reclassified to property, plant and equipment and the depreciation charge is adjusted for the depreciation that would have been recognised had the assets not been classified as held for sale. Non-current assets and disposal groups classified as held for sale are measured at the lower of the individual assets\u2019 previous carrying amount and their fair value less costs to sell. As at 31 December 2022, the Group\u2019s assets classified as held for sale amounted to \u20ac0.1 million, comprising the net book value of plant and equipment in the Group\u2019s Established segment (2021: \u20ac0.1 million in our Emerging segment), that has been written down to fair value less costs to sell (refer to Note 15). The fair value of assets classified as held for sale was determined through the use of a sales comparison approach and is a non-recurring fair value measurement within level 3 of the fair value hierarchy. Assets classified as held for sale in 2021 were disposed of during 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-554": {
"value": "Accounting policy
Non-current assets and disposal groups are classified as held for sale if it is considered highly
probable that their carrying amount will be principally recovered through a sale transaction rather
than through continuing use. This condition is regarded as met only when the sale is highly probable
and the asset (or disposal group) is available for immediate sale in its present condition. In order for a
sale to be considered highly probable, management must be committed to a plan to sell the asset,
an active programme to locate a buyer and complete the plan must have been initiated, and the sale
should be expected to be completed within one year from the date of classification.
In the event that the criteria for continued classification as held for sale are no longer met, the assets
are reclassified to property, plant and equipment and the depreciation charge is adjusted for the
depreciation that would have been recognised had the assets not been classified as held for sale.
Non-current assets and disposal groups classified as held for sale are measured at the lower of the
individual assets\u2019 previous carrying amount and their fair value less costs to sell.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-594": {
"value": "21. Trade and other payables
Accounting policy
Trade payables are recognised initially at fair value and subsequently measured at amortised cost
using the effective interest rate method.
Trade and other payables consisted of the following at 31 December:
2022
\u20ac million
2021
\u20ac million
Trade payables 947.2 678.3
Accrued liabilities 727.9 565.6
Payables to related parties (refer to Note 28) 268.6 326.1
Deposit liabilities 112.6 92.6
Other tax and social security liabilities 159.2 126.0
Salaries and employee-related payables 69.2 56.9
Contract liabilities (refer to Note 8) 14.7 11.8
Other payables 32.5 28.5
Total trade and other payables 2,331.9 1,885.8
The Group facilitates a supply chain financing programme under which the supplier can elect on an
invoice-by-invoice basis to either receive a discounted early payment from the partner bank, or
continue to be paid in line with the agreed payment terms; in either case the value and due date of the
liability payable by the Group remain unchanged and as such the liability remains classified as trade and
other payables. At 31 December 2022 invoices included in the programme amounted to \u20ac175.3 million
(2021: \u20ac139.9 million).
Accrued liabilities regarding volume, marketing and promotional incentives as well as listing fees and
other incentives provided to customers as at 31 December 2022 amounted to \u20ac287.3 million (2021:
\u20ac239.9 million).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-555": {
"value": "Accounting policy Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-627": {
"value": "b) Employee benefits
Accounting policies
The Group operates a number of defined benefit and defined contribution pension plans
in its territories.
The defined benefit plans are made up of both funded and unfunded pension plans and employee
leaving indemnities. The assets of funded plans are generally held in separate trustee-administered
funds and are financed by payments from employees and/or the relevant Group companies.
The liability recognised in the balance sheet in respect of defined benefit plans is the present value
of the defined benefit obligation at the balance sheet date less the fair value of the plan assets.
For defined benefit pension plans, pension costs are assessed using the projected unit credit
method. Actuarial gains and losses arising from experience adjustments and changes in actuarial
assumptions are charged or credited to equity in other comprehensive income in the period in
which they arise. Such actuarial gains and losses are not reclassified to the income statement in
subsequent periods. The defined benefit obligations are measured at the present value of 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 approximating to
the terms of the related obligation. In countries where there is no deep market in such bonds, the
market rates on government bonds are used. Past service cost is recognised immediately in the
income statement. A number of the Group\u2019s operations have other long\u2011service benefits in the
form of jubilee plans. These plans are measured at the present value of the estimated future cash
outflows with immediate recognition of actuarial gains and losses in the income statement.
The Group\u2019s contributions to the defined contribution pension plans are charged to the income
statement in the period to which the contributions relate.
22. Provisions and employee benefits continued b) Employee benefits continued Critical accounting estimates The Group provides defined benefit pension plans as an employee benefit in certain territories. Determining the value of these plans requires several actuarial assumptions and estimates that may differ from actual developments in the future. These include the determination of the discount rates, rate of compensation increases, rate of pension increases and life expectancy of pensioners at the age of 65. Due to the long\u2011term nature of these plans, such estimates are subject to significant uncertainty. Details on the key assumptions used and a sensitivity analysis regarding the impact of reasonably possible changes in key assumptions on the defined benefit obligation are further presented below. Employee benefits consisted of the following as at 31 December: 2022 \u20ac million 2021 \u20ac million Defined benefit plans: Employee leaving indemnities 67.9 78.9 Pension plans 3.4 6.2 Long\u2011service benefits (jubilee plans) and other benefits 13.2 12.1 Total defined benefit plans 84.5 97.2 Other employee benefits: Annual leave 7.6 9.7 Other employee benefits 143.2 123.8 Total other employee benefits 150.8 133.5 Total employee benefits obligations 235.3 230.7 Other employee benefits are primarily comprised of employee bonuses which are linked to business and individual performance metrics. Employees of Coca\u2011Cola HBC\u2019s subsidiaries in Austria, Bulgaria, Croatia, Greece, Italy, Montenegro, Nigeria, Poland, Romania, Serbia and Slovenia are entitled to employee leaving indemnities, generally based on each employee\u2019s length of service, employment category and remuneration. These are unfunded plans where the Company meets the payment obligation as it falls due. Coca\u2011Cola HBC\u2019s subsidiaries in Austria, Northern Ireland, the Republic of Ireland and Switzerland sponsor defined benefit pension plans. Of the three plans in the Republic of Ireland, two have plan assets, as do the two plans in Northern Ireland, and one plan out of the three in Switzerland. The Austrian plans do not have plan assets and the Company meets the payment obligation as it falls due. The defined benefit plans in Austria, Republic of Ireland and Northern Ireland are closed to new members. Coca\u2011Cola HBC provides long\u2011service benefits in the form of jubilee plans to its employees in Austria, Croatia, Nigeria, Poland, Serbia, Slovenia and Switzerland. Defined benefit obligation by segment is as follows for the years ended 31 December: The average duration of the defined benefit obligations is 14 years and the total employer contributions expected to be paid in 2023 are \u20ac11.6 million. \u20ac58.0m Total \u20ac84.5m \u20ac73.6m Total \u20ac97.2m 2022 2021 \u20ac2.1m \u20ac1.7m Established Developing Emerging 22. Provisions and employee benefits continued The reconciliation of plan assets and plan liabilities for the years ended 31 December is as follows: Plan assets \u20ac million Plan liabilities \u20ac million Net (deficit) / surplus \u20ac million As at 1 January 2021 481.3 (538.1) (56.8) Current service cost \u2013 (10.8) (10.8) Past service cost \u2013 (1.6) (1.6) Administrative expenses (0.3) \u2013 (0.3) Curtailment/settlement (16.4) 14.2 (2.2) Interest income/(expense) 2.3 (4.0) (1.7) Actuarial gains \u2013 0.6 0.6 Total expense recognised in income statement (14.4) (1.6) (16.0) Gains from change in demographic assumptions \u2013 1.4 1.4 Gains from change in financial assumptions \u2013 16.0 16.0 Experience adjustments \u2013 (2.4) (2.4) Return on plan assets excluding interest income 34.6 \u2013 34.6 Total remeasurements recognised in other comprehensive income 34.6 15.0 49.6 Benefits paid (23.1) 23.1 \u2013 Employer\u2019s contributions 16.4 \u2013 16.4 Participants\u2019 contributions 4.6 (4.6) \u2013 Net increase in defined benefit obligation from other movements \u2013 (0.7) (0.7) Foreign currency translation 20.0 (19.4) 0.6 As at 31 December 2021 519.4 (526.3) (6.9) Plan assets \u20ac million Plan liabilities \u20ac million Net (deficit) / surplus \u20ac million As at 1 January 2022 519.4 (526.3) (6.9) Current service cost \u2013 (11.8) (11.8) Past service cost \u2013 (3.0) (3.0) Administrative expenses (0.3) \u2013 (0.3) Curtailment/settlement (2.9) 2.8 (0.1) Interest income/(expense) 4.4 (6.1) (1.7) Actuarial gains \u2013 2.0 2.0 Total income/(expense) recognised in income statement 1.2 (16.1) (14.9) Loss from change in demographic assumptions \u2013 (2.9) (2.9) Gains from change in financial assumptions \u2013 145.2 145.2 Experience adjustments \u2013 (8.7) (8.7) Return on plan assets excluding interest income (91.9) \u2013 (91.9) Total remeasurements recognised in other comprehensive income (91.9) 133.6 41.7 Benefits paid (22.4) 22.4 \u2013 Employer\u2019s contributions 13.1 \u2013 13.1 Participants\u2019 contributions 4.8 (4.8) \u2013 Net increase in defined benefit obligation from other movements \u2013 (0.8) (0.8) Foreign currency translation 7.7 (6.5) 1.2 As at 31 December 2022 431.9 (398.5) 33.4 22. Provisions and employee benefits continued The effect of the asset ceiling on plan assets and net deficit for the years ended 31 December is as follows: 2022 \u20ac million 2021 \u20ac million Fair value of plan assets at 31 December excluding asset ceiling 431.9 519.4 Opening unrecognised asset due to the asset ceiling (48.3) (14.1) Change in asset ceiling recognised in other comprehensive income (15.7) (33.5) Exchange rate gain (1.8) (0.7) Interest income on unrecognised asset recognised in income statement (0.2) \u2013 Fair value of plan assets at 31 December including asset ceiling 365.9 471.1 2022 \u20ac million 2021 \u20ac million Present value of funded obligations 316.6 434.1 Fair value of plan assets (431.9) (519.4) Defined benefit obligations of funded plans (115.3) (85.3) Present value of unfunded obligations 81.9 92.2 Unrecognised asset due to asset ceiling 66.0 48.3 Defined benefit obligations 32.6 55.2 Plus: Amounts recognised within non\u2011current assets (refer to Note 19) 51.9 42.0 Total defined benefit obligations 84.5 97.2 Funding levels are monitored in conjunction with the agreed contribution rate. The funding level of the funded plans as at 31 December 2022 was 116% (2021: 109%). Five of the plans have funded status surplus totalling \u20ac51.9 million as at 31 December 2022 (2021: five plans, totalling \u20ac42.0 million) that is recognised as an asset on the basis that the Group has an unconditional right to future economic benefits either via a refund or a reduction in future contributions. Defined benefit plan expense is included in employee costs and presented in cost of goods sold and operating expenses. The assumptions (weighted average for the Group) used in computing the defined benefit obligation comprised the following for the years ended 31 December: 2022 % 2021 % Discount rate 3.6 1.2 Rate of compensation increase 2.8 2.5 Rate of pension increase 0.9 1.0 Life expectancy for pensioners at the age of 65 in years: Male 22 22 Female 24 24 Asset liability matching: Plan assets allocated to growth assets are monitored regularly to ensure they remain appropriate and in line with the Group\u2019s long\u2011term strategy to manage the plans. As the plans mature, the level of investment risk will be reduced by investing more in assets such as bonds that better match the liabilities. Pension plan assets are invested in different asset classes in order to maintain a balance between risk and return. Investments are well diversified to limit the financial effect of the failure of any individual investment. Through its defined benefit plans the Group is exposed to a number of risks, as outlined below: \u2022 Asset volatility: The liabilities are calculated using a discount rate set with reference to corporate bond yields; if assets underperform this yield, a deficit will be created. The Northern Ireland, the Republic of Ireland and Swiss plans hold a significant proportion of growth assets (equities), which are expected to outperform corporate bonds in the long term while being subject to volatility and risk in the short term. \u2022 Changes in bond yields: A decrease in corporate bond yields will increase the plan liabilities, although this will be partially offset by an increase in the value of the plans\u2019 bond holdings. Conversely an increase in corporate bond yields will decrease the plan liabilities, although this will be partially offset by a decrease in the value of the plans\u2019 bond holdings. \u2022 Inflation: The Northern Ireland, the Republic of Ireland and Swiss plans\u2019 benefit obligations are linked to inflation, which is used as a basis to determine the rate of compensation increases. As a result, higher inflation will lead to higher liabilities, although, in most cases, caps on the level of inflationary increases are in place to protect against extreme inflation. The majority of the assets are either unaffected by or only loosely correlated with inflation, meaning that an increase in inflation will also increase the deficit. \u2022 Life expectancy: The majority of the pension plans\u2019 obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the liabilities. The sensitivity analysis presented below is based on a change in a single assumption while all other assumptions remain constant. Change in assumption Impact on defined benefit obligation (%) Increase in assumption Decrease in assumption 2022 2021 2022 2021 Discount rate 0.50% (5.5%) (8.2%) 7.1% 9.4% Rate of compensation increase 0.50% 1.5% 1.8% (1.4%) (1.5%) Rate of pension increase 0.50% 3.8% 5.2% (3.8%) (4.9%) Life expectancy 1 year 2.4% 2.8% (2.4%) (2.8%) 22. Provisions and employee benefits continued Plan assets are invested as follows: The assets of funded plans are generally held in separately administered trusts, either as specific assets or as a proportion of a general fund, or are insurance contracts. Plan assets held in trust are governed by local regulations and practice in each country. The category \u2018Other\u2019 mainly includes investments in funds holding a portfolio of assets. Plan assets relate predominantly to quoted financial instruments. Equity securities were not invested in ordinary shares of the Company as at 31 December 2022 or 31 December 2021. Defined contribution plans The expense recognised in the income statement in 2022 for the defined contribution plans is \u20ac22.5 million (2021: \u20ac19.4 million). This is included in employee costs and recorded in cost of goods sold and operating expenses. 3 % 22 30 10 10 11 1 % 13 Equity securities \u2013 Eurozone Equity securities \u2013 Non-Eurozone Government bonds \u2013 Eurozone Corporate bonds \u2013 Eurozone Corporate bonds \u2013 Non-Eurozone Real estate Cash Other 2% 19% 17% 12% 11% 12% 13% 2% 12% Equity securities \u2013 Eurozone Equity securities \u2013 Non-Eurozone Government bonds \u2013 Eurozone Government bonds \u2013 Non-Eurozone Corporate bonds \u2013 Eurozone Corporate bonds \u2013 Non-Eurozone Real estate Cash Other Assets category 2022 (%) Assets category 2021 (%) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-557": {
"value": "Accounting policies The Group operates a number of defined benefit and defined contribution pension plans in its territories. The defined benefit plans are made up of both funded and unfunded pension plans and employee leaving indemnities. The assets of funded plans are generally held in separate trustee-administered funds and are financed by payments from employees and/or the relevant Group companies. The liability recognised in the balance sheet in respect of defined benefit plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of the plan assets. For defined benefit pension plans, pension costs are assessed using the projected unit credit method. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Such actuarial gains and losses are not reclassified to the income statement in subsequent periods. The defined benefit obligations are measured at the present value of 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 approximating to the terms of the related obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used. Past service cost is recognised immediately in the income statement. A number of the Group\u2019s operations have other long\u2011service benefits in the form of jubilee plans. These plans are measured at the present value of the estimated future cash outflows with immediate recognition of actuarial gains and losses in the income statement. The Group\u2019s contributions to the defined contribution pension plans are charged to the income statement in the period to which the contributions relate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-628": {
"value": "22. Provisions and employee benefits
a) Provisions Accounting policy Provisions are recognised when: the Group has a present obligation (legal or constructive) as a result of a past event; it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and a reliable estimate can be made of the amount of the obligation. Where the Group expects a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognised as a separate asset only when such reimbursement is virtually certain. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Termination benefits are payable whenever an employee\u2019s employment is terminated before the normal retirement date or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of the following dates: a) when the Group can no longer withdraw the offer of those benefits and b) when the Group recognises costs for a restructuring that is within the scope of IAS 37 \u2018Provisions, contingent liabilities and contingent assets\u2019 and involves the payment of termination benefits (refer to Note 9). In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. The movements in restructuring and other provisions comprise:
2022
\u20acmillion
2021
\u20acmillion
Restructuring
provision
Other
provisions
Restructuring
provision
Other
provisions
As at 1 January 24.8 20.5 26.0 9.9
Arising during the year 19.3 22.5 21.7 13.5
Utilised during the year (32.1) (1.4) (21.5) (2.8)
Unused amount reversed (7.8) (3.1) (1.4) (0.1)
Arising from business combinations 0.1 15.1 \u2013 \u2013
Foreign currency translation \u2013 (4.8) \u2013 \u2013
As at 31 December 4.3 48.8 24.8 20.5
During 2022 a restructuring provision of \u20ac3.9 million was recognised in connection with the new
business model in Russia, following the Russia\u2011Ukraine conflict (refer to Note 6), which was utilised
during the year. Other provisions primarily comprise provisions in relation to employee litigation, legal
and other tax provisions.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-596": {
"value": "22. Provisions and employee benefits Provisions and employee benefits consisted of the following as at 31 December: 2022 \u20ac million 2021 \u20ac million Current: Employee benefits 131.5 115.2 Restructuring provisions 3.2 23.6 Other provisions 46.8 18.4 Total current provisions and employee benefits 181.5 157.2 Non-current: Employee benefits 103.8 115.5 Restructuring provisions 1.1 1.2 Other provisions 2.0 2.1 Total non-current provisions and employee benefits 106.9 118.8 Total provisions and employee benefits 288.4 276.0 a) Provisions Accounting policy Provisions are recognised when: the Group has a present obligation (legal or constructive) as a result of a past event; it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and a reliable estimate can be made of the amount of the obligation. Where the Group expects a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognised as a separate asset only when such reimbursement is virtually certain. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Termination benefits are payable whenever an employee\u2019s employment is terminated before the normal retirement date or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of the following dates: a) when the Group can no longer withdraw the offer of those benefits and b) when the Group recognises costs for a restructuring that is within the scope of IAS 37 \u2018Provisions, contingent liabilities and contingent assets\u2019 and involves the payment of termination benefits (refer to Note 9). In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. The movements in restructuring and other provisions comprise: 2022 \u20acmillion 2021 \u20acmillion Restructuring provision Other provisions Restructuring provision Other provisions As at 1 January 24.8 20.5 26.0 9.9 Arising during the year 19.3 22.5 21.7 13.5 Utilised during the year (32.1) (1.4) (21.5) (2.8) Unused amount reversed (7.8) (3.1) (1.4) (0.1) Arising from business combinations 0.1 15.1 \u2013 \u2013 Foreign currency translation \u2013 (4.8) \u2013 \u2013 As at 31 December 4.3 48.8 24.8 20.5 During 2022 a restructuring provision of \u20ac3.9 million was recognised in connection with the new business model in Russia, following the Russia\u2011Ukraine conflict (refer to Note 6), which was utilised during the year. Other provisions primarily comprise provisions in relation to employee litigation, legal and other tax provisions. b) Employee benefits Accounting policies The Group operates a number of defined benefit and defined contribution pension plans in its territories. The defined benefit plans are made up of both funded and unfunded pension plans and employee leaving indemnities. The assets of funded plans are generally held in separate trustee-administered funds and are financed by payments from employees and/or the relevant Group companies. The liability recognised in the balance sheet in respect of defined benefit plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of the plan assets. For defined benefit pension plans, pension costs are assessed using the projected unit credit method. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Such actuarial gains and losses are not reclassified to the income statement in subsequent periods. The defined benefit obligations are measured at the present value of 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 approximating to the terms of the related obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used. Past service cost is recognised immediately in the income statement. A number of the Group\u2019s operations have other long\u2011service benefits in the form of jubilee plans. These plans are measured at the present value of the estimated future cash outflows with immediate recognition of actuarial gains and losses in the income statement. The Group\u2019s contributions to the defined contribution pension plans are charged to the income statement in the period to which the contributions relate. 22. Provisions and employee benefits continued b) Employee benefits continued Critical accounting estimates The Group provides defined benefit pension plans as an employee benefit in certain territories. Determining the value of these plans requires several actuarial assumptions and estimates that may differ from actual developments in the future. These include the determination of the discount rates, rate of compensation increases, rate of pension increases and life expectancy of pensioners at the age of 65. Due to the long\u2011term nature of these plans, such estimates are subject to significant uncertainty. Details on the key assumptions used and a sensitivity analysis regarding the impact of reasonably possible changes in key assumptions on the defined benefit obligation are further presented below. Employee benefits consisted of the following as at 31 December: 2022 \u20ac million 2021 \u20ac million Defined benefit plans: Employee leaving indemnities 67.9 78.9 Pension plans 3.4 6.2 Long\u2011service benefits (jubilee plans) and other benefits 13.2 12.1 Total defined benefit plans 84.5 97.2 Other employee benefits: Annual leave 7.6 9.7 Other employee benefits 143.2 123.8 Total other employee benefits 150.8 133.5 Total employee benefits obligations 235.3 230.7 Other employee benefits are primarily comprised of employee bonuses which are linked to business and individual performance metrics. Employees of Coca\u2011Cola HBC\u2019s subsidiaries in Austria, Bulgaria, Croatia, Greece, Italy, Montenegro, Nigeria, Poland, Romania, Serbia and Slovenia are entitled to employee leaving indemnities, generally based on each employee\u2019s length of service, employment category and remuneration. These are unfunded plans where the Company meets the payment obligation as it falls due. Coca\u2011Cola HBC\u2019s subsidiaries in Austria, Northern Ireland, the Republic of Ireland and Switzerland sponsor defined benefit pension plans. Of the three plans in the Republic of Ireland, two have plan assets, as do the two plans in Northern Ireland, and one plan out of the three in Switzerland. The Austrian plans do not have plan assets and the Company meets the payment obligation as it falls due. The defined benefit plans in Austria, Republic of Ireland and Northern Ireland are closed to new members. Coca\u2011Cola HBC provides long\u2011service benefits in the form of jubilee plans to its employees in Austria, Croatia, Nigeria, Poland, Serbia, Slovenia and Switzerland. Defined benefit obligation by segment is as follows for the years ended 31 December: \u20ac58.0m Total \u20ac84.5m \u20ac73.6m Total \u20ac97.2m 2022 2021 \u20ac2.1m \u20ac1.7m Established Developing Emerging The average duration of the defined benefit obligations is 14 years and the total employer contributions expected to be paid in 2023 are \u20ac11.6 million. 22. Provisions and employee benefits continued
The reconciliation of plan assets and plan liabilities for the years ended 31 December is as follows:
Plan assets
\u20ac million
Plan liabilities
\u20ac million
Net (deficit) /
surplus
\u20ac million
As at 1 January 2021 481.3 (538.1) (56.8)
Current service cost \u2013 (10.8) (10.8)
Past service cost \u2013 (1.6) (1.6)
Administrative expenses (0.3) \u2013 (0.3)
Curtailment/settlement (16.4) 14.2 (2.2)
Interest income/(expense) 2.3 (4.0) (1.7)
Actuarial gains \u2013 0.6 0.6
Total expense recognised in income statement (14.4) (1.6) (16.0)
Gains from change in demographic assumptions \u2013 1.4 1.4
Gains from change in financial assumptions \u2013 16.0 16.0
Experience adjustments \u2013 (2.4) (2.4)
Return on plan assets excluding interest income 34.6 \u2013 34.6
Total remeasurements recognised in other
comprehensive income 34.6 15.0 49.6
Benefits paid (23.1) 23.1 \u2013
Employer\u2019s contributions 16.4 \u2013 16.4
Participants\u2019 contributions 4.6 (4.6) \u2013
Net increase in defined benefit obligation from other
movements \u2013 (0.7) (0.7)
Foreign currency translation 20.0 (19.4) 0.6
As at 31 December 2021 519.4 (526.3) (6.9)
Plan assets
\u20ac million
Plan liabilities
\u20ac million
Net (deficit) /
surplus
\u20ac million
As at 1 January 2022 519.4 (526.3) (6.9)
Current service cost \u2013 (11.8) (11.8)
Past service cost \u2013 (3.0) (3.0)
Administrative expenses (0.3) \u2013 (0.3)
Curtailment/settlement (2.9) 2.8 (0.1)
Interest income/(expense) 4.4 (6.1) (1.7)
Actuarial gains \u2013 2.0 2.0
Total income/(expense) recognised in income
statement 1.2 (16.1) (14.9)
Loss from change in demographic assumptions \u2013 (2.9) (2.9)
Gains from change in financial assumptions \u2013 145.2 145.2
Experience adjustments \u2013 (8.7) (8.7)
Return on plan assets excluding interest income (91.9) \u2013 (91.9)
Total remeasurements recognised in other
comprehensive income (91.9) 133.6 41.7
Benefits paid (22.4) 22.4 \u2013
Employer\u2019s contributions 13.1 \u2013 13.1
Participants\u2019 contributions 4.8 (4.8) \u2013
Net increase in defined benefit obligation from other
movements \u2013 (0.8) (0.8)
Foreign currency translation 7.7 (6.5) 1.2
As at 31 December 2022 431.9 (398.5) 33.4
22. Provisions and employee benefits continued
The effect of the asset ceiling on plan assets and net deficit for the years ended 31 December is as follows:
2022
\u20ac million
2021
\u20ac million
Fair value of plan assets at 31 December excluding asset ceiling 431.9 519.4
Opening unrecognised asset due to the asset ceiling (48.3) (14.1)
Change in asset ceiling recognised in other comprehensive income (15.7) (33.5)
Exchange rate gain (1.8) (0.7)
Interest income on unrecognised asset recognised in income
statement (0.2) \u2013
Fair value of plan assets at 31 December including asset ceiling 365.9 471.1
2022
\u20ac million
2021
\u20ac million
Present value of funded obligations 316.6 434.1
Fair value of plan assets (431.9) (519.4)
Defined benefit obligations of funded plans (115.3) (85.3)
Present value of unfunded obligations 81.9 92.2
Unrecognised asset due to asset ceiling 66.0 48.3
Defined benefit obligations 32.6 55.2
Plus: Amounts recognised within non\u2011current assets (refer to Note 19) 51.9 42.0
Total defined benefit obligations 84.5 97.2
Funding levels are monitored in conjunction with the agreed contribution rate. The funding level of the
funded plans as at 31 December 2022 was 116% (2021: 109%).
Five of the plans have funded status surplus totalling \u20ac51.9 million as at 31 December 2022 (2021: five
plans, totalling \u20ac42.0 million) that is recognised as an asset on the basis that the Group has an
unconditional right to future economic benefits either via a refund or a reduction in future contributions.
Defined benefit plan expense is included in employee costs and presented in cost of goods sold and
operating expenses.
The assumptions (weighted average for the Group) used in computing the defined benefit obligation
comprised the following for the years ended 31 December:
2022
%
2021
%
Discount rate 3.6 1.2
Rate of compensation increase 2.8 2.5
Rate of pension increase 0.9 1.0
Life expectancy for pensioners at the age of 65 in years:
Male 22 22
Female 24 24
Asset liability matching: Plan assets allocated to growth assets are monitored regularly to ensure they
remain appropriate and in line with the Group\u2019s long\u2011term strategy to manage the plans. As the plans
mature, the level of investment risk will be reduced by investing more in assets such as bonds that
better match the liabilities.
Pension plan assets are invested in different asset classes in order to maintain a balance between risk
and return. Investments are well diversified to limit the financial effect of the failure of any individual
investment. Through its defined benefit plans the Group is exposed to a number of risks, as outlined
below:
\u2022 Asset volatility: The liabilities are calculated using a discount rate set with reference to corporate
bond yields; if assets underperform this yield, a deficit will be created. The Northern Ireland, the
Republic of Ireland and Swiss plans hold a significant proportion of growth assets (equities), which are
expected to outperform corporate bonds in the long term while being subject to volatility and risk in
the short term.
\u2022 Changes in bond yields: A decrease in corporate bond yields will increase the plan liabilities, although
this will be partially offset by an increase in the value of the plans\u2019 bond holdings. Conversely an
increase in corporate bond yields will decrease the plan liabilities, although this will be partially offset
by a decrease in the value of the plans\u2019 bond holdings.
\u2022 Inflation: The Northern Ireland, the Republic of Ireland and Swiss plans\u2019 benefit obligations are linked
to inflation, which is used as a basis to determine the rate of compensation increases. As a result,
higher inflation will lead to higher liabilities, although, in most cases, caps on the level of inflationary
increases are in place to protect against extreme inflation. The majority of the assets are either
unaffected by or only loosely correlated with inflation, meaning that an increase in inflation will also
increase the deficit.
\u2022 Life expectancy: The majority of the pension plans\u2019 obligations are to provide benefits for the life of
the member, so increases in life expectancy will result in an increase in the liabilities.
The sensitivity analysis presented below is based on a change in a single assumption while all other
assumptions remain constant.
Change in
assumption
Impact on defined benefit obligation (%)
Increase in assumption Decrease in assumption
2022 2021 2022 2021
Discount rate 0.50% (5.5%) (8.2%) 7.1% 9.4%
Rate of compensation increase 0.50% 1.5% 1.8% (1.4%) (1.5%)
Rate of pension increase 0.50% 3.8% 5.2% (3.8%) (4.9%)
Life expectancy 1 year 2.4% 2.8% (2.4%) (2.8%)
22. Provisions and employee benefits continued Plan assets are invested as follows: The assets of funded plans are generally held in separately administered trusts, either as specific assets or as a proportion of a general fund, or are insurance contracts. Plan assets held in trust are governed by local regulations and practice in each country. The category \u2018Other\u2019 mainly includes investments in funds holding a portfolio of assets. Plan assets relate predominantly to quoted financial instruments. Equity securities were not invested in ordinary shares of the Company as at 31 December 2022 or 31 December 2021. Defined contribution plans The expense recognised in the income statement in 2022 for the defined contribution plans is \u20ac22.5 million (2021: \u20ac19.4 million). This is included in employee costs and recorded in cost of goods sold and operating expenses. 3 22 30 10 10 11 1 13 Equity securities \u2013 Eurozone Equity securities \u2013 Non-Eurozone Government bonds \u2013 Eurozone Corporate bonds \u2013 Eurozone Corporate bonds \u2013 Non-Eurozone Real estate Cash Other 2% 19% 17% 12% 11% 12% 13% 2% 12% Equity securities \u2013 Eurozone Equity securities \u2013 Non-Eurozone Government bonds \u2013 Eurozone Government bonds \u2013 Non-Eurozone Corporate bonds \u2013 Eurozone Corporate bonds \u2013 Non-Eurozone Real estate Cash Other Assets category 2022 (%) Assets category 2021 (%) ",
"dimensions": {
"concept": "cocacolahbcag:DisclosureOfProvisionsAndEmployeeBenefits",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-556": {
"value": "Accounting policy
Provisions are recognised when: the Group has a present obligation (legal or constructive) as a result
of a past event; it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation; and a reliable estimate can be made of the amount of the obligation.
Where the Group expects a provision to be reimbursed, for example under an insurance contract,
the reimbursement is recognised as a separate asset only when such reimbursement is virtually certain.
If the effect of the time value of money is material, provisions are determined by discounting the
expected future cash flows at a pre-tax rate that reflects current market assessments of the time
value of money and the risks specific to the liability.
Termination benefits are payable whenever an employee\u2019s employment is terminated before the
normal retirement date or whenever an employee accepts voluntary redundancy in exchange for
these benefits. The Group recognises termination benefits at the earlier of the following dates: a)
when the Group can no longer withdraw the offer of those benefits and b) when the Group
recognises costs for a restructuring that is within the scope of IAS 37 \u2018Provisions, contingent
liabilities and contingent assets\u2019 and involves the payment of termination benefits (refer to Note 9).
In the case of an offer made to encourage voluntary redundancy, the termination benefits are
measured based on the number of employees expected to accept the offer.
",
"dimensions": {
"concept": "cocacolahbcag:DescriptionOfAccountingPolicyForProvisionsAndTerminationBenefits",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-570": {
"value": "Accounting policy Provisions are recognised when: the Group has a present obligation (legal or constructive) as a result of a past event; it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and a reliable estimate can be made of the amount of the obligation. Where the Group expects a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognised as a separate asset only when such reimbursement is virtually certain. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-571": {
"value": "Termination benefits are payable whenever an employee\u2019s employment is terminated before the normal retirement date or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of the following dates: a) when the Group can no longer withdraw the offer of those benefits and b) when the Group recognises costs for a restructuring that is within the scope of IAS 37 \u2018Provisions, contingent liabilities and contingent assets\u2019 and involves the payment of termination benefits (refer to Note 9). In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-649": {
"value": "22. Provisions and employee benefits continued b) Employee benefits continued Critical accounting estimates The Group provides defined benefit pension plans as an employee benefit in certain territories. Determining the value of these plans requires several actuarial assumptions and estimates that may differ from actual developments in the future. These include the determination of the discount rates, rate of compensation increases, rate of pension increases and life expectancy of pensioners at the age of 65. Due to the long\u2011term nature of these plans, such estimates are subject to significant uncertainty. Details on the key assumptions used and a sensitivity analysis regarding the impact of reasonably possible changes in key assumptions on the defined benefit obligation are further presented below. Employee benefits consisted of the following as at 31 December: 2022 \u20ac million 2021 \u20ac million Defined benefit plans: Employee leaving indemnities 67.9 78.9 Pension plans 3.4 6.2 Long\u2011service benefits (jubilee plans) and other benefits 13.2 12.1 Total defined benefit plans 84.5 97.2 Other employee benefits: Annual leave 7.6 9.7 Other employee benefits 143.2 123.8 Total other employee benefits 150.8 133.5 Total employee benefits obligations 235.3 230.7 Other employee benefits are primarily comprised of employee bonuses which are linked to business and individual performance metrics. Employees of Coca\u2011Cola HBC\u2019s subsidiaries in Austria, Bulgaria, Croatia, Greece, Italy, Montenegro, Nigeria, Poland, Romania, Serbia and Slovenia are entitled to employee leaving indemnities, generally based on each employee\u2019s length of service, employment category and remuneration. These are unfunded plans where the Company meets the payment obligation as it falls due. Coca\u2011Cola HBC\u2019s subsidiaries in Austria, Northern Ireland, the Republic of Ireland and Switzerland sponsor defined benefit pension plans. Of the three plans in the Republic of Ireland, two have plan assets, as do the two plans in Northern Ireland, and one plan out of the three in Switzerland. The Austrian plans do not have plan assets and the Company meets the payment obligation as it falls due. The defined benefit plans in Austria, Republic of Ireland and Northern Ireland are closed to new members. Coca\u2011Cola HBC provides long\u2011service benefits in the form of jubilee plans to its employees in Austria, Croatia, Nigeria, Poland, Serbia, Slovenia and Switzerland. Defined benefit obligation by segment is as follows for the years ended 31 December: The average duration of the defined benefit obligations is 14 years and the total employer contributions expected to be paid in 2023 are \u20ac11.6 million. \u20ac58.0m Total \u20ac84.5m \u20ac73.6m Total \u20ac97.2m 2022 2021 \u20ac2.1m \u20ac1.7m Established Developing Emerging 22. Provisions and employee benefits continued The reconciliation of plan assets and plan liabilities for the years ended 31 December is as follows: Plan assets \u20ac million Plan liabilities \u20ac million Net (deficit) / surplus \u20ac million As at 1 January 2021 481.3 (538.1) (56.8) Current service cost \u2013 (10.8) (10.8) Past service cost \u2013 (1.6) (1.6) Administrative expenses (0.3) \u2013 (0.3) Curtailment/settlement (16.4) 14.2 (2.2) Interest income/(expense) 2.3 (4.0) (1.7) Actuarial gains \u2013 0.6 0.6 Total expense recognised in income statement (14.4) (1.6) (16.0) Gains from change in demographic assumptions \u2013 1.4 1.4 Gains from change in financial assumptions \u2013 16.0 16.0 Experience adjustments \u2013 (2.4) (2.4) Return on plan assets excluding interest income 34.6 \u2013 34.6 Total remeasurements recognised in other comprehensive income 34.6 15.0 49.6 Benefits paid (23.1) 23.1 \u2013 Employer\u2019s contributions 16.4 \u2013 16.4 Participants\u2019 contributions 4.6 (4.6) \u2013 Net increase in defined benefit obligation from other movements \u2013 (0.7) (0.7) Foreign currency translation 20.0 (19.4) 0.6 As at 31 December 2021 519.4 (526.3) (6.9) Plan assets \u20ac million Plan liabilities \u20ac million Net (deficit) / surplus \u20ac million As at 1 January 2022 519.4 (526.3) (6.9) Current service cost \u2013 (11.8) (11.8) Past service cost \u2013 (3.0) (3.0) Administrative expenses (0.3) \u2013 (0.3) Curtailment/settlement (2.9) 2.8 (0.1) Interest income/(expense) 4.4 (6.1) (1.7) Actuarial gains \u2013 2.0 2.0 Total income/(expense) recognised in income statement 1.2 (16.1) (14.9) Loss from change in demographic assumptions \u2013 (2.9) (2.9) Gains from change in financial assumptions \u2013 145.2 145.2 Experience adjustments \u2013 (8.7) (8.7) Return on plan assets excluding interest income (91.9) \u2013 (91.9) Total remeasurements recognised in other comprehensive income (91.9) 133.6 41.7 Benefits paid (22.4) 22.4 \u2013 Employer\u2019s contributions 13.1 \u2013 13.1 Participants\u2019 contributions 4.8 (4.8) \u2013 Net increase in defined benefit obligation from other movements \u2013 (0.8) (0.8) Foreign currency translation 7.7 (6.5) 1.2 As at 31 December 2022 431.9 (398.5) 33.4 22. Provisions and employee benefits continued The effect of the asset ceiling on plan assets and net deficit for the years ended 31 December is as follows: 2022 \u20ac million 2021 \u20ac million Fair value of plan assets at 31 December excluding asset ceiling 431.9 519.4 Opening unrecognised asset due to the asset ceiling (48.3) (14.1) Change in asset ceiling recognised in other comprehensive income (15.7) (33.5) Exchange rate gain (1.8) (0.7) Interest income on unrecognised asset recognised in income statement (0.2) \u2013 Fair value of plan assets at 31 December including asset ceiling 365.9 471.1 2022 \u20ac million 2021 \u20ac million Present value of funded obligations 316.6 434.1 Fair value of plan assets (431.9) (519.4) Defined benefit obligations of funded plans (115.3) (85.3) Present value of unfunded obligations 81.9 92.2 Unrecognised asset due to asset ceiling 66.0 48.3 Defined benefit obligations 32.6 55.2 Plus: Amounts recognised within non\u2011current assets (refer to Note 19) 51.9 42.0 Total defined benefit obligations 84.5 97.2 Funding levels are monitored in conjunction with the agreed contribution rate. The funding level of the funded plans as at 31 December 2022 was 116% (2021: 109%). Five of the plans have funded status surplus totalling \u20ac51.9 million as at 31 December 2022 (2021: five plans, totalling \u20ac42.0 million) that is recognised as an asset on the basis that the Group has an unconditional right to future economic benefits either via a refund or a reduction in future contributions. Defined benefit plan expense is included in employee costs and presented in cost of goods sold and operating expenses. The assumptions (weighted average for the Group) used in computing the defined benefit obligation comprised the following for the years ended 31 December: 2022 % 2021 % Discount rate 3.6 1.2 Rate of compensation increase 2.8 2.5 Rate of pension increase 0.9 1.0 Life expectancy for pensioners at the age of 65 in years: Male 22 22 Female 24 24 Asset liability matching: Plan assets allocated to growth assets are monitored regularly to ensure they remain appropriate and in line with the Group\u2019s long\u2011term strategy to manage the plans. As the plans mature, the level of investment risk will be reduced by investing more in assets such as bonds that better match the liabilities. Pension plan assets are invested in different asset classes in order to maintain a balance between risk and return. Investments are well diversified to limit the financial effect of the failure of any individual investment. Through its defined benefit plans the Group is exposed to a number of risks, as outlined below: \u2022 Asset volatility: The liabilities are calculated using a discount rate set with reference to corporate bond yields; if assets underperform this yield, a deficit will be created. The Northern Ireland, the Republic of Ireland and Swiss plans hold a significant proportion of growth assets (equities), which are expected to outperform corporate bonds in the long term while being subject to volatility and risk in the short term. \u2022 Changes in bond yields: A decrease in corporate bond yields will increase the plan liabilities, although this will be partially offset by an increase in the value of the plans\u2019 bond holdings. Conversely an increase in corporate bond yields will decrease the plan liabilities, although this will be partially offset by a decrease in the value of the plans\u2019 bond holdings. \u2022 Inflation: The Northern Ireland, the Republic of Ireland and Swiss plans\u2019 benefit obligations are linked to inflation, which is used as a basis to determine the rate of compensation increases. As a result, higher inflation will lead to higher liabilities, although, in most cases, caps on the level of inflationary increases are in place to protect against extreme inflation. The majority of the assets are either unaffected by or only loosely correlated with inflation, meaning that an increase in inflation will also increase the deficit. \u2022 Life expectancy: The majority of the pension plans\u2019 obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the liabilities. The sensitivity analysis presented below is based on a change in a single assumption while all other assumptions remain constant. Change in assumption Impact on defined benefit obligation (%) Increase in assumption Decrease in assumption 2022 2021 2022 2021 Discount rate 0.50% (5.5%) (8.2%) 7.1% 9.4% Rate of compensation increase 0.50% 1.5% 1.8% (1.4%) (1.5%) Rate of pension increase 0.50% 3.8% 5.2% (3.8%) (4.9%) Life expectancy 1 year 2.4% 2.8% (2.4%) (2.8%) 22. Provisions and employee benefits continued Plan assets are invested as follows: The assets of funded plans are generally held in separately administered trusts, either as specific assets or as a proportion of a general fund, or are insurance contracts. Plan assets held in trust are governed by local regulations and practice in each country. The category \u2018Other\u2019 mainly includes investments in funds holding a portfolio of assets. Plan assets relate predominantly to quoted financial instruments. Equity securities were not invested in ordinary shares of the Company as at 31 December 2022 or 31 December 2021. 3 % 22 30 10 10 11 1 % 13 Equity securities \u2013 Eurozone Equity securities \u2013 Non-Eurozone Government bonds \u2013 Eurozone Corporate bonds \u2013 Eurozone Corporate bonds \u2013 Non-Eurozone Real estate Cash Other 2% 19% 17% 12% 11% 12% 13% 2% 12% Equity securities \u2013 Eurozone Equity securities \u2013 Non-Eurozone Government bonds \u2013 Eurozone Government bonds \u2013 Non-Eurozone Corporate bonds \u2013 Eurozone Corporate bonds \u2013 Non-Eurozone Real estate Cash Other Assets category 2022 (%) Assets category 2021 (%) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-650": {
"value": "Defined contribution plans
The expense recognised in the income statement in 2022 for the defined contribution plans is \u20ac22.5
million (2021: \u20ac19.4 million). This is included in employee costs and recorded in cost of goods sold and
operating expenses.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-597": {
"value": "23. Offsetting financial assets and financial liabilities
Accounting policy
The Group offsets financial assets and financial liabilities to the net amount reported in the
balance sheet when it currently has a legally enforceable right to offset the recognised amounts
and it intends to settle on a net basis or to realise the asset and settle the liability simultaneously.
The legally enforceable right must not be contingent on future events and must be enforceable in
the normal course of business and in the event of default, insolvency or bankruptcy of the Company
or the counterparty.
The Group enters into derivative transactions under International Swaps and Derivatives Association
(ISDA) master netting agreements or other similar agreements. In general, under such agreements the
counterparties can elect to settle as one single net amount the aggregated amounts owed by each
counterparty on a single day with respect to all outstanding transactions of the same currency and the
same type of derivative. In the event of default or early termination all outstanding transactions under
the agreement are terminated and subject to any set\u2011off. These agreements do not meet all of the IAS
32 criteria for offsetting in the balance sheet as the Group does not have any current legally enforceable
right to offset amounts since the right can only be applied if elected by both counterparties.
The financial assets and financial liabilities presented below are subject to offsetting, enforceable
master netting or similar agreements. The column \u2018Net amount\u2019 shows the impact on the Group\u2019s
balance sheet if all set-off rights were exercised.
Financial liabilities offset against trade receivables mainly relate to accrued customer rebates.
a) Financial assets
As at 31 December 2022
Related
amounts not
set off in the
balance sheet
Gross
amounts of
recognised
financial
assets
\u20ac million
Gross
amounts of
recognised
financial
liabilities set
off in the
balance sheet
\u20ac million
Net amounts
of financial
assets
presented
in the
balance sheet
\u20ac million
Financial
instruments
\u20ac million
Net amount
\u20ac million
Derivative financial assets 36.1 \u2013 36.1 (16.7) 19.4
Trade receivables 876.1 (71.3) 804.8 \u2013 804.8
Total 912.2 (71.3) 840.9 (16.7) 824.2
23. Offsetting financial assets and financial liabilities continued As at 31 December 2021 Related amounts not set off in the balance sheet Gross amounts of recognised financial assets \u20ac million Gross amounts of recognised financial liabilities set off in the balance sheet \u20ac million Net amounts of financial assets presented in the balance sheet \u20ac million Financial instruments \u20ac million Net amount \u20ac million Derivative financial assets 48.2 \u2013 48.2 (8.1) 40.1 Trade receivables 764.0 (58.5) 705.5 \u2013 705.5 Total 812.2 (58.5) 753.7 (8.1) 745.6 b) Financial liabilities As at 31 December 2022 Related amounts not set off in the balance sheet Gross amounts of recognised financial liabilities \u20ac million Gross amounts of recognised financial assets set off in the balance sheet \u20ac million Net amounts of financial liabilities presented in the balance sheet \u20ac million Financial instruments \u20ac million Net amount \u20ac million Derivative financial liabilities 45.6 \u2013 45.6 (16.7) 28.9 Trade payables 1,018.5 (71.3) 947.2 \u2013 947.2 Total 1,064.1 (71.3) 992.8 (16.7) 976.1 As at 31 December 2021 Related amounts not set off in the balance sheet Gross amounts of recognised financial liabilities \u20ac million Gross amounts of recognised financial assets set off in the balance sheet \u20ac million Net amounts of financial liabilities presented in the balance sheet \u20ac million Financial instruments \u20ac million Net amount \u20ac million Derivative financial liabilities 14.6 \u2013 14.6 (8.1) 6.5 Trade payables 736.8 (58.5) 678.3 \u2013 678.3 Total 751.4 (58.5) 692.9 (8.1) 684.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-629": {
"value": "23. Offsetting financial assets and financial liabilities a) Financial assets As at 31 December 2022 Related amounts not set off in the balance sheet Gross amounts of recognised financial assets \u20ac million Gross amounts of recognised financial liabilities set off in the balance sheet \u20ac million Net amounts of financial assets presented in the balance sheet \u20ac million Financial instruments \u20ac million Net amount \u20ac million Derivative financial assets 36.1 \u2013 36.1 (16.7) 19.4 Trade receivables 876.1 (71.3) 804.8 \u2013 804.8 Total 912.2 (71.3) 840.9 (16.7) 824.2 23. Offsetting financial assets and financial liabilities continued
As at 31 December 2021
Related
amounts not
set off in the
balance sheet
Gross
amounts of
recognised
financial
assets
\u20ac million
Gross
amounts of
recognised
financial
liabilities set off
in the
balance sheet
\u20ac million
Net amounts
of financial
assets
presented
in the
balance sheet
\u20ac million
Financial
instruments
\u20ac million
Net amount
\u20ac million
Derivative financial assets 48.2 \u2013 48.2 (8.1) 40.1
Trade receivables 764.0 (58.5) 705.5 \u2013 705.5
Total 812.2 (58.5) 753.7 (8.1) 745.6
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-558": {
"value": "Accounting policy The Group offsets financial assets and financial liabilities to the net amount reported in the balance sheet when it currently has a legally enforceable right to offset the recognised amounts and it intends to settle on a net basis or to realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-630": {
"value": "b) Financial liabilities
As at 31 December 2022
Related
amounts not
set off in the
balance sheet
Gross
amounts of
recognised
financial
liabilities
\u20ac million
Gross
amounts of
recognised
financial
assets set off
in the
balance sheet
\u20ac million
Net amounts
of financial
liabilities
presented in
the balance
sheet
\u20ac million
Financial
instruments
\u20ac million
Net amount
\u20ac million
Derivative financial liabilities 45.6 \u2013 45.6 (16.7) 28.9
Trade payables 1,018.5 (71.3) 947.2 \u2013 947.2
Total 1,064.1 (71.3) 992.8 (16.7) 976.1
As at 31 December 2021
Related
amounts not
set off in the
balance sheet
Gross
amounts of
recognised
financial
liabilities
\u20ac million
Gross
amounts of
recognised
financial
assets set off
in the
balance sheet
\u20ac million
Net amounts
of financial
liabilities
presented in
the balance
sheet
\u20ac million
Financial
instruments
\u20ac million
Net amount
\u20ac million
Derivative financial liabilities 14.6 \u2013 14.6 (8.1) 6.5
Trade payables 736.8 (58.5) 678.3 \u2013 678.3
Total 751.4 (58.5) 692.9 (8.1) 684.8
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-598": {
"value": "24. Business combinations
Accounting policy
The acquisition method of accounting is used to account for business combinations.
The consideration transferred is the fair value of any asset transferred, shares issued and liabilities
assumed. The consideration transferred includes the fair value of any asset or liability resulting from
a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent
liabilities assumed are measured initially at their fair values at the acquisition date. The excess of the
consideration transferred and the fair value of non-controlling interest over the net assets acquired
and liabilities assumed is recorded as goodwill. In a business combination achieved without the
transfer of consideration, the acquisition-date fair value of the previously held interest in the
acquiree is used in place of the acquisition-date fair value of the consideration transferred to
measure goodwill or a gain on a bargain purchase. Acquisition costs comprise costs incurred to
effect a business combination such as finder\u2019s, advisory, legal, accounting, valuation and other
professional or consulting fees. Integration costs comprise direct incremental costs necessary
for the acquiree to operate within the Group. All acquisition and integration\u2011related costs are
expensed as incurred.
For each business combination, the Group elects to measure the non-controlling interest in the
acquiree either at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets.
If the business combination is achieved in stages, the acquisition date carrying value of the previously
held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or
losses arising from such remeasurement are recognised in profit or loss, within operating expenses
in line \u2018Acquisition and integration costs\u2019. Any accumulated amounts regarding the Group\u2019s share of
other comprehensive income of the previously held equity interest are reclassified to the income
statement, within operating expenses in line \u2018Acquisition and integration costs\u2019. The Group has also
elected to present gains on bargain purchase within operating expenses in line \u2018Acquisition and
integration costs\u2019.
Refer also to Note 2 for accounting policy regarding basis of consolidation.
Acquisition of Coca\u2011Cola Bottling Company of Egypt S.A.E.
On 12 August 2021, the Group entered into a sale and purchase agreement to acquire approximately
52.7% of Coca\u2011Cola Bottling Company of Egypt S.A.E. (\u2018CCBCE\u2019), the bottling partner of The Coca\u2011Cola
Company in Egypt, from MAC Beverages Limited and certain of its affiliated entities (\u2019MBL acquisition\u2019).
The MBL acquisition was completed on 13 January 2022 and resulted in the Group obtaining
control over CCBCE.
The acquisition of CCBCE expands the Group\u2019s existing footprint on the African continent and further
increases its exposure to high-growth markets, as it provides access to one of the largest non-alcoholic
ready\u2011to\u2011drink markets by volume in Africa. In addition, sharing of the Group\u2019s proven capabilities,
experience and best practices with CCBCE is expected to unlock growth opportunities, creating value
for all stakeholders.
The operating results and assets and liabilities of CCBCE have been consolidated from 14 January 2022.
24. Business combinations continued The fair value of the consideration for the MBL acquisition consisted of US Dollar 303.7 million (\u20ac264.9 million), which was transferred on acquisition, and an additional payment of US Dollar 124.0 million (\u20ac119.1 million), based on CCBCE\u2019s past performance, net financial position and working capital movement, which was transferred in October 2022. Foreign exchange loss arising on settlement of the consideration payable for the MBL acquisition amounted to \u20ac11.3 million and was presented in line \u2018Payment for business combinations, net of cash acquired\u2019 of the consolidated cash flow statement, while proceeds from settlement of derivatives used to hedge the relevant foreign currency risk amounted to \u20ac13.0 million and were presented in line \u2018Proceeds from settlement of derivatives relating to business combination\u2019 of the consolidated cash flow statement. As part of the MBL acquisition completion, a convertible loan which had been granted to CCBCE from a wholly\u2011owned affiliate of TCCC, one of its major shareholders, was also transferred to the Group for a consideration of \u20ac19.1 million, which was presented in line \u2018Repayments of borrowings\u2019 in the consolidated cash flow statement. The consideration was equal to the outstanding principal amount of the convertible loan and any unpaid interest at the time of its transfer. The loan was convertible at its original maturity in March 2022 into new CCBCE shares at fair market value and was eliminated upon consolidation of CCBCE. The conversion option was not subsequently exercised. Details of the MBL acquisition with regard to the determined fair values of the net assets acquired, non-controlling interests and goodwill are presented in the below table. Fair value \u20ac million Franchise agreements 367.7 Property, plant and equipment 318.7 Inventories 59.3 Trade, other receivables and assets 64.5 Cash and cash equivalents 15.9 Borrowings (217.0) Trade and other payables (129.6) Net deferred tax liabilities (122.7) Net identifiable assets acquired 356.8 Less: Non-controlling interests (168.9) Add: Goodwill arising on acquisition 196.1 Net assets acquired 384.0 No significant changes to net identifiable assets acquired have been identified compared to the relevant amounts disclosed as part of the Group\u2019s 2021 Integrated Annual Report. The goodwill is attributable to CCBCE\u2019s strong market position and growth potential. The line \u2018Borrowings\u2019 in the above table includes the convertible loan as well as third\u2011party loans of \u20ac122.7 million, which have been repaid and replaced with intra-group borrowings. The Group has chosen to recognise the non-controlling interests at their proportional share of the fair value of CCBCE\u2019s net identifiable assets acquired. The Group incurred acquisition and integration costs of \u20ac8.8 million in 2022 (2021: \u20ac13.9 million) regarding the acquisition of CCBCE, which were included in operating expenses. On 12 August 2021, the Group entered into an additional sale and purchase agreement to acquire approximately 42% of CCBCE, from a wholly\u2011owned affiliate of TCCC (\u2019TCCC acquisition\u2019). The TCCC acquisition was completed on 25 January 2022. The fair value of the consideration paid for the TCCC acquisition amounted to US Dollar 122.7 million (\u20ac108.9 million). The transaction was treated as separate to the MBL acquisition, considering that whilst the transactions above were entered into at the same time and in contemplation of each other, they are separate from a commercial and contractual perspective. The TCCC acquisition was accordingly accounted for as an equity transaction. Following the completion of both the transactions, the Group holds a 94.7% interest in CCBCE. The acquired business contributed revenue of \u20ac483.5 million to the Group for the period from 14 January 2022 to 31 December 2022, while it recorded a total net loss of \u20ac17.0 million for the same period. If the acquisition had occurred on 1 January 2022, consolidated revenue for 2022 would have been higher by \u20ac18.8 million, while net loss recorded would not have been significantly different. The fair value of trade, other receivables and assets acquired includes trade receivables with a fair value of \u20ac28.3 million. The gross contractual amount for trade receivables acquired was \u20ac42.0 million, of which \u20ac13.7 million was considered to be uncollectible. Multon A.O. group of companies (\u2019Multon\u2019) The Group holds a 50% interest in Multon, which is engaged in the production and distribution of juices in Russia and was jointly controlled by the Group and TCCC. On 8 March 2022, as a result of the Russia-Ukraine conflict, TCCC announced that it was suspending its business in Russia. On 10 August 2022, TCCC unilaterally waived certain of its governance rights in connection with its 50% interest in Multon, while retaining consent rights in respect of certain limited board and shareholder reserved matters that are protective in nature (the \u2018Waiver\u2019). The waived rights include, among others, TCCC\u2019s appointment rights over Multon\u2019s board and management, TCCC\u2019s approval rights over Multon\u2019s financial budgets and rights to receive any dividends or other distributions declared or paid by Multon, which were accordingly assumed by the Group. The Waiver is irrevocable for a two-year period, while there was no consideration transferred in connection with the Waiver. For the duration of the Waiver period, TCCC waives any rights to receive any dividends or other distributions declared or paid by Multon. Given that TCCC waived the aforementioned rights, the Group has power over Multon, exposure to variable returns and the ability to use its power to affect its returns from Multon. Moreover, the irrevocable period of the Waiver is considered long enough so as not to prevent control by the Group. Hence, considering the criteria set out in IFRS 10 \u2018Consolidated financial statements\u2019, the Group concluded that, effective 11 August 2022, it controlled Multon. The change in control of Multon was accounted for as a business combination achieved in stages in line with IFRS 3 \u2018Business combinations\u2019 requirements. 24. Business combinations continued
The fair value of the Group\u2019s previously held equity interest in Multon, following TCCC unilaterally
waiving certain of its governance rights, amounted to approximately \u20ac250 million and was estimated
based on discounted forecasted cash flows of the business, using a discount rate of 27.8%. As a result
of the change in control of Multon, a gain on remeasurement of the previously held equity interest to fair
value amounting to \u20ac70.8 million and a loss regarding the reclassification to the income statement of
the Group\u2019s share of Multon\u2019s other comprehensive income amounting to \u20ac145.2 million were
recognised in 2022. The arising net loss of \u20ac74.4 million was recognised within \u2018Operating expenses\u2019 line
of the consolidated income statement, included under Emerging markets for segmental reporting
purposes and within \u2018Other non\u2011cash items\u2019 line of the consolidated cash flow statement.The Group
incurred acquisition costs of \u20ac0.1 million in 2022 regarding the change in control of Multon, which were
included in operating expenses.
Information on the fair values of the net assets acquired, non-controlling interests and gain from
bargain purchase arising on the business combination is presented in the below table.
Fair value
\u20ac million
Trademarks 60.8
Property, plant and equipment 63.6
Inventories 37.5
Trade, other receivables and assets 212.4
Cash and cash equivalents 24.2
Borrowings (1.2)
Trade and other payables (50.1)
Net deferred tax liability (2.7)
Net identifiable assets acquired 344.5
Less: Non-controlling interests (90.7)
Less: Gain from bargain purchase arising on business combination (3.9)
Net assets acquired 249.9
The cash and cash equivalents acquired amounting to \u20ac24.2 million was presented in line \u2018Payment for
business combinations, net of cash acquired\u2019 in the consolidated cash flow statement. Trade balances
between the Group and Multon were effectively settled on acquisition, with no gain or loss recognised
on the settlement, as the balances were effectively settled at the recorded amount.
The gain from bargain purchase arises mainly due to the deferred tax asset recognised on the economic
obsolescence attributed to Multon\u2019s machinery and equipment and was presented in line \u2018Operating
expenses\u2019 in the consolidated income statement and line \u2018Other non\u2011cash items\u2019 in the consolidated
cash flow statement. More specifically, the business enterprise value, which was estimated based on
discounted forecasted cash flows of the business, was lower than the estimated fair value of the net
identifiable assets acquired, using the cost of depreciated replacement to new methodology for the
machinery and equipment of Multon. The Group considered that a market participant would not be
willing to buy the net assets of the business at the estimated fair value, as described above, if the utility
of the same, measured by the discounted forecasted cash flows of the business is smaller.
Therefore, a downward adjustment of \u20ac39.8 million was made on the fair value of the identifiable assets
as economic obsolescence in connection with Multon\u2019s machinery and equipment, representing the
difference between the business enterprise value and the fair value of net identifiable assets. This in
turn resulted in the recognition of a deferred tax asset, which is considered recoverable based on the
future economic performance of Multon and was included in the value of net identifiable assets acquired.
The Group has chosen to recognise the non\u2011controlling interests in Multon (TCCC\u2019s 50% share) at
their fair value. This was determined based on discounted forecasted cash flows of the business and
a scenario\u2011based approach altering the potential dates at which TCCC could potentially reinstate its
rights in Multon, based on the terms of the unilateral Waiver described above. The discount rate used
in discounting the forecasted cash flows was 27.8%.
More specifically, the Group has considered the following scenarios:
\u2022 a Waiver ranging from two years to eight years with an exit (of the agreement) in each of the years;
and
\u2022 a perpetuity Waiver of rights.
In addition to the exit-year range for the revocability of the Waiver, the Group assigned a set of
probabilities to each of the years within this range in which the Waiver could be revoked, including a
probability for the indefinite Waiver scenario. Both the range for the revocability of the Waiver and the
associated probabilities assigned were established based on management\u2019s best estimate regarding
TCCC resuming its business in Russia, considering also the outcomes of historical cases of sanctions.
As described above, following the Waiver TCCC effectively has no entitlement over Multon\u2019s profit or
loss generated in the ordinary course of business as it has contractually waived its rights over dividend
or other distributions made by Multon. As a result Multon\u2019s net profit or loss will not be allocated to
non-controlling interests during the period of the Waiver.
Net sales revenue and profit after tax contributed by Multon to the Group for the period from 11 August
2022 to 31 December 2022 amounted to \u20ac271.8 million and \u20ac77.7 million respectively. If the business
combination had occurred on 1 January 2022, consolidated net sales revenue for the year ended
31 December 2022 would have been higher by \u20ac307.3 million, while net profit recorded would have
been higher by \u20ac32.3 million.
Acquisition of Three Cents
On 21 October 2022, the Group acquired 100% of the issued shares of ESM Effervescent Sodas
Management Limited and its subsidiary Three Cents Hellas Single Member S.A. (together \u2018Three
Cents\u2019), the owner of the super\u2011premium adult sparkling beverage and mixer product line under the
Three Cents brand, for a consideration of \u20ac45.9 million. The acquisition complements and further
premiumises the Group\u2019s existing adult sparkling beverage portfolio and will better position the Group
to address a wider range of consumer tastes and segments.
24. Business combinations continued
Details of the acquisition with regard to the provisionally determined fair values of the net assets
acquired and goodwill are presented in the table below:
Fair value
\u20ac million
Trademarks 22.6
Property, plant and equipment 0.2
Trade, other receivables and assets 1.9
Cash and cash equivalents 1.9
Borrowings (0.1)
Trade and other payables (1.9)
Net deferred tax liabilities (2.7)
Net identifiable assets acquired 21.9
Add: Goodwill arising on acquisition 24.0
Net assets acquired 45.9
The acquisition resulted in the Group recording \u20ac24.0 million of goodwill and \u20ac22.6 million of trademarks
in its Established segment. The goodwill arising is attributable to the brand\u2019s growth potential across the
Group\u2019s markets. Acquisition\u2011related costs of \u20ac0.3 million were included in the 2022 operating
expenses, as a result of the above acquisition.
The fair value of trade, other receivables and assets acquired includes trade receivables with a fair
value of \u20ac0.8 million, while there was no significant amount of trade receivables acquired considered
to be uncollectible.
Net sales revenue and loss after tax contributed by Three Cents to the Group for the period from 21
October 2022 to 31 December 2022, amounted to \u20ac0.9 million and \u20ac2.3 million respectively. If the
business combination had occurred on 1 January 2022, consolidated net sales revenue for the year
ended 31 December 2022 would have been higher by \u20ac9.2 million, while net profit recorded would have
been higher by \u20ac0.8 million.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-559": {
"value": "Accounting policy The acquisition method of accounting is used to account for business combinations. The consideration transferred is the fair value of any asset transferred, shares issued and liabilities assumed. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed are measured initially at their fair values at the acquisition date. The excess of the consideration transferred and the fair value of non-controlling interest over the net assets acquired and liabilities assumed is recorded as goodwill. In a business combination achieved without the transfer of consideration, the acquisition-date fair value of the previously held interest in the acquiree is used in place of the acquisition-date fair value of the consideration transferred to measure goodwill or a gain on a bargain purchase. Acquisition costs comprise costs incurred to effect a business combination such as finder\u2019s, advisory, legal, accounting, valuation and other professional or consulting fees. Integration costs comprise direct incremental costs necessary for the acquiree to operate within the Group. All acquisition and integration\u2011related costs are expensed as incurred. For each business combination, the Group elects to measure the non-controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. If the business combination is achieved in stages, the acquisition date carrying value of the previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss, within operating expenses in line \u2018Acquisition and integration costs\u2019. Any accumulated amounts regarding the Group\u2019s share of other comprehensive income of the previously held equity interest are reclassified to the income statement, within operating expenses in line \u2018Acquisition and integration costs\u2019. The Group has also elected to present gains on bargain purchase within operating expenses in line \u2018Acquisition and integration costs\u2019. Refer also to Note 2 for accounting policy regarding basis of consolidation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-631": {
"value": "The fair value of trade, other receivables and assets acquired includes trade receivables with a fair value
of \u20ac28.3 million. The gross contractual amount for trade receivables acquired was \u20ac42.0 million, of
which \u20ac13.7 million was considered to be uncollectible.
The fair value of trade, other receivables and assets acquired includes trade receivables with a fair value of \u20ac0.8 million, while there was no significant amount of trade receivables acquired considered to be uncollectible. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAcquiredReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-651": {
"value": "25. Financial risk management and financial instruments
Accounting policies
Financial assets
On initial recognition financial assets are recorded at fair value plus, in the case of financial assets not
at fair value through profit or loss (FVTPL), any directly attributable transaction costs. Transaction
costs of financial assets at FVTPL are expensed.
Financial assets are classified into three categories:
a) Financial assets at amortised cost (debt instruments)
The classification of debt instruments at amortised cost depends on two criteria: a) the Group\u2019s
business model for managing assets and b) whether the instruments\u2019 contractual cash flows
represent solely payments for principal and interest on the principal amount outstanding (the \u2018SPPI
criterion\u2018). If both criteria are met the financial assets of the Group are subsequently measured
at amortised cost whereby any interest income is recognised using the effective interest method.
This category includes trade receivables, treasury bills and time deposits. The accounting policy for
trade receivables is described in Note 19.
b) Financial assets through other comprehensive income (FVOCI)
The Group also has investments in financial assets at FVOCI. These include equity investments that
are not of a trading nature and which are subsequently recorded at fair value. The Group intends to
hold these equity instruments for the foreseeable future and has irrevocably elected to classify them
as financial assets at FVOCI upon initial recognition. Upon derecognition of these financial assets,
there is no recycling of gains or losses to the income statement.
c) Financial assets through profit or loss (FVTPL)
The Group also has investments in financial assets at FVTPL, which are subsequently measured
at fair value and where changes in fair value are recognised in the income statement. Financial assets
at FVTPL mainly comprise money market funds.
For those financial assets that are not subsequently held at fair value, the Group assesses whether
there is evidence of impairment at each balance sheet date.
Derivative financial instruments
The Group uses derivative financial instruments, including currency, commodity and interest rate
derivatives, to manage currency, commodity price and interest rate risk associated with the Group\u2019s
underlying business activities. The Group does not enter into derivative financial instruments for
trading activity purposes.
All derivative financial instruments are initially recognised on the balance sheet at fair value and are
subsequently remeasured at their fair value. Changes in the fair value of derivative financial instruments
are recognised at each reporting date either in the income statement or in equity, depending on
whether the derivative financial instrument qualifies for hedge accounting as a cash flow hedge .
25. Financial risk management and financial instruments continued
Embedded derivatives in financial host contracts are recorded at fair value through profit or loss
together with the host contracts.
All derivative financial instruments that are not part of an effective hedging relationship
(undesignated hedges) are classified as assets or liabilities at fair value through profit or loss.
At the inception of a hedge transaction the Group documents the relationship between the hedging
instrument and the hedged item, as well as its risk management objective and strategy for undertaking
the hedge transaction. This process includes linking the derivative financial instrument designated
as a hedging instrument to the specific asset, liability, firm commitment or forecast transaction.
The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risks
of the hedging instruments are identical to the hedged risks component. The economic relationship
between the hedged item and the hedging instrument is assessed on an ongoing basis.
Ineffectiveness may arise if the timing or the notional value of the forecast transaction changes, or if
the credit risk changes impacting the fair value movements of the hedging instruments.
Changes in the fair value of derivative financial instruments (both the intrinsic value and the aligned
time value) that are designated and effective as hedges of future cash flows are recognised directly
in other comprehensive income and the ineffective portion is recognised immediately in the income
statement. Amounts accumulated in equity are recycled to the income statement as the related
hedged asset acquired or liability assumed affects the income statement.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated,
exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss
on the hedging instrument recognised in equity is retained in equity until the forecast transaction
occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss
recognised in equity is transferred to the income statement.
Derivatives embedded in non-financial host contracts are accounted for as separate derivatives
and recorded at fair value if:
\u2022 their economic characteristics and risks are not closely related to those of the host contracts;
\u2022 the host contracts are not designated as at fair value through profit or loss; and
\u2022 a separate instrument with the same terms as the embedded derivative meets the definition
of a derivative.
These embedded derivatives are measured at fair value with changes in fair value recognised in
profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that
significantly modifies the cash flows that would otherwise be required or a reclassification of a
financial asset out of the fair value through profit or loss category.
Regular purchases and sales of investments are recognised on the trade date, which is the day
the Group commits to purchase or sell. The investments are recognised initially at fair value plus
transaction costs, except in the case of FVTPL. For investments traded in active markets, fair value
is determined by reference to stock exchange quoted bid prices. For other investments, fair value
is estimated by reference to the current market value of similar instruments or by reference to the
discounted cash flows of the underlying net assets.
Financial risk factors
The Group\u2019s activities expose it to a variety of financial risks: market risk (including foreign currency risk,
commodity price risk and interest rate risk), credit risk, liquidity risk and capital risk. The Group\u2019s overall
risk management programme focuses on the volatility of financial markets and seeks to minimise
potential adverse effects on the Group\u2019s cash flows. The Group uses derivative financial instruments
to hedge certain risk exposures. Risk management is carried out by Group Treasury in a controlled
manner, consistent with the Board of Directors\u2019 approved policies. Group Treasury identifies,
evaluates and hedges financial risks in close co\u2011operation with the Group\u2019s subsidiaries. The Board
of Directors has approved the Treasury Policy which provides the control framework for all treasury
and treasury\u2011related transactions.
Market risk
a) Foreign currency risk
The Group is exposed to the effect of foreign currency risk on future transactions, recognised
monetary assets and liabilities that are denominated in currencies other than the local entity\u2019s
functional currency, as well as net investments in foreign operations. Foreign currency forward, option
and futures contracts are used to hedge a portion of the Group\u2019s foreign currency risk. The majority
of the foreign currency forward, option and futures contracts have maturities of less than one year after
the balance sheet date.
Management has set up a policy that requires Group companies to manage their foreign exchange
risk against their functional currency. To manage their foreign exchange risk arising from future
transactions and recognised monetary assets and liabilities, entities in the Group use foreign
currency forward, option and futures contracts transacted by Group Treasury. Group Treasury\u2019s risk
management policy is to hedge, on an average coverage ratio basis, between 25% and 80% of
anticipated cash flows for the next 12 months by using a layer strategy and 100% of balance sheet
remeasurement risk in each major foreign currency for which hedging is applicable. Each subsidiary
designates contracts with Group Treasury as fair value hedges or cash flow hedges, as appropriate.
External foreign exchange contracts are designated at Group level as hedges of foreign exchange risk
on specific monetary assets, monetary liabilities or future transactions on a gross basis.
The following tables present details of the Group\u2019s sensitivity to reasonably possible increases and
decreases in the Euro and US Dollar against the relevant foreign currencies. In determining reasonably
possible changes, the historical volatility over a 12-month period of the respective foreign currencies
in relation to the Euro and the US Dollar has been considered. The sensitivity analysis determines the
potential gains and losses in the income statement or equity arising from the Group\u2019s foreign exchange
positions as a result of the corresponding percentage increases and decreases in the Group\u2019s main
foreign currencies relative to the Euro and the US Dollar. The sensitivity analysis includes outstanding
foreign-currency denominated monetary items, external loans and loans between operations within
the Group where the denomination of the loan is in a currency other than the functional currency
of the local entity.
25. Financial risk management and financial instruments continued 2022 exchange risk sensitivity to reasonably possible changes in the Euro against relevant other currencies Euro strengthens against local currency Euro weakens against local currency % historical volatility over a 12-month period Loss/(gain) in income statement \u20ac million Loss/(gain) in equity \u20ac million (Gain)/loss in income statement \u20ac million (Gain)/loss in equity \u20ac million Egyptian Pound 23.35% 4.0 15.7 (6.4) (25.3) Nigerian Naira 15.54% 12.9 \u2013 (17.6) \u2013 Russian Rouble 54.49% (9.4) (0.1) 31.9 0.2 UK Sterling 7.74% (1.1) (0.4) 1.2 0.2 Ukrainian Hryvnia 12.52% 2.9 \u2013 (3.8) \u2013 Other \u2013 2.3 (4.4) (3.1) 5.1 Total 11.6 10.8 2.2 (19.8) 2022 exchange risk sensitivity to reasonably possible changes in the US Dollar against relevant other currencies US Dollar strengthens against local currency US Dollar weakens against local currency % historical volatility over a 12-month period (Gain)/loss in income statement \u20ac million (Gain)/loss in equity \u20ac million Loss/(gain) in income statement \u20ac million Loss/(gain) in equity \u20ac million Euro 10.06% (7.2) \u2013 8.8 \u2013 Egyptian Pound 22.23% 9.9 \u2013 (15.6) \u2013 Nigerian Naira 5.94% 11.0 \u2013 (12.4) \u2013 Russian Rouble 52.99% (18.7) \u2013 61.0 \u2013 Ukrainian Hryvnia 4.15% (0.1) \u2013 0.1 \u2013 Other \u2013 (0.4) \u2013 0.3 \u2013 Total (5.5) \u2013 42.2 \u2013 2021 exchange risk sensitivity to reasonably possible changes in the Euro against relevant other currencies Euro strengthens against local currency Euro weakens against local currency % historical volatility over a 12-month period Loss/(gain) in income statement \u20ac million (Gain)/loss in equity \u20ac million (Gain)/loss in income statement \u20ac million Loss/(gain) in equity \u20ac million Nigerian Naira 16.03% 6.2 \u2013 (8.5) \u2013 Russian Rouble 9.90% (0.7) (0.2) 0.9 0.3 UK Sterling 5.23% 0.9 \u2013 (1.0) \u2013 Ukrainian Hryvnia 6.80% 0.3 \u2013 (0.2) \u2013 Other \u2013 (0.2) (1.5) (0.2) 1.7 Total 6.5 (1.7) (9.0) 2.0 2021 exchange risk sensitivity to reasonably possible changes in the US Dollar against relevant
other currencies
US Dollar strengthens against
local currency
US Dollar weakens against
local currency
% historical
volatility over a
12-month period
(Gain)/loss
in income
statement
\u20ac million
(Gain)/loss
in equity
\u20ac million
Loss/(gain)
in income
statement
\u20ac million
Loss/(gain)
in equity
\u20ac million
Euro 5.72% (1.8) \u2013 2.0 \u2013
Nigerian Naira 5.89% 0.6 \u2013 (0.5) \u2013
Russian Rouble 9.86% 0.1 (3.2) (0.1) 3.9
Other \u2013 (0.4) \u2013 0.4 \u2013
Total (1.5) (3.2) 1.8 3.9
b) Commodity price risk
The Group is affected by the volatility of certain commodity prices (being mainly sugar, aluminium,
aluminium premium, plastic and gas oil) in relation to certain raw materials necessary for the production
of the Group\u2019s products.
Due to the significantly increased volatility of commodity prices, the Group\u2019s Board of Directors has
developed and enacted a risk management strategy regarding commodity price risk and its mitigation.
Although the Group continues to contract prices with suppliers in advance, to reduce its exposure to
the effect of short-term changes in the price of sugar, aluminium, aluminium premium, gas oil and
plastic the Group hedges the market price of these commodities using commodity swap contracts
based on a rolling forecast for a period up to 36 months. Group Treasury\u2019s Risk management policy is to
hedge a minimum of 25% and a maximum of 80% of commodity exposure for the next 12 months with
the exception of certain types of plastic for which lower compliance ratios apply.
The following table presents details of the Group\u2019s income statement and equity sensitivity to increases
and decreases in sugar, aluminium, aluminium premium, plastic and gas oil prices. The table does not
show the sensitivity to the Group\u2019s total underlying commodity exposure or the impact of changes in
volumes that may arise from increase or decrease in the respective commodity prices. The sensitivity
analysis determines the potential effect on profit or loss and equity arising from the Group\u2019s commodity
swap contract positions as a result of the reasonably possible increases or decreases of the respective
commodity price.
25. Financial risk management and financial instruments continued 2022 commodity price risk sensitivity to reasonably possible changes in the commodity price of relevant commodities Commodity price increases with all other variables held constant Commodity price decreases with all other variables held constant % historical volatility over a 12-month period per contract maturity (Gain)/loss in income statement \u20ac million (Gain)/loss in equity \u20ac million Loss/(gain) in income statement \u20ac million Loss/(gain) in equity \u20ac million Sugar 14.3% (0.9) (19.8) 0.9 19.8 Aluminium 32.3% (2.1) (34.3) 2.1 34.3 Aluminium premium 70.6% (0.2) (5.7) 0.2 5.7 Gas oil 72.5% \u2013 (15.4) \u2013 15.4 Plastic 28.1% (8.9) \u2013 8.9 \u2013 Total (12.1) (75.2) 12.1 75.2 2021 commodity price risk sensitivity to reasonably possible changes in the commodity price of relevant commodities Commodity price increases with all other variables held constant Commodity price decreases with all other variables held constant % historical volatility over a 12-month period per contract maturity (Gain)/loss in income statement \u20ac million (Gain)/loss in equity \u20ac million Loss/(gain) in income statement \u20ac million Loss/(gain) in equity \u20ac million Sugar 20.8% (0.4) (22.6) 0.4 22.6 Aluminium 24.1% (0.8) (19.8) 0.8 19.8 Aluminium premium 46.1% (0.2) (3.0) 0.2 3.0 Gas oil 31.3% \u2013 (5.6) \u2013 5.6 Plastic 27.0% (25.7) \u2013 25.7 \u2013 Total (27.1) (51.0) 27.1 51.0 c) Interest rate risk The sensitivity analysis in the following table has been determined based on exposure to interest rates of both derivative and non-derivative instruments existing at the balance sheet date and assuming constant foreign exchange rates. For floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the balance sheet date was outstanding for the whole year. A 50 basis point increase or decrease for 2022 (2021: 50 basis point) represents management\u2019s assessment of a reasonably possible change in interest rates. Interest rate risk sensitivity to reasonably possible changes in interest rates Loss /(gain) in income statement 2022 \u20ac million 2021 \u20ac million Increase in basis points 0.3 0.2 Decrease in basis points (0.3) (0.2) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its obligations under the contract or arrangement. The Group has limited concentration of credit risk across trade and financial counterparties. Credit policies are in place and the exposure to credit risk is monitored on an ongoing basis. The Group\u2019s maximum exposure to credit risk in the event that counterparties fail to meet their obligations at 31 December 2022 in relation to each class of recognised financial asset is the carrying amount of those assets as indicated on the balance sheet. Under the credit policies, before accepting any new credit customers, the Group investigates the potential customer\u2019s credit quality, using either external agencies and in some cases bank references and/or historic experience, and defines credit limits for each customer. Customers that fail to meet the Group\u2019s benchmark credit quality may transact with the Group only on a prepayment or cash basis. Customers are reviewed on an ongoing basis and credit limits are adjusted accordingly. There is no significant concentration of credit risk with regard to loans, trade and other receivables as the Group has a large number of customers which are geographically dispersed. The Group has policies that limit the amount of credit exposure to any single financial institution. The Group only undertakes investment and derivative transactions with banks and financial institutions that have a minimum credit rating of \u2018BBB\u2011\u2019 from Standard & Poor\u2019s and \u2018Baa3\u2019 from Moody\u2019s, unless the investment is in countries where the Sovereign Credit Rating is below the \u2018BBB\u2011/Baa3\u2019. The Group also uses Credit Default Swaps of a counterparty in order to measure in a timelier way the creditworthiness of a counterparty and set up its counterparties in tiers in order to assign maximum exposure and tenor per tier. If the Credit Default Swaps of a certain counterparty exceed 400 basis points the Group will stop trading derivatives with that counterparty and will try to cancel any deposits on a best-effort basis. In addition, the Group regularly makes use of time deposits, treasury bills and money market funds to invest excess cash balances and to diversify its counterparty risk. As at 31 December 2022, an amount of \u20ac529.5 million (2021: \u20ac423.9 million) is invested in time deposits, \u20acnil in treasury bills (2021: \u20ac6.2 million) and \u20ac497.2 million (2021: \u20ac638.8 million) in money market funds. Liquidity risk The Group actively manages liquidity risk to ensure there are sufficient funds available for any short- term and long-term commitments. Bank overdrafts and bank facilities, both committed and uncommitted, are used to manage this risk. The Group manages liquidity risk by maintaining adequate cash reserves and committed banking facilities, access to the debt and equity capital markets, and by continuously monitoring forecast and actual cash flows. In Note 26, the undrawn facilities that the Group has at its disposal to manage liquidity risk are discussed under the headings \u2018Commercial paper programme\u2019, \u2018Committed credit facilities\u2019 and \u2018Uncommitted loan agreement\u2019. As at 31 December 2022, the Group has a net debt of \u20ac1.7 billion (refer to Note 26). There are no bond maturities until November 2024. In addition, the Group has an undrawn revolving credit facility of \u20ac800 million available, \u20ac0.8 billion available out of the \u20ac1.0 billion commercial paper facility, as well as undrawn uncommitted loan agreement of \u20ac200 million. The following tables detail the Group\u2019s remaining contractual maturities for its financial liabilities. The tables include both interest and principal undiscounted cash flows, assuming that interest rates remain constant from 31 December 2022. 25. Financial risk management and financial instruments continued Up to one year \u20ac million One to two years \u20ac million Two to five years \u20ac million Over five years \u20ac million Total \u20ac million Borrowings 314.4 657.9 1,310.1 1,145.3 3,427.7 Derivative liabilities 41.9 3.5 0.2 \u2013 45.6 Trade and other payables (excluding other tax & social security and contract liabilities) 2,158.0 0.4 1.1 3.8 2,163.3 Leases 67.2 55.5 85.6 49.1 257.4 As at 31 December 2022 2,581.5 717.3 1,397.0 1,198.2 5,894.0 Up to one year \u20ac million One to two years \u20ac million Two to five years \u20ac million Over five years \u20ac million Total \u20ac million Borrowings 365.2 48.4 707.3 1,875.2 2,996.1 Derivative liabilities 11.6 3.0 \u2013 \u2013 14.6 Trade and other payables (excluding other tax & social security and contract liabilities) 1,748.0 0.4 1.1 4.1 1,753.6 Leases 58.9 43.2 62.9 29.6 194.6 As at 31 December 2021 2,183.7 95.0 771.3 1,908.9 4,958.9 Capital risk The Group monitors its financial capacity and credit ratings by reference to a number of key financial ratios including net debt to comparable adjusted EBITDA, which provides a framework within which the Group\u2019s capital base is managed. This ratio is calculated as net debt divided by comparable adjusted EBITDA. Adjusted EBITDA is calculated by adding back to operating profit the depreciation and impairment of property, plant and equipment, the amortisation and impairment of intangible assets, the employee performance share costs, the impairment of equity method investments and other non-cash items, if any. Comparable adjusted EBITDA refers to adjusted EBITDA excluding restructuring expenses, the Russia-Ukraine conflict impact, acquisition and integration costs and the unrealised gains or losses resulting from the mark-to-market valuation of derivatives and embedded derivatives related to commodity hedging. Refer to Note 26 for definition of net debt. The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may increase or decrease debt, issue or buy back shares, adjust the amount of dividends paid to shareholders, or return capital to shareholders. The Group\u2019s goal is to maintain a conservative financial profile. This is evidenced by the credit ratings maintained with Standard and Poor\u2019s and Moody\u2019s, which were reaffirmed in 2022, with the exception of Standard and Poor\u2019s outlook, which was negative in 2022 compared to stable in 2021. Rating agency Publication date Long-term debt Outlook Short-term debt Standard and Poor\u2019s March 2022 BBB+ Negative A2 Moody\u2019s May 2022 Baa1 Stable P2 The Group\u2019s medium to long\u2011term target is to maintain the net debt to comparable adjusted EBITDA ratio within a 1.5 to 2.0 range. The ratios as at 31 December were as follows: 2022 \u20ac million 2021 \u20ac million Net debt (refer to Note 26) 1,673.3 1,319.7 Operating profit 703.8 799.3 Depreciation and impairment of property, plant and equipment, including right-of-use assets 484.9 336.3 Amortisation and impairment of intangible assets 15.1 1.0 Employee performance shares 16.5 14.9 Impairment of equity method investments 52.8 \u2013 Other non-cash items 70.5 \u2013 Adjusted EBITDA 1,343.6 1,151.5 Other restructuring expenses (primarily redundancy costs) 11.8 21.0 Unrealised loss/(gain) on commodity derivatives 2.5 (3.8) Russia\u2011Ukraine conflict impact (refer to Note 6.1b) 4.4 \u2013 Acquisition and integration costs 9.2 14.3 Total comparable adjusted EBITDA 1,371.5 1,183.0 Net debt/comparable adjusted EBITDA ratio 1.22 1.12 Other non-cash items for 2022 relate to the net loss recognised in the income statement from the remeasurement to fair value of the Group\u2019s previously held equity interest, the reclassification to the income statement of the Group\u2019s share of other comprehensive income and the gain from bargain purchase in connection with the change in control of Multon Z.A.O. group of companies (refer to Note 24). These non-cash items were classified as part of acquisition and integration costs within operating expenses. The reconciliation of other restructuring expenses to total restructuring expenses for the years ended 31 December was as follows: 2022 \u20ac million 2021 \u20ac million Total restructuring expenses included in operating expenses (refer to Note 9) 11.9 21.2 Less: Impairment of property, plant and equipment (0.1) (0.2) Other restructuring expenses (primarily redundancy costs) 11.8 21.0 25. Financial risk management and financial instruments continued Hedging activity The carrying amounts of the derivative financial instruments are included in lines \u2018Other financial assets\u2019 and \u2018Other financial liabilities\u2019 of the consolidated balance sheet. a) Cash flow hedges The impact of the hedging instruments on the consolidated balance sheet was: As at 31 December 2022 Notional amount \u20ac million Carrying amount \u20ac million Period of maturity date Contracts with positive fair values 172.6 19.2 Non-current 24.1 0.8 Commodity swap contracts 24.1 0.8 Jan24 \u2013 Feb25 Current 148.5 18.4 Foreign currency forward contracts 61.6 0.4 Jan23 \u2013 Sep23 Commodity swap contracts 86.9 18.0 Jan23 \u2013 Dec23 Contracts with negative fair values 221.3 (14.4) Non-current 54.7 (3.6) Commodity swap contracts 54.7 (3.6) Jan24 \u2013 Nov25 Current 166.6 (10.8) Foreign currency forward contracts 66.6 (0.8) Jan23 \u2013 Jun23 Commodity swap contracts 100.0 (10.0) Jan23 \u2013 Dec23 As at 31 December 2021 Notional amount \u20ac million Carrying amount \u20ac million Period of maturity date Contracts with positive fair values 182.6 40.4 Non-current 26.8 9.0 Commodity swap contracts 26.8 9.0 Jan23 \u2013 Nov23 Current 155.8 31.4 Foreign currency forward contracts 48.3 1.3 Jan22 \u2013 Aug22 Commodity swap contracts 107.5 30.1 Jan22 \u2013 Dec22 Contracts with negative fair values 59.3 (1.2) Non-current 2.5 (0.1) Commodity swap contracts 2.5 (0.1) Jan23 \u2013 Nov23 Current 56.8 (1.1) Foreign currency forward contracts 37.9 (0.6) Jan22 \u2013 Dec22 Commodity swap contracts 18.9 (0.5) Jan22 \u2013 Nov22 The impact on the hedging reserve as a result of applying cash flow hedge accounting was: Spot component of foreign currency forward contracts \u20ac million Cost of hedging reserve of currency derivatives \u20ac million Commodity swap contracts \u20ac million Interest rate swap contracts \u20ac million Total \u20ac million Opening balance 1 January 2021 (1.6) 0.7 6.5 (32.5) (26.9) Net gain of cash flow hedges 1.0 \u2013 60.8 7.7 69.5 Change in fair value of hedging instruments recognised in OCI 1.0 \u2013 60.8 \u2013 61.8 Reclassified to income statement \u2013 \u2013 \u2013 7.7 7.7 Cost of hedging recognised in OCI \u2013 (2.7) \u2013 \u2013 (2.7) Reclassified to inventories cost (0.8) 2.4 (25.6) \u2013 (24.0) Closing balance 31 December 2021 (1.4) 0.4 41.7 (24.8) 15.9 Net gain of cash flow hedges 4.8 \u2013 17.4 12.4 34.6 Change in fair value of hedging instruments recognised in OCI 4.8 \u2013 20.6 5.1 30.5 Reclassified to income statement \u2013 \u2013 (3.2) 7.3 4.1 Cost of hedging recognised in OCI \u2013 (1.8) \u2013 (1.7) (3.5) Reclassified to inventories cost (5.1) 1.8 (48.1) \u2013 (51.4) Closing balance 31 December 2022 (1.7) 0.4 11.0 (14.1) (4.4) The effect of the cash flow hedges in the consolidated income statement was: 2022 (Gain)/Loss \u20ac million 2021 Loss/(Gain) \u20ac million Net amount reclassified from other comprehensive income to cost of goods sold (3.2) \u2013 Net amount reclassified from other comprehensive income to finance costs 7.3 7.7 Total 4.1 7.7 The ineffectiveness on the cash flow hedges for the year ended 31 December 2022 was \u20ac2.6 million loss, recorded within cost of goods sold, while there was no significant ineffectiveness on the cash flow hedges in 2021. 25. Financial risk management and financial instruments continued b) Undesignated hedges The fair values of derivative financial instruments as at 31 December which economically hedge the Group\u2019s risks and for which hedge accounting has not been applied were: As at 31 December 2022 Notional amount \u20ac million Carrying amount \u20ac million Period of maturity date Contracts with positive fair values 276.4 16.9 Current 276.4 16.9 Foreign currency futures contracts 146.8 3.9 Jan23 \u2013 Nov23 Foreign currency forward contracts 117.9 10.7 Jan23 \u2013 Dec23 Commodity swap contracts 11.7 2.3 Oct23 \u2013 Dec23 Contracts with negative fair values 552.8 (31.2) Non-current 3.6 (0.1) Commodity swap contracts 3.6 (0.1) Jun24 \u2013 Sep 25 Current 549.2 (31.1) Foreign currency futures contracts 84.1 (2.5) Apr23 \u2013 Dec23 Foreign currency forward contracts 433.8 (21.9) Jan23 \u2013 Dec23 Commodity swap contracts 31.3 (6.7) Feb23 \u2013 Nov23 As at 31 December 2021 Notional amount \u20ac million Carrying amount \u20ac million Period of maturity date Contracts with positive fair values 203.2 7.8 Current 203.2 7.8 Embedded derivatives 4.9 0.1 Jan22\u2011Aug22 Foreign currency forward contracts 165.3 1.1 Jan22-Nov22 Commodity swap contracts 33.0 6.6 Jan22-Dec22 Contracts with negative fair values 431.3 (13.4) Non-current 33.4 (2.9) Foreign currency futures contracts 13.9 (0.6) Jan23 Commodity swap contracts 19.5 (2.3) Jan23-Nov23 Current 397.9 (10.5) Foreign currency futures contracts 94.7 (3.3) Apr22\u2011Oct22 Foreign currency forward contracts 246.5 (2.6) Jan22-Nov22 Commodity swap contracts 56.7 (4.6) Jan22-Nov22 The effect of the undesignated hedges in the consolidated income statement was: 2022 (Gain)/loss \u20ac million 2021 (Gain)/loss \u20ac million Net amount recognised in cost of goods sold (34.9) (14.1) Net amount recognised in operating expenses (26.0) (4.4) Total (60.9) (18.5) Financial instruments\u2019 categories Categories of financial instruments as at 31 December were as follows (in \u20ac million): 2022 Analysis of total assets Assets Debt financial assets at amortised cost Assets at FVTPL Derivatives designated as hedging instruments Equity financial assets at FVOCI Total current and non-current Current Non- current Investments including loans to related parties 534.8 498.7 \u2013 3.6 1,037.1 1,028.5 8.6 Derivative financial instruments \u2013 16.9 19.2 \u2013 36.1 35.3 0.8 Trade and other receivables 1,019.3 \u2013 \u2013 \u2013 1,019.3 1,017.0 2.3 Cash and cash equivalents 719.9 \u2013 \u2013 \u2013 719.9 719.9 \u2013 Total 2,274.0 515.6 19.2 3.6 2,812.4 2,800.7 11.7 Analysis of total liabilities Liabilities Liabilities held at amortised cost Liabilities at FVTPL Derivatives designated as hedging instruments Total current and non-current Current Non- current Trade and other payables (excluding other tax & social security and contract liabilities) 2,163.3 \u2013 \u2013 2,163.3 2,158.0 5.3 Borrowings 3,419.9 \u2013 \u2013 3,419.9 337.0 3,082.9 Derivative financial instruments \u2013 31.2 14.4 45.6 41.9 3.7 Total 5,583.2 31.2 14.4 5,628.8 2,536.9 3,091.9 25. Financial risk management and financial instruments continued 2021 Analysis of total assets Assets Debt financial assets at amortised cost Assets at FVTPL Derivatives designated as hedging instruments Equity financial assets at FVOCI Total current and non-current Current Non- current Investments including loans to related parties 204.9 638.8 \u2013 3.6 847.3 839.7 7.6 Derivative financial instruments \u2013 7.8 40.4 \u2013 48.2 39.2 9.0 Trade and other receivables 863.3 \u2013 \u2013 \u2013 863.3 862.2 1.1 Cash and cash equivalents 782.8 \u2013 \u2013 \u2013 782.8 782.8 \u2013 Total 1,851.0 646.6 40.4 3.6 2,541.6 2,523.9 17.7 Analysis of total liabilities Liabilities Liabilities held at amortised cost Liabilities at FVTPL Derivatives designated as hedging instruments Total current and non-current Current Non- current Trade and other payables (excluding other tax & social security and contract liabilities) 1,753.6 \u2013 \u2013 1,753.6 1,748.0 5.6 Borrowings 2,937.4 \u2013 \u2013 2,937.4 381.7 2,555.7 Derivative financial instruments \u2013 13.4 1.2 14.6 11.6 3.0 Total 4,691.0 13.4 1.2 4,705.6 2,141.3 2,564.3 Interest rate swap contracts The Group entered into forward starting swap contracts of \u20ac500.0 million in 2014 to hedge the interest rate risk related to its Euro\u2011denominated forecast issuance of fixed rate debt in March 2016. In August 2015 the Group entered into additional forward starting swap contracts of \u20ac100.0 million. In March 2016 the forward starting swap contracts were settled and at the same time the new note was issued. The accumulated loss of \u20ac55.4 million recorded in other comprehensive income is being amortised to the income statement over the term of the new note (refer to Note 26). The Group entered into swaption contracts of \u20ac350.0 million in 2018 and \u20ac1,050.0 million in 2019 to hedge the interest rate risk related to its Euro\u2011denominated forecast issuance of fixed rate debt in 2019 and formally designated them as cash flow hedges. In May and November 2019 the swaption contracts were settled and, at the same time, the new notes were issued. The accumulated loss of \u20ac9.6 million recorded in other comprehensive income is being amortised to the income statement over the relevant period. The Group entered into swaption contracts of \u20ac180.0 million in 2022 to hedge the interest rate risk related to its Euro-denominated forecast issuance of fixed rate debt in 2022 and formally designated them as cash flow hedges. In September 2022 the swaption contracts were settled and, at the same time, the new notes were issued. The accumulated gain of \u20ac3.4 million recorded in other comprehensive income is being amortised to the income statement over the relevant period. Embedded derivatives During 2015 the Group recognised embedded derivatives whose risks and economic characteristics were not considered to be closely related to the commodity contract in which they were embedded. The fair value of the embedded derivatives as at 31 December 2022 amounted to a financial asset of \u20acnil (2021: \u20ac0.1 million). Fair values of financial assets and liabilities For financial instruments such as cash, deposits, debtors and creditors, investments, loans payable to related parties, short\u2011term borrowings (excluding the current portion of bonds and notes payable) and other financial liabilities (other than bonds and notes payable), carrying values are a reasonable approximation of their fair values. According to the fair value hierarchy, the financial instruments measured at fair value are classified as follows: Level 1 The fair value of FVOCI listed equity securities as well as FVTPL securities is based on quoted market prices at the reported date. The fair value of bonds is based on quoted market prices at the reported date. Level 2 The fair value of foreign currency forward, option and futures contracts, commodity swap contracts, bonds and notes payable, interest rate option and swap contracts, cross-currency swap contracts and embedded foreign currency derivatives is determined by using valuation techniques. These valuation techniques maximise the use of observable market data. The fair value of the foreign currency forward, option and futures contracts, commodity swap contracts, embedded foreign currency derivatives and cross-currency swap contracts is calculated by reference to quoted forward exchange and deposit rates and forward rate curves of the underlying commodity at the reported date for contracts with similar maturity dates. The fair value of interest rate option contracts is calculated by reference to the Black\u2011Scholes valuation model and implied volatilities. The fair value of interest rate swap contracts is determined as the difference in the present value of the future interest cash inflows and outflows based on observable yield curves. Level 3 The fair value of FVOCI unlisted equity securities as well as convertible promissory note, certain undesignated derivatives and foreign currency contracts is determined through the use of estimated discounted cash flows or other valuation techniques. These valuation techniques estimate the fair value of undesignated derivatives using settlement and forward prices received from counterparty banks and subscription\u2011based publications and the fair value of foreign currency contracts by using adjusted quoted prices. Transfers between levels of the fair value hierarchy are deemed to have occurred at the date of the event or change in circumstances that caused the transfer. 25. Financial risk management and financial instruments continued The following table provides the fair value hierarchy levels into which fair value measurements are categorised for assets and liabilities measured at fair value as at 31 December 2022: Level 1 \u20ac million Level 2 \u20ac million Level 3 \u20ac million Total \u20ac million Financial assets at FVTPL Foreign currency forward contracts \u2013 10.7 \u2013 10.7 Foreign currency futures contracts \u2013 \u2013 3.9 3.9 Commodity swap contracts \u2013 0.2 2.1 2.3 Money market funds 497.2 \u2013 \u2013 497.2 Convertible promissory note \u2013 \u2013 1.5 1.5 Derivative financial assets used for hedging Cash flow hedges Foreign currency forward contracts \u2013 0.4 \u2013 0.4 Commodity swap contracts \u2013 18.8 \u2013 18.8 Assets at FVOCI Equity securities 0.7 \u2013 2.9 3.6 Total financial assets 497.9 30.1 10.4 538.4 Financial liabilities at FVTPL Foreign currency forward contracts \u2013 (18.2) (3.7) (21.9) Foreign currency futures contracts \u2013 \u2013 (2.5) (2.5) Commodity swap contracts \u2013 (0.9) (5.9) (6.8) Derivative financial liabilities used for hedging Cash flow hedges Foreign currency forward contracts \u2013 (0.8) \u2013 (0.8) Commodity swap contracts \u2013 (13.6) \u2013 (13.6) Total financial liabilities \u2013 (33.5) (12.1) (45.6) There were no transfers between Level 1, Level 2 and Level 3 in the year. The following table provides the fair value hierarchy levels into which fair value measurements are categorised for assets and liabilities measured at fair value as at 31 December 2021: Level 1 \u20ac million Level 2 \u20ac million Level 3 \u20ac million Total \u20ac million Financial assets at FVTPL Foreign currency forward contracts \u2013 1.1 \u2013 1.1 Embedded derivatives \u2013 0.1 \u2013 0.1 Commodity swap contracts \u2013 0.6 6.0 6.6 Money market funds 638.8 \u2013 \u2013 638.8 Derivative financial assets used for hedging Cash flow hedges Foreign currency forward contracts \u2013 1.3 \u2013 1.3 Commodity swap contracts \u2013 39.1 \u2013 39.1 Assets at FVOCI Equity securities 0.7 \u2013 2.9 3.6 Total financial assets 639.5 42.2 8.9 690.6 Financial liabilities at FVTPL Foreign currency forward contracts \u2013 (2.6) \u2013 (2.6) Foreign currency futures contracts \u2013 \u2013 (3.9) (3.9) Commodity swap contracts \u2013 \u2013 (6.9) (6.9 ) Derivative financial liabilities used for hedging Cash flow hedges Foreign currency forward contracts \u2013 (0.6) \u2013 (0.6) Commodity swap contracts \u2013 (0.6) \u2013 (0.6) Total financial liabilities \u2013 (3.8) (10.8) (14.6) There were no transfers between Level 1, Level 2 and Level 3 in 2021. The following table presents the changes in Level 3 items for the years ended 31 December 2022 and 31 December 2021: Commodity swap contracts \u20ac million Foreign currency contracts \u20ac million Equity securities \u20ac million Convertible promissory note \u20ac million Total \u20ac million Balance as at 1 January 2021 (5.8) 4.9 2.8 \u2013 1.9 Gains recognised in income statement 13.6 0.4 \u2013 \u2013 14.0 Proceeds from settlement of derivatives (8.7) (9.2) \u2013 \u2013 (17.9) Gains recognised in other comprehensive income \u2013 \u2013 0.1 \u2013 0.1 Balance as at 31 December 2021 (0.9) (3.9) 2.9 (1.9) Gains/(losses) recognised in income statement 19.1 (1.7) \u2013 \u2013 17.4 (Proceeds from)/payments for settlement of derivatives (22.0) 3.3 \u2013 \u2013 (18.7 ) Addition of financial assets at FVTPL \u2013 \u2013 \u2013 1.5 1.5 Balance as at 31 December 2022 (3.8) (2.3) 2.9 1.5 (1.7 )",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-656": {
"value": "25. Financial risk management and financial instruments Accounting policies Financial assets On initial recognition financial assets are recorded at fair value plus, in the case of financial assets not at fair value through profit or loss (FVTPL), any directly attributable transaction costs. Transaction costs of financial assets at FVTPL are expensed. Financial assets are classified into three categories: a) Financial assets at amortised cost (debt instruments) The classification of debt instruments at amortised cost depends on two criteria: a) the Group\u2019s business model for managing assets and b) whether the instruments\u2019 contractual cash flows represent solely payments for principal and interest on the principal amount outstanding (the \u2018SPPI criterion\u2018). If both criteria are met the financial assets of the Group are subsequently measured at amortised cost whereby any interest income is recognised using the effective interest method. This category includes trade receivables, treasury bills and time deposits. The accounting policy for trade receivables is described in Note 19. b) Financial assets through other comprehensive income (FVOCI) The Group also has investments in financial assets at FVOCI. These include equity investments that are not of a trading nature and which are subsequently recorded at fair value. The Group intends to hold these equity instruments for the foreseeable future and has irrevocably elected to classify them as financial assets at FVOCI upon initial recognition. Upon derecognition of these financial assets, there is no recycling of gains or losses to the income statement. c) Financial assets through profit or loss (FVTPL) The Group also has investments in financial assets at FVTPL, which are subsequently measured at fair value and where changes in fair value are recognised in the income statement. Financial assets at FVTPL mainly comprise money market funds. For those financial assets that are not subsequently held at fair value, the Group assesses whether there is evidence of impairment at each balance sheet date. Derivative financial instruments The Group uses derivative financial instruments, including currency, commodity and interest rate derivatives, to manage currency, commodity price and interest rate risk associated with the Group\u2019s underlying business activities. The Group does not enter into derivative financial instruments for trading activity purposes. All derivative financial instruments are initially recognised on the balance sheet at fair value and are subsequently remeasured at their fair value. Changes in the fair value of derivative financial instruments are recognised at each reporting date either in the income statement or in equity, depending on whether the derivative financial instrument qualifies for hedge accounting as a cash flow hedge . 25. Financial risk management and financial instruments continued Embedded derivatives in financial host contracts are recorded at fair value through profit or loss together with the host contracts. All derivative financial instruments that are not part of an effective hedging relationship (undesignated hedges) are classified as assets or liabilities at fair value through profit or loss. At the inception of a hedge transaction the Group documents the relationship between the hedging instrument and the hedged item, as well as its risk management objective and strategy for undertaking the hedge transaction. This process includes linking the derivative financial instrument designated as a hedging instrument to the specific asset, liability, firm commitment or forecast transaction. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risks of the hedging instruments are identical to the hedged risks component. The economic relationship between the hedged item and the hedging instrument is assessed on an ongoing basis. Ineffectiveness may arise if the timing or the notional value of the forecast transaction changes, or if the credit risk changes impacting the fair value movements of the hedging instruments. Changes in the fair value of derivative financial instruments (both the intrinsic value and the aligned time value) that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income and the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are recycled to the income statement as the related hedged asset acquired or liability assumed affects the income statement. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecast transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to the income statement. Derivatives embedded in non-financial host contracts are accounted for as separate derivatives and recorded at fair value if: \u2022 their economic characteristics and risks are not closely related to those of the host contracts; \u2022 the host contracts are not designated as at fair value through profit or loss; and \u2022 a separate instrument with the same terms as the embedded derivative meets the definition of a derivative. These embedded derivatives are measured at fair value with changes in fair value recognised in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through profit or loss category. Regular purchases and sales of investments are recognised on the trade date, which is the day the Group commits to purchase or sell. The investments are recognised initially at fair value plus transaction costs, except in the case of FVTPL. For investments traded in active markets, fair value is determined by reference to stock exchange quoted bid prices. For other investments, fair value is estimated by reference to the current market value of similar instruments or by reference to the discounted cash flows of the underlying net assets. Financial risk factors The Group\u2019s activities expose it to a variety of financial risks: market risk (including foreign currency risk, commodity price risk and interest rate risk), credit risk, liquidity risk and capital risk. The Group\u2019s overall risk management programme focuses on the volatility of financial markets and seeks to minimise potential adverse effects on the Group\u2019s cash flows. The Group uses derivative financial instruments to hedge certain risk exposures. Risk management is carried out by Group Treasury in a controlled manner, consistent with the Board of Directors\u2019 approved policies. Group Treasury identifies, evaluates and hedges financial risks in close co\u2011operation with the Group\u2019s subsidiaries. The Board of Directors has approved the Treasury Policy which provides the control framework for all treasury and treasury\u2011related transactions. Market risk a) Foreign currency risk The Group is exposed to the effect of foreign currency risk on future transactions, recognised monetary assets and liabilities that are denominated in currencies other than the local entity\u2019s functional currency, as well as net investments in foreign operations. Foreign currency forward, option and futures contracts are used to hedge a portion of the Group\u2019s foreign currency risk. The majority of the foreign currency forward, option and futures contracts have maturities of less than one year after the balance sheet date. Management has set up a policy that requires Group companies to manage their foreign exchange risk against their functional currency. To manage their foreign exchange risk arising from future transactions and recognised monetary assets and liabilities, entities in the Group use foreign currency forward, option and futures contracts transacted by Group Treasury. Group Treasury\u2019s risk management policy is to hedge, on an average coverage ratio basis, between 25% and 80% of anticipated cash flows for the next 12 months by using a layer strategy and 100% of balance sheet remeasurement risk in each major foreign currency for which hedging is applicable. Each subsidiary designates contracts with Group Treasury as fair value hedges or cash flow hedges, as appropriate. External foreign exchange contracts are designated at Group level as hedges of foreign exchange risk on specific monetary assets, monetary liabilities or future transactions on a gross basis. The following tables present details of the Group\u2019s sensitivity to reasonably possible increases and decreases in the Euro and US Dollar against the relevant foreign currencies. In determining reasonably possible changes, the historical volatility over a 12-month period of the respective foreign currencies in relation to the Euro and the US Dollar has been considered. The sensitivity analysis determines the potential gains and losses in the income statement or equity arising from the Group\u2019s foreign exchange positions as a result of the corresponding percentage increases and decreases in the Group\u2019s main foreign currencies relative to the Euro and the US Dollar. The sensitivity analysis includes outstanding foreign-currency denominated monetary items, external loans and loans between operations within the Group where the denomination of the loan is in a currency other than the functional currency of the local entity. 25. Financial risk management and financial instruments continued 2022 exchange risk sensitivity to reasonably possible changes in the Euro against relevant other currencies Euro strengthens against local currency Euro weakens against local currency % historical volatility over a 12-month period Loss/(gain) in income statement \u20ac million Loss/(gain) in equity \u20ac million (Gain)/loss in income statement \u20ac million (Gain)/loss in equity \u20ac million Egyptian Pound 23.35% 4.0 15.7 (6.4) (25.3) Nigerian Naira 15.54% 12.9 \u2013 (17.6) \u2013 Russian Rouble 54.49% (9.4) (0.1) 31.9 0.2 UK Sterling 7.74% (1.1) (0.4) 1.2 0.2 Ukrainian Hryvnia 12.52% 2.9 \u2013 (3.8) \u2013 Other \u2013 2.3 (4.4) (3.1) 5.1 Total 11.6 10.8 2.2 (19.8) 2022 exchange risk sensitivity to reasonably possible changes in the US Dollar against relevant other currencies US Dollar strengthens against local currency US Dollar weakens against local currency % historical volatility over a 12-month period (Gain)/loss in income statement \u20ac million (Gain)/loss in equity \u20ac million Loss/(gain) in income statement \u20ac million Loss/(gain) in equity \u20ac million Euro 10.06% (7.2) \u2013 8.8 \u2013 Egyptian Pound 22.23% 9.9 \u2013 (15.6) \u2013 Nigerian Naira 5.94% 11.0 \u2013 (12.4) \u2013 Russian Rouble 52.99% (18.7) \u2013 61.0 \u2013 Ukrainian Hryvnia 4.15% (0.1) \u2013 0.1 \u2013 Other \u2013 (0.4) \u2013 0.3 \u2013 Total (5.5) \u2013 42.2 \u2013 2021 exchange risk sensitivity to reasonably possible changes in the Euro against relevant other currencies Euro strengthens against local currency Euro weakens against local currency % historical volatility over a 12-month period Loss/(gain) in income statement \u20ac million (Gain)/loss in equity \u20ac million (Gain)/loss in income statement \u20ac million Loss/(gain) in equity \u20ac million Nigerian Naira 16.03% 6.2 \u2013 (8.5) \u2013 Russian Rouble 9.90% (0.7) (0.2) 0.9 0.3 UK Sterling 5.23% 0.9 \u2013 (1.0) \u2013 Ukrainian Hryvnia 6.80% 0.3 \u2013 (0.2) \u2013 Other \u2013 (0.2) (1.5) (0.2) 1.7 Total 6.5 (1.7) (9.0) 2.0 2021 exchange risk sensitivity to reasonably possible changes in the US Dollar against relevant other currencies US Dollar strengthens against local currency US Dollar weakens against local currency % historical volatility over a 12-month period (Gain)/loss in income statement \u20ac million (Gain)/loss in equity \u20ac million Loss/(gain) in income statement \u20ac million Loss/(gain) in equity \u20ac million Euro 5.72% (1.8) \u2013 2.0 \u2013 Nigerian Naira 5.89% 0.6 \u2013 (0.5) \u2013 Russian Rouble 9.86% 0.1 (3.2) (0.1) 3.9 Other \u2013 (0.4) \u2013 0.4 \u2013 Total (1.5) (3.2) 1.8 3.9 b) Commodity price risk The Group is affected by the volatility of certain commodity prices (being mainly sugar, aluminium, aluminium premium, plastic and gas oil) in relation to certain raw materials necessary for the production of the Group\u2019s products. Due to the significantly increased volatility of commodity prices, the Group\u2019s Board of Directors has developed and enacted a risk management strategy regarding commodity price risk and its mitigation. Although the Group continues to contract prices with suppliers in advance, to reduce its exposure to the effect of short-term changes in the price of sugar, aluminium, aluminium premium, gas oil and plastic the Group hedges the market price of these commodities using commodity swap contracts based on a rolling forecast for a period up to 36 months. Group Treasury\u2019s Risk management policy is to hedge a minimum of 25% and a maximum of 80% of commodity exposure for the next 12 months with the exception of certain types of plastic for which lower compliance ratios apply. The following table presents details of the Group\u2019s income statement and equity sensitivity to increases and decreases in sugar, aluminium, aluminium premium, plastic and gas oil prices. The table does not show the sensitivity to the Group\u2019s total underlying commodity exposure or the impact of changes in volumes that may arise from increase or decrease in the respective commodity prices. The sensitivity analysis determines the potential effect on profit or loss and equity arising from the Group\u2019s commodity swap contract positions as a result of the reasonably possible increases or decreases of the respective commodity price. 25. Financial risk management and financial instruments continued 2022 commodity price risk sensitivity to reasonably possible changes in the commodity price of relevant commodities Commodity price increases with all other variables held constant Commodity price decreases with all other variables held constant % historical volatility over a 12-month period per contract maturity (Gain)/loss in income statement \u20ac million (Gain)/loss in equity \u20ac million Loss/(gain) in income statement \u20ac million Loss/(gain) in equity \u20ac million Sugar 14.3% (0.9) (19.8) 0.9 19.8 Aluminium 32.3% (2.1) (34.3) 2.1 34.3 Aluminium premium 70.6% (0.2) (5.7) 0.2 5.7 Gas oil 72.5% \u2013 (15.4) \u2013 15.4 Plastic 28.1% (8.9) \u2013 8.9 \u2013 Total (12.1) (75.2) 12.1 75.2 2021 commodity price risk sensitivity to reasonably possible changes in the commodity price of relevant commodities Commodity price increases with all other variables held constant Commodity price decreases with all other variables held constant % historical volatility over a 12-month period per contract maturity (Gain)/loss in income statement \u20ac million (Gain)/loss in equity \u20ac million Loss/(gain) in income statement \u20ac million Loss/(gain) in equity \u20ac million Sugar 20.8% (0.4) (22.6) 0.4 22.6 Aluminium 24.1% (0.8) (19.8) 0.8 19.8 Aluminium premium 46.1% (0.2) (3.0) 0.2 3.0 Gas oil 31.3% \u2013 (5.6) \u2013 5.6 Plastic 27.0% (25.7) \u2013 25.7 \u2013 Total (27.1) (51.0) 27.1 51.0 c) Interest rate risk The sensitivity analysis in the following table has been determined based on exposure to interest rates of both derivative and non-derivative instruments existing at the balance sheet date and assuming constant foreign exchange rates. For floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the balance sheet date was outstanding for the whole year. A 50 basis point increase or decrease for 2022 (2021: 50 basis point) represents management\u2019s assessment of a reasonably possible change in interest rates. Interest rate risk sensitivity to reasonably possible changes in interest rates Loss /(gain) in income statement 2022 \u20ac million 2021 \u20ac million Increase in basis points 0.3 0.2 Decrease in basis points (0.3) (0.2) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its obligations under the contract or arrangement. The Group has limited concentration of credit risk across trade and financial counterparties. Credit policies are in place and the exposure to credit risk is monitored on an ongoing basis. The Group\u2019s maximum exposure to credit risk in the event that counterparties fail to meet their obligations at 31 December 2022 in relation to each class of recognised financial asset is the carrying amount of those assets as indicated on the balance sheet. Under the credit policies, before accepting any new credit customers, the Group investigates the potential customer\u2019s credit quality, using either external agencies and in some cases bank references and/or historic experience, and defines credit limits for each customer. Customers that fail to meet the Group\u2019s benchmark credit quality may transact with the Group only on a prepayment or cash basis. Customers are reviewed on an ongoing basis and credit limits are adjusted accordingly. There is no significant concentration of credit risk with regard to loans, trade and other receivables as the Group has a large number of customers which are geographically dispersed. The Group has policies that limit the amount of credit exposure to any single financial institution. The Group only undertakes investment and derivative transactions with banks and financial institutions that have a minimum credit rating of \u2018BBB\u2011\u2019 from Standard & Poor\u2019s and \u2018Baa3\u2019 from Moody\u2019s, unless the investment is in countries where the Sovereign Credit Rating is below the \u2018BBB\u2011/Baa3\u2019. The Group also uses Credit Default Swaps of a counterparty in order to measure in a timelier way the creditworthiness of a counterparty and set up its counterparties in tiers in order to assign maximum exposure and tenor per tier. If the Credit Default Swaps of a certain counterparty exceed 400 basis points the Group will stop trading derivatives with that counterparty and will try to cancel any deposits on a best-effort basis. In addition, the Group regularly makes use of time deposits, treasury bills and money market funds to invest excess cash balances and to diversify its counterparty risk. As at 31 December 2022, an amount of \u20ac529.5 million (2021: \u20ac423.9 million) is invested in time deposits, \u20acnil in treasury bills (2021: \u20ac6.2 million) and \u20ac497.2 million (2021: \u20ac638.8 million) in money market funds. Liquidity risk The Group actively manages liquidity risk to ensure there are sufficient funds available for any short- term and long-term commitments. Bank overdrafts and bank facilities, both committed and uncommitted, are used to manage this risk. The Group manages liquidity risk by maintaining adequate cash reserves and committed banking facilities, access to the debt and equity capital markets, and by continuously monitoring forecast and actual cash flows. In Note 26, the undrawn facilities that the Group has at its disposal to manage liquidity risk are discussed under the headings \u2018Commercial paper programme\u2019, \u2018Committed credit facilities\u2019 and \u2018Uncommitted loan agreement\u2019. As at 31 December 2022, the Group has a net debt of \u20ac1.7 billion (refer to Note 26). There are no bond maturities until November 2024. In addition, the Group has an undrawn revolving credit facility of \u20ac800 million available, \u20ac0.8 billion available out of the \u20ac1.0 billion commercial paper facility, as well as undrawn uncommitted loan agreement of \u20ac200 million. The following tables detail the Group\u2019s remaining contractual maturities for its financial liabilities. The tables include both interest and principal undiscounted cash flows, assuming that interest rates remain constant from 31 December 2022. 25. Financial risk management and financial instruments continued Up to one year \u20ac million One to two years \u20ac million Two to five years \u20ac million Over five years \u20ac million Total \u20ac million Borrowings 314.4 657.9 1,310.1 1,145.3 3,427.7 Derivative liabilities 41.9 3.5 0.2 \u2013 45.6 Trade and other payables (excluding other tax & social security and contract liabilities) 2,158.0 0.4 1.1 3.8 2,163.3 Leases 67.2 55.5 85.6 49.1 257.4 As at 31 December 2022 2,581.5 717.3 1,397.0 1,198.2 5,894.0 Up to one year \u20ac million One to two years \u20ac million Two to five years \u20ac million Over five years \u20ac million Total \u20ac million Borrowings 365.2 48.4 707.3 1,875.2 2,996.1 Derivative liabilities 11.6 3.0 \u2013 \u2013 14.6 Trade and other payables (excluding other tax & social security and contract liabilities) 1,748.0 0.4 1.1 4.1 1,753.6 Leases 58.9 43.2 62.9 29.6 194.6 As at 31 December 2021 2,183.7 95.0 771.3 1,908.9 4,958.9 Capital risk The Group monitors its financial capacity and credit ratings by reference to a number of key financial ratios including net debt to comparable adjusted EBITDA, which provides a framework within which the Group\u2019s capital base is managed. This ratio is calculated as net debt divided by comparable adjusted EBITDA. Adjusted EBITDA is calculated by adding back to operating profit the depreciation and impairment of property, plant and equipment, the amortisation and impairment of intangible assets, the employee performance share costs, the impairment of equity method investments and other non-cash items, if any. Comparable adjusted EBITDA refers to adjusted EBITDA excluding restructuring expenses, the Russia-Ukraine conflict impact, acquisition and integration costs and the unrealised gains or losses resulting from the mark-to-market valuation of derivatives and embedded derivatives related to commodity hedging. Refer to Note 26 for definition of net debt. The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may increase or decrease debt, issue or buy back shares, adjust the amount of dividends paid to shareholders, or return capital to shareholders. The Group\u2019s goal is to maintain a conservative financial profile. This is evidenced by the credit ratings maintained with Standard and Poor\u2019s and Moody\u2019s, which were reaffirmed in 2022, with the exception of Standard and Poor\u2019s outlook, which was negative in 2022 compared to stable in 2021. Rating agency Publication date Long-term debt Outlook Short-term debt Standard and Poor\u2019s March 2022 BBB+ Negative A2 Moody\u2019s May 2022 Baa1 Stable P2 The Group\u2019s medium to long\u2011term target is to maintain the net debt to comparable adjusted EBITDA ratio within a 1.5 to 2.0 range. The ratios as at 31 December were as follows: 2022 \u20ac million 2021 \u20ac million Net debt (refer to Note 26) 1,673.3 1,319.7 Operating profit 703.8 799.3 Depreciation and impairment of property, plant and equipment, including right-of-use assets 484.9 336.3 Amortisation and impairment of intangible assets 15.1 1.0 Employee performance shares 16.5 14.9 Impairment of equity method investments 52.8 \u2013 Other non-cash items 70.5 \u2013 Adjusted EBITDA 1,343.6 1,151.5 Other restructuring expenses (primarily redundancy costs) 11.8 21.0 Unrealised loss/(gain) on commodity derivatives 2.5 (3.8) Russia\u2011Ukraine conflict impact (refer to Note 6.1b) 4.4 \u2013 Acquisition and integration costs 9.2 14.3 Total comparable adjusted EBITDA 1,371.5 1,183.0 Net debt/comparable adjusted EBITDA ratio 1.22 1.12 Other non-cash items for 2022 relate to the net loss recognised in the income statement from the remeasurement to fair value of the Group\u2019s previously held equity interest, the reclassification to the income statement of the Group\u2019s share of other comprehensive income and the gain from bargain purchase in connection with the change in control of Multon Z.A.O. group of companies (refer to Note 24). These non-cash items were classified as part of acquisition and integration costs within operating expenses. The reconciliation of other restructuring expenses to total restructuring expenses for the years ended 31 December was as follows: 2022 \u20ac million 2021 \u20ac million Total restructuring expenses included in operating expenses (refer to Note 9) 11.9 21.2 Less: Impairment of property, plant and equipment (0.1) (0.2) Other restructuring expenses (primarily redundancy costs) 11.8 21.0 25. Financial risk management and financial instruments continued Hedging activity The carrying amounts of the derivative financial instruments are included in lines \u2018Other financial assets\u2019 and \u2018Other financial liabilities\u2019 of the consolidated balance sheet. a) Cash flow hedges The impact of the hedging instruments on the consolidated balance sheet was: As at 31 December 2022 Notional amount \u20ac million Carrying amount \u20ac million Period of maturity date Contracts with positive fair values 172.6 19.2 Non-current 24.1 0.8 Commodity swap contracts 24.1 0.8 Jan24 \u2013 Feb25 Current 148.5 18.4 Foreign currency forward contracts 61.6 0.4 Jan23 \u2013 Sep23 Commodity swap contracts 86.9 18.0 Jan23 \u2013 Dec23 Contracts with negative fair values 221.3 (14.4) Non-current 54.7 (3.6) Commodity swap contracts 54.7 (3.6) Jan24 \u2013 Nov25 Current 166.6 (10.8) Foreign currency forward contracts 66.6 (0.8) Jan23 \u2013 Jun23 Commodity swap contracts 100.0 (10.0) Jan23 \u2013 Dec23 As at 31 December 2021 Notional amount \u20ac million Carrying amount \u20ac million Period of maturity date Contracts with positive fair values 182.6 40.4 Non-current 26.8 9.0 Commodity swap contracts 26.8 9.0 Jan23 \u2013 Nov23 Current 155.8 31.4 Foreign currency forward contracts 48.3 1.3 Jan22 \u2013 Aug22 Commodity swap contracts 107.5 30.1 Jan22 \u2013 Dec22 Contracts with negative fair values 59.3 (1.2) Non-current 2.5 (0.1) Commodity swap contracts 2.5 (0.1) Jan23 \u2013 Nov23 Current 56.8 (1.1) Foreign currency forward contracts 37.9 (0.6) Jan22 \u2013 Dec22 Commodity swap contracts 18.9 (0.5) Jan22 \u2013 Nov22 The impact on the hedging reserve as a result of applying cash flow hedge accounting was: Spot component of foreign currency forward contracts \u20ac million Cost of hedging reserve of currency derivatives \u20ac million Commodity swap contracts \u20ac million Interest rate swap contracts \u20ac million Total \u20ac million Opening balance 1 January 2021 (1.6) 0.7 6.5 (32.5) (26.9) Net gain of cash flow hedges 1.0 \u2013 60.8 7.7 69.5 Change in fair value of hedging instruments recognised in OCI 1.0 \u2013 60.8 \u2013 61.8 Reclassified to income statement \u2013 \u2013 \u2013 7.7 7.7 Cost of hedging recognised in OCI \u2013 (2.7) \u2013 \u2013 (2.7) Reclassified to inventories cost (0.8) 2.4 (25.6) \u2013 (24.0) Closing balance 31 December 2021 (1.4) 0.4 41.7 (24.8) 15.9 Net gain of cash flow hedges 4.8 \u2013 17.4 12.4 34.6 Change in fair value of hedging instruments recognised in OCI 4.8 \u2013 20.6 5.1 30.5 Reclassified to income statement \u2013 \u2013 (3.2) 7.3 4.1 Cost of hedging recognised in OCI \u2013 (1.8) \u2013 (1.7) (3.5) Reclassified to inventories cost (5.1) 1.8 (48.1) \u2013 (51.4) Closing balance 31 December 2022 (1.7) 0.4 11.0 (14.1) (4.4) The effect of the cash flow hedges in the consolidated income statement was: 2022 (Gain)/Loss \u20ac million 2021 Loss/(Gain) \u20ac million Net amount reclassified from other comprehensive income to cost of goods sold (3.2) \u2013 Net amount reclassified from other comprehensive income to finance costs 7.3 7.7 Total 4.1 7.7 The ineffectiveness on the cash flow hedges for the year ended 31 December 2022 was \u20ac2.6 million loss, recorded within cost of goods sold, while there was no significant ineffectiveness on the cash flow hedges in 2021. 25. Financial risk management and financial instruments continued b) Undesignated hedges The fair values of derivative financial instruments as at 31 December which economically hedge the Group\u2019s risks and for which hedge accounting has not been applied were: As at 31 December 2022 Notional amount \u20ac million Carrying amount \u20ac million Period of maturity date Contracts with positive fair values 276.4 16.9 Current 276.4 16.9 Foreign currency futures contracts 146.8 3.9 Jan23 \u2013 Nov23 Foreign currency forward contracts 117.9 10.7 Jan23 \u2013 Dec23 Commodity swap contracts 11.7 2.3 Oct23 \u2013 Dec23 Contracts with negative fair values 552.8 (31.2) Non-current 3.6 (0.1) Commodity swap contracts 3.6 (0.1) Jun24 \u2013 Sep 25 Current 549.2 (31.1) Foreign currency futures contracts 84.1 (2.5) Apr23 \u2013 Dec23 Foreign currency forward contracts 433.8 (21.9) Jan23 \u2013 Dec23 Commodity swap contracts 31.3 (6.7) Feb23 \u2013 Nov23 As at 31 December 2021 Notional amount \u20ac million Carrying amount \u20ac million Period of maturity date Contracts with positive fair values 203.2 7.8 Current 203.2 7.8 Embedded derivatives 4.9 0.1 Jan22\u2011Aug22 Foreign currency forward contracts 165.3 1.1 Jan22-Nov22 Commodity swap contracts 33.0 6.6 Jan22-Dec22 Contracts with negative fair values 431.3 (13.4) Non-current 33.4 (2.9) Foreign currency futures contracts 13.9 (0.6) Jan23 Commodity swap contracts 19.5 (2.3) Jan23-Nov23 Current 397.9 (10.5) Foreign currency futures contracts 94.7 (3.3) Apr22\u2011Oct22 Foreign currency forward contracts 246.5 (2.6) Jan22-Nov22 Commodity swap contracts 56.7 (4.6) Jan22-Nov22 The effect of the undesignated hedges in the consolidated income statement was: 2022 (Gain)/loss \u20ac million 2021 (Gain)/loss \u20ac million Net amount recognised in cost of goods sold (34.9) (14.1) Net amount recognised in operating expenses (26.0) (4.4) Total (60.9) (18.5) Financial instruments\u2019 categories Categories of financial instruments as at 31 December were as follows (in \u20ac million): 2022 Analysis of total assets Assets Debt financial assets at amortised cost Assets at FVTPL Derivatives designated as hedging instruments Equity financial assets at FVOCI Total current and non-current Current Non- current Investments including loans to related parties 534.8 498.7 \u2013 3.6 1,037.1 1,028.5 8.6 Derivative financial instruments \u2013 16.9 19.2 \u2013 36.1 35.3 0.8 Trade and other receivables 1,019.3 \u2013 \u2013 \u2013 1,019.3 1,017.0 2.3 Cash and cash equivalents 719.9 \u2013 \u2013 \u2013 719.9 719.9 \u2013 Total 2,274.0 515.6 19.2 3.6 2,812.4 2,800.7 11.7 Analysis of total liabilities Liabilities Liabilities held at amortised cost Liabilities at FVTPL Derivatives designated as hedging instruments Total current and non-current Current Non- current Trade and other payables (excluding other tax & social security and contract liabilities) 2,163.3 \u2013 \u2013 2,163.3 2,158.0 5.3 Borrowings 3,419.9 \u2013 \u2013 3,419.9 337.0 3,082.9 Derivative financial instruments \u2013 31.2 14.4 45.6 41.9 3.7 Total 5,583.2 31.2 14.4 5,628.8 2,536.9 3,091.9 25. Financial risk management and financial instruments continued 2021 Analysis of total assets Assets Debt financial assets at amortised cost Assets at FVTPL Derivatives designated as hedging instruments Equity financial assets at FVOCI Total current and non-current Current Non- current Investments including loans to related parties 204.9 638.8 \u2013 3.6 847.3 839.7 7.6 Derivative financial instruments \u2013 7.8 40.4 \u2013 48.2 39.2 9.0 Trade and other receivables 863.3 \u2013 \u2013 \u2013 863.3 862.2 1.1 Cash and cash equivalents 782.8 \u2013 \u2013 \u2013 782.8 782.8 \u2013 Total 1,851.0 646.6 40.4 3.6 2,541.6 2,523.9 17.7 Analysis of total liabilities Liabilities Liabilities held at amortised cost Liabilities at FVTPL Derivatives designated as hedging instruments Total current and non-current Current Non- current Trade and other payables (excluding other tax & social security and contract liabilities) 1,753.6 \u2013 \u2013 1,753.6 1,748.0 5.6 Borrowings 2,937.4 \u2013 \u2013 2,937.4 381.7 2,555.7 Derivative financial instruments \u2013 13.4 1.2 14.6 11.6 3.0 Total 4,691.0 13.4 1.2 4,705.6 2,141.3 2,564.3 Interest rate swap contracts The Group entered into forward starting swap contracts of \u20ac500.0 million in 2014 to hedge the interest rate risk related to its Euro\u2011denominated forecast issuance of fixed rate debt in March 2016. In August 2015 the Group entered into additional forward starting swap contracts of \u20ac100.0 million. In March 2016 the forward starting swap contracts were settled and at the same time the new note was issued. The accumulated loss of \u20ac55.4 million recorded in other comprehensive income is being amortised to the income statement over the term of the new note (refer to Note 26). The Group entered into swaption contracts of \u20ac350.0 million in 2018 and \u20ac1,050.0 million in 2019 to hedge the interest rate risk related to its Euro\u2011denominated forecast issuance of fixed rate debt in 2019 and formally designated them as cash flow hedges. In May and November 2019 the swaption contracts were settled and, at the same time, the new notes were issued. The accumulated loss of \u20ac9.6 million recorded in other comprehensive income is being amortised to the income statement over the relevant period. The Group entered into swaption contracts of \u20ac180.0 million in 2022 to hedge the interest rate risk related to its Euro-denominated forecast issuance of fixed rate debt in 2022 and formally designated them as cash flow hedges. In September 2022 the swaption contracts were settled and, at the same time, the new notes were issued. The accumulated gain of \u20ac3.4 million recorded in other comprehensive income is being amortised to the income statement over the relevant period. Embedded derivatives During 2015 the Group recognised embedded derivatives whose risks and economic characteristics were not considered to be closely related to the commodity contract in which they were embedded. The fair value of the embedded derivatives as at 31 December 2022 amounted to a financial asset of \u20acnil (2021: \u20ac0.1 million). Fair values of financial assets and liabilities For financial instruments such as cash, deposits, debtors and creditors, investments, loans payable to related parties, short\u2011term borrowings (excluding the current portion of bonds and notes payable) and other financial liabilities (other than bonds and notes payable), carrying values are a reasonable approximation of their fair values. According to the fair value hierarchy, the financial instruments measured at fair value are classified as follows: Level 1 The fair value of FVOCI listed equity securities as well as FVTPL securities is based on quoted market prices at the reported date. The fair value of bonds is based on quoted market prices at the reported date. Level 2 The fair value of foreign currency forward, option and futures contracts, commodity swap contracts, bonds and notes payable, interest rate option and swap contracts, cross-currency swap contracts and embedded foreign currency derivatives is determined by using valuation techniques. These valuation techniques maximise the use of observable market data. The fair value of the foreign currency forward, option and futures contracts, commodity swap contracts, embedded foreign currency derivatives and cross-currency swap contracts is calculated by reference to quoted forward exchange and deposit rates and forward rate curves of the underlying commodity at the reported date for contracts with similar maturity dates. The fair value of interest rate option contracts is calculated by reference to the Black\u2011Scholes valuation model and implied volatilities. The fair value of interest rate swap contracts is determined as the difference in the present value of the future interest cash inflows and outflows based on observable yield curves. Level 3 The fair value of FVOCI unlisted equity securities as well as convertible promissory note, certain undesignated derivatives and foreign currency contracts is determined through the use of estimated discounted cash flows or other valuation techniques. These valuation techniques estimate the fair value of undesignated derivatives using settlement and forward prices received from counterparty banks and subscription\u2011based publications and the fair value of foreign currency contracts by using adjusted quoted prices. Transfers between levels of the fair value hierarchy are deemed to have occurred at the date of the event or change in circumstances that caused the transfer. 25. Financial risk management and financial instruments continued The following table provides the fair value hierarchy levels into which fair value measurements are categorised for assets and liabilities measured at fair value as at 31 December 2022: Level 1 \u20ac million Level 2 \u20ac million Level 3 \u20ac million Total \u20ac million Financial assets at FVTPL Foreign currency forward contracts \u2013 10.7 \u2013 10.7 Foreign currency futures contracts \u2013 \u2013 3.9 3.9 Commodity swap contracts \u2013 0.2 2.1 2.3 Money market funds 497.2 \u2013 \u2013 497.2 Convertible promissory note \u2013 \u2013 1.5 1.5 Derivative financial assets used for hedging Cash flow hedges Foreign currency forward contracts \u2013 0.4 \u2013 0.4 Commodity swap contracts \u2013 18.8 \u2013 18.8 Assets at FVOCI Equity securities 0.7 \u2013 2.9 3.6 Total financial assets 497.9 30.1 10.4 538.4 Financial liabilities at FVTPL Foreign currency forward contracts \u2013 (18.2) (3.7) (21.9) Foreign currency futures contracts \u2013 \u2013 (2.5) (2.5) Commodity swap contracts \u2013 (0.9) (5.9) (6.8) Derivative financial liabilities used for hedging Cash flow hedges Foreign currency forward contracts \u2013 (0.8) \u2013 (0.8) Commodity swap contracts \u2013 (13.6) \u2013 (13.6) Total financial liabilities \u2013 (33.5) (12.1) (45.6) There were no transfers between Level 1, Level 2 and Level 3 in the year. The following table provides the fair value hierarchy levels into which fair value measurements are categorised for assets and liabilities measured at fair value as at 31 December 2021: Level 1 \u20ac million Level 2 \u20ac million Level 3 \u20ac million Total \u20ac million Financial assets at FVTPL Foreign currency forward contracts \u2013 1.1 \u2013 1.1 Embedded derivatives \u2013 0.1 \u2013 0.1 Commodity swap contracts \u2013 0.6 6.0 6.6 Money market funds 638.8 \u2013 \u2013 638.8 Derivative financial assets used for hedging Cash flow hedges Foreign currency forward contracts \u2013 1.3 \u2013 1.3 Commodity swap contracts \u2013 39.1 \u2013 39.1 Assets at FVOCI Equity securities 0.7 \u2013 2.9 3.6 Total financial assets 639.5 42.2 8.9 690.6 Financial liabilities at FVTPL Foreign currency forward contracts \u2013 (2.6) \u2013 (2.6) Foreign currency futures contracts \u2013 \u2013 (3.9) (3.9) Commodity swap contracts \u2013 \u2013 (6.9) (6.9 ) Derivative financial liabilities used for hedging Cash flow hedges Foreign currency forward contracts \u2013 (0.6) \u2013 (0.6) Commodity swap contracts \u2013 (0.6) \u2013 (0.6) Total financial liabilities \u2013 (3.8) (10.8) (14.6) There were no transfers between Level 1, Level 2 and Level 3 in 2021. The following table presents the changes in Level 3 items for the years ended 31 December 2022 and 31 December 2021: Commodity swap contracts \u20ac million Foreign currency contracts \u20ac million Equity securities \u20ac million Convertible promissory note \u20ac million Total \u20ac million Balance as at 1 January 2021 (5.8) 4.9 2.8 \u2013 1.9 Gains recognised in income statement 13.6 0.4 \u2013 \u2013 14.0 Proceeds from settlement of derivatives (8.7) (9.2) \u2013 \u2013 (17.9) Gains recognised in other comprehensive income \u2013 \u2013 0.1 \u2013 0.1 Balance as at 31 December 2021 (0.9) (3.9) 2.9 (1.9) Gains/(losses) recognised in income statement 19.1 (1.7) \u2013 \u2013 17.4 (Proceeds from)/payments for settlement of derivatives (22.0) 3.3 \u2013 \u2013 (18.7 ) Addition of financial assets at FVTPL \u2013 \u2013 \u2013 1.5 1.5 Balance as at 31 December 2022 (3.8) (2.3) 2.9 1.5 (1.7 )",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-560": {
"value": "Financial assets On initial recognition financial assets are recorded at fair value plus, in the case of financial assets not at fair value through profit or loss (FVTPL), any directly attributable transaction costs. Transaction costs of financial assets at FVTPL are expensed. Financial assets are classified into three categories: a) Financial assets at amortised cost (debt instruments) The classification of debt instruments at amortised cost depends on two criteria: a) the Group\u2019s business model for managing assets and b) whether the instruments\u2019 contractual cash flows represent solely payments for principal and interest on the principal amount outstanding (the \u2018SPPI criterion\u2018). If both criteria are met the financial assets of the Group are subsequently measured at amortised cost whereby any interest income is recognised using the effective interest method. This category includes trade receivables, treasury bills and time deposits. The accounting policy for trade receivables is described in Note 19. b) Financial assets through other comprehensive income (FVOCI) The Group also has investments in financial assets at FVOCI. These include equity investments that are not of a trading nature and which are subsequently recorded at fair value. The Group intends to hold these equity instruments for the foreseeable future and has irrevocably elected to classify them as financial assets at FVOCI upon initial recognition. Upon derecognition of these financial assets, there is no recycling of gains or losses to the income statement. c) Financial assets through profit or loss (FVTPL) The Group also has investments in financial assets at FVTPL, which are subsequently measured at fair value and where changes in fair value are recognised in the income statement. Financial assets at FVTPL mainly comprise money market funds. For those financial assets that are not subsequently held at fair value, the Group assesses whether there is evidence of impairment at each balance sheet date",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-572": {
"value": "c) Financial assets through profit or loss (FVTPL) The Group also has investments in financial assets at FVTPL, which are subsequently measured at fair value and where changes in fair value are recognised in the income statement. Financial assets at FVTPL mainly comprise money market funds. For those financial assets that are not subsequently held at fair value, the Group assesses whether there is evidence of impairment at each balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-561": {
"value": "Derivative financial instruments The Group uses derivative financial instruments, including currency, commodity and interest rate derivatives, to manage currency, commodity price and interest rate risk associated with the Group\u2019s underlying business activities. The Group does not enter into derivative financial instruments for trading activity purposes. All derivative financial instruments are initially recognised on the balance sheet at fair value and are subsequently remeasured at their fair value. Changes in the fair value of derivative financial instruments are recognised at each reporting date either in the income statement or in equity, depending on whether the derivative financial instrument qualifies for hedge accounting as a cash flow hedge Embedded derivatives in financial host contracts are recorded at fair value through profit or loss together with the host contracts. All derivative financial instruments that are not part of an effective hedging relationship (undesignated hedges) are classified as assets or liabilities at fair value through profit or loss. At the inception of a hedge transaction the Group documents the relationship between the hedging instrument and the hedged item, as well as its risk management objective and strategy for undertaking the hedge transaction. This process includes linking the derivative financial instrument designated as a hedging instrument to the specific asset, liability, firm commitment or forecast transaction. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risks of the hedging instruments are identical to the hedged risks component. The economic relationship between the hedged item and the hedging instrument is assessed on an ongoing basis. Ineffectiveness may arise if the timing or the notional value of the forecast transaction changes, or if the credit risk changes impacting the fair value movements of the hedging instruments. Changes in the fair value of derivative financial instruments (both the intrinsic value and the aligned time value) that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income and the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are recycled to the income statement as the related hedged asset acquired or liability assumed affects the income statement. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecast transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to the income statement. Derivatives embedded in non-financial host contracts are accounted for as separate derivatives and recorded at fair value if: \u2022 their economic characteristics and risks are not closely related to those of the host contracts; \u2022 the host contracts are not designated as at fair value through profit or loss; and \u2022 a separate instrument with the same terms as the embedded derivative meets the definition of a derivative. These embedded derivatives are measured at fair value with changes in fair value recognised in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through profit or loss category. Regular purchases and sales of investments are recognised on the trade date, which is the day the Group commits to purchase or sell. The investments are recognised initially at fair value plus transaction costs, except in the case of FVTPL. For investments traded in active markets, fair value is determined by reference to stock exchange quoted bid prices. For other investments, fair value is estimated by reference to the current market value of similar instruments or by reference to the discounted cash flows of the underlying net assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-632": {
"value": "Market risk a) Foreign currency risk The Group is exposed to the effect of foreign currency risk on future transactions, recognised monetary assets and liabilities that are denominated in currencies other than the local entity\u2019s functional currency, as well as net investments in foreign operations. Foreign currency forward, option and futures contracts are used to hedge a portion of the Group\u2019s foreign currency risk. The majority of the foreign currency forward, option and futures contracts have maturities of less than one year after the balance sheet date. Management has set up a policy that requires Group companies to manage their foreign exchange risk against their functional currency. To manage their foreign exchange risk arising from future transactions and recognised monetary assets and liabilities, entities in the Group use foreign currency forward, option and futures contracts transacted by Group Treasury. Group Treasury\u2019s risk management policy is to hedge, on an average coverage ratio basis, between 25% and 80% of anticipated cash flows for the next 12 months by using a layer strategy and 100% of balance sheet remeasurement risk in each major foreign currency for which hedging is applicable. Each subsidiary designates contracts with Group Treasury as fair value hedges or cash flow hedges, as appropriate. External foreign exchange contracts are designated at Group level as hedges of foreign exchange risk on specific monetary assets, monetary liabilities or future transactions on a gross basis. The following tables present details of the Group\u2019s sensitivity to reasonably possible increases and decreases in the Euro and US Dollar against the relevant foreign currencies. In determining reasonably possible changes, the historical volatility over a 12-month period of the respective foreign currencies in relation to the Euro and the US Dollar has been considered. The sensitivity analysis determines the potential gains and losses in the income statement or equity arising from the Group\u2019s foreign exchange positions as a result of the corresponding percentage increases and decreases in the Group\u2019s main foreign currencies relative to the Euro and the US Dollar. The sensitivity analysis includes outstanding foreign-currency denominated monetary items, external loans and loans between operations within the Group where the denomination of the loan is in a currency other than the functional currency of the local entity. 25. Financial risk management and financial instruments continued
2022 exchange risk sensitivity to reasonably possible changes in the Euro against relevant
other currencies
Euro strengthens against
local currency
Euro weakens against
local currency
% historical
volatility over a
12-month period
Loss/(gain)
in income
statement
\u20ac million
Loss/(gain)
in equity
\u20ac million
(Gain)/loss
in income
statement
\u20ac million
(Gain)/loss
in equity
\u20ac million
Egyptian Pound 23.35% 4.0 15.7 (6.4) (25.3)
Nigerian Naira 15.54% 12.9 \u2013 (17.6) \u2013
Russian Rouble 54.49% (9.4) (0.1) 31.9 0.2
UK Sterling 7.74% (1.1) (0.4) 1.2 0.2
Ukrainian Hryvnia 12.52% 2.9 \u2013 (3.8) \u2013
Other \u2013 2.3 (4.4) (3.1) 5.1
Total 11.6 10.8 2.2 (19.8)
2022 exchange risk sensitivity to reasonably possible changes in the US Dollar against relevant
other currencies
US Dollar strengthens against
local currency
US Dollar weakens against
local currency
% historical
volatility over a
12-month period
(Gain)/loss
in income
statement
\u20ac million
(Gain)/loss
in equity
\u20ac million
Loss/(gain)
in income
statement
\u20ac million
Loss/(gain)
in equity
\u20ac million
Euro 10.06% (7.2) \u2013 8.8 \u2013
Egyptian Pound 22.23% 9.9 \u2013 (15.6) \u2013
Nigerian Naira 5.94% 11.0 \u2013 (12.4) \u2013
Russian Rouble 52.99% (18.7) \u2013 61.0 \u2013
Ukrainian Hryvnia 4.15% (0.1) \u2013 0.1 \u2013
Other \u2013 (0.4) \u2013 0.3 \u2013
Total (5.5) \u2013 42.2 \u2013
2021 exchange risk sensitivity to reasonably possible changes in the Euro against relevant
other currencies
Euro strengthens against
local currency
Euro weakens against
local currency
% historical
volatility over a
12-month period
Loss/(gain)
in income
statement
\u20ac million
(Gain)/loss
in equity
\u20ac million
(Gain)/loss
in income
statement
\u20ac million
Loss/(gain)
in equity
\u20ac million
Nigerian Naira 16.03% 6.2 \u2013 (8.5) \u2013
Russian Rouble 9.90% (0.7) (0.2) 0.9 0.3
UK Sterling 5.23% 0.9 \u2013 (1.0) \u2013
Ukrainian Hryvnia 6.80% 0.3 \u2013 (0.2) \u2013
Other \u2013 (0.2) (1.5) (0.2) 1.7
Total 6.5 (1.7) (9.0) 2.0
2021 exchange risk sensitivity to reasonably possible changes in the US Dollar against relevant other currencies US Dollar strengthens against local currency US Dollar weakens against local currency % historical volatility over a 12-month period (Gain)/loss in income statement \u20ac million (Gain)/loss in equity \u20ac million Loss/(gain) in income statement \u20ac million Loss/(gain) in equity \u20ac million Euro 5.72% (1.8) \u2013 2.0 \u2013 Nigerian Naira 5.89% 0.6 \u2013 (0.5) \u2013 Russian Rouble 9.86% 0.1 (3.2) (0.1) 3.9 Other \u2013 (0.4) \u2013 0.4 \u2013 Total (1.5) (3.2) 1.8 3.9 b) Commodity price risk The Group is affected by the volatility of certain commodity prices (being mainly sugar, aluminium, aluminium premium, plastic and gas oil) in relation to certain raw materials necessary for the production of the Group\u2019s products. Due to the significantly increased volatility of commodity prices, the Group\u2019s Board of Directors has developed and enacted a risk management strategy regarding commodity price risk and its mitigation. Although the Group continues to contract prices with suppliers in advance, to reduce its exposure to the effect of short-term changes in the price of sugar, aluminium, aluminium premium, gas oil and plastic the Group hedges the market price of these commodities using commodity swap contracts based on a rolling forecast for a period up to 36 months. Group Treasury\u2019s Risk management policy is to hedge a minimum of 25% and a maximum of 80% of commodity exposure for the next 12 months with the exception of certain types of plastic for which lower compliance ratios apply. The following table presents details of the Group\u2019s income statement and equity sensitivity to increases and decreases in sugar, aluminium, aluminium premium, plastic and gas oil prices. The table does not show the sensitivity to the Group\u2019s total underlying commodity exposure or the impact of changes in volumes that may arise from increase or decrease in the respective commodity prices. The sensitivity analysis determines the potential effect on profit or loss and equity arising from the Group\u2019s commodity swap contract positions as a result of the reasonably possible increases or decreases of the respective commodity price. 25. Financial risk management and financial instruments continued
2022 commodity price risk sensitivity to reasonably possible changes in the commodity price
of relevant commodities
Commodity price increases with
all other variables held constant
Commodity price decreases with
all other variables held constant
% historical
volatility over a
12-month period
per contract
maturity
(Gain)/loss
in income
statement
\u20ac million
(Gain)/loss
in equity
\u20ac million
Loss/(gain)
in income
statement
\u20ac million
Loss/(gain)
in equity
\u20ac million
Sugar 14.3% (0.9) (19.8) 0.9 19.8
Aluminium 32.3% (2.1) (34.3) 2.1 34.3
Aluminium premium 70.6% (0.2) (5.7) 0.2 5.7
Gas oil 72.5% \u2013 (15.4) \u2013 15.4
Plastic 28.1% (8.9) \u2013 8.9 \u2013
Total (12.1) (75.2) 12.1 75.2
2021 commodity price risk sensitivity to reasonably possible changes in the commodity price
of relevant commodities
Commodity price increases with
all other variables held constant
Commodity price decreases with
all other variables held constant
% historical
volatility over a
12-month period
per contract
maturity
(Gain)/loss
in income
statement
\u20ac million
(Gain)/loss
in equity
\u20ac million
Loss/(gain)
in income
statement
\u20ac million
Loss/(gain)
in equity
\u20ac million
Sugar 20.8% (0.4) (22.6) 0.4 22.6
Aluminium 24.1% (0.8) (19.8) 0.8 19.8
Aluminium premium 46.1% (0.2) (3.0) 0.2 3.0
Gas oil 31.3% \u2013 (5.6) \u2013 5.6
Plastic 27.0% (25.7) \u2013 25.7 \u2013
Total (27.1) (51.0) 27.1 51.0
c) Interest rate risk
The sensitivity analysis in the following table has been determined based on exposure to interest rates
of both derivative and non-derivative instruments existing at the balance sheet date and assuming
constant foreign exchange rates. For floating rate liabilities, the analysis is prepared assuming the
amount of liability outstanding at the balance sheet date was outstanding for the whole year. A 50 basis
point increase or decrease for 2022 (2021: 50 basis point) represents management\u2019s assessment of a
reasonably possible change in interest rates.
Interest rate risk sensitivity to reasonably possible changes in interest rates
Loss /(gain) in income statement
2022
\u20ac million
2021
\u20ac million
Increase in basis points 0.3 0.2
Decrease in basis points (0.3) (0.2)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-633": {
"value": "Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument
fails to meet its obligations under the contract or arrangement. The Group has limited concentration of
credit risk across trade and financial counterparties. Credit policies are in place and the exposure to
credit risk is monitored on an ongoing basis.
The Group\u2019s maximum exposure to credit risk in the event that counterparties fail to meet their
obligations at 31 December 2022 in relation to each class of recognised financial asset is the carrying
amount of those assets as indicated on the balance sheet.
Under the credit policies, before accepting any new credit customers, the Group investigates the
potential customer\u2019s credit quality, using either external agencies and in some cases bank references
and/or historic experience, and defines credit limits for each customer. Customers that fail to meet the
Group\u2019s benchmark credit quality may transact with the Group only on a prepayment or cash basis.
Customers are reviewed on an ongoing basis and credit limits are adjusted accordingly. There is no
significant concentration of credit risk with regard to loans, trade and other receivables as the Group
has a large number of customers which are geographically dispersed.
The Group has policies that limit the amount of credit exposure to any single financial institution. The
Group only undertakes investment and derivative transactions with banks and financial institutions that
have a minimum credit rating of \u2018BBB\u2011\u2019 from Standard & Poor\u2019s and \u2018Baa3\u2019 from Moody\u2019s, unless the
investment is in countries where the Sovereign Credit Rating is below the \u2018BBB\u2011/Baa3\u2019. The Group also
uses Credit Default Swaps of a counterparty in order to measure in a timelier way the creditworthiness
of a counterparty and set up its counterparties in tiers in order to assign maximum exposure and tenor
per tier. If the Credit Default Swaps of a certain counterparty exceed 400 basis points the Group will
stop trading derivatives with that counterparty and will try to cancel any deposits on a best-effort basis.
In addition, the Group regularly makes use of time deposits, treasury bills and money market funds to
invest excess cash balances and to diversify its counterparty risk. As at 31 December 2022, an amount
of \u20ac529.5 million (2021: \u20ac423.9 million) is invested in time deposits, \u20acnil in treasury bills (2021: \u20ac6.2
million) and \u20ac497.2 million (2021: \u20ac638.8 million) in money market funds.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-634": {
"value": "Liquidity risk
The Group actively manages liquidity risk to ensure there are sufficient funds available for any short-
term and long-term commitments. Bank overdrafts and bank facilities, both committed and
uncommitted, are used to manage this risk.
The Group manages liquidity risk by maintaining adequate cash reserves and committed banking
facilities, access to the debt and equity capital markets, and by continuously monitoring forecast and
actual cash flows. In Note 26, the undrawn facilities that the Group has at its disposal to manage liquidity
risk are discussed under the headings \u2018Commercial paper programme\u2019, \u2018Committed credit facilities\u2019 and
\u2018Uncommitted loan agreement\u2019.
As at 31 December 2022, the Group has a net debt of \u20ac1.7 billion (refer to Note 26). There are no bond
maturities until November 2024. In addition, the Group has an undrawn revolving credit facility of \u20ac800
million available, \u20ac0.8 billion available out of the \u20ac1.0 billion commercial paper facility, as well as undrawn
uncommitted loan agreement of \u20ac200 million.
The following tables detail the Group\u2019s remaining contractual maturities for its financial liabilities. The
tables include both interest and principal undiscounted cash flows, assuming that interest rates remain
constant from 31 December 2022.
25. Financial risk management and financial instruments continued
Up to
one year
\u20ac million
One to
two years
\u20ac million
Two to
five years
\u20ac million
Over
five years
\u20ac million
Total
\u20ac million
Borrowings 314.4 657.9 1,310.1 1,145.3 3,427.7
Derivative liabilities 41.9 3.5 0.2 \u2013 45.6
Trade and other payables (excluding other
tax & social security and contract liabilities) 2,158.0 0.4 1.1 3.8 2,163.3
Leases 67.2 55.5 85.6 49.1 257.4
As at 31 December 2022 2,581.5 717.3 1,397.0 1,198.2 5,894.0
Up to
one year
\u20ac million
One to
two years
\u20ac million
Two to
five years
\u20ac million
Over
five years
\u20ac million
Total
\u20ac million
Borrowings 365.2 48.4 707.3 1,875.2 2,996.1
Derivative liabilities 11.6 3.0 \u2013 \u2013 14.6
Trade and other payables (excluding other
tax & social security and contract liabilities) 1,748.0 0.4 1.1 4.1 1,753.6
Leases 58.9 43.2 62.9 29.6 194.6
As at 31 December 2021 2,183.7 95.0 771.3 1,908.9 4,958.9
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-635": {
"value": "Capital risk The Group monitors its financial capacity and credit ratings by reference to a number of key financial ratios including net debt to comparable adjusted EBITDA, which provides a framework within which the Group\u2019s capital base is managed. This ratio is calculated as net debt divided by comparable adjusted EBITDA. Adjusted EBITDA is calculated by adding back to operating profit the depreciation and impairment of property, plant and equipment, the amortisation and impairment of intangible assets, the employee performance share costs, the impairment of equity method investments and other non-cash items, if any. Comparable adjusted EBITDA refers to adjusted EBITDA excluding restructuring expenses, the Russia-Ukraine conflict impact, acquisition and integration costs and the unrealised gains or losses resulting from the mark-to-market valuation of derivatives and embedded derivatives related to commodity hedging. Refer to Note 26 for definition of net debt. The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may increase or decrease debt, issue or buy back shares, adjust the amount of dividends paid to shareholders, or return capital to shareholdersThe Group\u2019s goal is to maintain a conservative financial profile. This is evidenced by the credit ratings
maintained with Standard and Poor\u2019s and Moody\u2019s, which were reaffirmed in 2022, with the exception of
Standard and Poor\u2019s outlook, which was negative in 2022 compared to stable in 2021.
Rating agency Publication date Long-term debt Outlook Short-term debt
Standard and Poor\u2019s March 2022 BBB+ Negative A2
Moody\u2019s May 2022 Baa1 Stable P2
The Group\u2019s medium to long\u2011term target is to maintain the net debt to comparable adjusted EBITDA
ratio within a 1.5 to 2.0 range.
The ratios as at 31 December were as follows:
2022
\u20ac million
2021
\u20ac million
Net debt (refer to Note 26) 1,673.3 1,319.7
Operating profit 703.8 799.3
Depreciation and impairment of property, plant and equipment,
including right-of-use assets 484.9 336.3
Amortisation and impairment of intangible assets 15.1 1.0
Employee performance shares 16.5 14.9
Impairment of equity method investments 52.8 \u2013
Other non-cash items 70.5 \u2013
Adjusted EBITDA 1,343.6 1,151.5
Other restructuring expenses (primarily redundancy costs) 11.8 21.0
Unrealised loss/(gain) on commodity derivatives 2.5 (3.8)
Russia\u2011Ukraine conflict impact (refer to Note 6.1b) 4.4 \u2013
Acquisition and integration costs 9.2 14.3
Total comparable adjusted EBITDA 1,371.5 1,183.0
Net debt/comparable adjusted EBITDA ratio 1.22 1.12
Other non-cash items for 2022 relate to the net loss recognised in the income statement from the
remeasurement to fair value of the Group\u2019s previously held equity interest, the reclassification to the
income statement of the Group\u2019s share of other comprehensive income and the gain from bargain
purchase in connection with the change in control of Multon Z.A.O. group of companies (refer to Note 24).
These non-cash items were classified as part of acquisition and integration costs within operating expenses.
The reconciliation of other restructuring expenses to total restructuring expenses for the years ended
31 December was as follows:
2022
\u20ac million
2021
\u20ac million
Total restructuring expenses included in operating expenses
(refer to Note 9) 11.9 21.2
Less: Impairment of property, plant and equipment (0.1) (0.2)
Other restructuring expenses (primarily redundancy costs) 11.8 21.0
",
"dimensions": {
"concept": "cocacolahbcag:DisclosureOfCapitalRisk",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-636": {
"value": "25. Financial risk management and financial instruments continued Hedging activity The carrying amounts of the derivative financial instruments are included in lines \u2018Other financial assets\u2019 and \u2018Other financial liabilities\u2019 of the consolidated balance sheet. a) Cash flow hedges The impact of the hedging instruments on the consolidated balance sheet was: As at 31 December 2022 Notional amount \u20ac million Carrying amount \u20ac million Period of maturity date Contracts with positive fair values 172.6 19.2 Non-current 24.1 0.8 Commodity swap contracts 24.1 0.8 Jan24 \u2013 Feb25 Current 148.5 18.4 Foreign currency forward contracts 61.6 0.4 Jan23 \u2013 Sep23 Commodity swap contracts 86.9 18.0 Jan23 \u2013 Dec23 Contracts with negative fair values 221.3 (14.4) Non-current 54.7 (3.6) Commodity swap contracts 54.7 (3.6) Jan24 \u2013 Nov25 Current 166.6 (10.8) Foreign currency forward contracts 66.6 (0.8) Jan23 \u2013 Jun23 Commodity swap contracts 100.0 (10.0) Jan23 \u2013 Dec23 As at 31 December 2021 Notional amount \u20ac million Carrying amount \u20ac million Period of maturity date Contracts with positive fair values 182.6 40.4 Non-current 26.8 9.0 Commodity swap contracts 26.8 9.0 Jan23 \u2013 Nov23 Current 155.8 31.4 Foreign currency forward contracts 48.3 1.3 Jan22 \u2013 Aug22 Commodity swap contracts 107.5 30.1 Jan22 \u2013 Dec22 Contracts with negative fair values 59.3 (1.2) Non-current 2.5 (0.1) Commodity swap contracts 2.5 (0.1) Jan23 \u2013 Nov23 Current 56.8 (1.1) Foreign currency forward contracts 37.9 (0.6) Jan22 \u2013 Dec22 Commodity swap contracts 18.9 (0.5) Jan22 \u2013 Nov22 The impact on the hedging reserve as a result of applying cash flow hedge accounting was: Spot component of foreign currency forward contracts \u20ac million Cost of hedging reserve of currency derivatives \u20ac million Commodity swap contracts \u20ac million Interest rate swap contracts \u20ac million Total \u20ac million Opening balance 1 January 2021 (1.6) 0.7 6.5 (32.5) (26.9) Net gain of cash flow hedges 1.0 \u2013 60.8 7.7 69.5 Change in fair value of hedging instruments recognised in OCI 1.0 \u2013 60.8 \u2013 61.8 Reclassified to income statement \u2013 \u2013 \u2013 7.7 7.7 Cost of hedging recognised in OCI \u2013 (2.7) \u2013 \u2013 (2.7) Reclassified to inventories cost (0.8) 2.4 (25.6) \u2013 (24.0) Closing balance 31 December 2021 (1.4) 0.4 41.7 (24.8) 15.9 Net gain of cash flow hedges 4.8 \u2013 17.4 12.4 34.6 Change in fair value of hedging instruments recognised in OCI 4.8 \u2013 20.6 5.1 30.5 Reclassified to income statement \u2013 \u2013 (3.2) 7.3 4.1 Cost of hedging recognised in OCI \u2013 (1.8) \u2013 (1.7) (3.5) Reclassified to inventories cost (5.1) 1.8 (48.1) \u2013 (51.4) Closing balance 31 December 2022 (1.7) 0.4 11.0 (14.1) (4.4) The effect of the cash flow hedges in the consolidated income statement was: 2022 (Gain)/Loss \u20ac million 2021 Loss/(Gain) \u20ac million Net amount reclassified from other comprehensive income to cost of goods sold (3.2) \u2013 Net amount reclassified from other comprehensive income to finance costs 7.3 7.7 Total 4.1 7.7 The ineffectiveness on the cash flow hedges for the year ended 31 December 2022 was \u20ac2.6 million loss, recorded within cost of goods sold, while there was no significant ineffectiveness on the cash flow hedges in 2021. b) Undesignated hedges
The fair values of derivative financial instruments as at 31 December which economically hedge the
Group\u2019s risks and for which hedge accounting has not been applied were:
As at 31 December 2022
Notional amount
\u20ac million
Carrying amount
\u20ac million
Period of
maturity date
Contracts with positive fair values 276.4 16.9
Current 276.4 16.9
Foreign currency futures contracts 146.8 3.9 Jan23 \u2013 Nov23
Foreign currency forward contracts 117.9 10.7 Jan23 \u2013 Dec23
Commodity swap contracts 11.7 2.3 Oct23 \u2013 Dec23
Contracts with negative fair values 552.8 (31.2)
Non-current 3.6 (0.1)
Commodity swap contracts 3.6 (0.1) Jun24 \u2013 Sep 25
Current 549.2 (31.1)
Foreign currency futures contracts 84.1 (2.5) Apr23 \u2013 Dec23
Foreign currency forward contracts 433.8 (21.9) Jan23 \u2013 Dec23
Commodity swap contracts 31.3 (6.7) Feb23 \u2013 Nov23
As at 31 December 2021
Notional amount
\u20ac million
Carrying amount
\u20ac million
Period of
maturity date
Contracts with positive fair values 203.2 7.8
Current 203.2 7.8
Embedded derivatives 4.9 0.1 Jan22\u2011Aug22
Foreign currency forward contracts 165.3 1.1 Jan22-Nov22
Commodity swap contracts 33.0 6.6 Jan22-Dec22
Contracts with negative fair values 431.3 (13.4)
Non-current 33.4 (2.9)
Foreign currency futures contracts 13.9 (0.6) Jan23
Commodity swap contracts 19.5 (2.3) Jan23-Nov23
Current 397.9 (10.5)
Foreign currency futures contracts 94.7 (3.3) Apr22\u2011Oct22
Foreign currency forward contracts 246.5 (2.6) Jan22-Nov22
Commodity swap contracts 56.7 (4.6) Jan22-Nov22
The effect of the undesignated hedges in the consolidated income statement was:
2022
(Gain)/loss
\u20ac million
2021
(Gain)/loss
\u20ac million
Net amount recognised in cost of goods sold (34.9) (14.1)
Net amount recognised in operating expenses (26.0) (4.4)
Total (60.9) (18.5)
Financial instruments\u2019 categories
Categories of financial instruments as at 31 December were as follows (in \u20ac million):
2022
Analysis of total assets
Assets
Debt
financial
assets at
amortised
cost
Assets at
FVTPL
Derivatives
designated
as hedging
instruments
Equity
financial
assets at
FVOCI
Total
current and
non-current Current
Non-
current
Investments including loans
to related parties 534.8 498.7 \u2013 3.6 1,037.1 1,028.5 8.6
Derivative financial
instruments \u2013 16.9 19.2 \u2013 36.1 35.3 0.8
Trade and other receivables 1,019.3 \u2013 \u2013 \u2013 1,019.3 1,017.0 2.3
Cash and cash equivalents 719.9 \u2013 \u2013 \u2013 719.9 719.9 \u2013
Total 2,274.0 515.6 19.2 3.6 2,812.4 2,800.7 11.7
Analysis of total liabilities
Liabilities
Liabilities
held at
amortised
cost
Liabilities at
FVTPL
Derivatives
designated
as hedging
instruments
Total
current and
non-current Current
Non-
current
Trade and other payables (excluding
other tax & social security and
contract liabilities) 2,163.3 \u2013 \u2013 2,163.3 2,158.0 5.3
Borrowings 3,419.9 \u2013 \u2013 3,419.9 337.0 3,082.9
Derivative financial instruments \u2013 31.2 14.4 45.6 41.9 3.7
Total 5,583.2 31.2 14.4 5,628.8 2,536.9 3,091.9
2021
Analysis of total assets
Assets
Debt
financial
assets at
amortised
cost
Assets at
FVTPL
Derivatives
designated
as hedging
instruments
Equity
financial
assets at
FVOCI
Total
current and
non-current Current
Non-
current
Investments including loans
to related parties 204.9 638.8 \u2013 3.6 847.3 839.7 7.6
Derivative financial
instruments \u2013 7.8 40.4 \u2013 48.2 39.2 9.0
Trade and other receivables 863.3 \u2013 \u2013 \u2013 863.3 862.2 1.1
Cash and cash equivalents 782.8 \u2013 \u2013 \u2013 782.8 782.8 \u2013
Total 1,851.0 646.6 40.4 3.6 2,541.6 2,523.9 17.7
Analysis of total liabilities
Liabilities
Liabilities
held at
amortised
cost
Liabilities at
FVTPL
Derivatives
designated
as hedging
instruments
Total
current and
non-current Current
Non-
current
Trade and other payables (excluding
other tax & social security and
contract liabilities) 1,753.6 \u2013 \u2013 1,753.6 1,748.0 5.6
Borrowings 2,937.4 \u2013 \u2013 2,937.4 381.7 2,555.7
Derivative financial instruments \u2013 13.4 1.2 14.6 11.6 3.0
Total 4,691.0 13.4 1.2 4,705.6 2,141.3 2,564.3
Interest rate swap contracts
The Group entered into forward starting swap contracts of \u20ac500.0 million in 2014 to hedge the interest
rate risk related to its Euro\u2011denominated forecast issuance of fixed rate debt in March 2016. In August
2015 the Group entered into additional forward starting swap contracts of \u20ac100.0 million. In March 2016
the forward starting swap contracts were settled and at the same time the new note was issued. The
accumulated loss of \u20ac55.4 million recorded in other comprehensive income is being amortised to the
income statement over the term of the new note (refer to Note 26).
The Group entered into swaption contracts of \u20ac350.0 million in 2018 and \u20ac1,050.0 million in 2019 to
hedge the interest rate risk related to its Euro\u2011denominated forecast issuance of fixed rate debt in 2019
and formally designated them as cash flow hedges. In May and November 2019 the swaption contracts
were settled and, at the same time, the new notes were issued. The accumulated loss of \u20ac9.6 million
recorded in other comprehensive income is being amortised to the income statement over the
relevant period.
The Group entered into swaption contracts of \u20ac180.0 million in 2022 to hedge the interest rate risk
related to its Euro-denominated forecast issuance of fixed rate debt in 2022 and formally designated
them as cash flow hedges. In September 2022 the swaption contracts were settled and, at the same
time, the new notes were issued. The accumulated gain of \u20ac3.4 million recorded in other comprehensive
income is being amortised to the income statement over the relevant period.
Embedded derivatives
During 2015 the Group recognised embedded derivatives whose risks and economic characteristics
were not considered to be closely related to the commodity contract in which they were embedded.
The fair value of the embedded derivatives as at 31 December 2022 amounted to a financial asset
of \u20acnil (2021: \u20ac0.1 million).
Fair values of financial assets and liabilities
For financial instruments such as cash, deposits, debtors and creditors, investments, loans payable
to related parties, short\u2011term borrowings (excluding the current portion of bonds and notes payable)
and other financial liabilities (other than bonds and notes payable), carrying values are a reasonable
approximation of their fair values. According to the fair value hierarchy, the financial instruments
measured at fair value are classified as follows:
Level 1
The fair value of FVOCI listed equity securities as well as FVTPL securities is based on quoted market
prices at the reported date. The fair value of bonds is based on quoted market prices at the reported date.
Level 2
The fair value of foreign currency forward, option and futures contracts, commodity swap contracts,
bonds and notes payable, interest rate option and swap contracts, cross-currency swap contracts and
embedded foreign currency derivatives is determined by using valuation techniques. These valuation
techniques maximise the use of observable market data. The fair value of the foreign currency forward,
option and futures contracts, commodity swap contracts, embedded foreign currency derivatives and
cross-currency swap contracts is calculated by reference to quoted forward exchange and deposit
rates and forward rate curves of the underlying commodity at the reported date for contracts with
similar maturity dates. The fair value of interest rate option contracts is calculated by reference to the
Black\u2011Scholes valuation model and implied volatilities. The fair value of interest rate swap contracts is
determined as the difference in the present value of the future interest cash inflows and outflows based
on observable yield curves.
Level 3
The fair value of FVOCI unlisted equity securities as well as convertible promissory note, certain
undesignated derivatives and foreign currency contracts is determined through the use of estimated
discounted cash flows or other valuation techniques. These valuation techniques estimate the fair value
of undesignated derivatives using settlement and forward prices received from counterparty banks
and subscription\u2011based publications and the fair value of foreign currency contracts by using adjusted
quoted prices.
Transfers between levels of the fair value hierarchy are deemed to have occurred at the date of the
event or change in circumstances that caused the transfer.
25. Financial risk management and financial instruments continued The following table provides the fair value hierarchy levels into which fair value measurements are categorised for assets and liabilities measured at fair value as at 31 December 2022: Level 1 \u20ac million Level 2 \u20ac million Level 3 \u20ac million Total \u20ac million Financial assets at FVTPL Foreign currency forward contracts \u2013 10.7 \u2013 10.7 Foreign currency futures contracts \u2013 \u2013 3.9 3.9 Commodity swap contracts \u2013 0.2 2.1 2.3 Money market funds 497.2 \u2013 \u2013 497.2 Convertible promissory note \u2013 \u2013 1.5 1.5 Derivative financial assets used for hedging Cash flow hedges Foreign currency forward contracts \u2013 0.4 \u2013 0.4 Commodity swap contracts \u2013 18.8 \u2013 18.8 Assets at FVOCI Equity securities 0.7 \u2013 2.9 3.6 Total financial assets 497.9 30.1 10.4 538.4 Financial liabilities at FVTPL Foreign currency forward contracts \u2013 (18.2) (3.7) (21.9) Foreign currency futures contracts \u2013 \u2013 (2.5) (2.5) Commodity swap contracts \u2013 (0.9) (5.9) (6.8) Derivative financial liabilities used for hedging Cash flow hedges Foreign currency forward contracts \u2013 (0.8) \u2013 (0.8) Commodity swap contracts \u2013 (13.6) \u2013 (13.6) Total financial liabilities \u2013 (33.5) (12.1) (45.6) There were no transfers between Level 1, Level 2 and Level 3 in the year. The following table provides the fair value hierarchy levels into which fair value measurements are categorised for assets and liabilities measured at fair value as at 31 December 2021: Level 1 \u20ac million Level 2 \u20ac million Level 3 \u20ac million Total \u20ac million Financial assets at FVTPL Foreign currency forward contracts \u2013 1.1 \u2013 1.1 Embedded derivatives \u2013 0.1 \u2013 0.1 Commodity swap contracts \u2013 0.6 6.0 6.6 Money market funds 638.8 \u2013 \u2013 638.8 Derivative financial assets used for hedging Cash flow hedges Foreign currency forward contracts \u2013 1.3 \u2013 1.3 Commodity swap contracts \u2013 39.1 \u2013 39.1 Assets at FVOCI Equity securities 0.7 \u2013 2.9 3.6 Total financial assets 639.5 42.2 8.9 690.6 Financial liabilities at FVTPL Foreign currency forward contracts \u2013 (2.6) \u2013 (2.6) Foreign currency futures contracts \u2013 \u2013 (3.9) (3.9) Commodity swap contracts \u2013 \u2013 (6.9) (6.9 ) Derivative financial liabilities used for hedging Cash flow hedges Foreign currency forward contracts \u2013 (0.6) \u2013 (0.6) Commodity swap contracts \u2013 (0.6) \u2013 (0.6) Total financial liabilities \u2013 (3.8) (10.8) (14.6) There were no transfers between Level 1, Level 2 and Level 3 in 2021. The following table presents the changes in Level 3 items for the years ended 31 December 2022 and 31 December 2021: Commodity swap contracts \u20ac million Foreign currency contracts \u20ac million Equity securities \u20ac million Convertible promissory note \u20ac million Total \u20ac million Balance as at 1 January 2021 (5.8) 4.9 2.8 \u2013 1.9 Gains recognised in income statement 13.6 0.4 \u2013 \u2013 14.0 Proceeds from settlement of derivatives (8.7) (9.2) \u2013 \u2013 (17.9) Gains recognised in other comprehensive income \u2013 \u2013 0.1 \u2013 0.1 Balance as at 31 December 2021 (0.9) (3.9) 2.9 (1.9) Gains/(losses) recognised in income statement 19.1 (1.7) \u2013 \u2013 17.4 (Proceeds from)/payments for settlement of derivatives (22.0) 3.3 \u2013 \u2013 (18.7 ) Addition of financial assets at FVTPL \u2013 \u2013 \u2013 1.5 1.5 Balance as at 31 December 2022 (3.8) (2.3) 2.9 1.5 (1.7 )",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-599": {
"value": "Hedging activity The carrying amounts of the derivative financial instruments are included in lines \u2018Other financial assets\u2019 and \u2018Other financial liabilities\u2019 of the consolidated balance sheet. a) Cash flow hedges The impact of the hedging instruments on the consolidated balance sheet was: As at 31 December 2022 Notional amount \u20ac million Carrying amount \u20ac million Period of maturity date Contracts with positive fair values 172.6 19.2 Non-current 24.1 0.8 Commodity swap contracts 24.1 0.8 Jan24 \u2013 Feb25 Current 148.5 18.4 Foreign currency forward contracts 61.6 0.4 Jan23 \u2013 Sep23 Commodity swap contracts 86.9 18.0 Jan23 \u2013 Dec23 Contracts with negative fair values 221.3 (14.4) Non-current 54.7 (3.6) Commodity swap contracts 54.7 (3.6) Jan24 \u2013 Nov25 Current 166.6 (10.8) Foreign currency forward contracts 66.6 (0.8) Jan23 \u2013 Jun23 Commodity swap contracts 100.0 (10.0) Jan23 \u2013 Dec23 As at 31 December 2021 Notional amount \u20ac million Carrying amount \u20ac million Period of maturity date Contracts with positive fair values 182.6 40.4 Non-current 26.8 9.0 Commodity swap contracts 26.8 9.0 Jan23 \u2013 Nov23 Current 155.8 31.4 Foreign currency forward contracts 48.3 1.3 Jan22 \u2013 Aug22 Commodity swap contracts 107.5 30.1 Jan22 \u2013 Dec22 Contracts with negative fair values 59.3 (1.2) Non-current 2.5 (0.1) Commodity swap contracts 2.5 (0.1) Jan23 \u2013 Nov23 Current 56.8 (1.1) Foreign currency forward contracts 37.9 (0.6) Jan22 \u2013 Dec22 Commodity swap contracts 18.9 (0.5) Jan22 \u2013 Nov22 The impact on the hedging reserve as a result of applying cash flow hedge accounting was: Spot component of foreign currency forward contracts \u20ac million Cost of hedging reserve of currency derivatives \u20ac million Commodity swap contracts \u20ac million Interest rate swap contracts \u20ac million Total \u20ac million Opening balance 1 January 2021 (1.6) 0.7 6.5 (32.5) (26.9) Net gain of cash flow hedges 1.0 \u2013 60.8 7.7 69.5 Change in fair value of hedging instruments recognised in OCI 1.0 \u2013 60.8 \u2013 61.8 Reclassified to income statement \u2013 \u2013 \u2013 7.7 7.7 Cost of hedging recognised in OCI \u2013 (2.7) \u2013 \u2013 (2.7) Reclassified to inventories cost (0.8) 2.4 (25.6) \u2013 (24.0) Closing balance 31 December 2021 (1.4) 0.4 41.7 (24.8) 15.9 Net gain of cash flow hedges 4.8 \u2013 17.4 12.4 34.6 Change in fair value of hedging instruments recognised in OCI 4.8 \u2013 20.6 5.1 30.5 Reclassified to income statement \u2013 \u2013 (3.2) 7.3 4.1 Cost of hedging recognised in OCI \u2013 (1.8) \u2013 (1.7) (3.5) Reclassified to inventories cost (5.1) 1.8 (48.1) \u2013 (51.4) Closing balance 31 December 2022 (1.7) 0.4 11.0 (14.1) (4.4) The effect of the cash flow hedges in the consolidated income statement was: 2022 (Gain)/Loss \u20ac million 2021 Loss/(Gain) \u20ac million Net amount reclassified from other comprehensive income to cost of goods sold (3.2) \u2013 Net amount reclassified from other comprehensive income to finance costs 7.3 7.7 Total 4.1 7.7 The ineffectiveness on the cash flow hedges for the year ended 31 December 2022 was \u20ac2.6 million loss, recorded within cost of goods sold, while there was no significant ineffectiveness on the cash flow hedges in 2021. b) Undesignated hedges The fair values of derivative financial instruments as at 31 December which economically hedge the Group\u2019s risks and for which hedge accounting has not been applied were: As at 31 December 2022 Notional amount \u20ac million Carrying amount \u20ac million Period of maturity date Contracts with positive fair values 276.4 16.9 Current 276.4 16.9 Foreign currency futures contracts 146.8 3.9 Jan23 \u2013 Nov23 Foreign currency forward contracts 117.9 10.7 Jan23 \u2013 Dec23 Commodity swap contracts 11.7 2.3 Oct23 \u2013 Dec23 Contracts with negative fair values 552.8 (31.2) Non-current 3.6 (0.1) Commodity swap contracts 3.6 (0.1) Jun24 \u2013 Sep 25 Current 549.2 (31.1) Foreign currency futures contracts 84.1 (2.5) Apr23 \u2013 Dec23 Foreign currency forward contracts 433.8 (21.9) Jan23 \u2013 Dec23 Commodity swap contracts 31.3 (6.7) Feb23 \u2013 Nov23 As at 31 December 2021 Notional amount \u20ac million Carrying amount \u20ac million Period of maturity date Contracts with positive fair values 203.2 7.8 Current 203.2 7.8 Embedded derivatives 4.9 0.1 Jan22\u2011Aug22 Foreign currency forward contracts 165.3 1.1 Jan22-Nov22 Commodity swap contracts 33.0 6.6 Jan22-Dec22 Contracts with negative fair values 431.3 (13.4) Non-current 33.4 (2.9) Foreign currency futures contracts 13.9 (0.6) Jan23 Commodity swap contracts 19.5 (2.3) Jan23-Nov23 Current 397.9 (10.5) Foreign currency futures contracts 94.7 (3.3) Apr22\u2011Oct22 Foreign currency forward contracts 246.5 (2.6) Jan22-Nov22 Commodity swap contracts 56.7 (4.6) Jan22-Nov22 The effect of the undesignated hedges in the consolidated income statement was: 2022 (Gain)/loss \u20ac million 2021 (Gain)/loss \u20ac million Net amount recognised in cost of goods sold (34.9) (14.1) Net amount recognised in operating expenses (26.0) (4.4) Total (60.9) (18.5) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-600": {
"value": "Fair values of financial assets and liabilities For financial instruments such as cash, deposits, debtors and creditors, investments, loans payable to related parties, short\u2011term borrowings (excluding the current portion of bonds and notes payable) and other financial liabilities (other than bonds and notes payable), carrying values are a reasonable approximation of their fair values. According to the fair value hierarchy, the financial instruments measured at fair value are classified as follows: Level 1 The fair value of FVOCI listed equity securities as well as FVTPL securities is based on quoted market prices at the reported date. The fair value of bonds is based on quoted market prices at the reported date. Level 2 The fair value of foreign currency forward, option and futures contracts, commodity swap contracts, bonds and notes payable, interest rate option and swap contracts, cross-currency swap contracts and embedded foreign currency derivatives is determined by using valuation techniques. These valuation techniques maximise the use of observable market data. The fair value of the foreign currency forward, option and futures contracts, commodity swap contracts, embedded foreign currency derivatives and cross-currency swap contracts is calculated by reference to quoted forward exchange and deposit rates and forward rate curves of the underlying commodity at the reported date for contracts with similar maturity dates. The fair value of interest rate option contracts is calculated by reference to the Black\u2011Scholes valuation model and implied volatilities. The fair value of interest rate swap contracts is determined as the difference in the present value of the future interest cash inflows and outflows based on observable yield curves. Level 3 The fair value of FVOCI unlisted equity securities as well as convertible promissory note, certain undesignated derivatives and foreign currency contracts is determined through the use of estimated discounted cash flows or other valuation techniques. These valuation techniques estimate the fair value of undesignated derivatives using settlement and forward prices received from counterparty banks and subscription\u2011based publications and the fair value of foreign currency contracts by using adjusted quoted prices. Transfers between levels of the fair value hierarchy are deemed to have occurred at the date of the event or change in circumstances that caused the transfer. 25. Financial risk management and financial instruments continued
The following table provides the fair value hierarchy levels into which fair value measurements are
categorised for assets and liabilities measured at fair value as at 31 December 2022:
Level 1
\u20ac million
Level 2
\u20ac million
Level 3
\u20ac million
Total
\u20ac million
Financial assets at FVTPL
Foreign currency forward contracts \u2013 10.7 \u2013 10.7
Foreign currency futures contracts \u2013 \u2013 3.9 3.9
Commodity swap contracts \u2013 0.2 2.1 2.3
Money market funds 497.2 \u2013 \u2013 497.2
Convertible promissory note \u2013 \u2013 1.5 1.5
Derivative financial assets used for hedging
Cash flow hedges
Foreign currency forward contracts \u2013 0.4 \u2013 0.4
Commodity swap contracts \u2013 18.8 \u2013 18.8
Assets at FVOCI
Equity securities 0.7 \u2013 2.9 3.6
Total financial assets 497.9 30.1 10.4 538.4
Financial liabilities at FVTPL
Foreign currency forward contracts \u2013 (18.2) (3.7) (21.9)
Foreign currency futures contracts \u2013 \u2013 (2.5) (2.5)
Commodity swap contracts \u2013 (0.9) (5.9) (6.8)
Derivative financial liabilities used for hedging
Cash flow hedges
Foreign currency forward contracts \u2013 (0.8) \u2013 (0.8)
Commodity swap contracts \u2013 (13.6) \u2013 (13.6)
Total financial liabilities \u2013 (33.5) (12.1) (45.6)
There were no transfers between Level 1, Level 2 and Level 3 in the year.
The following table provides the fair value hierarchy levels into which fair value measurements are
categorised for assets and liabilities measured at fair value as at 31 December 2021:
Level 1
\u20ac million
Level 2
\u20ac million
Level 3
\u20ac million
Total
\u20ac million
Financial assets at FVTPL
Foreign currency forward contracts \u2013 1.1 \u2013 1.1
Embedded derivatives \u2013 0.1 \u2013 0.1
Commodity swap contracts \u2013 0.6 6.0 6.6
Money market funds 638.8 \u2013 \u2013 638.8
Derivative financial assets used for hedging
Cash flow hedges
Foreign currency forward contracts \u2013 1.3 \u2013 1.3
Commodity swap contracts \u2013 39.1 \u2013 39.1
Assets at FVOCI
Equity securities 0.7 \u2013 2.9 3.6
Total financial assets 639.5 42.2 8.9 690.6
Financial liabilities at FVTPL
Foreign currency forward contracts \u2013 (2.6) \u2013 (2.6)
Foreign currency futures contracts \u2013 \u2013 (3.9) (3.9)
Commodity swap contracts \u2013 \u2013 (6.9) (6.9 )
Derivative financial liabilities used for hedging
Cash flow hedges
Foreign currency forward contracts \u2013 (0.6) \u2013 (0.6)
Commodity swap contracts \u2013 (0.6) \u2013 (0.6)
Total financial liabilities \u2013 (3.8) (10.8) (14.6)
There were no transfers between Level 1, Level 2 and Level 3 in 2021.
The following table presents the changes in Level 3 items for the years ended 31 December 2022 and
31 December 2021:
Commodity
swap
contracts
\u20ac million
Foreign
currency
contracts
\u20ac million
Equity
securities
\u20ac million
Convertible
promissory
note
\u20ac million
Total
\u20ac million
Balance as at 1 January 2021 (5.8) 4.9 2.8 \u2013 1.9
Gains recognised in income statement 13.6 0.4 \u2013 \u2013 14.0
Proceeds from settlement of derivatives (8.7) (9.2) \u2013 \u2013 (17.9)
Gains recognised in other comprehensive
income \u2013 \u2013 0.1 \u2013 0.1
Balance as at 31 December 2021 (0.9) (3.9) 2.9 (1.9)
Gains/(losses) recognised in income statement 19.1 (1.7) \u2013 \u2013 17.4
(Proceeds from)/payments for settlement
of derivatives (22.0) 3.3 \u2013 \u2013 (18.7 )
Addition of financial assets at FVTPL \u2013 \u2013 \u2013 1.5 1.5
Balance as at 31 December 2022 (3.8) (2.3) 2.9 1.5 (1.7 )
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-655": {
"value": "Fair values of financial assets and liabilities For financial instruments such as cash, deposits, debtors and creditors, investments, loans payable to related parties, short\u2011term borrowings (excluding the current portion of bonds and notes payable) and other financial liabilities (other than bonds and notes payable), carrying values are a reasonable approximation of their fair values. According to the fair value hierarchy, the financial instruments measured at fair value are classified as follows: Level 1 The fair value of FVOCI listed equity securities as well as FVTPL securities is based on quoted market prices at the reported date. The fair value of bonds is based on quoted market prices at the reported date. Level 2 The fair value of foreign currency forward, option and futures contracts, commodity swap contracts, bonds and notes payable, interest rate option and swap contracts, cross-currency swap contracts and embedded foreign currency derivatives is determined by using valuation techniques. These valuation techniques maximise the use of observable market data. The fair value of the foreign currency forward, option and futures contracts, commodity swap contracts, embedded foreign currency derivatives and cross-currency swap contracts is calculated by reference to quoted forward exchange and deposit rates and forward rate curves of the underlying commodity at the reported date for contracts with similar maturity dates. The fair value of interest rate option contracts is calculated by reference to the Black\u2011Scholes valuation model and implied volatilities. The fair value of interest rate swap contracts is determined as the difference in the present value of the future interest cash inflows and outflows based on observable yield curves. Level 3 The fair value of FVOCI unlisted equity securities as well as convertible promissory note, certain undesignated derivatives and foreign currency contracts is determined through the use of estimated discounted cash flows or other valuation techniques. These valuation techniques estimate the fair value of undesignated derivatives using settlement and forward prices received from counterparty banks and subscription\u2011based publications and the fair value of foreign currency contracts by using adjusted quoted prices. Transfers between levels of the fair value hierarchy are deemed to have occurred at the date of the event or change in circumstances that caused the transfer. 25. Financial risk management and financial instruments continued The following table provides the fair value hierarchy levels into which fair value measurements are categorised for assets and liabilities measured at fair value as at 31 December 2022: Level 1 \u20ac million Level 2 \u20ac million Level 3 \u20ac million Total \u20ac million Financial assets at FVTPL Foreign currency forward contracts \u2013 10.7 \u2013 10.7 Foreign currency futures contracts \u2013 \u2013 3.9 3.9 Commodity swap contracts \u2013 0.2 2.1 2.3 Money market funds 497.2 \u2013 \u2013 497.2 Convertible promissory note \u2013 \u2013 1.5 1.5 Derivative financial assets used for hedging Cash flow hedges Foreign currency forward contracts \u2013 0.4 \u2013 0.4 Commodity swap contracts \u2013 18.8 \u2013 18.8 Assets at FVOCI Equity securities 0.7 \u2013 2.9 3.6 Total financial assets 497.9 30.1 10.4 538.4 Financial liabilities at FVTPL Foreign currency forward contracts \u2013 (18.2) (3.7) (21.9) Foreign currency futures contracts \u2013 \u2013 (2.5) (2.5) Commodity swap contracts \u2013 (0.9) (5.9) (6.8) Derivative financial liabilities used for hedging Cash flow hedges Foreign currency forward contracts \u2013 (0.8) \u2013 (0.8) Commodity swap contracts \u2013 (13.6) \u2013 (13.6) Total financial liabilities \u2013 (33.5) (12.1) (45.6) There were no transfers between Level 1, Level 2 and Level 3 in the year. The following table provides the fair value hierarchy levels into which fair value measurements are categorised for assets and liabilities measured at fair value as at 31 December 2021: Level 1 \u20ac million Level 2 \u20ac million Level 3 \u20ac million Total \u20ac million Financial assets at FVTPL Foreign currency forward contracts \u2013 1.1 \u2013 1.1 Embedded derivatives \u2013 0.1 \u2013 0.1 Commodity swap contracts \u2013 0.6 6.0 6.6 Money market funds 638.8 \u2013 \u2013 638.8 Derivative financial assets used for hedging Cash flow hedges Foreign currency forward contracts \u2013 1.3 \u2013 1.3 Commodity swap contracts \u2013 39.1 \u2013 39.1 Assets at FVOCI Equity securities 0.7 \u2013 2.9 3.6 Total financial assets 639.5 42.2 8.9 690.6 Financial liabilities at FVTPL Foreign currency forward contracts \u2013 (2.6) \u2013 (2.6) Foreign currency futures contracts \u2013 \u2013 (3.9) (3.9) Commodity swap contracts \u2013 \u2013 (6.9) (6.9 ) Derivative financial liabilities used for hedging Cash flow hedges Foreign currency forward contracts \u2013 (0.6) \u2013 (0.6) Commodity swap contracts \u2013 (0.6) \u2013 (0.6) Total financial liabilities \u2013 (3.8) (10.8) (14.6) There were no transfers between Level 1, Level 2 and Level 3 in 2021. The following table presents the changes in Level 3 items for the years ended 31 December 2022 and 31 December 2021: Commodity swap contracts \u20ac million Foreign currency contracts \u20ac million Equity securities \u20ac million Convertible promissory note \u20ac million Total \u20ac million Balance as at 1 January 2021 (5.8) 4.9 2.8 \u2013 1.9 Gains recognised in income statement 13.6 0.4 \u2013 \u2013 14.0 Proceeds from settlement of derivatives (8.7) (9.2) \u2013 \u2013 (17.9) Gains recognised in other comprehensive income \u2013 \u2013 0.1 \u2013 0.1 Balance as at 31 December 2021 (0.9) (3.9) 2.9 (1.9) Gains/(losses) recognised in income statement 19.1 (1.7) \u2013 \u2013 17.4 (Proceeds from)/payments for settlement of derivatives (22.0) 3.3 \u2013 \u2013 (18.7 ) Addition of financial assets at FVTPL \u2013 \u2013 \u2013 1.5 1.5 Balance as at 31 December 2022 (3.8) (2.3) 2.9 1.5 (1.7 )",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-601": {
"value": "26. Net debt Accounting policy Borrowings are initially recognised at the fair value net of transaction costs incurred. After initial recognition, all interest\u2011bearing borrowings are subsequently measured at amortised cost. Amortised cost is calculated using the effective interest rate method whereby any discount, premium or transaction costs associated with a borrowing are amortised to the income statement over the borrowing period. Refer also to Note 17 for accounting policy on leases. Cash and cash equivalents comprise cash balances and short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to insignificant risk of change in value. Bank overdrafts are classified as short-term borrowings in the balance sheet and for the purpose of the cash flow statement. Time deposits and treasury bills which do not meet the definition of cash and cash equivalents are classified as short-term investments at amortised cost. Money market funds are classified as short-term investments at fair value through profit or loss. The Group has elected to report cash receipts and payments regarding investments at amortised cost and fair value through profit or loss respectively, on a net basis in the consolidated cash flow statement, considering that the relevant amounts are large, turnover is quick and maturities are short. These investments are expected to be continually renewed, taking into account market returns and cash generation by the Group. Net debt is defined as current borrowings plus non-current borrowings less cash and cash equivalents, and certain other financial assets. Net debt for the year ended 31 December comprised: 2022 \u20ac million 2021 \u20ac million Current borrowings 337.0 381.7 Non-current borrowings 3,082.9 2,555.7 Less: Cash and cash equivalents (719.9) (782.8) \u2022 Financial assets at amortised cost (529.5) (196.1) \u2022 Financial assets at fair value through profit or loss (497.2) (638.8) Less: Other financial assets (1,026.7) (834.9) Net debt 1,673.3 1,319.7 The financial assets at amortised cost include time deposits amounting to \u20ac529.5 million (31 December 2021: \u20ac189.9 million) as well as Nigerian treasury bills of \u20acnil (31 December 2021: \u20ac6.2 million). The financial assets at fair value through profit or loss in 2022 relate to money market funds. The line item \u2018Other financial assets\u2019 of the consolidated balance sheet includes derivative financial instruments of \u20ac35.3 million (31 December 2021: \u20ac39.2 million) and related party loans receivable of \u20ac1.8 million (31 December 2021: \u20ac4.8 million). a) Borrowings The Group held the following borrowings as at 31 December: 2022 \u20ac million 2021 \u20ac million Commercial paper 167.5 235.0 Loans payable to related parties (refer to Note 28) \u2013 58.1 Other borrowings 115.6 37.7 283.1 330.8 Obligations under leases falling due within one year 53.9 50.9 Total borrowings falling due within one year 337.0 381.7 Borrowings falling due within one to two years Bonds, bills and unsecured notes 599.0 \u2013 Loans payable to related parties (refer to Note 28) \u2013 5.1 Borrowings falling due within two to five years Bonds, bills and unsecured notes 1,192.5 598.5 Borrowings falling due in more than five years Bonds, bills and unsecured notes 1,091.9 1,787.2 Other borrowings 47.4 55.5 2,930.8 2,446.3 Obligations under leases falling due in more than one year 152.1 109.4 Total borrowings falling due after one year 3,082.9 2,555.7 Total borrowings 3,419.9 2,937.4 26. Net debt continued Reconciliation of liabilities to cash flows arising from financing activities: Borrowings Leases Derivative assets/ (liabilities) \u20ac million Total \u20ac million Due within one year \u20ac million Due in more than one year \u20ac million Due within one year \u20ac million Due in more than one year \u20ac million Balance as at 1 January 2021 260.4 2,480.9 54.8 129.4 \u2013 2,925.5 Cash flows Proceeds from borrowings 77.0 52.3 \u2013 \u2013 \u2013 129.3 Repayments of borrowings (102.6) (31.2) \u2013 \u2013 \u2013 (133.8) Principal repayments of lease obligations \u2013 \u2013 (63.1) \u2013 \u2013 (63.1) Interest paid (36.2) \u2013 (9.3) \u2013 \u2013 (45.5) Proceeds from/(payments for) settlement of derivatives regarding financing activities \u2013 \u2013 \u2013 \u2013 4.9 4.9 Total cash flows (61.8) 21.1 (72.4) \u2013 4.9 (108.2) Leases increase \u2013 \u2013 0.8 41.2 \u2013 42.0 Effect of changes in exchange rates 0.2 0.2 0.4 1.0 \u2013 1.8 Other non-cash movements 132.0 (55.9) 67.3 (62.2) (2.6) 78.6 Balance as at 31 December 2021 330.8 2,446.3 50.9 109.4 2.3 2,939.7 Cash flows Proceeds from borrowings 150.0 500.0 \u2013 \u2013 \u2013 650.0 Repayments of borrowings (358.2) (0.4) \u2013 \u2013 \u2013 (358.6) Principal repayments of lease obligations \u2013 \u2013 (65.2) \u2013 \u2013 (65.2) Interest paid (40.9) (5.2) (14.3) \u2013 \u2013 (60.4) Proceeds from/settlement of derivatives regarding financing activities \u2013 \u2013 \u2013 \u2013 0.1 0.1 Total cash flows (249.1) 494.4 (79.5) \u2013 0.1 165.9 Leases increase \u2013 \u2013 0.9 90.3 \u2013 91.2 Arising from business combinations 179.3 \u2013 5.0 34.0 \u2013 218.3 Effect of changes in exchange rates (15.5) (0.9) (1.6) (12.0) \u2013 (30.0) Other non-cash movements 37.6 (9.0) 78.2 (69.6) (5.7) 31.5 Balance as at 31 December 2022 283.1 2,930.8 53.9 152.1 (3.3) 3,416.6 The \u2018Other non\u2011cash movements\u2019 primarily include transfers from long\u2011term to short\u2011term liabilities
and interest incurred as well as the decrease to borrowings in 2022, resulting from the change in control
of Multon (refer to Note 16).
Commercial paper programme
In October 2013 the Group established a \u20ac1.0 billion Euro\u2011commercial paper programme (the \u2018CP
programme\u2019), which was updated in September 2014, in May 2017 and then in May 2020, to further
diversify its short-term funding sources. The Euro-commercial paper notes may be issued either as
non-interest-bearing notes sold at a discount or as interest-bearing notes at a fixed or floating rate.
All commercial paper issued under the CP programme must be repaid within 7 to 364 days. The CP
programme has been granted the Short Term Euro Paper label (STEP) and commercial paper is issued
through Coca\u2011Cola HBC\u2019s fully owned subsidiary Coca\u2011Cola HBC Finance B.V. and is fully, unconditionally
and irrevocably guaranteed by Coca\u2011Cola HBC AG. The outstanding amount under the CP programme
as at 31 December 2022 was \u20ac167.5 million (2021: \u20ac235.0 million).
Committed credit facilities
In April 2019, the Group updated its then\u2011existing \u20ac500.0 million syndicated revolving credit facility,
which was set to expire in June 2021. The updated syndicated revolving credit facility has been
increased to \u20ac800.0 million and has been extended to April 2024 with the option to be extended up
to two more years until April 2026. In March 2020, the Company exercised its extension option and the
facility was extended to April 2025. In April 2021, the Company exercised its second option to further
extend the maturity of the syndicated loan facility to April 2026. This facility can be used for general
corporate purposes and carries a floating interest rate over EURIBOR. No amounts have been drawn
under the syndicated revolving credit facility since inception. The borrower in the syndicated revolving
credit facility is Coca\u2011Cola HBC\u2019s fully owned subsidiary Coca\u2011Cola HBC Finance B.V. and any amounts
drawn under the facility are fully, unconditionally and irrevocably guaranteed by Coca\u2011Cola HBC AG.
In December 2019 the Group established a loan facility of US Dollar 85.0 million to finance the purchase
of production equipment by the Group\u2019s subsidiary in Nigeria. The facility has been drawn down by
Nigerian Bottling Company (NBC) over the course of 2020 and 2021 maturing in 2027. The obligations
under this facility are guaranteed by Coca\u2011Cola HBC AG. As at 31 December 2022, the outstanding
liability amounted to \u20ac59.3 million (2021: \u20ac63.2 million).
Uncommitted loan agreement
In August 2022, the Group established an uncommitted money market loan agreement
of \u20ac250.0 million which was subsequently reduced to \u20ac200.0 million from October 2022 onwards.
The loan agreement can be used for general corporate purposes. No amounts have been drawn under
the money market loan agreement since its inception. The borrower in the money market loan
agreement is Coca Cola HBC\u2019s fully owned subsidiary Coca\u2011Cola HBC Finance B.V.
26. Net debt continued Euro medium-term note programme In June 2013, the Group established a new \u20ac3.0 billion Euro medium\u2011term note programme (the \u2018EMTN programme\u2019). The EMTN programme was updated in September 2014, September 2015, April 2019, when it was increased to \u20ac5.0 billion, April 2020, September 2021 and then September 2022. Notes are issued under the EMTN programme through Coca\u2011Cola HBC\u2019s fully\u2011owned subsidiary Coca\u2011Cola HBC Finance B.V. and are fully, unconditionally and irrevocably guaranteed by Coca\u2011Cola HBC AG. In March 2016, Coca\u2011Cola HBC Finance B.V. completed the issue of a \u20ac600 million Euro\u2011denominated fixed rate bond maturing in November 2024. The coupon rate of the bond is 1.875%, which, including the amortisation of the loss on the forward starting swap contracts over the term of the fixed rate bond, results in an effective interest rate of 2.99%. The net proceeds of the new issue were used to partially repay \u20ac214.6 million of the 4.25%, \u20ac600 million seven\u2011year fixed rate notes due in November 2016. The remaining \u20ac385.4 million was repaid in November 2016 upon its maturity. In May 2019, Coca\u2011Cola HBC Finance B.V. completed the issue of a \u20ac700 million Euro\u2011denominated fixed rate bond maturing in May 2027 with a coupon rate of 1% and the issue of a \u20ac600 million Euro\u2011 denominated fixed rate bond maturing in May 2031 with a coupon rate of 1.625%. The net proceeds of the new issue were used to partially repay \u20ac236.6 million of the 2.375%, \u20ac800 million seven\u2011year fixed rate bond due in June 2020, while the remaining \u20ac563.4 million was repaid in June 2020 upon its maturity. In November 2019, Coca\u2011Cola HBC Finance B.V. completed the issue of a \u20ac500 million Euro\u2011denominated fixed rate bond maturing in November 2029 with a coupon rate of 0.625%. In September 2022, Coca\u2011Cola HBC Finance B.V. completed the issue of a \u20ac500 million Euro\u2011denominated fixed rate green bond maturing in September 2025 with a coupon rate of 2.75%. As at 31 December 2022, a total of \u20ac2.9 billion in notes issued under the EMTN programme were outstanding. Summary of notes outstanding as at 31 December Book value Fair value Note (in million) Start date Maturity date Fixed coupon 2022 \u20ac million 2021 \u20ac million 2022 \u20ac million 2021 \u20ac million \u20ac600 10 March 2016 11 November 2024 1.875% 599.0 598.5 582.0 631.8 \u20ac700 14 May 2019 14 May 2027 1.000% 697.1 696.5 626.6 717.8 \u20ac600 14 May 2019 14 May 2031 1.625% 596.5 596.0 497.1 640.7 \u20ac500 21 November 2019 21 November 2029 0.625% 495.4 494.7 403.9 496.2 \u20ac500 23 September 2022 23 September 2025 2.750% 495.4 \u2013 486.0 \u2013 Total 2,883.4 2,385.7 2,595.6 2,486.5 The weighted average effective interest rate of the Euro\u2011denominated fixed rate bonds is 1.89% and the weighted average maturity is 4.9 years. The fair values are within Level 1 of the value hierarchy. None of our debt facilities are subject to any financial covenants that would impact the Group\u2019s liquidity or access to capital. Total borrowings at 31 December were held in the following currencies: Current Non-current 2022 \u20ac million 2021 \u20ac million 2022 \u20ac million 2021 \u20ac million Euro 237.6 289.5 2,946.6 2,438.8 US Dollar 34.3 13.7 64.4 73.5 Egyptian Pound 39.3 \u2013 23.5 \u2013 Nigerian Naira 9.6 7.5 23.3 15.5 Swiss Franc 4.5 4.6 4.7 4.4 Bulgarian Lev 2.6 2.2 4.6 5.0 Russian Rouble 2.2 57.6 4.8 5.0 UK Sterling 1.7 2.1 2.4 4.4 Czech Koruna 1.3 1.5 2.6 5.3 Polish Zloty 1.2 0.8 2.6 0.8 Romanian Leu 1.4 0.9 1.5 0.7 Hungarian Forint 0.5 0.6 0.5 0.4 Belarusian Rouble 0.1 \u2013 0.8 0.8 Bosnian Mark 0.3 0.4 \u2013 0.3 Croatian Kuna 0.1 0.1 \u2013 \u2013 Other 0.3 0.2 0.6 0.8 Total borrowings 337.0 381.7 3,082.9 2,555.7 The carrying amounts of interest-bearing borrowings held at fixed and floating interest rates as at 31 December 2022 were as follows: Fixed interest rate \u20ac million Floating interest rate \u20ac million Total \u20ac million Euro 3,144.1 40.1 3,184.2 US Dollar 78.6 20.1 98.7 Egyptian Pound 62.8 \u2013 62.8 Nigerian Naira 32.9 \u2013 32.9 Swiss Franc 9.2 \u2013 9.2 Bulgarian Lev 7.2 \u2013 7.2 Russian Rouble 7.0 \u2013 7.0 UK Sterling 0.5 3.6 4.1 Czech Koruna 3.9 \u2013 3.9 Polish Zloty 3.8 \u2013 3.8 Romanian Leu 2.3 0.6 2.9 Hungarian Forint 1.0 \u2013 1.0 Belarusian Rouble 0.9 \u2013 0.9 Bosnian Mark 0.3 \u2013 0.3 Croatian Kuna 0.1 \u2013 0.1 Other 0.9 \u2013 0.9 Total interest-bearing borrowings 3,355.5 64.4 3,419.9 26. Net debt continued
b) Cash and cash equivalents
Cash and cash equivalents as at 31 December comprise the following:
2022
\u20ac million
2021
\u20ac million
Cash at bank, in transit and in hand 426.4 548.8
Short-term deposits 293.5 234.0
Total cash and cash equivalents 719.9 782.8
Cash and cash equivalents are held in the following currencies:
2022
\u20ac million
2021
\u20ac million
Euro 348.9 518.4
Nigerian Naira 120.9 161.4
Russian Rouble 96.4 9.5
US Dollar 51.9 8.4
Swiss Franc 16.6 7.3
Polish Zloty 14.6 28.1
Romanian Leu 9.2 6.0
Moldovan Leu 8.8 6.5
Belarusian Rouble 8.3 5.8
Serbian Dinar 7.0 5.8
Ukrainian Hryvnia 6.6 7.2
Egyptian Pound 6.1 \u2013
Croatian Kuna 4.4 0.7
Bosnian Mark 4.1 3.3
UK Sterling 2.6 2.2
Czech Koruna 2.3 0.8
Hungarian Forint 0.6 6.5
Other 10.6 4.9
Total cash and cash equivalents 719.9 782.8
As at 31 December 2022, time deposits of \u20ac529.5 million (2021: \u20ac189.9 million), which do not meet the
definition of cash and cash equivalents, and investment in Nigerian Treasury Bills of \u20acnil (2021: \u20ac6.2 million),
which relates to the outstanding balance held for the repayment of Nigerian Bottling Company former
minority shareholders following the 2011 acquisition of non-controlling interests, are recorded as
other financial assets.
Cash and cash equivalents of \u20ac120.9 million (2021: \u20ac161.4 million) equivalent in Nigerian Naira include
an amount of \u20ac10.6 million (2021: \u20ac8.9 million), which relates to the outstanding balance held for the
repayment of Nigerian Bottling Company former minority shareholders, following the 2011 acquisition
of non-controlling interests.
The amount of dividends payable to the Company by its operating subsidiaries is subject to, among other restrictions, general limitations imposed by the corporate laws and exchange control restrictions of the respective jurisdictions where those subsidiaries are organised and operate. Also, there are fund transfer restrictions in certain countries in which we operate, in particular Belarus, Nigeria, Serbia and Ukraine, however these restrictions do not have a material impact on the Group\u2019s liquidity, as the amounts of cash and cash equivalents held in such countries are generally retained for capital expenditure, workin g capital and dividend distribution purposes. Intra-group dividends paid by certain of our subsidiaries are also subject to withholding taxes. As a result of sanctions and other regulations implemented in 2022, there have been changes in required regulatory approvals, potentially impacting the transfer and usage of cash outside of Russia. Cash and cash equivalents held by the Group\u2019s operations in Russia amounted to \u20ac155.3 million equivalent in Russian Rouble, US Dollar and Euro as at 31 December 2022. The aforementioned changes restrict the usage of cash held in Russia outside the country, however they are not expected to have a material impact on the Group\u2019s liquidity, as the cash and cash equivalents held in Russia are expected to be used in the forthcoming financial periods primarily for working capital purposes by the Russian operations. ",
"dimensions": {
"concept": "cocacolahbcag:DisclosureOfNetDebt",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-575": {
"value": "Accounting policy Borrowings are initially recognised at the fair value net of transaction costs incurred. After initial recognition, all interest\u2011bearing borrowings are subsequently measured at amortised cost. Amortised cost is calculated using the effective interest rate method whereby any discount, premium or transaction costs associated with a borrowing are amortised to the income statement over the borrowing period. Refer also to Note 17 for accounting policy on leases. Cash and cash equivalents comprise cash balances and short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to insignificant risk of change in value. Bank overdrafts are classified as short-term borrowings in the balance sheet and for the purpose of the cash flow statement. Time deposits and treasury bills which do not meet the definition of cash and cash equivalents are classified as short-term investments at amortised cost. Money market funds are classified as short-term investments at fair value through profit or loss. The Group has elected to report cash receipts and payments regarding investments at amortised cost and fair value through profit or loss respectively, on a net basis in the consolidated cash flow statement, considering that the relevant amounts are large, turnover is quick and maturities are short. These investments are expected to be continually renewed, taking into account market returns and cash generation by the Group. Net debt is defined as current borrowings plus non-current borrowings less cash and cash equivalents, and certain other financial assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-562": {
"value": "Accounting policy Borrowings are initially recognised at the fair value net of transaction costs incurred. After initial recognition, all interest\u2011bearing borrowings are subsequently measured at amortised cost. Amortised cost is calculated using the effective interest rate method whereby any discount, premium or transaction costs associated with a borrowing are amortised to the income statement over the borrowing period. Refer also to Note 17 for accounting policy on leases. Cash and cash equivalents comprise cash balances and short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to insignificant risk of change in value. Bank overdrafts are classified as short-term borrowings in the balance sheet and for the purpose of the cash flow statement. Time deposits and treasury bills which do not meet the definition of cash and cash equivalents are classified as short-term investments at amortised cost. Money market funds are classified as short-term investments at fair value through profit or loss. The Group has elected to report cash receipts and payments regarding investments at amortised cost and fair value through profit or loss respectively, on a net basis in the consolidated cash flow statement, considering that the relevant amounts are large, turnover is quick and maturities are short. These investments are expected to be continually renewed, taking into account market returns and cash generation by the Group. Net debt is defined as current borrowings plus non-current borrowings less cash and cash equivalents, and certain other financial assets. ",
"dimensions": {
"concept": "cocacolahbcag:DescriptionOfAccountingPolicyForNetDebt",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-573": {
"value": "Borrowings are initially recognised at the fair value net of transaction costs incurred. After initial recognition, all interest\u2011bearing borrowings are subsequently measured at amortised cost. Amortised cost is calculated using the effective interest rate method whereby any discount, premium or transaction costs associated with a borrowing are amortised to the income statement over the borrowing period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-652": {
"value": "Cash and cash equivalents comprise cash balances and short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to insignificant risk of change in value. Bank overdrafts are classified as short-term borrowings in the balance sheet and for the purpose of the cash flow statement. Time deposits and treasury bills which do not meet the definition of cash and cash equivalents are classified as short-term investments at amortised cost. Money market funds are classified as short-term investments at fair value through profit or loss. The Group has elected to report cash receipts and payments regarding investments at amortised cost and fair value through profit or loss respectively, on a net basis in the consolidated cash flow statement, considering that the relevant amounts are large, turnover is quick and maturities are short. These investments are expected to be continually renewed, taking into account market returns and cash generation by the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-637": {
"value": "a) Borrowings The Group held the following borrowings as at 31 December: 2022 \u20ac million 2021 \u20ac million Commercial paper 167.5 235.0 Loans payable to related parties (refer to Note 28) \u2013 58.1 Other borrowings 115.6 37.7 283.1 330.8 Obligations under leases falling due within one year 53.9 50.9 Total borrowings falling due within one year 337.0 381.7 Borrowings falling due within one to two years Bonds, bills and unsecured notes 599.0 \u2013 Loans payable to related parties (refer to Note 28) \u2013 5.1 Borrowings falling due within two to five years Bonds, bills and unsecured notes 1,192.5 598.5 Borrowings falling due in more than five years Bonds, bills and unsecured notes 1,091.9 1,787.2 Other borrowings 47.4 55.5 2,930.8 2,446.3 Obligations under leases falling due in more than one year 152.1 109.4 Total borrowings falling due after one year 3,082.9 2,555.7 Total borrowings 3,419.9 2,937.4 26. Net debt continued
Reconciliation of liabilities to cash flows arising from financing activities:
Borrowings Leases
Derivative
assets/
(liabilities)
\u20ac million
Total
\u20ac million
Due within
one year
\u20ac million
Due in more
than one year
\u20ac million
Due within
one year
\u20ac million
Due in more
than one year
\u20ac million
Balance as at 1 January 2021 260.4 2,480.9 54.8 129.4 \u2013 2,925.5
Cash flows
Proceeds from borrowings 77.0 52.3 \u2013 \u2013 \u2013 129.3
Repayments of borrowings (102.6) (31.2) \u2013 \u2013 \u2013 (133.8)
Principal repayments of lease
obligations \u2013 \u2013 (63.1) \u2013 \u2013 (63.1)
Interest paid (36.2) \u2013 (9.3) \u2013 \u2013 (45.5)
Proceeds from/(payments for)
settlement of derivatives regarding
financing activities \u2013 \u2013 \u2013 \u2013 4.9 4.9
Total cash flows (61.8) 21.1 (72.4) \u2013 4.9 (108.2)
Leases increase \u2013 \u2013 0.8 41.2 \u2013 42.0
Effect of changes in exchange rates 0.2 0.2 0.4 1.0 \u2013 1.8
Other non-cash movements 132.0 (55.9) 67.3 (62.2) (2.6) 78.6
Balance as at 31 December 2021 330.8 2,446.3 50.9 109.4 2.3 2,939.7
Cash flows
Proceeds from borrowings 150.0 500.0 \u2013 \u2013 \u2013 650.0
Repayments of borrowings (358.2) (0.4) \u2013 \u2013 \u2013 (358.6)
Principal repayments of lease
obligations \u2013 \u2013 (65.2) \u2013 \u2013 (65.2)
Interest paid (40.9) (5.2) (14.3) \u2013 \u2013 (60.4)
Proceeds from/settlement
of derivatives regarding
financing activities \u2013 \u2013 \u2013 \u2013 0.1 0.1
Total cash flows (249.1) 494.4 (79.5) \u2013 0.1 165.9
Leases increase \u2013 \u2013 0.9 90.3 \u2013 91.2
Arising from business
combinations 179.3 \u2013 5.0 34.0 \u2013 218.3
Effect of changes in exchange rates (15.5) (0.9) (1.6) (12.0) \u2013 (30.0)
Other non-cash movements 37.6 (9.0) 78.2 (69.6) (5.7) 31.5
Balance as at 31 December 2022 283.1 2,930.8 53.9 152.1 (3.3) 3,416.6
The \u2018Other non\u2011cash movements\u2019 primarily include transfers from long\u2011term to short\u2011term liabilities and interest incurred as well as the decrease to borrowings in 2022, resulting from the change in control of Multon (refer to Note 16). Commercial paper programme In October 2013 the Group established a \u20ac1.0 billion Euro\u2011commercial paper programme (the \u2018CP programme\u2019), which was updated in September 2014, in May 2017 and then in May 2020, to further diversify its short-term funding sources. The Euro-commercial paper notes may be issued either as non-interest-bearing notes sold at a discount or as interest-bearing notes at a fixed or floating rate. All commercial paper issued under the CP programme must be repaid within 7 to 364 days. The CP programme has been granted the Short Term Euro Paper label (STEP) and commercial paper is issued through Coca\u2011Cola HBC\u2019s fully owned subsidiary Coca\u2011Cola HBC Finance B.V. and is fully, unconditionally and irrevocably guaranteed by Coca\u2011Cola HBC AG. The outstanding amount under the CP programme as at 31 December 2022 was \u20ac167.5 million (2021: \u20ac235.0 million). Committed credit facilities In April 2019, the Group updated its then\u2011existing \u20ac500.0 million syndicated revolving credit facility, which was set to expire in June 2021. The updated syndicated revolving credit facility has been increased to \u20ac800.0 million and has been extended to April 2024 with the option to be extended up to two more years until April 2026. In March 2020, the Company exercised its extension option and the facility was extended to April 2025. In April 2021, the Company exercised its second option to further extend the maturity of the syndicated loan facility to April 2026. This facility can be used for general corporate purposes and carries a floating interest rate over EURIBOR. No amounts have been drawn under the syndicated revolving credit facility since inception. The borrower in the syndicated revolving credit facility is Coca\u2011Cola HBC\u2019s fully owned subsidiary Coca\u2011Cola HBC Finance B.V. and any amounts drawn under the facility are fully, unconditionally and irrevocably guaranteed by Coca\u2011Cola HBC AG. In December 2019 the Group established a loan facility of US Dollar 85.0 million to finance the purchase of production equipment by the Group\u2019s subsidiary in Nigeria. The facility has been drawn down by Nigerian Bottling Company (NBC) over the course of 2020 and 2021 maturing in 2027. The obligations under this facility are guaranteed by Coca\u2011Cola HBC AG. As at 31 December 2022, the outstanding liability amounted to \u20ac59.3 million (2021: \u20ac63.2 million). Uncommitted loan agreement In August 2022, the Group established an uncommitted money market loan agreement of \u20ac250.0 million which was subsequently reduced to \u20ac200.0 million from October 2022 onwards. The loan agreement can be used for general corporate purposes. No amounts have been drawn under the money market loan agreement since its inception. The borrower in the money market loan agreement is Coca Cola HBC\u2019s fully owned subsidiary Coca\u2011Cola HBC Finance B.V. 26. Net debt continued Euro medium-term note programme In June 2013, the Group established a new \u20ac3.0 billion Euro medium\u2011term note programme (the \u2018EMTN programme\u2019). The EMTN programme was updated in September 2014, September 2015, April 2019, when it was increased to \u20ac5.0 billion, April 2020, September 2021 and then September 2022. Notes are issued under the EMTN programme through Coca\u2011Cola HBC\u2019s fully\u2011owned subsidiary Coca\u2011Cola HBC Finance B.V. and are fully, unconditionally and irrevocably guaranteed by Coca\u2011Cola HBC AG. In March 2016, Coca\u2011Cola HBC Finance B.V. completed the issue of a \u20ac600 million Euro\u2011denominated fixed rate bond maturing in November 2024. The coupon rate of the bond is 1.875%, which, including the amortisation of the loss on the forward starting swap contracts over the term of the fixed rate bond, results in an effective interest rate of 2.99%. The net proceeds of the new issue were used to partially repay \u20ac214.6 million of the 4.25%, \u20ac600 million seven\u2011year fixed rate notes due in November 2016. The remaining \u20ac385.4 million was repaid in November 2016 upon its maturity. In May 2019, Coca\u2011Cola HBC Finance B.V. completed the issue of a \u20ac700 million Euro\u2011denominated fixed rate bond maturing in May 2027 with a coupon rate of 1% and the issue of a \u20ac600 million Euro\u2011 denominated fixed rate bond maturing in May 2031 with a coupon rate of 1.625%. The net proceeds of the new issue were used to partially repay \u20ac236.6 million of the 2.375%, \u20ac800 million seven\u2011year fixed rate bond due in June 2020, while the remaining \u20ac563.4 million was repaid in June 2020 upon its maturity. In November 2019, Coca\u2011Cola HBC Finance B.V. completed the issue of a \u20ac500 million Euro\u2011denominated fixed rate bond maturing in November 2029 with a coupon rate of 0.625%. In September 2022, Coca\u2011Cola HBC Finance B.V. completed the issue of a \u20ac500 million Euro\u2011denominated fixed rate green bond maturing in September 2025 with a coupon rate of 2.75%. As at 31 December 2022, a total of \u20ac2.9 billion in notes issued under the EMTN programme were outstanding. Summary of notes outstanding as at 31 December Book value Fair value Note (in million) Start date Maturity date Fixed coupon 2022 \u20ac million 2021 \u20ac million 2022 \u20ac million 2021 \u20ac million \u20ac600 10 March 2016 11 November 2024 1.875% 599.0 598.5 582.0 631.8 \u20ac700 14 May 2019 14 May 2027 1.000% 697.1 696.5 626.6 717.8 \u20ac600 14 May 2019 14 May 2031 1.625% 596.5 596.0 497.1 640.7 \u20ac500 21 November 2019 21 November 2029 0.625% 495.4 494.7 403.9 496.2 \u20ac500 23 September 2022 23 September 2025 2.750% 495.4 \u2013 486.0 \u2013 Total 2,883.4 2,385.7 2,595.6 2,486.5 The weighted average effective interest rate of the Euro\u2011denominated fixed rate bonds is 1.89% and the weighted average maturity is 4.9 years. The fair values are within Level 1 of the value hierarchy. None of our debt facilities are subject to any financial covenants that would impact the Group\u2019s liquidity or access to capital. Total borrowings at 31 December were held in the following currencies: Current Non-current 2022 \u20ac million 2021 \u20ac million 2022 \u20ac million 2021 \u20ac million Euro 237.6 289.5 2,946.6 2,438.8 US Dollar 34.3 13.7 64.4 73.5 Egyptian Pound 39.3 \u2013 23.5 \u2013 Nigerian Naira 9.6 7.5 23.3 15.5 Swiss Franc 4.5 4.6 4.7 4.4 Bulgarian Lev 2.6 2.2 4.6 5.0 Russian Rouble 2.2 57.6 4.8 5.0 UK Sterling 1.7 2.1 2.4 4.4 Czech Koruna 1.3 1.5 2.6 5.3 Polish Zloty 1.2 0.8 2.6 0.8 Romanian Leu 1.4 0.9 1.5 0.7 Hungarian Forint 0.5 0.6 0.5 0.4 Belarusian Rouble 0.1 \u2013 0.8 0.8 Bosnian Mark 0.3 0.4 \u2013 0.3 Croatian Kuna 0.1 0.1 \u2013 \u2013 Other 0.3 0.2 0.6 0.8 Total borrowings 337.0 381.7 3,082.9 2,555.7 The carrying amounts of interest-bearing borrowings held at fixed and floating interest rates as at 31 December 2022 were as follows: Fixed interest rate \u20ac million Floating interest rate \u20ac million Total \u20ac million Euro 3,144.1 40.1 3,184.2 US Dollar 78.6 20.1 98.7 Egyptian Pound 62.8 \u2013 62.8 Nigerian Naira 32.9 \u2013 32.9 Swiss Franc 9.2 \u2013 9.2 Bulgarian Lev 7.2 \u2013 7.2 Russian Rouble 7.0 \u2013 7.0 UK Sterling 0.5 3.6 4.1 Czech Koruna 3.9 \u2013 3.9 Polish Zloty 3.8 \u2013 3.8 Romanian Leu 2.3 0.6 2.9 Hungarian Forint 1.0 \u2013 1.0 Belarusian Rouble 0.9 \u2013 0.9 Bosnian Mark 0.3 \u2013 0.3 Croatian Kuna 0.1 \u2013 0.1 Other 0.9 \u2013 0.9 Total interest-bearing borrowings 3,355.5 64.4 3,419.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-602": {
"value": "27. Equity Accounting policies Share capital Coca\u2011Cola HBC has only one class of shares, ordinary shares. When new shares are issued, they are recorded in share capital at their par value. The excess of the issue price over the par value is recorded in the share premium reserve. Incremental external costs directly attributable to the issue of new shares or to the process of returning capital to shareholders are recorded in equity as a deduction, net of tax, in the share premium reserve. Dividends Dividends are recorded in the Group\u2019s consolidated financial statements, against the relevant equity component, in the period in which they are approved by the Group\u2019s shareholders. 27. Equity continued a) Share capital, share premium and Group reorganisation reserve Number of shares (authorised and issued) Share capital \u20ac million Share premium \u20ac million Group reorganisation reserve \u20ac million Balance as at 1 January 2021 370,512,597 2,014.4 3,321.4 (6,472.1) Shares issued to employees exercising stock options (refer to Note 29) 1,282,821 7.9 11.7 \u2013 Dividends \u2013 \u2013 (235.8) \u2013 Balance as at 31 December 2021 371,795,418 2,022.3 3,097.3 (6,472.1) Shares issued to employees exercising stock options (refer to Note 29) 290,677 2.0 2.7 \u2013 Dividends \u2013 \u2013 (262.6) \u2013 Balance as at 31 December 2022 372,086,095 2,024.3 2,837.4 (6,472.1) The Group reorganisation reserve relates to the impact from adjusting share capital, share premium and treasury shares to reflect the respective statutory amounts of Coca\u2011Cola HBC on 25 April 2013, together with the transaction costs incurred by the latter, relating primarily to the re-domiciliation of the Group and its admission to listing in the premium segment of the London Stock Exchange, following successful completion of the voluntary share exchange offer (refer also to Note 1). These transactions were treated as a reorganisation of an existing entity that has not changed the substance of the reporting entity. In 2022, the share capital of Coca\u2011Cola HBC increased by the issue of 290,677 (2021: 1,282,821) new ordinary shares following the exercise of stock options pursuant to the Coca\u2011Cola HBC AG\u2019s employees stock option plan. Total proceeds from the issuance of the shares under the stock option plan amounted to \u20ac4.7 million (2021: \u20ac19.6 million). Following the above changes, on 31 December 2022 the share capital of the Group amounted to \u20ac2.024,3 million and comprised 372,086,095 shares with a nominal value of CHF 6.70 each. b) Dividends On 22 June 2021, the shareholders of Coca\u2011Cola HBC AG at the Annual General Meeting approved a dividend distribution of \u20ac0.64 per share. The total dividend amounted to \u20ac235.8 million and was paid on 3 August 2021. Of this an amount of \u20ac2.2 million related to shares held by the Group. The shareholders of Coca\u2011Cola HBC AG approved a dividend distribution of \u20ac0.71 per share at the Annual General Meeting held on 21 June 2022. The total dividend amounted to \u20ac262.6 million and was paid on 2 August 2022. Of this an amount of \u20ac2.4 million related to shares held by the Group. The Board of Directors of Coca\u2011Cola HBC AG has proposed a \u20ac0.78 dividend per share in respect of 2022. If approved by the shareholders of Coca\u2011Cola HBC AG, this dividend will be paid in 2023. c) Treasury shares and reserves The reserves of the Group at 31 December were as follows: 2022 \u20ac million 2021 \u20ac million Treasury shares (131.2) (146.6) Exchange equalisation reserve (1,218.2) (1,154.0) Other reserves Hedging reserve, net (4.4) 9.9 Tax-free reserve 163.8 163.8 Statutory reserves 22.6 28.3 Stock option, performance share and deferred management incentive share reserve 87.5 86.3 Financial assets at fair value through other comprehensive income reserve, net 0.5 0.6 Other 22.5 21.3 Total other reserves 292.5 310.2 Total reserves (1,056.9) (990.4) Treasury shares Treasury shares held by the Group represent shares acquired following approval of share buy-back programmes, forfeited shares under the equity compensation plan operated by the Group, as well as shares representing the initial ordinary shares of Coca\u2011Cola HBC acquired from Kar\u2011Tess Holding. An amount of \u20ac15.4 million in 2022 (2021: \u20ac8.9 million) relates to treasury shares provided to employees in connection with vested performance share awards under the Group\u2019s employee incentive scheme, which was reflected as an appropriation of reserves between \u2018Treasury shares\u2019 and \u2018Other reserves\u2019, more specifically the \u2018Stock option, performance share and deferred management incentive share reserve\u2019 in the consolidated statement of changes in equity. As at 31 December 2022, 5,386,717 (2021: 5,894,583) treasury shares were held by the Group. Exchange equalisation reserve The exchange equalisation reserve comprises all foreign exchange differences arising from the translation of the financial statements of Group entities with functional currencies other than the Euro. Other reserves Hedging reserve The hedging reserve reflects changes in the fair values of derivatives accounted for as cash flow hedges, net of the deferred tax related to such balances. Tax-free and statutory reserves The tax-free reserve includes investment amounts exempt from tax according to incentive legislation, other tax-free income or income taxed at source. Statutory reserves are particular to the various countries in which the Group operates. The amount of statutory reserves of the parent entity, Coca\u2011Cola HBC AG, is \u20acnil. During 2022, a net amount of \u20ac5.7 million was reclassified from statutory reserves to retained earnings relating to the net release of additional reserves by the Group\u2019s subsidiaries. 27. Equity continued
Stock option, performance share and deferred management incentive share reserve
The stock option, performance share and deferred management incentive share reserve represents
the cumulative charge to the income statement for employee stock option, performance share
and deferred management incentive share awards less the vested performance share and deferred
management incentive share awards.
Other
Other reserves are particular to the various countries in which the Group operates and include shares
held for the Group\u2019s employee share purchase plan, which is an equity compensation plan in which
eligible employees may participate as well as the Group\u2019s share of changes in other reserves of equity
method investments.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-564": {
"value": "Accounting policies Share capital Coca\u2011Cola HBC has only one class of shares, ordinary shares. When new shares are issued, they are recorded in share capital at their par value. The excess of the issue price over the par value is recorded in the share premium reserve. Incremental external costs directly attributable to the issue of new shares or to the process of returning capital to shareholders are recorded in equity as a deduction, net of tax, in the share premium reserve. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-563": {
"value": "Dividends
Dividends are recorded in the Group\u2019s consolidated financial statements, against the relevant equity
component, in the period in which they are approved by the Group\u2019s shareholders.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-638": {
"value": "26. Net debt continued b) Cash and cash equivalents Cash and cash equivalents as at 31 December comprise the following: 2022 \u20ac million 2021 \u20ac million Cash at bank, in transit and in hand 426.4 548.8 Short-term deposits 293.5 234.0 Total cash and cash equivalents 719.9 782.8 Cash and cash equivalents are held in the following currencies: 2022 \u20ac million 2021 \u20ac million Euro 348.9 518.4 Nigerian Naira 120.9 161.4 Russian Rouble 96.4 9.5 US Dollar 51.9 8.4 Swiss Franc 16.6 7.3 Polish Zloty 14.6 28.1 Romanian Leu 9.2 6.0 Moldovan Leu 8.8 6.5 Belarusian Rouble 8.3 5.8 Serbian Dinar 7.0 5.8 Ukrainian Hryvnia 6.6 7.2 Egyptian Pound 6.1 \u2013 Croatian Kuna 4.4 0.7 Bosnian Mark 4.1 3.3 UK Sterling 2.6 2.2 Czech Koruna 2.3 0.8 Hungarian Forint 0.6 6.5 Other 10.6 4.9 Total cash and cash equivalents 719.9 782.8 As at 31 December 2022, time deposits of \u20ac529.5 million (2021: \u20ac189.9 million), which do not meet the definition of cash and cash equivalents, and investment in Nigerian Treasury Bills of \u20acnil (2021: \u20ac6.2 million), which relates to the outstanding balance held for the repayment of Nigerian Bottling Company former minority shareholders following the 2011 acquisition of non-controlling interests, are recorded as other financial assets. Cash and cash equivalents of \u20ac120.9 million (2021: \u20ac161.4 million) equivalent in Nigerian Naira include an amount of \u20ac10.6 million (2021: \u20ac8.9 million), which relates to the outstanding balance held for the repayment of Nigerian Bottling Company former minority shareholders, following the 2011 acquisition of non-controlling interests. The amount of dividends payable to the Company by its operating subsidiaries is subject to, among
other restrictions, general limitations imposed by the corporate laws and exchange control restrictions
of the respective jurisdictions where those subsidiaries are organised and operate. Also, there are fund
transfer restrictions in certain countries in which we operate, in particular Belarus, Nigeria, Serbia and
Ukraine, however these restrictions do not have a material impact on the Group\u2019s liquidity, as the amounts
of cash and cash equivalents held in such countries are generally retained for capital expenditure, workin g
capital and dividend distribution purposes. Intra-group dividends paid by certain of our subsidiaries are
also subject to withholding taxes.
As a result of sanctions and other regulations implemented in 2022, there have been changes in
required regulatory approvals, potentially impacting the transfer and usage of cash outside of Russia.
Cash and cash equivalents held by the Group\u2019s operations in Russia amounted to \u20ac155.3 million
equivalent in Russian Rouble, US Dollar and Euro as at 31 December 2022. The aforementioned
changes restrict the usage of cash held in Russia outside the country, however they are not expected to
have a material impact on the Group\u2019s liquidity, as the cash and cash equivalents held in Russia are
expected to be used in the forthcoming financial periods primarily for working capital purposes by the
Russian operations.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-640": {
"value": "27. Equity continued a) Share capital, share premium and Group reorganisation reserve Number of shares (authorised and issued) Share capital \u20ac million Share premium \u20ac million Group reorganisation reserve \u20ac million Balance as at 1 January 2021 370,512,597 2,014.4 3,321.4 (6,472.1) Shares issued to employees exercising stock options (refer to Note 29) 1,282,821 7.9 11.7 \u2013 Dividends \u2013 \u2013 (235.8) \u2013 Balance as at 31 December 2021 371,795,418 2,022.3 3,097.3 (6,472.1) Shares issued to employees exercising stock options (refer to Note 29) 290,677 2.0 2.7 \u2013 Dividends \u2013 \u2013 (262.6) \u2013 Balance as at 31 December 2022 372,086,095 2,024.3 2,837.4 (6,472.1) The Group reorganisation reserve relates to the impact from adjusting share capital, share premium and treasury shares to reflect the respective statutory amounts of Coca\u2011Cola HBC on 25 April 2013, together with the transaction costs incurred by the latter, relating primarily to the re-domiciliation of the Group and its admission to listing in the premium segment of the London Stock Exchange, following successful completion of the voluntary share exchange offer (refer also to Note 1). These transactions were treated as a reorganisation of an existing entity that has not changed the substance of the reporting entity. In 2022, the share capital of Coca\u2011Cola HBC increased by the issue of 290,677 (2021: 1,282,821) new ordinary shares following the exercise of stock options pursuant to the Coca\u2011Cola HBC AG\u2019s employees stock option plan. Total proceeds from the issuance of the shares under the stock option plan amounted to \u20ac4.7 million (2021: \u20ac19.6 million). Following the above changes, on 31 December 2022 the share capital of the Group amounted to \u20ac2.024,3 million and comprised 372,086,095 shares with a nominal value of CHF 6.70 each. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-641": {
"value": "b) Dividends On 22 June 2021, the shareholders of Coca\u2011Cola HBC AG at the Annual General Meeting approved a dividend distribution of \u20ac0.64 per share. The total dividend amounted to \u20ac235.8 million and was paid on 3 August 2021. Of this an amount of \u20ac2.2 million related to shares held by the Group. The shareholders of Coca\u2011Cola HBC AG approved a dividend distribution of \u20ac0.71 per share at the Annual General Meeting held on 21 June 2022. The total dividend amounted to \u20ac262.6 million and was paid on 2 August 2022. Of this an amount of \u20ac2.4 million related to shares held by the Group. The Board of Directors of Coca\u2011Cola HBC AG has proposed a \u20ac0.78 dividend per share in respect of 2022. If approved by the shareholders of Coca\u2011Cola HBC AG, this dividend will be paid in 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-653": {
"value": "c) Treasury shares and reserves The reserves of the Group at 31 December were as follows: 2022 \u20ac million 2021 \u20ac million Treasury shares (131.2) (146.6) Exchange equalisation reserve (1,218.2) (1,154.0) Other reserves Hedging reserve, net (4.4) 9.9 Tax-free reserve 163.8 163.8 Statutory reserves 22.6 28.3 Stock option, performance share and deferred management incentive share reserve 87.5 86.3 Financial assets at fair value through other comprehensive income reserve, net 0.5 0.6 Other 22.5 21.3 Total other reserves 292.5 310.2 Total reserves (1,056.9) (990.4) Treasury shares Treasury shares held by the Group represent shares acquired following approval of share buy-back programmes, forfeited shares under the equity compensation plan operated by the Group, as well as shares representing the initial ordinary shares of Coca\u2011Cola HBC acquired from Kar\u2011Tess Holding. An amount of \u20ac15.4 million in 2022 (2021: \u20ac8.9 million) relates to treasury shares provided to employees in connection with vested performance share awards under the Group\u2019s employee incentive scheme, which was reflected as an appropriation of reserves between \u2018Treasury shares\u2019 and \u2018Other reserves\u2019, more specifically the \u2018Stock option, performance share and deferred management incentive share reserve\u2019 in the consolidated statement of changes in equity. As at 31 December 2022, 5,386,717 (2021: 5,894,583) treasury shares were held by the Group. Exchange equalisation reserve The exchange equalisation reserve comprises all foreign exchange differences arising from the translation of the financial statements of Group entities with functional currencies other than the Euro. Other reserves Hedging reserve The hedging reserve reflects changes in the fair values of derivatives accounted for as cash flow hedges, net of the deferred tax related to such balances. Tax-free and statutory reserves The tax-free reserve includes investment amounts exempt from tax according to incentive legislation, other tax-free income or income taxed at source. Statutory reserves are particular to the various countries in which the Group operates. The amount of statutory reserves of the parent entity, Coca\u2011Cola HBC AG, is \u20acnil. During 2022, a net amount of \u20ac5.7 million was reclassified from statutory reserves to retained earnings relating to the net release of additional reserves by the Group\u2019s subsidiaries. 27. Equity continued Stock option, performance share and deferred management incentive share reserve The stock option, performance share and deferred management incentive share reserve represents the cumulative charge to the income statement for employee stock option, performance share and deferred management incentive share awards less the vested performance share and deferred management incentive share awards. Other Other reserves are particular to the various countries in which the Group operates and include shares held for the Group\u2019s employee share purchase plan, which is an equity compensation plan in which eligible employees may participate as well as the Group\u2019s share of changes in other reserves of equity method investments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-639": {
"value": "c) Treasury shares and reserves The reserves of the Group at 31 December were as follows: 2022 \u20ac million 2021 \u20ac million Treasury shares (131.2) (146.6) Exchange equalisation reserve (1,218.2) (1,154.0) Other reserves Hedging reserve, net (4.4) 9.9 Tax-free reserve 163.8 163.8 Statutory reserves 22.6 28.3 Stock option, performance share and deferred management incentive share reserve 87.5 86.3 Financial assets at fair value through other comprehensive income reserve, net 0.5 0.6 Other 22.5 21.3 Total other reserves 292.5 310.2 Total reserves (1,056.9) (990.4) Treasury shares Treasury shares held by the Group represent shares acquired following approval of share buy-back programmes, forfeited shares under the equity compensation plan operated by the Group, as well as shares representing the initial ordinary shares of Coca\u2011Cola HBC acquired from Kar\u2011Tess Holding. An amount of \u20ac15.4 million in 2022 (2021: \u20ac8.9 million) relates to treasury shares provided to employees in connection with vested performance share awards under the Group\u2019s employee incentive scheme, which was reflected as an appropriation of reserves between \u2018Treasury shares\u2019 and \u2018Other reserves\u2019, more specifically the \u2018Stock option, performance share and deferred management incentive share reserve\u2019 in the consolidated statement of changes in equity. As at 31 December 2022, 5,386,717 (2021: 5,894,583) treasury shares were held by the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-603": {
"value": "28. Related party transactions
a) The Coca\u2011Cola Company
As at 31 December 2022, The Coca\u2011Cola Company indirectly owned 21.0% (2021: 21.0%) of the issued
share capital of Coca\u2011Cola HBC. The Coca\u2011Cola Company considers Coca\u2011Cola HBC to be a \u2018key
bottler\u2019 and has entered into bottlers\u2019 agreements with Coca\u2011Cola HBC in respect of each of the
Group\u2019s territories. All the bottlers\u2019 agreements entered into by The Coca\u2011Cola Company and
Coca\u2011Cola HBC are Standard International Bottlers\u2019 (SIB) agreements. The terms of the bottlers\u2019
agreements grant Coca\u2011Cola HBC the right to produce and the exclusive right to sell and distribute
the beverages of The Coca\u2011Cola Company in each of the countries in which the Group operates.
Consequently, Coca\u2011Cola HBC is obliged to purchase all concentrate for The Coca\u2011Cola Company\u2019s
beverages from The Coca-Cola Company, or its designee, in the ordinary course of business. On 10
October 2012, The Coca-Cola Company agreed to extend the term of the bottlers\u2019 agreements for
a further ten years until 2023.
The Coca-Cola Company owns or has applied for the trademarks that identify its beverages in each of
the countries in which the Group operates. The Coca\u2011Cola Company has authorised Coca\u2011Cola HBC
and certain of its subsidiaries to use the trademark \u2018Coca\u2011Cola\u2019 in their corporate names.
Accounting policy
Contributions from The Coca-Cola Company
The Coca-Cola Company participates at its discretion in shared marketing programmes with
the Group to promote the sale of The Coca\u2011Cola Company products. Where such co\u2011operative
arrangements are entered into, the Group receives contributions from The Coca-Cola Company to
offset the cost it has incurred for price support and marketing and promotional campaigns in respect
of specific customers as well as general marketing programmes.
These contributions from The Coca-Cola Company are classified as other income and are accrued
and matched to the expenditure to which they relate, in line with the substance of the arrangement
with The Coca-Cola Company as described above. These contributions are presented as follows:
\u2022 to the extent that they relate to compensation for costs incurred by the Group for price support
and marketing and promotional campaigns in respect of specific customers, which have been
treated as a deduction from revenue from contracts with customers, they are presented as an
offset against such deductions from revenue and accordingly, included within net sales revenue
in the consolidated income statement;
\u2022 to the extent that they relate to compensation for expenditure incurred by the Group in connection
with general marketing programmes, they are presented as an offset against this expenditure and
accordingly, included within operating expenses in the consolidated income statement.
The below table summarises transactions with The Coca-Cola Company and its subsidiaries:
2022
\u20ac million
2021
\u20ac million
Purchases of concentrate, finished products and other items 1,808.7 1,598.8
Net contributions received for marketing and promotional incentives 108.6 83.1
Sales of finished goods and raw materials 4.2 4.5
Other income 8.6 2.8
Other expenses 4.7 4.2
Contributions received from The Coca-Cola Company for marketing and promotional incentives
during the year amounted to \u20ac108.6 million (2021: \u20ac83.1 million): contributions made by The Coca\u2011Cola
Company to Coca\u2011Cola HBC for price support and marketing and promotional campaigns in respect of
specific customers in 2022 totalled \u20ac59.9 million (2021: \u20ac52.6 million) and were recognised as an offset
against the relevant incentives provided to those customers within net sales revenue (refer to Note 8),
while contributions made by The Coca\u2011Cola Company to Coca\u2011Cola HBC for general marketing
programmes in 2022 totalled \u20ac48.7 million (2021: \u20ac30.5 million) and were recognised against the relevant
cost incurred within operating expenses (refer to Note 9). The Coca\u2011Cola Company has also customarily
made additional payments for marketing and advertising directly to suppliers as part of the shared
marketing arrangements. The proportion of direct and indirect payments, made at The Coca-Cola
Company\u2019s discretion, will not necessarily be the same from year to year.
28. Related party transactions continued As at 31 December 2022, the Group had a total amount due from The Coca\u2011Cola Company of \u20ac45.3 million (2021: \u20ac52.8 million), and a total amount due to The Coca\u2011Cola Company of \u20ac226.9 million (2021: \u20ac223.1 million). Also, refer to Note 24 regarding consideration paid to The Coca\u2011Cola Company during 2022 for the purchase of a convertible loan and shares held by non-controlling interests in connection with the acquisition of Coca\u2011Cola Bottling Company of Egypt S.A.E. In 2021, the Group paid a total consideration of \u20ac5.6 million to The Coca-Cola Company for the acquisition of Costa Express business. b) Frigoglass S.A. (\u2018Frigoglass\u2019), Kar\u2011Tess Holding and AG Leventis (Nigeria) Ltd Truad Verwaltungs AG currently indirectly owns 48.4% of Frigoglass and 99.3% of AG Leventis (Nigeria) Ltd (2021: 48.6% and 99.3% respectively) and also indirectly controls Kar\u2011Tess Holding, which holds approximately 23.0% (2021: 23.0%) of Coca\u2011Cola HBC\u2019s total issued share capital. The below table summarises transactions with the above entities: Frigoglass and subsidiaries 2022 \u20ac million 2021 \u20ac million Purchases of coolers, cooler parts, glass bottles, crowns and raw and other materials 112.3 117.6 Maintenance and other expenses 33.1 28.6 AG Leventis (Nigeria) Ltd Purchases of finished goods and other items 3.6 9.3 Other expenses 0.1 0.1 Frigoglass, a company listed on the Athens Exchange, is a manufacturer of coolers, cooler parts, glass bottles, crowns and plastics. Frigoglass has a controlling interest in Frigoglass Industries (Nigeria) Limited, a company in which the Group has a 23.9% effective interest, through its investment in Nigerian Bottling Company Ltd. The Group entered into a supply agreement with Frigoglass for the purchase of cooling equipment in 1999. The supply agreement was extended in 2004, 2008, 2013, 2018 and, most recently, in 2021, on substantially similar terms. The current agreement expires on 31 December 2025. As at 31 December 2022, Coca\u2011Cola HBC owed \u20ac30.9 million (2021: \u20ac14.9 million) to and was owed \u20ac4.4 million (2021: \u20ac0.8 million), including dividend receivable of \u20ac3.7 million (2021: \u20acnil) by Frigoglass and its subsidiaries. During 2022, the Group received dividends of \u20ac1.2 million (2021: \u20ac1.4 million) from Frigoglass Industries (Nigeria) Limited, which are included in line \u2019Receipts from non\u2011integral equity method investments\u2019 of the consolidated cash flow statement. As at 31 December 2022, the Group owed \u20ac2.7 million (2021: \u20ac0.9 million) and had a lease liability of \u20ac4.2 million (2021: \u20ac6.0 million) to AG Leventis (Nigeria) Ltd. Capital commitments to Frigoglass and its subsidiaries as at 31 December 2022 amounted to \u20ac25.5 million (\u20ac33.5 million as at 31 December 2021) including the Group\u2019s share of its joint ventures\u2018 capital commitments to Frigoglass. c) Other related parties The below table summarises transactions with other related parties: 2022 \u20ac million 2021 \u20ac million Purchases 8.5 1.5 Other expenses 15.5 15.1 During 2022, the Group incurred subsequent expenditure for fixed assets of \u20ac3.0 million (2021: \u20ac1.5 million) and purchased inventories of \u20ac5.5 million (2021: \u20acnil) from other related parties. Furthermore, during 2022, the Group incurred expenses of \u20ac15.5 million (2021: \u20ac15.1 million) mainly related to maintenance services for cold drink equipment and installations of coolers, fountains, vending and merchandising equipment from other related parties. As at 31 December 2022, the Group had a total amount due to other related parties of \u20ac3.7 million (2021: \u20ac0.6 million) and a total amount of dividend and loans receivable of \u20ac1.5 million and \u20acnil respectively (2021: \u20acnil and \u20ac0.9 million respectively). During 2022, the Group received dividends of \u20ac0.6 million from non\u2011integral associates (2021: \u20ac0.5 million), which are included in line \u2018Receipts from non\u2011integral equity method investments\u2019 of the consolidated cash flow statement and paid \u20ac5.7 million (2021: \u20acnil) in connection with capital increase of non\u2011integral associates, which are included in line \u2018Payments for non\u2011integral equity method investments\u2019 of the consolidated cash flows statement. Furthermore, during 2022, \u20ac1.3 million regarding loans receivable from non-integral associates were converted to equity. d) Joint ventures During 2022, the Group purchased \u20ac26.0 million of finished goods (2021: \u20ac5.2 million) from joint ventures. In addition, during 2022 the Group recorded sales of finished goods and raw materials of \u20ac9.2 million (2021: \u20ac4.8 million) to joint ventures. Furthermore, the Group recorded other income of \u20ac15.8 million (2021: \u20ac16.2 million) from joint ventures and other expenses of \u20ac15.7 million (2021: \u20ac13.4 million) including \u20ac7.8 million (2021: \u20ac7.3 million) of interest charges from loans with joint ventures. As at 31 December 2022, the Group owed \u20ac4.4 million including loans payable of \u20acnil (2021: \u20ac149.8 million including loans payable of \u20ac63.2 million) to, and was owed \u20ac9.6 million including loans receivable of \u20ac4.3 million (2021: \u20ac13.9 million including loans receivable of \u20ac7.1 million) by, joint ventures. During 2022, the Group received dividends of \u20ac9.7 million from integral joint ventures (2021: dividends and capital returns of \u20ac47.8 million), which are included in line \u2018Receipts from integral equity method investments\u2019 in the consolidated cash flow statement. Furthermore, during 2022, the Group paid \u20ac4.0 million (2021: \u20acnil) in connection with capital increase of integral joint venture which is included in line \u2018Payment for integral equity method investment\u2019 in the consolidated cash flow statement. e) Directors and senior management There have been no transactions between Coca\u2011Cola HBC and the Directors and senior management except for remuneration (refer to Note 9). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-565": {
"value": "Accounting policy Contributions from The Coca-Cola Company The Coca-Cola Company participates at its discretion in shared marketing programmes with the Group to promote the sale of The Coca\u2011Cola Company products. Where such co\u2011operative arrangements are entered into, the Group receives contributions from The Coca-Cola Company to offset the cost it has incurred for price support and marketing and promotional campaigns in respect of specific customers as well as general marketing programmes. These contributions from The Coca-Cola Company are classified as other income and are accrued and matched to the expenditure to which they relate, in line with the substance of the arrangement with The Coca-Cola Company as described above. These contributions are presented as follows: \u2022 to the extent that they relate to compensation for costs incurred by the Group for price support and marketing and promotional campaigns in respect of specific customers, which have been treated as a deduction from revenue from contracts with customers, they are presented as an offset against such deductions from revenue and accordingly, included within net sales revenue in the consolidated income statement; \u2022 to the extent that they relate to compensation for expenditure incurred by the Group in connection with general marketing programmes, they are presented as an offset against this expenditure and accordingly, included within operating expenses in the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-604": {
"value": "29. Share-based payments
Accounting policies
Stock option, performance share award and deferred management incentive share plan
Coca\u2011Cola HBC provides equity\u2011settled share\u2011based payments to its senior managers in the form
of an employee stock option, performance share award and deferred management incentive share
plan (the \u2018Plan\u2019).
Stock options under the Plan are measured at fair value at the date of grant. Fair value reflects the
parameters of the compensation plan, the risk-free interest rate, the expected volatility, the
dividend yield and the early exercise experience under the Plan. Expected volatility is determined by
calculating the historical volatility of Coca\u2011Cola HBC\u2019s share price over previous years. The fair value
determined at the grant date is expensed on a straight-line basis over the vesting period.
The Plan offers a specified number of performance share awards and deferred management
incentive plan shares that vest three years after the grant. The fair value is determined at the grant
date and reflects the parameters of the compensation plan, the dividend yield and the closing share
price on the date of grant. The fair value determined at the grant date is expensed on a straight-line
basis over the vesting period. At the end of each reporting period the Group revises its estimates of
the number of shares that are expected to vest based on non-market conditions, and recognises
the impact of the revision to original estimates, if any, in the income statement with a corresponding
adjustment to equity.
When the terms of an equity-settled award are modified, the minimum expense recognised is the
grant date fair value of the unmodified award, provided the original vesting terms of the award are
met. An additional expense, measured as at the date of modification, is recognised for any
modification that increases the total fair value of the share-based payment transaction, or is
otherwise beneficial to the employee.
Employee Share Purchase Plan
The Group operates an employee share purchase plan (the \u2018ESPP\u2019), an equity compensation plan in
which eligible employees can participate. The Group makes contributions to the plan for participating
employees and recognises expenses over the vesting period of the contributions.
The charge included in employee costs regarding share-based payments for the years ended 31
December is analysed as follows:
2022
\u20ac million
2021
\u20ac million
Performance share awards and deferred MIP shares 15.5 14.6
Employee Share Purchase Plan 6.1 5.5
Total share-based payments charge 21.6 20.1
Terms and conditions
Stock option, performance share award and deferred management incentive share plan
Based on Plan rules, senior managers are granted awards of stock options, based on performance,
potentiality and level of responsibility. Options are granted at an exercise price equal to the closing price
of the Company\u2019s shares trading on the London Stock Exchange on the day of the grant. Options vest
in one-third increments each year for three years and can be exercised for up to 10 years from the date
of award. When the options are exercised, the proceeds received by the Group, net of any transaction
costs, are credited to share capital (at the nominal value) and share premium. The Group has not issued
any new stock options since 2014.
Since 2015 performance shares are the primary long-term award. Senior managers are granted
performance share awards, which have a three-year vesting period and are linked to Group-specific
key performance indicators. The closing price of the Company\u2019s shares trading on the London Stock
Exchange on the day of the grant is used to determine the number of performance share awards
granted. In 2018 the Group modified the performance share plan, in order for eligible employees to
receive upon vesting, additionally to the specific number of shares, the value of dividends corresponding
to the years from grant till vest date, subject to the approval of the Remuneration Committee.
Furthermore, 50% of the Chief Executive Officer\u2019s annual bonus awarded under the terms of the
management incentive plan is deferred into shares (the \u2019deferred MIP shares\u2019) which vest over a
three\u2011year period, subject to service conditions. No dividend\u2011equivalent shares corresponding to the
years from grant till vest date are provided, in connection with the deferred shares granted.
Employee Share Purchase Plan
The Employee Share Purchase Plan is administered by a Plan Administrator. Under the terms of this
plan, employees have the opportunity to invest 1% to 15% of their salary in ordinary Coca\u2011Cola HBC
shares by contributing to the plan through a payroll deduction. Employee deductions are used monthly
to purchase ordinary Coca\u2011Cola HBC shares in the open market (London Stock Exchange).
Coca\u2011Cola HBC will match employee contributions up to a maximum of 3% of the employee\u2019s salary.
Employer matching cash contributions vest one year after the grant, at which time they are used to
purchase matching shares on the open market that are immediately vested. Dividends received in
respect of shares held under this plan are used to purchase additional shares at the time of dividend
distribution. Shares are held under the Plan Administrator. For employees resident in Greece, Coca\u2011
Cola HBC matches the employee\u2019s contribution with an annual employer contribution of up to 5% of
the employee\u2019s salary that vests annually in December of each year.
29. Share-based payments continued Stock option activity The outstanding stock options are fully vested and are exercisable until 2025. A summary of stock option activity in 2022 under all grants is as follows: Number of stock options 2022 Weighted 1 average exercise price 2022 (EUR) Weighted average exercise price 2022 (GBP) Outstanding at 1 January 2,338,855 18.08 15.21 Exercised (290,677) 16.05 14.17 Expired (350,448) 24.01 21.20 Outstanding at 31 December 1,697,730 16.02 14.15 Exercisable at 31 December 1,697,730 16.02 14.15 A summary of stock option activity in 2021 under all grants is as follows: Number of stock options 2021 Weighted 1 average exercise price 2021 (EUR) Weighted average exercise price 2021 (GBP) Outstanding at 1 January 3,621,676 15.97 14.49 Exercised (1,282,821) 15.66 13.17 Outstanding at 31 December 2,338,855 18.08 15.21 Exercisable at 31 December 2,338,855 18.08 15.21 1. For convenience purposes, the prices are translated at the closing exchange rate. Total proceeds from the issuance of the shares under the stock option plan in 2022 amounted to \u20ac4.7 million (2021: \u20ac19.6 million). The weighted average remaining contractual life of stock options outstanding at 31 December 2022 was 1.9 years (2021: 2.5 years). Performance shares and deferred MIP shares activity A summary of performance shares and deferred MIP shares activity is as follows: Number of shares 2022 Number of shares 2021 Outstanding at 1 January 2,475,367 2,294,478 Granted 2 1,301,669 835,477 Vested (516,156) (294,832) Forfeited/cancelled (284,679) (359,756) Outstanding at 31 December 2,976,201 2,475,367 2. Includes dividend-equivalent shares. The weighted average remaining contractual life of performance shares and deferred MIP shares outstanding at 31 December 2022 was 1.3 years (2021: 1.3 years, regarding performance shares). The weighted average fair value for the 2022 performance share and deferred MIP share plan was \u00a315.95 per share (2021: \u00a323.80, regarding performance shares). Relevant inputs into the valuation were as follows: 2022 2021 Weighted average share price \u00a315.98 \u00a323.80 Dividend yield 3 nil nil Weighted average exercise period 3 years 3 years 3. Dividend yield in connection with the valuation of the deferred MIP shares granted during 2022 was 3.2%. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-566": {
"value": "Accounting policies Stock option, performance share award and deferred management incentive share plan Coca\u2011Cola HBC provides equity\u2011settled share\u2011based payments to its senior managers in the form of an employee stock option, performance share award and deferred management incentive share plan (the \u2018Plan\u2019). Stock options under the Plan are measured at fair value at the date of grant. Fair value reflects the parameters of the compensation plan, the risk-free interest rate, the expected volatility, the dividend yield and the early exercise experience under the Plan. Expected volatility is determined by calculating the historical volatility of Coca\u2011Cola HBC\u2019s share price over previous years. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period. The Plan offers a specified number of performance share awards and deferred management incentive plan shares that vest three years after the grant. The fair value is determined at the grant date and reflects the parameters of the compensation plan, the dividend yield and the closing share price on the date of grant. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period. At the end of each reporting period the Group revises its estimates of the number of shares that are expected to vest based on non-market conditions, and recognises the impact of the revision to original estimates, if any, in the income statement with a corresponding adjustment to equity. When the terms of an equity-settled award are modified, the minimum expense recognised is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognised for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Employee Share Purchase Plan The Group operates an employee share purchase plan (the \u2018ESPP\u2019), an equity compensation plan in which eligible employees can participate. The Group makes contributions to the plan for participating employees and recognises expenses over the vesting period of the contributions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-642": {
"value": "30. Contingencies In relation to the Greek Competition Authority\u2019s decision of 25 January 2002, one of Coca\u2011Cola Hellenic Bottling Company S.A.\u2019s competitors had filed a lawsuit against Coca\u2011Cola Hellenic Bottling Company S.A. claiming damages in an amount of \u20ac7.7 million. The court of first instance heard the case on 21 January 2009 and subsequently rejected the lawsuit. The plaintiff appealed the judgement and on 9 December 2013 the Athens Court of Appeals rejected the plaintiff\u2019s appeal. On 19 April 2014, the same plaintiff filed a new lawsuit against Coca\u2011Cola Hellenic Bottling Company S.A. (following the spin\u2011off, Coca\u2011Cola HBC Greece S.A.I.C.) claiming payment of \u20ac7.5 million as compensation for losses and moral damages for alleged anti\u2011competitive commercial practices of Coca\u2011Cola Hellenic Bottling Company S.A. between 1994 and 2013. On 21 December 2018, the plaintiff served their withdrawal from the lawsuit. However, on 20 June 2019, the same plaintiff filed a new lawsuit against Coca\u2011Cola HBC Greece S.A.I.C. claiming payment of \u20ac10.1 million as compensation for losses and moral damages again for alleged anti\u2011competitive commercial practices of Coca\u2011Cola Hellenic Bottling Company S.A. for the same period between 1994 and 2013. On 16 July 2021, the Athens Multimember Court of First Instance issued its judgement number 1929/2021 (hereinafter the \u2018Judgement\u2019), which adjudicates that Coca\u2011Cola HBC Greece S.A.I.C. is obliged to pay to the plaintiff an amount of circa \u20ac0.9 million plus interest as of 31 December 2003. Both Coca\u2011Cola HBC Greece S.A.I.C and the plaintiff have appealed against this decision to the court of appeals. Both appeals were heard on 19 January 2023. The decision is pending to be issued. Management believes that any liability to the Group that may arise as a result of these pending legal proceedings will not have a material adverse effect on the results of operations, cash flows, or the financial position of the Group taken as a whole. With respect to the investigation of the Greek Competition Commission initiated on 6 September 2016, regarding Coca\u2011Cola HBC Greece S.A.I.C.\u2019s operations in certain commercial practices in the non\u2011 alcoholic beverages market, the Rapporteur of the Greek Competition Commission appointed for this case issued her Statement of Objections on 5 July 2021, alleging that Coca\u2011Cola HBC Greece S.A.I.C. undertook a series of anti-competitive practices in the market of instant consumption for cola and non-cola carbonated soft drinks, thereby excluding competitors and limiting their growth potential. 30. Contingencies continued
Coca\u2011Cola HBC Greece S.A.I.C. has vigorously defended its commercial practices, in rebuttal of the
allegations set out in the Statement of Objections. The hearing of the case, before the plenary session
of the Greek Competition Commission, was concluded on 29 November 2021 and the supplementary
briefs of the parties were submitted on 16 December 2021. On 3 November 2022, the Hellenic
Competition Commission notified Coca\u2011Cola HBC Greece S.A.I.C. of its ruling on the case, according to
which Coca\u2011Cola HBC Greece S.A.I.C. allegedly abused its dominant position in the Greek immediate
consumption market segment for cola and non\u2011cola carbonated soft drinks. The Hellenic Competition
Commission ruling imposed on Coca\u2011Cola HBC Greece S.A.I.C. a fine of \u20ac10.3 million, as well as a
behavioural remedy in relation to beverage coolers valid until end of 2024. Coca\u2011Cola HBC Greece
S.A.I.C. has fully provided for the amount of the fine. Coca\u2011Cola HBC Greece S.A.I.C. strongly disagrees
with this ruling and has challenged it before the competent Court of Appeal. The hearing date of the
case is not yet set.
In 1992, our subsidiary NBC acquired a manufacturing facility in Nigeria from Vacunak, a Nigerian
company. In 1994, Vacunak filed a lawsuit against NBC, alleging that a representative of NBC had orally
agreed to rescind the sale agreement and instead enter into a lease agreement with Vacunak. As part
of its lawsuit, Vacunak sought compensation for rent and loss of business opportunities. NBC
discontinued all use of the facility in 1995. On 19 August 2013, NBC received the written judgement
of the Nigerian court of first instance issued on 28 June 2012 providing for damages of approximately
\u20ac16.7 million. The Appeal Court dismissed NBC\u2019s appeal and Vacunak\u2019s cross\u2011appeal and affirmed the
judgement of the first instance court in 2023. NBC has filed an appeal against the judgement before the
Supreme Court. Based on advice from NBC\u2019s outside legal counsel, we believe that it is unlikely that NBC
will suffer material financial losses from this case. We have consequently not provided for any losses in
relation to this case.
In May 2021, the European Commission sent CCH a questionnaire, initiating a preliminary investigation
into a possible infringement by a CCH subsidiary, Coca\u2011Cola European Partners and The Coca\u2011Cola
Company of EU competition rules through the granting of conditional rebates to \u2018off\u2011trade\u2019 customers
capable of foreclosing competition from other suppliers. On 28 February 2023, the European
Commission publicly announced that it has decided to end this preliminary investigation and as a result
this case has closed.
The tax filings of the Group and its subsidiaries are routinely subjected to audit by tax authorities in most
of the jurisdictions in which the Group conducts business. These audits may result in assessments of
additional taxes. The Group provides for additional tax in relation to the outcome of such tax
assessments, to the extent that a liability is probable and estimable.
The Group is also involved in various other legal proceedings. Management believes that any liability to
the Group that may arise as a result of these pending legal proceedings will not have a material adverse
effect on the results of operations, cash flows, or the financial position of the Group taken as a whole.
Considering the above, there have been no significant adverse changes in contingencies since 31
December 2021 (as described in our 2021 Integrated Annual Report available on the Coca\u2011Cola HBC\u2019s
web site: www.coca\u2011colahellenic.com).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-643": {
"value": "31. Commitments Capital commitments As at 31 December 2022, the Group had capital commitments for property, plant and equipment amounting to \u20ac210.5 million (2021: \u20ac166.1 million). Of this, \u20ac0.5 million are related to the Group\u2019s share of the commitments arising from joint ventures (2021: \u20ac9.0 million). Capital commitments for 2022 include total future minimum lease payments under leases not yet commenced to which the Group was committed at 31 December 2022 of \u20ac28.8 million (2021: \u20ac18.1 million)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-644": {
"value": "32. Post balance sheet events
During 2023 the Egyptian Pound has depreciated against the Euro by approximately 24%. This has
resulted in a foreign exchange loss of approximately \u20ac6 million for the Group. We are continuously
monitoring the situation to ensure that timely actions are undertaken as needed to minimise any
adverse impact from the devaluation to the business in Egypt.
On 17 March 2023, the Remuneration Committee granted performance share and deferred MIP share
awards of \u20ac24.8 million equivalent, under the performance share award and deferred management
incentive share plan, which have a three-year vesting period. The number of shares granted is calculated
by dividing the value of the grant with the closing share price as of the date of the approval of the grant.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300EFP3TNG7JGVE49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}