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"ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-551": { "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-552": { "value": "-412400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-553": { "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-554": { "value": "705500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-555": { "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-556": { "value": "719900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-557": { "value": "782800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-558": { "value": "705500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-559": { "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-560": { "value": "-164800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-561": { "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-562": { "value": "1260600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-563": { "value": "719900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-603": { "value": "1. General information Coca-Cola HBC AG and its subsidiaries (the \u2018Group\u2019 or \u2018Coca-Cola 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, across Nigeria, Egypt and 26 countries in Europe, while in Russia the Group operates under a business model focusing on local brands. Information on the Group\u2019s operations by segment is included in Note 7. On 11 October 2012, Coca-Cola HBC, a Swiss stock corporation (Aktiengesellschaft/Soci\u00e9t\u00e9 Anonyme) incorporated by Kar-Tess 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-Cola Hellenic Bottling Company S.A. As a result of the successful completion of this offer, on 25 April 2013, Coca-Cola HBC acquired 96.85% of the issued Coca-Cola 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 buyout of the remaining shares of Coca-Cola Hellenic Bottling Company S.A. that it did not acquire upon completion of its voluntary share exchange offer. Consequently, Coca-Cola HBC acquired 100% of Coca-Cola 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-Cola 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-Cola 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 depositary shares from the New York Stock Exchange and terminated its reporting obligations under the US Securities Exchange Act of 1934. The deregistration of Coca-Cola 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-39": { "value": "Coca-Cola HBC AG", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-36": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-38": { "value": "across Nigeria, Egypt and 26 countries in Europe, while in Russia the Group operates under a business model focusing on local brands. ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-37": { "value": "a Swiss stock corporation (Aktiengesellschaft/Soci\u00e9t\u00e9 Anonyme)", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-686": { "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 (\u2018IFRS\u2019) as adopted by the European Union (\u2018EU\u2019) and in compliance with Swiss law. These consolidated financial statements were approved for issue by the Board of Directors on 14 March 2024 and are expected to be verified at the Annual General Meeting to be held on 21 May 2024. 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 and overall financial position, the Group\u2019s quantitative viability exercise linked to its principal risks, including those relating to climate change, the geopolitical events involving Russia and Ukraine, and the tensions in the Middle East. Management has reviewed the Group\u2019s 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, its committed funding facilities and 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. The subsidiaries\u2019 accounting policies are consistent with policies adopted by the Group. All inter-company transactions and balances between Group companies are eliminated on consolidation. 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. When the Group ceases to have control over a subsidiary, it derecognises the related assets and liabilities, non-controlling interests and any other components of equity, while any resulting gain or loss is recognised in the income statement. Any retained interest in the former subsidiary 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-604": { "value": "
Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with
International Financial Reporting Standards (\u2018IFRS\u2019) as adopted by the European Union (\u2018EU\u2019) and in
compliance with Swiss law.
These consolidated financial statements were approved for issue by the Board of Directors on 14 March
2024 and are expected to be verified at the Annual General Meeting to be held on 21 May 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-682": { "value": "The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (\u2018IFRS\u2019) as adopted by the European Union (\u2018EU\u2019) and in compliance with Swiss law. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-669": { "value": "These consolidated financial statements were approved for issue by the Board of Directors on 14 March 2024 and are expected to be verified at the Annual General Meeting to be held on 21 May 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-670": { "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 and overall financial position, the Group\u2019s quantitative
viability exercise linked to its principal risks, including those relating to climate change, the geopolitical
events involving Russia and Ukraine, and the tensions in the Middle East. Management has reviewed the
Group\u2019s 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, its committed funding
facilities and 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-635": { "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. The subsidiaries\u2019 accounting policies are consistent with policies adopted by the Group. All inter-company transactions and balances between Group companies are eliminated on consolidation. 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. When the Group ceases to have control over a subsidiary, it derecognises the related assets and liabilities, non-controlling interests and any other components of equity, while any resulting gain or loss is recognised in the income statement. Any retained interest in the former subsidiary 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-590": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-605": { "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 rates prevailing
at the balance sheet date. The results of foreign subsidiaries are translated into Euro using the average
monthly exchange rates, 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 rates ruling at the date of transaction. Monetary
assets and liabilities denominated in foreign currencies are remeasured at the rates 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 and share premium 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 the translation purposes in respect of one Euro are:
Average Average Closing Closing
2023 2022 2023 2022
US Dollar
1.08
1.05
1.11
1.06
UK Sterling
0.87
0.85
0.87
0.88
Polish Zloty
4.54
4.68
4.32
4.69
Nigerian Naira
695.06
448.99
1,056.96
493.61
Hungarian Forint
381.75
390.36
382.03
401.54
Swiss Franc
0.97
1.01
0.94
0.99
Russian Rouble
92.40
74.01
101.68
79.23
Romanian Leu
4.95
4.93
4.98
4.94
Ukrainian Hryvnia
39.54
33.92
41.63
38.94
Czech Koruna
24.00
24.56
24.69
24.21
Serbian Dinar
117.25
117.47
117.16
117.30
Egyptian Pound
33.15
20.09
34.16
26.35
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-636": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-637": { "value": "The assets and liabilities of foreign subsidiaries are translated into Euro at the exchange rates prevailing at the balance sheet date. The results of foreign subsidiaries are translated into Euro using the average monthly exchange rates, 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 rates ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are remeasured at the rates 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 and share premium 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-606": { "value": "
4. Accounting pronouncements
a) Accounting pronouncements adopted in 2023
The Group has adopted the following standards and amendments to standards which were endorsed
by the EU, that are relevant to its operations and effective for accounting periods beginning on
1 January 2023:
\u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2;
\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 IFRS 17 \u2013 Insurance Contracts and Amendments to IFRS 17; and
\u2022 International tax reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12: Pillar Two legislation has
been enacted or substantively enacted in certain jurisdictions in which the Group has presence,
but will be effective for the Group\u2019s financial year beginning 1 January 2024 (refer to Note 11).
The adoption of these standards and amendments to standards 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-current and Non-Current liabilities with Covenants \u2013
Amendments to IAS 1;
\u2022 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16;
\u2022 Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7 (not endorsed by the EU); and
\u2022 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability \u2013 Amendments to IAS 21
(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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-638": { "value": "a) Accounting pronouncements adopted in 2023 The Group has adopted the following standards and amendments to standards which were endorsed by the EU, that are relevant to its operations and effective for accounting periods beginning on 1 January 2023: \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2; \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 IFRS 17 \u2013 Insurance Contracts and Amendments to IFRS 17; and \u2022 International tax reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12: Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group has presence, but will be effective for the Group\u2019s financial year beginning 1 January 2024 (refer to Note 11). The adoption of these standards and amendments to standards 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-639": { "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-current and Non-Current liabilities with Covenants \u2013 Amendments to IAS 1; \u2022 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16; \u2022 Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7 (not endorsed by the EU); and \u2022 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability \u2013 Amendments to IAS 21 (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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-601": { "value": "
5. Critical accounting estimates and judgements
In conformity with IFRS, the preparation of the consolidated financial statements for Coca-Cola
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-lived 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-generating units. The value-in-use 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 rates 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
the classification of the Group\u2019s joint arrangements as joint ventures where the Group has rights to
the net assets of the arrangement, or joint operations where the Group has rights to the assets and
obligations for the liabilities of the arrangement. In making this assessment, 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 relevant legal framework). The Group participates in a number of joint arrangements with The
Coca-Cola Company in connection with its water business across its markets, the classification of
which involves a significant degree of judgement due to the complexity of the underlying contractual
arrangements of the business model and the diversity of the relevant legal frameworks across
markets.
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-term 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-640": { "value": "
6. Russia-Ukraine conflict impact
6.1 Exceptional items related to Russia-Ukraine conflict
The conflict between Russia and Ukraine, which began in the prior year, affected the Group\u2019s business
in those countries resulting in significant non-recurring costs. More specifically, the Group 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-Ukraine conflict\u2019 in the consolidated income statement, to provide users with
enhanced visibility over these items, considering their materiality. There were no exceptional items
related to the Russia-Ukraine conflict in 2023, while for 2022 these costs can be summarised as follows:
Reversals of Net impairment
Impairment losses impairment losses losses
\u20ac million \u20ac million \u20ac million
Recoverability of individual assets in Russia
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
1. References to Russia, Russian operation or Russian cash-generating unit in this Note relate to Multon Partners LLC (formerly LLC Coca-
Cola 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-sufficient business model focusing on local brands. This resulted in pre-tax impairment losses related to buildings, production and cold drink equipment of \u20ac102.1 million during the first half of 2022, which were recorded based on a value-in-use exercise, reported in line \u2018Exceptional items related to Russia-Ukraine conflict\u2019 of the 2022 condensed consolidated interim income statement and included under Emerging markets for segmental reporting purposes. Following June 2022, whilst uncertainty levels remained high in Russia, the Group experienced more stable market conditions and demand than initially anticipated. As a result, an updated value-in-use 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-Ukraine conflict\u2019 of the 2022 consolidated income statement and included under Emerging markets for segmental reporting purposes. During 2023, whilst the conflict with Ukraine is ongoing and thus uncertainty levels remain high in Russia, no impairment indicator was identified in connection with the assets of the Russian operation, as market conditions remained relatively stable compared with 2022 and performance under the new business model was in line with management\u2019s forecasts. The Group is continuously monitoring developments in the region to ensure recoverability of its assets. Following the above, property, plant and equipment of the Russian operation represented approximately 7% of the Group\u2019s total property, plant and equipment as at 31 December 2023 (2022: 8%). Recoverability of the Russian cash-generating unit, including goodwill 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 expected 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 2022 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 expected 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 pre-tax impairment losses to 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 2022 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, as well as 2022 interim results:
2022
2022 interim
Growth rate in perpetuity
4.0%
4.0%
Post-tax discount rate
14.9%
26.5%
Pre-tax discount rate
18.3%
29.2%
The high discount rate used in the 2022 interim results 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 with the first half of the year. Following the above, the Group\u2019s carrying amount of goodwill and other indefinite-lived intangibles for its Russian cash-generating unit was \u20acnil as at 31 December 2023 and 2022. 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 AO 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- Ukraine conflict\u2019 in the 2022 consolidated income statement and included under Emerging markets for segmental reporting purposes. In August 2022, The Coca-Cola 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-607": { "value": "6. Russia-Ukraine conflict impact 6.1 Exceptional items related to Russia-Ukraine conflict The conflict between Russia and Ukraine, which began in the prior year, affected the Group\u2019s business in those countries resulting in significant non-recurring costs. More specifically, the Group 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-Ukraine conflict\u2019 in the consolidated income statement, to provide users with enhanced visibility over these items, considering their materiality. There were no exceptional items related to the Russia-Ukraine conflict in 2023, while for 2022 these costs can be summarised as follows:
Reversals of Net impairment
Impairment losses impairment losses losses
\u20ac million \u20ac million \u20ac million
Recoverability of individual assets in Russia
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 1. References to Russia, Russian operation or Russian cash-generating unit in this Note relate to Multon Partners LLC (formerly LLC Coca- Cola 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-sufficient business model focusing on
local brands. This resulted in pre-tax impairment losses related to buildings, production and cold drink
equipment of \u20ac102.1 million during the first half of 2022, which were recorded based on a value-in-use
exercise, reported in line \u2018Exceptional items related to Russia-Ukraine conflict\u2019 of the 2022 condensed
consolidated interim income statement and included under Emerging markets for segmental
reporting purposes.
Following June 2022, whilst uncertainty levels remained high in Russia, the Group experienced more
stable market conditions and demand than initially anticipated. As a result, an updated value-in-use
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-Ukraine conflict\u2019 of the 2022 consolidated
income statement and included under Emerging markets for segmental reporting purposes.
During 2023, whilst the conflict with Ukraine is ongoing and thus uncertainty levels remain high in
Russia, no impairment indicator was identified in connection with the assets of the Russian operation,
as market conditions remained relatively stable compared with 2022 and performance under the
new business model was in line with management\u2019s forecasts. The Group is continuously monitoring
developments in the region to ensure recoverability of its assets.
Following the above, property, plant and equipment of the Russian operation represented
approximately 7% of the Group\u2019s total property, plant and equipment as at 31 December 2023
(2022: 8%).
Recoverability of the Russian cash-generating unit, including goodwill
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
expected 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 2022 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 expected 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 pre-tax impairment losses to
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 2022 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, as well as 2022 interim results:
2022
2022 interim
Growth rate in perpetuity
4.0%
4.0%
Post-tax discount rate
14.9%
26.5%
Pre-tax discount rate
18.3%
29.2%
The high discount rate used in the 2022 interim results 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 with the first
half of the year.
Following the above, the Group\u2019s carrying amount of goodwill and other indefinite-lived intangibles for
its Russian cash-generating unit was \u20acnil as at 31 December 2023 and 2022.
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 AO 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- Ukraine conflict\u2019 in the 2022 consolidated income statement and included under Emerging markets for segmental reporting purposes. In August 2022, The Coca-Cola 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-Ukraine conflict, operations of the Group\u2019s Ukrainian subsidiary were
temporarily suspended for the period March-April 2022. From May 2022, the Group has 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-current assets as at 31 December
2023 (2022: 1%). An impairment test of the Ukrainian cash-generating unit, based on a value-in-use
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 well as for the purposes of the Group\u2019s consolidated financial
statements for 2023, as it was considered that, whilst operations have resumed, the continued conflict
has resulted in significant changes in the relevant market with an adverse effect in the cash-generating
unit. No impairment was identified as a result of this impairment testing neither in 2022 nor in 2023.
The Group\u2019s carrying amount of goodwill and other indefinite-lived intangibles for its Ukrainian cash-
generating unit was \u20acnil as at 31 December 2023 and 2022.
An amount of \u20ac4.4 million losses directly attributable to the Russia-Ukraine conflict, primarily related
to inventory and property, plant and equipment write-offs, were incurred by the Group\u2019s Ukrainian
subsidiary during 2022, of which \u20ac3.3 million were recorded in line \u2018Operating expenses (excluding
exceptional items related to Russia-Ukraine conflict)\u2019 and \u20ac1.1 million in line \u2018Cost of goods sold\u2019 of the
consolidated income statement respectively. During 2023, an amount of \u20ac0.2 million in connection with
these losses was reversed, as the relevant items of property, plant and equipment were recovered, and
recorded in line \u2018Operating expenses (excluding exceptional items related to Russia-Ukraine conflict)\u2019 of
the consolidated income statement.
6.2 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. The Group actively manages its
foreign currency risk as described in Note 25 \u2018Financial risk management and financial instruments\u2019. The
Russia-Ukraine 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.
2023 exchange risk sensitivity to reasonably possible changes in Euro against Russian Rouble and
Ukrainian Hryvnia
Euro strengthens Euro weakens
against local currency against local currency
% historical (Gain)/loss Loss/(gain)
volatility over a in income (Gain)/loss in income Loss/(gain)
12-month statement in equity statement in equity
period \u20ac million \u20ac million \u20ac million \u20ac million
Russian Rouble
17.5%
(3.8)
\u2013
5.4
\u2013
Ukrainian Hryvnia
8.4%
2.5
\u2013
(2.9)
\u2013
2023 exchange risk sensitivity to reasonably possible changes in US Dollar against Russian
Rouble and Ukrainian Hryvnia
US Dollar strengthens US Dollar weakens
against local currency against local currency
% historical (Gain)/loss Loss/(gain)
volatility over a in income (Gain)/loss in income Loss/(gain)
12-month statement in equity statement in equity
period \u20ac million \u20ac million \u20ac million \u20ac million
Russian Rouble
15.3%
(8.2)
(0.6)
11.2
0.9
Ukrainian Hryvnia
3.4%
0.3
\u2013
(0.3)
\u2013
2022 exchange risk sensitivity to reasonably possible changes in Euro against Russian Rouble and
Ukrainian Hryvnia
Euro strengthens Euro weakens
against local currency against local currency
% historical (Gain)/loss Loss/(gain)
volatility over a in income (Gain)/loss in income Loss/(gain)
12-month statement in equity statement in equity
period \u20ac million \u20ac million \u20ac million \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 US Dollar weakens
against local currency against local currency
% historical (Gain)/loss Loss/(gain)
volatility over a in income (Gain)/loss in income Loss/(gain)
12-month statement in equity statement in equity
period \u20ac million \u20ac million \u20ac million \u20ac million
Russian Rouble
53.0%
(18.7)
\u2013
61.0
\u2013
Ukrainian Hryvnia
4.1%
(0.1)
\u2013
0.1
\u2013
6.3 Other topics
As a result of sanctions and other regulations, 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 \u20ac278.7 million
equivalent in Russian Rouble, US Dollar and Euro as at 31 December 2023 (2022: \u20ac155.3 million). 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.
", "dimensions": { "concept": "cocacolahbcag:RussiaUkraineConflictImpact", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-642": { "value": "6.3 Other topics As a result of sanctions and other regulations, 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 \u20ac278.7 million equivalent in Russian Rouble, US Dollar and Euro as at 31 December 2023 (2022: \u20ac155.3 million). 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-608": { "value": "
7. Segmental analysis
The Group has essentially one business, being the production, sale and distribution of primarily non-
alcoholic, ready-to-drink, beverages across 29 countries. The Group\u2019s markets are aggregated in
reportable segments as follows:
Established Austria, Cyprus, Greece, Italy, Northern
markets: Ireland, the Republic of Ireland, Switzerland
and Global exports
1
.
Developing Croatia, Czech Republic, Estonia,
markets: Hungary, Latvia, Lithuania, Poland,
Slovakia and Slovenia.
Emerging Armenia, Belarus, Bosnia and Herzegovina,
markets: Bulgaria, Egypt, Moldova, Montenegro,
Nigeria, North Macedonia, Romania, the
Russian Federation, Serbia (including the
Republic of Kosovo) and Ukraine.
1. The Global exports market refers to the export business for Finlandia and Three Cents in countries where the Group does not have
operations in connection with non-alcoholic ready-to-drink beverages, established due to the Finlandia acquisition (refer to Note 24).
The Group\u2019s chief operating decision maker is its Executive Leadership Team, which evaluates
performance and allocates resources based on volume, net sales revenue and operating profit. The
Group\u2019s operations in the Established, Developing and Emerging markets have been aggregated on the
basis of their similar economic characteristics, assessed by reference to their net sales revenue per unit
case as well as disposable income per capita, exposure to political and economic volatility, regulatory
environments, customers and distribution infrastructures. The accounting policies of the reportable
segments are the same as those adopted by the Group.
a) Volume and net sales revenue
The Group\u2019s sales volume in million unit cases
2
for the years ended 31 December was as follows:
2023
2022
Established
628.7
643.9
Developing
471.0
478.8
Emerging
1,735.8
1,589.1
Total volume
2,835.5
2,711.8
Net sales revenue per reportable segment for the years ended 31 December is presented in the
graphs below:
Established
\u20ac3,358.5 million
Developing
\u20ac2,088.6 million
Emerging
\u20ac4,736.9 million
2023
Established
\u20ac2,974.1 million
Developing
\u20ac1,719.7 million
Emerging
\u20ac4,504.6 million
2022
\u20ac10,184.0 million
\u20ac9,198.4 million
Sales or transfers between the Group\u2019s segments are not material, nor are there any customers that
represent more than 10% of net sales revenue for the Group.
In addition to non-alcoholic, ready-to-drink beverages, as well as coffee and snacks (\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
2
:
2023
2022
NARTD
2,831.2
2,708.4
Premium spirits
4.3
3.4
Total volume
2,835.5
2,711.8
Net sales revenue in \u20ac million:
NARTD
9,886.1
8,956.0
Premium spirits
297.9
242.4
Total net sales revenue
10,184.0
9,198.4
2. 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
3
, Italy and Nigeria was as follows for the years ended 31 December:
2023 2022
\u20ac million \u20ac million
Switzerland
464.1
426.7
The Russian Federation
1,196.4
1,103.2
Italy
1,231.9
1,096.1
Nigeria
894.4
989.4
All countries other than Switzerland, the Russian Federation,
Italy and Nigeria
6,397.2
5,583.0
Total net sales revenue from external customers
10,184.0
9,198.4
3
3. Net sales revenue from external customers for 2023 includes Multon, the Group\u2019s juice business in Russia; while for 2022, Multon is included
for the period from 11 August 2022 to 31 December 2022 (refer to Note 24).
b) Other income statement items
2023 2022
Year ended 31 December
Note
\u20ac million \u20ac million
Operating profit:
Established
379.2
310.4
Developing
152.6
113.1
Emerging
421.8
280.3
Total operating profit
953.6
703.8
Finance costs:
Established
(16.4)
(15.6)
Developing
(19.5)
(18.1)
Emerging
(52.3)
(55.0)
Corporate
(141.3)
(118.7)
Inter-segment finance cost
125.5
111.5
Total finance costs
10
(104.0)
(95.9)
Finance income:
Established
3.0
2.4
Developing
2.4
1.0
Emerging
30.1
19.0
Corporate
145.7
102.3
Inter-segment finance income
(125.5)
(111.5)
Total finance income
10
55.7
13.2
4
4
2023 2022
Year ended 31 December
Note
\u20ac million \u20ac million
Income tax expense:
Established
(82.2)
(75.7)
Developing
(32.5)
(28.5)
Emerging
(140.1)
(80.5)
Corporate
(19.8)
(23.3)
Total income tax expense
11
(274.6)
(208.0)
Reconciling items:
Share of results of non-integral equity method investments
16
5.0
2.5
Profit after tax
635.7
415.6
4
4. Corporate refers to holding, finance and other non-operating subsidiaries of the Group.
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:
2023 2022
Note \u20ac million \u20ac million
Depreciation and impairment of property,
plant and equipment:
Established
(112.7)
(96.4)
Developing
(68.8)
(57.8)
Emerging
(218.4)
(330.7)
Total depreciation and impairment of property,
plant and equipment
15, 17
(399.9)
(484.9)
Amortisation and impairment of intangible assets:
Developing
(3.7)
(0.6)
Emerging
(110.2)
(14.5)
Total amortisation and impairment of intangible assets
14
(113.9)
(15.1)
c) Other items The balance of non-current assets 5 attributed to Switzerland (the Group\u2019s country of domicile), Egypt, Italy and Nigeria was as follows for the years ended 31 December:
2023 2022
\u20ac million \u20ac million
Switzerland
636.3
596.0
Egypt
402.3
615.7
Italy
1,170.0
1,137.4
Nigeria
390.0
744.7
All countries other than Switzerland, Egypt, Italy and Nigeria
3,255.1
2,946.0
Total non-current assets
5
5,853.7
6,039.8
5. 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:
2023 2022
\u20ac million \u20ac million
Established
166.0
154.1
Developing
89.5
75.7
Emerging
367.5
302.0
Total expenditure of property, plant and equipment
623.0
531.8
6 6. Expenditure on property, plant and equipment for 2023 includes \u20ac12.3 million (2022: \u20ac8.4 million) relating to repayment of borrowings undertaken to finance the purchase of production equipment by the Group\u2019s subsidiary in Nigeria, classified as \u2018Repayments of borrowings\u2019 in the consolidated cash flow statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-641": { "value": "The Group\u2019s chief operating decision maker is its Executive Leadership Team, which evaluates performance and allocates resources based on volume, net sales revenue and operating profit. The Group\u2019s operations in the Established, Developing and Emerging markets have been aggregated on the basis of their similar economic characteristics, assessed by reference to their net sales revenue per unit case as well as disposable income per capita, exposure to political and economic volatility, regulatory environments, customers and distribution infrastructures. The accounting policies of the reportable segments are the same as those adopted by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-40": { "value": "Switzerland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-41": { "value": "Switzerland ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-643": { "value": "8. Net sales revenue Accounting policy The Group essentially produces, sells and distributes primarily non-alcoholic, ready-to-drink 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-by-jurisdiction basis to conclude on the appropriate accounting treatment. Revenue recognised in 2023 that was included in the contract liability balance at the beginning of the year amounted to \u20ac14.4 million (2022: \u20ac11.6 million). For contract liabilities as at 31 December 2023 and 2022, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-609": { "value": "8. Net sales revenue Accounting policy The Group essentially produces, sells and distributes primarily non-alcoholic, ready-to-drink 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-by-jurisdiction basis to conclude on the appropriate accounting treatment. Revenue recognised in 2023 that was included in the contract liability balance at the beginning of the year amounted to \u20ac14.4 million (2022: \u20ac11.6 million). For contract liabilities as at 31 December 2023 and 2022, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-566": { "value": "
Accounting policy
The Group essentially produces, sells and distributes primarily non-alcoholic, ready-to-drink
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-by-jurisdiction basis
to conclude on the appropriate accounting treatment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-591": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-610": { "value": "9. Operating expenses Operating expenses for the year ended 31 December comprised:
2023 2022
\u20ac million \u20ac million
Selling expenses
1,144.4
1,045.7
Delivery expenses
744.5
698.8
Administrative expenses
709.3
518.5
Restructuring expenses
9.0
11.9
Acquisition and integration costs (refer to Note 24)
6.3
79.7
Operating expenses (excluding exceptional items related to Russia-
Ukraine conflict)
2,613.5
2,354.6
Exceptional items relating to Russia-Ukraine conflict (refer to Note 6)
\u2013
127.4
Operating expenses
2,613.5
2,482.0
In 2023, operating expenses included a net gain on disposals of non-current assets of \u20ac1.3 million (2022: \u20ac1.5 million net loss). For the contributions received from The Coca-Cola Company, which are offset against expenses for general marketing programmes, 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:
2023 2022
\u20ac million \u20ac million
Established
0.9
(6.1)
Developing
1.1
(1.5)
Emerging
7.0
19.5
Total restructuring expenses
9.0
11.9
b) Employee costs
Employee costs for the years ended 31 December comprised:
2023 2022
\u20ac million \u20ac million
Wages and salaries
910.8
877.6
Social security costs
147.4
163.6
Pension and other employee benefits
178.3
147.6
Termination benefits
12.1
15.1
Total employee costs
1,248.6
1,203.9
The average number of full-time equivalent employees in 2023 was 32,747 (2022: 33,043).
Employee costs for 2023 included in operating expenses and cost of goods sold amounted to
\u20ac940.9 million and \u20ac307.7 million respectively (2022: \u20ac906.9 million and \u20ac297.0 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:
2023 2022
\u20ac million \u20ac million
Salaries and other short-term benefits
20.4
19.3
Performance share awards
9.3
8.0
Pension and post-employment benefits
0.9
1.0
Total remuneration
30.6
28.3
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:
2023 2022
\u20ac million \u20ac million
Audit fees
5.3
5.1
Audit-related fees
1.0
1.1
Other fees
0.1
\u2013
Total audit and audit-related fees
6.4
6.2
Fees for audit services to firms other than PricewaterhouseCoopers S.A. and affiliates were \u20ac0.6 million for the year ended 31 December 2023 (2022: \u20ac0.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-645": { "value": "
2023 2022
\u20ac million \u20ac million
Selling expenses
1,144.4
1,045.7
Delivery expenses
744.5
698.8
Administrative expenses
709.3
518.5
Restructuring expenses
9.0
11.9
Acquisition and integration costs (refer to Note 24)
6.3
79.7
Operating expenses (excluding exceptional items related to Russia-
Ukraine conflict)
2,613.5
2,354.6
Exceptional items relating to Russia-Ukraine conflict (refer to Note 6)
\u2013
127.4
Operating expenses
2,613.5
2,482.0
In 2023, operating expenses included a net gain on disposals of non-current assets of \u20ac1.3 million (2022: \u20ac1.5 million net loss). ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-644": { "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:
2023 2022
\u20ac million \u20ac million
Established
0.9
(6.1)
Developing
1.1
(1.5)
Emerging
7.0
19.5
Total restructuring expenses
9.0
11.9
", "dimensions": { "concept": "cocacolahbcag:DisclosureOfRestructuringExpenses", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-567": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-647": { "value": "b) Employee costs Employee costs for the years ended 31 December comprised:
2023 2022
\u20ac million \u20ac million
Wages and salaries
910.8
877.6
Social security costs
147.4
163.6
Pension and other employee benefits
178.3
147.6
Termination benefits
12.1
15.1
Total employee costs
1,248.6
1,203.9
Employee costs for 2023 included in operating expenses and cost of goods sold amounted to \u20ac940.9 million and \u20ac307.7 million respectively (2022: \u20ac906.9 million and \u20ac297.0 million respectively). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAttributionOfExpensesByNatureToTheirFunctionExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-646": { "value": "The average number of full-time equivalent employees in 2023 was 32,747 (2022: 33,043). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-648": { "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:
2023 2022
\u20ac million \u20ac million
Salaries and other short-term benefits
20.4
19.3
Performance share awards
9.3
8.0
Pension and post-employment benefits
0.9
1.0
Total remuneration
30.6
28.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-649": { "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:
2023 2022
\u20ac million \u20ac million
Audit fees
5.3
5.1
Audit-related fees
1.0
1.1
Other fees
0.1
\u2013
Total audit and audit-related fees
6.4
6.2
Fees for audit services to firms other than PricewaterhouseCoopers S.A. and affiliates were \u20ac0.6 million for the year ended 31 December 2023 (2022: \u20ac0.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-611": { "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, reclassification 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:
2023 2022
\u20ac million \u20ac million
Finance income
55.7
13.2
Interest expense
(86.3)
(77.8)
Other finance costs
(1.8)
(2.1)
Net foreign exchange remeasurement losses
(15.9)
(16.0)
Finance costs
(104.0)
(95.9)
Finance costs, net
(48.3)
(82.7)
Other finance costs include commitment fees on loan facilities (for the part not yet drawn down) and other similar fees. Finance income relates to interest income earned from financial assets that are held for cash management purposes as well as gain recognised from the fair value measurement of money market funds. For the interest expense incurred with respect to leases, refer to Note 17.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-568": { "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, reclassification 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-671": { "value": "
Finance costs, net for the years ended 31 December comprised:
2023 2022
\u20ac million \u20ac million
Finance income
55.7
13.2
Interest expense
(86.3)
(77.8)
Other finance costs
(1.8)
(2.1)
Net foreign exchange remeasurement losses
(15.9)
(16.0)
Finance costs
(104.0)
(95.9)
Finance costs, net
(48.3)
(82.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-683": { "value": "Finance costs, net for the years ended 31 December comprised:
2023 2022
\u20ac million \u20ac million
Finance income
55.7
13.2
Interest expense
(86.3)
(77.8)
Other finance costs
(1.8)
(2.1)
Net foreign exchange remeasurement losses
(15.9)
(16.0)
Finance costs
(104.0)
(95.9)
Finance costs, net
(48.3)
(82.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-612": { "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:
2023 2022
\u20ac million \u20ac million
Current tax expense
273.5
235.6
Deferred tax expense/(income)
1.1
(27.6)
Income tax expense
274.6
208.0
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:
2023 2022
\u20ac million \u20ac million
Profit before tax
910.3
623.6
Tax calculated at domestic tax rates applicable to profits in the respective
countries
178.8
162.1
Additional local taxes in foreign jurisdictions
28.2
18.8
Tax holidays in foreign jurisdictions
5.4
(0.2)
Expenses non-deductible for tax purposes
49.6
28.6
Income not subject to tax
(0.3)
(3.6)
Changes in tax laws and rates
(3.2)
0.4
Movement of accumulated tax losses
5.4
2.9
Movement of deferred tax asset not recognised
\u2013
0.1
Other
10.7
(1.1)
Income tax expense
274.6
208.0
Effective tax rate
30.2%
33.4%
Non-deductible expenses for tax purposes include marketing and advertising expenses, service fees,
loss allowance 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\u2019s effective tax rate varies depending on the mix of taxable profits by territory, the non-
deductibility of certain expenses, non-taxable income, and other one-off tax items across its
territories. The changes in applicable tax rates compared to the previous period are driven by a
combination of blended tax rates and changes in the standard corporate tax rate in certain territories of
the Group (namely Austria, Belarus, Czech Republic, Italy, Northern Ireland, Slovenia and Switzerland).
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 \u20ac82.8 million as at
31 December 2023 (2022: \u20ac67.5 million), of which \u20ac72.9 million (2022: \u20ac67.2 million) are classified in line
\u2018Current tax liabilities\u2019, \u20ac0.3 million (2022: \u20ac0.3 million) in line \u2018Current tax assets\u2019 and \u20ac9.6 million (2022:
\u20acnil) in line \u2018Deferred tax liabilities\u2019 of the consolidated balance sheet.
The income tax provision per reportable segment for the years ended 31 December was as follows:
2023 2022
\u20ac million \u20ac million
Established
14.8
18.2
Developing
14.3
14.3
Emerging
45.2
25.4
Corporate
8.5
9.6
Total income tax provision
82.8
67.5
1
1. Corporate refers to holding, finance and other non-operating subsidiaries of the Group.
OECD Pillar Two model rules
The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework
on Base Erosion and Profit Shifting published the Pillar Two model rules designed to address the tax
challenges arising from the digitalisation of the global economy. Under Pillar Two legislation, the Group
may be liable to pay a top-up tax for the difference between their Global Anti-Base Erosion (\u2018GloBE\u2019)
effective tax rate per jurisdiction and the 15% minimum rate
1
.
As of 31 December 2023, Pillar Two
2
legislation has been enacted or substantively enacted in certain
jurisdictions in which the Group has presence. In particular, Pillar Two legislation was enacted or
substantively enacted in Austria, Bulgaria, Croatia, Czech Republic, Finland, Hungary, Republic
of Ireland, Italy, the Netherlands, Romania, Slovakia, Slovenia, Switzerland and Northern Ireland.
Further countries in which the Group has presence have introduced draft legislation or declared
their intention to introduce Pillar Two legislation.
The legislation will be effective for the Group\u2019s financial year beginning 1 January 2024. Since the Pillar Two legislation was not effective at the reporting date, the Group has no related current tax exposure. In May 2023, the IASB amended IAS 12 to provide timely relief for affected entities, to avoid diverse interpretations of IAS 12 and to improve disclosures. The amendments have introduced a temporary exception to the requirements to recognise and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes as well as additional disclosure requirements. The Group applied the temporary exception at 31 December 2023. The Group has performed a preliminary assessment of its potential exposure to Pillar Two income taxes, following the transitional Pillar Two Safe Harbor rules. This assessment is based on the financial accounts of the Constituent Entities 3 which have been used in the preparation of the Group\u2019s consolidated financial statements under IFRS as adopted by the EU for 2021, 2022 and 2023. The assessment considers all countries in which the Group has presence and involves the assessment of whether a local additional tax liability or a tax liability at the level of the respective holding entity is expected to arise. Based on the Group\u2019s assessment, it is expected that no additional tax liability will arise in most of the Group\u2019s jurisdictions; however, there is a limited number of jurisdictions where the Pillar Two effective tax rate may be lower than 15%, namely Bulgaria, Kosovo, Bosnia and Herzegovina, Republic of Ireland, Moldova and Romania. While the effective tax rates in 2024 will depend on factors such as revenues, costs and foreign currency exchange rates, an estimation based on the figures of the fiscal year 2023 indicates that, had the Pillar Two legislation been effective for the year ended 31 December 2023, the effective tax rate under IFRS would have been approximately 0.5% higher than the reported effective tax rate of 30.2%. On this basis, the impact of any Pillar Two additional tax liability to the Group\u2019s effective tax rate for 2024 is not expected to be material. 1. The top-up tax is calculated on the GloBE income after deduction of the Substance Based Excluded Income (i.e. after deducting part of the income calculated based on the local personnel costs and local tangible assets as per Pillar Two rules). 2. Pillar Two legislation refers to OECD Global Base Anti-Erosion Rules (OECD GloBE Rules) introducing minimum taxation effective on low-tax jurisdictions. 3. Constituent Entities are the entities in scope of the Pillar Two rules, i.e. entities included in the financial statements with full consolidation and certain joint ventures to which CCHBC Group participates with a 50% ownership share.
Deferred tax assets and liabilities presented in the consolidated balance sheet as at 31 December, can
be further analysed as follows:
Deferred tax assets:
2023 2022
\u20ac million \u20ac million
To be recovered after 12 months
52.2
62.6
To be recovered within 12 months
92.3
73.7
Gross deferred tax assets
144.5
136.3
Offset of deferred tax
(103.0)
(98.8)
Net deferred tax assets
41.5
37.5
Deferred tax liabilities:
To be recovered after 12 months
(329.8)
(339.6)
To be recovered within 12 months
(23.5)
(23.8)
Gross deferred tax liabilities
(353.3)
(363.4)
Offset of deferred tax
103.0
98.8
Net deferred tax liabilities
(250.3)
(264.6)
A reconciliation of net deferred tax is presented below:
2023 2022
\u20ac million \u20ac million
As at 1 January
(227.1)
(166.7)
Taken to the income statement
(1.1)
27.6
Arising from business combinations (refer to Note 24)
(28.0)
(128.1)
Taken to other comprehensive income
(1.1)
(2.1)
Taken directly to equity
4.9
9.9
Foreign currency translation
43.6
32.3
As at 31 December
(208.8)
(227.1)
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:
Tax losses Book in Other
Pensions and carry- excess of tax deferred tax
Provisions benefit plans forward depreciation Leasing assets
Deferred tax assets \u20ac million \u20ac million \u20ac million \u20ac million \u20ac million
\u20ac million
Total
As at 1 January 2022
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)
Other movements and foreign
currency translation
(0.6)
\u2013
(5.2)
(0.4)
(0.3)
(6.7)
(13.2)
As at 31 December 2022
40.8
10.8
6.6
5.5
30.6
42.0
136.3
Taken to the income statement
(6.5)
2.7
1.5
(0.7)
5.6
6.1
8.7
Arising from business
combinations (refer to Note 24)
\u2013
\u2013
11.2
\u2013
1.3
0.8
13.3
Taken to other
comprehensive income
\u2013
0.8
\u2013
\u2013
\u2013
0.8
1.6
Other movements and foreign
currency translation
(17.7)
0.8
(0.3)
\u2013
(4.3)
6.1
(15.4)
As at 31 December 2023
16.6
15.1
19.0
4.8
33.2
55.8
144.5
Tax in excess Other
of book Derivative deferred tax
depreciation instruments liabilities Total
Deferred tax liabilities \u20ac million \u20ac million \u20ac million \u20ac million
As at 1 January 2022
(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
Other movements and foreign currency
translation
34.5
(0.1)
11.1
45.5
As at 31 December 2022
(332.8)
(3.0)
(27.6)
(363.4)
Taken to the income statement
(5.8)
(0.4)
(3.6)
(9.8)
Arising from business combinations
(refer to Note 24)
\u2013
\u2013
(41.3)
(41.3)
Taken to other comprehensive income
\u2013
(3.8)
1.1
(2.7)
Taken directly to equity
\u2013
4.9
\u2013
4.9
Other movements and foreign
currency translation
61.7
(0.1)
(2.6)
59.0
As at 31 December 2023
(276.9)
(2.4)
(74.0)
(353.3)
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:
2023 2022
\u20ac million \u20ac million
Attributable to tax losses that expire within five years
5.8
2.1
Attributable to tax losses that expire after five years
11.2
\u2013
Attributable to tax losses that can be carried forward indefinitely
2.0
4.5
Recognised deferred tax assets attributable to tax losses
19.0
6.6
The Group has unrecognised deferred tax assets attributable to tax losses that are available to
carry forward against future taxable income of \u20ac28.6 million (2022: \u20ac29.1 million). These are analysed
as follows:
2023 2022
\u20ac million \u20ac million
Attributable to tax losses that expire within five years
21.7
18.7
Attributable to tax losses that expire after five years
6.9
10.4
Unrecognised deferred tax assets attributable to tax losses
28.6
29.1
The aggregate amount of distributable reserves arising from the realised earnings of the Group\u2019s
operations was \u20ac3,871.2 million in 2023 (2022: \u20ac3,574.8 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-650": { "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:
2023 2022
\u20ac million \u20ac million
Current tax expense
273.5
235.6
Deferred tax expense/(income)
1.1
(27.6)
Income tax expense
274.6
208.0
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:
2023 2022
\u20ac million \u20ac million
Profit before tax
910.3
623.6
Tax calculated at domestic tax rates applicable to profits in the respective
countries
178.8
162.1
Additional local taxes in foreign jurisdictions
28.2
18.8
Tax holidays in foreign jurisdictions
5.4
(0.2)
Expenses non-deductible for tax purposes
49.6
28.6
Income not subject to tax
(0.3)
(3.6)
Changes in tax laws and rates
(3.2)
0.4
Movement of accumulated tax losses
5.4
2.9
Movement of deferred tax asset not recognised
\u2013
0.1
Other
10.7
(1.1)
Income tax expense
274.6
208.0
Effective tax rate
30.2%
33.4%
Non-deductible expenses for tax purposes include marketing and advertising expenses, service fees, loss allowance 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\u2019s effective tax rate varies depending on the mix of taxable profits by territory, the non- deductibility of certain expenses, non-taxable income, and other one-off tax items across its territories. The changes in applicable tax rates compared to the previous period are driven by a combination of blended tax rates and changes in the standard corporate tax rate in certain territories of the Group (namely Austria, Belarus, Czech Republic, Italy, Northern Ireland, Slovenia and Switzerland). 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 \u20ac82.8 million as at 31 December 2023 (2022: \u20ac67.5 million), of which \u20ac72.9 million (2022: \u20ac67.2 million) are classified in line \u2018Current tax liabilities\u2019, \u20ac0.3 million (2022: \u20ac0.3 million) in line \u2018Current tax assets\u2019 and \u20ac9.6 million (2022: \u20acnil) in line \u2018Deferred tax liabilities\u2019 of the consolidated balance sheet. The income tax provision per reportable segment for the years ended 31 December was as follows:
2023 2022
\u20ac million \u20ac million
Established
14.8
18.2
Developing
14.3
14.3
Emerging
45.2
25.4
Corporate
8.5
9.6
Total income tax provision
82.8
67.5
1 1. Corporate refers to holding, finance and other non-operating subsidiaries of the Group. OECD Pillar Two model rules The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting published the Pillar Two model rules designed to address the tax challenges arising from the digitalisation of the global economy. Under Pillar Two legislation, the Group may be liable to pay a top-up tax for the difference between their Global Anti-Base Erosion (\u2018GloBE\u2019) effective tax rate per jurisdiction and the 15% minimum rate1 . As of 31 December 2023, Pillar Two 2 legislation has been enacted or substantively enacted in certain jurisdictions in which the Group has presence. In particular, Pillar Two legislation was enacted or substantively enacted in Austria, Bulgaria, Croatia, Czech Republic, Finland, Hungary, Republic of Ireland, Italy, the Netherlands, Romania, Slovakia, Slovenia, Switzerland and Northern Ireland. Further countries in which the Group has presence have introduced draft legislation or declared their intention to introduce Pillar Two legislation.
The legislation will be effective for the Group\u2019s financial year beginning 1 January 2024. Since the Pillar
Two legislation was not effective at the reporting date, the Group has no related current tax exposure.
In May 2023, the IASB amended IAS 12 to provide timely relief for affected entities, to avoid diverse
interpretations of IAS 12 and to improve disclosures. The amendments have introduced a temporary
exception to the requirements to recognise and disclose information about deferred tax assets and
liabilities related to Pillar Two income taxes as well as additional disclosure requirements. The Group
applied the temporary exception at 31 December 2023.
The Group has performed a preliminary assessment of its potential exposure to Pillar Two income
taxes, following the transitional Pillar Two Safe Harbor rules. This assessment is based on the financial
accounts of the Constituent Entities
3
which have been used in the preparation of the Group\u2019s
consolidated financial statements under IFRS as adopted by the EU for 2021, 2022 and 2023. The
assessment considers all countries in which the Group has presence and involves the assessment
of whether a local additional tax liability or a tax liability at the level of the respective holding entity is
expected to arise.
Based on the Group\u2019s assessment, it is expected that no additional tax liability will arise in most of the
Group\u2019s jurisdictions; however, there is a limited number of jurisdictions where the Pillar Two effective
tax rate may be lower than 15%, namely Bulgaria, Kosovo, Bosnia and Herzegovina, Republic of Ireland,
Moldova and Romania. While the effective tax rates in 2024 will depend on factors such as revenues,
costs and foreign currency exchange rates, an estimation based on the figures of the fiscal year 2023
indicates that, had the Pillar Two legislation been effective for the year ended 31 December 2023, the
effective tax rate under IFRS would have been approximately 0.5% higher than the reported effective
tax rate of 30.2%. On this basis, the impact of any Pillar Two additional tax liability to the Group\u2019s
effective tax rate for 2024 is not expected to be material.
1. The top-up tax is calculated on the GloBE income after deduction of the Substance Based Excluded Income (i.e. after deducting part of
the income calculated based on the local personnel costs and local tangible assets as per Pillar Two rules).
2. Pillar Two legislation refers to OECD Global Base Anti-Erosion Rules (OECD GloBE Rules) introducing minimum taxation effective on
low-tax jurisdictions.
3. Constituent Entities are the entities in scope of the Pillar Two rules, i.e. entities included in the financial statements with full consolidation
and certain joint ventures to which CCHBC Group participates with a 50% ownership share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-569": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-672": { "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:
2023 2022
\u20ac million \u20ac million
To be recovered after 12 months
52.2
62.6
To be recovered within 12 months
92.3
73.7
Gross deferred tax assets
144.5
136.3
Offset of deferred tax
(103.0)
(98.8)
Net deferred tax assets
41.5
37.5
Deferred tax liabilities:
To be recovered after 12 months
(329.8)
(339.6)
To be recovered within 12 months
(23.5)
(23.8)
Gross deferred tax liabilities
(353.3)
(363.4)
Offset of deferred tax
103.0
98.8
Net deferred tax liabilities
(250.3)
(264.6)
A reconciliation of net deferred tax is presented below:
2023 2022
\u20ac million \u20ac million
As at 1 January
(227.1)
(166.7)
Taken to the income statement
(1.1)
27.6
Arising from business combinations (refer to Note 24)
(28.0)
(128.1)
Taken to other comprehensive income
(1.1)
(2.1)
Taken directly to equity
4.9
9.9
Foreign currency translation
43.6
32.3
As at 31 December
(208.8)
(227.1)
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:
Tax losses Book in Other
Pensions and carry- excess of tax deferred tax
Provisions benefit plans forward depreciation Leasing assets
Deferred tax assets \u20ac million \u20ac million \u20ac million \u20ac million \u20ac million
\u20ac million
Total
As at 1 January 2022
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)
Other movements and foreign
currency translation
(0.6)
\u2013
(5.2)
(0.4)
(0.3)
(6.7)
(13.2)
As at 31 December 2022
40.8
10.8
6.6
5.5
30.6
42.0
136.3
Taken to the income statement
(6.5)
2.7
1.5
(0.7)
5.6
6.1
8.7
Arising from business
combinations (refer to Note 24)
\u2013
\u2013
11.2
\u2013
1.3
0.8
13.3
Taken to other
comprehensive income
\u2013
0.8
\u2013
\u2013
\u2013
0.8
1.6
Other movements and foreign
currency translation
(17.7)
0.8
(0.3)
\u2013
(4.3)
6.1
(15.4)
As at 31 December 2023
16.6
15.1
19.0
4.8
33.2
55.8
144.5
Tax in excess Other
of book Derivative deferred tax
depreciation instruments liabilities Total
Deferred tax liabilities \u20ac million \u20ac million \u20ac million \u20ac million
As at 1 January 2022
(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
Other movements and foreign currency
translation
34.5
(0.1)
11.1
45.5
As at 31 December 2022
(332.8)
(3.0)
(27.6)
(363.4)
Taken to the income statement
(5.8)
(0.4)
(3.6)
(9.8)
Arising from business combinations
(refer to Note 24)
\u2013
\u2013
(41.3)
(41.3)
Taken to other comprehensive income
\u2013
(3.8)
1.1
(2.7)
Taken directly to equity
\u2013
4.9
\u2013
4.9
Other movements and foreign
currency translation
61.7
(0.1)
(2.6)
59.0
As at 31 December 2023
(276.9)
(2.4)
(74.0)
(353.3)
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:
2023 2022
\u20ac million \u20ac million
Attributable to tax losses that expire within five years
5.8
2.1
Attributable to tax losses that expire after five years
11.2
\u2013
Attributable to tax losses that can be carried forward indefinitely
2.0
4.5
Recognised deferred tax assets attributable to tax losses
19.0
6.6
The Group has unrecognised deferred tax assets attributable to tax losses that are available to carry forward against future taxable income of \u20ac28.6 million (2022: \u20ac29.1 million). These are analysed as follows:
2023 2022
\u20ac million \u20ac million
Attributable to tax losses that expire within five years
21.7
18.7
Attributable to tax losses that expire after five years
6.9
10.4
Unrecognised deferred tax assets attributable to tax losses
28.6
29.1
The aggregate amount of distributable reserves arising from the realised earnings of the Group\u2019s operations was \u20ac3,871.2 million in 2023 (2022: \u20ac3,574.8 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-592": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-613": { "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:
2023
2022
Net profit attributable to the owners of the parent (\u20ac million)
636.5
415.4
Weighted average number of ordinary shares for the purposes of basic
earnings per share (million)
367.8
366.4
Effect of dilutive stock options on number of shares (million)
0.5
0.5
Weighted average number of ordinary shares for the purposes of diluted
earnings per share (million)
368.3
366.9
Basic earnings per share (\u20ac)
1.73
1.13
Diluted earnings per share (\u20ac)
1.73
1.13
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-570": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-614": { "value": "13. Components of other comprehensive income The components of other comprehensive income for the years ended 31 December comprise: 2023 2022 Before tax Income tax Net of tax Before tax Income tax Net of tax \u20ac million \u20ac million \u20ac million \u20ac million \u20ac million \u20ac million Cost of hedging (refer to Note 25) (7.1) \u2013 (7.1) (3.5) \u2013(3.5 Cash flow hedges (refer to Note 25) 19.7 (3.0) 16.7 34.6 (3.9) 30.7 Foreign currency translation losses (484.6) \u2013 (484.6) (252.6) \u2013(252.6 Valuation gain/(loss) on equity investments at fair value through other comprehensive income 0.4 (0.1) 0.3 (0.1) \u2013(0.1 Actuarial (losses)/gains (16.4) 2.0 (14.4) 26.0 1.8 27.8 Share of other comprehensive (loss)/ income of equity method investments (11.7) \u2013 (11.7) 34.2 \u2013 34.2 Reclassification of share of other comprehensive income of equity method investments to the income statement, arising from business combinations (refer to Note 24) \u2013 \u2013 \u2013 145.2 \u2013 145.2 Other comprehensive loss (499.7) (1.1) (500.8) (16.2) (2.1)(18.3 The foreign currency translation losses for 2023 primarily related to the Nigerian Naira, the Russian Rouble and the Egyptian Pound, while the losses from the foreign currency translation for 2022 primarily related to the Egyptian Pound and the Russian Rouble.", "dimensions": { "concept": "ifrs-full:DisclosureOfAnalysisOfOtherComprehensiveIncomeByItemExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-615": { "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-Cola 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-generating 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-in-use and fair value less costs to sell) of the cash-generating 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-generating units. The value-in-use 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 rates 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.
The movements in intangible assets by classes of assets during the year are as follows:
Other
Franchise intangible
Goodwill agreements Trademarks assets Total
\u20ac million \u20ac million \u20ac million \u20ac million \u20ac million
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
Cost
As at 1 January 2023
2,108.4
395.8
220.2
17.9
2,742.3
Arising from business combinations (refer to Note 24)
7.4
\u2013
197.0
\u2013
204.4
Impairment
(110.5)
\u2013
\u2013
(2.0)
(112.5)
Foreign currency translation
(2.1)
(62.0)
(0.3)
\u2013
(64.4)
As at 31 December 2023
2,003.2
333.8
416.9
15.9
2,769.8
Amortisation
As at 1 January 2023
182.4
\u2013
8.1
9.3
199.8
Charge for the year
\u2013
\u2013
0.5
0.9
1.4
As at 31 December 2023
182.4
\u2013
8.6
10.2
201.2
Net book value as at 1 January 2023
1,926.0
395.8
212.1
8.6
2,542.5
Net book value as at 31 December 2023
1,820.8
333.8
408.3
5.7
2,568.6
Impairment losses of \u20ac13.7 million in 2022 relate to the impairment of goodwill in connection with the Group\u2019s Russian cash-generating unit (refer to Note 6). In 2023, the Group recognised an impairment loss of \u20ac3.1 million in connection with its self-serve coffee vending business in Poland (the \u2018Costa Express Business\u2019), as the recoverable amount was lower than the carrying amount. The recoverable amount was determined based on value-in-use calculations, considering management\u2019s best estimates of future cash flows expected to arise from the business, discounted at a rate of 7.7%. The impairment was driven mainly by a change in expectations regarding scope and duration of a contract with a key customer. The impairment loss was allocated to goodwill (\u20ac1.1 million) and other finite-lived intangible assets (\u20ac2.0 million), and was included in line \u2018Operating expenses\u2019 of the consolidated income statement and under Developing markets for segmental allocation purposes. In addition, impairment losses of \u20ac109.4 million in 2023 relate to the impairment of goodwill of the Group\u2019s Egyptian cash-generating unit. For details on the impairment testing of the Group\u2019s Egyptian cash-generating unit, refer to section \u2018Annual impairment test for goodwill and other indefinite-lived intangible assets\u2019 below. Intangible assets not subject to amortisation amounted to \u20ac2,559.0 million (2022: \u20ac2,529.7 million), and are presented in the charts below:
Goodwill
\u20ac1,820.8 million
Franchise agreements
\u20ac333.8 million
Trademarks
\u20ac404.4 million
2023
Goodwill
\u20ac1,926.0 million
Franchise agreements
\u20ac395.8 million
Trademarks
\u20ac207.9 million
2022 \u20ac2,559.0 million \u20ac2,529.7 million
The carrying value of intangible assets subject to amortisation amounted to \u20ac9.6 million
(2022: \u20ac12.8 million) and comprised water rights of \u20ac5.3 million, trademarks of \u20ac3.9 million and
other intangible assets of \u20ac0.4 million (2022: \u20ac6.0 million water rights, \u20ac4.2 million trademarks and
\u20ac2.6 million other intangible assets).
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 materials\u2019 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.
Except for the impairment in the goodwill of the Egyptian cash-generating unit analysed below, no
further impairment of goodwill and other indefinite-lived assets was identified during the annual
impairment test of 2023.
The following chart and accompanying table set forth the percentage and carrying value respectively of goodwill and other indefinite-lived intangible assets for those cash-generating units whose carrying value is greater than or equal to 9% of the total, as at 31 December 2023. Intangible assets not subject to amortisation as at 31 December 2023(%)
Italy
30%
Switzerland
19%
The Republic of Ireland
10%
and Northern Ireland
Koncern Bambi a.d. Po\u017earevac
9%
All other cash-generating units
32%
Franchise
Goodwill agreements Trademarks Total
\u20ac million \u20ac million \u20ac million \u20ac million
Italy
640.9
126.9
\u2013
767.8
Switzerland
492.1
\u2013
\u2013
492.1
The Republic of Ireland and
Northern Ireland
245.8
\u2013
\u2013
245.8
Koncern Bambi a.d.
Po\u017earevac
115.4
\u2013
118.7
234.1
All other cash-generating
units
326.6
206.9
285.7
819.2
Total
1,820.8
333.8
404.4
2,559.0
The key assumptions for these cash-generating units are presented below:
Growth rate in Post-tax discount Pre-tax discount
perpetuity (%) rate (%) rate (%)
2023
2022
2023
2022
2023
2022
Italy
2.0
2.0
8.4
8.6
11.5
11.4
Switzerland
0.8
0.8
6.5
6.7
7.8
8.0
The Republic of Ireland and
Northern Ireland
4.0
4.0
6.4
6.6
7.0
7.1
Koncern Bambi a.d. Po\u017earevac
4.5
4.5
9.3
10.9
10.2
11.9
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.
Impairment of Egyptian cash-generating unit
We disclosed in our 2022 Integrated Annual Report that in the cash-generating unit (\u2018unit\u2019) of Egypt,
reasonably possible changes in key assumptions of the 2022 impairment test would remove the
remaining headroom. During 2023, we experienced worsening macroeconomic factors in the country,
with inflation persisting at record-high levels, more than double the upper bound of the Central Bank of
Egypt\u2019s target band, and increasing risk of foreign currency crisis due to low reserves, while geopolitical
tensions in the Middle East negatively impacted the financial performance of the unit in late 2023.
The Group performed its annual impairment test in 2023, which resulted in an impairment loss for
its Egyptian unit of \u20ac109.4 million, as the recoverable amount was lower than the carrying amount
of the unit. The recoverable amount was determined based on value-in-use calculations consistent
with those performed in 2022, updated to consider management\u2019s best estimates of expected cash
flows and a higher discount rate, reflective of the increased macroeconomic uncertainty in Egypt, as
discussed above. The impairment loss was allocated in its entirety to reduce the carrying amount of
goodwill allocated to the unit and was included in line \u2018Operating expenses\u2019 of the consolidated income
statement and under Emerging markets for segmental allocation purposes.
The following table sets out the key assumptions used in the impairment assessment of the Egyptian unit:
December 2023
December 2022
Growth rate in perpetuity
5.0%
5.0%
Post-tax discount rate
17.4%
15.2%
Pre-tax discount rate
20.8%
17.8%
As at 31 December 2023, the recoverable amount of the Egyptian unit was approximately \u20ac340 million.
The Group continues to closely monitor its Egyptian unit in order to ensure that timely actions and
initiatives are undertaken to minimise potential adverse impacts on its expected performance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-571": { "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-Cola 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-generating 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-in-use and fair value less costs to sell) of the cash-generating 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-593": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-594": { "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-Cola 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-616": { "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. Climate change-related risks and relevant mitigation and adaptation actions may impact the useful lives of property, plant and equipment. The Group monitors the potential impact of climate change-related risks and associated legislation in the context of its review of the useful lives and no impact has been identified. 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 the accounting policy regarding right-of-use assets, refer to Note 17 \u2018Leases\u2019.
Land and Plant and Returnable Assets under
buildings equipment containers construction Total
\u20ac million \u20ac million \u20ac million \u20ac million \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
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
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
1
1
Land and Plant and Returnable Assets under
buildings equipment containers construction Total
\u20ac million \u20ac million \u20ac million \u20ac million \u20ac million
Cost
As at 1 January 2023
1,752.3
4,168.4
497.0
249.1
6,666.8
Additions
5.5
136.9
74.4
393.4
610.2
Disposals
(7.4)
(145.2)
(17.0)
(1.7)
(171.3)
Reclassified to assets held for sale (refer to Note 20)
(11.7)
(0.4)
\u2013
\u2013
(12.1)
Reclassified from assets held for sale (refer to Note 20)
\u2013
0.6
\u2013
\u2013
0.6
Reclassifications
76.2
249.7
3.7
(329.6)
\u2013
Foreign currency translation
(216.8)
(449.2)
(99.1)
(41.9)
(807.0)
As at 31 December 2023
1,598.1
3,960.8
459.0
269.3
6,287.2
Depreciation and impairment
As at 1 January 2023
612.9
2,685.3
303.9
2.3
3,604.4
Charge for the year
47.2
239.7
39.2
\u2013
326.1
Impairment
1.4
9.8
2.4
1.1
14.7
Disposals
(5.7)
(142.4)
(13.8)
(1.1)
(163.0)
Reclassified to assets held for sale (refer to Note 20)
(8.4)
(0.4)
\u2013
\u2013
(8.8)
Reclassified from assets held for sale (refer to Note 20)
\u2013
0.5
\u2013
\u2013
0.5
Foreign currency translation
(41.7)
(244.1)
(48.4)
\u2013
(334.2)
As at 31 December 2023
605.7
2,548.4
283.3
2.3
3,439.7
Net book value as at 31 December 2023 excluding
right-of-use assets
992.4
1,412.4
175.7
267.0
2,847.5
Net book value of right-of-use assets as at
31 December 2023
105.2
104.4
\u2013
\u2013
209.6
Net book value as at 31 December 2023
1,097.6
1,516.8
175.7
267.0
3,057.1
1. Line \u2018Reclassified from right-of-use assets\u2019 for 2022 relates to the reclassification from right-of-use 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 2023 include advances for equipment purchases of
\u20ac78.6 million (2022: \u20ac63.2 million). The depreciation charge for the year, including that for right-of-
use assets (refer to Note 17), recognised in operating expenses and cost of goods sold amounted to
\u20ac203.7 million (2022: \u20ac209.6 million) and \u20ac181.4 million (2022: \u20ac193.8 million) respectively.
Impairment of property, plant and equipment and right-of-use assets
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-Ukraine 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.
In 2023, the Group recorded impairment losses of \u20ac5.1 million, \u20ac3.6 million and \u20ac10.4 million, and
reversals of impairment of \u20acnil, \u20acnil and \u20ac4.4 million relating to property, plant and equipment in the
Established, Developing and Emerging segments respectively. The impaired assets, being mainly
production equipment and returnable containers, were written down based mainly on value-in-use
calculations. The Group also recorded impairment losses of \u20ac0.1 million and reversals of impairment
of \u20acnil relating to right-of-use assets in the Established segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-572": { "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. Climate change-related risks and relevant mitigation and adaptation actions may impact
the useful lives of property, plant and equipment. The Group monitors the potential impact of
climate change-related risks and associated legislation in the context of its review of the useful lives
and no impact has been identified.
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 the accounting policy regarding right-of-use assets, refer to Note 17 \u2018Leases\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-595": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-673": { "value": "Impairment of property, plant and equipment and right-of-use assets 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-Ukraine 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. In 2023, the Group recorded impairment losses of \u20ac5.1 million, \u20ac3.6 million and \u20ac10.4 million, and reversals of impairment of \u20acnil, \u20acnil and \u20ac4.4 million relating to property, plant and equipment in the Established, Developing and Emerging segments respectively. The impaired assets, being mainly production equipment and returnable containers, were written down based mainly on value-in-use calculations. The Group also recorded impairment losses of \u20ac0.1 million and reversals of impairment of \u20acnil relating to right-of-use assets in the Established segment.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-617": { "value": "
16. Interests in other entities
The following are the principal subsidiaries of the Group as at 31 December:
% of voting rights
% ownership
Country of registration
2023
2022
2023
2022
Adelink Ltd
Russia
50.0%
50.0%
50.0%
50.0%
AS Coca-Cola HBC Eesti
Estonia
100.0%
100.0%
100.0%
100.0%
Brown-Forman Finland Oy
Finland
100.0%
\u2013
100.0%
\u2013
CC Beverages Holdings II B.V.
The Netherlands
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%
CCHBC Ventures BV
The Netherlands
100.0%
\u2013
100.0%
\u2013
CCH CirculaRPET S.r.l.
Italy
100.0%
100.0%
100.0%
100.0%
Coca-Cola Beverages Belorussiya
Belarus
100.0%
100.0%
100.0%
100.0%
Coca-Cola Imbuteliere Chisinau SRL
Moldova
100.0%
100.0%
100.0%
100.0%
Coca-Cola Beverages Ukraine Ltd
Ukraine
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Austria GmbH
Austria
100.0%
100.0%
100.0%
100.0%
Bosnia and
Coca-Cola HBC B-H d.o.o. Sarajevo
Herzegovina
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC \u010cesk\u00e1 a Slovensko, s.r.o.
organiza\u010dn\u00e1 zlo\u017eka
Slovakia
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC \u010cesko a Slovensko, s.r.o.
Czech Republic
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Cyprus Ltd
Cyprus
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Egypt
Egypt
97.8%
94.7%
97.8%
94.7%
Coca-Cola HBC Finance B.V.
The Netherlands
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Greece S.A.I.C.
Greece
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Holdings B.V.
The Netherlands
100.0%
100.0%
100.0%
100.0%
1
2
3
4
% of voting rights
% ownership
Country of registration
2023
2022
2023
2022
Coca-Cola HBC Hrvatska d.o.o.
Croatia
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Hungary Ltd
Hungary
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Ireland Limited
Republic of Ireland
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Italia S.r.l.
Italy
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Kosovo L.L.C.
Kosovo
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Northern Ireland Limited
Northern Ireland
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Polska sp. z o.o.
Poland
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Romania Ltd
Romania
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Services MEPE
Greece
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Slovenija d.o.o.
Slovenia
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Sourcing B.V.
The Netherlands
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Switzerland Ltd
Switzerland
99.9%
99.9%
99.9%
99.9%
Coca-Cola HBC-Srbija d.o.o.
Serbia
100.0%
100.0%
100.0%
100.0%
Coca-Cola Hellenic Bottling
Company-Crna Gora d.o.o., Podgorica
Montenegro
100.0%
100.0%
100.0%
100.0%
Coca-Cola Hellenic Business
Service Organisation
Bulgaria
100.0%
100.0%
100.0%
100.0%
Coca-Cola Hellenic Procurement GmbH
Austria
100.0%
100.0%
100.0%
100.0%
dCommerce Solutions BV
The Netherlands
100.0%
100.0%
100.0%
100.0%
ESM Effervescent Sodas
Management Limited
Cyprus
100.0%
100.0%
100.0%
100.0%
Koncern Bambi a.d. Po\u017earevac
Serbia
100.0%
100.0%
100.0%
100.0%
Multon AO
Russia
50.0%
50.0%
50.0%
50.0%
Multon Partners LLC
Russia
100.0%
100.0%
100.0%
100.0%
Nigerian Bottling Company Ltd
Nigeria
100.0%
100.0%
100.0%
100.0%
SIA Coca-Cola HBC Latvia
Latvia
100.0%
100.0%
100.0%
100.0%
Three Cents Hellas Single Member S.A.
Greece
100.0%
100.0%
100.0%
100.0%
UAB Coca-Cola HBC Lietuva
Lithuania
100.0%
100.0%
100.0%
100.0%
5 1 6 5 1. Following unilateral waiver by The Coca-Cola Company of certain of its governance rights, Coca-Cola HBC acquired control of Multon AO Group of companies effective 11 August 2022 (refer to Note 24). 2. Brown-Forman Finland Oy was acquired on 1 November 2023 (refer to Note 24). 3. CCHBC Ventures BV was established on 21 April 2023. 4. Coca-Cola Bottling Company of Egypt S.A.E. was acquired on 13 January 2022 (refer to Note 24) and was renamed to Coca-Cola HBC Egypt as of 18 June 2023. 5. 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). 6. LLC Coca-Cola HBC Eurasia was renamed to Multon Partners LLC as of 29 July 2022. Associates and joint arrangements Accounting policy 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% and 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 statement of 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 the classification of the Group\u2019s joint arrangements as joint ventures where the Group has rights to the net assets of the arrangement, or joint operations where the Group has rights to the assets and obligations for the liabilities of the arrangement. In making this assessment, 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 relevant legal framework). The Group participates in a number of joint arrangements with The Coca-Cola Company in connection with its water business across its markets, the classification of which involves a significant degree of judgement due to the complexity of the underlying contractual arrangements of the business model and the diversity of the relevant legal frameworks across markets.
Equity-method investments
Changes in the carrying amounts of equity method investments are as follows:
Joint ventures Associates Total
\u20ac million \u20ac million \u20ac million
As at 1 January 2022
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
Share of results of equity method investments
9.8
4.9
14.7
Share of other comprehensive income of equity method
investments
0.3
(12.0)
(11.7)
Share of total comprehensive income
10.1
(7.1)
3.0
Dividends
(9.3)
(2.1)
(11.4)
Decrease due to other movements
\u2013
(0.2)
(0.2)
As at 31 December 2023
86.8
110.2
197.0
The carrying amount of equity method investments as at 31 December 2023 comprises integral and
non-integral equity method investments as follows:
Joint ventures Associates Total
\u20ac million \u20ac million \u20ac million
Integral equity method investments
82.6
\u2013
82.6
Non-integral equity method investments
4.2
110.2
114.4
Total equity method investments
86.8
110.2
197.0
a) Investments in joint ventures
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 Coca-
Cola Company until August 2022 (the joint arrangement was classified as a joint venture, as its structure
provided to the Group rights to its net assets). In August 2022, The Coca-Cola Company unilaterally
waived certain of its governance rights in connection with its 50% interest in Multon, which were
accordingly assumed by the Group. As a result, considering the criteria set out in IFRS 10 \u2018Consolidated
financial statements\u2019, the Group 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 221, 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 221, 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. The information below 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.
2022
Multon AO Group of companies \u20ac million
Summarised statement of comprehensive income
1
:
Revenue
307.3
Depreciation
(3.4)
Interest income
6.6
Interest expense
(1.1)
Profit before tax
80.5
Income tax expense
(15.9)
Profit after tax
64.6
Other comprehensive income
69.8
Total comprehensive income
134.4
1. The summarised statement of comprehensive income for 2022 reflects the period up to 11 August, during which Multon was classified as a joint venture.
2023 2022
AD Pivara Skopje \u20ac million \u20ac million
Summarised balance sheet:
Non-current assets
65.1
66.1
Cash and cash equivalents
3.5
0.5
Other current assets
18.7
14.4
Total current assets
22.2
14.9
Borrowings
(6.0)
(3.6)
Other current liabilities (including trade payables)
(28.9)
(20.8)
Total current liabilities
(34.9)
(24.4)
Borrowings
(0.8)
(7.0)
Other non-current liabilities
(0.5)
(0.3)
Total non-current liabilities
(1.3)
(7.3)
Net assets
51.1
49.3
Summarised statement of comprehensive income:
Revenue
127.5
91.8
Depreciation
(7.5)
(5.7)
Interest expense
(0.1)
\u2013
Profit before tax
19.8
17.9
Income tax expense
(2.4)
(2.1)
Profit after tax
17.4
15.8
Total comprehensive income
17.4
15.8
Dividends received
5.2
7.7
2023 2022 AD Pivara Skopje \u20ac million \u20ac million Reconciliation of net assets to carrying amount: Closing net assets 51.1 49.3 nterest in joint venture at 50% 25.6 24.7 Goodwill 16.9 16.9 Non-controlling interest (1.6) (1.6) Carrying value 40.9 40.0 Summarised financial information of the Group\u2019s investment in other joint ventures is as follows:
2023 2022
\u20ac million \u20ac million
Carrying amount
45.9
46.0
Share of profit
1.1
1.9
Share of other comprehensive income
0.3
(0.3)
Share of total comprehensive income
1.4
1.6
b) Investment in associates The Group has one significant associate, being Casa Del Caff\u00e8 Vergnano S.p.A. (\u2018Caff\u00e8 Vergnano\u2019), a premium Italian coffee company in which the Group holds a 30% equity shareholding. The corresponding investment is classified as an associate, as the Group has significant influence over the nvestee. The Group has also entered into an exclusive distribution agreement for Caff\u00e8 Vergnano\u2019s products in all its territories outside of Italy. The investment is accounted for using the equity method and is further classified as a non-integral equity method investment in the consolidated financial statements of the Group, considering that the distribution agreement is separate to the shareholding. During 2022, acquisition costs of \u20ac0.8 million accrued in 2021 in connection with the investment in Caff\u00e8 Vergnano were paid and presented in line \u2018Payments for non-integral equity method investments\u2019 of the consolidated cash flow statement, while in 2023 \u20ac0.2 million of accrued acquisition costs were written-off. 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 associate when using the equity method, including fair value adjustments and not the Group\u2019s share in those amounts.
2023 2022
Caff\u00e8 Vergnano \u20ac million \u20ac million
Summarised balance sheet:
Non-current assets
123.4
125.2
Cash and cash equivalents
0.7
1.0
Other current assets
52.0
54.5
Total current assets
52.7
55.5
Borrowings
(15.6)
(19.6)
Other current liabilities (including trade payables)
(33.4)
(30.6)
Total current liabilities
(49.0)
(50.2)
Borrowings
(3.0)
(2.4)
Other non-current liabilities
(26.7)
(27.5)
Total non-current liabilities
(29.7)
(29.9)
Net assets
97.4
100.6
Summarised statement of comprehensive income:
Revenue
109.7
105.1
Depreciation
(8.0)
(7.6)
Loss before tax
(2.0)
(3.6)
Income tax
0.8
0.3
Loss after tax
(1.2)
(3.3)
Total comprehensive loss
(1.2)
(3.3)
Reconciliation of net assets to carrying amount:
Closing net assets
97.4
100.6
Interest in associate at 30%
29.2
30.2
Acquisition costs
0.9
1.1
Goodwill
56.5
56.5
Carrying value
86.6
87.8
Summarised financial information of the Group\u2019s investment in other associates is as follows:
2023 2022
\u20ac million \u20ac million
Carrying amount
23.6
31.8
Share of profit
5.3
3.0
Share of other comprehensive loss
(12.0)
(0.4)
Share of total comprehensive (loss)/income
(6.7)
2.6
We disclosed in our 2022 Integrated Annual Report that Frigoglass Industries (Nigeria) Limited, an associate in which the Group holds an effective interest of 23.9% (2022: 23.9%) through its subsidiary Nigerian Bottling Company Ltd, was guarantor under the amended banking facilities and notes issued by the Frigoglass Group. This guarantee expired in April 2023 as part of the restructuring of Frigoglass Group (refer to Note 28). However, Frigoglass Industries (Nigeria) Limited is a guarantor for the new senior secured notes issued in 2023 by the restructured Frigoglass Group. The Group has no direct exposure arising from this guarantee arrangement, but the Group\u2019s investment in this associate, which stood at \u20ac14.0 million as at 31 December 2023 (2022: \u20ac21.1 million), would be at potential risk if there was a default under the terms of the senior secured notes and the restructured Frigoglass Group (including the guarantor) was unable to meet its obligations thereunder. c) Joint operations Other joint operations of the Group with The Coca-Cola 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
Austria
R\u00f6merquelle
Italy
Fonti del Vulture
Romania
Dorna
Baltics
Neptuno Vandenys
Poland
Multivita
Switzerland
Valser
Serbia
Vlasinka
In addition, the Group has entered into a joint operation arrangement with HEINEKEN Romania S.A., whereby it holds a 50% interest in Stockday S.R.L., an online business-to-business platform and distributor in Romania.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-674": { "value": "16. Interests in other entities The following are the principal subsidiaries of the Group as at 31 December:
% of voting rights
% ownership
Country of registration
2023
2022
2023
2022
Adelink Ltd
Russia
50.0%
50.0%
50.0%
50.0%
AS Coca-Cola HBC Eesti
Estonia
100.0%
100.0%
100.0%
100.0%
Brown-Forman Finland Oy
Finland
100.0%
\u2013
100.0%
\u2013
CC Beverages Holdings II B.V.
The Netherlands
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%
CCHBC Ventures BV
The Netherlands
100.0%
\u2013
100.0%
\u2013
CCH CirculaRPET S.r.l.
Italy
100.0%
100.0%
100.0%
100.0%
Coca-Cola Beverages Belorussiya
Belarus
100.0%
100.0%
100.0%
100.0%
Coca-Cola Imbuteliere Chisinau SRL
Moldova
100.0%
100.0%
100.0%
100.0%
Coca-Cola Beverages Ukraine Ltd
Ukraine
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Austria GmbH
Austria
100.0%
100.0%
100.0%
100.0%
Bosnia and
Coca-Cola HBC B-H d.o.o. Sarajevo
Herzegovina
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC \u010cesk\u00e1 a Slovensko, s.r.o.
organiza\u010dn\u00e1 zlo\u017eka
Slovakia
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC \u010cesko a Slovensko, s.r.o.
Czech Republic
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Cyprus Ltd
Cyprus
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Egypt
Egypt
97.8%
94.7%
97.8%
94.7%
Coca-Cola HBC Finance B.V.
The Netherlands
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Greece S.A.I.C.
Greece
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Holdings B.V.
The Netherlands
100.0%
100.0%
100.0%
100.0%
1 2 3 4
% of voting rights
% ownership
Country of registration
2023
2022
2023
2022
Coca-Cola HBC Hrvatska d.o.o.
Croatia
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Hungary Ltd
Hungary
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Ireland Limited
Republic of Ireland
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Italia S.r.l.
Italy
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Kosovo L.L.C.
Kosovo
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Northern Ireland Limited
Northern Ireland
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Polska sp. z o.o.
Poland
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Romania Ltd
Romania
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Services MEPE
Greece
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Slovenija d.o.o.
Slovenia
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Sourcing B.V.
The Netherlands
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Switzerland Ltd
Switzerland
99.9%
99.9%
99.9%
99.9%
Coca-Cola HBC-Srbija d.o.o.
Serbia
100.0%
100.0%
100.0%
100.0%
Coca-Cola Hellenic Bottling
Company-Crna Gora d.o.o., Podgorica
Montenegro
100.0%
100.0%
100.0%
100.0%
Coca-Cola Hellenic Business
Service Organisation
Bulgaria
100.0%
100.0%
100.0%
100.0%
Coca-Cola Hellenic Procurement GmbH
Austria
100.0%
100.0%
100.0%
100.0%
dCommerce Solutions BV
The Netherlands
100.0%
100.0%
100.0%
100.0%
ESM Effervescent Sodas
Management Limited
Cyprus
100.0%
100.0%
100.0%
100.0%
Koncern Bambi a.d. Po\u017earevac
Serbia
100.0%
100.0%
100.0%
100.0%
Multon AO
Russia
50.0%
50.0%
50.0%
50.0%
Multon Partners LLC
Russia
100.0%
100.0%
100.0%
100.0%
Nigerian Bottling Company Ltd
Nigeria
100.0%
100.0%
100.0%
100.0%
SIA Coca-Cola HBC Latvia
Latvia
100.0%
100.0%
100.0%
100.0%
Three Cents Hellas Single Member S.A.
Greece
100.0%
100.0%
100.0%
100.0%
UAB Coca-Cola HBC Lietuva
Lithuania
100.0%
100.0%
100.0%
100.0%
5
1
6
5
1. Following unilateral waiver by The Coca-Cola Company of certain of its governance rights, Coca-Cola HBC acquired control of Multon AO Group of companies effective 11 August 2022 (refer to Note 24). 2. Brown-Forman Finland Oy was acquired on 1 November 2023 (refer to Note 24). 3. CCHBC Ventures BV was established on 21 April 2023. 4. Coca-Cola Bottling Company of Egypt S.A.E. was acquired on 13 January 2022 (refer to Note 24) and was renamed to Coca-Cola HBC Egypt as of 18 June 2023. 5. 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). 6. LLC Coca-Cola HBC Eurasia was renamed to Multon Partners LLC as of 29 July 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-651": { "value": "16. Interests in other entities The following are the principal subsidiaries of the Group as at 31 December:
% of voting rights
% ownership
Country of registration
2023
2022
2023
2022
Adelink Ltd
Russia
50.0%
50.0%
50.0%
50.0%
AS Coca-Cola HBC Eesti
Estonia
100.0%
100.0%
100.0%
100.0%
Brown-Forman Finland Oy
Finland
100.0%
\u2013
100.0%
\u2013
CC Beverages Holdings II B.V.
The Netherlands
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%
CCHBC Ventures BV
The Netherlands
100.0%
\u2013
100.0%
\u2013
CCH CirculaRPET S.r.l.
Italy
100.0%
100.0%
100.0%
100.0%
Coca-Cola Beverages Belorussiya
Belarus
100.0%
100.0%
100.0%
100.0%
Coca-Cola Imbuteliere Chisinau SRL
Moldova
100.0%
100.0%
100.0%
100.0%
Coca-Cola Beverages Ukraine Ltd
Ukraine
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Austria GmbH
Austria
100.0%
100.0%
100.0%
100.0%
Bosnia and
Coca-Cola HBC B-H d.o.o. Sarajevo
Herzegovina
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC \u010cesk\u00e1 a Slovensko, s.r.o.
organiza\u010dn\u00e1 zlo\u017eka
Slovakia
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC \u010cesko a Slovensko, s.r.o.
Czech Republic
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Cyprus Ltd
Cyprus
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Egypt
Egypt
97.8%
94.7%
97.8%
94.7%
Coca-Cola HBC Finance B.V.
The Netherlands
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Greece S.A.I.C.
Greece
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Holdings B.V.
The Netherlands
100.0%
100.0%
100.0%
100.0%
1 2 3 4
% of voting rights
% ownership
Country of registration
2023
2022
2023
2022
Coca-Cola HBC Hrvatska d.o.o.
Croatia
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Hungary Ltd
Hungary
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Ireland Limited
Republic of Ireland
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Italia S.r.l.
Italy
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Kosovo L.L.C.
Kosovo
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Northern Ireland Limited
Northern Ireland
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Polska sp. z o.o.
Poland
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Romania Ltd
Romania
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Services MEPE
Greece
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Slovenija d.o.o.
Slovenia
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Sourcing B.V.
The Netherlands
100.0%
100.0%
100.0%
100.0%
Coca-Cola HBC Switzerland Ltd
Switzerland
99.9%
99.9%
99.9%
99.9%
Coca-Cola HBC-Srbija d.o.o.
Serbia
100.0%
100.0%
100.0%
100.0%
Coca-Cola Hellenic Bottling
Company-Crna Gora d.o.o., Podgorica
Montenegro
100.0%
100.0%
100.0%
100.0%
Coca-Cola Hellenic Business
Service Organisation
Bulgaria
100.0%
100.0%
100.0%
100.0%
Coca-Cola Hellenic Procurement GmbH
Austria
100.0%
100.0%
100.0%
100.0%
dCommerce Solutions BV
The Netherlands
100.0%
100.0%
100.0%
100.0%
ESM Effervescent Sodas
Management Limited
Cyprus
100.0%
100.0%
100.0%
100.0%
Koncern Bambi a.d. Po\u017earevac
Serbia
100.0%
100.0%
100.0%
100.0%
Multon AO
Russia
50.0%
50.0%
50.0%
50.0%
Multon Partners LLC
Russia
100.0%
100.0%
100.0%
100.0%
Nigerian Bottling Company Ltd
Nigeria
100.0%
100.0%
100.0%
100.0%
SIA Coca-Cola HBC Latvia
Latvia
100.0%
100.0%
100.0%
100.0%
Three Cents Hellas Single Member S.A.
Greece
100.0%
100.0%
100.0%
100.0%
UAB Coca-Cola HBC Lietuva
Lithuania
100.0%
100.0%
100.0%
100.0%
5 1 6 5 1. Following unilateral waiver by The Coca-Cola Company of certain of its governance rights, Coca-Cola HBC acquired control of Multon AO Group of companies effective 11 August 2022 (refer to Note 24). 2. Brown-Forman Finland Oy was acquired on 1 November 2023 (refer to Note 24). 3. CCHBC Ventures BV was established on 21 April 2023. 4. Coca-Cola Bottling Company of Egypt S.A.E. was acquired on 13 January 2022 (refer to Note 24) and was renamed to Coca-Cola HBC Egypt as of 18 June 2023. 5. 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). 6. LLC Coca-Cola HBC Eurasia was renamed to Multon Partners LLC as of 29 July 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-652": { "value": "
Associates and joint arrangements
Accounting policy
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% and 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 statement of 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 the classification of the Group\u2019s joint arrangements as joint ventures where the Group has rights to the net assets of the arrangement, or joint operations where the Group has rights to the assets and obligations for the liabilities of the arrangement. In making this assessment, 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 relevant legal framework). The Group participates in a number of joint arrangements with The Coca-Cola Company in connection with its water business across its markets, the classification of which involves a significant degree of judgement due to the complexity of the underlying contractual arrangements of the business model and the diversity of the relevant legal frameworks across markets. Equity-method investments Changes in the carrying amounts of equity method investments are as follows:
Joint ventures Associates Total
\u20ac million \u20ac million \u20ac million
As at 1 January 2022
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
Share of results of equity method investments
9.8
4.9
14.7
Share of other comprehensive income of equity method
investments
0.3
(12.0)
(11.7)
Share of total comprehensive income
10.1
(7.1)
3.0
Dividends
(9.3)
(2.1)
(11.4)
Decrease due to other movements
\u2013
(0.2)
(0.2)
As at 31 December 2023
86.8
110.2
197.0
The carrying amount of equity method investments as at 31 December 2023 comprises integral and non-integral equity method investments as follows:
Joint ventures Associates Total
\u20ac million \u20ac million \u20ac million
Integral equity method investments
82.6
\u2013
82.6
Non-integral equity method investments
4.2
110.2
114.4
Total equity method investments
86.8
110.2
197.0
a) Investments in joint ventures 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 Coca- Cola Company until August 2022 (the joint arrangement was classified as a joint venture, as its structure provided to the Group rights to its net assets). In August 2022, The Coca-Cola Company unilaterally waived certain of its governance rights in connection with its 50% interest in Multon, which were accordingly assumed by the Group. As a result, considering the criteria set out in IFRS 10 \u2018Consolidated financial statements\u2019, the Group 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 221, 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 221, 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.
The information below 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.
2022
Multon AO Group of companies \u20ac million
Summarised statement of comprehensive income
1
:
Revenue
307.3
Depreciation
(3.4)
Interest income
6.6
Interest expense
(1.1)
Profit before tax
80.5
Income tax expense
(15.9)
Profit after tax
64.6
Other comprehensive income
69.8
Total comprehensive income
134.4
1. The summarised statement of comprehensive income for 2022 reflects the period up to 11 August, during which Multon was classified as a
joint venture.
2023 2022
AD Pivara Skopje \u20ac million \u20ac million
Summarised balance sheet:
Non-current assets
65.1
66.1
Cash and cash equivalents
3.5
0.5
Other current assets
18.7
14.4
Total current assets
22.2
14.9
Borrowings
(6.0)
(3.6)
Other current liabilities (including trade payables)
(28.9)
(20.8)
Total current liabilities
(34.9)
(24.4)
Borrowings
(0.8)
(7.0)
Other non-current liabilities
(0.5)
(0.3)
Total non-current liabilities
(1.3)
(7.3)
Net assets
51.1
49.3
Summarised statement of comprehensive income:
Revenue
127.5
91.8
Depreciation
(7.5)
(5.7)
Interest expense
(0.1)
\u2013
Profit before tax
19.8
17.9
Income tax expense
(2.4)
(2.1)
Profit after tax
17.4
15.8
Total comprehensive income
17.4
15.8
Dividends received
5.2
7.7
2023 2022
AD Pivara Skopje \u20ac million \u20ac million
Reconciliation of net assets to carrying amount:
Closing net assets
51.1
49.3
Interest in joint venture at 50%
25.6
24.7
Goodwill
16.9
16.9
Non-controlling interest
(1.6)
(1.6)
Carrying value
40.9
40.0
Summarised financial information of the Group\u2019s investment in other joint ventures is as follows:
2023 2022
\u20ac million \u20ac million
Carrying amount
45.9
46.0
Share of profit
1.1
1.9
Share of other comprehensive income
0.3
(0.3)
Share of total comprehensive income
1.4
1.6
b) Investment in associates The Group has one significant associate, being Casa Del Caff\u00e8 Vergnano S.p.A. (\u2018Caff\u00e8 Vergnano\u2019), a premium Italian coffee company in which the Group holds a 30% equity shareholding. The corresponding investment is classified as an associate, as the Group has significant influence over the investee. The Group has also entered into an exclusive distribution agreement for Caff\u00e8 Vergnano\u2019s products in all its territories outside of Italy. The investment is accounted for using the equity method and is further classified as a non-integral equity method investment in the consolidated financial statements of the Group, considering that the distribution agreement is separate to the shareholding. During 2022, acquisition costs of \u20ac0.8 million accrued in 2021 in connection with the investment in Caff\u00e8 Vergnano were paid and presented in line \u2018Payments for non-integral equity method investments\u2019 of the consolidated cash flow statement, while in 2023 \u20ac0.2 million of accrued acquisition costs were written-off. 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 associate when using the equity method, including fair value adjustments and not the Group\u2019s share in those amounts.
2023 2022
Caff\u00e8 Vergnano \u20ac million \u20ac million
Summarised balance sheet:
Non-current assets
123.4
125.2
Cash and cash equivalents
0.7
1.0
Other current assets
52.0
54.5
Total current assets
52.7
55.5
Borrowings
(15.6)
(19.6)
Other current liabilities (including trade payables)
(33.4)
(30.6)
Total current liabilities
(49.0)
(50.2)
Borrowings
(3.0)
(2.4)
Other non-current liabilities
(26.7)
(27.5)
Total non-current liabilities
(29.7)
(29.9)
Net assets
97.4
100.6
Summarised statement of comprehensive income:
Revenue
109.7
105.1
Depreciation
(8.0)
(7.6)
Loss before tax
(2.0)
(3.6)
Income tax
0.8
0.3
Loss after tax
(1.2)
(3.3)
Total comprehensive loss
(1.2)
(3.3)
Reconciliation of net assets to carrying amount:
Closing net assets
97.4
100.6
Interest in associate at 30%
29.2
30.2
Acquisition costs
0.9
1.1
Goodwill
56.5
56.5
Carrying value
86.6
87.8
Summarised financial information of the Group\u2019s investment in other associates is as follows:
2023 2022
\u20ac million \u20ac million
Carrying amount
23.6
31.8
Share of profit
5.3
3.0
Share of other comprehensive loss
(12.0)
(0.4)
Share of total comprehensive (loss)/income
(6.7)
2.6
We disclosed in our 2022 Integrated Annual Report that Frigoglass Industries (Nigeria) Limited, an associate in which the Group holds an effective interest of 23.9% (2022: 23.9%) through its subsidiary Nigerian Bottling Company Ltd, was guarantor under the amended banking facilities and notes issued by the Frigoglass Group. This guarantee expired in April 2023 as part of the restructuring of Frigoglass Group (refer to Note 28). However, Frigoglass Industries (Nigeria) Limited is a guarantor for the new senior secured notes issued in 2023 by the restructured Frigoglass Group. The Group has no direct exposure arising from this guarantee arrangement, but the Group\u2019s investment in this associate, which stood at \u20ac14.0 million as at 31 December 2023 (2022: \u20ac21.1 million), would be at potential risk if there was a default under the terms of the senior secured notes and the restructured Frigoglass Group (including the guarantor) was unable to meet its obligations thereunder. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-573": { "value": "Accounting policy 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% and 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 statement of 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-653": { "value": "c) Joint operations Other joint operations of the Group with The Coca-Cola 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
Austria
R\u00f6merquelle
Italy
Fonti del Vulture
Romania
Dorna
Baltics
Neptuno Vandenys
Poland
Multivita
Switzerland
Valser
Serbia
Vlasinka
In addition, the Group has entered into a joint operation arrangement with HEINEKEN Romania S.A., whereby it holds a 50% interest in Stockday S.R.L., an online business-to-business platform and distributor in Romania.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointOperationsExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-618": { "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 leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a net-present-value basis and are recognised as part of \u2018Property, plant and equipment\u2019, \u2018Current borrowings\u2019 and \u2018Non-current 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 component respectively. 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-substance 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. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use 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-term 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 buildings
and vehicles. 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 one year. 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:
2023 2022
\u20ac million \u20ac million
Current lease liability
55.3
53.9
Non-current lease liability
154.8
152.1
Total lease liability (refer to Note 26)
210.1
206.0
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:
2023 2022
\u20ac million \u20ac million
Land and buildings
36.0
32.0
Plant and equipment
50.7
59.2
Total additions
86.7
91.2
Right-of-use assets arising on business combinations in 2023 amounted to \u20ac6.7 million (2022: \u20ac40.1
million) (refer to Note 24).
The consolidated income statement includes the following amounts relating to depreciation and
impairment of right-of-use assets:
2023 2022
\u20ac million \u20ac million
Land and buildings
22.5
21.4
Plant and equipment
36.6
40.8
Total depreciation and impairment charge
59.1
62.2
The following expenses have been included in cost of goods sold and operating expenses:
2023 2022
\u20ac million \u20ac million
Expense relating to short-term leases
26.5
22.7
Expense relating to leases of low-value assets
5.3
2.5
Expense relating to variable lease payments
15.4
10.8
Interest expense on leases in 2023 was \u20ac16.1 million (2022: \u20ac16.4 million) and is recorded within
\u2018Finance costs\u2019 in the consolidated income statement (refer to Note 10).
The total cash outflow for leases in 2023 was \u20ac109.3 million (2022: \u20ac103.6 million).
Expenses relating to short-term leases in 2023 and 2022 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-574": { "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 leased asset is available for use by the Group.
Assets and liabilities arising from a lease are initially measured on a net-present-value basis and
are recognised as part of \u2018Property, plant and equipment\u2019, \u2018Current borrowings\u2019 and \u2018Non-current
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 component respectively. 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-substance 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.
When adjustments to lease payments based on an index or rate take effect, the lease liability
is reassessed and adjusted against the right-of-use 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-term 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-619": { "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:
2023 2022
\u20ac million \u20ac million
Finished goods
367.8
331.1
Raw materials and work in progress
305.8
329.3
Consumables
99.7
109.6
Total inventories
773.3
770.0
The amount of inventories recognised as an expense during 2023 was \u20ac4,989.5 million (2022: \u20ac4,509.6 million, including \u20ac1.1 million of write-offs related to Russia-Ukraine conflict). During 2023, provision for obsolete inventories recognised as an expense amounted to \u20ac31.1 million (2022: \u20ac19.2 million), whereas provision reversed in the year amounted to \u20ac3.8 million (2022: \u20ac0.4 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-575": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-654": { "value": "
19. Trade, other receivables and assets
Accounting policy
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
7-90 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-looking 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-bearing 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.
Trade, other receivables and assets consisted of the following as at 31 December:
Current assets
Non-current assets
2023 2022 2023 2022
\u20ac million \u20ac million \u20ac million \u20ac million
Trade receivables
863.2
804.8
0.1
0.1
Receivables from related parties
(refer to Note 28)
53.2
56.5
\u2013
\u2013
Loans receivable
3.5
1.1
2.2
0.8
Receivables from sale of property, plant and
equipment
0.3
0.4
\u2013
\u2013
Loans and advances to employees
4.1
10.1
\u2013
\u2013
Other receivables
127.2
144.1
0.2
1.4
Total trade and other receivables
1,051.5
1,017.0
2.5
2.3
Prepayments
104.1
88.6
22.3
14.3
Pension plan assets (refer to Note 22)
\u2013
\u2013
48.6
51.9
Non-current income tax receivable
\u2013
\u2013
8.5
9.7
VAT and other taxes receivable
32.4
42.3
\u2013
\u2013
Total other assets
136.5
130.9
79.4
75.9
Total trade, other receivables and assets
1,188.0
1,147.9
81.9
78.2
An amount of \u20ac52.7 million (2022: \u20ac50.0 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:
2023 2022
\u20ac million \u20ac million
Trade receivables
942.4
880.6
Less: Loss allowance
(79.2)
(75.8)
Total trade receivables
863.2
804.8
The ageing analysis of trade receivables classified as current assets is as follows:
2023 2022
\u20ac million \u20ac million
Gross Gross
carrying Loss Trade carrying Loss Trade
amount allowance receivables amount allowance receivables
Within due date
746.8
(3.5)
743.3
720.2
(1.1)
719.1
Past due \u2013 Up to three months
102.5
(1.8)
100.7
70.5
(0.5)
70.0
Past due \u2013 Three to six months
7.1
(1.2)
5.9
7.0
(1.2)
5.8
Past due \u2013 Six to nine months
4.0
(1.2)
2.8
3.6
(1.3)
2.3
Past due \u2013 More than nine months
82.0
(71.5)
10.5
79.3
(71.7)
7.6
Total trade receivables
942.4
(79.2)
863.2
880.6
(75.8)
804.8
The movement in the loss allowance during the year is as follows:
2023 2022
\u20ac million \u20ac million
As at 1 January
(75.8)
(76.1)
Amounts written off during the year
3.9
1.7
Amounts recovered during the year
2.9
7.3
Increase in allowance recognised in income statement
(8.2)
(13.6)
Foreign currency translation
(2.0)
4.9
As at 31 December
(79.2)
(75.8)
Receivables from related parties The related party receivables, net of the loss allowance, are as follows:
2023 2022
\u20ac million \u20ac million
Within due date
47.9
50.9
Past due
5.4
5.7
Less: Loss allowance
(0.1)
(0.1)
Total related party receivables
53.2
56.5
The ageing analysis of these receivables is as follows:
2023 2022
\u20ac million \u20ac million
Within due date
47.9
50.8
Past due \u2013 Up to three months
4.4
1.8
Past due \u2013 Three to six months
0.8
3.6
Past due \u2013 More than nine months
0.1
0.3
Total
53.2
56.5
Net impairment Net impairment loss on trade and other receivables recognised in the income statement is analysed as follows:
2023 2022
\u20ac million \u20ac million
Trade receivables
4.2
6.2
Other receivables and assets
7.3
2.8
Net impairment loss
11.5
9.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-620": { "value": "19. Trade, other receivables and assets Accounting policy 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 7-90 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-looking 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-bearing 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.
Trade, other receivables and assets consisted of the following as at 31 December:
Current assets
Non-current assets
2023 2022 2023 2022
\u20ac million \u20ac million \u20ac million \u20ac million
Trade receivables
863.2
804.8
0.1
0.1
Receivables from related parties
(refer to Note 28)
53.2
56.5
\u2013
\u2013
Loans receivable
3.5
1.1
2.2
0.8
Receivables from sale of property, plant and
equipment
0.3
0.4
\u2013
\u2013
Loans and advances to employees
4.1
10.1
\u2013
\u2013
Other receivables
127.2
144.1
0.2
1.4
Total trade and other receivables
1,051.5
1,017.0
2.5
2.3
Prepayments
104.1
88.6
22.3
14.3
Pension plan assets (refer to Note 22)
\u2013
\u2013
48.6
51.9
Non-current income tax receivable
\u2013
\u2013
8.5
9.7
VAT and other taxes receivable
32.4
42.3
\u2013
\u2013
Total other assets
136.5
130.9
79.4
75.9
Total trade, other receivables and assets
1,188.0
1,147.9
81.9
78.2
An amount of \u20ac52.7 million (2022: \u20ac50.0 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:
2023 2022
\u20ac million \u20ac million
Trade receivables
942.4
880.6
Less: Loss allowance
(79.2)
(75.8)
Total trade receivables
863.2
804.8
The ageing analysis of trade receivables classified as current assets is as follows:
2023 2022
\u20ac million \u20ac million
Gross Gross
carrying Loss Trade carrying Loss Trade
amount allowance receivables amount allowance receivables
Within due date
746.8
(3.5)
743.3
720.2
(1.1)
719.1
Past due \u2013 Up to three months
102.5
(1.8)
100.7
70.5
(0.5)
70.0
Past due \u2013 Three to six months
7.1
(1.2)
5.9
7.0
(1.2)
5.8
Past due \u2013 Six to nine months
4.0
(1.2)
2.8
3.6
(1.3)
2.3
Past due \u2013 More than nine months
82.0
(71.5)
10.5
79.3
(71.7)
7.6
Total trade receivables
942.4
(79.2)
863.2
880.6
(75.8)
804.8
The movement in the loss allowance during the year is as follows:
2023 2022
\u20ac million \u20ac million
As at 1 January
(75.8)
(76.1)
Amounts written off during the year
3.9
1.7
Amounts recovered during the year
2.9
7.3
Increase in allowance recognised in income statement
(8.2)
(13.6)
Foreign currency translation
(2.0)
4.9
As at 31 December
(79.2)
(75.8)
Receivables from related parties The related party receivables, net of the loss allowance, are as follows:
2023 2022
\u20ac million \u20ac million
Within due date
47.9
50.9
Past due
5.4
5.7
Less: Loss allowance
(0.1)
(0.1)
Total related party receivables
53.2
56.5
The ageing analysis of these receivables is as follows:
2023 2022
\u20ac million \u20ac million
Within due date
47.9
50.8
Past due \u2013 Up to three months
4.4
1.8
Past due \u2013 Three to six months
0.8
3.6
Past due \u2013 More than nine months
0.1
0.3
Total
53.2
56.5
Net impairment Net impairment loss on trade and other receivables recognised in the income statement is analysed as follows:
2023 2022
\u20ac million \u20ac million
Trade receivables
4.2
6.2
Other receivables and assets
7.3
2.8
Net impairment loss
11.5
9.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-576": { "value": "Accounting policy 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 7-90 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-looking 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-bearing 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-675": { "value": "Trade, other receivables and assets consisted of the following as at 31 December:
Current assets
Non-current assets
2023 2022 2023 2022
\u20ac million \u20ac million \u20ac million \u20ac million
Trade receivables
863.2
804.8
0.1
0.1
Receivables from related parties
(refer to Note 28)
53.2
56.5
\u2013
\u2013
Loans receivable
3.5
1.1
2.2
0.8
Receivables from sale of property, plant and
equipment
0.3
0.4
\u2013
\u2013
Loans and advances to employees
4.1
10.1
\u2013
\u2013
Other receivables
127.2
144.1
0.2
1.4
Total trade and other receivables
1,051.5
1,017.0
2.5
2.3
Prepayments
104.1
88.6
22.3
14.3
Pension plan assets (refer to Note 22)
\u2013
\u2013
48.6
51.9
Non-current income tax receivable
\u2013
\u2013
8.5
9.7
VAT and other taxes receivable
32.4
42.3
\u2013
\u2013
Total other assets
136.5
130.9
79.4
75.9
Total trade, other receivables and assets
1,188.0
1,147.9
81.9
78.2
An amount of \u20ac52.7 million (2022: \u20ac50.0 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-684": { "value": "Trade, other receivables and assets consisted of the following as at 31 December:
Current assets
Non-current assets
2023 2022 2023 2022
\u20ac million \u20ac million \u20ac million \u20ac million
Trade receivables
863.2
804.8
0.1
0.1
Receivables from related parties
(refer to Note 28)
53.2
56.5
\u2013
\u2013
Loans receivable
3.5
1.1
2.2
0.8
Receivables from sale of property, plant and
equipment
0.3
0.4
\u2013
\u2013
Loans and advances to employees
4.1
10.1
\u2013
\u2013
Other receivables
127.2
144.1
0.2
1.4
Total trade and other receivables
1,051.5
1,017.0
2.5
2.3
Prepayments
104.1
88.6
22.3
14.3
Pension plan assets (refer to Note 22)
\u2013
\u2013
48.6
51.9
Non-current income tax receivable
\u2013
\u2013
8.5
9.7
VAT and other taxes receivable
32.4
42.3
\u2013
\u2013
Total other assets
136.5
130.9
79.4
75.9
Total trade, other receivables and assets
1,188.0
1,147.9
81.9
78.2
An amount of \u20ac52.7 million (2022: \u20ac50.0 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-676": { "value": "
Net impairment
Net impairment loss on trade and other receivables recognised in the income statement is analysed
as follows:
2023 2022
\u20ac million \u20ac million
Trade receivables
4.2
6.2
Other receivables and assets
7.3
2.8
Net impairment loss
11.5
9.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-621": { "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 2023, the Group\u2019s assets classified as held for sale amounted to \u20ac3.3 million, comprising the net book value of land and buildings of \u20ac1.8 million and \u20ac1.5 million in the Group\u2019s Established and Emerging segments respectively (2022: \u20ac0.1 million of plant and equipment in the Group\u2019s Established 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 2022 were reclassified to property, plant and equipment during 2023, as sale did not complete within one year from the date of classification as held for sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-577": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-622": { "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:
2023 2022
\u20ac million \u20ac million
Trade payables
1,097.4
947.2
Accrued liabilities
719.4
727.9
Payables to related parties (refer to Note 28)
289.5
268.6
Deposit liabilities
90.6
112.6
Other tax and social security liabilities
173.3
159.2
Salaries and employee-related payables
69.1
69.2
Contract liabilities (refer to Note 8)
15.0
14.7
Other payables
23.8
32.5
Total trade and other payables
2,478.1
2,331.9
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. As at 31 December 2023, invoices included in the programme amounted to \u20ac144.7 million (2022: \u20ac175.3 million). Accrued liabilities regarding volume, marketing and promotional incentives as well as listing fees and other incentives provided to customers as at 31 December 2023 amounted to \u20ac351.2 million (2022: \u20ac287.3 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-578": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-623": { "value": "
22. Provisions and employee benefits
Provisions and employee benefits consisted of the following as at 31 December:
2023 2022
\u20ac million \u20ac million
Current:
Employee benefits
145.8
131.5
Restructuring provisions
3.2
3.2
Other provisions
50.1
46.8
Total current provisions and employee benefits
199.1
181.5
Non-current:
Employee benefits
105.8
103.8
Restructuring provisions
1.9
1.1
Other provisions
1.4
2.0
Total non-current provisions and employee benefits
109.1
106.9
Total provisions and employee benefits
308.2
288.4
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:
2023 2022
\u20ac million \u20ac million
Restructuring Other Restructuring Other
provision provisions provision provisions
As at 1 January
4.3
48.8
24.8
20.5
Arising during the year
7.6
31.5
19.3
22.5
Utilised during the year
(6.1)
(23.1)
(32.1)
(1.4)
Unused amount reversed
(0.7)
(1.7)
(7.8)
(3.1)
Arising from business combinations
\u2013
\u2013
0.1
15.1
Foreign currency translation
\u2013
(4.0)
\u2013
(4.8)
As at 31 December
5.1
51.5
4.3
48.8
During 2023, a restructuring provision of \u20ac0.7 million was recognised in connection with the new
business model in Russia following the Russia-Ukraine conflict (refer to Note 6), which was utilised
during the year (2022: \u20ac3.9 million). Other provisions primarily comprise provisions in relation to
donations, employee litigation, legal and other tax provisions.
b) Employee benefits Accounting policy 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-service 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. 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-term 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:
2023 2022
\u20ac million \u20ac million
Defined benefit plans:
Employee leaving indemnities
66.7
67.9
Pension plans
5.5
3.4
Long-service benefits (jubilee plans) and other benefits
12.9
13.2
Total defined benefit plans
85.1
84.5
Other employee benefits:
Annual leave
9.8
7.6
Other employee benefits
156.7
143.2
Total other employee benefits
166.5
150.8
Total employee benefits obligations
251.6
235.3
Other employee benefits primarily comprise employee bonuses which are linked to business and individual performance metrics. Employees of Coca-Cola 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-Cola 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, the Republic of Ireland and Northern Ireland are closed to new members. Coca-Cola HBC provides long-service 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: \u20ac2.5m 2023 \u20ac68.7m \u20ac13.9m Total \u20ac85.1 million \u20ac1.7m 2022 \u20ac58.0m \u20ac24.8m Total \u20ac84.5 million Established Developing Emerging The average duration of the defined benefit obligations is 15 years and the total employer contributions expected to be paid in 2024 are \u20ac11.8 million. The reconciliation of plan assets and plan liabilities for the years ended 31 December is as follows: Net (deficit)/ Plan assets Plan liabilities surplus \u20ac million \u20ac million \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's 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
Net surplus/
Plan assets Plan liabilities (deficit)
\u20ac million \u20ac million \u20ac million
As at 1 January 2023
431.9
(398.5)
33.4
Current service cost
\u2013
(9.8)
(9.8)
Past service cost
\u2013
0.1
0.1
Administrative expenses
(0.3)
\u2013
(0.3)
Curtailment/settlement
\u2013
(1.1)
(1.1)
Interest income/(expense)
12.8
(13.3)
(0.5)
Actuarial losses
\u2013
(0.6)
(0.6)
Total expense recognised in income statement
12.5
(24.7)
(12.2)
Losses from change in financial assumptions
\u2013
(28.3)
(28.3)
Experience adjustments
\u2013
(2.2)
(2.2)
Return on plan assets excluding interest income
5.3
\u2013
5.3
Total remeasurements recognised
in other comprehensive income
5.3
(30.5)
(25.2)
Benefits paid
(22.0)
22.0
\u2013
Employer\u2019s contributions
14.4
\u2013
14.4
Participants\u2019 contributions
5.1
(5.1)
\u2013
Foreign currency translation
14.9
0.3
15.2
As at 31 December 2023
462.1
(436.5)
25.6
The effect of the asset ceiling on plan assets and net deficit for the years ended 31 December is as follows:
2023 2022
\u20ac million \u20ac million
Fair value of plan assets as at 1 January excluding asset ceiling
462.1
431.9
Opening unrecognised asset due to the asset ceiling
(66.0)
(48.3 )
Change in asset ceiling recognised in other comprehensive income
8.8
(15.7 )
Exchange rate gain
(3.3)
(1.8 )
Interest on unrecognised asset recognised in income statement
(1.6)
(0.2 )
Fair value of plan assets as at 31 December including asset ceiling
400.0
365.9
2023 2022
\u20ac million \u20ac million
Present value of funded obligations
356.1
316.6
Fair value of plan assets
(462.1)
(431.9 )
Defined benefit obligations of funded plans
(106.0)
(115.3 )
Present value of unfunded obligations
80.4
81.9
Unrecognised asset due to asset ceiling
62.1
66.0
Defined benefit obligations
36.5
32.6
Plus: Amounts recognised within non-current assets (refer to Note 19)
48.6
51.9
Total defined benefit obligations
85.1
84.5
Funding levels are monitored in conjunction with the agreed contribution rate. The funding level of the funded plans as at 31 December 2023 was 112% (2022: 116%). Five of the plans have funded status surplus totalling \u20ac48.6 million as at 31 December 2023 (2022: five plans, totalling \u20ac51.9 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:
2023 2022
% %
Discount rate
2.8
3.6
Rate of compensation increase
2.5
2.8
Rate of pension increase
2.1
0.9
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-term 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: 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, 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. 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. Inflation: The Northern Ireland, 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. 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 assumption while all other assumptions remain constant.
Impact on defined benefit obligation (%) as at
31 December 2023
31 December 2022
Change in Increase in Decrease in Change in Increase in Decrease in
assumption assumption assumption assumption assumption assumption
Discount rate
1.00%
(12.6%)
13.9%
0.50%
(5.5%)
7.1%
Rate of compensation increase
1.00%
4.0%
(3.7%)
0.50%
1.5%
(1.4%)
Rate of pension increase
1.00%
5.3%
(5.1%)
0.50%
3.8%
(3.8%)
Life expectancy
1 year
2.2%
(2.3%)
1 year
2.4%
(2.4%)
Plan assets are invested as follows: Assets category 2023 (%) Assets category 2022 (%)
Equity securities \u2013 Eurozone
4%
Equity securities \u2013 Non-Eurozone
20%
Government bonds \u2013 Eurozone
20%
Government bonds \u2013 Non-Eurozone
14%
Corporate bonds \u2013 Eurozone
6%
Corporate bonds \u2013 Non-Eurozone
17%
Real estate
12%
Cash
1%
Other
6%
Equity securities \u2013 Eurozone
2%
Equity securities \u2013 Non-Eurozone
19%
Government bonds \u2013 Eurozone
17%
Government bonds \u2013 Non-Eurozone
12%
Corporate bonds \u2013 Eurozone
11%
Corporate bonds \u2013 Non-Eurozone
12%
Real estate
13%
Cash
2%
Other
12%
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 2023 or 31 December 2022. Defined contribution plans The expense recognised in the income statement in 2023 for the defined contribution plans is \u20ac41.2 million (2022: \u20ac22.5 million). This is included in employee costs and recorded in cost of goods sold and operating expenses.", "dimensions": { "concept": "cocacolahbcag:DisclosureOfProvisionsAndEmployeeBenefits", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-655": { "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:
2023 2022
\u20ac million \u20ac million
Restructuring Other Restructuring Other
provision provisions provision provisions
As at 1 January
4.3
48.8
24.8
20.5
Arising during the year
7.6
31.5
19.3
22.5
Utilised during the year
(6.1)
(23.1)
(32.1)
(1.4)
Unused amount reversed
(0.7)
(1.7)
(7.8)
(3.1)
Arising from business combinations
\u2013
\u2013
0.1
15.1
Foreign currency translation
\u2013
(4.0)
\u2013
(4.8)
As at 31 December
5.1
51.5
4.3
48.8
During 2023, a restructuring provision of \u20ac0.7 million was recognised in connection with the new business model in Russia following the Russia-Ukraine conflict (refer to Note 6), which was utilised during the year (2022: \u20ac3.9 million). Other provisions primarily comprise provisions in relation to donations, employee litigation, legal and other tax provisions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-596": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-579": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-597": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-656": { "value": "b) Employee benefits Accounting policy 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-service 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. 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-term 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:
2023 2022
\u20ac million \u20ac million
Defined benefit plans:
Employee leaving indemnities
66.7
67.9
Pension plans
5.5
3.4
Long-service benefits (jubilee plans) and other benefits
12.9
13.2
Total defined benefit plans
85.1
84.5
Other employee benefits:
Annual leave
9.8
7.6
Other employee benefits
156.7
143.2
Total other employee benefits
166.5
150.8
Total employee benefits obligations
251.6
235.3
Other employee benefits primarily comprise employee bonuses which are linked to business and individual performance metrics. Employees of Coca-Cola 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-Cola 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, the Republic of Ireland and Northern Ireland are closed to new members. Coca-Cola HBC provides long-service 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: \u20ac2.5m 2023 \u20ac68.7m \u20ac13.9m Total \u20ac85.1 million \u20ac1.7m 2022 \u20ac58.0m \u20ac24.8m Total \u20ac84.5 million Established Developing Emerging The average duration of the defined benefit obligations is 15 years and the total employer contributions expected to be paid in 2024 are \u20ac11.8 million.
The reconciliation of plan assets and plan liabilities for the years ended 31 December is as follows:
Net (deficit)/
Plan assets Plan liabilities surplus
\u20ac million \u20ac million \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's 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
Net surplus/
Plan assets Plan liabilities (deficit)
\u20ac million \u20ac million \u20ac million
As at 1 January 2023
431.9
(398.5)
33.4
Current service cost
\u2013
(9.8)
(9.8)
Past service cost
\u2013
0.1
0.1
Administrative expenses
(0.3)
\u2013
(0.3)
Curtailment/settlement
\u2013
(1.1)
(1.1)
Interest income/(expense)
12.8
(13.3)
(0.5)
Actuarial losses
\u2013
(0.6)
(0.6)
Total expense recognised in income statement
12.5
(24.7)
(12.2)
Losses from change in financial assumptions
\u2013
(28.3)
(28.3)
Experience adjustments
\u2013
(2.2)
(2.2)
Return on plan assets excluding interest income
5.3
\u2013
5.3
Total remeasurements recognised
in other comprehensive income
5.3
(30.5)
(25.2)
Benefits paid
(22.0)
22.0
\u2013
Employer\u2019s contributions
14.4
\u2013
14.4
Participants\u2019 contributions
5.1
(5.1)
\u2013
Foreign currency translation
14.9
0.3
15.2
As at 31 December 2023
462.1
(436.5)
25.6
The effect of the asset ceiling on plan assets and net deficit for the years ended 31 December is as follows: 2023 2022 \u20ac million \u20ac million Fair value of plan assets as at 1 January excluding asset ceiling 462.1 431.9 Opening unrecognised asset due to the asset ceiling (66.0) (48.3 Change in asset ceiling recognised in other comprehensive income 8.8 (15.7 Exchange rate gain (3.3) (1.8 Interest on unrecognised asset recognised in income statement (1.6) (0.2 Fair value of plan assets as at 31 December including asset ceiling 400.0 365.9 2023 2022 \u20ac million \u20ac million Present value of funded obligations 356.1 316.6 Fair value of plan assets (462.1) (431.9 Defined benefit obligations of funded plans (106.0) (115.3 Present value of unfunded obligations 80.4 81.9 Unrecognised asset due to asset ceiling 62.1 66.0 Defined benefit obligations 36.5 32.6 Plus: Amounts recognised within non-current assets (refer to Note 19) 48.6 51.9 Total defined benefit obligations 85.1 84.5 Funding levels are monitored in conjunction with the agreed contribution rate. The funding level of the funded plans as at 31 December 2023 was 112% (2022: 116%). Five of the plans have funded status surplus totalling \u20ac48.6 million as at 31 December 2023 (2022: five plans, totalling \u20ac51.9 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:
2023 2022
% %
Discount rate
2.8
3.6
Rate of compensation increase
2.5
2.8
Rate of pension increase
2.1
0.9
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-term 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:
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, 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.
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.
Inflation: The Northern Ireland, 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.
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 assumption while all other assumptions remain constant.
Impact on defined benefit obligation (%) as at
31 December 2023
31 December 2022
Change in Increase in Decrease in Change in Increase in Decrease in
assumption assumption assumption assumption assumption assumption
Discount rate
1.00%
(12.6%)
13.9%
0.50%
(5.5%)
7.1%
Rate of compensation increase
1.00%
4.0%
(3.7%)
0.50%
1.5%
(1.4%)
Rate of pension increase
1.00%
5.3%
(5.1%)
0.50%
3.8%
(3.8%)
Life expectancy
1 year
2.2%
(2.3%)
1 year
2.4%
(2.4%)
Plan assets are invested as follows: Assets category 2023 (%) Assets category 2022 (%)
Equity securities \u2013 Eurozone
4%
Equity securities \u2013 Non-Eurozone
20%
Government bonds \u2013 Eurozone
20%
Government bonds \u2013 Non-Eurozone
14%
Corporate bonds \u2013 Eurozone
6%
Corporate bonds \u2013 Non-Eurozone
17%
Real estate
12%
Cash
1%
Other
6%
Equity securities \u2013 Eurozone
2%
Equity securities \u2013 Non-Eurozone
19%
Government bonds \u2013 Eurozone
17%
Government bonds \u2013 Non-Eurozone
12%
Corporate bonds \u2013 Eurozone
11%
Corporate bonds \u2013 Non-Eurozone
12%
Real estate
13%
Cash
2%
Other
12%
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 2023 or 31 December 2022. Defined contribution plans The expense recognised in the income statement in 2023 for the defined contribution plans is \u20ac41.2 million (2022: \u20ac22.5 million). This is included in employee costs and recorded in cost of goods sold and operating expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-580": { "value": "
Accounting policy
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-service 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-677": { "value": "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-term 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:
2023 2022
\u20ac million \u20ac million
Defined benefit plans:
Employee leaving indemnities
66.7
67.9
Pension plans
5.5
3.4
Long-service benefits (jubilee plans) and other benefits
12.9
13.2
Total defined benefit plans
85.1
84.5
Other employee benefits:
Annual leave
9.8
7.6
Other employee benefits
156.7
143.2
Total other employee benefits
166.5
150.8
Total employee benefits obligations
251.6
235.3
Other employee benefits primarily comprise employee bonuses which are linked to business and individual performance metrics. Employees of Coca-Cola 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-Cola 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, the Republic of Ireland and Northern Ireland are closed to new members. Coca-Cola HBC provides long-service 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: \u20ac2.5m 2023 \u20ac68.7m \u20ac13.9m Total \u20ac85.1 million \u20ac1.7m 2022 \u20ac58.0m \u20ac24.8m Total \u20ac84.5 million Established Developing Emerging The average duration of the defined benefit obligations is 15 years and the total employer contributions expected to be paid in 2024 are \u20ac11.8 million. The reconciliation of plan assets and plan liabilities for the years ended 31 December is as follows:
Net (deficit)/
Plan assets Plan liabilities surplus
\u20ac million \u20ac million \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's 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
Net surplus/
Plan assets Plan liabilities (deficit)
\u20ac million \u20ac million \u20ac million
As at 1 January 2023
431.9
(398.5)
33.4
Current service cost
\u2013
(9.8)
(9.8)
Past service cost
\u2013
0.1
0.1
Administrative expenses
(0.3)
\u2013
(0.3)
Curtailment/settlement
\u2013
(1.1)
(1.1)
Interest income/(expense)
12.8
(13.3)
(0.5)
Actuarial losses
\u2013
(0.6)
(0.6)
Total expense recognised in income statement
12.5
(24.7)
(12.2)
Losses from change in financial assumptions
\u2013
(28.3)
(28.3)
Experience adjustments
\u2013
(2.2)
(2.2)
Return on plan assets excluding interest income
5.3
\u2013
5.3
Total remeasurements recognised
in other comprehensive income
5.3
(30.5)
(25.2)
Benefits paid
(22.0)
22.0
\u2013
Employer\u2019s contributions
14.4
\u2013
14.4
Participants\u2019 contributions
5.1
(5.1)
\u2013
Foreign currency translation
14.9
0.3
15.2
As at 31 December 2023
462.1
(436.5)
25.6
The effect of the asset ceiling on plan assets and net deficit for the years ended 31 December
is as follows:
2023 2022
\u20ac million \u20ac million
Fair value of plan assets as at 1 January excluding asset ceiling
462.1
431.9
Opening unrecognised asset due to the asset ceiling
(66.0)
(48.3 )
Change in asset ceiling recognised in other comprehensive income
8.8
(15.7 )
Exchange rate gain
(3.3)
(1.8 )
Interest on unrecognised asset recognised in income statement
(1.6)
(0.2 )
Fair value of plan assets as at 31 December including asset ceiling
400.0
365.9
2023 2022
\u20ac million \u20ac million
Present value of funded obligations
356.1
316.6
Fair value of plan assets
(462.1)
(431.9 )
Defined benefit obligations of funded plans
(106.0)
(115.3 )
Present value of unfunded obligations
80.4
81.9
Unrecognised asset due to asset ceiling
62.1
66.0
Defined benefit obligations
36.5
32.6
Plus: Amounts recognised within non-current assets (refer to Note 19)
48.6
51.9
Total defined benefit obligations
85.1
84.5
Funding levels are monitored in conjunction with the agreed contribution rate. The funding level of the
funded plans as at 31 December 2023 was 112% (2022: 116%).
Five of the plans have funded status surplus totalling \u20ac48.6 million as at 31 December 2023
(2022: five plans, totalling \u20ac51.9 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:
2023 2022
% %
Discount rate
2.8
3.6
Rate of compensation increase
2.5
2.8
Rate of pension increase
2.1
0.9
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-term 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: 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, 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. 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. Inflation: The Northern Ireland, 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. 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 assumption while all other assumptions remain constant.
Impact on defined benefit obligation (%) as at
31 December 2023
31 December 2022
Change in Increase in Decrease in Change in Increase in Decrease in
assumption assumption assumption assumption assumption assumption
Discount rate
1.00%
(12.6%)
13.9%
0.50%
(5.5%)
7.1%
Rate of compensation increase
1.00%
4.0%
(3.7%)
0.50%
1.5%
(1.4%)
Rate of pension increase
1.00%
5.3%
(5.1%)
0.50%
3.8%
(3.8%)
Life expectancy
1 year
2.2%
(2.3%)
1 year
2.4%
(2.4%)
Plan assets are invested as follows: Assets category 2023 (%) Assets category 2022 (%)
Equity securities \u2013 Eurozone
4%
Equity securities \u2013 Non-Eurozone
20%
Government bonds \u2013 Eurozone
20%
Government bonds \u2013 Non-Eurozone
14%
Corporate bonds \u2013 Eurozone
6%
Corporate bonds \u2013 Non-Eurozone
17%
Real estate
12%
Cash
1%
Other
6%
Equity securities \u2013 Eurozone
2%
Equity securities \u2013 Non-Eurozone
19%
Government bonds \u2013 Eurozone
17%
Government bonds \u2013 Non-Eurozone
12%
Corporate bonds \u2013 Eurozone
11%
Corporate bonds \u2013 Non-Eurozone
12%
Real estate
13%
Cash
2%
Other
12%
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 2023 or 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-678": { "value": "Defined contribution plans The expense recognised in the income statement in 2023 for the defined contribution plans is \u20ac41.2 million (2022: \u20ac22.5 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-657": { "value": "
23. Offsetting financial assets and financial liabilities
a) Financial assets As at 31 December 2023
Related amounts
not set off in the
balance sheet
Gross amounts of Net amounts of
Gross amounts recognised financial financial assets
of recognised liabilities set off in presented in the Financial
financial assets the balance sheet balance sheet instruments Net amount
\u20ac million \u20ac million \u20ac million \u20ac million \u20ac million
Derivative financial assets
101.5
\u2013
101.5
(14.7)
86.8
Trade receivables
939.8
(76.5)
863.3
\u2013
863.3
Total
1,041.3
(76.5)
964.8
(14.7)
950.1
As at 31 December 2022
Related amounts
not set off in the
balance sheet
Gross amounts of Net amounts of
Gross amounts recognised financial financial assets
of recognised liabilities set off in presented in the Financial
financial assets the balance sheet balance sheet instruments Net amount
\u20ac million \u20ac million \u20ac million \u20ac million \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
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-624": { "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-off. 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, as the offsetting criteria for these are met.
a) Financial assets
As at 31 December 2023
Related amounts
not set off in the
balance sheet
Gross amounts of Net amounts of
Gross amounts recognised financial financial assets
of recognised liabilities set off in presented in the Financial
financial assets the balance sheet balance sheet instruments Net amount
\u20ac million \u20ac million \u20ac million \u20ac million \u20ac million
Derivative financial assets
101.5
\u2013
101.5
(14.7)
86.8
Trade receivables
939.8
(76.5)
863.3
\u2013
863.3
Total
1,041.3
(76.5)
964.8
(14.7)
950.1
As at 31 December 2022
Related amounts
not set off in the
balance sheet
Gross amounts of Net amounts of
Gross amounts recognised financial financial assets
of recognised liabilities set off in presented in the Financial
financial assets the balance sheet balance sheet instruments Net amount
\u20ac million \u20ac million \u20ac million \u20ac million \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
b) Financial liabilities
As at 31 December 2023
Related amounts
not set off in the
balance sheet
Gross amounts of Net amounts of
Gross amounts recognised financial financial liabilities
of recognised assets set off in the presented in the Financial
financial liabilities balance sheet balance sheet instruments Net amount
\u20ac million \u20ac million \u20ac million \u20ac million \u20ac million
Derivative financial liabilities
73.0
\u2013
73.0
(14.7)
58.3
Trade payables
1,173.9
(76.5)
1,097.4
\u2013
1,097.4
Total
1,246.9
(76.5)
1,170.4
(14.7)
1,155.7
As at 31 December 2022
Related amounts
not set off in the
balance sheet
Gross amounts of Net amounts of
Gross amounts recognised financial financial liabilities
of recognised assets set off in presented in the Financial
financial liabilities the balance sheet balance sheet instruments Net amount
\u20ac million \u20ac million \u20ac million \u20ac million \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
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-581": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-658": { "value": "b) Financial liabilities As at 31 December 2023
Related amounts
not set off in the
balance sheet
Gross amounts of Net amounts of
Gross amounts recognised financial financial liabilities
of recognised assets set off in the presented in the Financial
financial liabilities balance sheet balance sheet instruments Net amount
\u20ac million \u20ac million \u20ac million \u20ac million \u20ac million
Derivative financial liabilities
73.0
\u2013
73.0
(14.7)
58.3
Trade payables
1,173.9
(76.5)
1,097.4
\u2013
1,097.4
Total
1,246.9
(76.5)
1,170.4
(14.7)
1,155.7
As at 31 December 2022
Related amounts
not set off in the
balance sheet
Gross amounts of Net amounts of
Gross amounts recognised financial financial liabilities
of recognised assets set off in presented in the Financial
financial liabilities the balance sheet balance sheet instruments Net amount
\u20ac million \u20ac million \u20ac million \u20ac million \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
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-625": { "value": "24. Business combinations and acquisition of non-controlling interests 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-related 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 Brown-Forman Finland Oy On 1 November 2023, the Group acquired 100% of the issued shares of Brown-Forman Finland Oy (\u2018BFF\u2019), established in Finland, owner of the Finlandia Vodka brand. The acquisition enhances the Group\u2019s premium spirits business, while complementing its existing adult sparkling beverages portfolio and better positions the Group to strengthen partnerships with customers in strategically important channels such as hotels, restaurants and cafes (HoReCa). The fair value of the consideration for the acquisition of BFF consists of US Dollar 193.8 million (\u20ac183.9 million), which has already been paid, and an additional payment, based on BFF\u2019s net financial position and working capital movement, of US Dollar 0.6 million (\u20ac0.5 million), which is expected to be transferred within the first quarter of 2024. This additional payment is still under discussion with the seller, according to the terms of the sale and purchase agreement. 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. The net assets acquired reflect the additional payment at the provisional amount of US Dollar 0.6 million (\u20ac0.5 million).
Fair value
\u20ac million
Trademarks
197.0
Property, plant and equipment 6.7
Inventories
4.9
Trade, other receivables and assets
9.1
Cash and cash equivalents
3.5
Borrowings (6.5)
Trade and other payables
(9.7)
Net deferred tax liability
(28.0)
Net identifiable assets acquired
177.0
Add: Goodwill arising on acquisition
7.4
Net assets acquired
184.4
1 1 1. Property, plant and equipment and borrowings acquired relate to right-of-use assets (refer to Note 17) and lease liability (refer to Note 26), respectively. Fair values on acquisition are provisional and will be finalised within 12 months of the acquisition date. The goodwill arising is attributable to the brand\u2019s growth potential across the Group\u2019s markets. Acquisition-related costs of \u20ac5.6 million were included in the 2023 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 \u20ac2.0 million, while there was no significant amount of trade receivables acquired considered to be uncollectible. Net sales revenue and profit after tax contributed by BFF to the Group for the period from 1 November 2023 to 31 December 2023, amounted to \u20ac9.5 million and \u20ac2.8 million respectively. If the business combination had occurred on 1 January 2023, consolidated net sales revenue and profit after tax for the year ended 31 December 2023 would have been higher by approximately \u20ac43.5 million and \u20ac7.4 million respectively. This pro forma information reflects the pre-acquisition operating model of BFF and is not adjusted for the benefits arising from the post-acquisition transfer of distribution from Brown-Forman or third-party distributors to CCH operations in the CCH markets, and therefore should not be considered as indicative of Finlandia Vodka brand future performance.
Other acquisition costs
During 2023, the Group incurred acquisition costs of \u20ac0.7 million in connection with an acquisition
expected to be completed in 2024, which were included in line \u2018Operating expenses\u2019 of the consolidated
income statement.
Acquisition of Three Cents
On 21 October 2022, the Group acquired 100% of the issued shares of ESM Effervescent Sodas
Management Limited, established in Cyprus, the owner of the super-premium adult sparkling beverage
and mixer product line under the Three Cents brand and its subsidiary Three Cents Hellas Single
Member S.A., established in Greece (together, \u2018Three Cents\u2019), 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.
Details of the acquisition with regard to the 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
No changes to net identifiable assets acquired have been identified compared to the relevant amounts
disclosed as part of the Group\u2019s 2022 Integrated Annual Report.
The goodwill arising is attributable to the brand\u2019s growth potential across the Group\u2019s markets.
Acquisition-related costs of \u20ac0.3 million were included in the 2022 operating expenses, as a result of
the above acquisition.
Multon AO group of companies (\u2018Multon\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 The Coca-Cola Company. On 8 March 2022, as a
result of the Russia-Ukraine conflict, The Coca-Cola Company announced that it was suspending its
business in Russia and 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).
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.
For more details on the Waiver and the assessment regarding change of control of Multon, refer to Note
24 of the 2022 Integrated Annual Report.
The fair value of the Group\u2019s previously held interest in Multon, 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-cash 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 line \u2018Operating expenses\u2019 of the consolidated income statement.
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 arose 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-cash items\u2019 in the consolidated
cash flow statement. More specifically, the business enterprise value, which was estimated based
on discounted forecasted cash flows, 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 chose to recognise the non-controlling interests in Multon (The Coca-Cola Company\u2019s 50% share) at their fair value upon change in control. This was determined based on discounted forecasted cash flows of the business and a scenario-based approach altering the potential dates at which The Coca-Cola Company could potentially reinstate its rights in Multon, based on the terms of the unilateral Waiver. The discount rate used in discounting the forecasted cash flows was 27.8%. For more details on the scenarios used to calculate the fair value of non-controlling interest, refer to Note 24 of the 2022 Integrated Annual Report. Following the Waiver The Coca-Cola Company 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 is not being allocated to non-controlling interests during the period of the Waiver. Acquisition of Coca-Cola Bottling Company of Egypt S.A.E. 1 On 12 August 2021, the Group entered into a sale and purchase agreement to acquire approximately 52.7% of Coca-Cola Bottling Company of Egypt S.A.E. (\u2018CCBCE\u2019), the bottling partner of The Coca-Cola Company in Egypt, from MAC Beverages Limited and certain of its affiliated entities (\u2018MBL acquisition\u2019). The MBL acquisition was completed on 13 January 2022 and resulted in the Group obtaining control over CCBCE. The operating results and assets and liabilities of CCBCE have been consolidated from 14 January 2022. 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.
1. Effective 18 June 2023, Coca-Cola Bottling Company of Egypt S.A.E. was renamed to Coca-Cola HBC Egypt.
As part of the MBL acquisition completion, a convertible loan which had been granted to CCBCE from a
wholly-owned affiliate of The Coca-Cola Company, 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
The line \u2018Borrowings\u2019 in the above table includes the convertible loan as well as third-party 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 proportionate 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 regarding the acquisition of CCBCE, which were included in line \u2018Operating expenses\u2019 of the consolidated income statement. On 12 August 2021, the Group entered into an additional sale and purchase agreement to acquire approximately 42% of CCBCE, from a wholly-owned affiliate of The Coca-Cola Company (\u2018TCCC 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 were 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 held a 94.7% interest in CCBCE as at 31 December 2022. During 2023, the Group acquired a further 3.1% interest in CCBCE for a consideration of \u20ac12.6 million, which was presented in line \u2018Purchase of shares from non-controlling interests\u2019 of the consolidated cash flow statement. Following this, the Group held a 97.8% interest in CCBCE as at 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-582": { "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-related 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-679": { "value": "
25. Financial risk management and financial instruments
Accounting policy
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\u2019). 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. The Group intends to hold these equity instruments for the foreseeable future and has irrevocably elected to classify them as 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 its 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 risk 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 of the forecast transaction changes or if the credit risk changes impacting the fair value movements of the 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, while 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 through profit or loss 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 the income statement. 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 takes place. 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 or other valuation techniques. Financial risk factors, objectives and policies 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 cooperation with the Group\u2019s subsidiaries. The Board of Directors has approved the Treasury Policy which provides the control framework for all treasury and treasury- related 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 future 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 the 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.
2023 exchange risk sensitivity to reasonably possible changes in the Euro against relevant
other currencies
Euro strengthens Euro weakens
against local currency against local currency
% historical Loss/(gain) (Gain)/loss
volatility over a in income Loss/(gain) in income (Gain)/loss
12-month statement in equity statement in equity
period \u20ac million \u20ac million \u20ac million \u20ac million
Egyptian Pound
13.0%
4.9
7.7
(6.3)
(10.0)
Nigerian Naira
35.7%
11.8
\u2013
(26.0)
\u2013
Russian Rouble
17.5%
(3.8)
\u2013
5.4
\u2013
UK Sterling
4.8%
(1.3)
(0.2)
1.5
0.2
Ukrainian Hryvnia
8.4%
2.5
\u2013
(2.9)
\u2013
Other
\u2013
4.5
(6.0)
(4.1)
5.7
Total
18.6
1.5
(32.4)
(4.1)
2023 exchange risk sensitivity to reasonably possible changes in the US Dollar against relevant
other currencies
US Dollar strengthens US Dollar weakens
against local currency against local currency
% historical Loss/(gain) (Gain)/loss
volatility over a in income Loss/(gain) in income (Gain)/loss
12-month statement in equity statement in equity
period \u20ac million \u20ac million \u20ac million \u20ac million
Egyptian Pound
10.5%
7.2
1.8
(8.9)
(2.3)
Nigerian Naira
35.3%
7.7
33.5
(67.3)
(70.1)
Russian Rouble
15.3%
(8.2)
(0.6)
11.2
0.9
Ukrainian Hryvnia
3.4%
0.3
\u2013
(0.3)
\u2013
Other
\u2013
(0.4)
\u2013
0.4
\u2013
Total
6.6
34.7
(64.9)
(71.5)
2022 exchange risk sensitivity to reasonably possible changes in the Euro against relevant other currencies
Euro strengthens Euro weakens
against local currency against local currency
% historical Loss/(gain) (Gain)/loss
volatility over a in income Loss/(gain) in income (Gain)/loss
12-month statement in equity statement in equity
period \u20ac million \u20ac million \u20ac million \u20ac million
Egyptian Pound
23.3%
4.0
15.7
(6.4)
(25.3)
Nigerian Naira
15.5%
12.9
\u2013
(17.6)
\u2013
Russian Rouble
54.5%
(9.4)
(0.1)
31.9
0.2
UK Sterling
7.7%
(1.1)
(0.4)
1.2
0.2
Ukrainian Hryvnia
12.5%
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 US Dollar weakens
against local currency against local currency
% historical Loss/(gain) (Gain)/loss
volatility over a in income Loss/(gain) in income (Gain)/loss
12-month statement in equity statement in equity
period \u20ac million \u20ac million \u20ac million \u20ac million
Euro
10.1%
(7.2)
\u2013
8.8
\u2013
Egyptian Pound
22.2%
9.9
\u2013
(15.6)
\u2013
Nigerian Naira
5.9%
11.0
\u2013
(12.4)
\u2013
Russian Rouble
53.0%
(18.7)
\u2013
61.0
\u2013
Ukrainian Hryvnia
4.1%
(0.1)
\u2013
0.1
\u2013
Other
\u2013
(0.4)
\u2013
0.3
\u2013
Total
(5.5)
\u2013
42.2
\u2013
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. In determining reasonably possible changes of the respective commodity price, the historical volatility over a 12-month period per contract maturity has been considered. 2023 commodity price risk sensitivity to reasonably possible changes in the commodity price of relevant commodities
Commodity price increases with Commodity price decreases with
all other variables held constant all other variables held constant
% historical
volatility over a (Gain)/loss Loss/(gain)
12-month period in income (Gain)/loss in income Loss/(gain)
per contract statement in equity statement in equity
maturity \u20ac million \u20ac million \u20ac million \u20ac million
Sugar
18.8%
(1.6)
(42.3)
1.6
42.3
Aluminium
21.4%
(1.7)
(29.3)
1.7
29.3
Aluminium premium
29.0%
(0.1)
(2.6)
0.1
2.6
Gas oil
36.1%
\u2013
(5.8)
\u2013
5.8
Plastic
17.0%
(2.2)
\u2013
2.2
\u2013
Total
(5.6)
(80.0)
5.6
80.0
2022 commodity price risk sensitivity to reasonably possible changes in the commodity price
of relevant commodities
Commodity price increases with Commodity price decreases with
all other variables held constant all other variables held constant
% historical
volatility over a (Gain)/loss Loss/(gain)
12-month period in income (Gain)/loss in income Loss/(gain)
per contract statement in equity statement in equity
maturity \u20ac million \u20ac million \u20ac million \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
c) Interest rate risk
The Group is subject to interest rate risk for its outstanding borrowings and interest rates swap
contracts (\u2018swaptions\u2019).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 100 basis point increase or decrease for 2023 (2022: 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
2023
2022
Loss/(gain) Loss/(gain) in
in income (Gain)/loss income Loss/(gain)
statement in equity statement in equity
\u20ac million \u20ac million \u20ac million \u20ac million
Increase by 100 basis points (2022: 50bps)
0.1
(8.8)
0.3
\u2013
Decrease by 100 basis points ( 2022: 50bps)
(0.1)
1.8
(0.3)
\u2013
The impact in the Group\u2019s equity is attributable to the changes in the fair value of the swaptions
entered in 2023 for a notional amount of \u20ac525.0 million and designated as hedging instruments
in a cash flow hedge.
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 2023 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. The Group
also carries credit insurance on a portion of the accounts receivable balance. 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-\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-/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 and money market funds to invest
excess cash balances and to diversify its counterparty risk. As at 31 December 2023, an amount of
\u20ac54.8 million (2022: \u20ac529.5 million) is invested in time deposits with tenor more than three months
and \u20ac513.8 million (2022: \u20ac497.2 million) is invested 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 2023, the Group has a net debt of \u20ac1.6 billion (refer to Note 26), of which \u20ac600 million Euro-denominated fixed rate bond matures in 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 2023.
Up to One to Two to Over
one year two years five years five years Total
\u20ac million \u20ac million \u20ac million \u20ac million \u20ac million
Borrowings
923.2
546.0
775.3
1,132.4
3,376.9
Derivative liabilities
67.3
3.7
2.0
\u2013
73.0
Trade and other payables
(excluding other tax
& social security and
contract liabilities)
2,289.8
0.4
1.1
3.6
2,294.9
Leases
66.7
53.0
78.4
56.9
255.0
As at 31 December 2023
3,347.0
603.1
856.8
1,192.9
5,999.8
Up to One to Two to Over
one year two years five years five years Total
\u20ac million \u20ac million \u20ac million \u20ac million \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
Capital risk Accounting policy 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 net impairment of property, plant and equipment, the amortisation and impairment of intangible assets, the employee performance share costs, the net impairment of equity method investments and items, if any, reported in line \u2018Other non-cash items\u2019 of the consolidated cash flow statement. Comparable adjusted EBITDA refers to adjusted EBITDA excluding restructuring expenses, exceptional items related to Russia-Ukraine conflict, acquisition, integration and divestment-related 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 & Poor\u2019s and Moody\u2019s, which were reaffirmed in 2023, while the outlook by Standard & Poor\u2019s returned to stable in 2023 compared with negative in 2022.
Rating agency
Publication date
Long-term debt
Outlook
Short-term debt
Standard & Poor\u2019s
May 2023
BBB+
Stable
A2
Moody\u2019s
May 2023
Baa1
Stable
P2
The Group\u2019s medium- to long-term 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:
2023 2022
\u20ac million \u20ac million
Net debt (refer to Note 26)
1,595.3
1,673.3
Operating profit
953.6
703.8
Depreciation and impairment of property, plant and equipment,
including right-of-use assets
399.9
484.9
Amortisation and impairment of intangible assets
113.9
15.1
Employee performance shares
20.4
16.5
Impairment of equity method investments
\u2013
52.8
Other non-cash items
\u2013
70.5
Adjusted EBITDA
1,487.8
1,343.6
Other restructuring expenses (primarily redundancy costs)
7.6
11.8
Unrealised loss on commodity derivatives
4.6
2.5
Exceptional items related to Russia \u2013 Ukraine conflict
(0.2)
4.4
Acquisition and integration costs
6.3
9.2
Total comparable adjusted EBITDA
1,506.1
1,371.5
Net debt/comparable adjusted EBITDA ratio
1.06
1.22
Other non-cash items for 2022 relate to the net loss recognised in the income statement from the remeasurement to fair value of the 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 (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:
2023 2022
\u20ac million \u20ac million
Total restructuring expenses included in operating expenses
(refer to Note 9)
9.0
11.9
Less: Impairment of property, plant and equipment presented
as part of restructuring expenses
(1.4)
(0.1)
Other restructuring expenses (primarily redundancy costs)
7.6
11.8
Hedging activity The carrying amount 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:
Notional amount Carrying amount Period of
As at 31 December 2023 \u20ac million \u20ac million maturity date
Contracts with positive fair values
695.5
15.6
Non-current
79.0
4.0
Commodity swap contracts
79.0
4.0
Jan25 \u2013 Nov25
Current
616.5
11.6
Foreign currency forward contracts
15.0
0.2
Jan24 \u2013 Jun24
Interest rate contracts
525.0
1.9
Jun24
Commodity swap contracts
76.5
9.5
Jan24 \u2013 Dec24
Contracts with negative fair values
382.6
(23.2)
Non-current
80.3
(5.7)
Commodity swap contracts
80.3
(5.7)
Jan25 \u2013 Sep26
Current
302.3
(17.5)
Foreign currency forward contracts
136.8
(2.4)
Jan24 \u2013 Dec24
Commodity swap contracts
165.5
(15.1)
Jan24 \u2013 Dec24
Notional amount Carrying amount Period of
As at 31 December 2022 \u20ac million \u20ac million 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
The impact on the hedging reserve as a result of applying cash flow hedge accounting was:
Spot Cost of
component hedging reserve
of foreign of foreign Commodity Interest
currency currency swap rate swap
contracts contracts contracts contracts Total
\u20ac million \u20ac million \u20ac million \u20ac million \u20ac million
Opening balance as at 1 January 2022
(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 as at 31 December 2022
(1.7)
0.4
11.0
(14.1)
(4.4)
Net gain of cash flow hedges
(0.8)
\u2013
14.1
6.4
19.7
Change in fair value of hedging
instruments recognised in OCI
(0.8)
\u2013
14.5
(0.2)
13.5
Reclassified to income statement
\u2013
\u2013
(0.4)
6.6
6.2
Cost of hedging recognised in OCI
\u2013
(3.9)
\u2013
(3.2)
(7.1)
Reclassified to inventories cost
(1.2)
4.1
(33.7)
\u2013
(30.8)
Closing balance as at 31 December 2023
(3.7)
0.6
(8.6)
(10.9)
(22.6)
The effect of the cash flow hedges in the consolidated income statement was:
2023 2022
(Gain)/loss (Gain)/loss
\u20ac million \u20ac million
Net amount reclassified from other comprehensive income
to cost of goods sold
(0.4)
(3.2)
Net amount reclassified from other comprehensive income
to finance costs
6.6
7.3
Total
6.2
4.1
The ineffectiveness on the cash flow hedges for the year ended 31 December 2023 was \u20ac2.6 million loss (2022: \u20ac2.6 million loss) recorded within cost of goods sold. b) Undesignated hedges The fair values of derivative financial instruments as at 31 December which economically hedge Group\u2019s risks and for which hedge accounting has not been applied were:
Notional amount Carrying amount Period of
As at 31 December 2023 \u20ac million \u20ac million maturity date
Contracts with positive fair values
545.8
85.9
Current
545.8
85.9
Foreign currency future contracts
177.6
82.9
Jan24 \u2013 Jun 24
Foreign currency forward contracts
366.2
2.9
Jan24 \u2013 Dec24
Commodity swap contracts
2.0
0.1
Sep24 \u2013 Oct24
Contracts with negative fair values
468.3
(49.8)
Current
468.3
(49.8)
Embedded derivatives
21.4
(9.1)
Jan24 \u2013 Dec24
Foreign currency forward contracts
426.6
(39.3)
Jan24 \u2013 Dec24
Commodity swap contracts
20.3
(1.4)
Jan24 \u2013 Nov24
Notional amount Carrying amount Period of
As at 31 December 2022 \u20ac million \u20ac million maturity date
Contracts with positive fair values
276.4
16.9
Current
276.4
16.9
Foreign currency future 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 future 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
The effect of the undesignated hedges in the consolidated income statement was:
2023 2022
Loss/(gain) (Gain)/loss
\u20ac million \u20ac million
Net amount recognised in cost of goods sold
6.9
(34.9)
Net amount recognised in operating expenses
(40.4)
(26.0)
Net amount recognised in finance cost
(30.5)
3.5
Total
(64.0)
(57.4)
Financial instruments\u2019 categories Categories of financial instruments as at 31 December were as follows (in \u20ac million): 2023
Analysis of total assets
Derivatives Equity
Debt financial designated financial Total
assets at Assets at as hedging assets at current and
Assets amortised cost FVTPL instruments FVOCI
non-current
Current
Non-current
Investments including loans
to related parties
60.1
519.7
\u2013
9.9
589.7
570.4
19.3
Derivative financial
instruments
\u2013
85.9
15.6
\u2013
101.5
97.5
4.0
Trade and other receivables
1,054.0
\u2013
\u2013
\u2013
1,054.0
1,051.5
2.5
Cash and cash equivalents
1,260.6
\u2013
\u2013
\u2013
1,260.6
1,260.6
\u2013
Total
2,374.7
605.6
15.6
9.9
3,005.8
2,980.0
25.8
Analysis of total assets
Liabilities Derivatives
held at designated Total
amortised Liabilities at as hedging current and
Liabilities cost FVTPL instruments
non-current
Current
Non-current
Trade and other payables
(excluding other tax & social
security and contract liabilities)
2,294.9
\u2013
\u2013
2,294.9
2,289.8
5.1
Borrowings
3,424.5
\u2013
\u2013
3,424.5
948.1
2,476.4
Derivative financial instruments
\u2013
49.8
23.2
73.0
67.3
5.7
Total
5,719.4
49.8
23.2
5,792.4
3,305.2
2,487.2
2022
Analysis of total assets
Derivatives Equity
Debt financial designated financial Total
assets at Assets at as hedging assets at current and
Assets amortised cost FVTPL instruments FVOCI
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 assets
Liabilities Derivatives
held at designated Total
amortised Liabilities at as hedging current and
Liabilities cost FVTPL instruments
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
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-denominated 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 reclassified to the income statement over the term of the new note. 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-denominated 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 reclassified 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 reclassified to the income statement over the relevant period. The Group entered into swaption contracts of \u20ac525.0 million in 2023 to hedge the interest rate risk related to its Euro-denominated forecast issuance of fixed rate debt in 2024 and formally designated them as cash flow hedges. The valuation of the outstanding swaptions for the year ended 31 December 2023 was \u20ac3.4 million loss recorded in other comprehensive income. Embedded derivatives During 2023, the Group recognised embedded derivatives whose risks and economic characteristics are 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 2023 amounted to a financial liability of \u20ac9.1 million (2022: \u20acnil). Fair values of financial assets and liabilities For financial instruments such as cash, deposits, debtors and creditors, investments, loans payable to related parties, short-term 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, forward starting swap contracts and embedded foreign currency derivatives is determined by using valuation techniques, which maximise the use of observable market data and include discounting. The fair value of the foreign currency forward, option and future contracts, commodity swap contracts, embedded foreign currency derivatives and cross-currency swap contracts is calculated by reference to quoted forward exchange and deposit rates, interest 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-Scholes 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 note agreements, certain undesignated derivatives and foreign currency futures and forward contracts is determined through the use of estimated discounted cash flows or other valuation techniques that use unobservable inputs. These valuation techniques estimate the fair value of undesignated derivatives by using settlement and forward prices received from counterparty banks and subscription-based publications and the fair value of foreign currency futures and forward 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 2023:
Level 1 Level 2 Level 3 Total
\u20ac million \u20ac million \u20ac million \u20ac million
Financial assets at FVTPL
Foreign currency forward contracts
\u2013
2.9
\u2013
2.9
Foreign currency futures contracts
\u2013
\u2013
82.9
82.9
Commodity swap contracts
\u2013
0.1
\u2013
0.1
Money market funds
513.8
\u2013
\u2013
513.8
Convertible note agreements
\u2013
\u2013
5.9
5.9
Derivative financial assets used
for hedging
Cash flow hedges
Foreign currency forward contracts
\u2013
0.2
\u2013
0.2
Interest rate swap contracts
\u2013
1.9
\u2013
1.9
Commodity swap contracts
\u2013
13.5
\u2013
13.5
Assets at FVOCI
Equity securities
1.1
\u2013
8.8
9.9
Total financial assets
514.9
18.6
97.6
631.1
Financial liabilities at FVTPL
Foreign currency forward contracts
\u2013
(4.3)
(35.0)
(39.3)
Embedded derivatives
\u2013
(9.1)
\u2013
(9.1)
Commodity swap contracts
\u2013
(0.2)
(1.2)
(1.4)
Derivative financial liabilities used
for hedging
Cash flow hedges
Foreign currency forward contracts
\u2013
(2.4)
\u2013
(2.4)
Commodity swap contracts
\u2013
(20.8)
\u2013
(20.8)
Total financial liabilities
\u2013
(36.8)
(36.2)
(73.0)
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 2022:
Level 1 Level 2 Level 3 Total
\u20ac million \u20ac million \u20ac million \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 note agreements
\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)
Embedded derivatives
\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 2022. The following table presents the changes in Level 3 items for the years ended 31 December 2023 and 2022:
Foreign Convertible
Commodity currency Equity note
swap contracts contracts securities agreements Total
\u20ac million \u20ac million \u20ac million \u20ac million \u20ac million
Balance as at 1 January 2022
(0.9)
(3.9)
2.9
\u2013
(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 )
(Losses)/gains recognised
in income statement
(0.8)
106.1
\u2013
\u2013
105.3
Payments for/(proceeds from)
settlement of derivatives
4.4
(29.2)
\u2013
\u2013
(24.8 )
Addition of financial assets at FVOCI
\u2013
\u2013
5.9
\u2013
5.9
Capitalised Interest
\u2013
\u2013
\u2013
0.2
0.2
Addition of financial assets at FVTPL
\u2013
\u2013
\u2013
4.2
4.2
Foreign currency translation
(1.0)
(26.7)
\u2013
\u2013
(27.7 )
Balance as at 31 December 2023
(1.2)
47.9
8.8
5.9
61.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-687": { "value": "25. Financial risk management and financial instruments Accounting policy 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\u2019). 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. The Group intends to hold these equity instruments for the foreseeable future and has irrevocably elected to classify them as 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 its 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 risk 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 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, while 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 through profit or loss 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 the
income statement. 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 takes place.
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 or other valuation techniques.
Financial risk factors, objectives and policies
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 cooperation with the Group\u2019s subsidiaries. The Board of Directors
has approved the Treasury Policy which provides the control framework for all treasury and treasury-
related 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 future 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 the 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. 2023 exchange risk sensitivity to reasonably possible changes in the Euro against relevant other currencies
Euro strengthens Euro weakens
against local currency against local currency
% historical Loss/(gain) (Gain)/loss
volatility over a in income Loss/(gain) in income (Gain)/loss
12-month statement in equity statement in equity
period \u20ac million \u20ac million \u20ac million \u20ac million
Egyptian Pound
13.0%
4.9
7.7
(6.3)
(10.0)
Nigerian Naira
35.7%
11.8
\u2013
(26.0)
\u2013
Russian Rouble
17.5%
(3.8)
\u2013
5.4
\u2013
UK Sterling
4.8%
(1.3)
(0.2)
1.5
0.2
Ukrainian Hryvnia
8.4%
2.5
\u2013
(2.9)
\u2013
Other
\u2013
4.5
(6.0)
(4.1)
5.7
Total
18.6
1.5
(32.4)
(4.1)
2023 exchange risk sensitivity to reasonably possible changes in the US Dollar against relevant other currencies
US Dollar strengthens US Dollar weakens
against local currency against local currency
% historical Loss/(gain) (Gain)/loss
volatility over a in income Loss/(gain) in income (Gain)/loss
12-month statement in equity statement in equity
period \u20ac million \u20ac million \u20ac million \u20ac million
Egyptian Pound
10.5%
7.2
1.8
(8.9)
(2.3)
Nigerian Naira
35.3%
7.7
33.5
(67.3)
(70.1)
Russian Rouble
15.3%
(8.2)
(0.6)
11.2
0.9
Ukrainian Hryvnia
3.4%
0.3
\u2013
(0.3)
\u2013
Other
\u2013
(0.4)
\u2013
0.4
\u2013
Total
6.6
34.7
(64.9)
(71.5)
2022 exchange risk sensitivity to reasonably possible changes in the Euro against relevant other
currencies
Euro strengthens Euro weakens
against local currency against local currency
% historical Loss/(gain) (Gain)/loss
volatility over a in income Loss/(gain) in income (Gain)/loss
12-month statement in equity statement in equity
period \u20ac million \u20ac million \u20ac million \u20ac million
Egyptian Pound
23.3%
4.0
15.7
(6.4)
(25.3)
Nigerian Naira
15.5%
12.9
\u2013
(17.6)
\u2013
Russian Rouble
54.5%
(9.4)
(0.1)
31.9
0.2
UK Sterling
7.7%
(1.1)
(0.4)
1.2
0.2
Ukrainian Hryvnia
12.5%
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 US Dollar weakens
against local currency against local currency
% historical Loss/(gain) (Gain)/loss
volatility over a in income Loss/(gain) in income (Gain)/loss
12-month statement in equity statement in equity
period \u20ac million \u20ac million \u20ac million \u20ac million
Euro
10.1%
(7.2)
\u2013
8.8
\u2013
Egyptian Pound
22.2%
9.9
\u2013
(15.6)
\u2013
Nigerian Naira
5.9%
11.0
\u2013
(12.4)
\u2013
Russian Rouble
53.0%
(18.7)
\u2013
61.0
\u2013
Ukrainian Hryvnia
4.1%
(0.1)
\u2013
0.1
\u2013
Other
\u2013
(0.4)
\u2013
0.3
\u2013
Total
(5.5)
\u2013
42.2
\u2013
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. In determining reasonably possible changes of the respective commodity price, the historical volatility over a 12-month period per contract maturity has been considered. 2023 commodity price risk sensitivity to reasonably possible changes in the commodity price of relevant commodities
Commodity price increases with Commodity price decreases with
all other variables held constant all other variables held constant
% historical
volatility over a (Gain)/loss Loss/(gain)
12-month period in income (Gain)/loss in income Loss/(gain)
per contract statement in equity statement in equity
maturity \u20ac million \u20ac million \u20ac million \u20ac million
Sugar
18.8%
(1.6)
(42.3)
1.6
42.3
Aluminium
21.4%
(1.7)
(29.3)
1.7
29.3
Aluminium premium
29.0%
(0.1)
(2.6)
0.1
2.6
Gas oil
36.1%
\u2013
(5.8)
\u2013
5.8
Plastic
17.0%
(2.2)
\u2013
2.2
\u2013
Total
(5.6)
(80.0)
5.6
80.0
2022 commodity price risk sensitivity to reasonably possible changes in the commodity price of relevant commodities
Commodity price increases with Commodity price decreases with
all other variables held constant all other variables held constant
% historical
volatility over a (Gain)/loss Loss/(gain)
12-month period in income (Gain)/loss in income Loss/(gain)
per contract statement in equity statement in equity
maturity \u20ac million \u20ac million \u20ac million \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
c) Interest rate risk The Group is subject to interest rate risk for its outstanding borrowings and interest rates swap contracts (\u2018swaptions\u2019).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 100 basis point increase or decrease for 2023 (2022: 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
2023
2022
Loss/(gain) Loss/(gain) in
in income (Gain)/loss income Loss/(gain)
statement in equity statement in equity
\u20ac million \u20ac million \u20ac million \u20ac million
Increase by 100 basis points (2022: 50bps)
0.1
(8.8)
0.3
\u2013
Decrease by 100 basis points ( 2022: 50bps)
(0.1)
1.8
(0.3)
\u2013
The impact in the Group\u2019s equity is attributable to the changes in the fair value of the swaptions entered in 2023 for a notional amount of \u20ac525.0 million and designated as hedging instruments in a cash flow hedge. 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 2023 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. The Group also carries credit insurance on a portion of the accounts receivable balance. 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-\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-/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 and money market funds to invest excess cash balances and to diversify its counterparty risk. As at 31 December 2023, an amount of \u20ac54.8 million (2022: \u20ac529.5 million) is invested in time deposits with tenor more than three months and \u20ac513.8 million (2022: \u20ac497.2 million) is invested 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 2023, the Group has a net debt of \u20ac1.6 billion (refer to Note 26), of which \u20ac600 million Euro-denominated fixed rate bond matures in 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 2023.
Up to One to Two to Over
one year two years five years five years Total
\u20ac million \u20ac million \u20ac million \u20ac million \u20ac million
Borrowings
923.2
546.0
775.3
1,132.4
3,376.9
Derivative liabilities
67.3
3.7
2.0
\u2013
73.0
Trade and other payables
(excluding other tax
& social security and
contract liabilities)
2,289.8
0.4
1.1
3.6
2,294.9
Leases
66.7
53.0
78.4
56.9
255.0
As at 31 December 2023
3,347.0
603.1
856.8
1,192.9
5,999.8
Up to One to Two to Over
one year two years five years five years Total
\u20ac million \u20ac million \u20ac million \u20ac million \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
Capital risk Accounting policy 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 net impairment of property, plant and equipment, the amortisation and impairment of intangible assets, the employee performance share costs, the net impairment of equity method investments and items, if any, reported in line \u2018Other non-cash items\u2019 of the consolidated cash flow statement. Comparable adjusted EBITDA refers to adjusted EBITDA excluding restructuring expenses, exceptional items related to Russia-Ukraine conflict, acquisition, integration and divestment-related 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 & Poor\u2019s and Moody\u2019s, which were reaffirmed in 2023, while the outlook by Standard & Poor\u2019s returned to stable in 2023 compared with negative in 2022.
Rating agency
Publication date
Long-term debt
Outlook
Short-term debt
Standard & Poor\u2019s
May 2023
BBB+
Stable
A2
Moody\u2019s
May 2023
Baa1
Stable
P2
The Group\u2019s medium- to long-term 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:
2023 2022
\u20ac million \u20ac million
Net debt (refer to Note 26)
1,595.3
1,673.3
Operating profit
953.6
703.8
Depreciation and impairment of property, plant and equipment,
including right-of-use assets
399.9
484.9
Amortisation and impairment of intangible assets
113.9
15.1
Employee performance shares
20.4
16.5
Impairment of equity method investments
\u2013
52.8
Other non-cash items
\u2013
70.5
Adjusted EBITDA
1,487.8
1,343.6
Other restructuring expenses (primarily redundancy costs)
7.6
11.8
Unrealised loss on commodity derivatives
4.6
2.5
Exceptional items related to Russia \u2013 Ukraine conflict
(0.2)
4.4
Acquisition and integration costs
6.3
9.2
Total comparable adjusted EBITDA
1,506.1
1,371.5
Net debt/comparable adjusted EBITDA ratio
1.06
1.22
Other non-cash items for 2022 relate to the net loss recognised in the income statement from the remeasurement to fair value of the 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 (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:
2023 2022
\u20ac million \u20ac million
Total restructuring expenses included in operating expenses
(refer to Note 9)
9.0
11.9
Less: Impairment of property, plant and equipment presented
as part of restructuring expenses
(1.4)
(0.1)
Other restructuring expenses (primarily redundancy costs)
7.6
11.8
Hedging activity The carrying amount 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:
Notional amount Carrying amount Period of
As at 31 December 2023 \u20ac million \u20ac million maturity date
Contracts with positive fair values
695.5
15.6
Non-current
79.0
4.0
Commodity swap contracts
79.0
4.0
Jan25 \u2013 Nov25
Current
616.5
11.6
Foreign currency forward contracts
15.0
0.2
Jan24 \u2013 Jun24
Interest rate contracts
525.0
1.9
Jun24
Commodity swap contracts
76.5
9.5
Jan24 \u2013 Dec24
Contracts with negative fair values
382.6
(23.2)
Non-current
80.3
(5.7)
Commodity swap contracts
80.3
(5.7)
Jan25 \u2013 Sep26
Current
302.3
(17.5)
Foreign currency forward contracts
136.8
(2.4)
Jan24 \u2013 Dec24
Commodity swap contracts
165.5
(15.1)
Jan24 \u2013 Dec24
Notional amount Carrying amount Period of
As at 31 December 2022 \u20ac million \u20ac million 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
The impact on the hedging reserve as a result of applying cash flow hedge accounting was:
Spot Cost of
component hedging reserve
of foreign of foreign Commodity Interest
currency currency swap rate swap
contracts contracts contracts contracts Total
\u20ac million \u20ac million \u20ac million \u20ac million \u20ac million
Opening balance as at 1 January 2022
(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 as at 31 December 2022
(1.7)
0.4
11.0
(14.1)
(4.4)
Net gain of cash flow hedges
(0.8)
\u2013
14.1
6.4
19.7
Change in fair value of hedging
instruments recognised in OCI
(0.8)
\u2013
14.5
(0.2)
13.5
Reclassified to income statement
\u2013
\u2013
(0.4)
6.6
6.2
Cost of hedging recognised in OCI
\u2013
(3.9)
\u2013
(3.2)
(7.1)
Reclassified to inventories cost
(1.2)
4.1
(33.7)
\u2013
(30.8)
Closing balance as at 31 December 2023
(3.7)
0.6
(8.6)
(10.9)
(22.6)
The effect of the cash flow hedges in the consolidated income statement was:
2023 2022
(Gain)/loss (Gain)/loss
\u20ac million \u20ac million
Net amount reclassified from other comprehensive income
to cost of goods sold
(0.4)
(3.2)
Net amount reclassified from other comprehensive income
to finance costs
6.6
7.3
Total
6.2
4.1
The ineffectiveness on the cash flow hedges for the year ended 31 December 2023 was \u20ac2.6 million loss (2022: \u20ac2.6 million loss) recorded within cost of goods sold. b) Undesignated hedges The fair values of derivative financial instruments as at 31 December which economically hedge Group\u2019s risks and for which hedge accounting has not been applied were:
Notional amount Carrying amount Period of
As at 31 December 2023 \u20ac million \u20ac million maturity date
Contracts with positive fair values
545.8
85.9
Current
545.8
85.9
Foreign currency future contracts
177.6
82.9
Jan24 \u2013 Jun 24
Foreign currency forward contracts
366.2
2.9
Jan24 \u2013 Dec24
Commodity swap contracts
2.0
0.1
Sep24 \u2013 Oct24
Contracts with negative fair values
468.3
(49.8)
Current
468.3
(49.8)
Embedded derivatives
21.4
(9.1)
Jan24 \u2013 Dec24
Foreign currency forward contracts
426.6
(39.3)
Jan24 \u2013 Dec24
Commodity swap contracts
20.3
(1.4)
Jan24 \u2013 Nov24
Notional amount Carrying amount Period of
As at 31 December 2022 \u20ac million \u20ac million maturity date
Contracts with positive fair values
276.4
16.9
Current
276.4
16.9
Foreign currency future 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 future 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
The effect of the undesignated hedges in the consolidated income statement was:
2023 2022
Loss/(gain) (Gain)/loss
\u20ac million \u20ac million
Net amount recognised in cost of goods sold
6.9
(34.9)
Net amount recognised in operating expenses
(40.4)
(26.0)
Net amount recognised in finance cost
(30.5)
3.5
Total
(64.0)
(57.4)
Financial instruments\u2019 categories Categories of financial instruments as at 31 December were as follows (in \u20ac million): 2023
Analysis of total assets
Derivatives Equity
Debt financial designated financial Total
assets at Assets at as hedging assets at current and
Assets amortised cost FVTPL instruments FVOCI
non-current
Current
Non-current
Investments including loans
to related parties
60.1
519.7
\u2013
9.9
589.7
570.4
19.3
Derivative financial
instruments
\u2013
85.9
15.6
\u2013
101.5
97.5
4.0
Trade and other receivables
1,054.0
\u2013
\u2013
\u2013
1,054.0
1,051.5
2.5
Cash and cash equivalents
1,260.6
\u2013
\u2013
\u2013
1,260.6
1,260.6
\u2013
Total
2,374.7
605.6
15.6
9.9
3,005.8
2,980.0
25.8
Analysis of total assets
Liabilities Derivatives
held at designated Total
amortised Liabilities at as hedging current and
Liabilities cost FVTPL instruments
non-current
Current
Non-current
Trade and other payables
(excluding other tax & social
security and contract liabilities)
2,294.9
\u2013
\u2013
2,294.9
2,289.8
5.1
Borrowings
3,424.5
\u2013
\u2013
3,424.5
948.1
2,476.4
Derivative financial instruments
\u2013
49.8
23.2
73.0
67.3
5.7
Total
5,719.4
49.8
23.2
5,792.4
3,305.2
2,487.2
2022
Analysis of total assets
Derivatives Equity
Debt financial designated financial Total
assets at Assets at as hedging assets at current and
Assets amortised cost FVTPL instruments FVOCI
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 assets
Liabilities Derivatives
held at designated Total
amortised Liabilities at as hedging current and
Liabilities cost FVTPL instruments
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
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-denominated 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 reclassified to
the income statement over the term of the new note.
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-denominated 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 reclassified 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 reclassified to the income statement over the relevant period.
The Group entered into swaption contracts of \u20ac525.0 million in 2023 to hedge the interest rate risk
related to its Euro-denominated forecast issuance of fixed rate debt in 2024 and formally designated
them as cash flow hedges. The valuation of the outstanding swaptions for the year ended 31 December
2023 was \u20ac3.4 million loss recorded in other comprehensive income.
Embedded derivatives
During 2023, the Group recognised embedded derivatives whose risks and economic characteristics
are 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 2023 amounted to a financial liability of \u20ac9.1
million (2022: \u20acnil).
Fair values of financial assets and liabilities For financial instruments such as cash, deposits, debtors and creditors, investments, loans payable to related parties, short-term 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, forward starting swap contracts and embedded foreign currency derivatives is determined by using valuation techniques, which maximise the use of observable market data and include discounting. The fair value of the foreign currency forward, option and future contracts, commodity swap contracts, embedded foreign currency derivatives and cross-currency swap contracts is calculated by reference to quoted forward exchange and deposit rates, interest 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-Scholes 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 note agreements, certain undesignated derivatives and foreign currency futures and forward contracts is determined through the use of estimated discounted cash flows or other valuation techniques that use unobservable inputs. These valuation techniques estimate the fair value of undesignated derivatives by using settlement and forward prices received from counterparty banks and subscription-based publications and the fair value of foreign currency futures and forward 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 2023:
Level 1 Level 2 Level 3 Total
\u20ac million \u20ac million \u20ac million \u20ac million
Financial assets at FVTPL
Foreign currency forward contracts
\u2013
2.9
\u2013
2.9
Foreign currency futures contracts
\u2013
\u2013
82.9
82.9
Commodity swap contracts
\u2013
0.1
\u2013
0.1
Money market funds
513.8
\u2013
\u2013
513.8
Convertible note agreements
\u2013
\u2013
5.9
5.9
Derivative financial assets used
for hedging
Cash flow hedges
Foreign currency forward contracts
\u2013
0.2
\u2013
0.2
Interest rate swap contracts
\u2013
1.9
\u2013
1.9
Commodity swap contracts
\u2013
13.5
\u2013
13.5
Assets at FVOCI
Equity securities
1.1
\u2013
8.8
9.9
Total financial assets
514.9
18.6
97.6
631.1
Financial liabilities at FVTPL
Foreign currency forward contracts
\u2013
(4.3)
(35.0)
(39.3)
Embedded derivatives
\u2013
(9.1)
\u2013
(9.1)
Commodity swap contracts
\u2013
(0.2)
(1.2)
(1.4)
Derivative financial liabilities used
for hedging
Cash flow hedges
Foreign currency forward contracts
\u2013
(2.4)
\u2013
(2.4)
Commodity swap contracts
\u2013
(20.8)
\u2013
(20.8)
Total financial liabilities
\u2013
(36.8)
(36.2)
(73.0)
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 2022:
Level 1 Level 2 Level 3 Total
\u20ac million \u20ac million \u20ac million \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 note agreements
\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)
Embedded derivatives
\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 2022. The following table presents the changes in Level 3 items for the years ended 31 December 2023 and 2022:
Foreign Convertible
Commodity currency Equity note
swap contracts contracts securities agreements Total
\u20ac million \u20ac million \u20ac million \u20ac million \u20ac million
Balance as at 1 January 2022
(0.9)
(3.9)
2.9
\u2013
(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 )
(Losses)/gains recognised
in income statement
(0.8)
106.1
\u2013
\u2013
105.3
Payments for/(proceeds from)
settlement of derivatives
4.4
(29.2)
\u2013
\u2013
(24.8 )
Addition of financial assets at FVOCI
\u2013
\u2013
5.9
\u2013
5.9
Capitalised Interest
\u2013
\u2013
\u2013
0.2
0.2
Addition of financial assets at FVTPL
\u2013
\u2013
\u2013
4.2
4.2
Foreign currency translation
(1.0)
(26.7)
\u2013
\u2013
(27.7 )
Balance as at 31 December 2023
(1.2)
47.9
8.8
5.9
61.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-583": { "value": "Accounting policy 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\u2019). 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. The Group intends to hold these equity instruments for the
foreseeable future and has irrevocably elected to classify them as 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-598": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-584": { "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 its 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 risk 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 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, while 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 through profit or loss 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 the income statement. 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 takes place. 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 or other valuation techniques. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-659": { "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 future 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 the 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. 2023 exchange risk sensitivity to reasonably possible changes in the Euro against relevant other currencies
Euro strengthens Euro weakens
against local currency against local currency
% historical Loss/(gain) (Gain)/loss
volatility over a in income Loss/(gain) in income (Gain)/loss
12-month statement in equity statement in equity
period \u20ac million \u20ac million \u20ac million \u20ac million
Egyptian Pound
13.0%
4.9
7.7
(6.3)
(10.0)
Nigerian Naira
35.7%
11.8
\u2013
(26.0)
\u2013
Russian Rouble
17.5%
(3.8)
\u2013
5.4
\u2013
UK Sterling
4.8%
(1.3)
(0.2)
1.5
0.2
Ukrainian Hryvnia
8.4%
2.5
\u2013
(2.9)
\u2013
Other
\u2013
4.5
(6.0)
(4.1)
5.7
Total
18.6
1.5
(32.4)
(4.1)
2023 exchange risk sensitivity to reasonably possible changes in the US Dollar against relevant other currencies
US Dollar strengthens US Dollar weakens
against local currency against local currency
% historical Loss/(gain) (Gain)/loss
volatility over a in income Loss/(gain) in income (Gain)/loss
12-month statement in equity statement in equity
period \u20ac million \u20ac million \u20ac million \u20ac million
Egyptian Pound
10.5%
7.2
1.8
(8.9)
(2.3)
Nigerian Naira
35.3%
7.7
33.5
(67.3)
(70.1)
Russian Rouble
15.3%
(8.2)
(0.6)
11.2
0.9
Ukrainian Hryvnia
3.4%
0.3
\u2013
(0.3)
\u2013
Other
\u2013
(0.4)
\u2013
0.4
\u2013
Total
6.6
34.7
(64.9)
(71.5)
2022 exchange risk sensitivity to reasonably possible changes in the Euro against relevant other currencies
Euro strengthens Euro weakens
against local currency against local currency
% historical Loss/(gain) (Gain)/loss
volatility over a in income Loss/(gain) in income (Gain)/loss
12-month statement in equity statement in equity
period \u20ac million \u20ac million \u20ac million \u20ac million
Egyptian Pound
23.3%
4.0
15.7
(6.4)
(25.3)
Nigerian Naira
15.5%
12.9
\u2013
(17.6)
\u2013
Russian Rouble
54.5%
(9.4)
(0.1)
31.9
0.2
UK Sterling
7.7%
(1.1)
(0.4)
1.2
0.2
Ukrainian Hryvnia
12.5%
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 US Dollar weakens
against local currency against local currency
% historical Loss/(gain) (Gain)/loss
volatility over a in income Loss/(gain) in income (Gain)/loss
12-month statement in equity statement in equity
period \u20ac million \u20ac million \u20ac million \u20ac million
Euro
10.1%
(7.2)
\u2013
8.8
\u2013
Egyptian Pound
22.2%
9.9
\u2013
(15.6)
\u2013
Nigerian Naira
5.9%
11.0
\u2013
(12.4)
\u2013
Russian Rouble
53.0%
(18.7)
\u2013
61.0
\u2013
Ukrainian Hryvnia
4.1%
(0.1)
\u2013
0.1
\u2013
Other
\u2013
(0.4)
\u2013
0.3
\u2013
Total
(5.5)
\u2013
42.2
\u2013
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. In determining reasonably possible changes of the respective commodity
price, the historical volatility over a 12-month period per contract maturity has been considered.
2023 commodity price risk sensitivity to reasonably possible changes in the commodity price
of relevant commodities
Commodity price increases with Commodity price decreases with
all other variables held constant all other variables held constant
% historical
volatility over a (Gain)/loss Loss/(gain)
12-month period in income (Gain)/loss in income Loss/(gain)
per contract statement in equity statement in equity
maturity \u20ac million \u20ac million \u20ac million \u20ac million
Sugar
18.8%
(1.6)
(42.3)
1.6
42.3
Aluminium
21.4%
(1.7)
(29.3)
1.7
29.3
Aluminium premium
29.0%
(0.1)
(2.6)
0.1
2.6
Gas oil
36.1%
\u2013
(5.8)
\u2013
5.8
Plastic
17.0%
(2.2)
\u2013
2.2
\u2013
Total
(5.6)
(80.0)
5.6
80.0
2022 commodity price risk sensitivity to reasonably possible changes in the commodity price of relevant commodities
Commodity price increases with Commodity price decreases with
all other variables held constant all other variables held constant
% historical
volatility over a (Gain)/loss Loss/(gain)
12-month period in income (Gain)/loss in income Loss/(gain)
per contract statement in equity statement in equity
maturity \u20ac million \u20ac million \u20ac million \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
c) Interest rate risk The Group is subject to interest rate risk for its outstanding borrowings and interest rates swap contracts (\u2018swaptions\u2019).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 100 basis point increase or decrease for 2023 (2022: 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
2023
2022
Loss/(gain) Loss/(gain) in
in income (Gain)/loss income Loss/(gain)
statement in equity statement in equity
\u20ac million \u20ac million \u20ac million \u20ac million
Increase by 100 basis points (2022: 50bps)
0.1
(8.8)
0.3
\u2013
Decrease by 100 basis points ( 2022: 50bps)
(0.1)
1.8
(0.3)
\u2013
The impact in the Group\u2019s equity is attributable to the changes in the fair value of the swaptions entered in 2023 for a notional amount of \u20ac525.0 million and designated as hedging instruments in a cash flow hedge. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-660": { "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 2023 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. The Group also carries credit insurance on a portion of the accounts receivable balance. 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-\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-/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 and money market funds to invest excess cash balances and to diversify its counterparty risk. As at 31 December 2023, an amount of \u20ac54.8 million (2022: \u20ac529.5 million) is invested in time deposits with tenor more than three months and \u20ac513.8 million (2022: \u20ac497.2 million) is invested in money market funds. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-661": { "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 2023, the Group has a net debt of \u20ac1.6 billion (refer to Note 26), of which \u20ac600 million
Euro-denominated fixed rate bond matures in 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 2023.
Up to One to Two to Over
one year two years five years five years Total
\u20ac million \u20ac million \u20ac million \u20ac million \u20ac million
Borrowings
923.2
546.0
775.3
1,132.4
3,376.9
Derivative liabilities
67.3
3.7
2.0
\u2013
73.0
Trade and other payables
(excluding other tax
& social security and
contract liabilities)
2,289.8
0.4
1.1
3.6
2,294.9
Leases
66.7
53.0
78.4
56.9
255.0
As at 31 December 2023
3,347.0
603.1
856.8
1,192.9
5,999.8
Up to One to Two to Over
one year two years five years five years Total
\u20ac million \u20ac million \u20ac million \u20ac million \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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-662": { "value": "Capital risk Accounting policy 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 net impairment of property, plant and equipment, the amortisation and impairment of intangible assets, the employee performance share costs, the net impairment of equity method investments and items, if any, reported in line \u2018Other non-cash items\u2019 of the consolidated cash flow statement. Comparable adjusted EBITDA refers to adjusted EBITDA excluding restructuring expenses, exceptional items related to Russia-Ukraine conflict, acquisition, integration and divestment-related 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 & Poor\u2019s and Moody\u2019s, which were reaffirmed in 2023, while the outlook by
Standard & Poor\u2019s returned to stable in 2023 compared with negative in 2022.
Rating agency
Publication date
Long-term debt
Outlook
Short-term debt
Standard & Poor\u2019s
May 2023
BBB+
Stable
A2
Moody\u2019s
May 2023
Baa1
Stable
P2
The Group\u2019s medium- to long-term 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:
2023 2022
\u20ac million \u20ac million
Net debt (refer to Note 26)
1,595.3
1,673.3
Operating profit
953.6
703.8
Depreciation and impairment of property, plant and equipment,
including right-of-use assets
399.9
484.9
Amortisation and impairment of intangible assets
113.9
15.1
Employee performance shares
20.4
16.5
Impairment of equity method investments
\u2013
52.8
Other non-cash items
\u2013
70.5
Adjusted EBITDA
1,487.8
1,343.6
Other restructuring expenses (primarily redundancy costs)
7.6
11.8
Unrealised loss on commodity derivatives
4.6
2.5
Exceptional items related to Russia \u2013 Ukraine conflict
(0.2)
4.4
Acquisition and integration costs
6.3
9.2
Total comparable adjusted EBITDA
1,506.1
1,371.5
Net debt/comparable adjusted EBITDA ratio
1.06
1.22
Other non-cash items for 2022 relate to the net loss recognised in the income statement from the
remeasurement to fair value of the 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 (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:
2023 2022
\u20ac million \u20ac million
Total restructuring expenses included in operating expenses
(refer to Note 9)
9.0
11.9
Less: Impairment of property, plant and equipment presented
as part of restructuring expenses
(1.4)
(0.1)
Other restructuring expenses (primarily redundancy costs)
7.6
11.8
", "dimensions": { "concept": "cocacolahbcag:DisclosureOfCapitalRisk", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-626": { "value": "Hedging activity The carrying amount 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:
Notional amount Carrying amount Period of
As at 31 December 2023 \u20ac million \u20ac million maturity date
Contracts with positive fair values
695.5
15.6
Non-current
79.0
4.0
Commodity swap contracts
79.0
4.0
Jan25 \u2013 Nov25
Current
616.5
11.6
Foreign currency forward contracts
15.0
0.2
Jan24 \u2013 Jun24
Interest rate contracts
525.0
1.9
Jun24
Commodity swap contracts
76.5
9.5
Jan24 \u2013 Dec24
Contracts with negative fair values
382.6
(23.2)
Non-current
80.3
(5.7)
Commodity swap contracts
80.3
(5.7)
Jan25 \u2013 Sep26
Current
302.3
(17.5)
Foreign currency forward contracts
136.8
(2.4)
Jan24 \u2013 Dec24
Commodity swap contracts
165.5
(15.1)
Jan24 \u2013 Dec24
Notional amount Carrying amount Period of
As at 31 December 2022 \u20ac million \u20ac million 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
The impact on the hedging reserve as a result of applying cash flow hedge accounting was:
Spot Cost of
component hedging reserve
of foreign of foreign Commodity Interest
currency currency swap rate swap
contracts contracts contracts contracts Total
\u20ac million \u20ac million \u20ac million \u20ac million \u20ac million
Opening balance as at 1 January 2022
(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 as at 31 December 2022
(1.7)
0.4
11.0
(14.1)
(4.4)
Net gain of cash flow hedges
(0.8)
\u2013
14.1
6.4
19.7
Change in fair value of hedging
instruments recognised in OCI
(0.8)
\u2013
14.5
(0.2)
13.5
Reclassified to income statement
\u2013
\u2013
(0.4)
6.6
6.2
Cost of hedging recognised in OCI
\u2013
(3.9)
\u2013
(3.2)
(7.1)
Reclassified to inventories cost
(1.2)
4.1
(33.7)
\u2013
(30.8)
Closing balance as at 31 December 2023
(3.7)
0.6
(8.6)
(10.9)
(22.6)
The effect of the cash flow hedges in the consolidated income statement was:
2023 2022
(Gain)/loss (Gain)/loss
\u20ac million \u20ac million
Net amount reclassified from other comprehensive income
to cost of goods sold
(0.4)
(3.2)
Net amount reclassified from other comprehensive income
to finance costs
6.6
7.3
Total
6.2
4.1
The ineffectiveness on the cash flow hedges for the year ended 31 December 2023 was \u20ac2.6 million loss (2022: \u20ac2.6 million loss) recorded within cost of goods sold. b) Undesignated hedges The fair values of derivative financial instruments as at 31 December which economically hedge Group\u2019s risks and for which hedge accounting has not been applied were:
Notional amount Carrying amount Period of
As at 31 December 2023 \u20ac million \u20ac million maturity date
Contracts with positive fair values
545.8
85.9
Current
545.8
85.9
Foreign currency future contracts
177.6
82.9
Jan24 \u2013 Jun 24
Foreign currency forward contracts
366.2
2.9
Jan24 \u2013 Dec24
Commodity swap contracts
2.0
0.1
Sep24 \u2013 Oct24
Contracts with negative fair values
468.3
(49.8)
Current
468.3
(49.8)
Embedded derivatives
21.4
(9.1)
Jan24 \u2013 Dec24
Foreign currency forward contracts
426.6
(39.3)
Jan24 \u2013 Dec24
Commodity swap contracts
20.3
(1.4)
Jan24 \u2013 Nov24
Notional amount Carrying amount Period of
As at 31 December 2022 \u20ac million \u20ac million maturity date
Contracts with positive fair values
276.4
16.9
Current
276.4
16.9
Foreign currency future 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 future 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
The effect of the undesignated hedges in the consolidated income statement was:
2023 2022
Loss/(gain) (Gain)/loss
\u20ac million \u20ac million
Net amount recognised in cost of goods sold
6.9
(34.9)
Net amount recognised in operating expenses
(40.4)
(26.0)
Net amount recognised in finance cost
(30.5)
3.5
Total
(64.0)
(57.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-663": { "value": "Hedging activity The carrying amount 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:
Notional amount Carrying amount Period of
As at 31 December 2023 \u20ac million \u20ac million maturity date
Contracts with positive fair values
695.5
15.6
Non-current
79.0
4.0
Commodity swap contracts
79.0
4.0
Jan25 \u2013 Nov25
Current
616.5
11.6
Foreign currency forward contracts
15.0
0.2
Jan24 \u2013 Jun24
Interest rate contracts
525.0
1.9
Jun24
Commodity swap contracts
76.5
9.5
Jan24 \u2013 Dec24
Contracts with negative fair values
382.6
(23.2)
Non-current
80.3
(5.7)
Commodity swap contracts
80.3
(5.7)
Jan25 \u2013 Sep26
Current
302.3
(17.5)
Foreign currency forward contracts
136.8
(2.4)
Jan24 \u2013 Dec24
Commodity swap contracts
165.5
(15.1)
Jan24 \u2013 Dec24
Notional amount Carrying amount Period of
As at 31 December 2022 \u20ac million \u20ac million 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
The impact on the hedging reserve as a result of applying cash flow hedge accounting was:
Spot Cost of
component hedging reserve
of foreign of foreign Commodity Interest
currency currency swap rate swap
contracts contracts contracts contracts Total
\u20ac million \u20ac million \u20ac million \u20ac million \u20ac million
Opening balance as at 1 January 2022
(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 as at 31 December 2022
(1.7)
0.4
11.0
(14.1)
(4.4)
Net gain of cash flow hedges
(0.8)
\u2013
14.1
6.4
19.7
Change in fair value of hedging
instruments recognised in OCI
(0.8)
\u2013
14.5
(0.2)
13.5
Reclassified to income statement
\u2013
\u2013
(0.4)
6.6
6.2
Cost of hedging recognised in OCI
\u2013
(3.9)
\u2013
(3.2)
(7.1)
Reclassified to inventories cost
(1.2)
4.1
(33.7)
\u2013
(30.8)
Closing balance as at 31 December 2023
(3.7)
0.6
(8.6)
(10.9)
(22.6)
The effect of the cash flow hedges in the consolidated income statement was:
2023 2022
(Gain)/loss (Gain)/loss
\u20ac million \u20ac million
Net amount reclassified from other comprehensive income
to cost of goods sold
(0.4)
(3.2)
Net amount reclassified from other comprehensive income
to finance costs
6.6
7.3
Total
6.2
4.1
The ineffectiveness on the cash flow hedges for the year ended 31 December 2023 was \u20ac2.6 million
loss (2022: \u20ac2.6 million loss) recorded within cost of goods sold.
b) Undesignated hedges
The fair values of derivative financial instruments as at 31 December which economically hedge
Group\u2019s risks and for which hedge accounting has not been applied were:
Notional amount Carrying amount Period of
As at 31 December 2023 \u20ac million \u20ac million maturity date
Contracts with positive fair values
545.8
85.9
Current
545.8
85.9
Foreign currency future contracts
177.6
82.9
Jan24 \u2013 Jun 24
Foreign currency forward contracts
366.2
2.9
Jan24 \u2013 Dec24
Commodity swap contracts
2.0
0.1
Sep24 \u2013 Oct24
Contracts with negative fair values
468.3
(49.8)
Current
468.3
(49.8)
Embedded derivatives
21.4
(9.1)
Jan24 \u2013 Dec24
Foreign currency forward contracts
426.6
(39.3)
Jan24 \u2013 Dec24
Commodity swap contracts
20.3
(1.4)
Jan24 \u2013 Nov24
Notional amount Carrying amount Period of
As at 31 December 2022 \u20ac million \u20ac million maturity date
Contracts with positive fair values
276.4
16.9
Current
276.4
16.9
Foreign currency future 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 future 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
The effect of the undesignated hedges in the consolidated income statement was:
2023 2022
Loss/(gain) (Gain)/loss
\u20ac million \u20ac million
Net amount recognised in cost of goods sold
6.9
(34.9)
Net amount recognised in operating expenses
(40.4)
(26.0)
Net amount recognised in finance cost
(30.5)
3.5
Total
(64.0)
(57.4)
Financial instruments\u2019 categories
Categories of financial instruments as at 31 December were as follows (in \u20ac million):
2023
Analysis of total assets
Derivatives Equity
Debt financial designated financial Total
assets at Assets at as hedging assets at current and
Assets amortised cost FVTPL instruments FVOCI
non-current
Current
Non-current
Investments including loans
to related parties
60.1
519.7
\u2013
9.9
589.7
570.4
19.3
Derivative financial
instruments
\u2013
85.9
15.6
\u2013
101.5
97.5
4.0
Trade and other receivables
1,054.0
\u2013
\u2013
\u2013
1,054.0
1,051.5
2.5
Cash and cash equivalents
1,260.6
\u2013
\u2013
\u2013
1,260.6
1,260.6
\u2013
Total
2,374.7
605.6
15.6
9.9
3,005.8
2,980.0
25.8
Analysis of total assets
Liabilities Derivatives
held at designated Total
amortised Liabilities at as hedging current and
Liabilities cost FVTPL instruments
non-current
Current
Non-current
Trade and other payables
(excluding other tax & social
security and contract liabilities)
2,294.9
\u2013
\u2013
2,294.9
2,289.8
5.1
Borrowings
3,424.5
\u2013
\u2013
3,424.5
948.1
2,476.4
Derivative financial instruments
\u2013
49.8
23.2
73.0
67.3
5.7
Total
5,719.4
49.8
23.2
5,792.4
3,305.2
2,487.2
2022
Analysis of total assets
Derivatives Equity
Debt financial designated financial Total
assets at Assets at as hedging assets at current and
Assets amortised cost FVTPL instruments FVOCI
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 assets
Liabilities Derivatives
held at designated Total
amortised Liabilities at as hedging current and
Liabilities cost FVTPL instruments
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
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-denominated 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 reclassified to the income statement over the term of the new note. 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-denominated 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 reclassified 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 reclassified to the income statement over the relevant period. The Group entered into swaption contracts of \u20ac525.0 million in 2023 to hedge the interest rate risk related to its Euro-denominated forecast issuance of fixed rate debt in 2024 and formally designated them as cash flow hedges. The valuation of the outstanding swaptions for the year ended 31 December 2023 was \u20ac3.4 million loss recorded in other comprehensive income. Embedded derivatives During 2023, the Group recognised embedded derivatives whose risks and economic characteristics are 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 2023 amounted to a financial liability of \u20ac9.1 million (2022: \u20acnil).
Fair values of financial assets and liabilities
For financial instruments such as cash, deposits, debtors and creditors, investments, loans payable
to related parties, short-term 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, forward starting swap contracts
and embedded foreign currency derivatives is determined by using valuation techniques, which
maximise the use of observable market data and include discounting. The fair value of the foreign
currency forward, option and future contracts, commodity swap contracts, embedded foreign
currency derivatives and cross-currency swap contracts is calculated by reference to quoted forward
exchange and deposit rates, interest 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-Scholes 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 note agreements, certain
undesignated derivatives and foreign currency futures and forward contracts is determined through
the use of estimated discounted cash flows or other valuation techniques that use unobservable
inputs. These valuation techniques estimate the fair value of undesignated derivatives by using
settlement and forward prices received from counterparty banks and subscription-based publications
and the fair value of foreign currency futures and forward 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 2023:
Level 1 Level 2 Level 3 Total
\u20ac million \u20ac million \u20ac million \u20ac million
Financial assets at FVTPL
Foreign currency forward contracts
\u2013
2.9
\u2013
2.9
Foreign currency futures contracts
\u2013
\u2013
82.9
82.9
Commodity swap contracts
\u2013
0.1
\u2013
0.1
Money market funds
513.8
\u2013
\u2013
513.8
Convertible note agreements
\u2013
\u2013
5.9
5.9
Derivative financial assets used
for hedging
Cash flow hedges
Foreign currency forward contracts
\u2013
0.2
\u2013
0.2
Interest rate swap contracts
\u2013
1.9
\u2013
1.9
Commodity swap contracts
\u2013
13.5
\u2013
13.5
Assets at FVOCI
Equity securities
1.1
\u2013
8.8
9.9
Total financial assets
514.9
18.6
97.6
631.1
Financial liabilities at FVTPL
Foreign currency forward contracts
\u2013
(4.3)
(35.0)
(39.3)
Embedded derivatives
\u2013
(9.1)
\u2013
(9.1)
Commodity swap contracts
\u2013
(0.2)
(1.2)
(1.4)
Derivative financial liabilities used
for hedging
Cash flow hedges
Foreign currency forward contracts
\u2013
(2.4)
\u2013
(2.4)
Commodity swap contracts
\u2013
(20.8)
\u2013
(20.8)
Total financial liabilities
\u2013
(36.8)
(36.2)
(73.0)
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 2022:
Level 1 Level 2 Level 3 Total
\u20ac million \u20ac million \u20ac million \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 note agreements
\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)
Embedded derivatives
\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 2022.
The following table presents the changes in Level 3 items for the years ended 31 December 2023
and 2022:
Foreign Convertible
Commodity currency Equity note
swap contracts contracts securities agreements Total
\u20ac million \u20ac million \u20ac million \u20ac million \u20ac million
Balance as at 1 January 2022
(0.9)
(3.9)
2.9
\u2013
(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 )
(Losses)/gains recognised
in income statement
(0.8)
106.1
\u2013
\u2013
105.3
Payments for/(proceeds from)
settlement of derivatives
4.4
(29.2)
\u2013
\u2013
(24.8 )
Addition of financial assets at FVOCI
\u2013
\u2013
5.9
\u2013
5.9
Capitalised Interest
\u2013
\u2013
\u2013
0.2
0.2
Addition of financial assets at FVTPL
\u2013
\u2013
\u2013
4.2
4.2
Foreign currency translation
(1.0)
(26.7)
\u2013
\u2013
(27.7 )
Balance as at 31 December 2023
(1.2)
47.9
8.8
5.9
61.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-627": { "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-term 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, forward starting swap contracts and embedded foreign currency derivatives is determined by using valuation techniques, which maximise the use of observable market data and include discounting. The fair value of the foreign currency forward, option and future contracts, commodity swap contracts, embedded foreign currency derivatives and cross-currency swap contracts is calculated by reference to quoted forward exchange and deposit rates, interest 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-Scholes 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 note agreements, certain undesignated derivatives and foreign currency futures and forward contracts is determined through the use of estimated discounted cash flows or other valuation techniques that use unobservable inputs. These valuation techniques estimate the fair value of undesignated derivatives by using settlement and forward prices received from counterparty banks and subscription-based publications and the fair value of foreign currency futures and forward 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 2023:
Level 1 Level 2 Level 3 Total
\u20ac million \u20ac million \u20ac million \u20ac million
Financial assets at FVTPL
Foreign currency forward contracts
\u2013
2.9
\u2013
2.9
Foreign currency futures contracts
\u2013
\u2013
82.9
82.9
Commodity swap contracts
\u2013
0.1
\u2013
0.1
Money market funds
513.8
\u2013
\u2013
513.8
Convertible note agreements
\u2013
\u2013
5.9
5.9
Derivative financial assets used
for hedging
Cash flow hedges
Foreign currency forward contracts
\u2013
0.2
\u2013
0.2
Interest rate swap contracts
\u2013
1.9
\u2013
1.9
Commodity swap contracts
\u2013
13.5
\u2013
13.5
Assets at FVOCI
Equity securities
1.1
\u2013
8.8
9.9
Total financial assets
514.9
18.6
97.6
631.1
Financial liabilities at FVTPL
Foreign currency forward contracts
\u2013
(4.3)
(35.0)
(39.3)
Embedded derivatives
\u2013
(9.1)
\u2013
(9.1)
Commodity swap contracts
\u2013
(0.2)
(1.2)
(1.4)
Derivative financial liabilities used
for hedging
Cash flow hedges
Foreign currency forward contracts
\u2013
(2.4)
\u2013
(2.4)
Commodity swap contracts
\u2013
(20.8)
\u2013
(20.8)
Total financial liabilities
\u2013
(36.8)
(36.2)
(73.0)
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 2022:
Level 1 Level 2 Level 3 Total
\u20ac million \u20ac million \u20ac million \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 note agreements
\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)
Embedded derivatives
\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 2022.
The following table presents the changes in Level 3 items for the years ended 31 December 2023 and 2022: Foreign Convertible Commodity currency Equity note swap contracts contracts securities agreements Total \u20ac million \u20ac million \u20ac million \u20ac million \u20ac million Balance as at 1 January 2022 (0.9) (3.9) 2.9 \u2013 (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 (Losses)/gains recognised in income statement (0.8) 106.1 \u2013 \u2013 105.3 Payments for/(proceeds from) settlement of derivatives 4.4 (29.2) \u2013 \u2013 (24.8 Addition of financial assets at FVOCI \u2013 \u2013 5.9 \u2013 5.9 Capitalised Interest \u2013 \u2013 \u2013 0.2 0.2 Addition of financial assets at FVTPL \u2013 \u2013 \u2013 4.2 4.2 Foreign currency translation (1.0) (26.7) \u2013 \u2013 (27.7 Balance as at 31 December 2023 (1.2) 47.9 8.8 5.9 61.4", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-685": { "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-term 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, forward starting swap contracts and embedded foreign currency derivatives is determined by using valuation techniques, which maximise the use of observable market data and include discounting. The fair value of the foreign currency forward, option and future contracts, commodity swap contracts, embedded foreign currency derivatives and cross-currency swap contracts is calculated by reference to quoted forward exchange and deposit rates, interest 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-Scholes 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 note agreements, certain undesignated derivatives and foreign currency futures and forward contracts is determined through the use of estimated discounted cash flows or other valuation techniques that use unobservable inputs. These valuation techniques estimate the fair value of undesignated derivatives by using settlement and forward prices received from counterparty banks and subscription-based publications and the fair value of foreign currency futures and forward 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 2023:
Level 1 Level 2 Level 3 Total
\u20ac million \u20ac million \u20ac million \u20ac million
Financial assets at FVTPL
Foreign currency forward contracts
\u2013
2.9
\u2013
2.9
Foreign currency futures contracts
\u2013
\u2013
82.9
82.9
Commodity swap contracts
\u2013
0.1
\u2013
0.1
Money market funds
513.8
\u2013
\u2013
513.8
Convertible note agreements
\u2013
\u2013
5.9
5.9
Derivative financial assets used
for hedging
Cash flow hedges
Foreign currency forward contracts
\u2013
0.2
\u2013
0.2
Interest rate swap contracts
\u2013
1.9
\u2013
1.9
Commodity swap contracts
\u2013
13.5
\u2013
13.5
Assets at FVOCI
Equity securities
1.1
\u2013
8.8
9.9
Total financial assets
514.9
18.6
97.6
631.1
Financial liabilities at FVTPL
Foreign currency forward contracts
\u2013
(4.3)
(35.0)
(39.3)
Embedded derivatives
\u2013
(9.1)
\u2013
(9.1)
Commodity swap contracts
\u2013
(0.2)
(1.2)
(1.4)
Derivative financial liabilities used
for hedging
Cash flow hedges
Foreign currency forward contracts
\u2013
(2.4)
\u2013
(2.4)
Commodity swap contracts
\u2013
(20.8)
\u2013
(20.8)
Total financial liabilities
\u2013
(36.8)
(36.2)
(73.0)
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 2022:
Level 1 Level 2 Level 3 Total
\u20ac million \u20ac million \u20ac million \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 note agreements
\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)
Embedded derivatives
\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 2022. The following table presents the changes in Level 3 items for the years ended 31 December 2023 and 2022:
Foreign Convertible
Commodity currency Equity note
swap contracts contracts securities agreements Total
\u20ac million \u20ac million \u20ac million \u20ac million \u20ac million
Balance as at 1 January 2022
(0.9)
(3.9)
2.9
\u2013
(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 )
(Losses)/gains recognised
in income statement
(0.8)
106.1
\u2013
\u2013
105.3
Payments for/(proceeds from)
settlement of derivatives
4.4
(29.2)
\u2013
\u2013
(24.8 )
Addition of financial assets at FVOCI
\u2013
\u2013
5.9
\u2013
5.9
Capitalised Interest
\u2013
\u2013
\u2013
0.2
0.2
Addition of financial assets at FVTPL
\u2013
\u2013
\u2013
4.2
4.2
Foreign currency translation
(1.0)
(26.7)
\u2013
\u2013
(27.7 )
Balance as at 31 December 2023
(1.2)
47.9
8.8
5.9
61.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-688": { "value": "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 2023:
Level 1 Level 2 Level 3 Total
\u20ac million \u20ac million \u20ac million \u20ac million
Financial assets at FVTPL
Foreign currency forward contracts
\u2013
2.9
\u2013
2.9
Foreign currency futures contracts
\u2013
\u2013
82.9
82.9
Commodity swap contracts
\u2013
0.1
\u2013
0.1
Money market funds
513.8
\u2013
\u2013
513.8
Convertible note agreements
\u2013
\u2013
5.9
5.9
Derivative financial assets used
for hedging
Cash flow hedges
Foreign currency forward contracts
\u2013
0.2
\u2013
0.2
Interest rate swap contracts
\u2013
1.9
\u2013
1.9
Commodity swap contracts
\u2013
13.5
\u2013
13.5
Assets at FVOCI
Equity securities
1.1
\u2013
8.8
9.9
Total financial assets
514.9
18.6
97.6
631.1
Financial liabilities at FVTPL
Foreign currency forward contracts
\u2013
(4.3)
(35.0)
(39.3)
Embedded derivatives
\u2013
(9.1)
\u2013
(9.1)
Commodity swap contracts
\u2013
(0.2)
(1.2)
(1.4)
Derivative financial liabilities used
for hedging
Cash flow hedges
Foreign currency forward contracts
\u2013
(2.4)
\u2013
(2.4)
Commodity swap contracts
\u2013
(20.8)
\u2013
(20.8)
Total financial liabilities
\u2013
(36.8)
(36.2)
(73.0)
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 2022:
Level 1 Level 2 Level 3 Total
\u20ac million \u20ac million \u20ac million \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 note agreements
\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)
Embedded derivatives
\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 2022. The following table presents the changes in Level 3 items for the years ended 31 December 2023 and 2022:
Foreign Convertible
Commodity currency Equity note
swap contracts contracts securities agreements Total
\u20ac million \u20ac million \u20ac million \u20ac million \u20ac million
Balance as at 1 January 2022
(0.9)
(3.9)
2.9
\u2013
(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 )
(Losses)/gains recognised
in income statement
(0.8)
106.1
\u2013
\u2013
105.3
Payments for/(proceeds from)
settlement of derivatives
4.4
(29.2)
\u2013
\u2013
(24.8 )
Addition of financial assets at FVOCI
\u2013
\u2013
5.9
\u2013
5.9
Capitalised Interest
\u2013
\u2013
\u2013
0.2
0.2
Addition of financial assets at FVTPL
\u2013
\u2013
\u2013
4.2
4.2
Foreign currency translation
(1.0)
(26.7)
\u2013
\u2013
(27.7 )
Balance as at 31 December 2023
(1.2)
47.9
8.8
5.9
61.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-628": { "value": "26. Net debt Accounting policy Borrowings are initially recognised at the fair value net of transaction costs incurred. After initial recognition, all interest-bearing 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 that 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 (where applicable) 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:
2023 2022
\u20ac million \u20ac million
Current borrowings
948.1
337.0
Non-current borrowings
2,476.4
3,082.9
Less: Cash and cash equivalents
(1,260.6)
(719.9)
\u2022
Financial assets at amortised cost
(54.8)
(529.5)
\u2022
Financial assets at fair value through profit or loss
(513.8)
(497.2)
Less: Other financial assets
(568.6)
(1,026.7)
Net debt
1,595.3
1,673.3
The financial assets at amortised cost relate to time deposits, while the financial assets at fair value through profit or loss relate to money market funds. Line \u2018Other financial assets\u2019 of the consolidated balance sheet includes derivative financial instruments of \u20ac97.5 million (31 December 2022: \u20ac35.3 million) and related party loans receivable of \u20ac1.8 million (31 December 2022: \u20ac1.8 million).
a) Borrowings
The Group held the following borrowings as at 31 December:
2023 2022
\u20ac million \u20ac million
Bonds, bills and unsecured notes
599.5
\u2013
Commercial paper
211.0
167.5
Loans payable to related parties (refer to Note 28)
2.7
\u2013
Other borrowings
79.6
115.6
892.8
283.1
Obligations under leases falling due within one year
55.3
53.9
Total borrowings falling due within one year
948.1
337.0
Borrowings falling due within one to two years
Bonds, bills and unsecured notes
497.1
599.0
Borrowings falling due within two to five years
Bonds, bills and unsecured notes
697.8
1,192.5
Borrowings falling due in more than five years
Bonds, bills and unsecured notes
1,092.9
1,091.9
Other borrowings
33.8
47.4
2,321.6
2,930.8
Obligations under leases falling due in more than one year
154.8
152.1
Total borrowings falling due after one year
2,476.4
3,082.9
Total borrowings
3,424.5
3,419.9
Reconciliation of liabilities to cash flows arising from financing activities:
Borrowings
Leases
Due in more Due in more Derivative
Due within than one Due within than one assets/
one year year one year year (liabilities) Total
\u20ac million \u20ac million \u20ac million \u20ac million \u20ac million \u20ac million
Balance as at 1 January 2022
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
Cash flows
Proceeds from borrowings
136.4
\u2013
\u2013
\u2013
\u2013
136.4
Repayments of borrowings
(89.7)
\u2013
\u2013
\u2013
\u2013
(89.7)
Principal repayments of lease obligations
\u2013
\u2013
(59.1)
\u2013
\u2013
(59.1)
Interest paid
(61.3)
\u2013
(14.9)
\u2013
\u2013
(76.2)
Proceeds from settlement of derivatives
regarding financing activities
\u2013
\u2013
\u2013
\u2013
4.6
4.6
Total cash flows
(14.6)
\u2013
(74.0)
\u2013
4.6
(84.0)
Leases increase
\u2013
\u2013
2.2
84.5
\u2013
86.7
Arising from business combinations
\u2013
\u2013
0.5
6.0
\u2013
6.5
Effect of changes in exchange rates
(20.5)
(26.7)
(7.0)
(17.1)
\u2013
(71.3)
Other non-cash movements
644.8
(582.5)
79.7
(70.7)
(16.2)
55.1
Balance as at 31 December 2023
892.8
2,321.6
55.3
154.8
(14.9)
3,409.6
The \u2018Other non-cash movements\u2019 primarily include the transfer from long-term to short-term 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 commercial paper programme (the \u2018CP
programme\u2019), which was updated in September 2014, in May 2017, in May 2020 and then in May 2023,
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 (STEP) label and commercial paper
is issued through Coca-Cola HBC\u2019s fully-owned subsidiary Coca-Cola HBC Finance B.V. and is fully,
unconditionally and irrevocably guaranteed by Coca-Cola HBC AG. The outstanding amount under
the CP programme as at 31 December 2023 was \u20ac211.0 million (2022: \u20ac167.5 million).
Committed credit facilities
In April 2019, the Group updated its then-existing \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 for
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-Cola HBC\u2019s fully-owned subsidiary Coca-Cola HBC Finance B.V. and any amounts
drawn under the facility are fully, unconditionally and irrevocably guaranteed by Coca-Cola 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-Cola HBC AG. As at 31 December 2023, the outstanding
liability amounted to \u20ac45.4 million (2022: \u20ac59.3 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 in October 2022. 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-Cola HBC Finance B.V. Euro medium-term note programme In June 2013, the Group established a new \u20ac3.0 billion Euro medium-term 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, September 2022 and then in December 2023. Notes are issued under the EMTN programme through Coca-Cola HBC\u2019s fully-owned subsidiary Coca-Cola HBC Finance B.V. and are fully, unconditionally and irrevocably guaranteed by Coca-Cola HBC AG. In March 2016, Coca-Cola HBC Finance B.V. completed the issue of a \u20ac600 million Euro-denominated fixed rate bond maturing in November 2024. The coupon rate of the bond is 1.875% which, including the reclassification of the loss on the forward starting swap contracts to the income statement 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-year fixed rate notes due in November 2016. The remaining \u20ac385.4 million was repaid in November 2016 upon its maturity. In May 2019, Coca-Cola HBC Finance B.V. completed the issue of a \u20ac700 million Euro-denominated fixed rate bond maturing in May 2027 with a coupon rate of 1% and the issue of a \u20ac600 million Euro- 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-year 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-Cola HBC Finance B.V. completed the issue of a \u20ac500 million Euro- denominated fixed rate bond maturing in November 2029 with a coupon rate of 0.625%. In September 2022, Coca-Cola HBC Finance B.V. completed the issue of a \u20ac500 million Euro- denominated fixed rate Green bond maturing in September 2025 with a coupon rate of 2.75%. As at 31 December 2023, 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
Notes Fixed 2023 2022 2023 2022
\u20ac million
Start date
Maturity date
coupon \u20ac million \u20ac million \u20ac million \u20ac million
\u20ac600
10 March 2016
11 November 2024
1.875%
599.5
599.0
590.3
582.0
\u20ac700
14 May 2019
14 May 2027
1.000%
697.8
697.1
656.9
626.6
\u20ac600
14 May 2019
14 May 2031
1.625%
596.9
596.5
540.7
497.1
\u20ac500
21 November 2019
21 November 2029
0.625%
496.0
495.4
433.7
403.9
\u20ac500
23 September 2022
23 September 2025
2.750%
497.1
495.4
495.8
486.0
Total
2,887.3
2,883.4
2,717.4
2,595.6
The weighted average effective interest rate of the Euro-denominated fixed rate bonds is 1.89% and
the weighted average maturity is 3.9 years. The fair values are within Level 1 of the fair 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 as at 31 December were held in the following currencies:
Current
Non-current
2023 2022 2023 2022
\u20ac million \u20ac million \u20ac million \u20ac million
Euro
867.8
237.6
2,363.9
2,946.6
US Dollar
17.0
34.3
47.4
64.4
Egyptian Pound
41.0
39.3
17.5
23.5
Swiss Franc
4.4
4.5
17.8
4.7
Nigerian Naira
5.2
9.6
8.3
23.3
Russian Rouble
2.9
2.2
7.4
4.8
Bulgarian Lev
2.6
2.6
4.3
4.6
Polish Zloty
2.0
1.2
3.6
2.6
UK Sterling
2.8
1.7
1.7
2.4
Romanian Leu
1.0
1.4
1.8
1.5
Belarusian Rouble
0.1
0.1
0.7
0.8
Ukrainian Hryvnia
0.1
0.1
0.6
0.6
Current
Non-current
2023 2022 2023 2022
\u20ac million \u20ac million \u20ac million \u20ac million
Hungarian Forint
0.5
0.5
0.1
0.5
Czech Koruna
0.4
1.3
0.1
2.6
Bosnian Mark
0.1
0.3
\u2013
\u2013
Other
0.2
0.3
1.2
\u2013
Total borrowings
948.1
337.0
2,476.4
3,082.9
The carrying amounts of interest-bearing borrowings held at fixed and floating interest rate as at
31 December 2023 were as follows:
Fixed Floating
interest rate interest rate Total
\u20ac million \u20ac million \u20ac million
Euro
3,218.0
13.7
3,231.7
US Dollar
62.0
2.4
64.4
Egyptian Pound
58.5
\u2013
58.5
Swiss Franc
22.2
\u2013
22.2
Nigerian Naira
13.5
\u2013
13.5
Russian Rouble
10.3
\u2013
10.3
Bulgarian Lev
6.9
\u2013
6.9
Polish Zloty
5.6
\u2013
5.6
UK Sterling
1.7
2.8
4.5
Romanian Leu
0.9
1.9
2.8
Belarusian Rouble
0.8
\u2013
0.8
Ukrainian Hryvnia
0.7
\u2013
0.7
Hungarian Forint
0.6
\u2013
0.6
Czech Koruna
0.5
\u2013
0.5
Bosnian Mark
0.1
\u2013
0.1
Other
1.4
\u2013
1.4
Total interest-bearing borrowings
3,403.7
20.8
3,424.5
b) Cash and Cash Equivalents
Cash and cash equivalents as at 31 December comprise the following:
2023 2022
\u20ac million \u20ac million
Cash at bank, in transit and in hand
441.6
426.4
Short-term deposits
819.0
293.5
Total cash and cash equivalents
1,260.6
719.9
Cash and cash equivalents are held in the following currencies:
2023 2022
\u20ac million \u20ac million
Euro
671.0
348.9
Russian Rouble
196.3
96.4
Nigerian Naira
92.5
120.9
US Dollar
80.8
51.9
Ukrainian Hryvnia
48.5
6.6
Egyptian Pound
35.9
6.1
UK Sterling
21.4
2.6
Armenian Dram
19.2
9.3
Serbian Dinar
16.9
7.0
Swiss Franc
15.4
16.6
Romanian Leu
13.6
9.2
Polish Zloty
13.1
14.6
Hungarian Forint
9.6
0.6
Belarusian Rouble
9.2
8.3
Czech Koruna
6.8
2.3
Moldovan Leu
6.3
8.8
Bosnian Mark
3.2
4.1
Other
0.9
5.7
Total cash and cash equivalents
1,260.6
719.9
As at 31 December 2023, time deposits of \u20ac54.8 million (2022: \u20ac529.5 million), which do not meet
the definition of cash and cash equivalents, are recorded as other financial assets.
Cash and cash equivalents include an amount of \u20ac92.5 million (\u20ac120.9 million as at 31 December 2022)
equivalent in Nigerian Naira. This includes an amount of \u20acnil (\u20ac10.6 million as at 31 December 2022)
equivalent in Nigerian Naira, which related to the outstanding balance held for the repayment of NBC\u2019s
former minority shareholders, following the 2011 acquisition of non-controlling interests. The financial
liability regarding former minority shareholders was extinguished in 2023.
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, Egypt,
Serbia and Ukraine, where 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, working 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, 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 \u20ac278.7 million
equivalent in Russian Rouble, US Dollar and Euro as at 31 December 2023 (2022: \u20ac155.3 million). 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-585": { "value": "
Accounting policy
Borrowings are initially recognised at the fair value net of transaction costs incurred.
After initial recognition, all interest-bearing 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 that 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 (where
applicable) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-602": { "value": "Accounting policy Borrowings are initially recognised at the fair value net of transaction costs incurred. After initial recognition, all interest-bearing 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 that 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 (where applicable) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-599": { "value": "Accounting policy Borrowings are initially recognised at the fair value net of transaction costs incurred. After initial recognition, all interest-bearing 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 that 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 (where applicable) 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:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-680": { "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 that 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 (where applicable) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-664": { "value": "a) Borrowings The Group held the following borrowings as at 31 December:
2023 2022
\u20ac million \u20ac million
Bonds, bills and unsecured notes
599.5
\u2013
Commercial paper
211.0
167.5
Loans payable to related parties (refer to Note 28)
2.7
\u2013
Other borrowings
79.6
115.6
892.8
283.1
Obligations under leases falling due within one year
55.3
53.9
Total borrowings falling due within one year
948.1
337.0
Borrowings falling due within one to two years
Bonds, bills and unsecured notes
497.1
599.0
Borrowings falling due within two to five years
Bonds, bills and unsecured notes
697.8
1,192.5
Borrowings falling due in more than five years
Bonds, bills and unsecured notes
1,092.9
1,091.9
Other borrowings
33.8
47.4
2,321.6
2,930.8
Obligations under leases falling due in more than one year
154.8
152.1
Total borrowings falling due after one year
2,476.4
3,082.9
Total borrowings
3,424.5
3,419.9
Reconciliation of liabilities to cash flows arising from financing activities:
Borrowings
Leases
Due in more Due in more Derivative
Due within than one Due within than one assets/
one year year one year year (liabilities) Total
\u20ac million \u20ac million \u20ac million \u20ac million \u20ac million \u20ac million
Balance as at 1 January 2022
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
Cash flows
Proceeds from borrowings
136.4
\u2013
\u2013
\u2013
\u2013
136.4
Repayments of borrowings
(89.7)
\u2013
\u2013
\u2013
\u2013
(89.7)
Principal repayments of lease obligations
\u2013
\u2013
(59.1)
\u2013
\u2013
(59.1)
Interest paid
(61.3)
\u2013
(14.9)
\u2013
\u2013
(76.2)
Proceeds from settlement of derivatives
regarding financing activities
\u2013
\u2013
\u2013
\u2013
4.6
4.6
Total cash flows
(14.6)
\u2013
(74.0)
\u2013
4.6
(84.0)
Leases increase
\u2013
\u2013
2.2
84.5
\u2013
86.7
Arising from business combinations
\u2013
\u2013
0.5
6.0
\u2013
6.5
Effect of changes in exchange rates
(20.5)
(26.7)
(7.0)
(17.1)
\u2013
(71.3)
Other non-cash movements
644.8
(582.5)
79.7
(70.7)
(16.2)
55.1
Balance as at 31 December 2023
892.8
2,321.6
55.3
154.8
(14.9)
3,409.6
The \u2018Other non-cash movements\u2019 primarily include the transfer from long-term to short-term 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 commercial paper programme (the \u2018CP programme\u2019), which was updated in September 2014, in May 2017, in May 2020 and then in May 2023, 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 (STEP) label and commercial paper is issued through Coca-Cola HBC\u2019s fully-owned subsidiary Coca-Cola HBC Finance B.V. and is fully, unconditionally and irrevocably guaranteed by Coca-Cola HBC AG. The outstanding amount under the CP programme as at 31 December 2023 was \u20ac211.0 million (2022: \u20ac167.5 million). Committed credit facilities In April 2019, the Group updated its then-existing \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 for 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-Cola HBC\u2019s fully-owned subsidiary Coca-Cola HBC Finance B.V. and any amounts drawn under the facility are fully, unconditionally and irrevocably guaranteed by Coca-Cola 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-Cola HBC AG. As at 31 December 2023, the outstanding liability amounted to \u20ac45.4 million (2022: \u20ac59.3 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 in October 2022. 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-Cola HBC Finance B.V.
Euro medium-term note programme
In June 2013, the Group established a new \u20ac3.0 billion Euro medium-term 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, September 2022 and then in
December 2023. Notes are issued under the EMTN programme through Coca-Cola HBC\u2019s fully-owned
subsidiary Coca-Cola HBC Finance B.V. and are fully, unconditionally and irrevocably guaranteed by
Coca-Cola HBC AG.
In March 2016, Coca-Cola HBC Finance B.V. completed the issue of a \u20ac600 million Euro-denominated
fixed rate bond maturing in November 2024. The coupon rate of the bond is 1.875% which, including the
reclassification of the loss on the forward starting swap contracts to the income statement 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-year fixed rate notes
due in November 2016. The remaining \u20ac385.4 million was repaid in November 2016 upon its maturity.
In May 2019, Coca-Cola HBC Finance B.V. completed the issue of a \u20ac700 million Euro-denominated
fixed rate bond maturing in May 2027 with a coupon rate of 1% and the issue of a \u20ac600 million Euro-
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-year
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-Cola HBC Finance B.V. completed the issue of a \u20ac500 million Euro-
denominated fixed rate bond maturing in November 2029 with a coupon rate of 0.625%.
In September 2022, Coca-Cola HBC Finance B.V. completed the issue of a \u20ac500 million Euro-
denominated fixed rate Green bond maturing in September 2025 with a coupon rate of 2.75%.
As at 31 December 2023, 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
Notes Fixed 2023 2022 2023 2022
\u20ac million
Start date
Maturity date
coupon \u20ac million \u20ac million \u20ac million \u20ac million
\u20ac600
10 March 2016
11 November 2024
1.875%
599.5
599.0
590.3
582.0
\u20ac700
14 May 2019
14 May 2027
1.000%
697.8
697.1
656.9
626.6
\u20ac600
14 May 2019
14 May 2031
1.625%
596.9
596.5
540.7
497.1
\u20ac500
21 November 2019
21 November 2029
0.625%
496.0
495.4
433.7
403.9
\u20ac500
23 September 2022
23 September 2025
2.750%
497.1
495.4
495.8
486.0
Total
2,887.3
2,883.4
2,717.4
2,595.6
The weighted average effective interest rate of the Euro-denominated fixed rate bonds is 1.89% and the weighted average maturity is 3.9 years. The fair values are within Level 1 of the fair 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 as at 31 December were held in the following currencies:
Current
Non-current
2023 2022 2023 2022
\u20ac million \u20ac million \u20ac million \u20ac million
Euro
867.8
237.6
2,363.9
2,946.6
US Dollar
17.0
34.3
47.4
64.4
Egyptian Pound
41.0
39.3
17.5
23.5
Swiss Franc
4.4
4.5
17.8
4.7
Nigerian Naira
5.2
9.6
8.3
23.3
Russian Rouble
2.9
2.2
7.4
4.8
Bulgarian Lev
2.6
2.6
4.3
4.6
Polish Zloty
2.0
1.2
3.6
2.6
UK Sterling
2.8
1.7
1.7
2.4
Romanian Leu
1.0
1.4
1.8
1.5
Belarusian Rouble
0.1
0.1
0.7
0.8
Ukrainian Hryvnia
0.1
0.1
0.6
0.6
Current
Non-current
2023 2022 2023 2022
\u20ac million \u20ac million \u20ac million \u20ac million
Hungarian Forint
0.5
0.5
0.1
0.5
Czech Koruna
0.4
1.3
0.1
2.6
Bosnian Mark
0.1
0.3
\u2013
\u2013
Other
0.2
0.3
1.2
\u2013
Total borrowings
948.1
337.0
2,476.4
3,082.9
The carrying amounts of interest-bearing borrowings held at fixed and floating interest rate as at 31 December 2023 were as follows:
Fixed Floating
interest rate interest rate Total
\u20ac million \u20ac million \u20ac million
Euro
3,218.0
13.7
3,231.7
US Dollar
62.0
2.4
64.4
Egyptian Pound
58.5
\u2013
58.5
Swiss Franc
22.2
\u2013
22.2
Nigerian Naira
13.5
\u2013
13.5
Russian Rouble
10.3
\u2013
10.3
Bulgarian Lev
6.9
\u2013
6.9
Polish Zloty
5.6
\u2013
5.6
UK Sterling
1.7
2.8
4.5
Romanian Leu
0.9
1.9
2.8
Belarusian Rouble
0.8
\u2013
0.8
Ukrainian Hryvnia
0.7
\u2013
0.7
Hungarian Forint
0.6
\u2013
0.6
Czech Koruna
0.5
\u2013
0.5
Bosnian Mark
0.1
\u2013
0.1
Other
1.4
\u2013
1.4
Total interest-bearing borrowings
3,403.7
20.8
3,424.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-665": { "value": "b) Cash and Cash Equivalents Cash and cash equivalents as at 31 December comprise the following:
2023 2022
\u20ac million \u20ac million
Cash at bank, in transit and in hand
441.6
426.4
Short-term deposits
819.0
293.5
Total cash and cash equivalents
1,260.6
719.9
Cash and cash equivalents are held in the following currencies:
2023 2022
\u20ac million \u20ac million
Euro
671.0
348.9
Russian Rouble
196.3
96.4
Nigerian Naira
92.5
120.9
US Dollar
80.8
51.9
Ukrainian Hryvnia
48.5
6.6
Egyptian Pound
35.9
6.1
UK Sterling
21.4
2.6
Armenian Dram
19.2
9.3
Serbian Dinar
16.9
7.0
Swiss Franc
15.4
16.6
Romanian Leu
13.6
9.2
Polish Zloty
13.1
14.6
Hungarian Forint
9.6
0.6
Belarusian Rouble
9.2
8.3
Czech Koruna
6.8
2.3
Moldovan Leu
6.3
8.8
Bosnian Mark
3.2
4.1
Other
0.9
5.7
Total cash and cash equivalents
1,260.6
719.9
As at 31 December 2023, time deposits of \u20ac54.8 million (2022: \u20ac529.5 million), which do not meet the definition of cash and cash equivalents, are recorded as other financial assets. Cash and cash equivalents include an amount of \u20ac92.5 million (\u20ac120.9 million as at 31 December 2022) equivalent in Nigerian Naira. This includes an amount of \u20acnil (\u20ac10.6 million as at 31 December 2022) equivalent in Nigerian Naira, which related to the outstanding balance held for the repayment of NBC\u2019s former minority shareholders, following the 2011 acquisition of non-controlling interests. The financial liability regarding former minority shareholders was extinguished in 2023. 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, Egypt, Serbia and Ukraine, where 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, working 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, 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 \u20ac278.7 million equivalent in Russian Rouble, US Dollar and Euro as at 31 December 2023 (2022: \u20ac155.3 million). 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-629": { "value": "27. Equity Accounting policy Share capital Coca-Cola 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. Where the Group purchases the Company\u2019s equity instruments, for example as the result of a share buyback programme, the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the owners of the parent as treasury shares until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the owners of the parent. 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. a) Share capital, share premium and Group reorganisation reserve
Number of Group
shares Share Share reorganisation
(authorised capital premium reserve
and issued) \u20ac million \u20ac million \u20ac million
Balance as at 1 January 2022
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)
Shares issued to employees exercising
stock options (refer to Note 29)
891,127
6.0
8.2
\u2013
Dividends
\u2013
\u2013
(289.9)
\u2013
Balance as at 31 December 2023
372,977,222
2,030.3
2,555.7
(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-Cola HBC on 25 April 2013,
together with the transaction costs incurred by the latter, relating primarily to the redomiciliation 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 2023, the share capital of Coca-Cola HBC increased by the issue of 891,127 (2022: 290,677)
new ordinary shares following the exercise of stock options pursuant to the Coca-Cola HBC AG\u2019s
employees\u2019 stock option plan. Total proceeds from the issuance of the shares under the stock option
plan amounted to \u20ac14.2 million (2022: \u20ac4.7 million).
Following the above changes, on 31 December 2023 the share capital of the Group amounted to
\u20ac2,030.3 million and comprised 372,977,222 shares with a nominal value of CHF 6.70 each.
b) Dividends
On 21 June 2022, the shareholders of Coca-Cola HBC AG at the Annual General Meeting approved a
dividend distribution of \u20ac0.71 per share. 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 shareholders of Coca-Cola HBC AG approved a dividend distribution of \u20ac0.78 per share at the
Annual General Meeting held on 17 May 2023. The total dividend amounted to \u20ac289.9 million and was
paid on 19 June 2023. Of this, an amount of \u20ac2.7 million related to shares held by the Group.
The Board of Directors of Coca-Cola HBC AG has proposed a \u20ac0.93 dividend per share in respect
of 2023. If approved by the shareholders of Coca-Cola HBC AG, this dividend will be paid in 2024.
c) Treasury shares and reserves The reserves of the Group at 31 December were as follows:
2023 2022
\u20ac million \u20ac million
Treasury shares
(144.1)
(131.2)
Exchange equalisation reserve
(1,708.9)
(1,218.2)
Other reserves
Hedging reserve, net
(20.7)
(4.4)
Tax-free reserve
163.8
163.8
Statutory reserves
27.3
22.6
Stock option, performance share and deferred management
incentive share reserve
78.2
87.5
Financial assets at fair value through other comprehensive
income reserve, net
0.8
0.5
Other
22.7
22.5
Total other reserves
272.1
292.5
Total reserves
(1,580.9)
(1,056.9)
Treasury shares Treasury shares held by the Group represent shares acquired following approval of share buyback programmes, forfeited shares under the equity compensation plan operated by the Group, as well as shares representing the initial ordinary shares of Coca-Cola HBC acquired from Kar-Tess Holding. On 20 November 2023, the Group announced the launch of a share buyback programme of up to a maximum of 18,000,000 ordinary shares to be purchased in a manner consistent with the Company\u2019s general authority to repurchase shares granted at its Annual General Meeting on 17 May 2023 and any such authority granted at its subsequent annual general meetings. The programme commenced on 21 November 2023 and is expected to run for a period of around two years. As at 31 December 2023, the Group had purchased shares under the programme for a total consideration of \u20ac42.6 million, which was reflected in line \u2018Acquisition of treasury shares\u2019 of the consolidated cash flow statement and the consolidated statement of changes in equity.
An amount of \u20ac29.7 million in 2023 (2022: \u20ac15.4 million) relates to treasury shares provided to
employees in connection with vested performance share and deferred management incentive 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 2023, 6,068,537 (2022: 5,386,717) 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-Cola HBC AG, is \u20acnil. During 2023, a net amount of \u20ac4.7 million was reclassified from retained
earnings to statutory reserves relating to the formation of additional reserves by the Group\u2019s
subsidiaries (2022: \u20ac5.7 million net release of statutory reserves).
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 reserve
for 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-587": { "value": "
Accounting policy
Share capital
Coca-Cola 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.
Where the Group purchases the Company\u2019s equity instruments, for example as the result of a share
buyback programme, the consideration paid, including any directly attributable incremental costs
(net of income taxes), is deducted from equity attributable to the owners of the parent as treasury
shares until the shares are cancelled or reissued. Where such ordinary shares are subsequently
reissued, any consideration received, net of any directly attributable incremental transaction costs
and the related income tax effects, is included in equity attributable to the owners of the parent.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-600": { "value": "Where the Group purchases the Company\u2019s equity instruments, for example as the result of a share buyback programme, the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the owners of the parent as treasury shares until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the owners of the parent. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-586": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-666": { "value": "
a) Share capital, share premium and Group reorganisation reserve
Number of Group
shares Share Share reorganisation
(authorised capital premium reserve
and issued) \u20ac million \u20ac million \u20ac million
Balance as at 1 January 2022
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)
Shares issued to employees exercising
stock options (refer to Note 29)
891,127
6.0
8.2
\u2013
Dividends
\u2013
\u2013
(289.9)
\u2013
Balance as at 31 December 2023
372,977,222
2,030.3
2,555.7
(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-Cola HBC on 25 April 2013, together with the transaction costs incurred by the latter, relating primarily to the redomiciliation 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 2023, the share capital of Coca-Cola HBC increased by the issue of 891,127 (2022: 290,677) new ordinary shares following the exercise of stock options pursuant to the Coca-Cola HBC AG\u2019s employees\u2019 stock option plan. Total proceeds from the issuance of the shares under the stock option plan amounted to \u20ac14.2 million (2022: \u20ac4.7 million). Following the above changes, on 31 December 2023 the share capital of the Group amounted to \u20ac2,030.3 million and comprised 372,977,222 shares with a nominal value of CHF 6.70 each. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-667": { "value": "b) Dividends On 21 June 2022, the shareholders of Coca-Cola HBC AG at the Annual General Meeting approved a dividend distribution of \u20ac0.71 per share. 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 shareholders of Coca-Cola HBC AG approved a dividend distribution of \u20ac0.78 per share at the Annual General Meeting held on 17 May 2023. The total dividend amounted to \u20ac289.9 million and was paid on 19 June 2023. Of this, an amount of \u20ac2.7 million related to shares held by the Group. The Board of Directors of Coca-Cola HBC AG has proposed a \u20ac0.93 dividend per share in respect of 2023. If approved by the shareholders of Coca-Cola HBC AG, this dividend will be paid in 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-668": { "value": "
c) Treasury shares and reserves
The reserves of the Group at 31 December were as follows:
2023 2022
\u20ac million \u20ac million
Treasury shares
(144.1)
(131.2)
Exchange equalisation reserve
(1,708.9)
(1,218.2)
Other reserves
Hedging reserve, net
(20.7)
(4.4)
Tax-free reserve
163.8
163.8
Statutory reserves
27.3
22.6
Stock option, performance share and deferred management
incentive share reserve
78.2
87.5
Financial assets at fair value through other comprehensive
income reserve, net
0.8
0.5
Other
22.7
22.5
Total other reserves
272.1
292.5
Total reserves
(1,580.9)
(1,056.9)
Treasury shares
Treasury shares held by the Group represent shares acquired following approval of share buyback
programmes, forfeited shares under the equity compensation plan operated by the Group, as well as
shares representing the initial ordinary shares of Coca-Cola HBC acquired from Kar-Tess Holding.
On 20 November 2023, the Group announced the launch of a share buyback programme of up to a
maximum of 18,000,000 ordinary shares to be purchased in a manner consistent with the Company\u2019s
general authority to repurchase shares granted at its Annual General Meeting on 17 May 2023 and any
such authority granted at its subsequent annual general meetings. The programme commenced on
21 November 2023 and is expected to run for a period of around two years. As at 31 December 2023,
the Group had purchased shares under the programme for a total consideration of \u20ac42.6 million, which
was reflected in line \u2018Acquisition of treasury shares\u2019 of the consolidated cash flow statement and the
consolidated statement of changes in equity.
An amount of \u20ac29.7 million in 2023 (2022: \u20ac15.4 million) relates to treasury shares provided to employees in connection with vested performance share and deferred management incentive 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 2023, 6,068,537 (2022: 5,386,717) treasury shares were held by the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-681": { "value": "c) Treasury shares and reserves The reserves of the Group at 31 December were as follows:
2023 2022
\u20ac million \u20ac million
Treasury shares
(144.1)
(131.2)
Exchange equalisation reserve
(1,708.9)
(1,218.2)
Other reserves
Hedging reserve, net
(20.7)
(4.4)
Tax-free reserve
163.8
163.8
Statutory reserves
27.3
22.6
Stock option, performance share and deferred management
incentive share reserve
78.2
87.5
Financial assets at fair value through other comprehensive
income reserve, net
0.8
0.5
Other
22.7
22.5
Total other reserves
272.1
292.5
Total reserves
(1,580.9)
(1,056.9)
Treasury shares Treasury shares held by the Group represent shares acquired following approval of share buyback programmes, forfeited shares under the equity compensation plan operated by the Group, as well as shares representing the initial ordinary shares of Coca-Cola HBC acquired from Kar-Tess Holding. On 20 November 2023, the Group announced the launch of a share buyback programme of up to a maximum of 18,000,000 ordinary shares to be purchased in a manner consistent with the Company\u2019s general authority to repurchase shares granted at its Annual General Meeting on 17 May 2023 and any such authority granted at its subsequent annual general meetings. The programme commenced on 21 November 2023 and is expected to run for a period of around two years. As at 31 December 2023, the Group had purchased shares under the programme for a total consideration of \u20ac42.6 million, which was reflected in line \u2018Acquisition of treasury shares\u2019 of the consolidated cash flow statement and the consolidated statement of changes in equity. An amount of \u20ac29.7 million in 2023 (2022: \u20ac15.4 million) relates to treasury shares provided to employees in connection with vested performance share and deferred management incentive 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 2023, 6,068,537 (2022: 5,386,717) 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-Cola HBC AG, is \u20acnil. During 2023, a net amount of \u20ac4.7 million was reclassified from retained earnings to statutory reserves relating to the formation of additional reserves by the Group\u2019s subsidiaries (2022: \u20ac5.7 million net release of statutory reserves). 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 reserve for 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-630": { "value": "28. Related party transactions a) The Coca-Cola Company As at 31 December 2023, The Coca-Cola Company indirectly owned 21.0% (2022: 21.0%) of the issued share capital of Coca-Cola HBC. Coca-Cola HBC\u2019s business relationship with The Coca-Cola Company is mainly governed by the bottlers\u2019 agreements with The Coca-Cola Company, which are an important element of Coca-Cola HBC\u2019s business. The Coca-Cola Company considers Coca-Cola HBC to be a \u2018key bottler\u2019. Following their expiry on 31 December 2023, all bottlers\u2019 agreements in the CCH territories where CCH Group produces, sells and distributes The Coca-Cola Company\u2019s trademarked beverages were renewed with effect as from 1 January 2024, for an initial term of ten years, with the option for the CCH Group to request an extension (at the discretion of The Coca-Cola Company) for another ten years upon expiry of the initial term. All the bottlers\u2019 agreements entered into by The Coca-Cola Company and Coca-Cola HBC are Standard International Bottlers\u2019 (\u2018SIB\u2019) agreements. The terms of the bottlers\u2019 agreements grant Coca-Cola HBC the right to produce and the exclusive right to sell and distribute the beverages of The Coca-Cola Company in each of the countries in which the Group operates. Consequently, Coca-Cola HBC is obliged to purchase all concentrate for The Coca-Cola Company\u2019s beverages from The Coca-Cola Company, or its designee, in the ordinary course of business. 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-Cola Company has authorised Coca-Cola HBC and certain of its subsidiaries to use the trademark \u2018Coca-Cola\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-Cola Company products. Where such cooperative
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; and
\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:
2023 2022
\u20ac million \u20ac million
Purchases of concentrate, finished products and other items
1,861.4
1,808.7
Net contributions received for marketing and promotional incentives
125.1
108.6
Sales of finished goods and raw materials
4.7
4.2
Other income
4.1
8.6
Other expenses
3.6
4.7
Contributions received from The Coca-Cola Company for marketing and promotional incentives during the year amounted to \u20ac125.1 million (2022: \u20ac108.6 million) which can be analysed as follows: contributions made by The Coca-Cola Company to Coca-Cola HBC for price support and marketing and promotional campaigns in respect of specific customers in 2023 totalled \u20ac59.3 million (2022: \u20ac59.9 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-Cola Company to Coca-Cola HBC for general marketing programmes in 2023 totalled \u20ac65.8 million (2022: \u20ac48.7 million) and were recognised against the relevant cost incurred within operating expenses (refer to Note 9). The Coca-Cola 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. As at 31 December 2023, the Group had a total amount due from The Coca-Cola Company of \u20ac42.8 million (2022: \u20ac45.3 million), and a total amount due to The Coca-Cola Company of \u20ac273.4 million (2022: \u20ac226.9 million). Also, refer to Note 24 regarding consideration paid to The Coca-Cola Company during 2022 for the purchase of the convertible loan and shares held by non-controlling interests in connection with the acquisition of Coca-Cola Bottling Company of Egypt S.A.E. b) Frigoglass S.A. (\u2018Frigoglass\u2019), Kar-Tess Holding and AG Leventis (Nigeria) Ltd Truad Verwaltungs AG currently indirectly owns 99.3% (31 December 2022: 99.3%) of AG Leventis (Nigeria) Ltd and also indirectly controls Kar-Tess Holding, which holds approximately 23.0% (31 December 2022: 23.0%) of Coca-Cola HBC\u2019s total issued capital. As at 31 December 2022, Truad Verwaltungs AG also indirectly owned 48.4% of Frigoglass. Frigoglass, a company listed on the Athens Exchange, is a manufacturer of coolers, cooler parts, glass bottles, crowns and plastics. 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. In April 2023, Frigoglass restructured its debt, which resulted in changes to its ownership structure. The restructured Frigoglass Group no longer meets the definition of related party as per IAS 24 \u2018Related party disclosures\u2019 for Coca-Cola HBC AG. Accordingly, transactions with Frigoglass and its subsidiaries 1 up to April 2023 and the year ended 31 December 2022 are presented below:
Four months ended Year ended 31
28 April 2023 December 2022
Frigoglass and subsidiaries \u20ac million \u20ac million
Purchases of coolers, cooler parts, glass bottles, crowns and raw
and other materials
24.4
112.3
Maintenance, rent and other expenses
10.0
33.1
1. Transactions and balances with Frigoglass Industries (Nigeria) Limited, an associate of the Group, for the year ended 31 December 2023 and as at 31 December 2023 respectively, are included in the \u2018Other related parties\u2019 section. During 2022, the Group received dividends of \u20ac1.2 million from Frigoglass Industries (Nigeria) Limited, which were included in line \u2018Receipts from non-integral equity method investments\u2019 of the consolidated cash flow statement. Transactions and balances with AG Leventis (Nigeria) Ltd for the years ended 31 December are presented below:
2023 2022
AG Leventis (Nigeria) Plc \u20ac million \u20ac million
Purchases of finished goods and other items
\u2013
3.6
Other expenses
11.0
0.1
As at 31 December 2023, the Group owed \u20ac1.1 million (2022: \u20ac2.7 million) and had a lease liability of \u20ac1.2 million (2022: \u20ac4.2 million) to AG Leventis (Nigeria) Ltd. c) Other related parties The below table summarises transactions with other related parties:
2023 2022
\u20ac million \u20ac million
Purchases
47.3
8.5
Other expenses
15.5
15.5
During 2023, the Group incurred subsequent expenditure for fixed assets of \u20ac3.2 million (2022: \u20ac3.0 million) and purchased coolers and other equipment as well as inventories of \u20ac44.1 million (2022: \u20ac5.5 million) from other related parties. Furthermore, during 2023, the Group incurred expenses of \u20ac15.5 million (2022: \u20ac15.5 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 2023, the Group had a total amount due to other related parties of \u20ac9.1 million (2022: \u20ac3.7 million) and was owed \u20ac6.7 million including loans receivable of \u20ac4.3 million and dividends receivable of \u20acnil (2022: \u20acnil loans receivable and \u20ac5.2 million dividends receivable) from other related parties. During 2023, the Group received dividends of \u20ac7.0 million from non-integral associates (2022: \u20ac0.6 million), which are included in line \u2018Receipts from non-integral equity method investments\u2019 of the consolidated cash flow statement and paid \u20acnil in connection with capital increase of non-integral associates (2022: \u20ac5.7 million, which was included in line \u2018Payments for non-integral equity method investments\u2019 of the consolidated cash flows statement). During 2023, \u20acnil regarding loans receivable from other related parties was converted to equity (2022: \u20ac1.3 million regarding non-integral associates). Capital commitments to other related parties amounted to \u20ac3.8 million as at 31 December 2023 (\u20ac4.5 million as at 31 December 2022). d) Joint ventures The below table summarises transactions with joint ventures:
2023 2022
\u20ac million \u20ac million
Purchases of finished goods
26.0
26.0
Sales of finished goods and raw materials
7.8
9.2
Other income
10.4
15.8
Other expenses
8.3
15.7
Included in \u2018Other expenses\u2019 in the above table is \u20acnil (2022: \u20ac7.8 million) of interest charges from loans with joint ventures. As at 31 December 2023, the Group owed \u20ac8.6 million including loans payable of \u20ac2.7 million (2022: \u20ac4.4 million including loans payable of \u20acnil) to, and was owed \u20ac12.3 million including loans and dividends receivable of \u20ac4.3 million and \u20ac2.6 million respectively (2022: \u20ac9.6 million including loans and dividends receivable of \u20ac4.3 million and \u20acnil respectively) by, joint ventures. During 2023, the Group received dividends of \u20ac6.7 million from integral joint ventures (2022: \u20ac9.7 million), which were included in line \u2018Receipts from integral equity method investments\u2019 of the consolidated cash flow statement. Furthermore, during 2023, the Group paid \u20acnil (2022: \u20ac4.0 million) in connection with capital increase of integral joint venture which was included in line \u2018Payment for integral equity method investment\u2019 of the consolidated cash flow statement. e) Directors and senior management Evguenia Stoichkova and George Leventis have been elected to the Board of Coca-Cola HBC, following a proposal made by The Coca-Cola Company and Kar-Tess Holding respectively. There have been no transactions between Coca-Cola 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-588": { "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-Cola Company products. Where such cooperative 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; and \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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-631": { "value": "29. Share-based payments Accounting policy Stock option, performance share award and deferred management incentive share plan Coca-Cola HBC provides equity-settled share-based payments to its senior managers in the form of an employee stock option, performance share award and deferred management incentive 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-Cola 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 (the \u2018deferred MIP shares\u2019) 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:
2023 2022
\u20ac million \u20ac million
Performance share awards and deferred MIP shares
20.6
15.5
Employee Share Purchase Plan
6.7
6.1
Total share-based payments charge
27.3
21.6
Terms and conditions Stock option, performance share award and deferred management incentive share plan The Group has not issued any new stock options since 2014. Based on Plan rules, senior managers were granted awards of stock options, based on performance, potentiality and level of responsibility. Options were 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 and vested in one third increments each year for three years. Options can be exercised for up to ten 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. 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, which vest over a three-year period, subject to service conditions. No dividend-equivalent 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-Cola HBC shares by contributing to the plan through a payroll deduction. Employee deductions are used monthly to purchase ordinary Coca-Cola HBC shares in the open market (London Stock Exchange). Coca-Cola 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- Cola HBC matches the employees\u2019 contribution with an annual employer contribution of up to 5% of the employees\u2019 salary that vests annually in December of each year. Stock option activity The outstanding stock options are fully vested and are exercisable until 2025. A summary of stock option activity in 2023 under all grants is as follows:
Number Weighted Weighted
of stock average average
options exercise price exercise price
2023 2023 (EUR) 2023 (GBP)
Outstanding as at 1 January
1,697,730
16.02
14.15
Exercised
(891,127)
16.15
14.01
Outstanding as at 31 December
806,603
16.49
14.31
Exercisable as at 31 December
806,603
16.49
14.31
1 A summary of stock option activity in 2022 under all grants is as follows:
Number Weighted Weighted
of stock average average
options exercise price exercise price
2022 2022 (EUR) 2022 (GBP)
Outstanding as 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 as at 31 December
1,697,730
16.02
14.15
Exercisable as at 31 December
1,697,730
16.02
14.15
1 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 2023 amounted to \u20ac14.2 million (2022: \u20ac4.7 million). The weighted average remaining contractual life of stock options outstanding at 31 December 2023 was 1.5 years (2022: 1.9 years). Performance shares and deferred MIP shares activity A summary of performance shares and deferred MIP shares activity is as follows:
Number of Number of
shares shares
2023 2022
Outstanding as at 1 January
2,976,201
2,475,367
Granted
1,146,585
1,301,669
Vested
(947,825)
(516,156)
Forfeited/cancelled
(218,413)
(284,679)
Outstanding as at 31 December
2,956,548
2,976,201
2 2. Includes dividend equivalent shares. The weighted average remaining contractual life of performance shares and deferred MIP shares outstanding at 31 December 2023 was 1.3 years (2022: 1.3 years). The weighted average fair value for the 2023 performance share award and deferred MIP share plan was \u00a321.21 per share (2022: \u00a315.95). Relevant inputs into the valuation were as follows:
2023
2022
Weighted average share price
\u00a321.25
\u00a315.98
Dividend yield
nil
nil
Weighted average exercise period
3.0 years
3.0 years
3 3. Dividend yield in connection with the valuation of deferred MIP shares granted during 2023 was 3.2% (2022: 3.2%).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-589": { "value": "
Accounting policy
Stock option, performance share award and deferred management incentive share plan
Coca-Cola HBC provides equity-settled share-based payments to its senior managers in the form
of an employee stock option, performance share award and deferred management incentive 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-Cola 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 (the \u2018deferred MIP shares\u2019) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-632": { "value": "30. Contingencies In relation to the Greek Competition Authority\u2019s decision of 25 January 2002, one of Coca-Cola Hellenic Bottling Company S.A.\u2019s competitors had filed a lawsuit against Coca-Cola 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-Cola Hellenic Bottling Company S.A. (following the spin-off, Coca-Cola HBC Greece S.A.I.C.) claiming payment of \u20ac7.5 million as compensation for losses and moral damages for alleged anti-competitive commercial practices of Coca-Cola 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-Cola HBC Greece S.A.I.C. claiming payment of \u20ac10.1 million as compensation for losses and moral damages again for alleged anti-competitive commercial practices of Coca-Cola 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-Cola 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-Cola 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-Cola HBC Greece S.A.I.C.\u2019s operations in certain commercial practices in the non-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-Cola 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. Coca-Cola 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-Cola HBC Greece S.A.I.C. of its ruling on the case, according to which Coca-Cola HBC Greece S.A.I.C. allegedly abused its dominant position in the Greek immediate consumption market segment for cola and non-cola carbonated soft drinks. The Hellenic Competition Commission ruling imposed on Coca-Cola 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 the end of 2024. Coca-Cola HBC Greece S.A.I.C. paid the fine in May 2023. Coca-Cola 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 appeal is set for 26 September 2024. 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 \u20ac7.8 million. The Appeal Court dismissed NBC\u2019s appeal and Vacunak\u2019s cross-appeal and affirmed the judgement of the first instance court in 2023. Both NBC and Vacunak have 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. 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 2022 (as described in our 2022 Integrated Annual Report available on Coca-Cola HBC\u2019s web site: www.coca-colahellenic.com).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-633": { "value": "31. Commitments Capital commitments As at 31 December 2023, the Group had capital commitments for property, plant and equipment amounting to \u20ac203.4 million (2022: \u20ac210.5 million). Of this, \u20ac1.5 million are related to the Group\u2019s share of the commitments arising from joint ventures (2022: \u20ac0.5 million). Capital commitments for 2023 include total future minimum lease payments under leases not yet commenced to which the Group was committed as at 31 December 2023 of \u20ac10.0 million (2022: \u20ac28.8 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300EFP3TNG7JGVE49", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-634": { "value": "32. Post balance sheet events In late January 2024, the Nigerian Naira depreciated against the US Dollar by approximately 33% compared with the December 2023 respective rate. The Group has assessed the impact of the devaluation to its financial position as at 31 December 2023 and this is not material. We are continuously monitoring the situation to ensure that timely actions are undertaken as planned to minimise the adverse impact from the currency devaluation to the Group\u2019s business in Nigeria. In February 2024, Coca-Cola HBC AG\u2019s wholly-owned subsidiary Coca-Cola HBC Finance B.V. completed the issue of a \u20ac600 million Euro-denominated fixed rate bond maturing in February 2028 with a coupon rate of 3.375%. The new bond was issued under the Group\u2019s \u20ac5.0 billion Euro medium- term note programme and it is guaranteed by Coca-Cola HBC AG. At the same time, the Group unwound the \u20ac525.0 million nominal amount swaptions, which had been designated as cash flow hedges in connection with the interest rate risk of the new bond. As a result, effective February 2024, the relevant accumulated valuation loss of \u20ac2.9 million recorded in other comprehensive income is being reclassified to the income statement over the term of the swaptions, while the settlement will take place in June and July 2024. In early March 2024, the Egyptian Pound depreciated against the US Dollar by approximately 39% compared with the December 2023 respective rate. The Group has assessed the impact of the devaluation to its financial position as at 31 December 2023 and this is not material. We are continuously monitoring the situation to ensure that timely actions are undertaken as planned to minimise the adverse impact from the currency devaluation to the Group\u2019s business in Egypt. On 13 March 2024, the Remuneration Committee granted performance share and deferred MIP share awards of \u20ac25.3 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }