{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "GRO": "http://gbl.be/2022-12-31", "ifrs-full": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://gbl.be/2022-12-31/549300KV0ZEHT2KVU152-2022-12-31.xsd" ] }, "facts": { "pp-value-1-1": { "value": "A balanced business model GBL\u2019s paid dividend is primarily derived from (i) the net dividend paid out by its portfolio companies and (ii) the contribution of GBL Capital and Sienna Investment Managers (\u201cSIM\u201d) to GBL\u2019s cash earnings, after deduction of its cost structure.GBL\u2019s financial flexibility has been enhanced as a result of the revised dividend policy introduced in 2020. GBL has set a payout ratio of between 75% and 100% of its cash earnings from 2021 onwards by way of ordinary dividend, while reserving the option of paying exceptional dividends in the future when and if deemed appropriate. On this basis, GBL will continue to provide an attractive dividend yield to its shareholders while releasing additional financial resources to support (i) the acceleration of net asset value growth, (ii) its portfolio companies if needed and (iii) the execution of the group\u2019s share buyback program.GBL\u2019s payout ratio is derived from the cash earnings. As a result, this ratio excludes cash in\ufb02ows from asset disposals (including capital gains). GBL has a solid liquidity profile ensuring the availability of resources to implement its investment strategy throughout the economic cycle.Solid and \ufb02exible financial structureGBL\u2019s objective is to maintain a sound financial structure, with: \u2013 a solid liquidity profile; and \u2013 limited net indebtedness relative to its portfolio value. The financial strength derived from the liquidity profile ensures resources are readily available to quickly seize investment opportunities throughout the economic cycle.The Loan To Value ratio fluctuates primarily depending on the deployment of capital for investments and more generally on the implementation of the portfolio rotation strategy. As part of financial discipline, the Loan To Value target is to maintain it below 10% through the cycle. While the effective Loan To Value ratio may exceed that threshold, it should (i) not exceed it for a prolonged period and (ii) remain below 25%. This ratio is continuously monitored and has been generally maintained at a level below 10% over the last 15 years. This conservative approach is consistent with GBL\u2019s philosophy of capital preservation and allows GBL to continue investing and generating returns throughout the cycle.At year-end 2022, GBL had: \u2013 a Loan To Value ratio of 13.5%, or 10.9% pro forma for Holcim\u2019s prepaid forward sales (with the portfolio value and net debt adjusted as if the sales occurred on December 31, 2022); and \u2013 a liquidity profile of EUR 3.8 billion, consisting of gross cash for EUR 1.4 billion and undrawn committed credit lines (having no financial covenants) for EUR 2.4 billion maturing progressively over the 2027-2028 period.Accounting policiesconcern basis, in millions of euros, to one decimal place and rounded to the nearest hundred thousand euros.General accounting principles and applicable standardsThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union.Mandatory changes in accounting policiesThe following amended standards have been applied since the 2022 financial year. They did not have any material impact on GBL\u2019s consolidated financial statements. \u2013 Amendment to IFRS 16 Leases: COVID-19-Related Rent Concessions beyond 30 June 2021 (applicable for annual periods beginning on or after 1 April 2021). This amendment offers lessees an optional practical expedient to recognize any advantages granted by lessors as a result of the Covid-19 crisis, such as rent reductions or concessions. Lessees are exempt from having to consider individual lease contracts to determine whether the rent concessions agreed are lease modifications and simply credit the benefit to income as variable lease payments. The group did not receive any material advantages from its lessors as a result of the Covid-19 crisis, either in 2022 or 2021; \u2013 Amendment to IAS 16 Property, Plant and Equipment: Proceeds before Intended Use (applicable for annual periods beginning on or after January 1, 2022). These amendments require the recognition in profit or loss of amounts received from the sale of items produced during the development period of an item of property, plant and equipment, together with their production costs. No significant transactions were affected by this amendment in the years presented; \u2013 Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Onerous Contracts\u2013Cost of Fulfilling a Contract (applicable for annual periods beginning on or after January 1, 2022). These measures have been incorporated into the valuation rules for provisions for onerous contracts, without however generating a significant impact on the liabilities recognized in this respect for the years presented; \u2013 Amendments to IFRS 3 Business Combinations: Reference to the Conceptual Framework (applicable for annual periods beginning on or after January 1, 2022). This amendment updates the references to the Conceptual Framework in IFRS 3 without changing its terms; \u2013 Annual Improvements to IFRS Standards 2018\u20132020 (applicable for annual periods beginning on or after January 1, 2022); and \u2013 IFRS Interpretations Committee (IFRS IC) agenda decision on configuration or customization costs in a cloud computing arrangement (IAS 38 Intangible Assets). As of December 31, 2021, the group had indicated that a study was underway to assess the impacts of the IFRS IC agenda decision on the accounting for configuration and customization costs in Software as a Service (SaaS) contracts. The Committee\u2019s decision distinguishes two cases. In the first case, the entity recognizes an intangible asset for the configuration or customization of the SaaS, if this economic resource is controlled by the entity and access to it is restricted to third-party users. In the second case, if no intangible asset has been recognized for the configuration or customization of the SaaS, the service is expensed as the services are rendered. These clarifications, implemented by the group-wide impact assessment, led to the conclusion that the configuration and customization costs that should have been expensed as the services were rendered, when they had been recognized as intangible assets, were not material. The carrying amount of intangible assets at January 1, 2021 has therefore not been restated.First-time application of accounting policies \u2013 The occurrence of transactions, events or conditions that did not previously occur or were not significant may require the application of new accounting policies. In the first half of 2022, Turkey\u2019s economy became hyperin\ufb02ationary, requiring the first-time application of certain provisions of IAS 21 The Effects of Changes in Foreign Exchange Rates, IAS 29 Financial Reporting in Hyperin\ufb02ationary Economies and IFRIC 7 Applying the Restatement Approach under IAS 29. These new accounting policies have been applied to the group\u2019s main operations in Turkey. \u2013 As of January 1, 2022, the revaluation of non-monetary items has been recorded against the translation reserve, which has been adjusted by EUR 17 million after income taxes. \u2013 In Financial Year 2022, the revaluation of non-monetary items and income and expenses was recognized against a loss on net monetary position in income of EUR 6 million.Texts in force after the reporting dateGBL did not opt for the early adoption of the new and amended standards which entered into force after December 31, 2022, namely: \u2013 IFRS 17 Insurance Contracts (applicable for annual periods beginning on or after January 1, 2023); \u2013 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (applicable for annual periods beginning on or after January 1, 2023); \u2013 Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants (applicable for annual periods beginning on or after January 1, 2024 or later, but not yet endorsed in the EU); \u2013 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies (applicable for annual periods beginning on or after January 1, 2023); \u2013 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (applicable for annual periods beginning on or after January 1, 2023); \u2013 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (applicable for annual periods beginning on or after January 1, 2023); and \u2013 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (applicable for annual periods beginning on or after January 1, 2024, but not yet endorsed in the EU).The future application of these new and amended standards should not have a significant impact on the group\u2019s consolidated financial statements.Groupe Bruxelles Lambert SA (\u201cGBL\u201d) is a Belgian holding company listed on Euronext Brussels. Its consolidated financial statements cover a period of 12 months ended December 31, 2022. They were on a going approved by its Board of Directors on March 9, 2023Basis and scope of consolidationThe consolidated financial statements, prepared before appropriation of result, include those of GBL and its subsidiaries (the \u201cgroup\u201d) and the interests of the group in joint ventures and associates accounted for using the equity method. The important subsidiaries, joint ventures and associates close their accounts on December 31.Intangible assetsIntangible assets are recorded at cost less any accumulated amortization and potential impairment losses.Intangible assets with a finite useful life are amortized using the straight- line method over their estimated useful life.Intangible assets with an indefinite useful life are not amortized but are tested for impairment annually at the close of the financial year (or at an earlier date should there be an indication of impairment). When the recoverable amount of an asset is less than its carrying amount, this carrying amount is reduced to re\ufb02ect the loss of value.Intangible assets include brands, which may have a defined or indefinite useful life, determined according to the results of an analysis of the following criteria: (i) impact on customers, (ii) stability (versus an expected change in the short or medium term) and (iii) competitive environment.In the absence of any applicable standard or interpretation, Imerys treats greenhouse gas emission credits as intangible assets. Imerys holds these credits solely to prove the volume of its emissions and does not trade them, for example through forward purchases or sales. The recognized value of credits received free of charge is zero and credits purchased on the market are recognized at their purchase price. If the credits held are less than the actual emissions at the reporting date, a provision is recognized in profit or loss that is equal to the value of the credits to be purchased, measured at their market value (net liability method). Disposals are only related to surplus credits and are recognized in profit or loss as asset disposals.Business combinations and goodwillWhen the group acquires a business, the identifiable assets and liabilities of the acquired entity are recorded at fair value on the acquisition date.The counterparty transferred to a business combination corresponds to the fair value of the transferred assets (including cash), the assumed liabilities and the shareholders\u2019 equity instruments issued by the group in exchange for the control of the acquired entity. The costs directly related to the acquisition are generally recognized in profit or loss.Goodwill is calculated as the positive difference between the following two elements: \u2013 the sum of (i) the counterparty transferred and, where appropriate, (ii) the amount of the non-controlling interests (minority interests) in the acquired entity, and (iii) the fair value of interests already held by the group prior to acquiring the controlling interest; and \u2013 the net amount on the date of acquisition of the identifiable assets and liabilities acquired and assumed.If, after confirmation of the values, this difference proves to be negative, this amount is immediately recorded in the income statement as a gain from a bargain purchase.Goodwill is accounted for as an asset in the balance sheet under the heading \u201cGoodwill\u201d and is subject to an annual impairment test, which consists in comparing the recoverable amount of the cash generating units (\u201cCGU\u201d) to which the goodwill has been allocated with their carrying amount (including the goodwill). If the latter is higher, an impairment loss must be recorded in the income statement.In addition, in valuing goodwill as outlined above, the amount of the non-controlling interests can be valued on a case by case basis and at Controlled companiesControlled companies are entities for which GBL is exposed to variable returns because of ties to these entities and has the ability to in\ufb02uence these returns because of the control that GBL has over these entities. Controlled companies are consolidated.Intragroup balances and transactions as well as unrealized gains (losses) are eliminated. Newly acquired companies are consolidated as from the date of acquisition.Joint venturesA joint venture is a company over which GBL has joint control with one or more other parties and for which the parties have a claim to the company\u2019s net assets. Joint control is the contractually agreed sharing of the control exercised over a company, which only exists in cases where decisions regarding the relevant operations require the unanimous consent of the parties sharing control. These joint ventures are accounted for in the consolidated financial statements using the equity method.AssociatesIf the group has a significant in\ufb02uence in a company, the investment it holds in that company is considered as an associate company.Significant in\ufb02uence is the power to participate in decisions about financial and operational policies, but without exercising control or joint control over these policies.Associates are accounted for in the consolidated financial statements using the equity method.An investment is accounted for using the equity method as from the date it becomes an investment in an associate or joint venture. Under the equity method, the investment in an associate or joint venture is recorded at cost on initial recognition.In the absence of definition in the standards of the notion of cost, the group considers, in the event of a change from an \u201cother equity investment\u2013financial assets recognized at fair value through equity\u201d to an associate, the fair value at the date of the first equity method as the cost. The revaluation reserve accounted for until that date is transferred to consolidated reserves.GBL\u2019s choice, either at fair value (the so-called \u201cfull goodwill\u201d option) or at the share of the identifiable net asset in the acquired entity.When an activity is put up for sale, a share of the goodwill of the CGU to which the activity belongs is allocated to it and included in the measurement of its carrying amount. This allocation is made on the basis of the relative fair values of the business for sale and the retained portion of the CGU.Finally, where there are options to purchase non-controlling interests, the group has opted to eliminate any non-controlling interests at the time of acquisition. The financial liability resulting from this contract is reevaluated at each closing, with any subsequent change recognized in the income statement.Property, plant and equipmentFully owned property, plant and equipmentItems of property, plant and equipment are recorded under assets if they are controlled as a result of a deed of ownership. Items of property, plant and equipment are initially valued at acquisition or production cost.The cost of property, plant and equipment includes the cost of loans contracted to finance their construction or production when they necessitate a substantial period of time. The cost of the assets is reduced, where appropriate, by the amount of public subsidies used to finance their acquisition or construction.Leasehold property, plant and equipmentAll contracts that convey the right to use an item of non-substitutable property, plant and equipment for a period of time in exchange for consideration are recognized as right-of-use assets against a lease liability. This treatment applies to all leases except mine land leases, which are recognized in the manner described in the following paragraph, as well as immaterial leases (leases with terms of 12\u2248months or less and leases of low-value assets), for which payments are recognized as an expense.At Imerys level, easements, especially for pipelines used to connect mineral deposits, processing facilities and shipping facilities are analyzed as non-mine land leases. Right-of-use assets are initially measured at the value of the lease liability, plus any initial direct costs and equipment dismantling costs where necessary. Lease liabilities are measured at the discounted value of future lease payments due in accordance with a contractual payment schedule, adjusted for rent-free periods. Payments are therefore scheduled through to the reasonably certain end date of the lease, re\ufb02ecting the date beyond which the lease ceases to be legally enforceable. This date represents the end of the lease, adjusted for any options the lessee is able to exercise regarding early termination or extension and any restrictions the lessor is able to exercise. The lease payments taken into account in the calculation of the lease liabilities include the unconditional payments due in exchange for the right to use the asset, as well as the cost related to the early termination, extension or purchase clauses when it is reasonably certain they will be exercised. The liability calculation excludes any variable payment related to the use of the asset (at the level of Imerys, for example, a payment dependent on the actual number of hours a piece of mining equipment is used), as well as any payment for services rendered by the lessor (for example, at Imerys, rail car maintenance). In the absence of implicit interest rates, future payments determined in this way are discounted using the lessees\u2019 incremental borrowing rate.The first time deferred tax assets and liabilities are recognized, they are calculated separately for lease liabilities and right-of-use assets, respectively. In subsequent years, right-of-use assets are amortized under the headings \u201cOther operating income (expenses) from investing activities\u201d or \u201cDepreciation/amortization of property, plant, equipment and intangible assets\u201d of the consolidated income statement and lease liabilities are measured at amortized cost, which generates an interest expense that is recognized in financial income (loss).When an option is exercised, the lease must be reassessed to symmetrically adjust the carrying amounts of the lease liability and the right of use.Any modification to leases gives rise to such a symmetrical adjustment, except when the scope of the lease is restricted to reduce the capacity of the asset leased or the duration of the lease. In this situation, the carrying amount of the lease liability and the right-of-use are reduced in proportion to the reduction of the scope, impacting the income statement.Mining assetsIn the absence of any specific applicable standard or interpretation, Imerys has defined the following methods to recognize and measure mining assets. Prospection expenditure, i.e. searching for new sites with mineral producing potential and studying the technical feasibility and commercial viability of a geographical area, is immediately recognized as an expense under the heading \u201cOther operating income (expenses) from operating activities\u201d. Mineral reserves are included in property, plant and equipment. Freehold mineral deposits are initially measured at acquisition cost minus if the lease is entered into in the ordinary course of business. If the lease is acquired through a business combination, the acquisition cost of the deposit is measured at the fair value of the ore.Costs incurred to determine the tonnage of ore present in the deposit are added to the acquisition cost. Overburden work, i.e. the process of removing the topsoil to gain access to the deposit, is considered a component of mineral reserve assets. The initial measurement of overburden work includes production cost and the discounted value of restoration obligations as a result of the deterioration caused by such work. Mineral reserves and overburden assets are included under the heading \u201cProperty, plant and equipment\u201d. Mining assets are subsequently measured at cost, minus accumulated depreciation and any impairment loss.subsoil. Leasehold mineral deposits are measured at a value of nil Maintenance and repair costs are immediately expensed under \u201cOther operating income (expenses) from operating activities\u201d. cost of property, plant and equipment includes, in particular for satellite industrial installations built on clients\u2019 land, the present value of the rehabilitation or dismantling obligation, where such an obligation exists. Property, plant and equipment are subsequently valued at cost less accumulated depreciation and any accumulated impairment losses.The DepreciationDepreciation expense is spread over the expected useful life of the different categories of property, plant and equipment using the straight- line method. The estimated useful lives of the most significant items of property, plant and equipment fall into the following ranges: \u2013 buildings: 10 to 50 years; \u2013 industrial constructions: 10 to 30 years; \u2013 fixtures and fittings of buildings and constructions: 5 to 15 years; \u2013 machinery, equipment and technical fittings: 5 to 20 years; \u2013 vehicles: 2 to 5 years; and \u2013 other property, plant and equipment: 10 to 20 years. Land is not depreciated.Right-of-use assets held through leases are depreciated over the reasonably certain end date of the lease, unless the lessee is considering exercising their right to purchase the asset. In that case, the useful life of the asset leased is applied. Rights-of-use are depreciated or amortized on a straight-line basis, except, for Imerys, those applicable to bulk carriers, which are depreciated by is depreciated over its useful life, up to the end of the reasonably certain end date of the lease. Furthermore, Imerys does not consider the straight-line depreciation method appropriate to reflect the consumption of property, plant and equipment related to mining activities such as mineral reserves and overburden assets as well as certain industrial assets of discontinuous use. Depreciation of mining assets is therefore estimated in units of production on the basis of actual extraction, while operational monitoring units such as production or operating hours are used to estimate depreciation of industrial assets.A mineral reserve is depreciated to the quantity of the geological inventory of the deposit minus discounts for the geological uncertainty inherent to the resources. Overburden assets, a component of mineral reserve assets, are depreciated over the quantity of reserve to which they specifically give access. Subsoil, i.e. the area of land not part of the mineral deposit, is not depreciated since it is not consumed by mining operations.the number of journeys made. Freehold and leasehold equipment Other equity investmentsOther equity investments include investments in companies in which the group does not control nor exercise a significant influence, as defined above.Other equity investments are either quoted or private assets or unquoted funds.Quoted and private investments (Pernod Ricard, SGS, adidas, Umicore, Voodoo, etc.)These investments are recorded at fair value based on their stock market price at each closing date for quoted investments and on the valuation methods used for private investments.GBL has opted to account for changes in the fair value of quoted and private investments via equity (\u201cFinancial assets recognized at fair value through equity\u201d). These amounts will never be recycled in earnings, even in the event of the sale of securities or significant or prolonged loss of value. In the event of a sale, the accumulated revaluation reserves at the time of sale are reclassified to consolidated reserves.Unquoted funds (Upfield, Sagard funds, Kartesia funds, BDT Capital Partners II, Matador Coinvestment, etc.)Investments in funds are revalued at each closing at their fair value, determined by the managers of these funds, according to their investment portfolio.Based on the analysis of the characteristics of these unlisted funds, GBL determined that they were not eligible for the \u201cFair value through other comprehensive income\u201d option. Therefore, the changes in fair value are accounted for in profit or loss (\u201cFinancial assets recognized at fair value through profit or loss\u201d).Non-current assets held for sale and discontinued operationsWhen, at the reporting date, it is highly likely that non-current assets or groups of directly related assets and liabilities will be disposed of, they are designated as non-current assets or groups of assets held for sale. Their sale is considered highly likely if, on the reporting date, a plan to put them up for sale at a reasonable price in relation to their fair value has been organized in order to find a buyer and finalize their transfer within one year at most. Non-current assets or groups of assets held for sale are presented as separate assets and liabilities in the consolidated balance sheet, separately from the rest of the continuing operations, at the balance sheet date and without comparative information provided for prior periods. They are no longer depreciated at the date of designation as non-current assets or disposal groups and are valued at the lower of carrying amount or fair value less costs to sell. Non-current assets or groups of assets that will be shut down and not sold constitute non-current assets that are to be abandoned. When non-current assets or groups of assets held for sale or to be disposed of are allocated to a separate line item for the main operation and are to be abandoned as part of a single coordinated plan, they are categorized as discontinued operations and their related flows are disclosed separately in the income statement and statement of cash flows, as of the balance sheet date and in the comparative information provided for prior periods. As non-current assets or groups of assets held for sale are controlled until their disposal date, intra-group transactions between them and the rest of the continuing operations are eliminated in the statement of financial position and in the income statement, with the exception of transactions within the income statement that the discontinued operations will continue after the date of loss of control with the continuing operations. This presentation, which has no impact on the amount of consolidated net income, enables users of the financial statements to assess the impact of discontinued operations on the remaining continuing operations.InventoriesInventories are recorded as assets at the date on which the risks, rewards and control are transferred to the group. At the time of sale, their disposal is accounted for through an expense at the same date as the corresponding gain. Inventories are valued at the lower of production cost or net realizable value. When production is less than normal capacity, fixed costs specifically exclude the share corresponding to the sub- activity. Inventories presenting similar characteristics are valued under the same method. The methods used in the group are FIFO \u2013 First-In, First-Out \u2013 and the weighted average unit cost. When production cost cannot be recovered, it is lowered to net realization value under the conditions existing at the reporting date.Trade receivablesTrade receivables are initially recognized at their transaction price, when those do not contain an important financing component (determined in accordance with IFRS 15 Revenue from Contracts with Customers). The transaction price is the amount of consideration that the group expects to receive in exchange for the goods or services transferred.Subsequent to their initial recognition, trade receivables are valued at amortized cost, i.e. at fair value plus, where applicable, directly attributable transaction costs, increased or decreased, of accumulated amortization of any difference between this initial amount and the amount at maturity, and less any write-down for impairment or non- recoverability. At the end of the reporting period, a write-down is recognized for the value of expected credit losses. Such losses correspond to the estimated weighted probability of credit losses, i.e. the expected loss of cash over the life of the trade receivable, minus cash to be received from credit insurance where applicable. Impairment of assetsOther equity investmentsOther equity investments are not subject to impairment tests since any decrease in fair value, even significant or prolonged, is still recognized in equity for financial assets recognized at fair value through equity or, directly in profit or loss for financial assets recognized at fair value through profit or loss.Investments in equity-accounted entitiesWhen there is an objective indication of impairment of an investment accounted for using the equity method, an impairment test must be carried out, in accordance with IAS 36 Impairment of assets and IAS 28 Investments in Associates and Joint Ventures. The recoverable amount of the asset is estimated in order to compare it to its carrying amount and, where applicable, to recognize an impairment loss for the surplus. The recoverable amount is the highest of either the fair value less costs to sell or the value in use. The value in use corresponds to the future estimated discounted cash flows. When an impairment accounted for in an earlier period ceases to exist, the carrying amount is partially or totally restored. The reversal of an impairment loss is recorded immediately in profit.Property, plant and equipment and intangible assetsAt every reporting date, the group reviews the carrying amount of intangible assets and property, plant and equipment with finite useful life in order to assess whether there is any evidence of impairment of these assets.If there is any evidence of impairment, the asset\u2019s recoverable amount is estimated to compare it with its carrying amount. The recoverable amount is the higher of the asset\u2019s net sale price or its value in use. The value in use is the present value of estimated future cash \ufb02ows from the continuous use of an asset. Where it is not possible to estimate the recoverable amount of an asset individually, the group estimates the recoverable amount of the CGU to which the asset belongs. If the recoverable amount of the asset or of the CGU is estimated to be less than the carrying amount, the carrying value of the asset or of the CGU is lowered to its recoverable amount. An impairment loss is immediately recognized in expenses.When an impairment recorded during past financial years is no longer justified, the impairment loss on this asset or CGU is reversed in order to bring the asset or CGU back to a value corresponding to the new valuation of its recoverable amount.However, the carrying value of an asset or CGU may not exceed, following reversal of an impairment loss, the carrying value it would have had if no impairment had been recognized for the asset or CGU in previous years. The reversal of an impairment loss is recognized immediately as income.A receivable sold to a banking institution for financing purposes is only derecognized if the factoring agreement also transfers to the factor all the risks and rewards incidental to the receivable.Other financial assetsThe other financial assets are classified in one of the following two categories: \u2013 Amortized cost. Financial assets are measured at amortized cost when the objective of the business model is to collect the contractual cash \ufb02ows. These correspond mainly to cash and cash equivalents, as well as, to a lesser extent, to receivables related to dividends to be received. Cash and cash equivalents include bank deposits and fixed-term investments with a maturity date equal to or less than three months from the acquisition date. These are highly liquid investments indexed on a money market rate and the value of which is known or subject to very little uncertainty.Finally, the group derecognizes a financial asset only if the contractual rights to the cash \ufb02ows of the asset expire, or if the financial asset and \u2013 Fair value through profit or loss. Financial assets are measured at fair value through profit or loss when the objective of the business model is to both collect the contractual cash flows and make a trading profit in the short term. They are non-derivative financial assets held for trading and recognized as assets between the dates of purchase and disposal, and whose changes in fair value are recognized in other financial income and expenses (investing or operating activities) at market prices published at the closing date. This category also includes trading assets as well as derivative instruments other than hedge accounting.the group does not transfer or retain substantially all the risks and rewards of ownership and continues to control the transferred asset, the group then recognizes retained interests in that asset and an associated liability for amounts that it may have to pay. If the group retains substantially all the risks and rewards of owning a transferred financial asset, the group continues to recognize the financial asset and also recognizes a debt backed by the proceeds received.the associated risks and benefits are transferred to third parties. If Trade receivables and other financial assetsIFRS 9 Financial Instruments requires the application of a model based on anticipated losses on trade receivables and other financial assets. In particular, IFRS 9 requires, among other things, that the group recognizes an impairment loss on trade receivables and other financial assets as of the initial recognition date thereof.The assessment of expected credit losses is made on an individual or collective basis taking into account historical data on late payments, information on current circumstances, as well as forward-looking information.Appropriation of profitDividends paid by GBL to its shareholders are included as a reduction of shareholders\u2019 equity for their gross amount, i.e. before withholding tax. The financial statements are prepared before appropriation of profit.Incentive plansEquity-settled share-based plansGBL and Imerys stock options granted prior to November 7, 2002 have not been recorded in the consolidated financial statements in accordance with the transitional provisions of IFRS 2 Share-based Payment.Incentive plans granted as from November 7, 2002 are accounted for in accordance with IFRS 2. In accordance with this standard, the fair value of the options on the date of allocation is recorded in the income statement for the period of acquisition of the rights (\u201cvesting period\u201d). The options are valued by means of a valuation model generally accepted based on the market conditions prevailing at the time of their grant.Cash-settled share-based plansIf the arrangement is settled in cash, the group incurs a liability measured at fair value. Until the settlement of the liability, the fair value should be measured at each reporting date and at settlement date. The changes in fair value are recognized in the income statement of the period.Retirement benefits and other post- employment benefitsDefined benefit plansCommitments for defined benefit pension plans and similar obligations are valued using the projected credit unit method, in accordance with IAS 19 Employee Benefits. This valuation uses financial and demographic actuarial assumptions. These are used to value services rendered during the year on the basis of an estimate of the end-of-career salary.The provisions or assets recognized correspond to the present value of the obligation less the fair value of the plan\u2019s assets, which may be capped. The discount rates used to discount the obligations and calculate the resulting normative return on the assets are determined by referring to the yields of bonds issued by AA (high quality) rated companies within the main iBoxx GBP and USD Corporate AA indexes. Where negative interest rates arise, they are applied as published, without a \ufb02oor at zero.Contributions to funds and direct payments to beneficiaries as well as contributions and payments related to restructuring are recorded under \u201cEmployee expenses\u201d or \u201cOther operating income (expenses) from investing activities\u201d. Contributions to closed deficit plans with compulsory funding are recorded under \u201cFinancial income (expenses) from operating activities\u201d. The effect of these contributions in income statement is neutralized by reversals of provisions recognized in each of the items mentioned above. Other elements of the change in post- employment benefit plans are recorded in \u201cEmployee expenses\u201d or \u201cOther operating income (expenses) from investing activities\u201d, with the exception of the accretion of obligations and normative return on assets that are recognized under \u201cFinancial income (expenses) from investing activities\u201d or \u201cFinancial income (expenses) from operating activities\u201d.TaxesIncome taxes of the financial year include both current and deferred taxes. They are recorded in the income statement unless they relate to items directly recorded in shareholders\u2019 equity, in which case they are also recorded in shareholders\u2019 equity.Current taxes are the taxes to be paid on the taxable profit for the financial year and are calculated in accordance with the tax rates in effect or that will be in effect on the last day of the financial year, plus any adjustments relating to prior years.Deferred taxes are calculated in accordance with the liability method, which is applied to the temporary differences between the carrying amount and tax basis of the assets and liabilities recorded in the balance sheet.The following tax differences are disregarded: non tax-deductible goodwill and initial valuations of assets and liabilities not affecting the accounting and taxable profit.Deferred taxes are calculated according to the manner in which the related assets and liabilities are expected to be realized or settled, based on the tax rates in effect or that will be in effect on the last day of the financial year.Additionally, deferred tax liabilities related to investments in subsidiaries are not recorded when the group is able to control the date on which the temporary difference will reverse and when the group does not expect the temporary difference to reverse in the foreseeable future.Deferred tax assets are recorded if the taxable profits are likely to materialize in such a manner as to allow them to be offset against tax losses and tax credits.Finally, deferred tax assets and liabilities are offset by tax entity when the latter has the right to offset its current tax assets and liabilities and that the deferred tax assets and liabilities in question are levied by the same tax authority.Treasury sharesWhen treasury shares are bought (or sold), the amount paid (or received) is recorded as a decrease (or increase) in shareholders\u2019 equity.Movements in these shares are shown in the consolidated statement of changes in shareholders\u2019 equity. No profits or losses on these movements are recorded in the income statement.Administrative costs are recorded in \u201cEmployee expenses\u201d or \u201cOther operating income (expenses) from investing activities\u201d, except for the administrative expenses of the closed deficit plans with compulsory funding that are recorded under \u201cOther financial income (expenses) from operational activities\u201d.Plan amendments, reductions and liquidations are immediately recognized in profit or loss. Actuarial differences and caps relating to post-employment benefit plan assets are fully recognized in other comprehensive income, net of asset management fees, without reclassification to profit or loss in a subsequent period.Defined contribution plansThe group participates, in accordance with the regulations and corporate practices of each country, in the creation of retirement reserves for its staff, paying contributions on a mandatory or voluntary basis to external bodies such as pension funds, insurance companies or financial institutions.These plans are defined contribution plans, in other words they do not guarantee the level of benefits paid. These contributions are recorded under \u201cEmployee expenses\u201d or \u201cOther operating income (expenses) from investing activities\u201d.Current and non-current liabilitiesNon-current liabilities (bank loans and bonds) and current liabilities (bank deposits) are initially recognized in the accounting records at their fair value less, in the case of a financial liability that has not been recorded at fair value through the income statement, the transaction costs that are directly imputed to the issuance of the financial liability.After initial recording, they are valued at their amortized cost (initial amount less repayments of principal plus or minus the accumulated amortization of any difference between the initial amount and the value at maturity).The exchangeable or convertible bonds issued by the group are considered as hybrid instruments, i.e. containing both a bond component and an embedded derivative. At the date of issue, the fair value of the bond component is estimated based on the prevailing market interest rate for similar non-exchangeable or non-convertible bonds. The difference between the proceeds of issuance of the exchangeable or convertible bond and the fair value assigned to the bond component, representing the value of embedded option to exchange the bonds for shares, is included separately, depending on the option\u2019s maturity, in the heading \u201cOther current liabilities\u201d component is calculated by applying the prevailing interest market rate at the issuance date.Transaction costs related to the issue of convertible or exchangeable bonds are allocated to the \u201cliability\u201d and \u201cderivative\u201d components in proportion to the allocation of gross proceeds.Transaction costs related to the \u201cderivative\u201d component are recognized directly in profit or loss. Transaction costs related to the \u201cliability\u201d component are included in the carrying amount of the \u201cliability\u201d component and are amortized over the life of the convertible or exchangeable bonds using the effective interest rate method.or \u201cOther non-current liabilities\u201d. The interest cost of the bond Trade payables and other financial non-derivative liabilities are measured at amortized cost.The group derecognizes a financial liability if, and only if, its obligations are discharged, canceled or expired. The difference between the carrying amount of the derecognized financial liability and the consideration paid and payable is recognized in profit or lender for another instrument with substantially different terms, the exchange is recognized as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, if the contractual terms of an existing liability are substantially changed, the group also recognizes an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the contractual terms of the financial liability are substantially different if the present value of the cash flows under the new conditions, including any fees paid, net of fees collected and discounted at the original effective rate, is at least 10% different from the present value of the remaining cash \ufb02ows of the original financial liability.loss. ProvisionsProvisions are recorded at the reporting date when a group entity has an actual (legal or implicit) obligation resulting from a past event, when it is probable that an amount will have to be paid out to settle this obligation, and if the amount of the obligation can be determined reliably.The amount recorded as a provision should be the most accurate estimation of the expenditure required to meet the obligation existing at the reporting date.Provisions are recognized in profit or loss, apart from provisions for decommissioning and some provisions for rehabilitation, whose counterpart is included in the cost of assets whose construction has created the obligation. This treatment applies in particular to some of Imerys\u2019 industrial installations and overburden mineral assets.Provisions whose settlement is expected within twelve months after the reporting date or whose settlement may occur at any time are not discounted. Provisions whose settlement is expected more than twelve months after the reporting date are discounted.Changes in discounted provisions resulting from a revision of the amount of the obligation, its calendar or its discount rate are recognized in profit or loss, or for provisions recognized against assets, as an adjustment of the cost of the assets. The discounting is recognized as a debit in financial income (expenses).Provisions for restructuring costs are not recorded unless the group has approved a detailed and formal restructuring plan and if the restructuring has either begun or been publicly announced. Costs relating to the group\u2019s continuing operations are not taken into account.Derivative financial instrumentsThe group\u2019s consolidated operating companies use derivatives to reduce their exposure to various risks, in particular foreign exchange, interest rate and energy price risks. The sole purpose of these instruments is to hedge the economic risks to which they are exposed. Financial instruments are recognized at the transaction date, i.e. the date the hedge accounting contract is entered into. However, only those that fulfil the hedge accounting criteria laid down in IFRS 9 are given the accounting treatments described hereafter.Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are immediately recognized in profit or loss.Any transaction qualified as hedge accounting is documented by reference to the hedging strategy by identifying the hedged risk, the hedged item, the hedging instrument, the hedging relationship and the measurement method of the hedge relationship effectiveness. The measurement of the hedge relationship effectiveness is updated at every reporting date.Derivatives are measured at fair value on initial recognition. Fair value is subsequently remeasured at every reporting date by reference to market conditions and to IFRS 13 Fair Value Measurement.Derivatives recorded as assets or liabilities are classified in the headings \u201cOther non-current assets/liabilities\u201d and \u201cOther current assets/ liabilities\u201d depending on their maturity date. The recognition of hedging derivatives varies depending on whether they are designated as fair value hedges, cash \ufb02ow hedges or hedges of net investments in foreign operations.GBL also uses derivative instruments. It can carry out transactions using call or put options. These transactions are implemented with reference to thorough documentation and are subject to specific and appropriate prior analysis and systematic monitoring.Consolidated operating companies use different types of derivative financial instruments in various hedging strategies, as described below.Hedge of net investments in foreign operationsForeign currency translation adjustments generated by net assets held by the group\u2019s consolidated operating companies in foreign currencies can be hedged. At every reporting date, the effective share of the hedge is recognized in shareholders\u2019 equity and the ineffective portion in profit or loss.The effective portion in shareholders\u2019 equity is only reclassified as profit or loss in the case of loss of control over a consolidated activity or reduction of an interest in an activity under significant in\ufb02uence.Items denominated in foreign currenciesMonetary assets and liabilities denominated in foreign currencies in the accounting records of group companies are translated into euros using the exchange rates of the last day of the financial year. Unrealized differences on translation resulting from the application of this methodology are recorded as gains or losses of the financial year. Non- monetary assets and liabilities are recorded using the exchange rates applicable on the date of the transaction.In the consolidated financial statements, the group\u2019s assets and liabilities related to activities held abroad are converted at the closing rate.Items of income and expenses denominated in foreign currencies are converted into euros at the average exchange rate for the year. Foreign currency translation adjustments re\ufb02ecting the difference between the average rate and the rate on the last day of the year, are recognized in shareholders\u2019 equity under \u201cForeign currency translation adjustments\u201d. These foreign currency translation adjustments are recorded in profit or loss when the group disposes of the entity concerned.RevenueRevenue is made up of two elements: on the one hand, the sale of goods and on the other hand, the services rendered mainly made out of (i) the reinvoicing to customers of the cost of shipping goods, (ii) industrial services provided or (iii) services aimed at intervening in the management of the customer process or (iv) billings for medical treatment and services. The contractual commitments made by the group to transfer these goods and services to customers are categorized as performance obligations. When control of goods or services is transferred to customers, the performance obligation is deemed to have been satisfied and the revenue is recognized. Goods are therefore transferred to customers at a given point in time, which coincides with the transfer of all the risks and rewards defined in the contractual incoterms. The contract includes multiple incoterms due to the specificities as defined in contracts. However, while certain services, such as molding work, are rendered at a given point in time, most of the other services are transferred to customers over time, notably in the case of shipping services, for which the revenue is recognized after the delivery has been made, and certain specialized services in the construction of industrial facilities or services aimed at intervening in the management of the customer process and whose degree of completion is measured based on the actual level of production costs committed or based on the time spent. Collateral requirements on the sale of goods and rendering of services offer customers guarantees about the specifications agreed in the contracts, rather than an additional service on top of these guarantees.Fair value hedgeWhen changes in fair value of a recognized asset or liability or an unrecognized firm commitment may affect income, these changes may be covered by a fair value hedge. The hedged item and the hedging instrument are remeasured symmetrically in profit or loss at every reporting date. The impact in profit or loss is limited to the ineffective portion of the hedge.Cash \ufb02ow hedgeA cash flow hedge is used to cover unfavorable cash flow changes related to a recognized asset or liability or a highly likely future transaction when such changes are likely to affect profit or loss. At every reporting date, the effective share of the hedge and, if applicable, the changes in the time value of the options and futures points of the futures contracts, are recognized in shareholders\u2019 equity. The ineffective portion is recognized in profit or loss. When the transaction is recognized, items previously recognized in shareholders\u2019 equity are reclassified to profit or loss simultaneously with the recognition of the hedged item. In the event of a disqualification of a derivative, i.e. the interruption of hedge accounting, the effective portion of the hedge previously recognized in shareholders\u2019 equity is amortized to operating or financial result, depending on the nature of the hedged item.Consequently, guarantees are not recognized as performance obligations but as provisions.Sale of goods and rendering of services are measured at the fair value of the transaction, minus trade and volume rebates, as well as discounts for early payment.The main estimates are the following: \u2013 the valuation of the assets and liabilities of an acquired business (section \u201cScope of consolidation, associates and changes in group structure\u201d); \u2013 the principal assumptions related to goodwill impairment testing (note 10), intangible assets (note 9) and property, plant and equipment (note 11), such as the duration, the amount of future cash \ufb02ows as well as the discount rate and perpetual growth involved in computing the value in use of the tested assets. In particular, GBL has included in its estimates the uncertainties related to the risks and opportunities associated with climate change; \u2013 the valuation of unlisted assets or funds; \u2013 an estimate of the useful life of intangible assets with limited life (note 9) and property, plant and equipment (note 11); \u2013 estimates of indicators related to the climate and sustainable development that may create obligations for the group if they are not abided by, in particular estimates at Imerys: - the amount of greenhouse gas emissions generated by its industrial facilities and the need to purchase emission rights so as to assess the provisions covering any potential deficits (note 9); - the fulfilment of the sustainable development goals that Imerys must pursue and are indexed to Sustainability-Linked Bonds (note 17.2). \u2013 at Imerys, valuation methods to assess the acquisition cost of mining assets; in particular Imerys integrates the risks and opportunities related to climate change in the business plans used to draw up the geological inventory of mineral deposits, which is used as a base from which to calculate the acquisition cost (note 11); \u2013 estimate of reasonably certain lease terms of certain leases (note 11); \u2013 the estimation of in\ufb02ation levels incorporated in the valuation of certain future cash \ufb02ows, notably in the context of impairment tests (note 10), the valuation of other provisions (note 20) and the valuation of defined benefit plans (note 21); \u2013 the assessment, as part of the recognition and measurement of provisions, of the probability of settlement and amount of the obligation, of the expected timing of future payments and of discount rates (note 20); \u2013 actuarial assumptions for defined benefit plans (note 21); and \u2013 the assumptions related to the evaluation of debts on minority interests (note 22).Ontex, SGS, Voodoo and UmicoreGBL analyzed the accounting treatment to be applied to the investments in Ontex, SGS, Voodoo and Umicore and particularly the classification in (i) investments in associates (IAS 28), with the recognition of GBL\u2019s share in the profit or loss and shareholders\u2019 equity of Ontex, SGS, Voodoo and Umicore respectively or in (ii) other equity investments (IFRS 9), with the recognition of these investments at their fair value and the recognition of the dividend through profit or loss.InterestInterest income (expenses) include interest to be paid on loans and interest to be received on investments. Interest income received or interest charges paid are recorded prorata temporis in the consolidated statement of comprehensive income, taking into account the effective interest rate on the investment.DividendsDividends relating to other equity investments or trading securities are booked in profit or loss on the date on which their distribution is decided upon, unless these dividends clearly represent the recovery of a portion of the cost of the investment. The amount of withholding tax is recorded as a deduction of gross dividends.Changes in accounting policies and errorsA change in the accounting policies is only applied to meet the requirements of a standard or an interpretation, or if it gives more reliable and more relevant information. Changes in accounting policies are recognized retrospectively, except when specific transitional provisions are stated in a standard or an interpretation. When an error is detected, it is also retrospectively adjusted. No errors were corrected in 2022 or 2021.Main estimates and judgmentsDuring the preparation of the financial statements, the group makes a number of estimates and judgments relating to the recognition and measurement of its assets and liabilities. These assessments are intended to address the uncertain nature of the risks and opportunities to which the group\u2019s activities are exposed to. Among these, the risks and opportunities related to climate change, which may mainly impact Imerys\u2019 activities, are given particular attention. The group has decided to further integrate climate change and sustainable development issues into its strategy in order to reduce risks and create new opportunities for sustainable value creation. We refer to the ESG section. In this context, risks and opportunities are assessed in terms of market developments, physical risks and changes in the energy mix.Uncertainties inherent to the business require estimates to be made when preparing the financial statements. These estimates result from judgements aiming at providing a true and fair view based upon available and reliable information. An estimate is revised to re\ufb02ect changes in circumstances, new information available and effects linked to experience. Changes in estimates are accounted for on a prospective basis.When such estimates are established, they are explained in the notes on the items to which they relate.In accordance with IAS 28, it is assumed that a group does not exercise significant in\ufb02uence if the percentage holding is less than 20.00%, unless it can be clearly demonstrated. According to this standard, significant in\ufb02uence is usually demonstrated in the case of (i) representation on the Board of Directors, (ii) participation in policy-making processes, (iii) material transactions between the investor and the company owned, (iv) the interchange of managerial personnel or (v) the supply of critical technical information.As of December 31, 2022, those four investments are held respectively at 19.98%, 19.11%, 16.18% and 15.92%. The representation on the Board of Directors of those companies is not sufficient to demonstrate the existence of significant in\ufb02uence. Moreover, representation on the Board of Directors is limited to the mandates of the Directors and requires a resolution at General Shareholders\u2019 Meeting. In particular for listed companies, this representation does not come from a contractual or legal right. Taking these different factors into account, GBL has entered into the accounting treatment of its investments in Ontex, SGS, Voodoo and Umicore as other equity investments as of December 31, 2022.Exchange rates used2022 2021Closing rateUS Dollar 1.07 1.13Swiss franc0.981.03Average rateUS Dollar1.051.18Presentation of the consolidated financial statementsThe consolidated statement of comprehensive income separately presents:- Investing activitiesComponents of income resulting from investing activities, which include the operations of GBL and of its subsidiaries whose main purpose is investment management. This includes GBL Capital and Sienna Investment Managers as well as the profit (loss) of operating associates (Parques Reunidos/Piolin II) and non-consolidated operating companies (Pernod Ricard, SGS, adidas, Umicore, etc.); and- Consolidated operating activitiesComponents of income from consolidated operating activities, i.e. from consolidated operating companies (Imerys, Webhelp, Canyon, Sanoptis, Affidea as well as the sub-groups Sausalitos, Vanreusel, etc).7.1.7 Scope of consolidation, associates and joint ventures and changes in group structureFully consolidated subsidiariesInterest and voting rights (in %)Registered 2022 2021officeMain activityNameBelgian Securities BVAmsterdam100.0100.0HoldingBrussels Securities SABrussels100.0100.0HoldingGBL O SABrussels100.0100.0HoldingSagerpar SABrussels100.0100.0HoldingURDAC SABrussels100.0100.0HoldingFINPAR II SABrussels100.0100.0HoldingFINPAR III SABrussels100.0100.0HoldingFINPAR IV SABrussels100.0100.0HoldingFINPAR V SRLBrussels100.0100.0HoldingFINPAR VI SRL Brussels 100.0 100.0 HoldingFINPAR VII SRL Brussels 100.0 100.0 HoldingFinpar VIII SRLBrussels100.0-HoldingLTI Two SABrussels100.0100.0HoldingGBL Verwaltung SALuxembourg100.0100.0HoldingSapiens S\u00e0rlLuxembourg100.0100.0Holding Marnix Lux S\u00e0rl (group Webhelp and subsidiaries)Luxembourg61.359.2OperationalG.f.G. Topco S\u00e0rlLuxembourg100.0100.0Holding G.f.G. Capital S\u00e0rlLuxembourg90.588.9Holding Go-for-Gold Holding GmbH (group Canyon and subsidiaries) Koblenz 54.8 60.0 OperationalCeleste Capital S\u00e0rl (previously Altitude Holdco S\u00e0rl) Luxembourg 100.0 100.0 Holding Celeste InvestCo SALuxembourg100.0-Holding Celeste TopCo SALuxembourg99.5-Holding Celeste Midco 1 BVNetherlands100.0-Holding Celeste Midco 2 BVNetherlands100.0-Holding Celeste Midco 3 BVNetherlands100.0-Holding Celeste BidCo BV (group Affidea and subsidiaries)Netherlands100.0-OperationalSofia Capital S\u00e0rlLuxembourg100.0-Holding Sofia InvestCo SA Luxembourg 100.0 - Holding Sofia MasterCo SA Luxembourg 83.5 - Holding Sofia TopCo S\u00e0rlLuxembourg100.0-Holding Sofia Holdco S\u00e0rlLuxembourg100.0-Holding Sofia MidCo S\u00e0rlLuxembourg100.0-Holding Sofia BidCo S\u00e0rl (group Sanoptis and subsidiaries)Luxembourg100.0-OperationalArthur Capital S\u00e0rlLuxembourg100.0100.0HoldingGBL Energy S\u00e0rlLuxembourg100.0100.0HoldingSerena S\u00e0rlLuxembourg100.0100.0HoldingGBL Finance S\u00e0rl Luxembourg 100.0 100.0 HoldingEliott Capital S\u00e0rl Luxembourg 100.0 100.0 HoldingMiles Capital S\u00e0rlLuxembourg100.0100.0HoldingOwen Capital S\u00e0rlLuxembourg100.0100.0HoldingTheo Capital S\u00e0rlLuxembourg100.0100.0HoldingOliver Capital S\u00e0rlLuxembourg100.0100.0HoldingJade Capital S\u00e0rlLuxembourg100.0100.0HoldingVancouver Capital S\u00e0rlLuxembourg100.0 100.0HoldingGBL Investments LtdDublin100.0 100.0HoldingGBL Development Ltd London 100.0 100.0 OperationalGBL Advisors Ltd London 100.0 100.0 OperationalRCPE Consulting SASParis100.0100.0OperationalImerys SA (and subsidiaries)Paris54.6 54.6OperationalInterest and voting rights (in %)Registered 2022 2021officeMain activityNameSienna Capital Participations S\u00e0rl LuxembourgGBL Capital and SIM100.0(newly GBL Capital Participations S\u00e0rl)100.0Sienna Investment Managers SA (previously Sienna Capital S\u00e0rl)Luxembourg100.0 100.0GBL Capital and SIMSienna Euclide SALuxembourg100.0 -GBL Capital and SIMSienna Landlife SALuxembourg100.0 -GBL Capital and SIMSienna Capital Management SA (newly Sienna AM Luxembourg SA)Luxembourg100.0 100.0GBL Capital and SIMSienna Capital US LLCWilmington100.0 100.0GBL Capital and SIMSienna Capital Invest GP S\u00e0rl (newly GBL Capital Invest GP S\u00e0rl)Luxembourg100.0 100.0GBL Capital and SIMSienna Capital Invest SCSp (newly GBL Capital Invest SCSp) Luxembourg 100.0 100.0 GBL Capital and SIMSienna Capital London Ltd London 100.0 100.0 GBL Capital and SIMSienna Multistrategy Opportunities GP S\u00e0rl Luxembourg 100.0GBL Capital and SIM(previously Sienna Capital Opportunity GP S\u00e0rl)100.0Sienna Multistrategy Opportunities Fund S\u00e0rl Luxembourg 100.0GBL Capital and SIM(previously Sienna Capital Opportunity Fund S\u00e0rl)100.0Sienna Multistrategy Opportunities Carry S\u00e0rl Luxembourg 100.0GBL Capital and SIM(previously Sienna Capital Opportunity Carry S\u00e0rl)100.0Sienna Multistrategy Opportunities Master S\u00e0rl Luxembourg 100.0GBL Capital and SIM(previously Sienna Capital Opportunity Master S\u00e0rl)100.0Sienna Capital Co-Invest Master S\u00e0rlLuxembourg100.0100.0GBL Capital and SIMSienna PE Invest GP S\u00e0rl (previously Sienna IM Digital GP S\u00e0rl)Luxembourg100.0100.0GBL Capital and SIMSienna IM Digital Bonds SCA SICAV RAIFLuxembourg-100.0GBL Capital and SIMSienna Venture Capital GP S\u00e0rl Luxembourg 100.0 - GBL Capital and SIMSienna Venture Capital SAS Paris 100.0 - GBL Capital and SIMSienna Real Estate Solutions S\u00e0rlLuxembourg100.0100.0GBL Capital and SIMSienna Real Estate Partner JV Netherlands BV Amsterdam 89.4GBL Capital and SIM(group Sienna Real Estate and subsidiaries)89.4Sienna Gestion (group Sienna Gestion and subsidiaries)Paris66.6-GBL Capital and SIMSienna 2A SAS (group Sienna Private Credit and subsidiaries)Paris8 7. 5-GBL Capital and SIMSienna Private Equity SASParis75.0-GBL Capital and SIMErgon Capital Partners III SA (group ECP III and subsidiaries)Brussels89,989,9GBL Capital and SIMThe percentage of voting rights is identical to the percentage interest, with the exception of Imerys, for which the voting rights are 68.13%. An incentive plan has also been granted to the management of Ergon Capital Partners III, covering 16.67% of the shares.Associates and joint venturesAvanti AcquisitionStreetTeam Piolin II S\u00e0rl /Backed 1 LP Backed Backed Ergon Capital RATE SCSPSoftware LtdParques Encore 1 LP2 LPPartners SA\ue61fIN %\ue61eReunidosOfficeLuxembourgLondenLuxembourgJerseyJerseyJerseyBrusselsGBL Capital GBL Capital GBL Capital GBL Capital GBL Capital GBL Capital Leisure parksActivityand SIMand SIMand SIMand SIMand SIMand SIMDETENTION 202250.0 32.7 23.1 48.6 58.3 40.0 50.0RATE2021Detention rate50.0 32.8 23.1 48.6 58.3 40.0 50.0Ergon Capital Ergon Capital I.P.E. SRL,M\u00e9rieux Landlife Holding RATEPartners II SAPartners IVsubsidiary ofParticipations 2 S\u00e0rl\ue61fIN %\ue61eSCSPECP IIISASOfficeBrusselsLuxembourgBolognaLyonLuxembourgGBL Capital GBL Capital GBL Capital GBL Capital Home furnishingActivityand SIMand SIMand SIMand SIMDETENTION 202250.0 34.4 65.6 34.3 35.1RATE2021Detention rate50.0 34.4 65.6 34.3 -The percentage of voting rights is identical to the percentage interest.The group has analyzed the accounting treatment to be applied to the recognition of its investment in I.P.E. SRL (Visionnaire group) and has concluded that it only has a significant in\ufb02uence despite its 65.55% interest, based on the existence of a shareholders\u2019 agreement. The group reached the same conclusion regarding the consolidation method to be used to integrate the investments in Backed Encore 1 LP.As of December 31, 2022, GBL holds a stake in the funds Eight Partners Worldwide SAS (22.40%), Kartesia Credit Opportunities III SCA (31.11%), Sagard II B (74.65%), Sagard 3 FPCI (26.40%), Sagard NewGen FPCI (21.64%), Sagard Sant\u00e9 Animale FPCI (32.41%), Sagard Testing FPCI (63.72%), Sagard Business Intelligence FPCI (92.59%), PrimeStone Capital Fund ICAV (23.22%), Marcho Partners Feeder Fund ICAV (38.71%), C2 Capital Global Export-to-China Fund LP (26.96%), KKR Sigma Co-Invest II LP (34.90%), Predirec ABL-3 (Part B) (21.00%), HCM IV LP/HCM V LP/HCM S11A LP/HCM S3C LP (20.27%, 28.55%, 56.26% and 49.26% respectively) and has determined that it has no significant in\ufb02uence over those investments. These funds are therefore presented as other equity investments and are measured at fair value at each reporting date.In the rest of the notes, Ergon Capital Partners, Ergon Capital Partners II and Ergon Capital Partners IV have been referred to together under the name \u201cECP I, II & IV\u201d, while the name \u201cECP\u201d refers to these companies referred to above and Ergon Capital Partners III (\u201cECP III\u201d). Similarly, Backed 1 LP, Backed Encore 1 LP and Backed 2 LP entities will be referred to as \u201cBacked\u201d, the entity Piolin II S\u00e0rl as \u201cPiolin II\u201d, the entity StreetTeam Software Ltd. as \u201cStreetTeam\u201d and the entity Avanti Acquisition SCSP as \u201cAvanti Acquisition Corp.\u201d.Changes in group structureCompanies entering the group structureSanoptisOn July 1, 2022, GBL finalized the acquisition of a majority stake (89.38%) in Sanoptis, a major provider of ophthalmic services in Germany and Switzerland.The acquisition price amounts to EUR 847 million. Non-controlling interests amounted to EUR 90 million at the time of the acquisition. The fair value of the identifiable assets and liabilities at the date of acquisition was determined by an independent expert. Intangible assets (such as local brands in Switzerland and Germany, customer relationships and certain rights to receive insured patients) were revalued at EUR 564 million. Property, plant and equipment (such as the Sanoptis Group buildings and rights of use), financial liabilities (debts to minority shareholders) and deferred tax assets and liabilities were re-estimated. The goodwill resulting from the difference between these net assets and the value of the shareholding amounts to a definitive amount of EUR 860 million as of December 31, 2022. An amount of EUR 60 million has also been recognized as deferred tax assets relating to amortizable goodwill for tax purposes in the local accounts of certain subsidiaries, taking into account the absence of objective criteria for allocating the acquisition goodwill (monitored at a higher level) to the assets of these subsidiaries. The goodwill arising on the acquisition of this group is mainly linked to the growth forecasts and the expected future profitability. It is not expected to be deductible for tax purposes. The fair values of assets, liabilities and contingent liabilities are presented in the following table:IN EUR MILLION SanoptisNon-current assets825.9Current assets236.7Non-current liabilities916.2Current liabilities158.6NET ASSETS (12.1)Purchase price - paid in cash75 7. 3Fair value of non-controlling interests90.0TOTAL 8 4 7.4Goodwill859.6Acquired cash and cash equivalents 75.3Net cash flow 682.0Since its acquisition, Sanoptis group has generated a contribution of EUR 180 million to the turnover and EUR - 21 million to the net result for the year (group\u2019s share). If the acquisition had been completed on January 1, 2022, the additional contribution to the turnover would have been EUR 180 million and EUR - 4 million to the net result (group\u2019s share).AffideaOn July 22, 2022, GBL completed the acquisition of a majority stake (100.00%) in Affidea, Europe\u2019s largest provider of advanced imaging, outpatient and cancer treatment services.The acquisition price amounts to EUR 999 million. The fair value of the identifiable assets and liabilities at the date of acquisition was determined by an independent expert. Intangible assets (such as the Affidea brand, contracts and customer relationships) for a total amount of EUR 598 million, property, plant and equipment (such as the Affidea group\u2019s buildings and rights of use) and deferred tax liabilities were re-estimated. The goodwill resulting from the difference between these net assets and the value of the shareholding amounts to a definitive amount of EUR 883 million as of December 31, 2022. The goodwill arising on the acquisition of this group is mainly related to growth forecasts and expected future profitability. It is not expected to be deductible for tax purposes. The fair values of assets, liabilities and contingent liabilities are presented in the following table:IN EUR MILLION AffideaNon-current assets 1,063.2Current assets 233.9Non-current liabilities 981.7Current liabilities1 9 7.8NET ASSETS 117.6Non-controlling interests 1.4NET ASSETS ACQUIRED 116.1Purchase price - paid in cash999.0Fair value of non-controlling interests -TOTAL 999.0Goodwill 882.9Acquired cash and cash equivalents 95.4Net cash flow903,6Since its acquisition, Affidea group has contributed EUR 307 million to the turnover and EUR - 30 million to the net result for the year (group\u2019s share). If the acquisition had been completed on January 1, 2022, the additional contribution to the turnover would have been EUR 418 million and EUR 2 million to the net result (group\u2019s share).OtherFinally, the group also made other acquisitions in 2022 that were not individually significant. Those acquisitions generated a net cash out\ufb02ow of EUR 337 million.Acquisition accounts finalized in 2022OneLinkOn August 2, 2021, Webhelp had acquired OneLink for a purchase price of EUR 488 million (excluding acquisition costs of EUR 10 million and intra-group refinancing of EUR 32 million).The goodwill resulting from the difference between the net assets and the value of the shareholding amounts to a definitive amount of EUR 279 million at the time of the acquisition. The fair values of assets, liabilities and contingent liabilities are presented in the following table:IN EUR MILLION OneLinkNon-current assets243.7Current assets21.7Non-current liabilities28.8Current liabilities28.0NET ASSETS 208.6Purchase price - paid in cash4 8 7.6Goodwill279.0Acquired cash and cash equivalents 13.9Net cash flow 473.7Companies leaving the group structureECP IIIIn September 2022, ECP III sold its 67.48% stake in Indo, the first independent Spanish manufacturer of ophthalmic lenses and distributor of medical equipment for the eye care sector. The net consolidated capital gain on the sale amounts to EUR 43 million (group\u2019s share). The net cash in\ufb02ow on this sale amounted to EUR 68 million.OtherFinally, the group made marginally significant disposals in 2022 for a total cash in\ufb02ow of EUR 160 million.For consistency purposes, the notes to the consolidated financial statements are grouped based on the nature of the items and not in the order they are presented in the consolidated balance sheet and consolidated statement of comprehensive income. This arrangement is meant to facilitate the analysis of all the factors of the same kind affecting the assets and liabilities in the financial statements.Note 1Segment informationIFRS 8 Operating Segments requires the identification of segments based on internal reports which are regularly presented to the main operating decision-maker for the purpose of managing the allocation of resources to the segments and assessing their performance.In conformity with IFRS 8, the group has identified seven segments: \u2013 Holding: consisting of the parent company GBL and its subsidiaries. Its main activity is to manage investments as well as the non-consolidated operating companies or associates; \u2013 Imerys: consisting of the Imerys group, a French group listed on Euronext Paris and holding leading positions in each of its two business lines: Performance Materials and High Temperature Materials & Solutions; \u2013 Webhelp: consisting of the Webhelp group, a non-listed French group, specialized in customer experience and business process outsourcing, as well as the dedicated investment vehicle, Sapiens S\u00e0rl; \u2013 Canyon: consisting of the Canyon group, a non-listed German group, the world leader in exclusively online direct-to-consumer (\u201cDTC\u201d) sales of premium bicycles, as well as the dedicated investment vehicle, GfG Capital; \u2013 Affidea: comprising the non-listed Affidea Group, leading European provider of advanced diagnostics and outpatient services, and the dedicated investment vehicles to Celeste Capital S\u00e0rl; (1) \u2013 Sanoptis: comprising the non-listed Sanoptis Group, a European leader in ophthalmology services including surgeries and diagnostics, and the dedicated investment vehicles to Sofia Capital S\u00e0rl; and \u2013 GBL Capital and Sienna Investment Managers (\u201cSIM\u201d) including: - GBL Capital, with its investment\u2019s activity, which includes investments in alternative funds and direct co-investments in private equity, as well as, under consolidated operating activities, the operating subsidiaries of ECP III (subgroups Sausalitos, Vanreusel, Indo, etc.); - Sienna Investment Managers, activity of third-party asset management, through its stake in Sienna Real Estate, Sienna Gestion and Sienna Private Credit.The results of a segment, its assets and its liabilities include all the items directly attributable to it. The accounting standards applied to these segments are the same as those described in the section entitled \u201cAccounting Policies\u201d.1.1. Segment information - Consolidated income statementFor the period ended as of December 31, 2022 GBL Holding Imerys Webhelp Canyon Affidea SanoptisCapital TotalIN EUR MILLIONand SIMShare of profit (loss) of associates and joint ventures from investing 1.3 - - - - - 1.9 3.2activitiesNet dividends from investments322.3------322.3Other operating income (expenses) from investing activities(37.0)-(0.2)(0.2)(0.0)(0.1)(79.8)(117.3)Gains (losses) on disposals, impairments and reversals of non-current - - - - - 0.0 (83.3) (83.3)assets from investing activitiesFinancial income (expenses) from investing activities136.4-(0.3)-(0.0)-(531.5)(395.4)Profit (loss) before tax from investing activities - 422.9 - (0.5) (0.2) (0.0) (0.1) (692.6) (270.4)continuing operationsTurnover-4,281.62,485.3644.9306.6180.1210.28,108.6Raw materials and consumables-(1,472.5)(57.9)(375.8)(32.8)(35.0)(48.1)(2,022.1)Employee expenses-(872.7)(1,841.7)(77.8)(156.2)(77.5)(73.8)(3,099.6)Depreciation/amortization of property, plant, equipment and - (303.1) (215.5) (46.9) (42.5) (23.6) (26.6) (658.1)intangible assets (excluding impairments and reversals) (1)Other operating income (expenses) from operating activities-(1,219.6)(302.5)(105.9)(78.6)(44.6)(66.2)(1,817.6)Gains (losses) on disposals, impairments and reversals of non-current - (94.6) (6.9) - - (0.0) 0.1 (101.4)assets from operating activitiesFinancial income (expenses) from operating activities -(51.0)(413.1)(5.2)(24.2)(24.1)(8.2)(525.8)Profit (loss) before tax from consolidated operating activities - - 268.1 (352.2) 33.2 (27.8) (24.7) (12.6) (115.9)continuing operationsIncome taxes 0.2(91.0)(18.4)(10.2)(1.9)(0.0)(2.1)(123.4)PROFIT (LOSS) FROM CONTINUING OPERATIONS 423.1 1 7 7. 1 (371.0) 22.8 (29.7) (24.8) (707.3) (509.8)PROFIT (LOSS) FROM CONSOLIDATED OPERATING ACTIVITIES - 7 7. 3 - - - - - 7 7. 3- DISCONTINUED OPERATIONSCONSOLIDATED PROFIT (LOSS) FOR THE YEAR 423.1 254.4 (371.0) 22.8 (29.7) (24.8) (707.3) (432.5)Attributable to the group423.1130.4(388.2)11.0(30.0)(20.7)(710.3)(584.7)Information by segment on other items of profit or loss is mentioned below:GBL Holding Imerys Webhelp Canyon Affidea SanoptisCapital TotalIN EUR MILLIONand SIMShare of profit (loss) of associates and joint ventures 1.3 35.9 - - - - 4.7 41.9Depreciation/amortization of property, plant, equipment (0.8) (316.8) (215.5) (46.9) (42.5) (23.6) (30.3) (676.5)and intangible assetsImpairment of non-current assets- (108.0) (6.9) - - - (130.7) (245.6)For the period ended as of December 31, 2021GBL (1)Holding ImerysWebhelp CanyonCapital TotalIN EUR MILLIONand SIMShare of profit (loss) of associates and joint ventures from investing 12.8 - - - 123.2 136.0activitiesNet dividends from investments363.1----363.1Other operating income (expenses) from investing activities (56.3) - (0.2) (0.0) (42.8) (99.3)Gains (losses) on disposals, impairments and reversals of non-current assets (0.0) - - - 139.4 139.4from investing activitiesFinancial income (expenses) from investing activities(68.6)-0.0-178.1109.6Profit (loss) before tax from investing activities - continuing operations251.1-(0.2)(0.0)3 9 7. 9648.7Turnover-3,664.72,080.6344.8152.96,243.0Raw materials and consumables-(1,170.5)(38.6)(227.8)(46.1)(1,483.1)Employee expenses-(801.4)(1,599.7)(44.9)(50.9)(2,496.9)Depreciation/amortization of property, plant, equipment and - (302.3) (172.1) (45.6) (23.5) (543.5)intangible assets (excluding impairments and reversals) (2)Other operating income (expenses) from operating activities- (1,069.8) (298.0) (71.0) (25.4) (1,464.2)Gains (losses) on disposals, impairments and reversals of non-current assets - (29.6) (1.4) - 0.2 (30.9)from operating activitiesFinancial income (expenses) from operating activities-(40.6)(389.7)(2.9)(10.5)(443.7)Profit (loss) before tax from consolidated operating activities - continuing operations-250.4(418.8)(47.4)(3.4)(219.3)Income taxes (0.4)(68.2)(18.7)25.7(0.6)(62.2)PROFIT (LOSS) FROM CONTINUING OPERATIONS250.7182.2(437.8)(21.7)393.93 6 7. 3PROFIT (LOSS) FROM CONSOLIDATED OPERATING ACTIVITIES - - 6 7. 5 - - - 6 7. 5DISCONTINUED OPERATIONSCONSOLIDATED PROFIT (LOSS) FOR THE PERIOD250.7249.7(437.8)(21.7)393.9434.8Attributable to the group250.7131.6(466.4)(15.3)378.1278.8Information by segment on other items of profit or loss is mentioned below:GBL Holding Imerys Webhelp CanyonCapital TotalIN EUR MILLIONand SIMShare of profit (loss) of associates and joint ventures 12.8 14.7 - - 124.1 151.6Depreciation/amortization of property, plant, equipment (0.7) (325.4) (172.1) (45.6) (23.6) (567.4)and intangible assetsImpairment of non-current assets - (28.9) (0.5) - 6.2 (23.2)The geographical split of the turnover is presented in note 8.1.2 Segment information - Consolidated balance sheetConsolidated balance sheet as of December 31, 2022GBL Holding Imerys Webhelp Canyon Affidea SanoptisCapital TotalIN EUR MILLIONand SIMNon-current assets 11,217.2 4 , 3 57.4 3,505.6 751.7 1,972.2 1,846.8 2,826.1 2 6 , 4 7 7. 0Intangible assets1.12 8 7. 5833.6373.4589.7663.586.82,835.6Goodwill-1,852.22,128.3309.1889.2965.9113.96,258.5Property, plant and equipment15.21,959.2499.448.4468.9184.0113.63,288.6Investments11,200.492.80.00.01.02.32,485.213,781.8Investments in associates and joint ventures90.2 90.5 - 0.0 - - 436.7 617.4Other equity investments11,110.2 2.3 0.0 - 1.0 2.3 2,048.5 13,164.4Other non-current assets0.654.928.013.14.86.225.4132.9Deferred tax assets-110.716.37. 818.824.91.2179.6Current assets 1 , 4 2 7.9 3,513.6 990.6 483.9 1 87.7 176.7 142.9 6,923.4Inventories-789.95.0393.69.65.76.71,210.6Trade receivables0.0489.9454.13.388.353.819.31,108.7Trading financial assets839.81.912.016.3--0.0870.0Cash and cash equivalents544.0620.2340.025.063.088.088.01,768.3Other current assets44.0235.6179.445.726.829.228.8589.5Assets held for sale-1,376.2-----1,376.2TOTAL ASSETS 12,645.1 7, 87 1 . 0 4,496.2 1,235.6 2,160.0 2,023.5 2,969.0 33,400.4Non-current liabilities3,102.82,465.63,879.33 67. 1968.61,100.2217.512,101.1Financial liabilities3,055.41,792.71,988.1249.8779.1694.5155.18,714.7Provisions0.5388.82.54.49.92.04.9413.1Pensions and post-employment benefits1.4160.214.40.211.11.50.3189.1Other non-current liabilities45.424.11,732.1-28.4262.232.62,124.8Deferred tax liabilities -99.9142.2112.8140.1139.924.5659.4Current liabilities1,148.52,020.0792.1123.2226.77 7. 591.74,479.7Financial liabilities984.0498.489.85.440.319.31 7. 31,654.6Trade payables4.1540.1129.266.748.82 7.141.48 57. 4Provisions-34.323.67.43.20.10.168.6Tax liabilities6.8105.031.510.54.94.83.51 67. 0Other current liabilities 153.6373.3518.033.2129.526.129.41,263.1Liabilities associated with assets held for sale - 468.9 - - - - - 468.9TOTAL LIABILITIES 4,251.3 4,485.6 4,671.4 490.4 1,195.3 1 , 1 7 7.7 309.2 16,580.8All the assets and liabilities are allocated to the various segments.Capital expenditure (property, plant and equipment and intangible assets) by segment is shown in the following table:GBL Holding Imerys Webhelp Canyon Affidea SanoptisCapital TotalIN EUR MILLIONand SIMCapital expenditure1.4406.2132.523.33 7.122.112.7635.3Consolidated balance sheet as of December 31, 2021 GBL Holding Imerys Webhelp CanyonCapital TotalIN EUR MILLIONand SIMNon-current assets 15,896.2 4,990.3 3,285.5 764.6 3,235.4 28,172.1Intangible assets0.0303.98 2 7.7399.079.31,610.0Goodwill-2,144.72,063.5309.11 3 7. 14,654.4Property, plant and equipment16.72,217.3364.744.31 0 7.12,750.0Investments15,878.9100.3-0.02,901.118,880.3Investments in associates and joint ventures89.7 100.3 - 0.0 515.4 705.4Other equity investments15,789.2 0.0 - - 2,385.7 18,174.9Other non-current assets0.685.618.82.17.6114.6Deferred tax assets - 138.6 10.8 10.1 3.3 162.8Current assets2,389.02,425.8916.7303.290.86,125.5Inventories-849.14.2238.711.81,103.8Trade receivables0.6614.3381.21.522.11,019.7Trading financial assets2,064.77. 312.02.00.02,086.0Cash and cash equivalents302.45 7 7. 2375.334.042.81,331.6Other current assets 21.3 314.7 144.1 2 7. 0 14.1 521.3Assets held for sale - 63.1 - - - 63.1TOTAL ASSETS 18,285.2 7,416.1 4,202.3 1 ,0 6 7.9 3,326.2 34,297.6Non-current liabilities2,702.82,726.53,448.33 0 7. 6204.19,389.3Financial liabilities2 , 5 2 7. 91,850.71,881.4184.5171.76,616.2Provisions 0.5 414.0 - 1.3 0.1 415.9Pensions and post-employment benefits 5.6 259.7 293.6 0.3 0.2 559.4Other non-current liabilities168.872.41,089.4-8.71,339.4Deferred tax liabilities -129.6183.8121.623.4458.4Current liabilities808.41 ,4 4 7.7694.598.371.23,120.1Financial liabilities749.41 8 7.47 7. 64.718.41,037.5Trade payables 3.7 660.1 121.1 54.1 26.8 865.8Provisions - 53.2 20.9 7. 2 0.7 81.9Tax liabilities5.9115.42 7.10.65.0154.1Other current liabilities 49.5418.14 4 7. 831.720.49 67. 4Liabilities associated with assets held for sale-13.5---13.5TOTAL LIABILITIES 3,511.3 4,174.2 4,142.7 405.9 275.3 12,509.4All the assets and liabilities are allocated to the various segments.Capital expenditure (property, plant and equipment and intangible assets) by segment is shown in the following table:GBL Holding Imerys Webhelp CanyonCapital TotalIN EUR MILLIONand SIMCapital expenditure 0.9 336.3 96.6 9.2 10.6 453.6 (1)The breakdown of the group\u2019s non-current assets by geographic region is as follows:IN EUR MILLION 2022 2021Belgium223.4259.5Other European countries10,155.86,584.7North America1 , 1 6 7. 31,047.5Other836.31,122.7TOTAL 12,382.8 9,014.4Regarding the exposure to climate risks, given their geographic location, Imerys\u2019 entities may potentially be exposed to physical risks related to climate change, such as \ufb02ooding, submersion, droughts, tornadoes and wildfires. Imerys uses hazard modelling to identify the locations likely to be exposed to these risks between now and 2050. At December 31, 2022, the carrying amount of these sites represented 2.4% of the group\u2019s consolidated assets, which are covered by suitable insurance policies (0.5% as of December 31, 2021).Note 2Associates and joint ventures2.1 Share of profit (loss)Dividends received from equity-accounted entities have been eliminated and replaced by GBL\u2019s share of their profit or loss.Dividends receivedIN EUR MILLION 2022 2021M\u00e9rieux Participations 2 13.3 5.5Other associates and joint ventures 5.85.2TOTAL 19.1 10.8Profit (loss) of associates and joint ventures (GBL\u2019s share)IN EUR MILLION 2022 2021Share of profit or loss of associates and joint ventures \u2013 investing activities3.2136.0ECP I, II & IV 9.248.1Avanti Acquisition Corp.1.8(1.8)Parques Reunidos/Piolin II1.312.8M\u00e9rieux Participations 21.212.1Backed(10.3)64.8Associates and joint ventures related to consolidated operating activities 13.7(shown under \"Other operating income (expenses)\") 32.6I.P.E.2.51.0Other30.112.6TOTAL 35.9 149.7ECP I, II & IVThe contribution of ECP I, II & IV to the net result of GBL amounts to EUR 9 million in 2022 (EUR 48 million in 2021). This result mainly includes gains on the revaluation to fair value of ECP IV\u2019s share portfolio.Parques Reunidos/Piolin IIThe net result (GBL\u2019s share) of Parques Reunidos/Piolin II amounts to EUR 1 million in 2022 (EUR 13 million in 2021). M\u00e9rieux Participations 2The contribution of M\u00e9rieux Participations 2 (EUR 1 million versus EUR 12 million in 2021) also includes mainly fair value revaluation gains on its portfolio, partially offset by the fund\u2019s general expenses and tax charges.BackedBacked contributed to GBL\u2019s result for EUR - 10 million (EUR 65 million in 2021). The result is mainly due to revaluation losses on the fair value of the investment portfolio.2.2 Value of associates and joint venturesInvesting activities Operating activities TotalParques Backed ECP I, II & Avanti StreetTeam M\u00e9rieux I.P.E. OtherReunidos/IVParticipations IN EUR MILLIONPiolin II2As of December 31, 202078.5 69.3 144.7 5.8 2 7. 8 58.1 3 7.4 87.9 509.5Investment/(Divestment)12.28.3(1.8)0.341.7(2.2)-1.660.1Profit (loss) for the year12.864.848.1(1.8)-12.11.012.7149.7Distribution - - - - - (5.5) - (5.2) (10.8)Other(13.8)(0.6)-0.40.90.05.84.1(3.1)As of December 31, 202189.7141.9191.04.770.562.444.2101.1705.4Investment/(Divestment)-7. 918.90.5-(10.2)(5.2)(3.6)8.2Profit (loss) for the year1.3(10.3)9.21.8-1.22.530.135.9Distribution-----(13.3)-(5.8)(19.1)Impairment---(7.4)(76.8)-(5.3)-(89.5)Other(0.8)(0.0)-0.56.40.0(0.0)(29.4)(23.4)AS OF DECEMBER 31, 2022 90.2 139.4 219.1 - - 40.0 36.2 92.5 617.4Of which: Holding90.2-------90.2Imerys-------90.590.5Webhelp---------Canyon-------0.00.0Affidea---------Sanoptis - - - - - - - - -GBL Capital and SIM - 139.4 219.1 - - 40.0 36.2 2.0 436.7Associates and joint ventures are not listed.2.3 Other information on associates and joint venturesAggregated financial information of major associates and joint venturesThe tables below present a summary of the financial information regarding Backed, ECP I, II & IV and Parques Reunidos/Piolin II, significant associates in 2022 and the other smaller associates and joint ventures. This summary represents the amounts included in the companies\u2019 financial statements prepared in accordance with IFRS.Backed ECP I, II & IV Parques Reunidos/Other associates and TotalIN EUR MILLIONPiolin IIjoint venturesAS OF DECEMBER 31, 2022Non-current assets320.1678.02,369.92 7 7.43,645.5Current assets4.83.3150.7170.4329.2Non-current liabilities31.640.81,830.76 7. 91,970.9Current liabilities1.45.1298.174.8379.4Non-controlling interests - - 1.3 0.0 1.3Shareholder's equity (group's share)291.9635.5390.6305.01,623.0Ownership interest in capitaln.r.n.r.23.1%n.r.n.r.Share in equity139.4219.190.2163.9612.6Goodwill---4.84.8Carrying amount as of December 31, 2022139.4219.190.2168.7617.4Turnover--820.5334.91,155.4Profit (loss) from continuing operations(15.0)26.75.958.576.1Net result of the year (including non-controlling (15.0) 26.7 5.9 58.5 76.1interests)Net result of the year (group\u2019s share) (15.0) 26.7 5.7 58.5 75.9Other comprehensive income (loss)--(4.2)0.0(4.1)Total comprehensive income (loss) for the year(15.0)26.71.658.671.8Dividends received during the period---19.119.1Share of the group in the profit (loss) for the year(10.3)9.21.335.735.9Backed ECP I, II & IV Parques Reunidos/Other associates and TotalIN EUR MILLIONPiolin IIjoint venturesAS OF DECEMBER 31, 2021Non-current assets 328.3 6 87.7 2,309.5 3 57. 6 3,683.0Current assets 7. 6 3.9 166.4 417.7 595.6Non-current liabilities44.0136.01,819.71 0 7.72,107.4Current liabilities3.01.62 6 7.081.6353.1Non-controlling interests--0.90.81.7Shareholder's equity (group's share)288.9554.0388.3585.21,816.5Ownership interest in capitaln.r.n.r.23.1%n.r.n.r.Share in equity141.9191.089.7278.3700.9Goodwill---4.54.5Carrying amount as of December 31, 2021 141.9 191.0 89.7 282.8 705.4Turnover - - 585.3 296.1 881.5Profit (loss) from continuing operations129.8139.855.854.0379.5Net result of the year (including non-controlling 129.8 139.8 55.8 54.0 379.5interests)Net result of the year (group\u2019s share)129.8139.855.542.73 6 7. 8Other comprehensive income (loss)--(26.2)-(26.2)Total comprehensive income (loss) for the year129.8139.829.342.7341.7Dividends received during the period---10.810.8Share of the group in the profit (loss) for the year64.848.112.824.0149.7Note 3SGS, Pernod Ricard, adidas and other equity investments3.1 Net dividendsIN EUR MILLION 2022 2021SGS109.8103.5Pernod Ricard82.062.1adidas38.535.0Umicore31.430.9Holcim28.064.7Mowi19.115.9GEA10.212.9TotalEnergies0.80.6Other0.90.8Reimbursements of withholding taxes1.636.7TOTAL 322.3 363.1In 2022, GBL recorded EUR 322 million in dividends (EUR 363 million in 2021). This decrease mainly reflects lower reimbursements of withholding taxes in 2022 and lower dividends received from Holcim following sales in 2021, partially offset by higher dividends received from Pernod Ricard, SGS and adidas.3.2 Fair value and changesThe investments in listed companies are valued on the basis of the share price at the reporting date. The investments in unlisted companies are valued on a quarterly basis at their fair value in line with the recommendations of the International Private Equity and Venture Valuation Guidelines (\u201cIPEV Guidelines\u201d). Recent investments are valued at their acquisition cost, provided that these valuations are considered as the best estimates of fair value. Changes in the fair value are recognized in the revaluation reserves (see note 3.3.).Of which:Disposals/ Change GBL December December AcquisitionsReimbur-in fair OtherHolding Imerys Webhelp Canyon Affidea SanoptisCapital 31, 202131, 2022IN EUR MILLIONsementsvalueand SIMInvestments with changes in fair 15,789.2 0.7 (759.3)(3,920.4)0.0 11,110.2 11,110.2 - - - - - -value through equityPernod Ricard4 , 2 0 7. 3-(87.6)(853.6)-3,266.23,266.2------SGS4,223.4--(1,096.8)-3,126.63,126.6------adidas3,472.5--(1,724.5)-1,74 8.11,748.1------Umicore1,402.6--(56.1)-1,346.51,346.5------Holcim592.3--4 7.4-639.7639.7------GEA546.3--(112.4)-434.0434.0------Voodoo266.00.3-6.7-273.0273.0------Mowi756.9-(436.8)(163.4)-156.7156.7------Ontex115.0--(12.3)-102.7102.7------TotalEnergies11.9 - - 3.7 0.0 15.7 15.7 - - - - - -Other194.90.4(234.9)40.7-1.21.2------FAIR VALUE 18,174.9 492.6 (1,087.8)(4,407.5)(7.7) 13,164.4 11,110.2 2.3 0.0 - 1.0 2.3 2,048.5Investments with changes in fair 2,385.7 491.9 (328.5) (487.1) (7.7) 2,054.2 - 2.3 0.0 - 1.0 2.3 2,048.5value through profit or lossCo-investments/2,385.7 473.1 (328.5) (487.1) (12.3) 2,030.9 - - - - - - 2,030.9FundsOther0.018.7(0.0)-4.623.3-2.30.0-1.02.31 7. 6Shares in \u201cFunds\u201d comprising 468 Capital II, BDT Capital Partners Fund II, Carlyle International Energy Partners II, C2 Capital Global Export-to- China Fund, DouxMatok, E.C.B. (Bastille)-Telenco, EC IV Invest, Eight Partners Worldwide, EP Sienna IM Broken Core Office Fund, Ergon opseo Long Term Value Fund, Ergon SVT Long Term Value Fund, FCT Credo I, Fonds Impact Social (Part B), Globality, Griffin Gaming Partners II, HCM IV LP, HCM S3C LP (Commure), HCM S11A LP (Transcarent), HCM V LP, Hourly Inc., Iceberg Data Lab, Illumio, Innovius Capital Fund, Kartesia Credit Opportunities III, IV and V, KKR Azur Co-Invest, KKR Rainbow Co-Invest (Asset), KKR Sigma Co-Invest II, Klarna Holding, Marcho, Marcho Long, Matador Coinvestment, M\u00e9rieux Participations, Predirec ABL-3 (Part B), PrimeStone, Sagard, Sagard II, Sagard 3, Sagard 4, Sagard Business Intelligence, Sagard NewGen, Sagard Sant\u00e9 Animale, Sagard Testing, Sapphire Midco (aka \u201cProAlpha\u201d), Sienna Rendement Avenir IV, South Park Commons Seed Fund II, South Park Commons Opportunities Fund II, Stripes VI and others are revalued at their fair value, as notably determined by the managers of these funds, based on their investment portfolio. Changes in the fair value of these investments are recognized in financial income (loss) (see note 7).Of which:December 31, Acquisitions Disposals/ Change in Other December 31, Holding Imerys Webhelp Canyon GBL 2020Reimbur-fair value2021Capital IN EUR MILLIONsementsand SIMInvestments with changes in fair value 15,875.3 538.8 (1,501.5) 876.7 - 15,789.2 15,789.2 - - - -through equitySGS3,539.5--683.9-4,223.44,223.4----Pernod Ricard3,119.2--1,088.1-4 , 2 0 7. 34 , 2 0 7. 3----adidas4,085.6--(613.0)-3,472.53,472.5----Umicore1,744.2-(104.5)(237.1)-1,402.61,402.6----Mowi551.7110.3-94.8-756.9756.9----Holcim 2,099.9 - (1,242.8) (264.8) - 592.3 592.3 - - - -GEA449.7-(142.4)239.1-546.3546.3----Voodoo-268.2-(2.2)-266.0266.0----Ontex181.0--(66.0)-115.0115.0----TotalEnergies9.4--2.5-11.911.9----Other 95.1 160.3 (11.8) (48.7) - 194.9 194.9 - - - -Investments with changes in fair value 1,930.0 574.2 (364.7) 255.5 (9.5) 2,385.7 - 0.0 - - 2,385.7through profit or lossFunds1,927.5574.2(362.8)255.5(8.9)2,385.7----2,385.7Other2.5-(1.9)-(0.5)0.0-0.0---FAIR VALUE 17,805.3 1,113.0 (1,866.2) 1,132.2 (9.5) 18,174.9 15,789.2 0.0 - - 2,385.73.3 Revaluation reservesThese reserves include the changes in the fair value of other equity investments whose changes in fair value are recorded through Equity.In 2022, the partial disposals of Mowi and Pernod Ricard resulted in a reclassification to retained earnings of EUR 75 million and EUR 297 million respectively. In 2021, at the time of the partial disposals of Umicore, GEA and Holcim, the cumulated revaluation reserves of EUR 152 million, EUR 3 million and EUR 397 million respectively were reclassified to retained earnings.SGS Pernod adidas Umicore Mowi Holcim GEA Voodoo Ontex Total Other TotalIN EUR MILLIONRicardEnergiesAs of December 31, 986.0 2,296.3 2 ,974 .2 845.0 62.0 369.0 (97.6) - (273.4) 3.1 5.2 7,169.92020Change resulting from 683.9 1,088.1 (613.0) (85.5) 94.8 132.4 242.4 (2.2) (66.0) 2.5 (43.1) 1,434.4the change in fair valueTransfers to consolidated reserves in - - - (151.6) - (397.3) (3.3) - - - (5.5) (557.7)case of disposalAs of December 31, 1,670.0 3,384.4 2,361.2 6 0 7.9 156.8 104.2 141.5 (2.2) (339.4) 5.6 (43.5) 8,046.62021Change resulting from (1,096.8) (556.8) (1,724.5) (56.1) (88.4) 4 7.4 (112.4) 6.7 (12.3) 3.7 (29.2) (3,618.6)the change in fair valueTransfers to consolidated reserves in - (296.7) - - (75.0) - - - - - 69.9 (301.8)case of disposalAS OF DECEMBER 31, 573.1 2,530.8 636.7 551.8 (6.5) 151.6 29.2 4.5 (351.7) 9.3 (2.7) 4,126.12022Gains (losses) from disposals, impairments and reversals of non-current assets from Note 4investing activitiesIN EUR MILLION 2022 2021Keesing-72.2svt-61.3Indo4 7. 3-Other0.1(0.0)GAINS ON DISPOSALS OF SUBSIDIARIES - INVESTING ACTIVITIES 4 7. 4 133.4Avanti(7.4)-Pollen(102.6)-Sienna Real Estate(15.4)-Other(5.3)6.0IMPAIRMENTS AND REVERSALS OF NON-CURRENT ASSETS - INVESTING ACTIVITIES (130.7) 6.0This item, relating to results from transactions with subsidiaries or associates, mainly includes, in 2022, the net capital gain on the disposal by ECP III of Indo (EUR 47 million) and the impairment loss recorded on Pollen (EUR - 103 million). In 2021, it included the net capital gains on the sale by ECP III of Keesing (EUR 72 million) and of svt (EUR 61 million).Note 5Other operating income (expenses) and employee expenses5.1 Details of other operating income (expenses)IN EUR MILLION 2022 2021Miscellaneous goods and services (71.7) (55.3)Employee expenses (38.3) (43.8)Depreciation and amortization(4.6)(0.8)Other operating expenses(4.7)(0.9)Other operating income2.01.4OTHER OPERATING INCOME (EXPENSES) - INVESTING ACTIVITIES (117.3) (99.3)Transport costs(691.8)(560.8)Subcontracting costs(208.7)(214.4)Operating leases(54.9)(34.4)Fees(234.5)(145.2)Various taxes(54.5)(51.9)Other operating expenses(715.0)(560.7)Other operating income109.089.6Share of profit (loss) of associates and joint ventures belonging to consolidated operating activities 32.6 13.7OTHER OPERATING INCOME (EXPENSES) - OPERATING ACTIVITIES (1,817.6) (1,464.2)Other operating expenses related to operating activities mainly consist of Imerys\u2019 maintenance and repair expenses (EUR 119 million and EUR 117 million in 2022 and 2021 respectively), restructuring expenses (EUR 39 million in 2022 and EUR 68 million in 2021) and research and development costs (EUR 42 million and EUR 38 million in 2022 and 2021 respectively).Costs related to the acquisitions of Sanoptis and Affidea amount to EUR 18 million and EUR 21 million respectively and are included under \u201cfees\u201d.5.2 Details of employee expensesIN EUR MILLION 2022 2021Remuneration(36.0)(20.4)Social security contributions(6.2)(2.7)Costs related to stock options9.4(16.7)Contributions to pension plans (2.9)(2.9)Other(2.6)(1.1)EMPLOYEE EXPENSES - INVESTING ACTIVITIES (38.3) (43.8)Remuneration (2,418.8) (1,910.0)Social security contributions(385.8)(310.3)Costs related to stock options(17.6)(12.9)Contributions to pension plans (197.0)(247.7)Other(80.3)(15.9)EMPLOYEE EXPENSES - CONSOLIDATED OPERATING ACTIVITIES (3,099.6) (2,496.9)The details of the remuneration of GBL\u2019s directors are shown in note 32. The stock option plans are detailed in note 27.Gains (losses) from disposals, impairments and reversals of Note 6non-current assets related to operating activitiesIN EUR MILLION 2022 2021Impairment on intangible assets and goodwill(108.1)(0.6)Impairment on property, plant and equipment, net of reversals(6.8)(28.6)Reversal of impairment on other non-current assets1.00.2Capital gain/(loss) realized on disposals of investments and activities12.5(1.9)TOTAL (101.4) (30.9)The impairments on intangible assets, goodwill and property, plant and equipment are detailed in the notes 9, 10, 24 and 11 respectively.Note 7Financial income (expenses)IN EUR MILLION 2022 2021Interest income on cash and cash equivalents, non-current assets or other(7.7)2.1Interest expenses on financial liabilities(27.0)(20.1)Gains (losses) on trading securities and derivatives124.0(115.6)Change in the fair value of other equity investments recognized at fair value through profit or loss(487.1)255.5Other financial income13.16.7Other financial expenses(10.7)(19.1)FINANCIAL INCOME (EXPENSES) - INVESTING ACTIVITIES (395.4) 109.6Interest income on cash and cash equivalents and non-current assets6.43.0Interest expenses on financial liabilities(196.5)(127.9)Gains (losses) on trading securities and derivatives(1.8)2.7Other financial income40.330.6Other financial expenses (374.2) (352.1)FINANCIAL INCOME (EXPENSES) - OPERATING ACTIVITIES (525.8) (443.7)Financial income (expenses) from investing activities total EUR - 395 million (compared to EUR 110 million in 2021). They mainly consist of (i) the changes in fair value of other equity investments recognized at fair value in profit or loss for EUR - 487 million (EUR 256 million in 2021), (ii) a total net income of EUR 98 million related to the mark to market of the derivative component associated to the exchangeable bonds into GEA and Pernod Ricard shares and the convertible bonds into GBL shares (a net charge of EUR 140 million 2021), (iii) the result of yield enhancement for EUR 9 million in 2022, including EUR 12 million in revenues generated in 2022 and EUR - 3 million in mark-to-market (against EUR 17 million in 2021) and (iv) the interest charges on GBL\u2019s indebtedness, notably institutional bonds for EUR - 23 million (EUR - 18 million in 2021). Financial income (expenses) from consolidated operating activities essentially result from the changes of the debts on Webhelp\u2019s minority shareholders (founders) for EUR - 255 million (EUR - 293 million in 2021) and interest expenses on Webhelp\u2019s and Imerys\u2019 indebtedness for EUR 95 million and EUR 38 million respectively (EUR 77 million and EUR 37 million in 2021 respectively).Note 8TurnoverThe table below presents the split of the revenue into sales of goods, services provided and other:IN EUR MILLION 2022 2021Sales of goods 4,638.0 3,800.6Services provided 3,451.4 2,440.5Other19.21.9TOTAL 8,108.6 6,243.0The table below presents the split by cash generating unit:IN EUR MILLION 2022 2021Performance Materials 2,844.2 2,425.8High Temperature Materials & Solutions 1,436.0 1,237.8Holdings 1.4 1.1Imerys4,281.63,664.7Webhelp2,485.32,080.6Canyon 644.9 344.8Affidea306.6-Sanoptis 180.1 -Vanreusel72.559.2Indo28.453.1Sausalitos46.731.8Sienna Real Estate15.58.8Sienna Private Credit8.6-Sienna Gestion38.6-GBL Capital and SIM210.2152.9TOTAL 8,108.6 6,243.0The breakdown of the group\u2019s turnover by geographic region is as follows:IN EUR MILLION 2022 2021Belgium159.3143.2Other European countries4,729.03,389.2Americas1,958.01,350.9Asia1,080.69 2 7. 1Other181.7432.6TOTAL 8,108.6 6,243.0The following table presents a different breakdown of revenue by the time at which goods and services are transferred to customers, distinguishing between goods and services transferred to customers at a given point in time and services transferred to customers over time:IN EUR MILLION 2022 2018Goods and services transferred to customers at a specific time4,768.53,834.8Services progressively transferred to customers3,340.12,408.2TOTAL 8,108.6 6,243.0At Imerys\u2019 level, main contributor to the turnover, the breakdown of revenue by geographical location of its operations and geographical location of its customers is as follows:IN EUR MILLION 2022 2021Turnover breakdown by geographic areasEurope2,204.11,892.4Asia-Oceania616.5560.0North America1,215.41,030.6Other245.6181.7TOTAL 4,281.6 3,664.7IN EUR MILLION 2022 2021Turnover breakdown by geographic areas of the clientsEurope1,868.21,621.6Asia-Oceania903.5806.2North America1,149.7961.9Other360.2275.0TOTAL 4,281.6 3,664.7Note 9Intangible assetsSoftware Mining rights Patents, Trade-Customer Other Totallicenses and marksrelationsIN EUR MILLIONconcessionsGross carrying amount As of December 31, 2020 199.9 3.5 248.4 176.5 498.7 193.6 1,320.5Investments36.8(0.6)0.6--12.949.7Changes in group structure/Business 7. 2 - 33.3 304.4 282.0 76.3 703.3combinationsTransfers between categories20.6(0.2)(35.9)(1.8)41.5(20.2)3.9Disposals and retirements(2.1)-(1.5)--(3.0)(6.6)Foreign currency translation adjustments4.00.1(9.4)-(0.6)10.54.6Other-----(0.8)(0.8)As of December 31, 2021266.52.8235.5479.1821.6269.22,074.6Investments 29.0 0.2 0.8 - - 55.3 85.3Changes in group structure/Business 8.2 - 13.4 86.0 713.2 542.9 1,363.6combinationsTransfers between categories14.0-(3.2)--(12.5)(1.8)Disposals and retirements(9.7)-(7.8)(10.2)(19.7)(6.3)(53.7)Foreign currency translation adjustments1.10.0(3.3)-4.31.73.8Other(11.6)(0.4)(35.7)(0.1)(0.3)(16.7)(64.7)AS OF DECEMBER 31, 2022 2 97. 4 2.6 199.8 554.8 1,519.1 833.5 3 ,4 0 7. 2Cumulated amortizationAs of December 31, 2020(128.1)(1.0)(41.9)(4.4)(38.4)(106.1)(319.8)Amortization(28.7)0.1(8.6)(9.9)(55.5)(34.1)(136.6)Impairment (losses)/reversals(0.3)-(0.2)--(0.0)(0.5)Transfers between categories(12.6)0.39.92.1(15.1)10.8(4.7)Disposals and retirements1.9-1.0--3.15.9Foreign currency translation adjustments (3.5) (0.0) (0.8) - (0.1) (1.0) (5.5)Changes in group structure/Other(3.9)-2.0-0.0(1.4)(3.3)As of December 31, 2021(175.3)(0.7)(38.6)(12.2)(109.0)(128.8)(464.6)Amortization(32.5)(0.2)(2.6)(15.2)(85.8)(24.8)(161.1)Impairment (losses)/reversals-----(0.1)(0.1)Transfers between categories(2.9)-2.6--1.91.6Disposals and retirements10.2-7.14.07.70.329.3Foreign currency translation adjustments(1.2)(0.0)(0.1)-0.6(1.1)(1.9)Changes in group structure/Other6.70.16.4-0.111.925.1AS OF DECEMBER 31, 2022 (195.1) (0.7) (25.2) (23.4) (186.4) (140.7) (571.6)Net carrying amount As of December 31, 202071.82.5206.5172.1460.38 7. 51,000.7As of December 31, 202191.12.1196.8466.9712.7140.51,610.0AS OF DECEMBER 31, 2022 102.3 1.9 1 74.5 531.4 1,332.7 692.8 2,835.6Of which: Holding0.5----0.61.1Imerys52.01.91 4 7. 8--85.92 87. 5Webhelp42.0 - 4.4 148.3 622.3 16.6 833.6Canyon 1.2 - 3.3 286.5 36.5 45.9 373.4Affidea3.4--78.2508.1-589.7Sanoptis0.8-0.25.2129.35 2 7. 9663.5GBL Capital and SIM2.4-18.913.236.516.086.8The intangible assets with an indefinite useful life amount to EUR 653 million as of December 31, 2022 \u2013 presented under the heading \u201cTrademarks\u201d and \u201cOther\u201d (EUR 155 million as of December 31, 2021 \u2013 presented under the heading \u201cTrademarks\u201d and \u201cOther\u201d). These mainly include the valuation at Sanoptis of the rights to receive insured patients (EUR 498 million). are shown under \u201cOther operating income (expenses) from investing activities\u201d and \u201cDepreciation/ amortization of property, plant, equipment and intangible assets\u2013consolidated operating activities\u201d in the consolidated income statement.The depreciation charges for the various periods Research and development costs in 2022 amounted to EUR 42 million (EUR 38 million in 2021).The heading \u201cChanges in group structure/Business combinations\u201d in 2022 includes mainly the impact of the acquisitions of Sanoptis and Affidea.Regarding the emission rights, Imerys is subject to greenhouse gas regulation schemes at eleven of its facilities in Europe and one facility in the US. In 2022, Imerys used 100.0% of the emission rights allocated to its eligible facilities (100.0% in 2021). As the estimated volume of greenhouse gas emissions exceeded the emission rights in 2022, the group has set aside a provision of EUR 8 million at December 31, 2022 to cover the deficit (EUR 1 million at December 31, 2021).Note 10GoodwillIN EUR MILLION 2022 2021Gross carrying amount As of January 14,750.64,062.5Changes in group structure/Business combinations 1,916.1 659.8Foreign currency translation adjustments 45.4 33.6Subsequent value adjustments3.6(5.0)Disposals(42.0)(0.3)Other(314.5)-As of December 316,359.1 4,750.6Cumulated impairment lossesAs of January 1(96.3)(87.3)Impairment losses(123.4)(0.0)Foreign currency translation adjustments(2.9)(9.0)Other 122.0 0.0As of December 31(100.6)(96.3)NET CARRYING AMOUNT AS OF DECEMBER, 31 6,258.5 4,654.4Of which: Holding--Imerys1,852.22,144.7Webhelp2,128.32,063.5Canyon309.1309.1Affidea889.2-Sanoptis965.9-GBL Capital and SIM 113.9 1 3 7.1As of December 31, 2022, this caption is made up of EUR 1,852 million of goodwill generated by Imerys\u2019 various business lines, EUR 2,128 million of goodwill from the acquisitions of Webhelp group and from OneLink by Webhelp, EUR 309 million of goodwill from the Canyon group acquisition, EUR 889 million of goodwill from the Affidea group acquisition, EUR 966 million of goodwill from the Sanoptis group acquisition and EUR 114 million of goodwill on acquisitions by GBL Capital and Sienna Investment Managers (EUR 2,145 million, EUR 2,064 million, EUR 309 million, EUR 0 million, EUR 0 million and EUR 137 million respectively as of December 31, 2021).Definition of cash generating units (CGU)GBL\u2019s management has retained the judgements made by Imerys, Webhelp, Canyon, Affidea, Sanoptis and GBL Capital and Sienna Investment Managers in the definition of CGUs.At Imerys, as goodwill feeds into the business management indicators monitored by the management, it is tested for impairment at the same levels as those monitored by the management, which are as follows: Performance Minerals Europe, Middle East and Africa (PMEMEA), Performance Minerals Americas (PMA), Performance Minerals Asia Pacific (PMAPAC) excluding G&C and Graphite & Carbon (G&C) within the Performance Minerals (PM) segment; and High Temperature Solutions (HTS) and Refractory, Abrasives & Construction (RAC) within the High Temperature Materials & Solutions (HTMS) segment. As most of the High Temperature Solutions business line and all the business serving the paper market are designated as discontinued operations and assets held for sale respectively (see Note 24), their assets are excluded from the scope of this test. Other than goodwill, all assets within Imerys including right-of-use assets net of lease liabilities and mining assets are covered within the scope of these tests.At Webhelp, the activity of the Webhelp group is reported through a single CGU, the Webhelp CGU.At Canyon, the operational reporting and thus the goodwill management is carried out at the highest level, i.e. GoForGold Holding, which represents the only identified CGU.At Affidea, the activity of the group is reported through a single CGU, the Affidea CGU.At Sanoptis, the activity of the group is reported through a single CGU, the Sanoptis CGU.At GBL Capital and Sienna Investment Managers level, the goodwill is allocated to each investment.In the table below, the carrying amount and the goodwill impairment loss are presented by CGU:2022 2021Net carrying Cumulated Net carrying Cumulated amountimpairment amountimpairment IN EUR MILLIONlosseslossesWebhelp 2,128.3 - 2,063.5 -Performance Materials (Imerys) 1,100.2 (5.5) 1,201.4 (2.4)Sanoptis 965.9 - - -Affidea889.2 ---High Temperature Materials & Solutions (Imerys)751.2 (79.7)942.5(93.9)Canyon309.1 -309.1-Vanreusel (GBL Capital)59.2 -59.2-Sienna Gestion (SIM)18.3 ---Sausalitos (GBL Capital)15.0 -15.0-Sienna Private Credit (SIM)14.4 ---Sienna Real Estate (SIM) 7. 0 (15.4) 22.4 -Holdings (Imerys) 0.8 - 0.8 -Indo (GBL Capital)- -40.5-TOTAL 6,258.5 (100.6) 4,654.4 (96.3)Impairment testsIn accordance with IAS 36, group companies conduct a yearly impairment test on all their CGUs to the extent that they report goodwill. The recoverable amount of a CGU or an individual asset is the highest of the fair value less the costs of sale and the value in use. In practice, fair value can only be reliably estimated for individual assets and therefore corresponds to recent transaction prices for sales of similar assets. The value in use is the most commonly used measurement basis for CGUs and individual assets.At Imerys, the projected cash \ufb02ows used in their impairment test as of December 31, 2022 are taken from their 2023-2026 plan. This central case was developed using independent analyses of underlying markets. To calculate the terminal growth rate, Imerys uses the Gordon and Shapiro perpetual growth model. The discount rate used to calculate the value in use is determined using the weighted average cost of capital of groups comparable to Imerys in the industrial minerals sector. This rate, set at 8.00% for 2022 (6.75% for 2021), is adjusted for a country-market risk premium, which depending on the CGU or individual assets tested ranged from + 92 to + 174 bps in 2022 (+ 59 to + 120 bps in 2021). In 2022, the average discount rate after income tax amounted to 8.89% (7.57% in 2021). The calculations net of income tax are the same as those that would be performed with cash \ufb02ows and rates before income tax, as required by applicable standards.At Webhelp, the projected cash \ufb02ows used are based on a 5-year business plan, then extrapolated to cover a 10-year period. For the terminal value, Webhelp uses the Gordon and Shapiro perpetual growth model. The definition of the discount rate is based on a study of the cost of capital of groups comparable to Webhelp adjusted for a specific premium of 1.00% in line with the group\u2019s financial structure. It stands at 8.77% as of December 31, 2022 (8.13% as of December 31, 2021).At Canyon, the projected cash \ufb02ows used are based on the 2023-2027 plan. For the terminal value, Canyon uses the Gordon and Shapiro perpetual growth model. The definition of the discount rate is based on a study of the cost of capital of groups comparable to Canyon. It stands at 12.69% as of December 31, 2022. (9.40% as of December 31, 2021)The impairment tests carried out on the various Imerys CGUs did not result in the recognition of any impairment loss as of December 31, 2022 and December 31, 2021.The impairment test carried out on the Webhelp CGU does not reveal any loss in value on the group\u2019s tested assets as of December 31, 2022 and December 31, 2021.The impairment test carried out on the Canyon CGU does not reveal any loss in value on the group\u2019s tested assets as of December 31, 2022.No impairment test was performed on the goodwill of Affidea as the acquisition was completed in the third quarter of 2022.At Sanoptis, the cash \ufb02ow projections used are taken from the 2023-2027 plan. For terminal value, Sanoptis uses the Gordon and Shapiro perpetual growth model. The discount rate is based on a study of the cost of capital of groups comparable to Sanoptis Group. The discount rate is 6.72% at December 31, 2022. The impairment test performed on the Sanoptis CGU did not reveal any impairment of the Group\u2019s assets tested at December 31, 2022.At GBL Capital and SIM, the projected cash \ufb02ows derive from the financial budgets made by managements of each respective investment, covering a period of three to five years. The prepared projections are extrapolated and cover a period of ten years. For the terminal value, GBL Capital and SIM use an average of the Gordon and Shapiro perpetual growth model and multiple valuation method. The discount rate used to calculate the value in use is determined based on the weighted average cost of capital of groups comparable to each investment in their respective sector. This rate is adjusted by a country/market risk premium and a specific premium. The average discount rate after taxes was 11.80% in 2022 (11.25% in 2021).At GBL Capital and SIM, these annual tests resulted in the recognition of impairment losses for an amount of EUR 15 million in 2022 (EUR 0 million in 2021).In the table below, the weighted average discount and perpetual growth rates used to calculate the value in use are presented by CGU:2022 2021Discount rate Perpetual growth rate Discount rate Perpetual growth ratePerformance Materials (Imerys)9.02% 1.51%7.48%1.29%High Temperature Materials & Solutions (Imerys)8.64% 1.98%7.75 %2.86%AVERAGE RATE IMERYS 8.89% 1.68% 7. 5 7 % 1.82%AVERAGE RATE WEBHELP 8.77% 2.00% 8.13% 2.00%AVERAGE RATE CANYON 12.69% 1.00% 9.40% 1.00%AVERAGE RATE SANOPTIS 6.72% 1.00% - -AVERAGE RATE GBL CAPITAL AND SIM 11.80% 2.55% 11.25% 1.75%Sensitivity analysisOf the assumptions used, those whose variation has the most significant impact on the financial statements are the forecast cash \ufb02ows, the discount rate and the perpetual growth rate. The group has carried out simulations to measure the impairment losses that would be recognized in the event of unfavorable changes in the assumptions used in the central scenario at December 31, 2022. The changes used for these sensitivity tests are those that the group considers reasonably possible in the context of the test: a 5.00% decrease in forecast cash \ufb02ows; a 1.00% increase in discount rates; and a 1.00% decrease in perpetual growth rates (unchanged at December 31, 2021). As summarized in the table below, the sensitivities performed on the central scenario show a total impairment of EUR - 4 million in case of a 5.00% decrease of the forecasted cash \ufb02ows, EUR - 18 million in case of a 1.00% increase of the discount rates and a total impairment of EUR - 9 million in case of a 1.00% decrease of the perpetual growth rates.Adverse IN EUR MILLIONchangesFORECASTED CASH FLOWS (5%)Impairment loss (3.9)DISCOUNT RATES + 100 bpsImpairment loss (17.5)PERPETUAL GROWTH RATES (100 bps)Impairment loss (8.9)In addition, Imerys carried out a sensitivity exercise incorporating the risks of climate change in the context of a global warming of + 2 degrees Celsius by 2050, as projected by the International Energy Agency (IEA) in its Stated Policies scenario published in the World Energy Outlook in 2019. This scenario, which is one of the three trajectories modeled by the IEA, was chosen by Imerys for this sensitivity exercise because it is reasonably possible. The risks taken into account in this model are heat waves as identified by the S&P Global Trucost Assessment, fires as identified by the FM Global Assessment and the Angstr\u00f6m Index and droughts as identified by the Water Risk Filter of the World Wild Fund for Nature and the Deutsche Investitions- und Entwicklungsgesellschaft. The sites included in the sensitivity exercise are those whose risks are known to be uninsurable in the long term, according to the latest known information as of December 31, 2022, as well as those whose risks are normally insurable but specifically known to be uninsurable due to specific climatic conditions. On this basis, Imerys has estimated for each site the foreseeable frequency of closure and the corresponding cash \ufb02ow losses. As a result of this work, the sensitivity of the risks and opportunities related to climate issues does not highlight any impairment.Note 11Property, plant and equipmentLand and Mineral reserves Fittings, Right-of-use Assets under Other property, Totalbuildingsmachinery, assetsconstructionplant and equipment and equipmentIN EUR MILLIONrolling stockGross carrying amountAs of December 31, 2020651.79 0 7. 24,105.8584.72 27. 51 87. 06,663.7Investments14.265.188.2168.42 0 7. 546.0589.4Changes in group structure/10.4 - 35.1 50.1 - 18.5 114.1Business combinationsDisposals and retirements(2.9)(1.5)(38.1)(43.7)(1.8)(10.3)(98.3)Foreign currency translation 13.2 41.9 141.5 (61.7) 7.7 (0.8) 141.9adjustmentsOther(85.1)(46.6)6 7.7(3.4)(178.4)14.1(231.6)As of December 31, 2021601.6966.14,400.2694.5262.6254.57,179.5Investments13.372.1119.1290.2255.185.4835.2Changes in group structure/243.0 - 468.9 421.9 10.8 104.0 1,248.7Business combinationsDisposals and retirements(21.6)(0.2)(92.0)(35.6)(1.8)(25.5)(176.6)Foreign currency translation 6.4 26.7 30.0 (10.8) 6.9 (6.3) 52.8adjustmentsOther (113.5) (88.2) (908.9) (109.9) (262.3) 308.0 (1,174.9)AS OF DECEMBER 31, 2022 729.2 976.4 4,017.3 1,250.3 271.3 720.1 7,964.6Cumulated depreciationAs of December 31, 2020 (300.2) (481.6) (3,038.0) (195.4) (23.0) (109.5) (4,147.7)Depreciation (15.8) (57.6) (197.7) (129.5) - (30.3) (430.8)Impairment (losses)/reversals(3.6)(22.1)(5.0)(0.3)(1.0)(2.0)(34.0)Disposals and retirements1.31.331.723.30.19.266.7Foreign currency translation (7.9) (22.7) (105.7) 69.8 (0.0) (0.6) (67.0)adjustmentsChanges in group structure/Other48.735.6121.82.3(0.1)(24.8)183.4As of December 31, 2021(277.5)(547.0)(3,193.0)(229.9)(24.1)(158.0)(4,429.5)Depreciation(24.8)(57.0)(186.6)(153.9)(1.7)(78.1)(502.0)Impairment (losses)/reversals(2.3)-0.0--1.5(0.8)Disposals and retirements 12.8 0.2 71.8 29.8 0.3 24.1 138.9Foreign currency translation (4.6) (16.8) (23.3) 2.1 (1.8) 3.0 (41.4)adjustmentsChanges in group structure/Other(77.1)59.7452.5(30.9)22.7(268.2)158.7AS OF DECEMBER 31, 2022 (373.3) (560.9) (2,878.5) (382.8) (4.6) (475.7) (4,675.9)Net carrying amount As of December 31, 2020 351.5 425.6 1 , 0 67.7 389.3 204.5 7 7.4 2,516.1As of December 31, 2021324.1419.01,207.2464.7238.596.52,750.0AS OF DECEMBER 31, 2022 355.8 415.5 1,138.7 8 6 7. 5 266.7 244.4 3,288.6Of which: Holding - - 1.2 11.8 - 2.1 15.2Imerys 2 2 7.7 415.5 8 8 7.1 133.2 228.6 67. 3 1,959.2Webhelp1.8-88.0282.212.0115.3499.4Canyon2.4-13.529.03.5-48.4Affidea101.1-92.5244.21 7. 813.3468.9Sanoptis10.2-31.294.43.444.8184.0GBL Capital and SIM12.60.125.272.81.51.4113.6The depreciation charges for the various periods are shown under \u201cOther operating income (expenses) from investing activities\u201d and \u201cDepreciation/amortization of property, plant, equipment and intangible assets\u2013consolidated operating activities\u201d in the consolidated income statement.LeasesThe group negotiates leases to obtain from the lessee the right to use certain mining, industrial and logistics equipment, as well as immovable administrative, industrial and logistical property. As of December 31, 2022, the value of these rights, recognized in \u201cRight-of-use assets\u201d, amounted to EUR 868 million (EUR 465 million as of December 31, 2021). \u201cRight-of-use assets\u201d represent the following assets:Land and buildings Mineral reserves Fittings, machinery, Assets under Other property, plant Totalequipment and constructionand equipmentIN EUR MILLIONrolling stockGross carrying amountAs of December 31, 2020357.9-98.8-128.0584.7Investments134.2-21.9-12.3168.4Changes in group structure/Business 45.3 - 4.8 - - 50.1combinationsDisposals and retirements(38.3)-(5.4)--(43.7)Foreign currency translation (26.7) - (20.8) - (14.2) (61.7)adjustmentsOther 2.2 - 1.6 - (7.3) (3.4)As of December 31, 2021 474 .7 - 101.0 - 118.8 694.5Investments222.1-41.0-2 7. 2290.2Changes in group structure/Business 298.2 - 114.0 - 9.7 421.9combinationsDisposals and retirements(32.3)-(6.1)-2.7(35.6)Foreign currency translation 1.5 - (16.8) - 4.5 (10.8)adjustmentsOther(78.6)-(21.1)-(10.1)(109.9)AS OF DECEMBER 31, 2022885.6-211.9-152.81,250.3Cumulated depreciationAs of December 31, 2020(92.6)-(54.4)-(48.4)(195.4)Depreciation(89.1)-(21.6)-(18.7)(129.5)Impairment (losses)/reversals(0.3)----(0.3)Disposals and retirements19.8-3.5--23.3Foreign currency translation 32.1 - 23.2 - 14.4 69.8adjustmentsChanges in group structure/Other 0.1 - (2.4) - 4.6 2.3As of December 31, 2021 (129.9) - (51.7) - (48.2) (229.9)Depreciation(104.9)-(26.0)-(22.9)(153.9)Impairment (losses)/reversals0.2-(0.1)-(0.1)-Disposals and retirements2 7.4-2.4--29.8Foreign currency translation (10.9) - 1 7.6 - (4.6) 2.1adjustmentsChanges in group structure/Other(16.8)-(19.0)-4.9(30.9)AS OF DECEMBER 31, 2022(234.9)-(76.9)-(71.0)(382.8)Net carrying amount As of December 31, 2020265.4-44.4-79.5389.3As of December 31, 2021344.8-49.3-70.6464.7AS OF DECEMBER 31, 2022650.7-135.1-81.88 67. 5Of which: Holding11.8----11.8Imerys78.3-32.7-22.2133.2Webhelp 274.6 - 7. 5 - - 282.2Canyon 2 7. 8 - 1.2 - - 29.0Affidea151.8-92.3--244.2Sanoptis84.8-0.3-9.394.4GBL Capital and SIM21.4-1.0-50.472.8The right-of-use and lease liability model is applied to all leases, except leases with a term of 12 months or less, leases of low-value assets and variable lease payments and services, which are recognized in expenses (EUR 55 million in 2022 and EUR 34 million in 2021). As of December 31, 2022, \u201clease liabilities\u201d recognized against \u201cright-of-use assets\u201d amounted to EUR 908 million (EUR 491 million as of December 31, 2021) and generated an interest expense of EUR 36 million recognized in financial income (expenses). in 2022 totaled EUR 253 million, broken down as EUR 217 million for the principal and EUR 36 million in interest, respectively in financing and operating activities in the consolidated statement of cash \ufb02ows (respectively EUR 304 million, EUR 237 million and EUR 67 million in 2021). The group does not generate any material revenue from leasing the freehold assets it owns, nor from the sub-lease of assets leased.Cash payments made Note 12Other non-current assetsIN EUR MILLION 2022 2021Non-current financial assets75.785.6Derivative financial instruments - Hedging9.61.2Derivative financial instruments - Held for trading-0.5Long-term advance payments, loans and deposits43.634.8Other22.549.1Non-current non-financial assets5 7. 229.0Assets related to pension plans1 7. 126.8Other40.12.1TOTAL 132.9114.6Of which: Holding0.60.6Imerys54.985.6Webhelp28.018.8Canyon 13.1 2.1Affidea 4.8 -Sanoptis6.2-GBL Capital and SIM25.47.6Note 13Income taxes13.1 Breakdown of the \u201cincome taxes\u201d headingIN EUR MILLION 2022 2021Current taxes (160.4) (116.8)For the year in progress (164.5) (105.3)For previous years 4.1 (11.6)Deferred taxes3 7. 054.6Related to the creation and reversal of temporary differences38.6 51.8Related to changes in tax rates or new tax liabilities1.3 (2.4)Related to the recognition / (use) of deferred tax assets resulting from losses from previous periods(3.8) 3.5Other0.9 1.8TOTAL (123.4) (62.2)13.2 Reconciliation of the income tax expense for the yearIN EUR MILLION 2022 2021Profit (loss) before income taxes from continuing operations (386.4) 429.5Share of profit (loss) of equity-accounted entities(35.9)(149.7)Profit (loss) before income taxes and before share of profit (loss) of equity-accounted entities(422.3)279.8TAXES AT BELGIAN RATE (25.00% IN 2022 AND IN 2021) 105.6 (70.0)Impact of different tax rates in foreign countries 0.1(5.7)Tax impact of non-taxable income155.8249.3Tax impact of non-deductible expenses(270.1)(191.4)Tax impact of changes in tax rates for subsidiaries1.2(0.4)Tax impact of adjustments relating to previous years or previously unrecognized deferred tax assets2.11.3Other(118.0)(45.3)INCOME TAX \ue61bEXPENSE\ue61a FOR THE YEAR (123.4) (62.2)The corporate tax rate in Belgium was 25.00% in 2022, as in 2021.The effective tax rate in 2022 stands at - 29.22%, compared with 22.23% in 2021.As a holding company, GBL is not supposed to pay tax as most of its income\u2013dividends and capital gains\u2013come from profits already taxed at the level of the participation. If GBL were to be taxed in turn on the dividends/capital gains, there would be double taxation. This regime is therefore not a tax advantage granted to holding companies, but quite simply a means to avoid double taxation (application of the European Parent-Subsidiary Directive).13.3 Deferred tax by nature in the balance sheetDeferred tax assets Deferred tax liabilitiesIN EUR MILLION 2022 2021 2022 2021Property, plant, equipment and intangible assets 150.7 90.2 (836.5) (578.5)Inventories, trade receivables, trade payables and provisions 80.1 88.9 (7.9) (5.2)Employee benefit obligations42.354.2(1.1)-Unused tax losses and credits42.631.0--Other101.278.1(51.2)(54.6)Offsetting of assets/liabilities(237.2)(179.8)2 37. 2179.8TOTAL 179.6 162.8 (659.4) (458.4)Of which: Holding----Imerys110.7138.6(99.9)(129.6)Webhelp16.310.8(142.2)(183.8)Canyon7. 810.1(112.8)(121.6)Affidea18.8-(140.1)-Sanoptis24.9-(139.9)-GBL Capital and SIM 1.2 3.3 (24.5) (23.4)Deferred tax assets are recognized for tax losses carried forward when their recovery is deemed probable and over an expected recovery horizon not exceeding five years. The valuation of deferred tax assets recognized in this regard is based on an analysis of the loss\u2019 constitution, the probability of recurrence of losses in the future, future business prospects and national laws limiting the use of carryforward losses. As of December 31, 2021, these deferred tax assets thus recognized amount to a total of EUR 43 million (EUR 31 million in 2021).For the Holding segment, tax losses carried forward for an unlimited time and tax credits in Belgium amount to EUR 1,297 million (EUR 1,098 million in 2021); for foreign subsidiaries, these items amount to EUR 5,063 million (EUR 5,022 million in 2021). Furthermore, regarding the other segments, tax losses carried forward for an unlimited time and tax credits amount to EUR 478 million for Imerys, EUR 38 million for Webhelp, EUR 0 million for Canyon, EUR 220 million for Affidea, EUR 0 million for Sanoptis and EUR 90 million for GBL Capital and Sienna Investment Managers (respectively EUR 495 million, EUR 27 million, EUR 0 million, EUR 0 million, EUR 0 million and EUR 89 million in 2021). These tax losses and tax credits did not give rise to the recognition of a deferred tax asset because their recovery is considered uncertain.No deferred tax liabilities are recognized in relation to the temporary tax differences between the carrying amount and the tax value of investment securities if the group is able to verify the date of the temporary difference\u2019s reversal and if it is likely that this difference will not be reversed in the foreseeable future. The group estimates that the deferred tax liabilities not recognized in this regard as of December 31, 2022 amount to EUR 8 million (EUR 12 million as of December 31, 2021).The following tables show the evolution of deferred tax assets and liabilities in 2022 and 2021:December 31, 2021 Result Statement of Other December 31, 2022IN EUR MILLIONcomprehensive incomeDeferred tax assets 162.8 1 7.5 8.3 (9.0) 179.6Deferred tax liabilities (458.4) 19.5 7. 6 (228.1) (659.4)Net(295.6) 3 7. 0 15.9 (237.1) (479.8)December 31, 2020 Result Statement of Other December 31, 2021IN EUR MILLIONcomprehensive incomeDeferred tax assets160.054.9(38.6)(13.5)162.8Deferred tax liabilities (271.9)(0.3)(2.9)(183.3)(458.4)Net (112.0) 54.6 (41.5) (196.8) (295.6)The amounts included under \u201cOther\u201d are mainly due to the consolidation of the new subsidiaries acquired in 2022.Finally, the different taxes directly recorded under shareholders equity are shown in the following table:IN EUR MILLION 2022 2021Actuarial gains (losses) 39.0 85.1Of which amounts before taxes46.5 110.5Of which deferred taxes(7.5) (25.4)Gains and (losses) on financial liabilities measured at fair value attributable to the acquisition of a controlling or non-controlling interest(10.6)-Of which amounts before taxes(8.9) -Of which deferred taxes(1.7) -Foreign currency translation adjustments 101.2 5 7.1Of which amounts before taxes 101.6 56.3Of which deferred taxes(0.4) 0.8Cash flow hedge(129.2)44.0Of which amounts before taxes(154.7) 60.9Of which deferred taxes25.5 (16.9)Revaluation reserves(3,618.6)1,434.4Of which amounts before taxes (3,618.6) 1,434.4Of which deferred taxes - -Note 14InventoriesIN EUR MILLION 2022 2021Raw materials, consumables and parts670.1592.6Work in progress133.9112.4Finished goods and goods for resale459.4453.3Other0.00.1GROSS TOTAL (BEFORE WRITE-DOWNS) 1,263.4 1,158.3Write-downs of inventoryAs of January 1(54.5)(51.5)Write-downs over the year(27.1) (19.8)Reversals of write-downs 15.4 1 7. 2Foreign currency translation adjustments (0.5) -Other13.9 (0.4)As of December 31(52.9)(54.5)NET TOTAL 1,210.6 1,103.8Of which: Holding--Imerys789.9849.1Webhelp5.04.2Canyon393.6238.7Affidea9.6-Sanoptis5.7-GBL Capital and SIM6.711.8The variation of inventories recognized as an expense is EUR 97 million in 2022 (EUR - 91 million in 2021).Note 16Trading financial assetsIN EUR MILLION 2022 2021Money market funds841.42,052.5Other trading assets28.633.5TOTAL 870.0 2,086.0Of which: Holding839.82,064.7Imerys1.97. 3Webhelp12.012.0Canyon16.32.0Affidea--Sanoptis--GBL Capital and SIM0.00.0Note 15Trade receivablesIN EUR MILLION 2022 2021Trade receivables1,132.61,060.2Write-downs of doubtful receivables(23.8)(40.5)NET TOTAL 1,108.7 1,019.7Of which: Holding0.00.6Imerys489.9614.3Webhelp454.1381.2Canyon3.31.5Affidea88.3-Sanoptis53.8-GBL Capital and SIM19.322.1Trade receivables are mainly related to Imerys and Webhelp. Factoring agreements have been put in place by Imerys and Webhelp for an unlimited period for a maximum amount of EUR 248 million, including taxes. As of December 31, 2022, EUR 206 million in receivables were thus transferred and deconsolidated, the risks and benefits associated with these receivables, including default and late payment risks, having been transferred to the factor (EUR 162 million as of December 31, 2021).Trade receivables do not bear interest and generally have a 30 to 90-day maturity. At the reporting date, some of the trade receivables detailed below may be due without being impaired, for example when covered by a credit insurance contract or a guarantee.IN EUR MILLION 2022 2021Delay of no more than 1 month 171.8 141.3Delay of 1 to 3 months 53.1 39.0Delay of more than 3 months 5 7. 1 41.3TOTAL TRADE RECEIVABLES DUE AND NOT WRITTEN DOWN 281.9 221.6Trade receivables not due and trade receivables due and written down 826.8 798.1TOTAL TRADE RECEIVABLES, NET 1,108.7 1,019.7The following table shows the change in write-downs over several years:IN EUR MILLION 2022 2021WRITE-DOWNS OF RECEIVABLES AT 1 JANUARY (40.5) (42.5)Write-downs over the year(2.1)(9.7)Utilizations1.65.5Reversals of write-downs9.28.5Foreign currency translation adjustments and other8.0(2.3)WRITE-DOWNS OF RECEIVABLES AT 31 DECEMBER (23.8) (40.5)Note 17Cash, cash equivalents and financial liabilities1 7. 1 Cash and cash equivalentsIN EUR MILLION 2022 2021Current accounts1,249.01,069.9Term deposits473.0241.7Treasury bonds and treasury notes46.220.0TOTAL 1,768.3 1,331.6Of which: Holding544.0302.4Imerys620.25 7 7. 2Webhelp340.0375.3Canyon25.034.0Affidea63.0-Sanoptis88.0-GBL Capital and SIM 88.0 42.8As of December 31, 2022 and 2021, cash was completely held in current accounts, fixed-term deposits and treasury notes with various financial institutions.1 7. 2 Financial liabilitiesIN EUR MILLION 2022 2021NON\ue61eCURRENT FINANCIAL LIABILITIES 8,714.7 6,616.2Bonds (GBL) 1,985.2 1,488.7Convertible bonds (GBL)499.7499.7Exchangeable bonds (GBL)479.6444.9Bonds (Imerys)1,705.31,703.0Bank borrowings (Webhelp)1,738.11,723.2Bank borrowings (Canyon)225.7158.5Bank borrowings (Affidea)572.3-Bank borrowings (Sanoptis)602.0-Bank borrowings (GBL Capital) 89.7 124.4Lease liabilities 738.8 390.7Other non-current financial liabilities 78.283.3CURRENT FINANCIAL LIABILITIES 1,654.6 1,037.5Exchangeable bonds (GBL) 4 4 7.4 748.1Bank borrowings (GBL) 535.3 -Bank borrowings (Imerys)4 37. 6149.5Lease liabilities168.9100.2Other current financial liabilities65.439.7Bonds issued by GBLOn August 30, 2022, GBL placed a EUR 500 million institutional bond, with a 7-year maturity and a coupon of 3.125%. The carrying amount of this debt is EUR 494 million as of December 31, 2022.On January 21, 2021, GBL placed a EUR 500 million institutional bond, with a 10-year maturity and a coupon of 0.125%. The carrying amount of this debt is EUR 494 million as of December 31, 2022.On June 19, 2018, GBL placed a EUR 500 million institutional bond, with a 7-year maturity and a coupon of 1.875%. The carrying amount of this debt is EUR 498 million as of December 31, 2022.During the first semester of 2017, GBL issued an institutional bond of EUR 500 million, with a coupon of 1.375% and maturing on May 23, 2024. The carrying amount of this debt is EUR 499 million as of December 31, 2022.These issuances are intended to cover the group\u2019s general corporate purposes and lengthen the weighted average maturity of the gross debt.Bonds convertible into GBL shares (GBL)On March 23, 2021, GBL announced the placement by its fully-owned subsidiary Sagerpar SA (the \u201cIssuer\u201d) of EUR 500 million of bonds convertible into existing ordinary shares of GBL (the \u201cShares\u201d). The bonds are fully guaranteed by GBL (the \u201cGuarantor\u201d). This issue initially relates to approximately 4.3 million treasury shares.The bonds do not bear interests and had at placement a maturity of 5 years (April 1st, 2026), subject to early redemption. The bonds have been issued at an issue price of 101.25% of their principal amount and, unless previously redeemed, converted or purchased and cancelled, the bonds will be redeemed in cash at their principal amount at maturity (subject to the Issuer\u2019s share redemption option), which corresponds to an annual yield to maturity of - 0.25%. The initial conversion price of the bonds has been set at EUR 117.4928. The effective interest rate (including transaction costs allocated to the debt) stands at 0.02%.The Issuer will have the option to redeem all, but not some only, of the bonds for the time being outstanding at their principal amount, at any time on or after April 16, 2024 provided that the volume-weighted average price of one Share on Euronext Brussels shall have exceeded 130% of the conversion price on each of not less than 20 trading days in any period of 30 consecutive trading days. The Issuer will have a share redemption option to deliver Shares and, as the case may be, an additional amount in cash upon redemption of the Bonds on the maturity date.Bondholders may request the conversion of their bonds at any time since April 1, 2021 until (and including) the 45th Brussels business day (included) prior to the maturity date, subject to the Issuer\u2019s option to satisfy the conversion rights in cash, shares or a combination thereof. If the Issuer elects to satisfy conversion rights in Shares, it intends to deliver existing Shares which the Issuer holds on behalf of the Guarantor as treasury shares.The bonds are admitted to trading on the open market (Freiverkher) of the Frankfurt Stock Exchange. The carrying amount of these bonds (excluding the option) is EUR 500 million as of December 31, 2022. The option is assessed at fair value on the reporting date (EUR 7 million as of December 31, 2022, shown under \u201cOther current financial liabilities\u201d).Bonds exchangeable into Pernod Ricard shares (GBL)On November 29, 2022, GBL (the \u201cIssuer\u201d) issued bonds exchangeable into existing shares of Pernod Ricard SA (\u201cPernod Ricard\u201d) for an amount of EUR 500 million. The bonds initially related to 2.0 million Pernod Ricard shares representing approximately 1% of its share capital. The bonds have, at their issuance, a maturity of 3 years (November 29, 2025), except in case of early redemption, exchange or purchase and cancellation. The bonds carry a coupon of 2.125% per annum. The bonds were issued at an issue price of 100% of their principal amount and, unless previously redeemed, exchanged, or purchased and cancelled, will be redeemed at their principal amount at maturity on November 29, 2025.The Issuer will have the option to redeem all, but not only some, of the bonds, at their principal amount plus accrued and unpaid interest until the relevant date fixed for redemption (i) at any time on or after the date falling 2 years and 21 days after the Issue Date, provided that the value of the exchange property (being initially only Pernod Ricard shares) per bond attributable to EUR 100,000 in principal amount of bonds shall have exceeded EUR 130,000 on each of not less than 20 trading days in any period of 30 consecutive trading days; (ii) at any time, if 20% or less of the principal amount of the bonds originally issued remain outstanding; or (iii) in the event of an offer or scheme relating to the predominant equity share capital comprised in the exchange property, where the consideration as a result of such offer or scheme consists wholly of cash, all as described in the terms and conditions of the bonds.Bondholders may request the exchange of their bonds for exchange property at any time from January 9, 2023 until 40 Brussels business days before the maturity date, subject to the option of GBL to satisfy exchange rights in cash, exchange property or a combination thereof.The bonds are admitted to trading on the open market (Freiverkher) of the Frankfurt Stock Exchange. The carrying amount of these bonds (excluding the option) is EUR 480 million as of December 31, 2022. The option is assessed at fair value on the reporting date (EUR 30 million as of December 31, 2022, shown under \u201cOther current financial liabilities\u201d).Bonds exchangeable into GEA shares (GBL)On October 1, 2020, GBL has announced the completion of an offering by its fully-owned subsidiary Oliver Capital S\u00e0rl (the \u201cIssuer\u201d) of EUR 450 million of bonds exchangeable into existing registered shares of GEA Group AG (\u201cGEA\u201d) guaranteed by GBL. This issuance initially related to approximately 11.3 million GEA shares representing approximately 6.2% of its share capital. The bonds had, at their issuance, a maturity of 3 years and 3 months (December 29, 2023) except in case of an early redemption and do not bear interest. The bonds have been issued at an issue price of 102.0% of their principal amount and will be redeemed at their principal amount at maturity. The effective interest rate (including transaction costs allocated to the debt) stands at 0.6%.The Issuer have the option to redeem all, but not only some, of the bonds, at any time since October 6, 2022 at their principal amount, provided that the value of the underlying shares per bond attributable to EUR 100,000 in principal amount of bonds shall have exceeded EUR 130,000 on each of not less than 20 trading days in any period of 30 consecutive trading days. The Issuer has a share redemption option to deliver underlying shares and, as the case may be, an additional amount in cash upon its redemption of the bonds, both on the maturity date and upon early redemption.Bondholders may request the exchange of their bonds for exchange property (being initially only GEA shares) at any time from November 16, 2020 until 40 Brussels business days before the maturity date, subject to the option of the Issuer to satisfy exchange rights in cash, exchange property or a combination thereof.The bonds are admitted to trading on the Open Market (Freiverkher) of the Frankfurt Stock Exchange. The carrying amount of these bonds (excluding the option) is EUR 447 million as of December 31, 2022. The option is assessed at fair value on the reporting date (EUR 35 million as of December 31, 2021, shown under \u201cOther current financial liabilities\u201d).Bonds exchangeable into Holcim shares (GBL)The bonds exchangeable into Holcim shares matured on December 30, 2022. They were redeemed in full in cash.Bank debts (GBL)During the second half of 2022, GBL entered into forward sales contracts with prepayment for 13.2 million Holcim shares, maturing in May 2023, and received EUR 538 million in cash. As of December 31, 2022, the carrying amount of this debt is EUR 535 million and the value of the derivative attached to these transactions, recorded under \u201cOther current liabilities\u201d, amounts to EUR 77 million.Bonds (Imerys)Imerys further underscored its commitment in its sustainable development policy by tying its financing strategy to its environmental ambition. Therefore, on May 14, 2021, Imerys completed an issue of bonds indexed to its sustainable development objectives (Sustainability-Linked Bonds) for a principal amount of EUR 300 million. These bonds, due to mature on July 15, 2031, bear an annual coupon of 1.00% and are admitted to trading on the regulated market of the Luxembourg Stock Exchange.Issued in accordance with the Sustainability-Linked Bond Principles as published by the International Capital Market Association (ICMA), these instruments are indexed to a target to reduce greenhouse gas emissions by 22.9% in 2025 and 36.0% in 2030 in relation to the revenue (tCO2e/million euros) considering 2018 as the reference year, as approved by the Science Based Target initiative (SBTi). This includes Scope 1 emissions (direct emissions from sources owned or controlled by Imerys) and Scope 2 emissions (indirect emissions from the production of electricity, heat or steam imported or purchased by Imerys). Failure to meet these targets by December 31, 2025 and/or December 31, 2030 could result in the payment of penalties equal to 25 basis points of the principal amount for the 2025 target and/or 50 basis points of the principal amount for the 2030 target. At December 31, 2022, Imerys had reduced the metric tons of CO2 emitted per million euros of revenue by 31.0% compared with 2018 levels (23.0% compared with 2018 levels on December 31, 2021).The details of the bond issued by Imerys as of December 31, 2022 are mentioned below :Nominal value in Nominal interest Effective interest Listed/Unlisted Maturity Fair value Carrying amountcurrency raterateIN MILLION IN EUR MILLION IN EUR MILLIONEUR 500.0 2.00% 2.13% Listed 12/10/2024 486.4 499.1EUR 300.0 1.88% 1.92% Listed 03/31/2028 269.0 303.2EUR300.01.00%1.07%Listed07/15/2031208.3298.6EUR600.01.50%1.63%Listed01/15/2027549.2604.4TOTAL 1,512.9 1,705.3The bond issues as of December 31, 2021 are detailed below:Nominal value in Nominal interest Effective interest Listed/Unlisted Maturity Fair value Carrying amountcurrency raterateIN MILLION IN EUR MILLION IN EUR MILLIONEUR500.02.00%2.13%Listed12/10/2024524.9498.4EUR300.01.88%1.92%Listed03/31/2028326.5303.0EUR300.01.00%1.07%Listed07/15/2031294.8298.3EUR600.01.50%1.63%Listed01/15/20276 3 7. 1603.3TOTAL 1,783.3 1,703.0Bank debts (Imerys)Those debts coming from Imerys include as of December 31, 2022, EUR 434 million of short-term borrowings and EUR 4 million of bank overdrafts (EUR 119 million and EUR 30 million respectively as of December 31, 2021).Bank debts (Webhelp)Those bank debts coming from Webhelp mainly include the \u201csenior credit agreement\u201d concluded in 2019 and its extension for the financing of the acquisition of OneLink concluded on July 30, 2021:As of December 31, 2022 Nominal value in Nominal interest Effective interest Listed/Unlisted Maturity Fair value Carrying amountcurrency raterateIN MILLION IN EUR MILLION IN EUR MILLIONEUR1,020.03.00%4.91%Unlisted11/18/20261,020.01,007.0GBP125.04.00%7.80%Unlisted11/18/2026140.9139.0EUR285.63.75%5.60%Unlisted11/18/2026285.6281.0USD350.04.50%8.27%Unlisted11/18/2026323.2317.0TOTAL 1,769.7 1,74 4.0As of December 31, 2021 Nominal value in Nominal interest Effective interest Listed/Unlisted Maturity Fair value Carrying amountcurrency raterateIN MILLION IN EUR MILLION IN EUR MILLIONEUR1,020.03.00%3.39%Unlisted11/18/20261,020.01,004.0GBP125.04.00%4.48%Unlisted11/18/2026148.8146.5EUR285.63.75%4.33%Unlisted11/18/2026285.6279.4USD350.04.50%5.18%Unlisted11/18/2026309.0301.9TOTAL 1,763.4 1,731.8Bank debts (Canyon)This item includes long-term bank loans of Canyon.Bank loans (Affidea)This item includes Affidea\u2019s long-term bank debt. It is mainly composed of a bank loan of EUR 600 million, bearing a nominal interest rate of 5.00% and maturing on July 22, 2029. Its carrying amount is EUR 567 million at December 31, 2022.Bank loans (Sanoptis\ue61aThis item includes the long-term bank debt of Sanoptis.Bank loans (GBL Capital)This caption includes the different bank loans of the operational subsidiaries of ECP III.Lease liabilitiesThese liabilities mature in 2023 for a total of EUR 169 million, between 2024 and 2028 for EUR 464 million and EUR 275 million thereafter.Other current financial liabilitiesThis item primarily includes Webhelp\u2019s current portion of long-term debt.Undrawn credit linesAs of December 31, 2022, the group had undrawn credit lines with various financial institutions totaling EUR 4,336 million (EUR 3,672 million as of December 31, 2021). These credit facilities were available mainly to GBL, Imerys and Webhelp in the amounts of EUR 2,450 million, EUR 1,010 million and EUR 357 million respectively (EUR 2,150 million, EUR 1,160 million and EUR 362 million respectively as of December 31, 2021).With regards to GBL, all credit lines mature over the 2027\u20132028 period. Committed credit lines do not have financial covenants, meaning that, under its credit contracts, GBL has no obligations in terms of compliance with financial ratios.17.3 Change of financial liabilitiesThe table below mentions the reconciliation in 2022 and 2021 between the financial debts included in the consolidated balance sheet and the amounts from the consolidated statement of cash \ufb02ows:As of January 1, Cash flow Acquisitions/sales Impact of Other As of 2022variationof subsidiaries exchange rates movementsDecember 31, IN EUR MILLIONchange2022Financial liabilities - Non-current liabilities6,616.21,185.11,260.632.7(379.9)8,714.7Financial liabilities - Current liabilities1,037.5(35.6) 50.2 (9.0) 611.5 1,654.6TOTAL7, 6 5 3 .7 1,149.5 1,310.8 23.8 231.6 10,369.3As of January 1, Cash flow Acquisitions/sales Impact of Other movements As of 2021variationof subsidiaries exchange rates December 31, IN EUR MILLIONchange2021Financial liabilities - Non-current liabilities 5,624.5 1,901.5 45.9 69.9 (1,025.8) 6,616.2Financial liabilities - Current liabilities 394.0 (526.3) 12.1 (8.9) 1,166.5 1,037.5TOTAL6,018.5 1,375.2 58.1 61.1 140.7 7, 6 5 3 .7The other movements in 2022 and 2021 stemmed mainly from the reclassification between non-current liabilities and current liabilities and the recognition of lease liabilities. The change in cash shown in the table above is reconciled with the consolidated statement of cash \ufb02ows as follows:As of December 31, As of December 31, IN EUR MILLION20222021Cash flow variation 1,149.5 1,375.2Of which: proceeds from financial liabilities 2,205.6 2,233.1repayments of financial liabilities(1,056.1)(857.9)17.4 Residual contractual maturities of financial liabilitiesIN EUR MILLION 2023 2024-2028 2029 and moreAs of December 31, 2022 Principal Interests Principal Interests Principal InterestsNon-current financial liabilities - 252.6 5,953.8 955.8 2,760.9 158.6Other non-current financial liabilities - - 1,545.2 - - -Non-current derivative financial - - 92.8 - - -instrumentsCurrent financial liabilities1,654.640.9----Trade payables8 5 7.4-----Current derivative financial instruments183.3-----Other current financial liabilities73.7-----TOTAL 2,769.1 293.5 7,591.8 955.8 2,760.9 158.6IN EUR MILLION 2022 2023-2027 2028 and moreAs of December 31, 2021PrincipalInterestsPrincipalInterestsPrincipalInterestsNon-current financial liabilities-115.25,308.1455.11,308.1103.1Other non-current financial liabilities--1,067.0---Non-current derivative financial - - 182.7 - - -instrumentsCurrent financial liabilities 1,037.5 4.2 - - - -Trade payables865.8-----Current derivative financial instruments3 7. 2-----Other current financial liabilities34.0-----TOTAL 1,974.4 119.4 6,557.8 455.1 1,308.1 103.1Note 18Other current assetsIN EUR MILLION 2022 2021Current financial assets 90.9 100.4Derivative financial instruments held for trading1 7.47.7Derivative financial instruments - Hedging35.57 7. 8Other 38.0 14.8Current non-financial assets498.7420.9Taxes on result to be recovered110.796.6Other taxes and VAT to be recovered201.6194.0Deferred expenses85.150.8Other 101.2 79.6TOTAL589.5521.3Of which: Holding44.021.3Imerys235.6314.7Webhelp 179.4 144.1Canyon45.72 7.0Affidea26.8-Sanoptis29.2-GBL Capital and SIM28.814.1Note 19Share capital and dividends19.1 Shares issued and outstanding and treasury sharesNumber of issued shares Of which treasury sharesAs of December 31, 2020161,358,287(8,749,816)Change(5,003,287)805,714As of December 31, 2021 156,355,000 (7,944,102)Change (3,355,000) (4,278,768)AS OF DECEMBER 31, 2022 153,000,000 (12,222,870)Treasury sharesAs of December 31, 2022, the group held 12,222,870 treasury shares, or 7.99% of the issued capital, the acquisition cost of which is deducted from shareholders\u2019 equity; 4,255,580 and 30,613 of which are used to hedge the convertible bond and the stock option plans granted between 2007 and 2012 (see note 27).The Extraordinary General Meeting of April 26, 2022 approved the cancellation of 3,355,000 own shares acquired by GBL. The capital is therefore represented by 153,000,000 shares.In 2022, GBL acquired and sold/cancelled respectively 8,657,745 and 4,378,977 shares (to compare with respectively 5,057,804 and 5,863,518 in 2021) for an overall net amount of EUR 644 million.Information on acquisitions of treasury shares by GBL or its subsidiaries has been published on a weekly basis on the GBL website.19.2 DividendsOn May 5, 2022, a dividend of EUR 2.75 per share (EUR 2.50 in 2021) was paid to shareholders.The proposition will be made to the General Shareholders Meeting of May 4, 2023 to approve the profit distribution relating to the 2022 financial year, amounting to a total of EUR 402 million, and which will be paid as from May 15, 2023. Based on the number of shares entitled to dividends (146,321,469), the distribution relating to 2022 will correspond to a gross dividend of EUR 2.75 per GBL share.Note 20ProvisionsProduct guarantees Environment Legal, social and TotalIN EUR MILLIONregulatory risksAs of December 31, 20203.4265.5191.9460.8Additions3.521.135.560.1Uses(2.4)(8.6)(15.2)(26.3)Reversals(0.9)(6.1)(12.3)(19.3)Impact of discounting-2.60.42.9Changes in group structure/Business combinations6.20.212.218.6Foreign currency translation adjustments0.110.48.819.3Other(0.0)(16.1)(2.1)(18.2)As of December 31, 20219.7268.9219.34 9 7.9Additions4.223.542.870.5Uses(6.0)(13.8)(22.9)(42.8)Reversals(1.2)(0.9)(14.7)(16.8)Impact of discounting-2.10.82.9Changes in group structure/Business combinations-(9.1)14.15.0Foreign currency translation adjustments0.1(0.1)8.48.4Other(1.2)(9.8)(32.4)(43.4)AS OF DECEMBER 31, 20225.6260.7215.3481.6Of which current provisions4.811.352.568.6Of which non-current provisions0.8249.3163.0413.1The group\u2019s provisions totaled EUR 482 million as of December 31, 2022 (EUR 498 million in 2021). They mainly relate to Imerys (EUR 423 million in 2022 and EUR 467 million in 2021).The probability of settlement and the amount of the obligations are estimated by the group, that generally calls upon in-house company experts to approve the key assumptions, taking into account the anticipated effects, regulatory changes where applicable, and independent counsel regarding material disputes and claims. The resulting estimates are subject to change depending on the uncertainties specific to each dispute. Independent counsel handles allegations of personal or financial damage implicating the civil liability of the group and potential breaches of contractual obligations or regulations on social, real estate and environmental issues. The provisions set aside for these risks are included in the EUR 215 million of provisions for legal, social and regulatory risks in the table of changes mentioned above. This includes in particular the balance of the provision set aside to resolve the litigation involving Imerys\u2019 talc operations in the US, the materiality of which justifies a specific development.On February 13, 2019, the Group\u2019s three North American talc subsidiaries (the \u201cNorth American Talc Subsidiaries\u201d) decided to file for the protection, with immediate effect, of the special legal process of Chapter 11 under US bankruptcy law in order to permanently resolve the potential liabilities related to their historic commercial talc operations in the United States. Under Chapter 11, the Group remains the legal owner of the share capital of the North American Talc Subsidiaries, but their businesses are under the judicial control of the relevant US Delaware federal courts, which oversees the continuing operations of the entities concerned as well as the conclusion and execution of a business reorganization plan that these entities have sought to negotiate with representatives of existing and future potential claimants (the \u201cRepresentatives of the Claimants\u201d) in talc related litigation brought against them. The Chapter 11 process also suspends all ongoing and future litigation proceedings and prevents any further claims being brought against these entities relating to past and current talc operations in the US. Given effective control of the North American Talc Subsidiaries was transferred on February 13, 2019 to the court to repay creditors, the assets and liabilities held by the North American Talc Subsidiaries were removed from the scope of consolidation of the group\u2019s financial statements from this date forward, which led to an additional expense of EUR - 6 million. Negotiations between the North American Talc Subsidiaries, which were joined by Imerys Talc Italy (the \u201cTalc Subsidiaries Involved\u201d), the group and the Representatives of the Claimants led to the agreement on May 15, 2020 of a joint reorganization, which was filed on the same day with the competent Federal Court for the District of Delaware. The plan provides that once the necessary approvals have been obtained, the Talc Subsidiaries Involved will emerge from the Chapter 11 process and the group will be released from all existing and future talc-related liabilities arising out of their past operations, as such liabilities will be channeled into a dedicated trust to be established. Following the approval by the Bankruptcy Court of the disclosure statement of the plan (the \u201cDisclosure Statement\u201d) in January 2021, the plan was then submitted to the vote by the creditors and claimants against the Talc Subsidiaries Involved. Following a challenge to the votes cast in favor of approving the Plan, the Bankruptcy Court decided on October 13, 2021 that certain votes should not be counted in the final vote. This decision took the Plan\u2019s approval rate to just under the required majority, under the applicable regulations, of 75% of votes. The North American Talc Subsidiaries, the Representatives of the Claimants, and other stakeholders in the Chapter 11 process therefore initiated a mediation process, which is still underway, approved by the Bankruptcy Court and extended its duration several times. The purpose of this mediation is to obtain a revised plan that could achieve the required 75% majority approval vote. The key remaining disputed issues in the Chapter 11 process involve (i) monetization of the rights to insurance coverage and contractual indemnity enjoyed by the North American Talc Subsidiaries and (ii) allocation of the North American Talc Subsidiaries\u2019 assets, including current and future potential settlement proceeds with third parties, among claimants alleging different injuries. These issues are not related to the terms and conditions of the settlement with the Group as embedded in the plan announced in May 2020, which continues to be supported by the Representatives of the Claimants. Once the relevant stakeholders reach an agreed revised, a new Disclosure Statement must be submitted for the approval of the Imerys\u2019 and Canyon\u2019s provisions to hedge product guarantees amount to EUR 6 million and have a probable maturity ranging from 2023 to 2027.Bankruptcy Court before a new solicitation of claimants\u2019 votes on the Revised Plan is undertaken by the Talc Subsidiaries Involved. Subject to approval of the revised plan at the required 75% voting threshold, it will then undergo a confirmation procedure before the Bankruptcy Court to be followed by a final approval process before the competent Federal Court.Imerys Talc Italy has been named in a few talc related lawsuits in the United States. Upon the grant of the required majority vote on the revised plan, Imerys Talc Italy also intends to file for Chapter 11 protection before the final confirmation of the revised plan and join the revised plan in order to benefit from the same comprehensive and permanent resolution of historic talc-related liabilities as the North American Talc Subsidiaries. Imerys Talc Italy\u2019s business will remain part of the Group throughout and after the closing of the Chapter 11 proceedings. In accordance with the plan, the North American Talc Subsidiaries sold their assets to Magris Resources, a Canadian investment fund, for USD 223 million on February 17, 2021. Under the terms and conditions of the settlement with the group as embedded in the plan, the group\u2019s contribution consists of (i) a cash payment of USD 75 million, (ii) certain other commitments outlined in the plan. These commitments primarily include certain insurance assets, financing of minor unsecured trade claims (USD 5 million) and certain potential excess administrative costs of the Chapter 11 process incurred by the Talc Subsidiaries Involved up to a maximum of USD 15 million. In view of the USD 223 million sale price obtained for the assets of the North American talc subsidiaries, the group\u2019s contribution to the revised plan provided for in (i) and (ii) above would be limited to the minimum amount of USD 75 million. Based on the progress of the ongoing mediations and negotiations towards a revised plan and in their current state at the date of closing of GBL\u2019s 2022 annual financial results, the group, with the support of independent experts, has reviewed and confirmed its previous estimate of the risk related to the resolution of this Chapter 11 proceeding as well as the forecasted financial impacts for the group. As of December 31, 2022, the amount of the provision recorded in the accounts, which amounts to USD 114 million or EUR 106 million, is considered sufficient to cover the expected financial impact of the revised plan on the group.Finally, the group (overwhelmingly Imerys) establishes provisions to hedge the environmental risks resulting from its industrial activity and provisions for the rehabilitation of mining sites at the end of their operating lifetimes. These provisions totaled EUR 261 million as of December 31, 2022 (EUR 269 million in 2021). The corresponding obligations are expected to mature between 2023 and 2027 for EUR 66 million, between 2028 and 2037 for EUR 103 million and as from 2038 for EUR 92 million.Note 21Retirement benefits and other post-employment benefits21.1 Defined contribution plansIn this type of retirement plan, whose future level is not guaranteed to the beneficiaries, the employer commits to pay regular contributions to the third parties (retirement funds, insurance companies or financial institutions) on a mandatory basis (statutory or regulatory provisions) or an optional basis (supplementary retirement plan voluntarily provided by the company).The amounts are paid during the year in which they are due. The total amount of contributions paid for defined contribution plans is EUR 31 million in 2022 (EUR 34 million in 2021). These plans are mostly granted to Imerys employees.21.2 Defined benefit plansCharacteristics of defined benefit plansIn this type of plan, the group guarantees to the beneficiaries the level of the benefit that will be paid in the future. The beneficiaries of these plans are employees who are acquiring entitlements in exchange for services rendered to the group (active beneficiaries), employees who are no longer acquiring entitlements in exchange for services rendered to the group and former employees outside the group (deferred beneficiaries), as well as former retired employees (retired beneficiaries).The valuation of retirement benefit obligations and other employee benefits is carried out by independent actuaries. These plans may be financed by insurance companies (group insurance), retirement funds or independent entities. Two plans accounted for 72.1 % of the group\u2019s total commitment as of December 31, 2022. These are the UK plan\u2013the Imerys UK Pension Scheme (Imerys UK) and the US plan\u2013the Imerys USA Retirement Growth Account Plan (Imerys USA).The table below sets out their main characteristics:Imerys UK Imerys USAEligibilityHiring limit date12/31/200403/31/2010Retirement age6565Description of the benefitsTerms of paymentAnnuity (1)Capital (2)Revaluation based on the consumer price indexYesNoEnd date of cumulated rights03/31/2015 12/31/2014Regulatory frameworkMinimum employer funding obligationYes (3)Yes (3)Minimum beneficiary contribution obligationYesNoGovernanceTrustees representing the employerYesYesTrustees representing beneficiariesYesNoIndependent trusteesYesNoResponsibility of trusteesDefinition of the investment strategyYes YesNegotiation of deficit refinancing with the employerYes-Administrative management of benefit paymentsYesYesThe duration of these two plans is 8 years for Imerys UK and 9 years for Imerys USA (respectively 9 years and 10 years as of December 31, 2021).Management of risks associated with employees benefitsDescription of risksThe main issue related to the financial management of employee benefits is the control of the funding ratio of obligations, i.e. the ratio between the value of plan assets and the value of the obligations. The funding ratio of obligations may be deteriorated by a decorrelation between a change in value (generally negative) of plan assets and a change in value (generally positive) of obligations. The value of plan assets may be reduced by deteriorating the fair value of investments. The value of obligations may rise for all plans after a drop in discount rates or benefits paid as life annuities, either due to an increase in the in\ufb02ation rates used to remeasure the obligations of certain plans, or due to an increase in the life expectancy of beneficiaries.(1) Annuity calculated based on number of years of service provided, annual salary on retirement and average of three last annual salaries(2) Principal at a guaranteed interest rate (Cash Balance Plan)(3) The employer is obliged to fund each unit of service provided at 100% on the basis of a funding evaluationRisk managementThe strategy to control the obligation funding level consists firstly of optimizing the value of the plan assets. Investment strategies are therefore devised to deliver a steady return while also taking advantage of opportunities with limited or moderate risks levels. The choice of investments is specific to each plan and factors in the duration of the plan as well as minimum funding regulatory constraints.Since 2011, Imerys has pursued a specific strategy to control the funding ratio of obligations in the UK in particular, which defines plan asset investments to match the obligation. The strategy, known as Liability Driven Investment (LDI), controls the funding ratio of the obligation by pegging cash in\ufb02ows to cash out\ufb02ows over the duration of the obligation. In practice, it involves structuring the portfolio of plan assets so that the cash in\ufb02ows generated by the return on investments match the cash out\ufb02ows generated by the payment of benefits. It hedges the risk of an increase in the obligation due to a drop in discount rates or an increase in in\ufb02ation rates by covering a portion of the value of the regularly revised obligation.Funding of employee benefitsThe group funds the majority of employee benefits with investments unavailable to third parties in trusts or insurance contracts legally separate from the group. These investments, classified as plan assets, stood at EUR 940 million as of December 31, 2022 (EUR 1,282 million as of December 31, 2021). Imerys also has reimbursement rights, in other words investments held directly by the group, which came to EUR 0 million as of December 31, 2022 (EUR 6 million as of December 31, 2021). The obligation funding ratio therefore stood at 85.3% as of December 31, 2022 (70.4% as of December 31, 2021).A provision of EUR 172 million was recognized as of December 31, 2022 for the funded and unfunded plan deficit (EUR 533 million as of December 31, 2021), as the following table shows:IN EUR MILLION 2022 2021Obligations funded by plan assets(969.4)(1,369.8)Obligations funded by reimbursement rights(0.5)(28.2)Fair value of plan assets939.51,282.3Restrictions on recognized assets(10.9)-Fair value of reimbursement rights0.26.2FUNDING SURPLUS (DEFICIT) (41.2) (109.5)Unfunded obligations(130.9)(423.1)ASSETS/(PROVISION) (172.0) (532.6)Of which: Non-current liabilities(189.1)(559.4)Non-current assets1 7. 126.8Fair value of plan assetsThe assets held by the group to fund employee benefits generated real interest of EUR - 333 million in 2022 (EUR 29 million in 2021), as presented in the table below. In accordance with current regulations, only a normative share of this return was credited to profit or loss in 2022, amounting to EUR 22 million (EUR 15 million in 2021), calculated based on the discount rate used on the obligations. The surplus real return above the normative return was credited to shareholders\u2019 equity in the amount of EUR - 355 million in 2022 (EUR 14 million in 2021).IN EUR MILLION 2022 2021Balance as of January 11,282.31,222.5Employer's contributions19.422.4Participants' contributions1.3-Benefits paid(74.5)(67.6)Foreign currency translation adjustments(23.3)80.0Real return on assets(333.0)28.9Normative return (profit or loss)22.4 14.7Adjustment to the real return (shareholders' equity) (355.4) 14.2Changes in group structure/Business combinations 74.8 -Other movements(7.4)(3.9)BALANCE AS OF DECEMBER 31 939.5 1,282.3Distribution of plan assetsIN % 2022 2021Shares12%7%Listed12% 7%Unlisted0% -Bonds68%79%Listed 66% 79%Unlisted 2% -Real estate2%-Other19%14%TOTAL 100% 100%Plan obligations \u2013 funded, unfunded and partially funded plansIN EUR MILLION 2022 2021Balance as of January 1 1,821.1 1,661.9Current service costs for the period24.4233.5Interest expense26.019.0Actuarial losses (gains) from:(412.8)(96.3)changes to demographic assumptions4.0 (33.2)changes to financial assumptions(448.0) (51.8)experience adjustments31.3 (11.4)Benefits paid(83.7)(75.7)Changes in group structure/Business combinations45.50.4Foreign currency translation adjustments (19.7) 89.5Other movements(300.0)(11.1)BALANCE AS OF DECEMBER 31 1,100.8 1,821.1Amounts relating to the plan recognized in comprehensive incomeIN EUR MILLION 2022 2021Current service costs for the period 24.4 233.5Interest expense 26.019.0Normative return on the assets of defined benefit plans(22.4)(14.7)Amounts recognized in profit or loss28.12 37.7Surplus real return on assets above their normative return355.4(14.2)Actuarial losses (gains) from post-employment benefits due to:(412.8)(96.3)changes to demographic assumptions4.0 (33.2)changes to financial assumptions(448.0) (51.8)experience adjustments 31.3 (11.4)Restrictions on recognized assets 10.9 -Amounts recognized in shareholders' equity - (credit)/debit(46.5)(110.5)TOTAL(18.4) 1 27. 3Changes in the statement of financial positionThe change in the amounts recognized in the statement of financial position is explained in the following table:IN EUR MILLION 2022 2021Amounts recognized as of January 1532.6433.3Net expense recognized in profit or loss28.12 3 7.7Contributions paid(29.9)(30.5)Actuarial (gains)/losses and ceiling on assets recognized in shareholders' equity(46.5)(110.5)Changes in group structure/Business combinations/Foreign currency translation adjustments and other (312.3) 2.4AMOUNTS RECOGNIZED AS OF DECEMBER 31 172.0 532.6Of which: Holding1.45.6Imerys144.1232.9Webhelp 14.4 293.6Canyon 0.2 0.3Affidea11.1-Sanoptis1.5-GBL Capital and SIM(0.7)0.2During the financial year 2022, a net credit amount of EUR 39 million related to actuarial gains and losses and the ceiling on recognized assets was charged directly to comprehensive income, i.e. EUR 46 million gross less EUR 8 million in related taxes (a net credit amount of EUR 85 million as of December 31, 2021, i.e. EUR 110 million gross less EUR 25 million in related taxes).EstimatesThe actuarial assumptions used to value the defined benefit plans are presented below:IN % 2022 2021Discount rate0.2% - 12.0%0.9% - 2.2%Average salary increase rate2.0% - 36.0%2.6% - 6.0%Inflation rate 1.2% - 36.0% 2.0% - 3.4%More specifically for the two monetary zones where the largest commitments are located (the United Kingdom and the United States), the actuarial assumptions were as follows in 2022:United United StatesIN %KingdomDiscount rate4.8%4.8%Average salary increase rate2.8%2.8%Inflation rate3.2%3.2%Among these estimates, it is the discount rate that has the most significant impact on the group\u2019s financial statements.The following table presents the impact of a reasonably estimated change in discount rates following a possible decrease (lower case) or increase (higher case) in the assumption applied to the financial statements as of December 31, 2022 (actual 2022). The impact of these changes is measured on three aggregates (obligation, net interest and current service cost) in the two monetary zones in which the most significant obligations have been undertaken (the United Kingdom and the United States). The reasonably estimated change in discount rates has been set at 50 basis points, based on the weighted average change in discount rates in the United Kingdom and the United States over the last five years.The debt valuation for the founders (EUR 1,113 million included under \u201cNon-current financial liabilities\u201d), the changes in value of which are recorded under \u201cFinancial income and expenses from operating activities\u201d is, as contractually defined, based on equity value estimates at possible exercise date, computed based on (i) EBITDA projections, (ii) a characteristic multiple of Webhelp\u2019s activity and (iii) the group\u2019s projected net debt. Expected future cash \ufb02ows are discounted at a constant discount rate taking into account the liquidity windows during which the options can be exercised.The debt towards members of the staff (EUR 563 million), the changes in value of which are recorded under \u201cOther operating income and expenses from operating activities\u201d, includes: \u2013 the amount owed to the related employees, in the event of their departure before the exercise periods of the put options they hold, based on the redemption price determined. This part of the debt is included under \u201cNon-current financial liabilities\u201d; \u2013 the assessment of the additional amounts that these employees will receive in the event of the exercise of their put options, as defined contractually, which is based on: - a determined equity value at possible exercise date, computed based on (i) EBITDA projections, (ii) a fixed unchanged multiple or a characteristic multiple of Webhelp\u2019s activity and (iii) the group\u2019s projected net debt; - an additional estimated retrocession, which will depend on the level of EBIDTA taken into account when exercising the put options.IN EUR MILLION Low Simulation Central/Base scenario High SimulationUnited KingdomDiscount rate4.3%4.8%5.3%Obligation at the reporting date626.3585.3548.4 (1)Net interest in 2023 profit or loss(0.9)0.93.0 (2)Current service costs in 2023 profit or loss---United StatesDiscount rate4.3%4.8%5.3%Obligation at the reporting date217.1208.9201.4 (1)Net interest in 2023 profit or loss(3.3)(3.3)(3.3) (2)Current service costs in 2023 profit or loss(0.7)(0.7)(0.7)At constant scope of consolidation and all other things being equal, the amount of the contributions to the various defined retirement benefit plans is estimated at EUR 10 million for 2023.Note 22Other non-current liabilitiesIN EUR MILLION 2022 2021Non-current financial liabilities1,638.01,249.7Debt on minority shareholders1,512.61,065.4Derivative financial instruments held for trading88.7182.7Derivative financial instruments - Hedging4.1-Other 32.6 1.5Non-current non-financial liabilities 486.8 89.7Debts on minority shareholders445.3-Liabilities related to cash-settled share-based payments8.519.0Other 33.070.7TOTAL 2,124.8 1,339.4Of which: Holding45.4168.8Imerys 24.1 72.4Webhelp1,732.11,089.4Canyon--Affidea28.4-Sanoptis262.2-GBL Capital and SIM 32.6 8.7The 2 founders and some members of the staff of the Webhelp group are minority shareholders of Webhelp and hold put options towards Sapiens S\u00e0rl (sub-subsidiary of GBL and dedicated investment vehicle of the Webhelp group) on all their shares, which can be exercised at certain predefined periods.Consequently, a debt on minority shareholders has been recognized on the balance sheet and is valued at amortized cost. As of December 31, 2022, it amounts to EUR 1,675 million (EUR 1,348 million as of December 31, 2021). (1)This part of the debt, included under \u201cNon-current non-financial liabilities\u201d, subject to a service condition, is recognized over the vesting period. The related expected future cash \ufb02ows are discounted at a constant discount rate taking into account the liquidity windows during which their put options can be exercised.In terms of sensitivity, a 10% increase/decrease in EBITDA would, all things being equal, have an estimated impact of EUR 281 million and EUR - 256 million on the value of the debt.Note 23Other current liabilitiesIN EUR MILLION 2022 2021Current financial liabilities 2 5 7. 0 71.1Derivative financial instruments held for trading 69.8 31.8Derivative financial instruments - Hedging113.55.3Other 73.734.0Current non-financial liabilities1,006.1896.2Social security liabilities344.9371.4Tax liabilities other than those related to income tax 168.6 154.9Other 492.6369.9TOTAL 1,263.1 9 6 7. 4Of which: Holding 153.6 49.5Imerys373.3418.1Webhelp518.04 4 7. 8Canyon 33.2 31.7Affidea129.5-Sanoptis26.1-GBL Capital and SIM29.420.4The other current non-financial liabilities mainly include a Webhelp debt corresponding to funds received by the group on behalf of their clients (EUR 176 million) and the debt on fixed assets at Imerys\u2019 level for EUR 91 million.Note 24Assets and liabilities associated with assets held for sale and discontinued operationsOn July 28, 2022, Imerys received an offer to purchase substantially all of its High Temperature Solutions business line. Imerys, having taken note of the offer of the potential buyer and having observed that this activity could be sold immediately, in its current state, within one year, concluded that it constituted a group to be sold. Depreciation and amortization ceased to be recognized as of the date of receipt of the offer to purchase. In addition, as the business is a separate major line of business, it has been classified as a discontinued operation. The sale of the business to the US investment fund Platinum Equity was completed on January 31, 2023 (see note 33). The cash proceeds received amount to EUR 708 million. The translation reserve associated with the activity, amounting to EUR - 154 million as of December 31, 2022, will be reclassified in the income statement for its amount as of the date of the loss of control. The contributions of the activity have been presented in separate line items in the consolidated income statement and their details in the income statement and the consolidated statement of cash \ufb02ows are provided in the tables below:IN EUR MILLION 2022 2021Turnover 891.0 718.2Raw materials and consumables (425.7) (325.1)Employee expenses (148.6) (138.4)Depreciation/amortization of property, plant, equipment and intangible assets(13.8)(21.6)Other operating income (expenses) from operating activities (183.8)(138.9)Gains (losses) on disposals, impairments and reversals of non-current assets from operating activities(0.4)(0.4)Financial income (expenses) from operating activities (2.7)0.6Profit (loss) before tax from consolidated operating activities - continuing operations116.094.4Income taxes (38.7)(26.8)Profit (loss) from consolidated operating activities - discontinued operations7 7. 36 7. 5IN EUR MILLION December 31, 2022 December 31, 2021Net cash from (used in) operating activities 94.4 125.7Net cash from (used in) investing activities23.9(37.2)Net cash from (used in) financing activities(35.1)9.7NET VARIATION IN CASH AND CASH EQUIVALENTS 83.2 98.2Furthermore, on September 9, 2022, Imerys received an offer to purchase a group of mining and industrial assets serving the paper market in America, Europe and Asia in its Performance Minerals business group. Imerys, having undertaken a review of the potential buyer\u2019s offer and having observed that the assets could be disposed of immediately, in their current condition and within one year, their assets and associated liabilities were designated as assets (and liabilities related to assets) held for sale on the date of receipt of the offer. Depreciation ceased to be recorded at that date. The following table presents details of the assets (and liabilities related to assets) isolated from the rest of the continuing operations in the statement of financial position. The share of the goodwill of the Performance Minerals activity allocated to the divested activity amounts to EUR 110 million. This amount has been written down by EUR 108 million in order to limit the carrying amount of the assets (and asset-related liabilities) of the activity to their fair value net of costs to sell. This impairment loss was recognized in the income statement as \u201cGains (losses) on disposals, impairments and reversals of non-current assets from operating activities\u201d. The translation reserve associated with the business, amounting to EUR -220 million as of December 31, 2022, will be reclassified to the income statement for its amount as of the date of loss of control.The assets and liabilities associated with the assets held for sale of these two Imerys activities include the following items:IN EUR MILLION December 31, 2022 December 31, 2021Assets held for sale 1,376.2 63.1Non-current assets 725.144.6Current assets651.118.5Liabilities associated with assets held for sale 468.9 13.5Non-current liabilities 220.52.0Current liabilities 248.411.4Note 25Financial risks management and sensitivity analysisConsidering the specific nature of each of the entities consolidated in the group\u2019s financial statements and their widely differing activities (financial for GBL and operational for Imerys, Webhelp, Canyon, Affidea and Sanoptis), each entity manages risks independently.The main risks identified at group level are the foreign exchange risk, the stock exchange risk, the interest rate risk, the energy price risk, the market liquidity risk, the conversion of financial statements risk and the credit risk (mainly for Webhelp and Imerys).Foreign exchange risk is defined as the risk whereby a cash \ufb02ow labeled in foreign currency may be subject to a deterioration caused by an unfavorable change in its counterpart in functional currency. The group is exposed to foreign exchange risk through:(i) The impact it can have on the value of its portfolio through investments quoted in foreign currencies (accounted for as other equity investments and trading assets), as well as through dividend \ufb02ows it receives. As of December 31, 2022, GBL was primarily exposed to CHF, USD and NOK, to a lesser extent. A 10% appreciation/depreciation in the Euro versus its end-of-year rate for all currencies used by the group would have had an impact of EUR - 449 million and EUR 449 million on shareholders\u2019 equity and EUR - 121 million and EUR 121 million on the annual income statement. These calculations only concern statements of financial position owned by the group and does not take into account the impact of the appreciation/depreciation of these currencies on the market price of the underlying assets.(ii) The impact on the underlying elements of its net financial debt, i.e. before foreign exchange rates derivatives as of December 31, 2022. A 10% downward or upward variation of the Euro against other foreign currencies would generate a variation of EUR 142 million and EUR - 133 million on net financial debt. A 10% decrease/increase in foreign currency exchange rates on the portfolio of derivative instruments held as of December 31, 2022 for highly probable future transactions of purchases and sales in foreign currencies would have an impact on equity (effective portion of derivative instruments qualified as cash \ufb02ow hedges) of EUR 2 million and EUR - 1 million respectively and on the income statement (ineffective portion of derivative instruments qualified as cash \ufb02ow hedges of cash and derivative instruments not eligible for hedge accounting) of EUR 0 million and EUR 0 million.The transactions performed by the group are accounted for, wherever possible, in the functional currency of the entity that carries out the transaction. When it is not possible to record a transaction in the functional currency of the entity, the transactional currency risk may be hedged on an individual basis using forwards, swaps or options. The corresponding instruments qualify as cash \ufb02ow hedges.Stock exchange risk is defined as the risk whereby the portfolio of the group (other equity investments and trading assets) may be in\ufb02uenced by an unfavorable change of market prices. The group is exposed, due to the very nature of its activities, to market \ufb02uctuations of its portfolio. The volatility of the financial markets, moreover, can have an impact on the share price of GBL. As of December 31, 2022, a 10% appreciation/depreciation in the market price of all portfolio investments in listed companies as well as on the derivative instruments (options, exchangeable and convertible bonds) would have an impact of EUR 1,056 million and EUR - 1,056 million on shareholders\u2019 equity and of EUR -28 million and EUR 28 million on the annual income statement.Interest rate risk is defined as the risk whereby the interest \ufb02ow related to financial liabilities, on the one hand, and gross cash, on the other hand, may be deteriorated by an unfavorable change of interest rates. Regarding financial liabilities, a modification of interest rates has a limited impact on GBL\u2019s profit (loss) because the vast majority of its financial liabilities is issued at fixed interest rates. As regards cash, GBL has chosen to continue to give priority to liquidity while limiting counterparty risk. Cash is therefore invested on a very short-term basis so that it can be mobilized at any time to contribute to the group\u2019s \ufb02exibility and security in the event of investment or the materialization of external risks. Imerys\u2019 strategy focuses on obtaining finances mainly in euros, which is the most accessible fixed-rate financial resource. Medium-term fixed-rate bond issues can be converted to \ufb02oating rates using interest rate swaps. Given the expected trend in interest rates in 2022, the group has fixed the interest rate for part of its future financial debt on various terms. At Webhelp\u2019s level, the interest rate risk relates mainly to its variable rate bank debt, which was taken out at the time of GBL\u2019s majority investment in November 2019 and extended in July 2021 as part of the acquisition of OneLink. At the end of 2022, the group put in place interest rate hedges to transform part of its variable-rate debt into fixed-rate debt. At Canyon, Affidea and Sanoptis, bank debt is also at variable rates, and in order to protect itself against rising interest rates, those companies entered into interest rate hedging instruments in 2022. In terms of sensitivity, a decrease or increase of interest rates (Euribor, SONIA and SOFR) of 0.5% would respectively have an impact on the net financial debt of the group of EUR - 8 million and EUR 8 million.Energy price risk is the risk whereby the cash out\ufb02ow due in relation to energy purchases may be subject to a deterioration by a rise in its market price. Imerys is exposed to the price risk of energy used in the production cycle of its activities, mainly natural gas, electricity and, to a lesser extent, coal. To manage energy price risk, Imerys sources its energy from a variety of geographical locations and sources. The group aims at impacting the increase in energy onto the selling price of its products. Energy price risk is hedged using forward and option contracts, instruments that qualify as cash \ufb02ow hedges. In terms of sensitivity, a 10% decrease or increase of natural gas and Brent prices on the portfolio of derivative instruments held at December 31, 2022 with respect to highly probable future purchases of natural gas and Brent would have an impact on equity (effective portion of cash \ufb02ow hedges) of EUR - 4 million and EUR 4 million respectively, and on the income statement (ineffective portion of cash \ufb02ow hedges and non-hedge derivative instruments) of EUR 0 million and EUR 0 million.Market liquidity risk is the risk whereby the group would not be in a position to meet the repayment obligations of its financial liabilities due to the non-renewal of a non-confirmed financial resource (short-term negotiable securities, bank facility and accrued interests, or other debt and facilities). Group cash \ufb02ow forecasts between the drawdown date and the repayment date of these debts must allow the group to honor its repayments at maturity. The debt schedule of debts is presented in note 17.Conversion risk of financial statements is a form of foreign exchange risk whereby the value in euros of the financial statements of a foreign operation may be subject to a deterioration due to an unfavorable change in the foreign exchange rate of the functional currency of that business. The group, mainly through Imerys, hedges part of its net investments in foreign operations by granting loans specifically allocated to financing the operations in the long term and by controlling the proportion of its financial debt stated in foreign currencies. The exchange rate differences generated by the loans and borrowings qualified as hedges of net investments in foreign operations are recognized in equity so as to neutralize, to a certain extent, the translation gains or losses on hedged net investments. In terms of sensitivity, a 10% decrease or increase in foreign exchange rates on the portfolio of foreign exchange swaps held at December 31, 2022 with respect to hedges of net investments in foreign operations would have an impact on equity (effective portion of hedges of net investments in foreign operations) of EUR - 55 million and EUR 45 million respectively, and on the income statement (ineffective portion of hedges of net investments in foreign operations and non-hedge derivative instruments) of EUR 0 million and EUR 0 million.Credit risk is the risk that a group debtor (mainly Imerys and Webhelp) does not reimburse their debt at the agreed due date. This risk mainly affects trade receivables. Credit risk is monitored at entity level by analyzing the breakdown of receivables by maturity. Generally due between 30 and 90 days, the group\u2019s receivables are not covered by any material financing component. Group entities may hedge credit risk through credit insurance contracts or warranties (see note 15).Note 26Derivative financial instruments26.1 Fair values of short-term and long-term derivative financial instrumentsThe fair values of the derivative financial instruments held as of December 31, 2022 and 2021 are shown in the following table:IN EUR MILLION 2022 2021ASSETS 62.5 8 7. 3Of which non-current assets9.6 1.7Of which current assets52.9 85.5Composed of:Forwards, futures and currency swaps \u2013 Derivative instruments held for trading1 7. 38.3Forwards, futures and currency swaps \u2013 Hedging38.713.3Futures and commodities options \u2013 Derivative instruments held for trading--Futures and commodities options \u2013 Hedging 6.5 65.7LIABILITIES (276.1) (219.9)Of which non-current liabilities (92.8) (182.7)Of which current liabilities (183.3) (37.2)Composed of:Forwards, futures and currency swaps \u2013 Derivative instruments held for trading(0.3)(6.5)Forwards, futures and currency swaps \u2013 Hedging(15.0)(2.2)Futures and commodities options \u2013 Hedging(25.9)(3.2)Forwards on shares \u2013 Hedging(76.7)-Call and put options on shares \u2013 Derivative instruments held for trading(158.2)(208.0)NET POSITION (213.7) (132.6)Forwards, futures and currency swaps40.712.9Forwards on shares(76.7)-Futures and commodities options(19.4)62.5Call and put options on shares (158.2) (208.0)The following table shows the maturity of the cash \ufb02ow hedge derivatives for the reporting periods ended December 31, 2022 and 2021:IN EUR MILLION Total Within the year 2 to 5 years Over 5 yearsForwards, futures and currency swaps23.718.35.4-Futures and commodities options(19.4)(19.4)--Forwards on shares(76.7)(76.7)--TOTAL AS OF DECEMBER 31, 2022 (72.4) (77.8) 5.4 -Forwards, futures and currency swaps11.111.00.1-Futures and commodities options62.562.5--TOTAL AS OF DECEMBER 31, 2021 73.6 73.5 0.1 -26.2 Change in fair value of derivative instrumentsThe following table shows the changes in the fair value of hedging derivative instruments between two closing dates:IN EUR MILLION 2022 2021Derivative instruments - hedgingAs of January 1 \u2013 net derivatives position 73.6(4.4)Increase (decrease) recognized in profit or loss(1.7)-Increase (decrease) recognized in shareholders' equity(154.7)60.9Changes in group structure/Business combinations/Other10.41 7. 1AS OF DECEMBER 31 \u2013 NET DERIVATIVES POSITION (72.4) 73.6The following table shows the changes in the fair value of derivative instruments held for trading between two closing dates:IN EUR MILLION 2022 2021Derivative financial instruments held for tradingAs of January 1 \u2013 net derivatives position (206.2) (17.6)Increase (decrease) recognized in profit or loss 98.7 (133.6)Increase recognized in shareholders' equity--Changes in group structure/Business combinations/Other(33.6)(55.0)AS OF DECEMBER 31 \u2013 NET DERIVATIVES POSITION (141.2) (206.2)26.3 Notional underlying amounts of derivative financial instrumentsIN EUR MILLION 2022 2021ASSETS 2,140.4 663.3Composed of:Forwards, futures and currency swaps 2,063.7 661.9Futures and commodities options76.71.4LIABILITIES 4,043.6 3,530.7Composed of:Forwards, futures and currency swaps1,715.91,234.1Forwards on shares5 37. 6-Futures and commodities options21.714.4Call and put options on shares1,768.42,282.226.4 Maturity of notional underlying amounts of derivative financial instrumentsIN EUR MILLION Total Within the year 2 to 5 years Over 5 yearsForwards, futures and currency swaps3,779.63 , 0 6 7.91 0 7.1604.6Forwards on shares5 37. 65 3 7. 6--Futures and commodities options98.498.4--Call and put options on shares1,768.4689.61,078.8-TOTAL AS OF DECEMBER 31, 2022 6,184.0 4,393.5 1,185.9 604.6Forwards, futures and currency swaps1,896.01,810.086.0-Futures and commodities options15.815.8--Call and put options on shares2,282.21,298.0984.3-TOTAL AS OF DECEMBER 31, 2021 4,194.0 3,123.8 1,070.3 -Note 27Stock optionsGBLCash-settled plansGBL issued since 2013 several incentive plans concerning the shares of a sub-subsidiaries of the group. These options were granted to the staff and the Executive Management of GBL. These options give the right to the beneficiary to acquire a share for an exercise price, corresponding with the value of the underlying share at the moment of the granting of the options. These options can be exercised during a period of time.The options will be settled in cash or in shares. These plans are treated as cash-settled plans. The characteristics of the plans not yet fully exercised or expired are included in the table below:FINPAR VIII FINPAR VII FINPAR VI FINPAR V FINPAR FINPAR III FINPAR II URDAC LTI TWO S.A. (1) (2)S.R.L.S.R.L.S.R.L.S.R.L.IV S.A.S.A.S.A.S.A.Issue date May 9, November 22, December 15, June 12, May 10, May 7, May 8, May 5, April 29, 202220212020202020192018201720152014Number of accepted 1,819,341 1,273,215 346,359 335,729 303,380 337,146 348,424 257,206 223,256optionsExercise price (in EUR)10.0010.0010.0010.0010.0010.0010.0010.0010.00Vesting date May 9, November 22, December 15, June 12, May 10, May 7, May 8, May 5, April 29, 202520242023202320222021202020182017Expiry date May 8, November 21, December 14, June 11, May 9, May 6, May 7, May 4, April 28, 203220312030203020292028202720252024Valuation assumptions Valuation methodIntrinsic Intrinsic Intrinsic Intrinsic Intrinsic Intrinsic Intrinsic Monte CarloMonte CarlovaluevaluevaluevaluevaluevaluevalueImplicit volatility of the 16.25% 15.93% n.r. n.r. n.r. n.r. n.r. n.r. n.r.underlyings- 18.08%- 29.74%Fair value per unit 0.00 0.00 8.80 13.45 0.00 0.00 0.00 11.60 21.59(in EUR)Debt accounted for 0.7 0.5 2.6 4.2 0.0 0.0 0.0 0.1 0.1(in EUR million)The table of changes is shown below:2022 2021Number Exercise price Number Exercise price \ue61fIN EUR\ue61e \ue61fEN EUR\ue61eAs of January 1 1,678,790 10.00 1,344,694 10.00Exercised by:Executive Management - 10.00 - 10.00Employees(400) 10.00 (10,038) 10.00Granted to:Executive Management675,000 10.00 86,400 10.00Employees2,417,556 10.00 2 57,7 3 4 10.00As of December 314,770,94610.001,678,79010.00Plan LTI Two3,249 10.003,24910.00Plan URDAC 6,328 10.00 6,728 10.00Plan FINPAR II 348,424 10.00 348,424 10.00Plan FINPAR III337,146 10.00337,14610.00Plan FINPAR IV303,180 10.00303,18010.00Plan FINPAR V334,649 10.00334,64910.00Plan FINPAR VI345,414 10.00345,41410.00Plan FINPAR VII1,273,215 10.00--Plan FINPAR VIII1,819,341 10.00--In 2022, the total cost for the group with respect to the stock option plans was recorded in operating expenses and amounted to EUR - 8 million (EUR 15 million in 2021), of which EUR - 1 million for the Executive Management (EUR 4 million in 2021). At the end of 2022, 29.92% of the options were vested, but only 0.20% were exercisable.(1) Of which Type A and Type B options(2) Of which Type A and Type B optionsEquity-settled plansGBL has issued six incentive plans from 2007 to 2012 based on GBL shares for its Executive Management and staff. These plans are treated as equity- settled plans. The characteristics of the plans outstanding and not fully exercised as of December 31, 2022 are shown in the following table:GBL PLAN 2008CharacteristicsNumber of options on issuing153,984Initial exercise price (in EUR)7 7.4 0Vesting date January 1, 2012Expiry dateApril 9, 2018 April 9, 2023GBL PLAN 2008Black & Scholes valuation assumptions (according to an independent expert) when the plans are launchedExpected volatility25.6%Expected dividend growth8.0%Risk-free rate4.9%Fair value per unit (in EUR)21.82The table of changes is shown below:2022 2021Number Exercise price Number Exercise price (IN EUR) (IN EUR)As of January 1 52,426 81.17 161,541 84.83Exercised by:Executive Management- - - -Employees(21,813) 86.46 (109,115) 86.58As of December 3130,6137 7.4 052,42681.172007 plan- 91.9018,93291.902008 plan30,613 7 7.4 030,6137 7.4 02011 plan- 65.04-65.042012 plan - 50.68 2,881 50.68ImerysImerys has put in place an incentive plan for the group\u2019s executives and some of the managers and employees that entails the granting of options on Imerys shares. Each option entitles the holder to subscribe shares at a predetermined fixed price. The right to exercise the options is generally acquired three years after the date of the granting and the options have a maximum life of ten years.Changes in options granted are shown in the following table:Number Exercise priceIN EURAs of December 31, 2020162,11348.24Granted during the period--Expired during the period(84,893)(52.40)Exercised during the period--AS OF DECEMBER 31, 2021 77,220 43.62Exercisable as of December 31, 202177,220As of December 31, 202177,22043.62Granted during the period--Expired during the period (77,220) (43.62)Exercised during the period--AS OF DECEMBER 31, 2022 - -Exercisable as of December 31, 2022 - -The number of options on Imerys shares is as follows:2022 2021PLAN Maturity Exercise price Number Number IN EURApril 20122022 43.62 -77,220TOTAL - 77,220In addition, Imerys grants stock option plans, which, if exercised, result in the subscription of shares newly issued for this as well as free shares acquired in the market. In 2022, Imerys granted 432,950 free performance bonus shares (482,200 in 2021). As of December 31, 2022, the total employee expenses recognized in the Imerys group\u2019s financial statements with respect to stock option and bonus share plans for the year amounted to EUR 14 million (EUR 9 million in 2021).Number of free Maturity Turnover rate Average Performance Fair value Total cost per 2022 cost of 2021 cost of sharesdividend rateconditionsplanplansplansIN EUR IN EUR MILLION IN EUR MILLION IN EUR MILLION2018 265,200 3 years 40.20% 3.00% 52.40% 6 7,1 1 (5.6) - 1.62019 427,500 3 years 33.80% 3.00% 55.00% 35,75 (5.6) (0.2) (1.0)2020154,1503 years9.80%3.10%94.20%36,71(4.8)(1.4)(1.7)2020457,7003 years6.00%3.10%94.20%26,75(10.8)(4.1)(3.9)2021482,2003 years6.90%3.20%92.40%38,85(16.1)(5.7)(3.6)2022432,9503 years10.00%3.30%89.70%2 7, 3 6(9.6)(2.1)-COST OF PLANS RECOGNIZED IN EMPLOYEE EXPENSES (13.5) (8.6)Settlement in equity instruments(13.5)(8.6)WebhelpFinally, Webhelp\u2019s stock option plan for Courcelles Lux S.C.A ended in 2021.Note 28Earnings per share28.1 Earnings per share (group\u2019s share)IN EUR MILLION 2022 2021BasicConsolidated income for the period (including discontinued operations)(584.7)278.8Consolidated income for the period (excluding discontinued operations)(627.2)241.7DilutedConsolidated income for the period (including discontinued operations)(614.2)312.9Consolidated income for the period (excluding discontinued operations)(656.7)275.928.2 Number of shares 2022 2021Issued shares at beginning of year 156,355,000 161,358,287Treasury shares at beginning of year(7,944,102)(8,749,816)Weighted changes during the period(1,693,739)(451,329)Weighted average number of shares used to determine basic earnings per share146,717,159152,157,142Impact of financial instruments with a diluting effect:Convertible bonds4,255,5804,255,580Stock options (Note 27)-52,426Weighted average number of shares used to determine diluted earnings per share150,972,739156,465,14828.3 Summary of earnings per shareIN EUR PER SHARE 2022 2021Basic (3.99)1.83Continuing operations(4.28)1.59Discontinued operations0.290.24Diluted (4.07)1.83Continuing operations(4.35)1.59Discontinued operations0.280.24Note 29Financial instrumentsFair valueTo re\ufb02ect the importance of inputs used when measuring at fair value, the group classifies these valuations according to a hierarchy composed of the following levels: \u2013 level 1: listed prices (non-adjusted) on active markets for identical assets or liabilities; \u2013 level 2: inputs, other than the listed prices included in level 1, that are observable for the asset or liability concerned, either directly (i.e. prices) or indirectly (i.e. derived from prices); and \u2013 level 3: inputs related to the asset or liability that are not based on observable market data (non-observable inputs).Analysis of financial instruments by category \u2013 balance sheetsThe tables below show a comparison of the book value and the fair value of the financial instruments as of December 31, 2022 and as of December 31, 2021, as well as the fair value hierarchy.The category, according to IFRS 9, uses the following abbreviations: \u2013 FATOCI: Financial Assets measured at fair value through Other Comprehensive Income \u2013 FATPL: Financial Assets measured at fair value through Profit or Loss \u2013 FLTPL: Financial Liabilities measured at fair value through Profit or Loss \u2013 FAAC: Financial Assets measured at Amortized Cost \u2013 FLAC: Financial Liabilities measured at Amortized Cost \u2013 HeAc: Hedge Accounting.As of December 31, 2022Category Carrying amount Fair value Hierarchy of according to fair valuesIN EUR MILLIONIFRS 9FINANCIAL ASSETSNon-current assetsOther equity investmentsEquity investments measured at fair value and FATOCI 10,837.2 10,837.2 Level 1with changes recognized in equityEquity investments measured at fair value and FATOCI 273.0 273.0 Level 3with changes recognized in equityEquity investments measured at fair value and FATPL 1 2 7. 3 1 2 7. 3 Level 1with changes recognized in profit or lossEquity investments measured at fair value and FATPL 1 , 9 2 7. 0 1 , 9 27. 0 Level 3with changes recognized in profit or lossOther non-current assetsDerivative instruments - hedgingHeAc9.69.6Level 2Other financial assetsFAAC66.166.1Level 2Current assetsTrade receivablesFAAC1,108.71,108.7Level 2Trading financial assetsFATPL870.0870.0Level 1Cash and cash equivalentsFAAC1,768.31,768.3Level 2Other current assetsDerivative instruments - hedgingHeAc35.535.5Level 2Derivative instruments - otherFATPL1 7.41 7.4Level 2Other financial assetsFAAC38.038.0Level 2FINANCIAL LIABILITIESNon-current liabilitiesFinancial liabilitiesFLAC8,714.78,379.3Level 2Other non-current liabilitiesDerivative instruments - hedgingHeAc4.14.1Level 2Derivative instruments - otherFLTPL88.788.7Level 2Other non-current liabilitiesFLAC1,545.21,545.2Level 2Current liabilitiesFinancial liabilitiesOther financial liabilitiesFLAC1,654.61,675.9Level 2Trade payablesFLAC8 5 7.48 5 7.4Level 2Other current liabilitiesDerivative instruments - hedgingHeAc113.5113.5Level 2Derivative instruments - otherFLTPL69.869.8Level 2Other current liabilitiesFLAC73.773.7Level 2As of December 31, 2021Category Carrying amount Fair value Hierarchy of according to fair valuesIN EUR MILLIONIFRS 9FINANCIAL ASSETSNon-current assetsOther equity investmentsEquity investments measured at fair value and FATOCI 15,523.2 15,523.2 Level 1with changes recognized in equityEquity investments measured at fair value and FATOCI 266.0 266.0 Level 3with changes recognized in equityEquity investments measured at fair value and FATPL 481.4 481.4 Level 1with changes recognized in profit or lossEquity investments measured at fair value and FATPL 1,904.3 1,904.3 Level 3with changes recognized in profit or lossOther non-current assetsDerivative instruments - hedgingHeAc1.21.2Level 2Derivative instruments - otherFATPL0.50.5Level 2Other financial assetsFAAC83.983.9Level 2Current assetsTrade receivablesFAAC1,019.71,019.7Level 2Trading financial assetsFATPL2,086.02,086.0Level 1Cash and cash equivalentsFAAC1,331.61,331.6Level 2Other current assetsDerivative instruments - hedgingHeAc7 7. 87 7. 8Level 2Derivative instruments - otherFATPL7.77.7Level 2Other financial assetsFAAC14.814.8Level 2FINANCIAL LIABILITIESNon-current liabilitiesFinancial liabilitiesFLAC6,616.26,910.3Level 2Other non current liabilitiesDerivative instruments - otherFLTPL182.7182.7Level 2Other non current liabilities FLAC 1,067.0 1,067.0 Level 2Current liabilitiesFinancial liabilitiesOther financial liabilitiesFLAC1,037.51,038.7Level 2Trade payablesFLAC865.8865.8Level 2Other current liabilitiesDerivative instruments - hedgingHeAc5.35.3Level 2Derivative instruments - otherFLTPL31.831.8Level 2Other current liabilitiesFLAC34.034.0Level 2There were no significant transfers between the different levels during 2022.Measurement techniquesThe group\u2019s financial instruments very largely belong to classification levels 1 and 2. The financial assets measured at level 3 fair value are not significant compared to the other asset classes (12.88% as of December 31, 2022 and 9.52% as of December 31, 2021).The techniques used to measure the fair value of level 2 financial instruments are as follows:The exchangeable or convertible bonds issued by the group are considered to be hybrid instruments, i.e. instruments including a bond component and an embedded derivative. At the date of issue, the fair value of the bond component is estimated based on the prevailing market interest rate for similar non-exchangeable or non-convertible bonds, taking into account the risk associated with GBL (credit spread). At each reporting date, the value of the bond component is recalculated, taking into account the change in the risk-free rate and GBL\u2019s credit spread, and the difference in relation to the price of the exchangeable or convertible bond observed on the Luxembourg Stock Exchange\u2019s Euro MTF market is taken as the new value of the derivative component. The change in this value in relation to the previous reporting date is recognized in profit or loss.The fair value of derivative instruments not associated with exchangeable or convertible bonds is taken from a model that uses observable data, in other words the quotes on the reporting date provided by third-parties operating on the financial markets. These valuations are adjusted for the counterparties\u2019 credit risk and the credit risk specific to Imerys or GBL. Accordingly, if the market value of the derivative is positive (derivative asset), its fair value incorporates the likelihood of the counterparty defaulting (Credit Value Adjustment or CVA). If the derivative\u2019s market value is negative (derivative liability), its fair value factors in the likelihood of Imerys or GBL defaulting (Debit Value Adjustment or DVA). These adjustments are measured based on the spreads of the bonds in circulation on the secondary market, as issued by Imerys, GBL and their counterparts.The techniques used to measure the fair value of level 3 financial instruments are as follows:Level 3 financial instruments are valued on a quarterly basis at their fair value in line with the International Private Equity and Venture Valuation Guidelines. Recent investments are valued at their acquisition cost, provided that these valuations are considered as the best estimates of fair value. Investments in level 3 funds are revalued at their fair value, as determined by the fund managers, based on their investment portfolio.Analysis of financial instruments by category \u2013 income statementThe tables hereafter present the income and expenses before income taxes recognized in the income statement by categories of financial instruments. These tables analyze the product and expense lines containing financial instruments according to categories presented in columns. These distinguish, on the one hand, the categories applied by default to any item excluding hedge accounting and, on the other hand, the categories applied to any item falling within the scope of hedge accounting.The IFRS 9 categories of amortized cost and fair value through profit or loss apply to the majority of non-hedge accounting items. Hedge accounting items are classified according to their fair value or cash \ufb02ow hedging qualifications, distinguishing the values of hedged items and hedging instruments in columns and the types of risks hedged in rows.In addition, in order to ensure reconciliation between IFRS 9 classes and financial statements, this table includes a column containing the following non-IFRS 9 items: share-based payments (IFRS 2), mining assets (IFRS 6), inventories (IAS 2), income tax assets and liabilities (IAS 12), property, plant and equipment (IAS 16), finance lease liabilities (IFRS 16), defined benefit and short-term employee benefits assets and liabilities (IAS 19), grants(IAS 20), provisions (IAS 37), intangible assets and prepaid expenses (IAS 38), stripping assets (IFRIC 20) and duties and taxes (IFRIC 21). The logic of classification of financial instruments in assets and liabilities is applied in transversally to their changes in income statement. For example, revenue is included in the amortized cost category, as its counterparties in trade receivables or cash and cash equivalents fall under this category on the asset side.2022Non-hedge accounting Hedge accountingIFRS 9 Categories Fair value Cash flowsAmortized Fair value Fair value Out of Hedged Hedging Hedged Hedging Totalcostthrough through IFRS 9 iteminstrumentiteminstrumentprofit or equityscopeIN EUR MILLIONlossNet dividends from investments--322.3-----322.3Other operating income (expenses) from investing (74.3) - - - - - - - (74.3)activitiesFinancial income (expenses) (490.0) 94.6 - - - - - - (395.4)from investing activitiesOf which: Financial 168.7 119.0 - - - - - - 2 87.7incomeFinancial expenses(658.7) (24.4) - - - - - - (683.1)PROFIT (LOSS) FROM INVESTING ACTIVITIES (564.3) 94.6 322.3 - - - - - (147.4)- CONTINUING OPERATIONSTurnover8,108.7------(0.1)8,108.6Raw materials and consumables(2,322.4)--199.9---100.4(2,022.1)Other operating income (expenses) from operating (1,791.1) - - 18.1 - - - - (1,773.0)activitiesFinancial income (expenses) (520.6) 5.8 - (11.0) - - - - (525.8)from operating activitiesOf which: Financial 40.9 5.8 - - - - - - 46.7incomeFinancial expenses(561.5) - - (11.0) - - - - (572.5)PROFIT (LOSS) FROM CONSOLIDATED 3,474.7 5.8 - 2 0 7.0 - - - 100.3 3,787.8OPERATING ACTIVITIES - CONTINUING OPERATIONS2021Non-hedge accounting Hedge accountingIFRS 9 Categories Fair value Cash flowsAmortized Fair value Fair value Out of Hedged Hedging Hedged Hedging Totalcostthrough through IFRS 9 iteminstrumentiteminstrumentprofit or equityscopeIN EUR MILLIONlossNet dividends from investments - - 363.1 - - - - - 363.1Other operating income (expenses) from investing (54.8) - - - - - - - (54.8)activitiesFinancial income (expenses) from 249.7 (140.2) - - - - - - 109.6investing activitiesOf which: Financial 372.0 18.4 - - - - - - 390.4incomeFinancial expenses(122.3) (158.6) - - - - - - (280.9)PROFIT (LOSS) FROM INVESTING ACTIVITIES 195.0 (140.2) 363.1 - - - - - 417.9- CONTINUING OPERATIONSTurnover5,808.1-----432.22.76,243.0Raw materials and consumables(1,456.5)--119.1--(184.3)38.6(1,483.1)Other operating income (expenses) from operating (1,494.5) - - 16.6 - - - - (1,477.9)activitiesFinancial income (expenses) from (436.1) 2.7 - (10.3) - - - - (443.7)operating activitiesOf which: Financial 33.7 2.8 - - - - - - 36.5incomeFinancial expenses(469.7) (0.1) - (10.3) - - - - (480.1)PROFIT (LOSS) FROM CONSOLIDATED OPERATING 2,421.0 2.7 - 125.4 - - 2 47. 9 41.3 2,838.4ACTIVITIES - CONTINUING OPERATIONSNote 30Subsidiaries in which GBL holds significant non-controlling interestsThe tables below present concise financial information about each of the subsidiaries in which GBL holds significant non-controlling interests, without taking intragroup eliminations into account.Imerys Webhelp Canyon Sanoptis Subsidiaries that 2022are not individually IN EUR MILLIONmaterialOwnership percentage held by 45.0% 38.7% 50.4% 16.5%non-controlling interestsVoting rights held by non-controlling 31.9% 38.7% 50.4% 3 7. 0 %interestsNon-current assets4 , 3 5 7.43,505.6751.71,846.8Current assets3,513.6990.6483.9176.7Non-current liabilities 2,465.6 3,879.3 3 67. 1 1,100.2Current liabilities 2,020.0 792.1 123.2 7 7. 5Non-controlling interests4 7. 51.0-5.0Equity (group\u2019s share)3 , 3 3 7.9(176.2)745.2841.1Non-controlling interests (including 1,550.4 1.0 362.4 140.5 45.7 2,100.0those of the subsidiary)Turnover4,281.62,485.3644.9180.1Net result of the period attributable to 130.4 (388.2) 11.0 (20.7)the shareholders of GBL (group\u2019s share)Net result of the period attributable to 124.0 1 7. 2 11.8 (4.1) 3.2 152.2the non-controlling interestsNet result of the period (including 254.4 (371.0) 22.8 (24.8)non-controlling interests)Other comprehensive income attributable to the shareholders of GBL 7. 9 26.9 (0.2) 2.2(group\u2019s share)Other comprehensive income attributable to the non-controlling 15.9 1 7. 2 (0.2) 0.4 0.2 33.5interestsTotal of other comprehensive income 23.8 44.1 (0.4) 2.6(including non-controlling interests)Total comprehensive income attributable to the shareholders of GBL 138.2 (361.3) 10.8 (18.5)(group\u2019s share)Total comprehensive income attributable to the non-controlling 139.9 34.4 11.7 (3.6) 3.4 185.7interestsTotal comprehensive income (including 278.2 (326.9) 22.4 (22.2)non-controlling interests)Dividends paid to the non-controlling 71.9 - - -interestsNet cash flows from operating activities440.7276.3(111.9)7 7. 9Net cash flows from investing activities(311.3)(301.4)7. 2(187.9)Net cash flows from financing activities76.2(0.5)96.0188.2Impact of exchange differences on funds held and impact of changes in scope of (3.0) (9.5) - 9.7consolidationIncrease/decrease of cash and cash 202.6 (35.2) (8.7) 88.0equivalentsDue to the existence of put options contracts that the founders and managers of Webhelp, minority shareholders, hold in all of their shares towards GBL, the non-controlling interests recorded on the acquisition of Webhelp have been reclassified as debts on minority shareholders (see note 22). Contracts of the same type and a reclassification of the same order were recorded on Sanoptis.Imerys Webhelp Canyon Subsidiaries that are 2021not individually IN EUR MILLIONmaterialOwnership percentage held by non-controlling 45.2% 41.2% 46.7%interestsVoting rights held by non-controlling interests32.6%40.8%46.7%Non-current assets4,990.33,285.5764.6Current assets2,425.8916.7303.2Non-current liabilities2,726.53,448.33 0 7.6Current liabilities1 ,4 4 7.7694.598.3Non-controlling interests48.51.1-Equity (group\u2019s share) 3,193.5 58.4 662.0Non-controlling interests (including those of 1,490.9 1.1 308.0 56.7 1,856.8the subsidiary)Turnover4,382.92,080.6344.8Net result of the period attributable to the 131.6 (466.4) (15.3)shareholders of GBL (group\u2019s share)Net result of the period attributable to the 118.0 28.7 (6.5) 15.8 156.0non-controlling interestsNet result of the period (including non-controlling 249.7 (437.8) (21.7)interests)Other comprehensive income attributable to the 98.0 1.9 1.7shareholders of GBL (group\u2019s share)Other comprehensive income attributable to 72.5 1.2 1.5 0.1 75.3the non-controlling interestsTotal of other comprehensive income (including 170.5 3.2 3.2non-controlling interests)Total comprehensive income attributable to the 229.7 (464.5) (13.6)shareholders of GBL (group\u2019s share)Total comprehensive income attributable to 190.5 29.9 (5.0) 15.9 231.3the non-controlling interestsTotal comprehensive income (including 420.1 (434.6) (18.6)non-controlling interests)Dividends paid to the non-controlling interests53.4--Net cash flows from operating activities 540.0 233.5 (103.4)Net cash flows from investing activities (306.7) (593.3) (68.4)Net cash flows from financing activities(312.0)425.1205.7Impact of exchange differences on funds held and 7. 3 (4.1) -impact of changes in scope of consolidationIncrease/decrease of cash and cash equivalents(71.3)61.233.9Note 31Contingent assets and liabilities, rights and commitmentsIn relation to GBLInvestment/subscription commitmentsFollowing GBL\u2019s commitment to GBL Capital, the uncalled subscribed capital totaled EUR 846 million as of December 31, 2022 (EUR 742 million at the end of 2021).Foreign dividends/double international taxationThe group has taken certain measures in order to preserve its interests in matters of double taxation on its foreign dividends.GBL\u2019s consolidated subsidiariesOperating lease commitmentsThe remaining off-balance sheet items are limited to contracts outside the scope of IFRS 16 on leases, notably mining leases and commitments to purchase services associated with leases (EUR 4 million as of December 31, 2022).Other commitments given and receivedThese commitments given and received solely concern Imerys, Webhelp, GBL Capital and Sienna Investment Managers.Other commitments given primarily relate to: \u2013 Imerys\u2019 site rehabilitation, in the amount of EUR 68 million (EUR 67 million in 2021); \u2013 operating activities, i.e. firm purchase commitments given by Imerys within the framework of contracts for the purchase of goods, services, energy or transport (EUR 113 million compared with EUR 209 million in 2021); \u2013 cash, i.e. corresponding to letters of credit and guarantees, mortgages and pledges obtained by Imerys and Webhelp from financial institutions to guarantee operating cash \ufb02ow needs for their clients (EUR 63 million compared with EUR 68 million in 2021); and \u2013 other obligations (EUR 192 million compared with EUR 218 million in 2021).Commitments received totaled EUR 470 million as of December 31, 2022 (EUR 364 million as of December 31, 2021).Note 32Transactions with related partiesExternal related parties to GBLGBL\u2019s related parties are the Canadian group Power Corporation of Canada and the Belgian group Fr\u00e8re. These groups are for GBL the ultimate Pargesa SA is as such a related party of GBL. There is no contract between GBL and Pargesa SA.As of December 31, 2022 and 2021, there were no transactions with these related parties, except for the provision of services to the Fr\u00e8re and Power Corporation of Canada groups for an amount of EUR 1 million as of December 31, 2022 (EUR 0 million as of December 31, 2021).Directors\u2019 remunerationsThe remunerations paid to the Directors are shown in the table below:IN EUR MILLION 2022 2021Remunerations, charges and short-term benefits 3.33.0Post-employment benefits0.50.6Costs related to cash-settled share-based payments(1.1)3.8Other0.10.2TOTAL 2.7 7. 6group heads. Pargesa SA which controls GBL. Through their joint venture Parjointco SA, they exercise joint control over the Swiss groupNote 33Events after the reporting periodMeasures to enhance shareholder returns: treasury share buybacksBetween January 2 and March 7, 2023, GBL acquired 1.2 million GBL shares, accounting for 0.8% of the shares representing the capital and valued at EUR 93 million on March 7, 2023. The fifth envelope of share buybacks was 81.2% executed at that date.On March 9, 2023, the Board of Directors approved a sixth envelope of EUR 500 million to be allocated to share buybacks.Pernod RicardFrom January 16 to February 1, 2023, GBL completed its disposal plan, selling 0.6 million shares of Pernod Ricard for EUR 110 million, reducing its holding from 6.9% of the capital to 6.7%. GBL remains the largest shareholder after the reference family shareholder. This operation generated (1)a net capital gain of EUR 76 million based on the historical acquisition price.MowiFrom February 16 to March 7, 2023, GBL sold 2.9 million shares of Mowi, reducing its holding from 1.9% of the capital to 1.3%, for proceeds of (1)EUR 47 million. This operation generated a net capital loss of EUR 2 million.Note 34Statutory Auditor\u2019s feesGBL\u2019s consolidated and statutory financial statements for this year have been audited and approved without qualifications by the Statutory Auditor PwC Reviseurs d\u2019Entreprises.In accordance with article 3:65 of the Code on companies and associations, the fees for the services provided by the Statutory Auditor PwC Reviseur d\u2019Entreprises and its network were as follows:IN EUR 2022 2021Audit assignment5,244,0001,846,068of which GBL91,00091,000Other attest assignments 271,286 143,220Tax consultancy assignments 672,482 1,459,064Other assignments not related to the audit assignment384,579394,447TOTAL 6,572,347 3,842,799Of which: Holding 970,158 786,230Imerys3,508,9661,421,174Webhelp1,516,7591,001,643Canyon13,000103,100Affidea10,350-Sanoptis--GBL Capital and SIM553,114530,652Groupe Bruxelles Lambert 24, avenue Marnix - 1000 Brussels a limited liability company under Belgian law,Belgium The Company\u2019s object is: \u2013 to carry out for itself or on behalf of third parties all real estate, financial and portfolio management transactions; to this end, it may create companies or bodies, take stakes therein, carry out all financing, consignment, loan, pledge or deposit transactions; \u2013 to carry out all studies and provide technical, legal, accounting, financial, commercial, administrative or management assistance on behalf of companies or bodies in which it holds a direct or indirect interest, or on behalf of third parties; \u2013 to insure for itself or on behalf of third parties any transport or transit companies.The Company may be interested by contribution or merger in any existing or future companies or bodies whose object is similar, analogous or related to its own or which would be of such a nature as to confer on it any advantage in terms of achieving its object.- Belgium", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1-2": { "value": "A balanced business model GBL\u2019s paid dividend is primarily derived from (i) the net dividend paid out by its portfolio companies and (ii) the contribution of GBL Capital and Sienna Investment Managers (\u201cSIM\u201d) to GBL\u2019s cash earnings, after deduction of its cost structure.GBL\u2019s financial flexibility has been enhanced as a result of the revised dividend policy introduced in 2020. GBL has set a payout ratio of between 75% and 100% of its cash earnings from 2021 onwards by way of ordinary dividend, while reserving the option of paying exceptional dividends in the future when and if deemed appropriate. On this basis, GBL will continue to provide an attractive dividend yield to its shareholders while releasing additional financial resources to support (i) the acceleration of net asset value growth, (ii) its portfolio companies if needed and (iii) the execution of the group\u2019s share buyback program.GBL\u2019s payout ratio is derived from the cash earnings. As a result, this ratio excludes cash in\ufb02ows from asset disposals (including capital gains). GBL has a solid liquidity profile ensuring the availability of resources to implement its investment strategy throughout the economic cycle.Solid and \ufb02exible financial structureGBL\u2019s objective is to maintain a sound financial structure, with: \u2013 a solid liquidity profile; and \u2013 limited net indebtedness relative to its portfolio value. The financial strength derived from the liquidity profile ensures resources are readily available to quickly seize investment opportunities throughout the economic cycle.The Loan To Value ratio fluctuates primarily depending on the deployment of capital for investments and more generally on the implementation of the portfolio rotation strategy. As part of financial discipline, the Loan To Value target is to maintain it below 10% through the cycle. While the effective Loan To Value ratio may exceed that threshold, it should (i) not exceed it for a prolonged period and (ii) remain below 25%. This ratio is continuously monitored and has been generally maintained at a level below 10% over the last 15 years. This conservative approach is consistent with GBL\u2019s philosophy of capital preservation and allows GBL to continue investing and generating returns throughout the cycle.At year-end 2022, GBL had: \u2013 a Loan To Value ratio of 13.5%, or 10.9% pro forma for Holcim\u2019s prepaid forward sales (with the portfolio value and net debt adjusted as if the sales occurred on December 31, 2022); and \u2013 a liquidity profile of EUR 3.8 billion, consisting of gross cash for EUR 1.4 billion and undrawn committed credit lines (having no financial covenants) for EUR 2.4 billion maturing progressively over the 2027-2028 period.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f50339": { "value": "26477000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50343": { "value": "28172100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50350": { "value": "2835600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50354": { "value": "1610000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50360": { "value": "6258500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50364": { "value": "4654400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50373": { "value": "3288600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50377": { "value": "2750000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50383": { "value": "13781800000", "decimals": -5, "dimensions": { "concept": "GRO:InvestmentAccountedForUsingEquityMethodAndNonCurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50387": { "value": "18880300000", "decimals": -5, "dimensions": { "concept": "GRO:InvestmentAccountedForUsingEquityMethodAndNonCurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50395": { "value": "617400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50399": { "value": "705400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50407": { "value": "13164400000", "decimals": -5, "dimensions": { "concept": "GRO:NonCurrentFinancialAssetsAtFairValue", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50411": { "value": "18174900000", "decimals": -5, "dimensions": { "concept": "GRO:NonCurrentFinancialAssetsAtFairValue", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50419": { "value": "132900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentAssets", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50423": { "value": "114600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentAssets", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50430": { "value": "179600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50434": { "value": "162800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50440": { "value": "6923400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50444": { "value": "6125500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50452": { "value": "1210600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50456": { "value": "1103800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50465": { "value": "1108700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTradeReceivables", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50469": { "value": "1019700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTradeReceivables", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50477": { "value": "870000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentFinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTrading", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50481": { "value": "2086000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentFinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTrading", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50489": { "value": "1768300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50493": { "value": "1331600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50500": { "value": "589500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCurrentAssets", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50504": { "value": "521300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCurrentAssets", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50511": { "value": "1376200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50515": { "value": "63100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50522": { "value": "33400400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50526": { "value": "34297600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50532": { "value": "16819600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50536": { "value": "21788200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50543": { "value": "653100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50547": { "value": "653100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50552": { "value": "3815800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50556": { "value": "3815800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50562": { "value": "10250700000", "decimals": -5, "dimensions": { "concept": "GRO:RetainedEarningsTreasurySharesAndOtherReserves", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50566": { "value": "15462600000", "decimals": -5, "dimensions": { "concept": "GRO:RetainedEarningsTreasurySharesAndOtherReserves", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50574": { "value": "2100000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50578": { "value": "1856800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50585": { "value": "12101100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50589": { "value": "9389300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50596": { "value": "8714700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50600": { "value": "6616200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50607": { "value": "413100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherLongtermProvisions", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50611": { "value": "415900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherLongtermProvisions", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50620": { "value": "189100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentProvisionsForEmployeeBenefits", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50624": { "value": "559400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentProvisionsForEmployeeBenefits", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50632": { "value": "2124800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentLiabilities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50636": { "value": "1339400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentLiabilities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50643": { "value": "659400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50647": { "value": "458400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50653": { "value": "4479700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50657": { "value": "3120100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50664": { "value": "1654600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50668": { "value": "1037500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50675": { "value": "857400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50679": { "value": "865800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50686": { "value": "68600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherShorttermProvisions", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50690": { "value": "81900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherShorttermProvisions", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50696": { "value": "167000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50700": { "value": "154100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50707": { "value": "1263100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCurrentLiabilities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50711": { "value": "967400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCurrentLiabilities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50718": { "value": "468900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50722": { "value": "13500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50730": { "value": "33400400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50734": { "value": "34297600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50938": { "value": "3200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50942": { "value": "136000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50950": { "value": "322300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RevenueFromDividends", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50954": { "value": "363100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RevenueFromDividends", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50963": { "value": "-117300000", "decimals": -5, "dimensions": { "concept": "GRO:OtherOperatingIncomeExpenseFromInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50967": { "value": "-99300000", "decimals": -5, "dimensions": { "concept": "GRO:OtherOperatingIncomeExpenseFromInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50976": { "value": "83300000", "decimals": -5, "dimensions": { "concept": "GRO:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossAndGainsLossesOnDisposalsOfNonCurrentAssetsFromInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50980": { "value": "-139400000", "decimals": -5, "dimensions": { "concept": "GRO:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossAndGainsLossesOnDisposalsOfNonCurrentAssetsFromInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50988": { "value": "-32000000", "decimals": -5, "dimensions": { "concept": "GRO:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossAndGainsLossesOnDisposalsOfInvestmentsInSubsidiariesJointVenturesAndAssociatesFromInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50992": { "value": "-133400000", "decimals": -5, "dimensions": { "concept": "GRO:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossAndGainsLossesOnDisposalsOfInvestmentsInSubsidiariesJointVenturesAndAssociatesFromInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f50999": { "value": "115300000", "decimals": -5, "dimensions": { "concept": "GRO:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossAndGainsLossesOnDisposalsOtherThanInvestmentsInSubsidiariesJointVenturesAndAssociatesFromInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51003": { "value": "-6000000", "decimals": -5, "dimensions": { "concept": "GRO:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossAndGainsLossesOnDisposalsOtherThanInvestmentsInSubsidiariesJointVenturesAndAssociatesFromInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51011": { "value": "-395400000", "decimals": -5, "dimensions": { "concept": "GRO:FinanceIncomeCostFromInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51015": { "value": "109600000", "decimals": -5, "dimensions": { "concept": "GRO:FinanceIncomeCostFromInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51023": { "value": "-270400000", "decimals": -5, "dimensions": { "concept": "GRO:ProfitLossFromInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51028": { "value": "648700000", "decimals": -5, "dimensions": { "concept": "GRO:ProfitLossFromInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51037": { "value": "8108600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51041": { "value": "6243000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51046": { "value": "2022100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RawMaterialsAndConsumablesUsed", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51050": { "value": "1483100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RawMaterialsAndConsumablesUsed", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51058": { "value": "3099600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51062": { "value": "2496900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51072": { "value": "658100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AmortisationExpense", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51076": { "value": "543500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AmortisationExpense", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51085": { "value": "-1817600000", "decimals": -5, "dimensions": { "concept": "GRO:OtherOperatingIncomeExpenseFromOperatingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51089": { "value": "-1464200000", "decimals": -5, "dimensions": { "concept": "GRO:OtherOperatingIncomeExpenseFromOperatingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51100": { "value": "101400000", "decimals": -5, "dimensions": { "concept": "GRO:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossAndGainsLossesOnDisposalsOfNonCurrentAssetsFromOperatingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51104": { "value": "30900000", "decimals": -5, "dimensions": { "concept": "GRO:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossAndGainsLossesOnDisposalsOfNonCurrentAssetsFromOperatingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51113": { "value": "-525800000", "decimals": -5, "dimensions": { "concept": "GRO:FinanceIncomeCostFromOperatingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51117": { "value": "-443700000", "decimals": -5, "dimensions": { "concept": "GRO:FinanceIncomeCostFromOperatingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51124": { "value": "-115900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51128": { "value": "-219300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51136": { "value": "123400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51140": { "value": "62200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51147": { "value": "-509800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51151": { "value": "367300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51162": { "value": "77300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51166": { "value": "67500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51173": { "value": "-432500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51177": { "value": "434800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51182": { "value": "-584700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51186": { "value": "278800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51194": { "value": "152200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51198": { "value": "156000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51205": { "value": "-4.28", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f51209": { "value": "1.59", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f51214": { "value": "0.29", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromDiscontinuedOperations", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f51218": { "value": "0.24", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromDiscontinuedOperations", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f51225": { "value": "-3.99", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f51229": { "value": "1.83", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f51234": { "value": "-4.35", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f51238": { "value": "1.59", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f51243": { "value": "0.28", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromDiscontinuedOperations", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f51247": { "value": "0.24", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromDiscontinuedOperations", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f51254": { "value": "-4.07", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f51258": { "value": "1.83", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f51311": { "value": "-432500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51315": { "value": "434800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51325": { "value": "39000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51329": { "value": "85100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51338": { "value": "-10600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiability", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51346": { "value": "-3618600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51350": { "value": "1434400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51359": { "value": "-3590300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51363": { "value": "1519500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51371": { "value": "101200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51375": { "value": "57100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51380": { "value": "-129200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51384": { "value": "44000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51391": { "value": "5700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51395": { "value": "-4600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51404": { "value": "-22300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51408": { "value": "96500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51413": { "value": "-3612600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51416": { "value": "1616000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51421": { "value": "-4045100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51425": { "value": "2050800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51429": { "value": "-4230800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51433": { "value": "1819500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51440": { "value": "185700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51444": { "value": "231300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51512": { "value": "653100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f51516": { "value": "3815800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f51519": { "value": "7169900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember", "unit": "iso4217:EUR" } }, "f51523": { "value": "-613700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f51526": { "value": "-294900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f51530": { "value": "8248000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f51533": { "value": "18978200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f51537": { "value": "1494700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f51541": { "value": "20472800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51547": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f51550": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f51553": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember", "unit": "iso4217:EUR" } }, "f51556": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f51559": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f51563": { "value": "278800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f51566": { "value": "278800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f51570": { "value": "156000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f51574": { "value": "434800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51580": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferBetweenRevaluationReserveAndRetainedEarnings", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f51583": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferBetweenRevaluationReserveAndRetainedEarnings", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f51587": { "value": "-557700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferBetweenRevaluationReserveAndRetainedEarnings", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember", "unit": "iso4217:EUR" } }, "f51591": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferBetweenRevaluationReserveAndRetainedEarnings", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f51594": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferBetweenRevaluationReserveAndRetainedEarnings", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f51598": { "value": "557700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferBetweenRevaluationReserveAndRetainedEarnings", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f51607": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f51610": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f51614": { "value": "1434400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember", "unit": "iso4217:EUR" } }, "f51617": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f51621": { "value": "37200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f51625": { "value": "69100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f51629": { "value": "1540700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f51633": { "value": "75300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f51637": { "value": "1616000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51645": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f51648": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f51652": { "value": "876700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember", "unit": "iso4217:EUR" } }, "f51655": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f51659": { "value": "37200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f51663": { "value": "905600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f51667": { "value": "1819500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f51670": { "value": "231300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f51673": { "value": "2050800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51679": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f51683": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f51687": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember", "unit": "iso4217:EUR" } }, "f51691": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f51695": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f51699": { "value": "380400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f51703": { "value": "380400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f51707": { "value": "72600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f51711": { "value": "453000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51717": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f51720": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f51723": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember", "unit": "iso4217:EUR" } }, "f51727": { "value": "-21500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f51731": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f51735": { "value": "-383100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f51738": { "value": "-404600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f51743": { "value": "-404600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51748": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f51751": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f51754": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember", "unit": "iso4217:EUR" } }, "f51757": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f51760": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f51764": { "value": "-37100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f51767": { "value": "-37100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f51770": { "value": "210800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f51774": { "value": "173600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51781": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f51785": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f51789": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember", "unit": "iso4217:EUR" } }, "f51793": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f51797": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f51801": { "value": "-44000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f51805": { "value": "-44000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f51809": { "value": "-7400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f51813": { "value": "-51400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51819": { "value": "653100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f51823": { "value": "3815800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f51826": { "value": "8046600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember", "unit": "iso4217:EUR" } }, "f51830": { "value": "-635200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f51833": { "value": "-257700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f51837": { "value": "8308900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f51840": { "value": "19931500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f51844": { "value": "1856800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f51848": { "value": "21788200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51854": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f51857": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f51860": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember", "unit": "iso4217:EUR" } }, "f51863": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f51866": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f51870": { "value": "-584700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f51873": { "value": "-584700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f51876": { "value": "152200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f51879": { "value": "-432500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51885": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferBetweenRevaluationReserveAndRetainedEarnings", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f51888": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferBetweenRevaluationReserveAndRetainedEarnings", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f51892": { "value": "-301800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferBetweenRevaluationReserveAndRetainedEarnings", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember", "unit": "iso4217:EUR" } }, "f51895": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferBetweenRevaluationReserveAndRetainedEarnings", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f51898": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferBetweenRevaluationReserveAndRetainedEarnings", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f51902": { "value": "301800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferBetweenRevaluationReserveAndRetainedEarnings", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f51911": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f51914": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f51918": { "value": "-3618600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember", "unit": "iso4217:EUR" } }, "f51922": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f51926": { "value": "54200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f51929": { "value": "-81700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f51932": { "value": "-3646100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f51936": { "value": "33500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f51939": { "value": "-3612600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51947": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f51950": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f51954": { "value": "-3920400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember", "unit": "iso4217:EUR" } }, "f51958": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f51962": { "value": "54200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f51965": { "value": "-364600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f51968": { "value": "-4230800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f51971": { "value": "185700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f51974": { "value": "-4045100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51984": { "value": "400700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f51987": { "value": "400700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f51990": { "value": "70300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f51993": { "value": "471100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f51999": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f52002": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f52005": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember", "unit": "iso4217:EUR" } }, "f52009": { "value": "-362700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f52013": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f52016": { "value": "-278900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f52019": { "value": "-641700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f52024": { "value": "-641700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52030": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f52034": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f52038": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember", "unit": "iso4217:EUR" } }, "f52042": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f52046": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f52050": { "value": "65200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f52054": { "value": "65200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f52058": { "value": "127000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f52062": { "value": "192200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52069": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f52073": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f52077": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember", "unit": "iso4217:EUR" } }, "f52081": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f52085": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f52089": { "value": "-3900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f52093": { "value": "-3900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f52097": { "value": "800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f52101": { "value": "-3000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52107": { "value": "653100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f52111": { "value": "3815800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f52115": { "value": "4126100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember", "unit": "iso4217:EUR" } }, "f52119": { "value": "-998000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f52122": { "value": "-203400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f52126": { "value": "7325900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f52129": { "value": "14719600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f52133": { "value": "2100000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f52136": { "value": "16819600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52145": { "value": "-432500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52163": { "value": "-3618600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember", "unit": "iso4217:EUR" } }, "f52167": { "value": "-301800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransferBetweenRevaluationReserveAndRetainedEarnings", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RevaluationSurplusMember", "unit": "iso4217:EUR" } }, "f52184": { "value": "2.75", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR/xbrli:shares" } }, "f52186": { "value": "2.5", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR/xbrli:shares" } }, "f52189": { "value": "400700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f52225": { "value": "805400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52229": { "value": "1041200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52235": { "value": "-432500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52238": { "value": "434800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52246": { "value": "162100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncomeTaxExpense", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52250": { "value": "89000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncomeTaxExpense", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52255": { "value": "225100000", "decimals": -5, "dimensions": { "concept": "GRO:AdjustmentsForInterestExpenseAndAdjustmentsForInterestIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52259": { "value": "146900000", "decimals": -5, "dimensions": { "concept": "GRO:AdjustmentsForInterestExpenseAndAdjustmentsForInterestIncome", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52265": { "value": "41900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52269": { "value": "151600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52277": { "value": "322300000", "decimals": -5, "dimensions": { "concept": "GRO:AdjustmentsForDividendIncomeFromNonCurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52281": { "value": "363100000", "decimals": -5, "dimensions": { "concept": "GRO:AdjustmentsForDividendIncomeFromNonCurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52290": { "value": "676500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52294": { "value": "567400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52301": { "value": "183000000", "decimals": -5, "dimensions": { "concept": "GRO:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossAndAdjustmentsForLossesGainsOnDisposalOfNonCurrentAssets", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52305": { "value": "-135500000", "decimals": -5, "dimensions": { "concept": "GRO:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossAndAdjustmentsForLossesGainsOnDisposalOfNonCurrentAssets", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52311": { "value": "853600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsForNoncashItems", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52315": { "value": "437500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsForNoncashItems", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52321": { "value": "6000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52325": { "value": "33500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52330": { "value": "131900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52334": { "value": "162800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52341": { "value": "322300000", "decimals": -5, "dimensions": { "concept": "GRO:DividendsReceivedFromNonCurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodClassifiedAsOperatingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52345": { "value": "363100000", "decimals": -5, "dimensions": { "concept": "GRO:DividendsReceivedFromNonCurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodClassifiedAsOperatingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52354": { "value": "19100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsOperatingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52358": { "value": "10800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsOperatingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52363": { "value": "170800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52367": { "value": "108600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52372": { "value": "395600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInWorkingCapital", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52376": { "value": "38000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInWorkingCapital", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52383": { "value": "-147300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsOperatingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52387": { "value": "-82200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsOperatingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52394": { "value": "-255200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52398": { "value": "-1542900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52406": { "value": "47100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52410": { "value": "79400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52416": { "value": "492600000", "decimals": -5, "dimensions": { "concept": "GRO:PurchaseOfFinancialAssetsAtFairValueClassifiedAsInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52420": { "value": "1113000000", "decimals": -5, "dimensions": { "concept": "GRO:PurchaseOfFinancialAssetsAtFairValueClassifiedAsInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52428": { "value": "1913300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52432": { "value": "1036200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52439": { "value": "635300000", "decimals": -5, "dimensions": { "concept": "GRO:PurchaseOfPropertyPlantAndEquipmentAndPurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52443": { "value": "453600000", "decimals": -5, "dimensions": { "concept": "GRO:PurchaseOfPropertyPlantAndEquipmentAndPurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52449": { "value": "1246400000", "decimals": -5, "dimensions": { "concept": "GRO:PurchaseOfOtherCurrentFinancialAssetsClassifiedAsInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52453": { "value": "3792800000", "decimals": -5, "dimensions": { "concept": "GRO:PurchaseOfOtherCurrentFinancialAssetsClassifiedAsInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52462": { "value": "35300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52466": { "value": "20900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52472": { "value": "1390300000", "decimals": -5, "dimensions": { "concept": "GRO:ProceedsFromSalesOfFinancialAssetsAtFairValueClassifiedAsInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52476": { "value": "2421300000", "decimals": -5, "dimensions": { "concept": "GRO:ProceedsFromSalesOfFinancialAssetsAtFairValueClassifiedAsInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52484": { "value": "228000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52488": { "value": "286900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52495": { "value": "20700000", "decimals": -5, "dimensions": { "concept": "GRO:ProceedsFromSalesOfPropertyPlantAndEquipmentAndProceedsFromSalesOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52499": { "value": "9400000", "decimals": -5, "dimensions": { "concept": "GRO:ProceedsFromSalesOfPropertyPlantAndEquipmentAndProceedsFromSalesOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52504": { "value": "2405200000", "decimals": -5, "dimensions": { "concept": "GRO:ProceedsFromSalesOfOtherCurrentFinancialAssetsClassifiedAsInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52508": { "value": "2193600000", "decimals": -5, "dimensions": { "concept": "GRO:ProceedsFromSalesOfOtherCurrentFinancialAssetsClassifiedAsInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52514": { "value": "51200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52518": { "value": "539400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52525": { "value": "28000000", "decimals": -5, "dimensions": { "concept": "GRO:IncreaseDecreaseInCapitalInNonControllingInterestsClassifiedAsFinancingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52529": { "value": "54600000", "decimals": -5, "dimensions": { "concept": "GRO:IncreaseDecreaseInCapitalInNonControllingInterestsClassifiedAsFinancingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52535": { "value": "400700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52539": { "value": "380400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52544": { "value": "82000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52548": { "value": "105100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52555": { "value": "2205600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52558": { "value": "2233100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52565": { "value": "1056100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52569": { "value": "857900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52574": { "value": "-643600000", "decimals": -5, "dimensions": { "concept": "GRO:PaymentsToAcquireOrRedeemEntitysSharesAndProceedsFromSaleOrIssueOfTreasuryShares", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52578": { "value": "-404900000", "decimals": -5, "dimensions": { "concept": "GRO:PaymentsToAcquireOrRedeemEntitysSharesAndProceedsFromSaleOrIssueOfTreasuryShares", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52583": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52592": { "value": "-5100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52596": { "value": "3200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52602": { "value": "596300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52606": { "value": "40800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52614": { "value": "1331600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52618": { "value": "1290800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52627": { "value": "1927900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52631": { "value": "1331600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52638": { "value": "-487000000", "decimals": -6, "dimensions": { "concept": "GRO:AdjustmentsForGainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52640": { "value": "256000000", "decimals": -6, "dimensions": { "concept": "GRO:AdjustmentsForGainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52645": { "value": "-414000000", "decimals": -6, "dimensions": { "concept": "GRO:AdjustmentsForGainsLossesOnFinancialLiabilitiesAtAmortisedCost", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52648": { "value": "-506000000", "decimals": -6, "dimensions": { "concept": "GRO:AdjustmentsForGainsLossesOnFinancialLiabilitiesAtAmortisedCost", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52654": { "value": "-1205000000", "decimals": -6, "dimensions": { "concept": "GRO:PurchaseOfOtherCurrentFinancialAssetsHeldForTradingClassifiedAsInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52656": { "value": "-3793000000", "decimals": -6, "dimensions": { "concept": "GRO:PurchaseOfOtherCurrentFinancialAssetsHeldForTradingClassifiedAsInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52663": { "value": "2390000000", "decimals": -6, "dimensions": { "concept": "GRO:ProceedsFromSalesOfOtherCurrentFinancialAssetsHeldForTradingClassifiedAsInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52665": { "value": "2158000000", "decimals": -6, "dimensions": { "concept": "GRO:ProceedsFromSalesOfOtherCurrentFinancialAssetsHeldForTradingClassifiedAsInvestingActivities", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52673": { "value": "160000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f52675": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "pp-value-5-2": { "value": "Accounting policiesconcern basis, in millions of euros, to one decimal place and rounded to the nearest hundred thousand euros.General accounting principles and applicable standardsThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union.Mandatory changes in accounting policiesThe following amended standards have been applied since the 2022 financial year. They did not have any material impact on GBL\u2019s consolidated financial statements. \u2013 Amendment to IFRS 16 Leases: COVID-19-Related Rent Concessions beyond 30 June 2021 (applicable for annual periods beginning on or after 1 April 2021). This amendment offers lessees an optional practical expedient to recognize any advantages granted by lessors as a result of the Covid-19 crisis, such as rent reductions or concessions. Lessees are exempt from having to consider individual lease contracts to determine whether the rent concessions agreed are lease modifications and simply credit the benefit to income as variable lease payments. The group did not receive any material advantages from its lessors as a result of the Covid-19 crisis, either in 2022 or 2021; \u2013 Amendment to IAS 16 Property, Plant and Equipment: Proceeds before Intended Use (applicable for annual periods beginning on or after January 1, 2022). These amendments require the recognition in profit or loss of amounts received from the sale of items produced during the development period of an item of property, plant and equipment, together with their production costs. No significant transactions were affected by this amendment in the years presented; \u2013 Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Onerous Contracts\u2013Cost of Fulfilling a Contract (applicable for annual periods beginning on or after January 1, 2022). These measures have been incorporated into the valuation rules for provisions for onerous contracts, without however generating a significant impact on the liabilities recognized in this respect for the years presented; \u2013 Amendments to IFRS 3 Business Combinations: Reference to the Conceptual Framework (applicable for annual periods beginning on or after January 1, 2022). This amendment updates the references to the Conceptual Framework in IFRS 3 without changing its terms; \u2013 Annual Improvements to IFRS Standards 2018\u20132020 (applicable for annual periods beginning on or after January 1, 2022); and \u2013 IFRS Interpretations Committee (IFRS IC) agenda decision on configuration or customization costs in a cloud computing arrangement (IAS 38 Intangible Assets). As of December 31, 2021, the group had indicated that a study was underway to assess the impacts of the IFRS IC agenda decision on the accounting for configuration and customization costs in Software as a Service (SaaS) contracts. The Committee\u2019s decision distinguishes two cases. In the first case, the entity recognizes an intangible asset for the configuration or customization of the SaaS, if this economic resource is controlled by the entity and access to it is restricted to third-party users. In the second case, if no intangible asset has been recognized for the configuration or customization of the SaaS, the service is expensed as the services are rendered. These clarifications, implemented by the group-wide impact assessment, led to the conclusion that the configuration and customization costs that should have been expensed as the services were rendered, when they had been recognized as intangible assets, were not material. The carrying amount of intangible assets at January 1, 2021 has therefore not been restated.First-time application of accounting policies \u2013 The occurrence of transactions, events or conditions that did not previously occur or were not significant may require the application of new accounting policies. In the first half of 2022, Turkey\u2019s economy became hyperin\ufb02ationary, requiring the first-time application of certain provisions of IAS 21 The Effects of Changes in Foreign Exchange Rates, IAS 29 Financial Reporting in Hyperin\ufb02ationary Economies and IFRIC 7 Applying the Restatement Approach under IAS 29. These new accounting policies have been applied to the group\u2019s main operations in Turkey. \u2013 As of January 1, 2022, the revaluation of non-monetary items has been recorded against the translation reserve, which has been adjusted by EUR 17 million after income taxes. \u2013 In Financial Year 2022, the revaluation of non-monetary items and income and expenses was recognized against a loss on net monetary position in income of EUR 6 million.Texts in force after the reporting dateGBL did not opt for the early adoption of the new and amended standards which entered into force after December 31, 2022, namely: \u2013 IFRS 17 Insurance Contracts (applicable for annual periods beginning on or after January 1, 2023); \u2013 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (applicable for annual periods beginning on or after January 1, 2023); \u2013 Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants (applicable for annual periods beginning on or after January 1, 2024 or later, but not yet endorsed in the EU); \u2013 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies (applicable for annual periods beginning on or after January 1, 2023); \u2013 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (applicable for annual periods beginning on or after January 1, 2023); \u2013 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (applicable for annual periods beginning on or after January 1, 2023); and \u2013 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (applicable for annual periods beginning on or after January 1, 2024, but not yet endorsed in the EU).The future application of these new and amended standards should not have a significant impact on the group\u2019s consolidated financial statements.Groupe Bruxelles Lambert SA (\u201cGBL\u201d) is a Belgian holding company listed on Euronext Brussels. Its consolidated financial statements cover a period of 12 months ended December 31, 2022. They were on a going approved by its Board of Directors on March 9, 2023Basis and scope of consolidationThe consolidated financial statements, prepared before appropriation of result, include those of GBL and its subsidiaries (the \u201cgroup\u201d) and the interests of the group in joint ventures and associates accounted for using the equity method. The important subsidiaries, joint ventures and associates close their accounts on December 31.Intangible assetsIntangible assets are recorded at cost less any accumulated amortization and potential impairment losses.Intangible assets with a finite useful life are amortized using the straight- line method over their estimated useful life.Intangible assets with an indefinite useful life are not amortized but are tested for impairment annually at the close of the financial year (or at an earlier date should there be an indication of impairment). When the recoverable amount of an asset is less than its carrying amount, this carrying amount is reduced to re\ufb02ect the loss of value.Intangible assets include brands, which may have a defined or indefinite useful life, determined according to the results of an analysis of the following criteria: (i) impact on customers, (ii) stability (versus an expected change in the short or medium term) and (iii) competitive environment.In the absence of any applicable standard or interpretation, Imerys treats greenhouse gas emission credits as intangible assets. Imerys holds these credits solely to prove the volume of its emissions and does not trade them, for example through forward purchases or sales. The recognized value of credits received free of charge is zero and credits purchased on the market are recognized at their purchase price. If the credits held are less than the actual emissions at the reporting date, a provision is recognized in profit or loss that is equal to the value of the credits to be purchased, measured at their market value (net liability method). Disposals are only related to surplus credits and are recognized in profit or loss as asset disposals.Business combinations and goodwillWhen the group acquires a business, the identifiable assets and liabilities of the acquired entity are recorded at fair value on the acquisition date.The counterparty transferred to a business combination corresponds to the fair value of the transferred assets (including cash), the assumed liabilities and the shareholders\u2019 equity instruments issued by the group in exchange for the control of the acquired entity. The costs directly related to the acquisition are generally recognized in profit or loss.Goodwill is calculated as the positive difference between the following two elements: \u2013 the sum of (i) the counterparty transferred and, where appropriate, (ii) the amount of the non-controlling interests (minority interests) in the acquired entity, and (iii) the fair value of interests already held by the group prior to acquiring the controlling interest; and \u2013 the net amount on the date of acquisition of the identifiable assets and liabilities acquired and assumed.If, after confirmation of the values, this difference proves to be negative, this amount is immediately recorded in the income statement as a gain from a bargain purchase.Goodwill is accounted for as an asset in the balance sheet under the heading \u201cGoodwill\u201d and is subject to an annual impairment test, which consists in comparing the recoverable amount of the cash generating units (\u201cCGU\u201d) to which the goodwill has been allocated with their carrying amount (including the goodwill). If the latter is higher, an impairment loss must be recorded in the income statement.In addition, in valuing goodwill as outlined above, the amount of the non-controlling interests can be valued on a case by case basis and at Controlled companiesControlled companies are entities for which GBL is exposed to variable returns because of ties to these entities and has the ability to in\ufb02uence these returns because of the control that GBL has over these entities. Controlled companies are consolidated.Intragroup balances and transactions as well as unrealized gains (losses) are eliminated. Newly acquired companies are consolidated as from the date of acquisition.Joint venturesA joint venture is a company over which GBL has joint control with one or more other parties and for which the parties have a claim to the company\u2019s net assets. Joint control is the contractually agreed sharing of the control exercised over a company, which only exists in cases where decisions regarding the relevant operations require the unanimous consent of the parties sharing control. These joint ventures are accounted for in the consolidated financial statements using the equity method.AssociatesIf the group has a significant in\ufb02uence in a company, the investment it holds in that company is considered as an associate company.Significant in\ufb02uence is the power to participate in decisions about financial and operational policies, but without exercising control or joint control over these policies.Associates are accounted for in the consolidated financial statements using the equity method.An investment is accounted for using the equity method as from the date it becomes an investment in an associate or joint venture. Under the equity method, the investment in an associate or joint venture is recorded at cost on initial recognition.In the absence of definition in the standards of the notion of cost, the group considers, in the event of a change from an \u201cother equity investment\u2013financial assets recognized at fair value through equity\u201d to an associate, the fair value at the date of the first equity method as the cost. The revaluation reserve accounted for until that date is transferred to consolidated reserves.GBL\u2019s choice, either at fair value (the so-called \u201cfull goodwill\u201d option) or at the share of the identifiable net asset in the acquired entity.When an activity is put up for sale, a share of the goodwill of the CGU to which the activity belongs is allocated to it and included in the measurement of its carrying amount. This allocation is made on the basis of the relative fair values of the business for sale and the retained portion of the CGU.Finally, where there are options to purchase non-controlling interests, the group has opted to eliminate any non-controlling interests at the time of acquisition. The financial liability resulting from this contract is reevaluated at each closing, with any subsequent change recognized in the income statement.Property, plant and equipmentFully owned property, plant and equipmentItems of property, plant and equipment are recorded under assets if they are controlled as a result of a deed of ownership. Items of property, plant and equipment are initially valued at acquisition or production cost.The cost of property, plant and equipment includes the cost of loans contracted to finance their construction or production when they necessitate a substantial period of time. The cost of the assets is reduced, where appropriate, by the amount of public subsidies used to finance their acquisition or construction.Leasehold property, plant and equipmentAll contracts that convey the right to use an item of non-substitutable property, plant and equipment for a period of time in exchange for consideration are recognized as right-of-use assets against a lease liability. This treatment applies to all leases except mine land leases, which are recognized in the manner described in the following paragraph, as well as immaterial leases (leases with terms of 12\u2248months or less and leases of low-value assets), for which payments are recognized as an expense.At Imerys level, easements, especially for pipelines used to connect mineral deposits, processing facilities and shipping facilities are analyzed as non-mine land leases. Right-of-use assets are initially measured at the value of the lease liability, plus any initial direct costs and equipment dismantling costs where necessary. Lease liabilities are measured at the discounted value of future lease payments due in accordance with a contractual payment schedule, adjusted for rent-free periods. Payments are therefore scheduled through to the reasonably certain end date of the lease, re\ufb02ecting the date beyond which the lease ceases to be legally enforceable. This date represents the end of the lease, adjusted for any options the lessee is able to exercise regarding early termination or extension and any restrictions the lessor is able to exercise. The lease payments taken into account in the calculation of the lease liabilities include the unconditional payments due in exchange for the right to use the asset, as well as the cost related to the early termination, extension or purchase clauses when it is reasonably certain they will be exercised. The liability calculation excludes any variable payment related to the use of the asset (at the level of Imerys, for example, a payment dependent on the actual number of hours a piece of mining equipment is used), as well as any payment for services rendered by the lessor (for example, at Imerys, rail car maintenance). In the absence of implicit interest rates, future payments determined in this way are discounted using the lessees\u2019 incremental borrowing rate.The first time deferred tax assets and liabilities are recognized, they are calculated separately for lease liabilities and right-of-use assets, respectively. In subsequent years, right-of-use assets are amortized under the headings \u201cOther operating income (expenses) from investing activities\u201d or \u201cDepreciation/amortization of property, plant, equipment and intangible assets\u201d of the consolidated income statement and lease liabilities are measured at amortized cost, which generates an interest expense that is recognized in financial income (loss).When an option is exercised, the lease must be reassessed to symmetrically adjust the carrying amounts of the lease liability and the right of use.Any modification to leases gives rise to such a symmetrical adjustment, except when the scope of the lease is restricted to reduce the capacity of the asset leased or the duration of the lease. In this situation, the carrying amount of the lease liability and the right-of-use are reduced in proportion to the reduction of the scope, impacting the income statement.Mining assetsIn the absence of any specific applicable standard or interpretation, Imerys has defined the following methods to recognize and measure mining assets. Prospection expenditure, i.e. searching for new sites with mineral producing potential and studying the technical feasibility and commercial viability of a geographical area, is immediately recognized as an expense under the heading \u201cOther operating income (expenses) from operating activities\u201d. Mineral reserves are included in property, plant and equipment. Freehold mineral deposits are initially measured at acquisition cost minus if the lease is entered into in the ordinary course of business. If the lease is acquired through a business combination, the acquisition cost of the deposit is measured at the fair value of the ore.Costs incurred to determine the tonnage of ore present in the deposit are added to the acquisition cost. Overburden work, i.e. the process of removing the topsoil to gain access to the deposit, is considered a component of mineral reserve assets. The initial measurement of overburden work includes production cost and the discounted value of restoration obligations as a result of the deterioration caused by such work. Mineral reserves and overburden assets are included under the heading \u201cProperty, plant and equipment\u201d. Mining assets are subsequently measured at cost, minus accumulated depreciation and any impairment loss.subsoil. Leasehold mineral deposits are measured at a value of nil Maintenance and repair costs are immediately expensed under \u201cOther operating income (expenses) from operating activities\u201d. cost of property, plant and equipment includes, in particular for satellite industrial installations built on clients\u2019 land, the present value of the rehabilitation or dismantling obligation, where such an obligation exists. Property, plant and equipment are subsequently valued at cost less accumulated depreciation and any accumulated impairment losses.The DepreciationDepreciation expense is spread over the expected useful life of the different categories of property, plant and equipment using the straight- line method. The estimated useful lives of the most significant items of property, plant and equipment fall into the following ranges: \u2013 buildings: 10 to 50 years; \u2013 industrial constructions: 10 to 30 years; \u2013 fixtures and fittings of buildings and constructions: 5 to 15 years; \u2013 machinery, equipment and technical fittings: 5 to 20 years; \u2013 vehicles: 2 to 5 years; and \u2013 other property, plant and equipment: 10 to 20 years. Land is not depreciated.Right-of-use assets held through leases are depreciated over the reasonably certain end date of the lease, unless the lessee is considering exercising their right to purchase the asset. In that case, the useful life of the asset leased is applied. Rights-of-use are depreciated or amortized on a straight-line basis, except, for Imerys, those applicable to bulk carriers, which are depreciated by is depreciated over its useful life, up to the end of the reasonably certain end date of the lease. Furthermore, Imerys does not consider the straight-line depreciation method appropriate to reflect the consumption of property, plant and equipment related to mining activities such as mineral reserves and overburden assets as well as certain industrial assets of discontinuous use. Depreciation of mining assets is therefore estimated in units of production on the basis of actual extraction, while operational monitoring units such as production or operating hours are used to estimate depreciation of industrial assets.A mineral reserve is depreciated to the quantity of the geological inventory of the deposit minus discounts for the geological uncertainty inherent to the resources. Overburden assets, a component of mineral reserve assets, are depreciated over the quantity of reserve to which they specifically give access. Subsoil, i.e. the area of land not part of the mineral deposit, is not depreciated since it is not consumed by mining operations.the number of journeys made. Freehold and leasehold equipment Other equity investmentsOther equity investments include investments in companies in which the group does not control nor exercise a significant influence, as defined above.Other equity investments are either quoted or private assets or unquoted funds.Quoted and private investments (Pernod Ricard, SGS, adidas, Umicore, Voodoo, etc.)These investments are recorded at fair value based on their stock market price at each closing date for quoted investments and on the valuation methods used for private investments.GBL has opted to account for changes in the fair value of quoted and private investments via equity (\u201cFinancial assets recognized at fair value through equity\u201d). These amounts will never be recycled in earnings, even in the event of the sale of securities or significant or prolonged loss of value. In the event of a sale, the accumulated revaluation reserves at the time of sale are reclassified to consolidated reserves.Unquoted funds (Upfield, Sagard funds, Kartesia funds, BDT Capital Partners II, Matador Coinvestment, etc.)Investments in funds are revalued at each closing at their fair value, determined by the managers of these funds, according to their investment portfolio.Based on the analysis of the characteristics of these unlisted funds, GBL determined that they were not eligible for the \u201cFair value through other comprehensive income\u201d option. Therefore, the changes in fair value are accounted for in profit or loss (\u201cFinancial assets recognized at fair value through profit or loss\u201d).Non-current assets held for sale and discontinued operationsWhen, at the reporting date, it is highly likely that non-current assets or groups of directly related assets and liabilities will be disposed of, they are designated as non-current assets or groups of assets held for sale. Their sale is considered highly likely if, on the reporting date, a plan to put them up for sale at a reasonable price in relation to their fair value has been organized in order to find a buyer and finalize their transfer within one year at most. Non-current assets or groups of assets held for sale are presented as separate assets and liabilities in the consolidated balance sheet, separately from the rest of the continuing operations, at the balance sheet date and without comparative information provided for prior periods. They are no longer depreciated at the date of designation as non-current assets or disposal groups and are valued at the lower of carrying amount or fair value less costs to sell. Non-current assets or groups of assets that will be shut down and not sold constitute non-current assets that are to be abandoned. When non-current assets or groups of assets held for sale or to be disposed of are allocated to a separate line item for the main operation and are to be abandoned as part of a single coordinated plan, they are categorized as discontinued operations and their related flows are disclosed separately in the income statement and statement of cash flows, as of the balance sheet date and in the comparative information provided for prior periods. As non-current assets or groups of assets held for sale are controlled until their disposal date, intra-group transactions between them and the rest of the continuing operations are eliminated in the statement of financial position and in the income statement, with the exception of transactions within the income statement that the discontinued operations will continue after the date of loss of control with the continuing operations. This presentation, which has no impact on the amount of consolidated net income, enables users of the financial statements to assess the impact of discontinued operations on the remaining continuing operations.InventoriesInventories are recorded as assets at the date on which the risks, rewards and control are transferred to the group. At the time of sale, their disposal is accounted for through an expense at the same date as the corresponding gain. Inventories are valued at the lower of production cost or net realizable value. When production is less than normal capacity, fixed costs specifically exclude the share corresponding to the sub- activity. Inventories presenting similar characteristics are valued under the same method. The methods used in the group are FIFO \u2013 First-In, First-Out \u2013 and the weighted average unit cost. When production cost cannot be recovered, it is lowered to net realization value under the conditions existing at the reporting date.Trade receivablesTrade receivables are initially recognized at their transaction price, when those do not contain an important financing component (determined in accordance with IFRS 15 Revenue from Contracts with Customers). The transaction price is the amount of consideration that the group expects to receive in exchange for the goods or services transferred.Subsequent to their initial recognition, trade receivables are valued at amortized cost, i.e. at fair value plus, where applicable, directly attributable transaction costs, increased or decreased, of accumulated amortization of any difference between this initial amount and the amount at maturity, and less any write-down for impairment or non- recoverability. At the end of the reporting period, a write-down is recognized for the value of expected credit losses. Such losses correspond to the estimated weighted probability of credit losses, i.e. the expected loss of cash over the life of the trade receivable, minus cash to be received from credit insurance where applicable. Impairment of assetsOther equity investmentsOther equity investments are not subject to impairment tests since any decrease in fair value, even significant or prolonged, is still recognized in equity for financial assets recognized at fair value through equity or, directly in profit or loss for financial assets recognized at fair value through profit or loss.Investments in equity-accounted entitiesWhen there is an objective indication of impairment of an investment accounted for using the equity method, an impairment test must be carried out, in accordance with IAS 36 Impairment of assets and IAS 28 Investments in Associates and Joint Ventures. The recoverable amount of the asset is estimated in order to compare it to its carrying amount and, where applicable, to recognize an impairment loss for the surplus. The recoverable amount is the highest of either the fair value less costs to sell or the value in use. The value in use corresponds to the future estimated discounted cash flows. When an impairment accounted for in an earlier period ceases to exist, the carrying amount is partially or totally restored. The reversal of an impairment loss is recorded immediately in profit.Property, plant and equipment and intangible assetsAt every reporting date, the group reviews the carrying amount of intangible assets and property, plant and equipment with finite useful life in order to assess whether there is any evidence of impairment of these assets.If there is any evidence of impairment, the asset\u2019s recoverable amount is estimated to compare it with its carrying amount. The recoverable amount is the higher of the asset\u2019s net sale price or its value in use. The value in use is the present value of estimated future cash \ufb02ows from the continuous use of an asset. Where it is not possible to estimate the recoverable amount of an asset individually, the group estimates the recoverable amount of the CGU to which the asset belongs. If the recoverable amount of the asset or of the CGU is estimated to be less than the carrying amount, the carrying value of the asset or of the CGU is lowered to its recoverable amount. An impairment loss is immediately recognized in expenses.When an impairment recorded during past financial years is no longer justified, the impairment loss on this asset or CGU is reversed in order to bring the asset or CGU back to a value corresponding to the new valuation of its recoverable amount.However, the carrying value of an asset or CGU may not exceed, following reversal of an impairment loss, the carrying value it would have had if no impairment had been recognized for the asset or CGU in previous years. The reversal of an impairment loss is recognized immediately as income.A receivable sold to a banking institution for financing purposes is only derecognized if the factoring agreement also transfers to the factor all the risks and rewards incidental to the receivable.Other financial assetsThe other financial assets are classified in one of the following two categories: \u2013 Amortized cost. Financial assets are measured at amortized cost when the objective of the business model is to collect the contractual cash \ufb02ows. These correspond mainly to cash and cash equivalents, as well as, to a lesser extent, to receivables related to dividends to be received. Cash and cash equivalents include bank deposits and fixed-term investments with a maturity date equal to or less than three months from the acquisition date. These are highly liquid investments indexed on a money market rate and the value of which is known or subject to very little uncertainty.Finally, the group derecognizes a financial asset only if the contractual rights to the cash \ufb02ows of the asset expire, or if the financial asset and \u2013 Fair value through profit or loss. Financial assets are measured at fair value through profit or loss when the objective of the business model is to both collect the contractual cash flows and make a trading profit in the short term. They are non-derivative financial assets held for trading and recognized as assets between the dates of purchase and disposal, and whose changes in fair value are recognized in other financial income and expenses (investing or operating activities) at market prices published at the closing date. This category also includes trading assets as well as derivative instruments other than hedge accounting.the group does not transfer or retain substantially all the risks and rewards of ownership and continues to control the transferred asset, the group then recognizes retained interests in that asset and an associated liability for amounts that it may have to pay. If the group retains substantially all the risks and rewards of owning a transferred financial asset, the group continues to recognize the financial asset and also recognizes a debt backed by the proceeds received.the associated risks and benefits are transferred to third parties. If Trade receivables and other financial assetsIFRS 9 Financial Instruments requires the application of a model based on anticipated losses on trade receivables and other financial assets. In particular, IFRS 9 requires, among other things, that the group recognizes an impairment loss on trade receivables and other financial assets as of the initial recognition date thereof.The assessment of expected credit losses is made on an individual or collective basis taking into account historical data on late payments, information on current circumstances, as well as forward-looking information.Appropriation of profitDividends paid by GBL to its shareholders are included as a reduction of shareholders\u2019 equity for their gross amount, i.e. before withholding tax. The financial statements are prepared before appropriation of profit.Incentive plansEquity-settled share-based plansGBL and Imerys stock options granted prior to November 7, 2002 have not been recorded in the consolidated financial statements in accordance with the transitional provisions of IFRS 2 Share-based Payment.Incentive plans granted as from November 7, 2002 are accounted for in accordance with IFRS 2. In accordance with this standard, the fair value of the options on the date of allocation is recorded in the income statement for the period of acquisition of the rights (\u201cvesting period\u201d). The options are valued by means of a valuation model generally accepted based on the market conditions prevailing at the time of their grant.Cash-settled share-based plansIf the arrangement is settled in cash, the group incurs a liability measured at fair value. Until the settlement of the liability, the fair value should be measured at each reporting date and at settlement date. The changes in fair value are recognized in the income statement of the period.Retirement benefits and other post- employment benefitsDefined benefit plansCommitments for defined benefit pension plans and similar obligations are valued using the projected credit unit method, in accordance with IAS 19 Employee Benefits. This valuation uses financial and demographic actuarial assumptions. These are used to value services rendered during the year on the basis of an estimate of the end-of-career salary.The provisions or assets recognized correspond to the present value of the obligation less the fair value of the plan\u2019s assets, which may be capped. The discount rates used to discount the obligations and calculate the resulting normative return on the assets are determined by referring to the yields of bonds issued by AA (high quality) rated companies within the main iBoxx GBP and USD Corporate AA indexes. Where negative interest rates arise, they are applied as published, without a \ufb02oor at zero.Contributions to funds and direct payments to beneficiaries as well as contributions and payments related to restructuring are recorded under \u201cEmployee expenses\u201d or \u201cOther operating income (expenses) from investing activities\u201d. Contributions to closed deficit plans with compulsory funding are recorded under \u201cFinancial income (expenses) from operating activities\u201d. The effect of these contributions in income statement is neutralized by reversals of provisions recognized in each of the items mentioned above. Other elements of the change in post- employment benefit plans are recorded in \u201cEmployee expenses\u201d or \u201cOther operating income (expenses) from investing activities\u201d, with the exception of the accretion of obligations and normative return on assets that are recognized under \u201cFinancial income (expenses) from investing activities\u201d or \u201cFinancial income (expenses) from operating activities\u201d.TaxesIncome taxes of the financial year include both current and deferred taxes. They are recorded in the income statement unless they relate to items directly recorded in shareholders\u2019 equity, in which case they are also recorded in shareholders\u2019 equity.Current taxes are the taxes to be paid on the taxable profit for the financial year and are calculated in accordance with the tax rates in effect or that will be in effect on the last day of the financial year, plus any adjustments relating to prior years.Deferred taxes are calculated in accordance with the liability method, which is applied to the temporary differences between the carrying amount and tax basis of the assets and liabilities recorded in the balance sheet.The following tax differences are disregarded: non tax-deductible goodwill and initial valuations of assets and liabilities not affecting the accounting and taxable profit.Deferred taxes are calculated according to the manner in which the related assets and liabilities are expected to be realized or settled, based on the tax rates in effect or that will be in effect on the last day of the financial year.Additionally, deferred tax liabilities related to investments in subsidiaries are not recorded when the group is able to control the date on which the temporary difference will reverse and when the group does not expect the temporary difference to reverse in the foreseeable future.Deferred tax assets are recorded if the taxable profits are likely to materialize in such a manner as to allow them to be offset against tax losses and tax credits.Finally, deferred tax assets and liabilities are offset by tax entity when the latter has the right to offset its current tax assets and liabilities and that the deferred tax assets and liabilities in question are levied by the same tax authority.Treasury sharesWhen treasury shares are bought (or sold), the amount paid (or received) is recorded as a decrease (or increase) in shareholders\u2019 equity.Movements in these shares are shown in the consolidated statement of changes in shareholders\u2019 equity. No profits or losses on these movements are recorded in the income statement.Administrative costs are recorded in \u201cEmployee expenses\u201d or \u201cOther operating income (expenses) from investing activities\u201d, except for the administrative expenses of the closed deficit plans with compulsory funding that are recorded under \u201cOther financial income (expenses) from operational activities\u201d.Plan amendments, reductions and liquidations are immediately recognized in profit or loss. Actuarial differences and caps relating to post-employment benefit plan assets are fully recognized in other comprehensive income, net of asset management fees, without reclassification to profit or loss in a subsequent period.Defined contribution plansThe group participates, in accordance with the regulations and corporate practices of each country, in the creation of retirement reserves for its staff, paying contributions on a mandatory or voluntary basis to external bodies such as pension funds, insurance companies or financial institutions.These plans are defined contribution plans, in other words they do not guarantee the level of benefits paid. These contributions are recorded under \u201cEmployee expenses\u201d or \u201cOther operating income (expenses) from investing activities\u201d.Current and non-current liabilitiesNon-current liabilities (bank loans and bonds) and current liabilities (bank deposits) are initially recognized in the accounting records at their fair value less, in the case of a financial liability that has not been recorded at fair value through the income statement, the transaction costs that are directly imputed to the issuance of the financial liability.After initial recording, they are valued at their amortized cost (initial amount less repayments of principal plus or minus the accumulated amortization of any difference between the initial amount and the value at maturity).The exchangeable or convertible bonds issued by the group are considered as hybrid instruments, i.e. containing both a bond component and an embedded derivative. At the date of issue, the fair value of the bond component is estimated based on the prevailing market interest rate for similar non-exchangeable or non-convertible bonds. The difference between the proceeds of issuance of the exchangeable or convertible bond and the fair value assigned to the bond component, representing the value of embedded option to exchange the bonds for shares, is included separately, depending on the option\u2019s maturity, in the heading \u201cOther current liabilities\u201d component is calculated by applying the prevailing interest market rate at the issuance date.Transaction costs related to the issue of convertible or exchangeable bonds are allocated to the \u201cliability\u201d and \u201cderivative\u201d components in proportion to the allocation of gross proceeds.Transaction costs related to the \u201cderivative\u201d component are recognized directly in profit or loss. Transaction costs related to the \u201cliability\u201d component are included in the carrying amount of the \u201cliability\u201d component and are amortized over the life of the convertible or exchangeable bonds using the effective interest rate method.or \u201cOther non-current liabilities\u201d. The interest cost of the bond Trade payables and other financial non-derivative liabilities are measured at amortized cost.The group derecognizes a financial liability if, and only if, its obligations are discharged, canceled or expired. The difference between the carrying amount of the derecognized financial liability and the consideration paid and payable is recognized in profit or lender for another instrument with substantially different terms, the exchange is recognized as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, if the contractual terms of an existing liability are substantially changed, the group also recognizes an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the contractual terms of the financial liability are substantially different if the present value of the cash flows under the new conditions, including any fees paid, net of fees collected and discounted at the original effective rate, is at least 10% different from the present value of the remaining cash \ufb02ows of the original financial liability.loss. ProvisionsProvisions are recorded at the reporting date when a group entity has an actual (legal or implicit) obligation resulting from a past event, when it is probable that an amount will have to be paid out to settle this obligation, and if the amount of the obligation can be determined reliably.The amount recorded as a provision should be the most accurate estimation of the expenditure required to meet the obligation existing at the reporting date.Provisions are recognized in profit or loss, apart from provisions for decommissioning and some provisions for rehabilitation, whose counterpart is included in the cost of assets whose construction has created the obligation. This treatment applies in particular to some of Imerys\u2019 industrial installations and overburden mineral assets.Provisions whose settlement is expected within twelve months after the reporting date or whose settlement may occur at any time are not discounted. Provisions whose settlement is expected more than twelve months after the reporting date are discounted.Changes in discounted provisions resulting from a revision of the amount of the obligation, its calendar or its discount rate are recognized in profit or loss, or for provisions recognized against assets, as an adjustment of the cost of the assets. The discounting is recognized as a debit in financial income (expenses).Provisions for restructuring costs are not recorded unless the group has approved a detailed and formal restructuring plan and if the restructuring has either begun or been publicly announced. Costs relating to the group\u2019s continuing operations are not taken into account.Derivative financial instrumentsThe group\u2019s consolidated operating companies use derivatives to reduce their exposure to various risks, in particular foreign exchange, interest rate and energy price risks. The sole purpose of these instruments is to hedge the economic risks to which they are exposed. Financial instruments are recognized at the transaction date, i.e. the date the hedge accounting contract is entered into. However, only those that fulfil the hedge accounting criteria laid down in IFRS 9 are given the accounting treatments described hereafter.Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are immediately recognized in profit or loss.Any transaction qualified as hedge accounting is documented by reference to the hedging strategy by identifying the hedged risk, the hedged item, the hedging instrument, the hedging relationship and the measurement method of the hedge relationship effectiveness. The measurement of the hedge relationship effectiveness is updated at every reporting date.Derivatives are measured at fair value on initial recognition. Fair value is subsequently remeasured at every reporting date by reference to market conditions and to IFRS 13 Fair Value Measurement.Derivatives recorded as assets or liabilities are classified in the headings \u201cOther non-current assets/liabilities\u201d and \u201cOther current assets/ liabilities\u201d depending on their maturity date. The recognition of hedging derivatives varies depending on whether they are designated as fair value hedges, cash \ufb02ow hedges or hedges of net investments in foreign operations.GBL also uses derivative instruments. It can carry out transactions using call or put options. These transactions are implemented with reference to thorough documentation and are subject to specific and appropriate prior analysis and systematic monitoring.Consolidated operating companies use different types of derivative financial instruments in various hedging strategies, as described below.Hedge of net investments in foreign operationsForeign currency translation adjustments generated by net assets held by the group\u2019s consolidated operating companies in foreign currencies can be hedged. At every reporting date, the effective share of the hedge is recognized in shareholders\u2019 equity and the ineffective portion in profit or loss.The effective portion in shareholders\u2019 equity is only reclassified as profit or loss in the case of loss of control over a consolidated activity or reduction of an interest in an activity under significant in\ufb02uence.Items denominated in foreign currenciesMonetary assets and liabilities denominated in foreign currencies in the accounting records of group companies are translated into euros using the exchange rates of the last day of the financial year. Unrealized differences on translation resulting from the application of this methodology are recorded as gains or losses of the financial year. Non- monetary assets and liabilities are recorded using the exchange rates applicable on the date of the transaction.In the consolidated financial statements, the group\u2019s assets and liabilities related to activities held abroad are converted at the closing rate.Items of income and expenses denominated in foreign currencies are converted into euros at the average exchange rate for the year. Foreign currency translation adjustments re\ufb02ecting the difference between the average rate and the rate on the last day of the year, are recognized in shareholders\u2019 equity under \u201cForeign currency translation adjustments\u201d. These foreign currency translation adjustments are recorded in profit or loss when the group disposes of the entity concerned.RevenueRevenue is made up of two elements: on the one hand, the sale of goods and on the other hand, the services rendered mainly made out of (i) the reinvoicing to customers of the cost of shipping goods, (ii) industrial services provided or (iii) services aimed at intervening in the management of the customer process or (iv) billings for medical treatment and services. The contractual commitments made by the group to transfer these goods and services to customers are categorized as performance obligations. When control of goods or services is transferred to customers, the performance obligation is deemed to have been satisfied and the revenue is recognized. Goods are therefore transferred to customers at a given point in time, which coincides with the transfer of all the risks and rewards defined in the contractual incoterms. The contract includes multiple incoterms due to the specificities as defined in contracts. However, while certain services, such as molding work, are rendered at a given point in time, most of the other services are transferred to customers over time, notably in the case of shipping services, for which the revenue is recognized after the delivery has been made, and certain specialized services in the construction of industrial facilities or services aimed at intervening in the management of the customer process and whose degree of completion is measured based on the actual level of production costs committed or based on the time spent. Collateral requirements on the sale of goods and rendering of services offer customers guarantees about the specifications agreed in the contracts, rather than an additional service on top of these guarantees.Fair value hedgeWhen changes in fair value of a recognized asset or liability or an unrecognized firm commitment may affect income, these changes may be covered by a fair value hedge. The hedged item and the hedging instrument are remeasured symmetrically in profit or loss at every reporting date. The impact in profit or loss is limited to the ineffective portion of the hedge.Cash \ufb02ow hedgeA cash flow hedge is used to cover unfavorable cash flow changes related to a recognized asset or liability or a highly likely future transaction when such changes are likely to affect profit or loss. At every reporting date, the effective share of the hedge and, if applicable, the changes in the time value of the options and futures points of the futures contracts, are recognized in shareholders\u2019 equity. The ineffective portion is recognized in profit or loss. When the transaction is recognized, items previously recognized in shareholders\u2019 equity are reclassified to profit or loss simultaneously with the recognition of the hedged item. In the event of a disqualification of a derivative, i.e. the interruption of hedge accounting, the effective portion of the hedge previously recognized in shareholders\u2019 equity is amortized to operating or financial result, depending on the nature of the hedged item.Consequently, guarantees are not recognized as performance obligations but as provisions.Sale of goods and rendering of services are measured at the fair value of the transaction, minus trade and volume rebates, as well as discounts for early payment.The main estimates are the following: \u2013 the valuation of the assets and liabilities of an acquired business (section \u201cScope of consolidation, associates and changes in group structure\u201d); \u2013 the principal assumptions related to goodwill impairment testing (note 10), intangible assets (note 9) and property, plant and equipment (note 11), such as the duration, the amount of future cash \ufb02ows as well as the discount rate and perpetual growth involved in computing the value in use of the tested assets. In particular, GBL has included in its estimates the uncertainties related to the risks and opportunities associated with climate change; \u2013 the valuation of unlisted assets or funds; \u2013 an estimate of the useful life of intangible assets with limited life (note 9) and property, plant and equipment (note 11); \u2013 estimates of indicators related to the climate and sustainable development that may create obligations for the group if they are not abided by, in particular estimates at Imerys: - the amount of greenhouse gas emissions generated by its industrial facilities and the need to purchase emission rights so as to assess the provisions covering any potential deficits (note 9); - the fulfilment of the sustainable development goals that Imerys must pursue and are indexed to Sustainability-Linked Bonds (note 17.2). \u2013 at Imerys, valuation methods to assess the acquisition cost of mining assets; in particular Imerys integrates the risks and opportunities related to climate change in the business plans used to draw up the geological inventory of mineral deposits, which is used as a base from which to calculate the acquisition cost (note 11); \u2013 estimate of reasonably certain lease terms of certain leases (note 11); \u2013 the estimation of in\ufb02ation levels incorporated in the valuation of certain future cash \ufb02ows, notably in the context of impairment tests (note 10), the valuation of other provisions (note 20) and the valuation of defined benefit plans (note 21); \u2013 the assessment, as part of the recognition and measurement of provisions, of the probability of settlement and amount of the obligation, of the expected timing of future payments and of discount rates (note 20); \u2013 actuarial assumptions for defined benefit plans (note 21); and \u2013 the assumptions related to the evaluation of debts on minority interests (note 22).Ontex, SGS, Voodoo and UmicoreGBL analyzed the accounting treatment to be applied to the investments in Ontex, SGS, Voodoo and Umicore and particularly the classification in (i) investments in associates (IAS 28), with the recognition of GBL\u2019s share in the profit or loss and shareholders\u2019 equity of Ontex, SGS, Voodoo and Umicore respectively or in (ii) other equity investments (IFRS 9), with the recognition of these investments at their fair value and the recognition of the dividend through profit or loss.InterestInterest income (expenses) include interest to be paid on loans and interest to be received on investments. Interest income received or interest charges paid are recorded prorata temporis in the consolidated statement of comprehensive income, taking into account the effective interest rate on the investment.DividendsDividends relating to other equity investments or trading securities are booked in profit or loss on the date on which their distribution is decided upon, unless these dividends clearly represent the recovery of a portion of the cost of the investment. The amount of withholding tax is recorded as a deduction of gross dividends.Changes in accounting policies and errorsA change in the accounting policies is only applied to meet the requirements of a standard or an interpretation, or if it gives more reliable and more relevant information. Changes in accounting policies are recognized retrospectively, except when specific transitional provisions are stated in a standard or an interpretation. When an error is detected, it is also retrospectively adjusted. No errors were corrected in 2022 or 2021.Main estimates and judgmentsDuring the preparation of the financial statements, the group makes a number of estimates and judgments relating to the recognition and measurement of its assets and liabilities. These assessments are intended to address the uncertain nature of the risks and opportunities to which the group\u2019s activities are exposed to. Among these, the risks and opportunities related to climate change, which may mainly impact Imerys\u2019 activities, are given particular attention. The group has decided to further integrate climate change and sustainable development issues into its strategy in order to reduce risks and create new opportunities for sustainable value creation. We refer to the ESG section. In this context, risks and opportunities are assessed in terms of market developments, physical risks and changes in the energy mix.Uncertainties inherent to the business require estimates to be made when preparing the financial statements. These estimates result from judgements aiming at providing a true and fair view based upon available and reliable information. An estimate is revised to re\ufb02ect changes in circumstances, new information available and effects linked to experience. Changes in estimates are accounted for on a prospective basis.When such estimates are established, they are explained in the notes on the items to which they relate.In accordance with IAS 28, it is assumed that a group does not exercise significant in\ufb02uence if the percentage holding is less than 20.00%, unless it can be clearly demonstrated. According to this standard, significant in\ufb02uence is usually demonstrated in the case of (i) representation on the Board of Directors, (ii) participation in policy-making processes, (iii) material transactions between the investor and the company owned, (iv) the interchange of managerial personnel or (v) the supply of critical technical information.As of December 31, 2022, those four investments are held respectively at 19.98%, 19.11%, 16.18% and 15.92%. The representation on the Board of Directors of those companies is not sufficient to demonstrate the existence of significant in\ufb02uence. Moreover, representation on the Board of Directors is limited to the mandates of the Directors and requires a resolution at General Shareholders\u2019 Meeting. In particular for listed companies, this representation does not come from a contractual or legal right. Taking these different factors into account, GBL has entered into the accounting treatment of its investments in Ontex, SGS, Voodoo and Umicore as other equity investments as of December 31, 2022.Exchange rates used2022 2021Closing rateUS Dollar 1.07 1.13Swiss franc0.981.03Average rateUS Dollar1.051.18Presentation of the consolidated financial statementsThe consolidated statement of comprehensive income separately presents:- Investing activitiesComponents of income resulting from investing activities, which include the operations of GBL and of its subsidiaries whose main purpose is investment management. This includes GBL Capital and Sienna Investment Managers as well as the profit (loss) of operating associates (Parques Reunidos/Piolin II) and non-consolidated operating companies (Pernod Ricard, SGS, adidas, Umicore, etc.); and- Consolidated operating activitiesComponents of income from consolidated operating activities, i.e. from consolidated operating companies (Imerys, Webhelp, Canyon, Sanoptis, Affidea as well as the sub-groups Sausalitos, Vanreusel, etc).7.1.7 Scope of consolidation, associates and joint ventures and changes in group structureFully consolidated subsidiariesInterest and voting rights (in %)Registered 2022 2021officeMain activityNameBelgian Securities BVAmsterdam100.0100.0HoldingBrussels Securities SABrussels100.0100.0HoldingGBL O SABrussels100.0100.0HoldingSagerpar SABrussels100.0100.0HoldingURDAC SABrussels100.0100.0HoldingFINPAR II SABrussels100.0100.0HoldingFINPAR III SABrussels100.0100.0HoldingFINPAR IV SABrussels100.0100.0HoldingFINPAR V SRLBrussels100.0100.0HoldingFINPAR VI SRL Brussels 100.0 100.0 HoldingFINPAR VII SRL Brussels 100.0 100.0 HoldingFinpar VIII SRLBrussels100.0-HoldingLTI Two SABrussels100.0100.0HoldingGBL Verwaltung SALuxembourg100.0100.0HoldingSapiens S\u00e0rlLuxembourg100.0100.0Holding Marnix Lux S\u00e0rl (group Webhelp and subsidiaries)Luxembourg61.359.2OperationalG.f.G. Topco S\u00e0rlLuxembourg100.0100.0Holding G.f.G. Capital S\u00e0rlLuxembourg90.588.9Holding Go-for-Gold Holding GmbH (group Canyon and subsidiaries) Koblenz 54.8 60.0 OperationalCeleste Capital S\u00e0rl (previously Altitude Holdco S\u00e0rl) Luxembourg 100.0 100.0 Holding Celeste InvestCo SALuxembourg100.0-Holding Celeste TopCo SALuxembourg99.5-Holding Celeste Midco 1 BVNetherlands100.0-Holding Celeste Midco 2 BVNetherlands100.0-Holding Celeste Midco 3 BVNetherlands100.0-Holding Celeste BidCo BV (group Affidea and subsidiaries)Netherlands100.0-OperationalSofia Capital S\u00e0rlLuxembourg100.0-Holding Sofia InvestCo SA Luxembourg 100.0 - Holding Sofia MasterCo SA Luxembourg 83.5 - Holding Sofia TopCo S\u00e0rlLuxembourg100.0-Holding Sofia Holdco S\u00e0rlLuxembourg100.0-Holding Sofia MidCo S\u00e0rlLuxembourg100.0-Holding Sofia BidCo S\u00e0rl (group Sanoptis and subsidiaries)Luxembourg100.0-OperationalArthur Capital S\u00e0rlLuxembourg100.0100.0HoldingGBL Energy S\u00e0rlLuxembourg100.0100.0HoldingSerena S\u00e0rlLuxembourg100.0100.0HoldingGBL Finance S\u00e0rl Luxembourg 100.0 100.0 HoldingEliott Capital S\u00e0rl Luxembourg 100.0 100.0 HoldingMiles Capital S\u00e0rlLuxembourg100.0100.0HoldingOwen Capital S\u00e0rlLuxembourg100.0100.0HoldingTheo Capital S\u00e0rlLuxembourg100.0100.0HoldingOliver Capital S\u00e0rlLuxembourg100.0100.0HoldingJade Capital S\u00e0rlLuxembourg100.0100.0HoldingVancouver Capital S\u00e0rlLuxembourg100.0 100.0HoldingGBL Investments LtdDublin100.0 100.0HoldingGBL Development Ltd London 100.0 100.0 OperationalGBL Advisors Ltd London 100.0 100.0 OperationalRCPE Consulting SASParis100.0100.0OperationalImerys SA (and subsidiaries)Paris54.6 54.6OperationalInterest and voting rights (in %)Registered 2022 2021officeMain activityNameSienna Capital Participations S\u00e0rl LuxembourgGBL Capital and SIM100.0(newly GBL Capital Participations S\u00e0rl)100.0Sienna Investment Managers SA (previously Sienna Capital S\u00e0rl)Luxembourg100.0 100.0GBL Capital and SIMSienna Euclide SALuxembourg100.0 -GBL Capital and SIMSienna Landlife SALuxembourg100.0 -GBL Capital and SIMSienna Capital Management SA (newly Sienna AM Luxembourg SA)Luxembourg100.0 100.0GBL Capital and SIMSienna Capital US LLCWilmington100.0 100.0GBL Capital and SIMSienna Capital Invest GP S\u00e0rl (newly GBL Capital Invest GP S\u00e0rl)Luxembourg100.0 100.0GBL Capital and SIMSienna Capital Invest SCSp (newly GBL Capital Invest SCSp) Luxembourg 100.0 100.0 GBL Capital and SIMSienna Capital London Ltd London 100.0 100.0 GBL Capital and SIMSienna Multistrategy Opportunities GP S\u00e0rl Luxembourg 100.0GBL Capital and SIM(previously Sienna Capital Opportunity GP S\u00e0rl)100.0Sienna Multistrategy Opportunities Fund S\u00e0rl Luxembourg 100.0GBL Capital and SIM(previously Sienna Capital Opportunity Fund S\u00e0rl)100.0Sienna Multistrategy Opportunities Carry S\u00e0rl Luxembourg 100.0GBL Capital and SIM(previously Sienna Capital Opportunity Carry S\u00e0rl)100.0Sienna Multistrategy Opportunities Master S\u00e0rl Luxembourg 100.0GBL Capital and SIM(previously Sienna Capital Opportunity Master S\u00e0rl)100.0Sienna Capital Co-Invest Master S\u00e0rlLuxembourg100.0100.0GBL Capital and SIMSienna PE Invest GP S\u00e0rl (previously Sienna IM Digital GP S\u00e0rl)Luxembourg100.0100.0GBL Capital and SIMSienna IM Digital Bonds SCA SICAV RAIFLuxembourg-100.0GBL Capital and SIMSienna Venture Capital GP S\u00e0rl Luxembourg 100.0 - GBL Capital and SIMSienna Venture Capital SAS Paris 100.0 - GBL Capital and SIMSienna Real Estate Solutions S\u00e0rlLuxembourg100.0100.0GBL Capital and SIMSienna Real Estate Partner JV Netherlands BV Amsterdam 89.4GBL Capital and SIM(group Sienna Real Estate and subsidiaries)89.4Sienna Gestion (group Sienna Gestion and subsidiaries)Paris66.6-GBL Capital and SIMSienna 2A SAS (group Sienna Private Credit and subsidiaries)Paris8 7. 5-GBL Capital and SIMSienna Private Equity SASParis75.0-GBL Capital and SIMErgon Capital Partners III SA (group ECP III and subsidiaries)Brussels89,989,9GBL Capital and SIMThe percentage of voting rights is identical to the percentage interest, with the exception of Imerys, for which the voting rights are 68.13%. An incentive plan has also been granted to the management of Ergon Capital Partners III, covering 16.67% of the shares.Associates and joint venturesAvanti AcquisitionStreetTeam Piolin II S\u00e0rl /Backed 1 LP Backed Backed Ergon Capital RATE SCSPSoftware LtdParques Encore 1 LP2 LPPartners SA\ue61fIN %\ue61eReunidosOfficeLuxembourgLondenLuxembourgJerseyJerseyJerseyBrusselsGBL Capital GBL Capital GBL Capital GBL Capital GBL Capital GBL Capital Leisure parksActivityand SIMand SIMand SIMand SIMand SIMand SIMDETENTION 202250.0 32.7 23.1 48.6 58.3 40.0 50.0RATE2021Detention rate50.0 32.8 23.1 48.6 58.3 40.0 50.0Ergon Capital Ergon Capital I.P.E. SRL,M\u00e9rieux Landlife Holding RATEPartners II SAPartners IVsubsidiary ofParticipations 2 S\u00e0rl\ue61fIN %\ue61eSCSPECP IIISASOfficeBrusselsLuxembourgBolognaLyonLuxembourgGBL Capital GBL Capital GBL Capital GBL Capital Home furnishingActivityand SIMand SIMand SIMand SIMDETENTION 202250.0 34.4 65.6 34.3 35.1RATE2021Detention rate50.0 34.4 65.6 34.3 -The percentage of voting rights is identical to the percentage interest.The group has analyzed the accounting treatment to be applied to the recognition of its investment in I.P.E. SRL (Visionnaire group) and has concluded that it only has a significant in\ufb02uence despite its 65.55% interest, based on the existence of a shareholders\u2019 agreement. The group reached the same conclusion regarding the consolidation method to be used to integrate the investments in Backed Encore 1 LP.As of December 31, 2022, GBL holds a stake in the funds Eight Partners Worldwide SAS (22.40%), Kartesia Credit Opportunities III SCA (31.11%), Sagard II B (74.65%), Sagard 3 FPCI (26.40%), Sagard NewGen FPCI (21.64%), Sagard Sant\u00e9 Animale FPCI (32.41%), Sagard Testing FPCI (63.72%), Sagard Business Intelligence FPCI (92.59%), PrimeStone Capital Fund ICAV (23.22%), Marcho Partners Feeder Fund ICAV (38.71%), C2 Capital Global Export-to-China Fund LP (26.96%), KKR Sigma Co-Invest II LP (34.90%), Predirec ABL-3 (Part B) (21.00%), HCM IV LP/HCM V LP/HCM S11A LP/HCM S3C LP (20.27%, 28.55%, 56.26% and 49.26% respectively) and has determined that it has no significant in\ufb02uence over those investments. These funds are therefore presented as other equity investments and are measured at fair value at each reporting date.In the rest of the notes, Ergon Capital Partners, Ergon Capital Partners II and Ergon Capital Partners IV have been referred to together under the name \u201cECP I, II & IV\u201d, while the name \u201cECP\u201d refers to these companies referred to above and Ergon Capital Partners III (\u201cECP III\u201d). Similarly, Backed 1 LP, Backed Encore 1 LP and Backed 2 LP entities will be referred to as \u201cBacked\u201d, the entity Piolin II S\u00e0rl as \u201cPiolin II\u201d, the entity StreetTeam Software Ltd. as \u201cStreetTeam\u201d and the entity Avanti Acquisition SCSP as \u201cAvanti Acquisition Corp.\u201d.Changes in group structureCompanies entering the group structureSanoptisOn July 1, 2022, GBL finalized the acquisition of a majority stake (89.38%) in Sanoptis, a major provider of ophthalmic services in Germany and Switzerland.The acquisition price amounts to EUR 847 million. Non-controlling interests amounted to EUR 90 million at the time of the acquisition. The fair value of the identifiable assets and liabilities at the date of acquisition was determined by an independent expert. Intangible assets (such as local brands in Switzerland and Germany, customer relationships and certain rights to receive insured patients) were revalued at EUR 564 million. Property, plant and equipment (such as the Sanoptis Group buildings and rights of use), financial liabilities (debts to minority shareholders) and deferred tax assets and liabilities were re-estimated. The goodwill resulting from the difference between these net assets and the value of the shareholding amounts to a definitive amount of EUR 860 million as of December 31, 2022. An amount of EUR 60 million has also been recognized as deferred tax assets relating to amortizable goodwill for tax purposes in the local accounts of certain subsidiaries, taking into account the absence of objective criteria for allocating the acquisition goodwill (monitored at a higher level) to the assets of these subsidiaries. The goodwill arising on the acquisition of this group is mainly linked to the growth forecasts and the expected future profitability. It is not expected to be deductible for tax purposes. The fair values of assets, liabilities and contingent liabilities are presented in the following table:IN EUR MILLION SanoptisNon-current assets825.9Current assets236.7Non-current liabilities916.2Current liabilities158.6NET ASSETS (12.1)Purchase price - paid in cash75 7. 3Fair value of non-controlling interests90.0TOTAL 8 4 7.4Goodwill859.6Acquired cash and cash equivalents 75.3Net cash flow 682.0Since its acquisition, Sanoptis group has generated a contribution of EUR 180 million to the turnover and EUR - 21 million to the net result for the year (group\u2019s share). If the acquisition had been completed on January 1, 2022, the additional contribution to the turnover would have been EUR 180 million and EUR - 4 million to the net result (group\u2019s share).AffideaOn July 22, 2022, GBL completed the acquisition of a majority stake (100.00%) in Affidea, Europe\u2019s largest provider of advanced imaging, outpatient and cancer treatment services.The acquisition price amounts to EUR 999 million. The fair value of the identifiable assets and liabilities at the date of acquisition was determined by an independent expert. Intangible assets (such as the Affidea brand, contracts and customer relationships) for a total amount of EUR 598 million, property, plant and equipment (such as the Affidea group\u2019s buildings and rights of use) and deferred tax liabilities were re-estimated. The goodwill resulting from the difference between these net assets and the value of the shareholding amounts to a definitive amount of EUR 883 million as of December 31, 2022. The goodwill arising on the acquisition of this group is mainly related to growth forecasts and expected future profitability. It is not expected to be deductible for tax purposes. The fair values of assets, liabilities and contingent liabilities are presented in the following table:IN EUR MILLION AffideaNon-current assets 1,063.2Current assets 233.9Non-current liabilities 981.7Current liabilities1 9 7.8NET ASSETS 117.6Non-controlling interests 1.4NET ASSETS ACQUIRED 116.1Purchase price - paid in cash999.0Fair value of non-controlling interests -TOTAL 999.0Goodwill 882.9Acquired cash and cash equivalents 95.4Net cash flow903,6Since its acquisition, Affidea group has contributed EUR 307 million to the turnover and EUR - 30 million to the net result for the year (group\u2019s share). If the acquisition had been completed on January 1, 2022, the additional contribution to the turnover would have been EUR 418 million and EUR 2 million to the net result (group\u2019s share).OtherFinally, the group also made other acquisitions in 2022 that were not individually significant. Those acquisitions generated a net cash out\ufb02ow of EUR 337 million.Acquisition accounts finalized in 2022OneLinkOn August 2, 2021, Webhelp had acquired OneLink for a purchase price of EUR 488 million (excluding acquisition costs of EUR 10 million and intra-group refinancing of EUR 32 million).The goodwill resulting from the difference between the net assets and the value of the shareholding amounts to a definitive amount of EUR 279 million at the time of the acquisition. The fair values of assets, liabilities and contingent liabilities are presented in the following table:IN EUR MILLION OneLinkNon-current assets243.7Current assets21.7Non-current liabilities28.8Current liabilities28.0NET ASSETS 208.6Purchase price - paid in cash4 8 7.6Goodwill279.0Acquired cash and cash equivalents 13.9Net cash flow 473.7Companies leaving the group structureECP IIIIn September 2022, ECP III sold its 67.48% stake in Indo, the first independent Spanish manufacturer of ophthalmic lenses and distributor of medical equipment for the eye care sector. The net consolidated capital gain on the sale amounts to EUR 43 million (group\u2019s share). The net cash in\ufb02ow on this sale amounted to EUR 68 million.OtherFinally, the group made marginally significant disposals in 2022 for a total cash in\ufb02ow of EUR 160 million.Note 1Segment informationIFRS 8 Operating Segments requires the identification of segments based on internal reports which are regularly presented to the main operating decision-maker for the purpose of managing the allocation of resources to the segments and assessing their performance.In conformity with IFRS 8, the group has identified seven segments: \u2013 Holding: consisting of the parent company GBL and its subsidiaries. Its main activity is to manage investments as well as the non-consolidated operating companies or associates; \u2013 Imerys: consisting of the Imerys group, a French group listed on Euronext Paris and holding leading positions in each of its two business lines: Performance Materials and High Temperature Materials & Solutions; \u2013 Webhelp: consisting of the Webhelp group, a non-listed French group, specialized in customer experience and business process outsourcing, as well as the dedicated investment vehicle, Sapiens S\u00e0rl; \u2013 Canyon: consisting of the Canyon group, a non-listed German group, the world leader in exclusively online direct-to-consumer (\u201cDTC\u201d) sales of premium bicycles, as well as the dedicated investment vehicle, GfG Capital; \u2013 Affidea: comprising the non-listed Affidea Group, leading European provider of advanced diagnostics and outpatient services, and the dedicated investment vehicles to Celeste Capital S\u00e0rl; (1) \u2013 Sanoptis: comprising the non-listed Sanoptis Group, a European leader in ophthalmology services including surgeries and diagnostics, and the dedicated investment vehicles to Sofia Capital S\u00e0rl; and \u2013 GBL Capital and Sienna Investment Managers (\u201cSIM\u201d) including: - GBL Capital, with its investment\u2019s activity, which includes investments in alternative funds and direct co-investments in private equity, as well as, under consolidated operating activities, the operating subsidiaries of ECP III (subgroups Sausalitos, Vanreusel, Indo, etc.); - Sienna Investment Managers, activity of third-party asset management, through its stake in Sienna Real Estate, Sienna Gestion and Sienna Private Credit.The results of a segment, its assets and its liabilities include all the items directly attributable to it. The accounting standards applied to these segments are the same as those described in the section entitled \u201cAccounting Policies\u201d.Note 29Financial instrumentsFair valueTo re\ufb02ect the importance of inputs used when measuring at fair value, the group classifies these valuations according to a hierarchy composed of the following levels: \u2013 level 1: listed prices (non-adjusted) on active markets for identical assets or liabilities; \u2013 level 2: inputs, other than the listed prices included in level 1, that are observable for the asset or liability concerned, either directly (i.e. prices) or indirectly (i.e. derived from prices); and \u2013 level 3: inputs related to the asset or liability that are not based on observable market data (non-observable inputs).Note 32Transactions with related partiesExternal related parties to GBLGBL\u2019s related parties are the Canadian group Power Corporation of Canada and the Belgian group Fr\u00e8re. These groups are for GBL the ultimate Pargesa SA is as such a related party of GBL. There is no contract between GBL and Pargesa SA.As of December 31, 2022 and 2021, there were no transactions with these related parties, except for the provision of services to the Fr\u00e8re and Power Corporation of Canada groups for an amount of EUR 1 million as of December 31, 2022 (EUR 0 million as of December 31, 2021).group heads. Pargesa SA which controls GBL. Through their joint venture Parjointco SA, they exercise joint control over the Swiss group", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-5-3": { "value": "Accounting policiesconcern basis, in millions of euros, to one decimal place and rounded to the nearest hundred thousand euros.Groupe Bruxelles Lambert SA (\u201cGBL\u201d) is a Belgian holding company listed on Euronext Brussels. Its consolidated financial statements cover a period of 12 months ended December 31, 2022. They were on a going approved by its Board of Directors on March 9, 2023", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-13-5": { "value": "They were approved by its Board of Directors on March 9, 2023Note 33Events after the reporting periodMeasures to enhance shareholder returns: treasury share buybacksBetween January 2 and March 7, 2023, GBL acquired 1.2 million GBL shares, accounting for 0.8% of the shares representing the capital and valued at EUR 93 million on March 7, 2023. The fifth envelope of share buybacks was 81.2% executed at that date.On March 9, 2023, the Board of Directors approved a sixth envelope of EUR 500 million to be allocated to share buybacks.Pernod RicardFrom January 16 to February 1, 2023, GBL completed its disposal plan, selling 0.6 million shares of Pernod Ricard for EUR 110 million, reducing its holding from 6.9% of the capital to 6.7%. GBL remains the largest shareholder after the reference family shareholder. This operation generated (1)a net capital gain of EUR 76 million based on the historical acquisition price.MowiFrom February 16 to March 7, 2023, GBL sold 2.9 million shares of Mowi, reducing its holding from 1.9% of the capital to 1.3%, for proceeds of (1)EUR 47 million. This operation generated a net capital loss of EUR 2 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-6-2": { "value": "concern basis, in millions of euros, to one decimal place and rounded to the nearest hundred thousand euros.Groupe Bruxelles Lambert SA (\u201cGBL\u201d) is a Belgian holding company listed on Euronext Brussels. Its consolidated financial statements cover a period of 12 months ended December 31, 2022. They were on a going approved by its Board of Directors on March 9, 2023", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-6-3": { "value": "concern basis, in millions of euros, to one decimal place and rounded to the nearest hundred thousand euros.Groupe Bruxelles Lambert SA (\u201cGBL\u201d) is a Belgian holding company listed on Euronext Brussels. Its consolidated financial statements cover a period of 12 months ended December 31, 2022. They were on a going approved by its Board of Directors on March 9, 2023", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-6-4": { "value": "concern basis, in millions of euros, to one decimal place and rounded to the nearest hundred thousand euros.Groupe Bruxelles Lambert SA (\u201cGBL\u201d) is a Belgian holding company listed on Euronext Brussels. Its consolidated financial statements cover a period of 12 months ended December 31, 2022. They were on a going approved by its Board of Directors on March 9, 2023", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-7-2": { "value": "General accounting principles and applicable standardsThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-7-3": { "value": "General accounting principles and applicable standardsThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-8-2": { "value": "Mandatory changes in accounting policiesThe following amended standards have been applied since the 2022 financial year. They did not have any material impact on GBL\u2019s consolidated financial statements. \u2013 Amendment to IFRS 16 Leases: COVID-19-Related Rent Concessions beyond 30 June 2021 (applicable for annual periods beginning on or after 1 April 2021). This amendment offers lessees an optional practical expedient to recognize any advantages granted by lessors as a result of the Covid-19 crisis, such as rent reductions or concessions. Lessees are exempt from having to consider individual lease contracts to determine whether the rent concessions agreed are lease modifications and simply credit the benefit to income as variable lease payments. The group did not receive any material advantages from its lessors as a result of the Covid-19 crisis, either in 2022 or 2021; \u2013 Amendment to IAS 16 Property, Plant and Equipment: Proceeds before Intended Use (applicable for annual periods beginning on or after January 1, 2022). These amendments require the recognition in profit or loss of amounts received from the sale of items produced during the development period of an item of property, plant and equipment, together with their production costs. No significant transactions were affected by this amendment in the years presented; \u2013 Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Onerous Contracts\u2013Cost of Fulfilling a Contract (applicable for annual periods beginning on or after January 1, 2022). These measures have been incorporated into the valuation rules for provisions for onerous contracts, without however generating a significant impact on the liabilities recognized in this respect for the years presented; \u2013 Amendments to IFRS 3 Business Combinations: Reference to the Conceptual Framework (applicable for annual periods beginning on or after January 1, 2022). This amendment updates the references to the Conceptual Framework in IFRS 3 without changing its terms; \u2013 Annual Improvements to IFRS Standards 2018\u20132020 (applicable for annual periods beginning on or after January 1, 2022); and \u2013 IFRS Interpretations Committee (IFRS IC) agenda decision on configuration or customization costs in a cloud computing arrangement (IAS 38 Intangible Assets). As of December 31, 2021, the group had indicated that a study was underway to assess the impacts of the IFRS IC agenda decision on the accounting for configuration and customization costs in Software as a Service (SaaS) contracts. The Committee\u2019s decision distinguishes two cases. In the first case, the entity recognizes an intangible asset for the configuration or customization of the SaaS, if this economic resource is controlled by the entity and access to it is restricted to third-party users. In the second case, if no intangible asset has been recognized for the configuration or customization of the SaaS, the service is expensed as the services are rendered. These clarifications, implemented by the group-wide impact assessment, led to the conclusion that the configuration and customization costs that should have been expensed as the services were rendered, when they had been recognized as intangible assets, were not material. The carrying amount of intangible assets at January 1, 2021 has therefore not been restated.First-time application of accounting policies \u2013 The occurrence of transactions, events or conditions that did not previously occur or were not significant may require the application of new accounting policies. In the first half of 2022, Turkey\u2019s economy became hyperin\ufb02ationary, requiring the first-time application of certain provisions of IAS 21 The Effects of Changes in Foreign Exchange Rates, IAS 29 Financial Reporting in Hyperin\ufb02ationary Economies and IFRIC 7 Applying the Restatement Approach under IAS 29. These new accounting policies have been applied to the group\u2019s main operations in Turkey. \u2013 As of January 1, 2022, the revaluation of non-monetary items has been recorded against the translation reserve, which has been adjusted by EUR 17 million after income taxes. \u2013 In Financial Year 2022, the revaluation of non-monetary items and income and expenses was recognized against a loss on net monetary position in income of EUR 6 million.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-10-2": { "value": "Texts in force after the reporting dateGBL did not opt for the early adoption of the new and amended standards which entered into force after December 31, 2022, namely: \u2013 IFRS 17 Insurance Contracts (applicable for annual periods beginning on or after January 1, 2023); \u2013 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (applicable for annual periods beginning on or after January 1, 2023); \u2013 Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants (applicable for annual periods beginning on or after January 1, 2024 or later, but not yet endorsed in the EU); \u2013 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies (applicable for annual periods beginning on or after January 1, 2023); \u2013 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (applicable for annual periods beginning on or after January 1, 2023); \u2013 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (applicable for annual periods beginning on or after January 1, 2023); and \u2013 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (applicable for annual periods beginning on or after January 1, 2024, but not yet endorsed in the EU).The future application of these new and amended standards should not have a significant impact on the group\u2019s consolidated financial statements.", "dimensions": { "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-17-2": { "value": "Intangible assetsIntangible assets are recorded at cost less any accumulated amortization and potential impairment losses.Intangible assets with a finite useful life are amortized using the straight- line method over their estimated useful life.Intangible assets with an indefinite useful life are not amortized but are tested for impairment annually at the close of the financial year (or at an earlier date should there be an indication of impairment). When the recoverable amount of an asset is less than its carrying amount, this carrying amount is reduced to re\ufb02ect the loss of value.Intangible assets include brands, which may have a defined or indefinite useful life, determined according to the results of an analysis of the following criteria: (i) impact on customers, (ii) stability (versus an expected change in the short or medium term) and (iii) competitive environment.In the absence of any applicable standard or interpretation, Imerys treats greenhouse gas emission credits as intangible assets. Imerys holds these credits solely to prove the volume of its emissions and does not trade them, for example through forward purchases or sales. The recognized value of credits received free of charge is zero and credits purchased on the market are recognized at their purchase price. If the credits held are less than the actual emissions at the reporting date, a provision is recognized in profit or loss that is equal to the value of the credits to be purchased, measured at their market value (net liability method). Disposals are only related to surplus credits and are recognized in profit or loss as asset disposals.Property, plant and equipment and intangible assetsAt every reporting date, the group reviews the carrying amount of intangible assets and property, plant and equipment with finite useful life in order to assess whether there is any evidence of impairment of these assets.If there is any evidence of impairment, the asset\u2019s recoverable amount is estimated to compare it with its carrying amount. The recoverable amount is the higher of the asset\u2019s net sale price or its value in use. The value in use is the present value of estimated future cash \ufb02ows from the continuous use of an asset. Where it is not possible to estimate the recoverable amount of an asset individually, the group estimates the recoverable amount of the CGU to which the asset belongs. If the recoverable amount of the asset or of the CGU is estimated to be less than the carrying amount, the carrying value of the asset or of the CGU is lowered to its recoverable amount. An impairment loss is immediately recognized in expenses.When an impairment recorded during past financial years is no longer justified, the impairment loss on this asset or CGU is reversed in order to bring the asset or CGU back to a value corresponding to the new valuation of its recoverable amount.However, the carrying value of an asset or CGU may not exceed, following reversal of an impairment loss, the carrying value it would have had if no impairment had been recognized for the asset or CGU in previous years. The reversal of an impairment loss is recognized immediately as income.Note 9Intangible assetsSoftware Mining rights Patents, Trade-Customer Other Totallicenses and marksrelationsIN EUR MILLIONconcessionsGross carrying amount As of December 31, 2020 199.9 3.5 248.4 176.5 498.7 193.6 1,320.5Investments36.8(0.6)0.6--12.949.7Changes in group structure/Business 7. 2 - 33.3 304.4 282.0 76.3 703.3combinationsTransfers between categories20.6(0.2)(35.9)(1.8)41.5(20.2)3.9Disposals and retirements(2.1)-(1.5)--(3.0)(6.6)Foreign currency translation adjustments4.00.1(9.4)-(0.6)10.54.6Other-----(0.8)(0.8)As of December 31, 2021266.52.8235.5479.1821.6269.22,074.6Investments 29.0 0.2 0.8 - - 55.3 85.3Changes in group structure/Business 8.2 - 13.4 86.0 713.2 542.9 1,363.6combinationsTransfers between categories14.0-(3.2)--(12.5)(1.8)Disposals and retirements(9.7)-(7.8)(10.2)(19.7)(6.3)(53.7)Foreign currency translation adjustments1.10.0(3.3)-4.31.73.8Other(11.6)(0.4)(35.7)(0.1)(0.3)(16.7)(64.7)AS OF DECEMBER 31, 2022 2 97. 4 2.6 199.8 554.8 1,519.1 833.5 3 ,4 0 7. 2Cumulated amortizationAs of December 31, 2020(128.1)(1.0)(41.9)(4.4)(38.4)(106.1)(319.8)Amortization(28.7)0.1(8.6)(9.9)(55.5)(34.1)(136.6)Impairment (losses)/reversals(0.3)-(0.2)--(0.0)(0.5)Transfers between categories(12.6)0.39.92.1(15.1)10.8(4.7)Disposals and retirements1.9-1.0--3.15.9Foreign currency translation adjustments (3.5) (0.0) (0.8) - (0.1) (1.0) (5.5)Changes in group structure/Other(3.9)-2.0-0.0(1.4)(3.3)As of December 31, 2021(175.3)(0.7)(38.6)(12.2)(109.0)(128.8)(464.6)Amortization(32.5)(0.2)(2.6)(15.2)(85.8)(24.8)(161.1)Impairment (losses)/reversals-----(0.1)(0.1)Transfers between categories(2.9)-2.6--1.91.6Disposals and retirements10.2-7.14.07.70.329.3Foreign currency translation adjustments(1.2)(0.0)(0.1)-0.6(1.1)(1.9)Changes in group structure/Other6.70.16.4-0.111.925.1AS OF DECEMBER 31, 2022 (195.1) (0.7) (25.2) (23.4) (186.4) (140.7) (571.6)Net carrying amount As of December 31, 202071.82.5206.5172.1460.38 7. 51,000.7As of December 31, 202191.12.1196.8466.9712.7140.51,610.0AS OF DECEMBER 31, 2022 102.3 1.9 1 74.5 531.4 1,332.7 692.8 2,835.6Of which: Holding0.5----0.61.1Imerys52.01.91 4 7. 8--85.92 87. 5Webhelp42.0 - 4.4 148.3 622.3 16.6 833.6Canyon 1.2 - 3.3 286.5 36.5 45.9 373.4Affidea3.4--78.2508.1-589.7Sanoptis0.8-0.25.2129.35 2 7. 9663.5GBL Capital and SIM2.4-18.913.236.516.086.8The intangible assets with an indefinite useful life amount to EUR 653 million as of December 31, 2022 \u2013 presented under the heading \u201cTrademarks\u201d and \u201cOther\u201d (EUR 155 million as of December 31, 2021 \u2013 presented under the heading \u201cTrademarks\u201d and \u201cOther\u201d). These mainly include the valuation at Sanoptis of the rights to receive insured patients (EUR 498 million). are shown under \u201cOther operating income (expenses) from investing activities\u201d and \u201cDepreciation/ amortization of property, plant, equipment and intangible assets\u2013consolidated operating activities\u201d in the consolidated income statement.The depreciation charges for the various periods Research and development costs in 2022 amounted to EUR 42 million (EUR 38 million in 2021).The heading \u201cChanges in group structure/Business combinations\u201d in 2022 includes mainly the impact of the acquisitions of Sanoptis and Affidea.Regarding the emission rights, Imerys is subject to greenhouse gas regulation schemes at eleven of its facilities in Europe and one facility in the US. In 2022, Imerys used 100.0% of the emission rights allocated to its eligible facilities (100.0% in 2021). As the estimated volume of greenhouse gas emissions exceeded the emission rights in 2022, the group has set aside a provision of EUR 8 million at December 31, 2022 to cover the deficit (EUR 1 million at December 31, 2021).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-17-4": { "value": "Intangible assetsIntangible assets are recorded at cost less any accumulated amortization and potential impairment losses.Intangible assets with a finite useful life are amortized using the straight- line method over their estimated useful life.Intangible assets with an indefinite useful life are not amortized but are tested for impairment annually at the close of the financial year (or at an earlier date should there be an indication of impairment). When the recoverable amount of an asset is less than its carrying amount, this carrying amount is reduced to re\ufb02ect the loss of value.Intangible assets include brands, which may have a defined or indefinite useful life, determined according to the results of an analysis of the following criteria: (i) impact on customers, (ii) stability (versus an expected change in the short or medium term) and (iii) competitive environment.In the absence of any applicable standard or interpretation, Imerys treats greenhouse gas emission credits as intangible assets. Imerys holds these credits solely to prove the volume of its emissions and does not trade them, for example through forward purchases or sales. The recognized value of credits received free of charge is zero and credits purchased on the market are recognized at their purchase price. If the credits held are less than the actual emissions at the reporting date, a provision is recognized in profit or loss that is equal to the value of the credits to be purchased, measured at their market value (net liability method). Disposals are only related to surplus credits and are recognized in profit or loss as asset disposals.Business combinations and goodwillWhen the group acquires a business, the identifiable assets and liabilities of the acquired entity are recorded at fair value on the acquisition date.The counterparty transferred to a business combination corresponds to the fair value of the transferred assets (including cash), the assumed liabilities and the shareholders\u2019 equity instruments issued by the group in exchange for the control of the acquired entity. The costs directly related to the acquisition are generally recognized in profit or loss.Goodwill is calculated as the positive difference between the following two elements: \u2013 the sum of (i) the counterparty transferred and, where appropriate, (ii) the amount of the non-controlling interests (minority interests) in the acquired entity, and (iii) the fair value of interests already held by the group prior to acquiring the controlling interest; and \u2013 the net amount on the date of acquisition of the identifiable assets and liabilities acquired and assumed.If, after confirmation of the values, this difference proves to be negative, this amount is immediately recorded in the income statement as a gain from a bargain purchase.Goodwill is accounted for as an asset in the balance sheet under the heading \u201cGoodwill\u201d and is subject to an annual impairment test, which consists in comparing the recoverable amount of the cash generating units (\u201cCGU\u201d) to which the goodwill has been allocated with their carrying amount (including the goodwill). If the latter is higher, an impairment loss must be recorded in the income statement.In addition, in valuing goodwill as outlined above, the amount of the non-controlling interests can be valued on a case by case basis and at GBL\u2019s choice, either at fair value (the so-called \u201cfull goodwill\u201d option) or at the share of the identifiable net asset in the acquired entity.When an activity is put up for sale, a share of the goodwill of the CGU to which the activity belongs is allocated to it and included in the measurement of its carrying amount. This allocation is made on the basis of the relative fair values of the business for sale and the retained portion of the CGU.Finally, where there are options to purchase non-controlling interests, the group has opted to eliminate any non-controlling interests at the time of acquisition. The financial liability resulting from this contract is reevaluated at each closing, with any subsequent change recognized in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-17-5": { "value": "Intangible assetsIntangible assets are recorded at cost less any accumulated amortization and potential impairment losses.Intangible assets with a finite useful life are amortized using the straight- line method over their estimated useful life.Intangible assets with an indefinite useful life are not amortized but are tested for impairment annually at the close of the financial year (or at an earlier date should there be an indication of impairment). When the recoverable amount of an asset is less than its carrying amount, this carrying amount is reduced to re\ufb02ect the loss of value.Intangible assets include brands, which may have a defined or indefinite useful life, determined according to the results of an analysis of the following criteria: (i) impact on customers, (ii) stability (versus an expected change in the short or medium term) and (iii) competitive environment.In the absence of any applicable standard or interpretation, Imerys treats greenhouse gas emission credits as intangible assets. Imerys holds these credits solely to prove the volume of its emissions and does not trade them, for example through forward purchases or sales. The recognized value of credits received free of charge is zero and credits purchased on the market are recognized at their purchase price. If the credits held are less than the actual emissions at the reporting date, a provision is recognized in profit or loss that is equal to the value of the credits to be purchased, measured at their market value (net liability method). Disposals are only related to surplus credits and are recognized in profit or loss as asset disposals.Property, plant and equipment and intangible assetsAt every reporting date, the group reviews the carrying amount of intangible assets and property, plant and equipment with finite useful life in order to assess whether there is any evidence of impairment of these assets.If there is any evidence of impairment, the asset\u2019s recoverable amount is estimated to compare it with its carrying amount. The recoverable amount is the higher of the asset\u2019s net sale price or its value in use. The value in use is the present value of estimated future cash \ufb02ows from the continuous use of an asset. Where it is not possible to estimate the recoverable amount of an asset individually, the group estimates the recoverable amount of the CGU to which the asset belongs. If the recoverable amount of the asset or of the CGU is estimated to be less than the carrying amount, the carrying value of the asset or of the CGU is lowered to its recoverable amount. An impairment loss is immediately recognized in expenses.When an impairment recorded during past financial years is no longer justified, the impairment loss on this asset or CGU is reversed in order to bring the asset or CGU back to a value corresponding to the new valuation of its recoverable amount.However, the carrying value of an asset or CGU may not exceed, following reversal of an impairment loss, the carrying value it would have had if no impairment had been recognized for the asset or CGU in previous years. The reversal of an impairment loss is recognized immediately as income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-18-6": { "value": "Intangible assets with a finite useful life are amortized using the straight- line method over their estimated useful life.DepreciationDepreciation expense is spread over the expected useful life of the different categories of property, plant and equipment using the straight- line method. The estimated useful lives of the most significant items of property, plant and equipment fall into the following ranges: \u2013 buildings: 10 to 50 years; \u2013 industrial constructions: 10 to 30 years; \u2013 fixtures and fittings of buildings and constructions: 5 to 15 years; \u2013 machinery, equipment and technical fittings: 5 to 20 years; \u2013 vehicles: 2 to 5 years; and \u2013 other property, plant and equipment: 10 to 20 years. Land is not depreciated.Right-of-use assets held through leases are depreciated over the reasonably certain end date of the lease, unless the lessee is considering exercising their right to purchase the asset. In that case, the useful life of the asset leased is applied. Rights-of-use are depreciated or amortized on a straight-line basis, except, for Imerys, those applicable to bulk carriers, which are depreciated by is depreciated over its useful life, up to the end of the reasonably certain end date of the lease. Furthermore, Imerys does not consider the straight-line depreciation method appropriate to reflect the consumption of property, plant and equipment related to mining activities such as mineral reserves and overburden assets as well as certain industrial assets of discontinuous use. Depreciation of mining assets is therefore estimated in units of production on the basis of actual extraction, while operational monitoring units such as production or operating hours are used to estimate depreciation of industrial assets.A mineral reserve is depreciated to the quantity of the geological inventory of the deposit minus discounts for the geological uncertainty inherent to the resources. Overburden assets, a component of mineral reserve assets, are depreciated over the quantity of reserve to which they specifically give access. Subsoil, i.e. the area of land not part of the mineral deposit, is not depreciated since it is not consumed by mining operations.the number of journeys made. Freehold and leasehold equipment ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-20-6": { "value": "In the absence of any applicable standard or interpretation, Imerys treats greenhouse gas emission credits as intangible assets. Imerys holds these credits solely to prove the volume of its emissions and does not trade them, for example through forward purchases or sales. The recognized value of credits received free of charge is zero and credits purchased on the market are recognized at their purchase price. If the credits held are less than the actual emissions at the reporting date, a provision is recognized in profit or loss that is equal to the value of the credits to be purchased, measured at their market value (net liability method). Disposals are only related to surplus credits and are recognized in profit or loss as asset disposals.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-21-2": { "value": "Business combinations and goodwillWhen the group acquires a business, the identifiable assets and liabilities of the acquired entity are recorded at fair value on the acquisition date.The counterparty transferred to a business combination corresponds to the fair value of the transferred assets (including cash), the assumed liabilities and the shareholders\u2019 equity instruments issued by the group in exchange for the control of the acquired entity. The costs directly related to the acquisition are generally recognized in profit or loss.Goodwill is calculated as the positive difference between the following two elements: \u2013 the sum of (i) the counterparty transferred and, where appropriate, (ii) the amount of the non-controlling interests (minority interests) in the acquired entity, and (iii) the fair value of interests already held by the group prior to acquiring the controlling interest; and \u2013 the net amount on the date of acquisition of the identifiable assets and liabilities acquired and assumed.If, after confirmation of the values, this difference proves to be negative, this amount is immediately recorded in the income statement as a gain from a bargain purchase.Goodwill is accounted for as an asset in the balance sheet under the heading \u201cGoodwill\u201d and is subject to an annual impairment test, which consists in comparing the recoverable amount of the cash generating units (\u201cCGU\u201d) to which the goodwill has been allocated with their carrying amount (including the goodwill). If the latter is higher, an impairment loss must be recorded in the income statement.In addition, in valuing goodwill as outlined above, the amount of the non-controlling interests can be valued on a case by case basis and at GBL\u2019s choice, either at fair value (the so-called \u201cfull goodwill\u201d option) or at the share of the identifiable net asset in the acquired entity.When an activity is put up for sale, a share of the goodwill of the CGU to which the activity belongs is allocated to it and included in the measurement of its carrying amount. This allocation is made on the basis of the relative fair values of the business for sale and the retained portion of the CGU.Finally, where there are options to purchase non-controlling interests, the group has opted to eliminate any non-controlling interests at the time of acquisition. The financial liability resulting from this contract is reevaluated at each closing, with any subsequent change recognized in the income statement.Changes in group structureCompanies entering the group structureSanoptisOn July 1, 2022, GBL finalized the acquisition of a majority stake (89.38%) in Sanoptis, a major provider of ophthalmic services in Germany and Switzerland.The acquisition price amounts to EUR 847 million. Non-controlling interests amounted to EUR 90 million at the time of the acquisition. The fair value of the identifiable assets and liabilities at the date of acquisition was determined by an independent expert. Intangible assets (such as local brands in Switzerland and Germany, customer relationships and certain rights to receive insured patients) were revalued at EUR 564 million. Property, plant and equipment (such as the Sanoptis Group buildings and rights of use), financial liabilities (debts to minority shareholders) and deferred tax assets and liabilities were re-estimated. The goodwill resulting from the difference between these net assets and the value of the shareholding amounts to a definitive amount of EUR 860 million as of December 31, 2022. An amount of EUR 60 million has also been recognized as deferred tax assets relating to amortizable goodwill for tax purposes in the local accounts of certain subsidiaries, taking into account the absence of objective criteria for allocating the acquisition goodwill (monitored at a higher level) to the assets of these subsidiaries. The goodwill arising on the acquisition of this group is mainly linked to the growth forecasts and the expected future profitability. It is not expected to be deductible for tax purposes. The fair values of assets, liabilities and contingent liabilities are presented in the following table:IN EUR MILLION SanoptisNon-current assets825.9Current assets236.7Non-current liabilities916.2Current liabilities158.6NET ASSETS (12.1)Purchase price - paid in cash75 7. 3Fair value of non-controlling interests90.0TOTAL 8 4 7.4Goodwill859.6Acquired cash and cash equivalents 75.3Net cash flow 682.0Since its acquisition, Sanoptis group has generated a contribution of EUR 180 million to the turnover and EUR - 21 million to the net result for the year (group\u2019s share). If the acquisition had been completed on January 1, 2022, the additional contribution to the turnover would have been EUR 180 million and EUR - 4 million to the net result (group\u2019s share).AffideaOn July 22, 2022, GBL completed the acquisition of a majority stake (100.00%) in Affidea, Europe\u2019s largest provider of advanced imaging, outpatient and cancer treatment services.The acquisition price amounts to EUR 999 million. The fair value of the identifiable assets and liabilities at the date of acquisition was determined by an independent expert. Intangible assets (such as the Affidea brand, contracts and customer relationships) for a total amount of EUR 598 million, property, plant and equipment (such as the Affidea group\u2019s buildings and rights of use) and deferred tax liabilities were re-estimated. The goodwill resulting from the difference between these net assets and the value of the shareholding amounts to a definitive amount of EUR 883 million as of December 31, 2022. The goodwill arising on the acquisition of this group is mainly related to growth forecasts and expected future profitability. It is not expected to be deductible for tax purposes. The fair values of assets, liabilities and contingent liabilities are presented in the following table:IN EUR MILLION AffideaNon-current assets 1,063.2Current assets 233.9Non-current liabilities 981.7Current liabilities1 9 7.8NET ASSETS 117.6Non-controlling interests 1.4NET ASSETS ACQUIRED 116.1Purchase price - paid in cash999.0Fair value of non-controlling interests -TOTAL 999.0Goodwill 882.9Acquired cash and cash equivalents 95.4Net cash flow903,6Since its acquisition, Affidea group has contributed EUR 307 million to the turnover and EUR - 30 million to the net result for the year (group\u2019s share). If the acquisition had been completed on January 1, 2022, the additional contribution to the turnover would have been EUR 418 million and EUR 2 million to the net result (group\u2019s share).OtherFinally, the group also made other acquisitions in 2022 that were not individually significant. Those acquisitions generated a net cash out\ufb02ow of EUR 337 million.Acquisition accounts finalized in 2022OneLinkOn August 2, 2021, Webhelp had acquired OneLink for a purchase price of EUR 488 million (excluding acquisition costs of EUR 10 million and intra-group refinancing of EUR 32 million).The goodwill resulting from the difference between the net assets and the value of the shareholding amounts to a definitive amount of EUR 279 million at the time of the acquisition. The fair values of assets, liabilities and contingent liabilities are presented in the following table:IN EUR MILLION OneLinkNon-current assets243.7Current assets21.7Non-current liabilities28.8Current liabilities28.0NET ASSETS 208.6Purchase price - paid in cash4 8 7.6Goodwill279.0Acquired cash and cash equivalents 13.9Net cash flow 473.7", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-21-5": { "value": "Business combinations and goodwillWhen the group acquires a business, the identifiable assets and liabilities of the acquired entity are recorded at fair value on the acquisition date.The counterparty transferred to a business combination corresponds to the fair value of the transferred assets (including cash), the assumed liabilities and the shareholders\u2019 equity instruments issued by the group in exchange for the control of the acquired entity. The costs directly related to the acquisition are generally recognized in profit or loss.Goodwill is calculated as the positive difference between the following two elements: \u2013 the sum of (i) the counterparty transferred and, where appropriate, (ii) the amount of the non-controlling interests (minority interests) in the acquired entity, and (iii) the fair value of interests already held by the group prior to acquiring the controlling interest; and \u2013 the net amount on the date of acquisition of the identifiable assets and liabilities acquired and assumed.If, after confirmation of the values, this difference proves to be negative, this amount is immediately recorded in the income statement as a gain from a bargain purchase.Goodwill is accounted for as an asset in the balance sheet under the heading \u201cGoodwill\u201d and is subject to an annual impairment test, which consists in comparing the recoverable amount of the cash generating units (\u201cCGU\u201d) to which the goodwill has been allocated with their carrying amount (including the goodwill). If the latter is higher, an impairment loss must be recorded in the income statement.In addition, in valuing goodwill as outlined above, the amount of the non-controlling interests can be valued on a case by case basis and at GBL\u2019s choice, either at fair value (the so-called \u201cfull goodwill\u201d option) or at the share of the identifiable net asset in the acquired entity.When an activity is put up for sale, a share of the goodwill of the CGU to which the activity belongs is allocated to it and included in the measurement of its carrying amount. This allocation is made on the basis of the relative fair values of the business for sale and the retained portion of the CGU.Finally, where there are options to purchase non-controlling interests, the group has opted to eliminate any non-controlling interests at the time of acquisition. The financial liability resulting from this contract is reevaluated at each closing, with any subsequent change recognized in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-21-6": { "value": "Business combinations and goodwillWhen the group acquires a business, the identifiable assets and liabilities of the acquired entity are recorded at fair value on the acquisition date.The counterparty transferred to a business combination corresponds to the fair value of the transferred assets (including cash), the assumed liabilities and the shareholders\u2019 equity instruments issued by the group in exchange for the control of the acquired entity. The costs directly related to the acquisition are generally recognized in profit or loss.Goodwill is calculated as the positive difference between the following two elements: \u2013 the sum of (i) the counterparty transferred and, where appropriate, (ii) the amount of the non-controlling interests (minority interests) in the acquired entity, and (iii) the fair value of interests already held by the group prior to acquiring the controlling interest; and \u2013 the net amount on the date of acquisition of the identifiable assets and liabilities acquired and assumed.If, after confirmation of the values, this difference proves to be negative, this amount is immediately recorded in the income statement as a gain from a bargain purchase.Goodwill is accounted for as an asset in the balance sheet under the heading \u201cGoodwill\u201d and is subject to an annual impairment test, which consists in comparing the recoverable amount of the cash generating units (\u201cCGU\u201d) to which the goodwill has been allocated with their carrying amount (including the goodwill). If the latter is higher, an impairment loss must be recorded in the income statement.In addition, in valuing goodwill as outlined above, the amount of the non-controlling interests can be valued on a case by case basis and at GBL\u2019s choice, either at fair value (the so-called \u201cfull goodwill\u201d option) or at the share of the identifiable net asset in the acquired entity.When an activity is put up for sale, a share of the goodwill of the CGU to which the activity belongs is allocated to it and included in the measurement of its carrying amount. This allocation is made on the basis of the relative fair values of the business for sale and the retained portion of the CGU.Finally, where there are options to purchase non-controlling interests, the group has opted to eliminate any non-controlling interests at the time of acquisition. The financial liability resulting from this contract is reevaluated at each closing, with any subsequent change recognized in the income statement.Changes in group structureCompanies entering the group structureSanoptisOn July 1, 2022, GBL finalized the acquisition of a majority stake (89.38%) in Sanoptis, a major provider of ophthalmic services in Germany and Switzerland.The acquisition price amounts to EUR 847 million. Non-controlling interests amounted to EUR 90 million at the time of the acquisition. The fair value of the identifiable assets and liabilities at the date of acquisition was determined by an independent expert. Intangible assets (such as local brands in Switzerland and Germany, customer relationships and certain rights to receive insured patients) were revalued at EUR 564 million. Property, plant and equipment (such as the Sanoptis Group buildings and rights of use), financial liabilities (debts to minority shareholders) and deferred tax assets and liabilities were re-estimated. The goodwill resulting from the difference between these net assets and the value of the shareholding amounts to a definitive amount of EUR 860 million as of December 31, 2022. An amount of EUR 60 million has also been recognized as deferred tax assets relating to amortizable goodwill for tax purposes in the local accounts of certain subsidiaries, taking into account the absence of objective criteria for allocating the acquisition goodwill (monitored at a higher level) to the assets of these subsidiaries. The goodwill arising on the acquisition of this group is mainly linked to the growth forecasts and the expected future profitability. It is not expected to be deductible for tax purposes. The fair values of assets, liabilities and contingent liabilities are presented in the following table:IN EUR MILLION SanoptisNon-current assets825.9Current assets236.7Non-current liabilities916.2Current liabilities158.6NET ASSETS (12.1)Purchase price - paid in cash75 7. 3Fair value of non-controlling interests90.0TOTAL 8 4 7.4Goodwill859.6Acquired cash and cash equivalents 75.3Net cash flow 682.0Since its acquisition, Sanoptis group has generated a contribution of EUR 180 million to the turnover and EUR - 21 million to the net result for the year (group\u2019s share). If the acquisition had been completed on January 1, 2022, the additional contribution to the turnover would have been EUR 180 million and EUR - 4 million to the net result (group\u2019s share).AffideaOn July 22, 2022, GBL completed the acquisition of a majority stake (100.00%) in Affidea, Europe\u2019s largest provider of advanced imaging, outpatient and cancer treatment services.The acquisition price amounts to EUR 999 million. The fair value of the identifiable assets and liabilities at the date of acquisition was determined by an independent expert. Intangible assets (such as the Affidea brand, contracts and customer relationships) for a total amount of EUR 598 million, property, plant and equipment (such as the Affidea group\u2019s buildings and rights of use) and deferred tax liabilities were re-estimated. The goodwill resulting from the difference between these net assets and the value of the shareholding amounts to a definitive amount of EUR 883 million as of December 31, 2022. The goodwill arising on the acquisition of this group is mainly related to growth forecasts and expected future profitability. It is not expected to be deductible for tax purposes. The fair values of assets, liabilities and contingent liabilities are presented in the following table:IN EUR MILLION AffideaNon-current assets 1,063.2Current assets 233.9Non-current liabilities 981.7Current liabilities1 9 7.8NET ASSETS 117.6Non-controlling interests 1.4NET ASSETS ACQUIRED 116.1Purchase price - paid in cash999.0Fair value of non-controlling interests -TOTAL 999.0Goodwill 882.9Acquired cash and cash equivalents 95.4Net cash flow903,6Since its acquisition, Affidea group has contributed EUR 307 million to the turnover and EUR - 30 million to the net result for the year (group\u2019s share). If the acquisition had been completed on January 1, 2022, the additional contribution to the turnover would have been EUR 418 million and EUR 2 million to the net result (group\u2019s share).OtherFinally, the group also made other acquisitions in 2022 that were not individually significant. Those acquisitions generated a net cash out\ufb02ow of EUR 337 million.Acquisition accounts finalized in 2022OneLinkOn August 2, 2021, Webhelp had acquired OneLink for a purchase price of EUR 488 million (excluding acquisition costs of EUR 10 million and intra-group refinancing of EUR 32 million).The goodwill resulting from the difference between the net assets and the value of the shareholding amounts to a definitive amount of EUR 279 million at the time of the acquisition. The fair values of assets, liabilities and contingent liabilities are presented in the following table:IN EUR MILLION OneLinkNon-current assets243.7Current assets21.7Non-current liabilities28.8Current liabilities28.0NET ASSETS 208.6Purchase price - paid in cash4 8 7.6Goodwill279.0Acquired cash and cash equivalents 13.9Net cash flow 473.7Companies leaving the group structureECP IIIIn September 2022, ECP III sold its 67.48% stake in Indo, the first independent Spanish manufacturer of ophthalmic lenses and distributor of medical equipment for the eye care sector. The net consolidated capital gain on the sale amounts to EUR 43 million (group\u2019s share). The net cash in\ufb02ow on this sale amounted to EUR 68 million.OtherFinally, the group made marginally significant disposals in 2022 for a total cash in\ufb02ow of EUR 160 million.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-21-7": { "value": "Business combinations and goodwillWhen the group acquires a business, the identifiable assets and liabilities of the acquired entity are recorded at fair value on the acquisition date.The counterparty transferred to a business combination corresponds to the fair value of the transferred assets (including cash), the assumed liabilities and the shareholders\u2019 equity instruments issued by the group in exchange for the control of the acquired entity. The costs directly related to the acquisition are generally recognized in profit or loss.Goodwill is calculated as the positive difference between the following two elements: \u2013 the sum of (i) the counterparty transferred and, where appropriate, (ii) the amount of the non-controlling interests (minority interests) in the acquired entity, and (iii) the fair value of interests already held by the group prior to acquiring the controlling interest; and \u2013 the net amount on the date of acquisition of the identifiable assets and liabilities acquired and assumed.If, after confirmation of the values, this difference proves to be negative, this amount is immediately recorded in the income statement as a gain from a bargain purchase.Goodwill is accounted for as an asset in the balance sheet under the heading \u201cGoodwill\u201d and is subject to an annual impairment test, which consists in comparing the recoverable amount of the cash generating units (\u201cCGU\u201d) to which the goodwill has been allocated with their carrying amount (including the goodwill). If the latter is higher, an impairment loss must be recorded in the income statement.In addition, in valuing goodwill as outlined above, the amount of the non-controlling interests can be valued on a case by case basis and at GBL\u2019s choice, either at fair value (the so-called \u201cfull goodwill\u201d option) or at the share of the identifiable net asset in the acquired entity.When an activity is put up for sale, a share of the goodwill of the CGU to which the activity belongs is allocated to it and included in the measurement of its carrying amount. This allocation is made on the basis of the relative fair values of the business for sale and the retained portion of the CGU.Finally, where there are options to purchase non-controlling interests, the group has opted to eliminate any non-controlling interests at the time of acquisition. The financial liability resulting from this contract is reevaluated at each closing, with any subsequent change recognized in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-22-8": { "value": "In addition, in valuing goodwill as outlined above, the amount of the non-controlling interests can be valued on a case by case basis and at GBL\u2019s choice, either at fair value (the so-called \u201cfull goodwill\u201d option) or at the share of the identifiable net asset in the acquired entity.When an activity is put up for sale, a share of the goodwill of the CGU to which the activity belongs is allocated to it and included in the measurement of its carrying amount. This allocation is made on the basis of the relative fair values of the business for sale and the retained portion of the CGU.Finally, where there are options to purchase non-controlling interests, the group has opted to eliminate any non-controlling interests at the time of acquisition. The financial liability resulting from this contract is reevaluated at each closing, with any subsequent change recognized in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-16-2": { "value": "Basis and scope of consolidationThe consolidated financial statements, prepared before appropriation of result, include those of GBL and its subsidiaries (the \u201cgroup\u201d) and the interests of the group in joint ventures and associates accounted for using the equity method. The important subsidiaries, joint ventures and associates close their accounts on December 31.Controlled companiesControlled companies are entities for which GBL is exposed to variable returns because of ties to these entities and has the ability to in\ufb02uence these returns because of the control that GBL has over these entities. Controlled companies are consolidated.Intragroup balances and transactions as well as unrealized gains (losses) are eliminated. Newly acquired companies are consolidated as from the date of acquisition.Joint venturesA joint venture is a company over which GBL has joint control with one or more other parties and for which the parties have a claim to the company\u2019s net assets. Joint control is the contractually agreed sharing of the control exercised over a company, which only exists in cases where decisions regarding the relevant operations require the unanimous consent of the parties sharing control. These joint ventures are accounted for in the consolidated financial statements using the equity method.AssociatesIf the group has a significant in\ufb02uence in a company, the investment it holds in that company is considered as an associate company.Significant in\ufb02uence is the power to participate in decisions about financial and operational policies, but without exercising control or joint control over these policies.Associates are accounted for in the consolidated financial statements using the equity method.An investment is accounted for using the equity method as from the date it becomes an investment in an associate or joint venture. Under the equity method, the investment in an associate or joint venture is recorded at cost on initial recognition.In the absence of definition in the standards of the notion of cost, the group considers, in the event of a change from an \u201cother equity investment\u2013financial assets recognized at fair value through equity\u201d to an associate, the fair value at the date of the first equity method as the cost. The revaluation reserve accounted for until that date is transferred to consolidated reserves.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-23-4": { "value": "Controlled companiesControlled companies are entities for which GBL is exposed to variable returns because of ties to these entities and has the ability to in\ufb02uence these returns because of the control that GBL has over these entities. Controlled companies are consolidated.Intragroup balances and transactions as well as unrealized gains (losses) are eliminated. Newly acquired companies are consolidated as from the date of acquisition.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-24-4": { "value": "Joint venturesA joint venture is a company over which GBL has joint control with one or more other parties and for which the parties have a claim to the company\u2019s net assets. Joint control is the contractually agreed sharing of the control exercised over a company, which only exists in cases where decisions regarding the relevant operations require the unanimous consent of the parties sharing control. These joint ventures are accounted for in the consolidated financial statements using the equity method.AssociatesIf the group has a significant in\ufb02uence in a company, the investment it holds in that company is considered as an associate company.Significant in\ufb02uence is the power to participate in decisions about financial and operational policies, but without exercising control or joint control over these policies.Associates are accounted for in the consolidated financial statements using the equity method.An investment is accounted for using the equity method as from the date it becomes an investment in an associate or joint venture. Under the equity method, the investment in an associate or joint venture is recorded at cost on initial recognition.In the absence of definition in the standards of the notion of cost, the group considers, in the event of a change from an \u201cother equity investment\u2013financial assets recognized at fair value through equity\u201d to an associate, the fair value at the date of the first equity method as the cost. The revaluation reserve accounted for until that date is transferred to consolidated reserves.Associates and joint venturesAvanti AcquisitionStreetTeam Piolin II S\u00e0rl /Backed 1 LP Backed Backed Ergon Capital RATE SCSPSoftware LtdParques Encore 1 LP2 LPPartners SA\ue61fIN %\ue61eReunidosOfficeLuxembourgLondenLuxembourgJerseyJerseyJerseyBrusselsGBL Capital GBL Capital GBL Capital GBL Capital GBL Capital GBL Capital Leisure parksActivityand SIMand SIMand SIMand SIMand SIMand SIMDETENTION 202250.0 32.7 23.1 48.6 58.3 40.0 50.0RATE2021Detention rate50.0 32.8 23.1 48.6 58.3 40.0 50.0Ergon Capital Ergon Capital I.P.E. SRL,M\u00e9rieux Landlife Holding RATEPartners II SAPartners IVsubsidiary ofParticipations 2 S\u00e0rl\ue61fIN %\ue61eSCSPECP IIISASOfficeBrusselsLuxembourgBolognaLyonLuxembourgGBL Capital GBL Capital GBL Capital GBL Capital Home furnishingActivityand SIMand SIMand SIMand SIMDETENTION 202250.0 34.4 65.6 34.3 35.1RATE2021Detention rate50.0 34.4 65.6 34.3 -The percentage of voting rights is identical to the percentage interest.The group has analyzed the accounting treatment to be applied to the recognition of its investment in I.P.E. SRL (Visionnaire group) and has concluded that it only has a significant in\ufb02uence despite its 65.55% interest, based on the existence of a shareholders\u2019 agreement. The group reached the same conclusion regarding the consolidation method to be used to integrate the investments in Backed Encore 1 LP.As of December 31, 2022, GBL holds a stake in the funds Eight Partners Worldwide SAS (22.40%), Kartesia Credit Opportunities III SCA (31.11%), Sagard II B (74.65%), Sagard 3 FPCI (26.40%), Sagard NewGen FPCI (21.64%), Sagard Sant\u00e9 Animale FPCI (32.41%), Sagard Testing FPCI (63.72%), Sagard Business Intelligence FPCI (92.59%), PrimeStone Capital Fund ICAV (23.22%), Marcho Partners Feeder Fund ICAV (38.71%), C2 Capital Global Export-to-China Fund LP (26.96%), KKR Sigma Co-Invest II LP (34.90%), Predirec ABL-3 (Part B) (21.00%), HCM IV LP/HCM V LP/HCM S11A LP/HCM S3C LP (20.27%, 28.55%, 56.26% and 49.26% respectively) and has determined that it has no significant in\ufb02uence over those investments. These funds are therefore presented as other equity investments and are measured at fair value at each reporting date.In the rest of the notes, Ergon Capital Partners, Ergon Capital Partners II and Ergon Capital Partners IV have been referred to together under the name \u201cECP I, II & IV\u201d, while the name \u201cECP\u201d refers to these companies referred to above and Ergon Capital Partners III (\u201cECP III\u201d). Similarly, Backed 1 LP, Backed Encore 1 LP and Backed 2 LP entities will be referred to as \u201cBacked\u201d, the entity Piolin II S\u00e0rl as \u201cPiolin II\u201d, the entity StreetTeam Software Ltd. as \u201cStreetTeam\u201d and the entity Avanti Acquisition SCSP as \u201cAvanti Acquisition Corp.\u201d.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-24-5": { "value": "Joint venturesA joint venture is a company over which GBL has joint control with one or more other parties and for which the parties have a claim to the company\u2019s net assets. Joint control is the contractually agreed sharing of the control exercised over a company, which only exists in cases where decisions regarding the relevant operations require the unanimous consent of the parties sharing control. These joint ventures are accounted for in the consolidated financial statements using the equity method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-25-5": { "value": "AssociatesIf the group has a significant in\ufb02uence in a company, the investment it holds in that company is considered as an associate company.Significant in\ufb02uence is the power to participate in decisions about financial and operational policies, but without exercising control or joint control over these policies.Associates are accounted for in the consolidated financial statements using the equity method.An investment is accounted for using the equity method as from the date it becomes an investment in an associate or joint venture. Under the equity method, the investment in an associate or joint venture is recorded at cost on initial recognition.In the absence of definition in the standards of the notion of cost, the group considers, in the event of a change from an \u201cother equity investment\u2013financial assets recognized at fair value through equity\u201d to an associate, the fair value at the date of the first equity method as the cost. The revaluation reserve accounted for until that date is transferred to consolidated reserves.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-28-2": { "value": "Property, plant and equipmentFully owned property, plant and equipmentItems of property, plant and equipment are recorded under assets if they are controlled as a result of a deed of ownership. Items of property, plant and equipment are initially valued at acquisition or production cost.The cost of property, plant and equipment includes the cost of loans contracted to finance their construction or production when they necessitate a substantial period of time. The cost of the assets is reduced, where appropriate, by the amount of public subsidies used to finance their acquisition or construction.Leasehold property, plant and equipmentAll contracts that convey the right to use an item of non-substitutable property, plant and equipment for a period of time in exchange for consideration are recognized as right-of-use assets against a lease liability. This treatment applies to all leases except mine land leases, which are recognized in the manner described in the following paragraph, as well as immaterial leases (leases with terms of 12\u2248months or less and leases of low-value assets), for which payments are recognized as an expense.At Imerys level, easements, especially for pipelines used to connect mineral deposits, processing facilities and shipping facilities are analyzed as non-mine land leases. Right-of-use assets are initially measured at the value of the lease liability, plus any initial direct costs and equipment dismantling costs where necessary. Lease liabilities are measured at the discounted value of future lease payments due in accordance with a contractual payment schedule, adjusted for rent-free periods. Payments are therefore scheduled through to the reasonably certain end date of the lease, re\ufb02ecting the date beyond which the lease ceases to be legally enforceable. This date represents the end of the lease, adjusted for any options the lessee is able to exercise regarding early termination or extension and any restrictions the lessor is able to exercise. The lease payments taken into account in the calculation of the lease liabilities include the unconditional payments due in exchange for the right to use the asset, as well as the cost related to the early termination, extension or purchase clauses when it is reasonably certain they will be exercised. The liability calculation excludes any variable payment related to the use of the asset (at the level of Imerys, for example, a payment dependent on the actual number of hours a piece of mining equipment is used), as well as any payment for services rendered by the lessor (for example, at Imerys, rail car maintenance). In the absence of implicit interest rates, future payments determined in this way are discounted using the lessees\u2019 incremental borrowing rate.The first time deferred tax assets and liabilities are recognized, they are calculated separately for lease liabilities and right-of-use assets, respectively. In subsequent years, right-of-use assets are amortized under the headings \u201cOther operating income (expenses) from investing activities\u201d or \u201cDepreciation/amortization of property, plant, equipment and intangible assets\u201d of the consolidated income statement and lease liabilities are measured at amortized cost, which generates an interest expense that is recognized in financial income (loss).When an option is exercised, the lease must be reassessed to symmetrically adjust the carrying amounts of the lease liability and the right of use.Any modification to leases gives rise to such a symmetrical adjustment, except when the scope of the lease is restricted to reduce the capacity of the asset leased or the duration of the lease. In this situation, the carrying amount of the lease liability and the right-of-use are reduced in proportion to the reduction of the scope, impacting the income statement.Mining assetsIn the absence of any specific applicable standard or interpretation, Imerys has defined the following methods to recognize and measure mining assets. Prospection expenditure, i.e. searching for new sites with mineral producing potential and studying the technical feasibility and commercial viability of a geographical area, is immediately recognized as an expense under the heading \u201cOther operating income (expenses) from operating activities\u201d. Mineral reserves are included in property, plant and equipment. Freehold mineral deposits are initially measured at acquisition cost minus if the lease is entered into in the ordinary course of business. If the lease is acquired through a business combination, the acquisition cost of the deposit is measured at the fair value of the ore.Costs incurred to determine the tonnage of ore present in the deposit are added to the acquisition cost. Overburden work, i.e. the process of removing the topsoil to gain access to the deposit, is considered a component of mineral reserve assets. The initial measurement of overburden work includes production cost and the discounted value of restoration obligations as a result of the deterioration caused by such work. Mineral reserves and overburden assets are included under the heading \u201cProperty, plant and equipment\u201d. Mining assets are subsequently measured at cost, minus accumulated depreciation and any impairment loss.subsoil. Leasehold mineral deposits are measured at a value of nil Maintenance and repair costs are immediately expensed under \u201cOther operating income (expenses) from operating activities\u201d. cost of property, plant and equipment includes, in particular for satellite industrial installations built on clients\u2019 land, the present value of the rehabilitation or dismantling obligation, where such an obligation exists. Property, plant and equipment are subsequently valued at cost less accumulated depreciation and any accumulated impairment losses.The DepreciationDepreciation expense is spread over the expected useful life of the different categories of property, plant and equipment using the straight- line method. The estimated useful lives of the most significant items of property, plant and equipment fall into the following ranges: \u2013 buildings: 10 to 50 years; \u2013 industrial constructions: 10 to 30 years; \u2013 fixtures and fittings of buildings and constructions: 5 to 15 years; \u2013 machinery, equipment and technical fittings: 5 to 20 years; \u2013 vehicles: 2 to 5 years; and \u2013 other property, plant and equipment: 10 to 20 years. Land is not depreciated.Right-of-use assets held through leases are depreciated over the reasonably certain end date of the lease, unless the lessee is considering exercising their right to purchase the asset. In that case, the useful life of the asset leased is applied. Rights-of-use are depreciated or amortized on a straight-line basis, except, for Imerys, those applicable to bulk carriers, which are depreciated by is depreciated over its useful life, up to the end of the reasonably certain end date of the lease. Furthermore, Imerys does not consider the straight-line depreciation method appropriate to reflect the consumption of property, plant and equipment related to mining activities such as mineral reserves and overburden assets as well as certain industrial assets of discontinuous use. Depreciation of mining assets is therefore estimated in units of production on the basis of actual extraction, while operational monitoring units such as production or operating hours are used to estimate depreciation of industrial assets.A mineral reserve is depreciated to the quantity of the geological inventory of the deposit minus discounts for the geological uncertainty inherent to the resources. Overburden assets, a component of mineral reserve assets, are depreciated over the quantity of reserve to which they specifically give access. Subsoil, i.e. the area of land not part of the mineral deposit, is not depreciated since it is not consumed by mining operations.the number of journeys made. Freehold and leasehold equipment Property, plant and equipment and intangible assetsAt every reporting date, the group reviews the carrying amount of intangible assets and property, plant and equipment with finite useful life in order to assess whether there is any evidence of impairment of these assets.If there is any evidence of impairment, the asset\u2019s recoverable amount is estimated to compare it with its carrying amount. The recoverable amount is the higher of the asset\u2019s net sale price or its value in use. The value in use is the present value of estimated future cash \ufb02ows from the continuous use of an asset. Where it is not possible to estimate the recoverable amount of an asset individually, the group estimates the recoverable amount of the CGU to which the asset belongs. If the recoverable amount of the asset or of the CGU is estimated to be less than the carrying amount, the carrying value of the asset or of the CGU is lowered to its recoverable amount. An impairment loss is immediately recognized in expenses.When an impairment recorded during past financial years is no longer justified, the impairment loss on this asset or CGU is reversed in order to bring the asset or CGU back to a value corresponding to the new valuation of its recoverable amount.However, the carrying value of an asset or CGU may not exceed, following reversal of an impairment loss, the carrying value it would have had if no impairment had been recognized for the asset or CGU in previous years. The reversal of an impairment loss is recognized immediately as income.Note 11Property, plant and equipmentLand and Mineral reserves Fittings, Right-of-use Assets under Other property, Totalbuildingsmachinery, assetsconstructionplant and equipment and equipmentIN EUR MILLIONrolling stockGross carrying amountAs of December 31, 2020651.79 0 7. 24,105.8584.72 27. 51 87. 06,663.7Investments14.265.188.2168.42 0 7. 546.0589.4Changes in group structure/10.4 - 35.1 50.1 - 18.5 114.1Business combinationsDisposals and retirements(2.9)(1.5)(38.1)(43.7)(1.8)(10.3)(98.3)Foreign currency translation 13.2 41.9 141.5 (61.7) 7.7 (0.8) 141.9adjustmentsOther(85.1)(46.6)6 7.7(3.4)(178.4)14.1(231.6)As of December 31, 2021601.6966.14,400.2694.5262.6254.57,179.5Investments13.372.1119.1290.2255.185.4835.2Changes in group structure/243.0 - 468.9 421.9 10.8 104.0 1,248.7Business combinationsDisposals and retirements(21.6)(0.2)(92.0)(35.6)(1.8)(25.5)(176.6)Foreign currency translation 6.4 26.7 30.0 (10.8) 6.9 (6.3) 52.8adjustmentsOther (113.5) (88.2) (908.9) (109.9) (262.3) 308.0 (1,174.9)AS OF DECEMBER 31, 2022 729.2 976.4 4,017.3 1,250.3 271.3 720.1 7,964.6Cumulated depreciationAs of December 31, 2020 (300.2) (481.6) (3,038.0) (195.4) (23.0) (109.5) (4,147.7)Depreciation (15.8) (57.6) (197.7) (129.5) - (30.3) (430.8)Impairment (losses)/reversals(3.6)(22.1)(5.0)(0.3)(1.0)(2.0)(34.0)Disposals and retirements1.31.331.723.30.19.266.7Foreign currency translation (7.9) (22.7) (105.7) 69.8 (0.0) (0.6) (67.0)adjustmentsChanges in group structure/Other48.735.6121.82.3(0.1)(24.8)183.4As of December 31, 2021(277.5)(547.0)(3,193.0)(229.9)(24.1)(158.0)(4,429.5)Depreciation(24.8)(57.0)(186.6)(153.9)(1.7)(78.1)(502.0)Impairment (losses)/reversals(2.3)-0.0--1.5(0.8)Disposals and retirements 12.8 0.2 71.8 29.8 0.3 24.1 138.9Foreign currency translation (4.6) (16.8) (23.3) 2.1 (1.8) 3.0 (41.4)adjustmentsChanges in group structure/Other(77.1)59.7452.5(30.9)22.7(268.2)158.7AS OF DECEMBER 31, 2022 (373.3) (560.9) (2,878.5) (382.8) (4.6) (475.7) (4,675.9)Net carrying amount As of December 31, 2020 351.5 425.6 1 , 0 67.7 389.3 204.5 7 7.4 2,516.1As of December 31, 2021324.1419.01,207.2464.7238.596.52,750.0AS OF DECEMBER 31, 2022 355.8 415.5 1,138.7 8 6 7. 5 266.7 244.4 3,288.6Of which: Holding - - 1.2 11.8 - 2.1 15.2Imerys 2 2 7.7 415.5 8 8 7.1 133.2 228.6 67. 3 1,959.2Webhelp1.8-88.0282.212.0115.3499.4Canyon2.4-13.529.03.5-48.4Affidea101.1-92.5244.21 7. 813.3468.9Sanoptis10.2-31.294.43.444.8184.0GBL Capital and SIM12.60.125.272.81.51.4113.6The depreciation charges for the various periods are shown under \u201cOther operating income (expenses) from investing activities\u201d and \u201cDepreciation/amortization of property, plant, equipment and intangible assets\u2013consolidated operating activities\u201d in the consolidated income statement.LeasesThe group negotiates leases to obtain from the lessee the right to use certain mining, industrial and logistics equipment, as well as immovable administrative, industrial and logistical property. As of December 31, 2022, the value of these rights, recognized in \u201cRight-of-use assets\u201d, amounted to EUR 868 million (EUR 465 million as of December 31, 2021). \u201cRight-of-use assets\u201d represent the following assets:Land and buildings Mineral reserves Fittings, machinery, Assets under Other property, plant Totalequipment and constructionand equipmentIN EUR MILLIONrolling stockGross carrying amountAs of December 31, 2020357.9-98.8-128.0584.7Investments134.2-21.9-12.3168.4Changes in group structure/Business 45.3 - 4.8 - - 50.1combinationsDisposals and retirements(38.3)-(5.4)--(43.7)Foreign currency translation (26.7) - (20.8) - (14.2) (61.7)adjustmentsOther 2.2 - 1.6 - (7.3) (3.4)As of December 31, 2021 474 .7 - 101.0 - 118.8 694.5Investments222.1-41.0-2 7. 2290.2Changes in group structure/Business 298.2 - 114.0 - 9.7 421.9combinationsDisposals and retirements(32.3)-(6.1)-2.7(35.6)Foreign currency translation 1.5 - (16.8) - 4.5 (10.8)adjustmentsOther(78.6)-(21.1)-(10.1)(109.9)AS OF DECEMBER 31, 2022885.6-211.9-152.81,250.3Cumulated depreciationAs of December 31, 2020(92.6)-(54.4)-(48.4)(195.4)Depreciation(89.1)-(21.6)-(18.7)(129.5)Impairment (losses)/reversals(0.3)----(0.3)Disposals and retirements19.8-3.5--23.3Foreign currency translation 32.1 - 23.2 - 14.4 69.8adjustmentsChanges in group structure/Other 0.1 - (2.4) - 4.6 2.3As of December 31, 2021 (129.9) - (51.7) - (48.2) (229.9)Depreciation(104.9)-(26.0)-(22.9)(153.9)Impairment (losses)/reversals0.2-(0.1)-(0.1)-Disposals and retirements2 7.4-2.4--29.8Foreign currency translation (10.9) - 1 7.6 - (4.6) 2.1adjustmentsChanges in group structure/Other(16.8)-(19.0)-4.9(30.9)AS OF DECEMBER 31, 2022(234.9)-(76.9)-(71.0)(382.8)Net carrying amount As of December 31, 2020265.4-44.4-79.5389.3As of December 31, 2021344.8-49.3-70.6464.7AS OF DECEMBER 31, 2022650.7-135.1-81.88 67. 5Of which: Holding11.8----11.8Imerys78.3-32.7-22.2133.2Webhelp 274.6 - 7. 5 - - 282.2Canyon 2 7. 8 - 1.2 - - 29.0Affidea151.8-92.3--244.2Sanoptis84.8-0.3-9.394.4GBL Capital and SIM21.4-1.0-50.472.8The right-of-use and lease liability model is applied to all leases, except leases with a term of 12 months or less, leases of low-value assets and variable lease payments and services, which are recognized in expenses (EUR 55 million in 2022 and EUR 34 million in 2021). As of December 31, 2022, \u201clease liabilities\u201d recognized against \u201cright-of-use assets\u201d amounted to EUR 908 million (EUR 491 million as of December 31, 2021) and generated an interest expense of EUR 36 million recognized in financial income (expenses). in 2022 totaled EUR 253 million, broken down as EUR 217 million for the principal and EUR 36 million in interest, respectively in financing and operating activities in the consolidated statement of cash \ufb02ows (respectively EUR 304 million, EUR 237 million and EUR 67 million in 2021). The group does not generate any material revenue from leasing the freehold assets it owns, nor from the sub-lease of assets leased.Cash payments made ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-28-4": { "value": "Property, plant and equipmentFully owned property, plant and equipmentItems of property, plant and equipment are recorded under assets if they are controlled as a result of a deed of ownership. Items of property, plant and equipment are initially valued at acquisition or production cost.The cost of property, plant and equipment includes the cost of loans contracted to finance their construction or production when they necessitate a substantial period of time. The cost of the assets is reduced, where appropriate, by the amount of public subsidies used to finance their acquisition or construction.Leasehold property, plant and equipmentAll contracts that convey the right to use an item of non-substitutable property, plant and equipment for a period of time in exchange for consideration are recognized as right-of-use assets against a lease liability. This treatment applies to all leases except mine land leases, which are recognized in the manner described in the following paragraph, as well as immaterial leases (leases with terms of 12\u2248months or less and leases of low-value assets), for which payments are recognized as an expense.At Imerys level, easements, especially for pipelines used to connect mineral deposits, processing facilities and shipping facilities are analyzed as non-mine land leases. Right-of-use assets are initially measured at the value of the lease liability, plus any initial direct costs and equipment dismantling costs where necessary. Lease liabilities are measured at the discounted value of future lease payments due in accordance with a contractual payment schedule, adjusted for rent-free periods. Payments are therefore scheduled through to the reasonably certain end date of the lease, re\ufb02ecting the date beyond which the lease ceases to be legally enforceable. This date represents the end of the lease, adjusted for any options the lessee is able to exercise regarding early termination or extension and any restrictions the lessor is able to exercise. The lease payments taken into account in the calculation of the lease liabilities include the unconditional payments due in exchange for the right to use the asset, as well as the cost related to the early termination, extension or purchase clauses when it is reasonably certain they will be exercised. The liability calculation excludes any variable payment related to the use of the asset (at the level of Imerys, for example, a payment dependent on the actual number of hours a piece of mining equipment is used), as well as any payment for services rendered by the lessor (for example, at Imerys, rail car maintenance). In the absence of implicit interest rates, future payments determined in this way are discounted using the lessees\u2019 incremental borrowing rate.The first time deferred tax assets and liabilities are recognized, they are calculated separately for lease liabilities and right-of-use assets, respectively. In subsequent years, right-of-use assets are amortized under the headings \u201cOther operating income (expenses) from investing activities\u201d or \u201cDepreciation/amortization of property, plant, equipment and intangible assets\u201d of the consolidated income statement and lease liabilities are measured at amortized cost, which generates an interest expense that is recognized in financial income (loss).When an option is exercised, the lease must be reassessed to symmetrically adjust the carrying amounts of the lease liability and the right of use.Any modification to leases gives rise to such a symmetrical adjustment, except when the scope of the lease is restricted to reduce the capacity of the asset leased or the duration of the lease. In this situation, the carrying amount of the lease liability and the right-of-use are reduced in proportion to the reduction of the scope, impacting the income statement.Mining assetsIn the absence of any specific applicable standard or interpretation, Imerys has defined the following methods to recognize and measure mining assets. Prospection expenditure, i.e. searching for new sites with mineral producing potential and studying the technical feasibility and commercial viability of a geographical area, is immediately recognized as an expense under the heading \u201cOther operating income (expenses) from operating activities\u201d. Mineral reserves are included in property, plant and equipment. Freehold mineral deposits are initially measured at acquisition cost minus if the lease is entered into in the ordinary course of business. If the lease is acquired through a business combination, the acquisition cost of the deposit is measured at the fair value of the ore.Costs incurred to determine the tonnage of ore present in the deposit are added to the acquisition cost. Overburden work, i.e. the process of removing the topsoil to gain access to the deposit, is considered a component of mineral reserve assets. The initial measurement of overburden work includes production cost and the discounted value of restoration obligations as a result of the deterioration caused by such work. Mineral reserves and overburden assets are included under the heading \u201cProperty, plant and equipment\u201d. Mining assets are subsequently measured at cost, minus accumulated depreciation and any impairment loss.subsoil. Leasehold mineral deposits are measured at a value of nil Maintenance and repair costs are immediately expensed under \u201cOther operating income (expenses) from operating activities\u201d. cost of property, plant and equipment includes, in particular for satellite industrial installations built on clients\u2019 land, the present value of the rehabilitation or dismantling obligation, where such an obligation exists. Property, plant and equipment are subsequently valued at cost less accumulated depreciation and any accumulated impairment losses.The DepreciationDepreciation expense is spread over the expected useful life of the different categories of property, plant and equipment using the straight- line method. The estimated useful lives of the most significant items of property, plant and equipment fall into the following ranges: \u2013 buildings: 10 to 50 years; \u2013 industrial constructions: 10 to 30 years; \u2013 fixtures and fittings of buildings and constructions: 5 to 15 years; \u2013 machinery, equipment and technical fittings: 5 to 20 years; \u2013 vehicles: 2 to 5 years; and \u2013 other property, plant and equipment: 10 to 20 years. Land is not depreciated.Right-of-use assets held through leases are depreciated over the reasonably certain end date of the lease, unless the lessee is considering exercising their right to purchase the asset. In that case, the useful life of the asset leased is applied. Rights-of-use are depreciated or amortized on a straight-line basis, except, for Imerys, those applicable to bulk carriers, which are depreciated by is depreciated over its useful life, up to the end of the reasonably certain end date of the lease. Furthermore, Imerys does not consider the straight-line depreciation method appropriate to reflect the consumption of property, plant and equipment related to mining activities such as mineral reserves and overburden assets as well as certain industrial assets of discontinuous use. Depreciation of mining assets is therefore estimated in units of production on the basis of actual extraction, while operational monitoring units such as production or operating hours are used to estimate depreciation of industrial assets.A mineral reserve is depreciated to the quantity of the geological inventory of the deposit minus discounts for the geological uncertainty inherent to the resources. Overburden assets, a component of mineral reserve assets, are depreciated over the quantity of reserve to which they specifically give access. Subsoil, i.e. the area of land not part of the mineral deposit, is not depreciated since it is not consumed by mining operations.the number of journeys made. Freehold and leasehold equipment Property, plant and equipment and intangible assetsAt every reporting date, the group reviews the carrying amount of intangible assets and property, plant and equipment with finite useful life in order to assess whether there is any evidence of impairment of these assets.If there is any evidence of impairment, the asset\u2019s recoverable amount is estimated to compare it with its carrying amount. The recoverable amount is the higher of the asset\u2019s net sale price or its value in use. The value in use is the present value of estimated future cash \ufb02ows from the continuous use of an asset. Where it is not possible to estimate the recoverable amount of an asset individually, the group estimates the recoverable amount of the CGU to which the asset belongs. If the recoverable amount of the asset or of the CGU is estimated to be less than the carrying amount, the carrying value of the asset or of the CGU is lowered to its recoverable amount. An impairment loss is immediately recognized in expenses.When an impairment recorded during past financial years is no longer justified, the impairment loss on this asset or CGU is reversed in order to bring the asset or CGU back to a value corresponding to the new valuation of its recoverable amount.However, the carrying value of an asset or CGU may not exceed, following reversal of an impairment loss, the carrying value it would have had if no impairment had been recognized for the asset or CGU in previous years. The reversal of an impairment loss is recognized immediately as income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-37-5": { "value": "Maintenance and repair costs are immediately expensed under \u201cOther operating income (expenses) from operating activities\u201d. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-29-5": { "value": "Leasehold property, plant and equipmentAll contracts that convey the right to use an item of non-substitutable property, plant and equipment for a period of time in exchange for consideration are recognized as right-of-use assets against a lease liability. This treatment applies to all leases except mine land leases, which are recognized in the manner described in the following paragraph, as well as immaterial leases (leases with terms of 12\u2248months or less and leases of low-value assets), for which payments are recognized as an expense.At Imerys level, easements, especially for pipelines used to connect mineral deposits, processing facilities and shipping facilities are analyzed as non-mine land leases. Right-of-use assets are initially measured at the value of the lease liability, plus any initial direct costs and equipment dismantling costs where necessary. Lease liabilities are measured at the discounted value of future lease payments due in accordance with a contractual payment schedule, adjusted for rent-free periods. Payments are therefore scheduled through to the reasonably certain end date of the lease, re\ufb02ecting the date beyond which the lease ceases to be legally enforceable. This date represents the end of the lease, adjusted for any options the lessee is able to exercise regarding early termination or extension and any restrictions the lessor is able to exercise. The lease payments taken into account in the calculation of the lease liabilities include the unconditional payments due in exchange for the right to use the asset, as well as the cost related to the early termination, extension or purchase clauses when it is reasonably certain they will be exercised. The liability calculation excludes any variable payment related to the use of the asset (at the level of Imerys, for example, a payment dependent on the actual number of hours a piece of mining equipment is used), as well as any payment for services rendered by the lessor (for example, at Imerys, rail car maintenance). In the absence of implicit interest rates, future payments determined in this way are discounted using the lessees\u2019 incremental borrowing rate.The first time deferred tax assets and liabilities are recognized, they are calculated separately for lease liabilities and right-of-use assets, respectively. In subsequent years, right-of-use assets are amortized under the headings \u201cOther operating income (expenses) from investing activities\u201d or \u201cDepreciation/amortization of property, plant, equipment and intangible assets\u201d of the consolidated income statement and lease liabilities are measured at amortized cost, which generates an interest expense that is recognized in financial income (loss).When an option is exercised, the lease must be reassessed to symmetrically adjust the carrying amounts of the lease liability and the right of use.Any modification to leases gives rise to such a symmetrical adjustment, except when the scope of the lease is restricted to reduce the capacity of the asset leased or the duration of the lease. In this situation, the carrying amount of the lease liability and the right-of-use are reduced in proportion to the reduction of the scope, impacting the income statement.if the lease is entered into in the ordinary course of business. If the lease is acquired through a business combination, the acquisition cost of the deposit is measured at the fair value of the ore.Leasehold mineral deposits are measured at a value of nil Right-of-use assets held through leases are depreciated over the reasonably certain end date of the lease, unless the lessee is considering exercising their right to purchase the asset. In that case, the useful life of the asset leased is applied. Rights-of-use are depreciated or amortized on a straight-line basis, except, for Imerys, those applicable to bulk carriers, which are depreciated by the number of journeys made. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-32-5": { "value": "Mining assetsIn the absence of any specific applicable standard or interpretation, Imerys has defined the following methods to recognize and measure mining assets. Prospection expenditure, i.e. searching for new sites with mineral producing potential and studying the technical feasibility and commercial viability of a geographical area, is immediately recognized as an expense under the heading \u201cOther operating income (expenses) from operating activities\u201d. Mineral reserves are included in property, plant and equipment. Freehold mineral deposits are initially measured at acquisition cost minus if the lease is entered into in the ordinary course of business. If the lease is acquired through a business combination, the acquisition cost of the deposit is measured at the fair value of the ore.Costs incurred to determine the tonnage of ore present in the deposit are added to the acquisition cost. Overburden work, i.e. the process of removing the topsoil to gain access to the deposit, is considered a component of mineral reserve assets. The initial measurement of overburden work includes production cost and the discounted value of restoration obligations as a result of the deterioration caused by such work. Mineral reserves and overburden assets are included under the heading \u201cProperty, plant and equipment\u201d. Mining assets are subsequently measured at cost, minus accumulated depreciation and any impairment loss.subsoil. Leasehold mineral deposits are measured at a value of nil ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMiningAssetsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-32-6": { "value": "Mining assetsIn the absence of any specific applicable standard or interpretation, Imerys has defined the following methods to recognize and measure mining assets. Prospection expenditure, i.e. searching for new sites with mineral producing potential and studying the technical feasibility and commercial viability of a geographical area, is immediately recognized as an expense under the heading \u201cOther operating income (expenses) from operating activities\u201d. Mineral reserves are included in property, plant and equipment. Freehold mineral deposits are initially measured at acquisition cost minus if the lease is entered into in the ordinary course of business. If the lease is acquired through a business combination, the acquisition cost of the deposit is measured at the fair value of the ore.Costs incurred to determine the tonnage of ore present in the deposit are added to the acquisition cost. Overburden work, i.e. the process of removing the topsoil to gain access to the deposit, is considered a component of mineral reserve assets. The initial measurement of overburden work includes production cost and the discounted value of restoration obligations as a result of the deterioration caused by such work. Mineral reserves and overburden assets are included under the heading \u201cProperty, plant and equipment\u201d. Mining assets are subsequently measured at cost, minus accumulated depreciation and any impairment loss.subsoil. Leasehold mineral deposits are measured at a value of nil ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMiningRightsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-47-5": { "value": "Unquoted funds (Upfield, Sagard funds, Kartesia funds, BDT Capital Partners II, Matador Coinvestment, etc.)Investments in funds are revalued at each closing at their fair value, determined by the managers of these funds, according to their investment portfolio.Based on the analysis of the characteristics of these unlisted funds, GBL determined that they were not eligible for the \u201cFair value through other comprehensive income\u201d option. Therefore, the changes in fair value are accounted for in profit or loss (\u201cFinancial assets recognized at fair value through profit or loss\u201d).Other financial assetsThe other financial assets are classified in one of the following two categories: \u2013 Amortized cost. Financial assets are measured at amortized cost when the objective of the business model is to collect the contractual cash \ufb02ows. These correspond mainly to cash and cash equivalents, as well as, to a lesser extent, to receivables related to dividends to be received. Cash and cash equivalents include bank deposits and fixed-term investments with a maturity date equal to or less than three months from the acquisition date. These are highly liquid investments indexed on a money market rate and the value of which is known or subject to very little uncertainty. \u2013 Fair value through profit or loss. Financial assets are measured at fair value through profit or loss when the objective of the business model is to both collect the contractual cash flows and make a trading profit in the short term. They are non-derivative financial assets held for trading and recognized as assets between the dates of purchase and disposal, and whose changes in fair value are recognized in other financial income and expenses (investing or operating activities) at market prices published at the closing date. This category also includes trading assets as well as derivative instruments other than hedge accounting.component is calculated by applying the prevailing interest market rate at the issuance date.Transaction costs related to the issue of convertible or exchangeable bonds are allocated to the \u201cliability\u201d and \u201cderivative\u201d components in proportion to the allocation of gross proceeds.Transaction costs related to the \u201cderivative\u201d component are recognized directly in profit or loss. Transaction costs related to the \u201cliability\u201d component are included in the carrying amount of the \u201cliability\u201d component and are amortized over the life of the convertible or exchangeable bonds using the effective interest rate method.he interest cost of the bond Derivative financial instrumentsThe group\u2019s consolidated operating companies use derivatives to reduce their exposure to various risks, in particular foreign exchange, interest rate and energy price risks. The sole purpose of these instruments is to hedge the economic risks to which they are exposed. Financial instruments are recognized at the transaction date, i.e. the date the hedge accounting contract is entered into. However, only those that fulfil the hedge accounting criteria laid down in IFRS 9 are given the accounting treatments described hereafter.Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are immediately recognized in profit or loss.Any transaction qualified as hedge accounting is documented by reference to the hedging strategy by identifying the hedged risk, the hedged item, the hedging instrument, the hedging relationship and the measurement method of the hedge relationship effectiveness. The measurement of the hedge relationship effectiveness is updated at every reporting date.Derivatives are measured at fair value on initial recognition. Fair value is subsequently remeasured at every reporting date by reference to market conditions and to IFRS 13 Fair Value Measurement.Derivatives recorded as assets or liabilities are classified in the headings \u201cOther non-current assets/liabilities\u201d and \u201cOther current assets/ liabilities\u201d depending on their maturity date. The recognition of hedging derivatives varies depending on whether they are designated as fair value hedges, cash \ufb02ow hedges or hedges of net investments in foreign operations.GBL also uses derivative instruments. It can carry out transactions using call or put options. These transactions are implemented with reference to thorough documentation and are subject to specific and appropriate prior analysis and systematic monitoring.Consolidated operating companies use different types of derivative financial instruments in various hedging strategies, as described below.Hedge of net investments in foreign operationsForeign currency translation adjustments generated by net assets held by the group\u2019s consolidated operating companies in foreign currencies can be hedged. At every reporting date, the effective share of the hedge is recognized in shareholders\u2019 equity and the ineffective portion in profit or loss.The effective portion in shareholders\u2019 equity is only reclassified as profit or loss in the case of loss of control over a consolidated activity or reduction of an interest in an activity under significant in\ufb02uence.Items denominated in foreign currenciesMonetary assets and liabilities denominated in foreign currencies in the accounting records of group companies are translated into euros using the exchange rates of the last day of the financial year. Unrealized differences on translation resulting from the application of this methodology are recorded as gains or losses of the financial year. Non- monetary assets and liabilities are recorded using the exchange rates applicable on the date of the transaction.In the consolidated financial statements, the group\u2019s assets and liabilities related to activities held abroad are converted at the closing rate.Items of income and expenses denominated in foreign currencies are converted into euros at the average exchange rate for the year. Foreign currency translation adjustments re\ufb02ecting the difference between the average rate and the rate on the last day of the year, are recognized in shareholders\u2019 equity under \u201cForeign currency translation adjustments\u201d. These foreign currency translation adjustments are recorded in profit or loss when the group disposes of the entity concerned.Fair value hedgeWhen changes in fair value of a recognized asset or liability or an unrecognized firm commitment may affect income, these changes may be covered by a fair value hedge. The hedged item and the hedging instrument are remeasured symmetrically in profit or loss at every reporting date. The impact in profit or loss is limited to the ineffective portion of the hedge.Cash \ufb02ow hedgeA cash flow hedge is used to cover unfavorable cash flow changes related to a recognized asset or liability or a highly likely future transaction when such changes are likely to affect profit or loss. At every reporting date, the effective share of the hedge and, if applicable, the changes in the time value of the options and futures points of the futures contracts, are recognized in shareholders\u2019 equity. The ineffective portion is recognized in profit or loss. When the transaction is recognized, items previously recognized in shareholders\u2019 equity are reclassified to profit or loss simultaneously with the recognition of the hedged item. In the event of a disqualification of a derivative, i.e. the interruption of hedge accounting, the effective portion of the hedge previously recognized in shareholders\u2019 equity is amortized to operating or financial result, depending on the nature of the hedged item.InterestInterest income (expenses) include interest to be paid on loans and interest to be received on investments. Interest income received or interest charges paid are recorded prorata temporis in the consolidated statement of comprehensive income, taking into account the effective interest rate on the investment.DividendsDividends relating to other equity investments or trading securities are booked in profit or loss on the date on which their distribution is decided upon, unless these dividends clearly represent the recovery of a portion of the cost of the investment. The amount of withholding tax is recorded as a deduction of gross dividends.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-47-6": { "value": "Unquoted funds (Upfield, Sagard funds, Kartesia funds, BDT Capital Partners II, Matador Coinvestment, etc.)Investments in funds are revalued at each closing at their fair value, determined by the managers of these funds, according to their investment portfolio.Based on the analysis of the characteristics of these unlisted funds, GBL determined that they were not eligible for the \u201cFair value through other comprehensive income\u201d option. Therefore, the changes in fair value are accounted for in profit or loss (\u201cFinancial assets recognized at fair value through profit or loss\u201d).Other financial assetsThe other financial assets are classified in one of the following two categories: \u2013 Amortized cost. Financial assets are measured at amortized cost when the objective of the business model is to collect the contractual cash \ufb02ows. These correspond mainly to cash and cash equivalents, as well as, to a lesser extent, to receivables related to dividends to be received. Cash and cash equivalents include bank deposits and fixed-term investments with a maturity date equal to or less than three months from the acquisition date. These are highly liquid investments indexed on a money market rate and the value of which is known or subject to very little uncertainty. \u2013 Fair value through profit or loss. Financial assets are measured at fair value through profit or loss when the objective of the business model is to both collect the contractual cash flows and make a trading profit in the short term. They are non-derivative financial assets held for trading and recognized as assets between the dates of purchase and disposal, and whose changes in fair value are recognized in other financial income and expenses (investing or operating activities) at market prices published at the closing date. This category also includes trading assets as well as derivative instruments other than hedge accounting.component is calculated by applying the prevailing interest market rate at the issuance date.Transaction costs related to the issue of convertible or exchangeable bonds are allocated to the \u201cliability\u201d and \u201cderivative\u201d components in proportion to the allocation of gross proceeds.Transaction costs related to the \u201cderivative\u201d component are recognized directly in profit or loss. Transaction costs related to the \u201cliability\u201d component are included in the carrying amount of the \u201cliability\u201d component and are amortized over the life of the convertible or exchangeable bonds using the effective interest rate method.he interest cost of the bond Derivative financial instrumentsThe group\u2019s consolidated operating companies use derivatives to reduce their exposure to various risks, in particular foreign exchange, interest rate and energy price risks. The sole purpose of these instruments is to hedge the economic risks to which they are exposed. Financial instruments are recognized at the transaction date, i.e. the date the hedge accounting contract is entered into. However, only those that fulfil the hedge accounting criteria laid down in IFRS 9 are given the accounting treatments described hereafter.Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are immediately recognized in profit or loss.Any transaction qualified as hedge accounting is documented by reference to the hedging strategy by identifying the hedged risk, the hedged item, the hedging instrument, the hedging relationship and the measurement method of the hedge relationship effectiveness. The measurement of the hedge relationship effectiveness is updated at every reporting date.Derivatives are measured at fair value on initial recognition. Fair value is subsequently remeasured at every reporting date by reference to market conditions and to IFRS 13 Fair Value Measurement.Derivatives recorded as assets or liabilities are classified in the headings \u201cOther non-current assets/liabilities\u201d and \u201cOther current assets/ liabilities\u201d depending on their maturity date. The recognition of hedging derivatives varies depending on whether they are designated as fair value hedges, cash \ufb02ow hedges or hedges of net investments in foreign operations.GBL also uses derivative instruments. It can carry out transactions using call or put options. These transactions are implemented with reference to thorough documentation and are subject to specific and appropriate prior analysis and systematic monitoring.Consolidated operating companies use different types of derivative financial instruments in various hedging strategies, as described below.Hedge of net investments in foreign operationsForeign currency translation adjustments generated by net assets held by the group\u2019s consolidated operating companies in foreign currencies can be hedged. At every reporting date, the effective share of the hedge is recognized in shareholders\u2019 equity and the ineffective portion in profit or loss.The effective portion in shareholders\u2019 equity is only reclassified as profit or loss in the case of loss of control over a consolidated activity or reduction of an interest in an activity under significant in\ufb02uence.Items denominated in foreign currenciesMonetary assets and liabilities denominated in foreign currencies in the accounting records of group companies are translated into euros using the exchange rates of the last day of the financial year. Unrealized differences on translation resulting from the application of this methodology are recorded as gains or losses of the financial year. Non- monetary assets and liabilities are recorded using the exchange rates applicable on the date of the transaction.In the consolidated financial statements, the group\u2019s assets and liabilities related to activities held abroad are converted at the closing rate.Items of income and expenses denominated in foreign currencies are converted into euros at the average exchange rate for the year. Foreign currency translation adjustments re\ufb02ecting the difference between the average rate and the rate on the last day of the year, are recognized in shareholders\u2019 equity under \u201cForeign currency translation adjustments\u201d. These foreign currency translation adjustments are recorded in profit or loss when the group disposes of the entity concerned.Fair value hedgeWhen changes in fair value of a recognized asset or liability or an unrecognized firm commitment may affect income, these changes may be covered by a fair value hedge. The hedged item and the hedging instrument are remeasured symmetrically in profit or loss at every reporting date. The impact in profit or loss is limited to the ineffective portion of the hedge.Cash \ufb02ow hedgeA cash flow hedge is used to cover unfavorable cash flow changes related to a recognized asset or liability or a highly likely future transaction when such changes are likely to affect profit or loss. At every reporting date, the effective share of the hedge and, if applicable, the changes in the time value of the options and futures points of the futures contracts, are recognized in shareholders\u2019 equity. The ineffective portion is recognized in profit or loss. When the transaction is recognized, items previously recognized in shareholders\u2019 equity are reclassified to profit or loss simultaneously with the recognition of the hedged item. In the event of a disqualification of a derivative, i.e. the interruption of hedge accounting, the effective portion of the hedge previously recognized in shareholders\u2019 equity is amortized to operating or financial result, depending on the nature of the hedged item.InterestInterest income (expenses) include interest to be paid on loans and interest to be received on investments. Interest income received or interest charges paid are recorded prorata temporis in the consolidated statement of comprehensive income, taking into account the effective interest rate on the investment.DividendsDividends relating to other equity investments or trading securities are booked in profit or loss on the date on which their distribution is decided upon, unless these dividends clearly represent the recovery of a portion of the cost of the investment. The amount of withholding tax is recorded as a deduction of gross dividends.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-47-7": { "value": "Unquoted funds (Upfield, Sagard funds, Kartesia funds, BDT Capital Partners II, Matador Coinvestment, etc.)Investments in funds are revalued at each closing at their fair value, determined by the managers of these funds, according to their investment portfolio.Based on the analysis of the characteristics of these unlisted funds, GBL determined that they were not eligible for the \u201cFair value through other comprehensive income\u201d option. Therefore, the changes in fair value are accounted for in profit or loss (\u201cFinancial assets recognized at fair value through profit or loss\u201d). \u2013 Fair value through profit or loss. Financial assets are measured at fair value through profit or loss when the objective of the business model is to both collect the contractual cash flows and make a trading profit in the short term. They are non-derivative financial assets held for trading and recognized as assets between the dates of purchase and disposal, and whose changes in fair value are recognized in other financial income and expenses (investing or operating activities) at market prices published at the closing date. This category also includes trading assets as well as derivative instruments other than hedge accounting.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-48-3": { "value": "Non-current assets held for sale and discontinued operationsWhen, at the reporting date, it is highly likely that non-current assets or groups of directly related assets and liabilities will be disposed of, they are designated as non-current assets or groups of assets held for sale. Their sale is considered highly likely if, on the reporting date, a plan to put them up for sale at a reasonable price in relation to their fair value has been organized in order to find a buyer and finalize their transfer within one year at most. Non-current assets or groups of assets held for sale are presented as separate assets and liabilities in the consolidated balance sheet, separately from the rest of the continuing operations, at the balance sheet date and without comparative information provided for prior periods. They are no longer depreciated at the date of designation as non-current assets or disposal groups and are valued at the lower of carrying amount or fair value less costs to sell. Non-current assets or groups of assets that will be shut down and not sold constitute non-current assets that are to be abandoned. When non-current assets or groups of assets held for sale or to be disposed of are allocated to a separate line item for the main operation and are to be abandoned as part of a single coordinated plan, they are categorized as discontinued operations and their related flows are disclosed separately in the income statement and statement of cash flows, as of the balance sheet date and in the comparative information provided for prior periods. As non-current assets or groups of assets held for sale are controlled until their disposal date, intra-group transactions between them and the rest of the continuing operations are eliminated in the statement of financial position and in the income statement, with the exception of transactions within the income statement that the discontinued operations will continue after the date of loss of control with the continuing operations. This presentation, which has no impact on the amount of consolidated net income, enables users of the financial statements to assess the impact of discontinued operations on the remaining continuing operations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-48-4": { "value": "Non-current assets held for sale and discontinued operationsWhen, at the reporting date, it is highly likely that non-current assets or groups of directly related assets and liabilities will be disposed of, they are designated as non-current assets or groups of assets held for sale. Their sale is considered highly likely if, on the reporting date, a plan to put them up for sale at a reasonable price in relation to their fair value has been organized in order to find a buyer and finalize their transfer within one year at most. Non-current assets or groups of assets held for sale are presented as separate assets and liabilities in the consolidated balance sheet, separately from the rest of the continuing operations, at the balance sheet date and without comparative information provided for prior periods. They are no longer depreciated at the date of designation as non-current assets or disposal groups and are valued at the lower of carrying amount or fair value less costs to sell. Non-current assets or groups of assets that will be shut down and not sold constitute non-current assets that are to be abandoned. When non-current assets or groups of assets held for sale or to be disposed of are allocated to a separate line item for the main operation and are to be abandoned as part of a single coordinated plan, they are categorized as discontinued operations and their related flows are disclosed separately in the income statement and statement of cash flows, as of the balance sheet date and in the comparative information provided for prior periods. As non-current assets or groups of assets held for sale are controlled until their disposal date, intra-group transactions between them and the rest of the continuing operations are eliminated in the statement of financial position and in the income statement, with the exception of transactions within the income statement that the discontinued operations will continue after the date of loss of control with the continuing operations. This presentation, which has no impact on the amount of consolidated net income, enables users of the financial statements to assess the impact of discontinued operations on the remaining continuing operations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-48-5": { "value": "Non-current assets held for sale and discontinued operationsWhen, at the reporting date, it is highly likely that non-current assets or groups of directly related assets and liabilities will be disposed of, they are designated as non-current assets or groups of assets held for sale. Their sale is considered highly likely if, on the reporting date, a plan to put them up for sale at a reasonable price in relation to their fair value has been organized in order to find a buyer and finalize their transfer within one year at most. Non-current assets or groups of assets held for sale are presented as separate assets and liabilities in the consolidated balance sheet, separately from the rest of the continuing operations, at the balance sheet date and without comparative information provided for prior periods. They are no longer depreciated at the date of designation as non-current assets or disposal groups and are valued at the lower of carrying amount or fair value less costs to sell. Non-current assets or groups of assets that will be shut down and not sold constitute non-current assets that are to be abandoned. When non-current assets or groups of assets held for sale or to be disposed of are allocated to a separate line item for the main operation and are to be abandoned as part of a single coordinated plan, they are categorized as discontinued operations and their related flows are disclosed separately in the income statement and statement of cash flows, as of the balance sheet date and in the comparative information provided for prior periods. As non-current assets or groups of assets held for sale are controlled until their disposal date, intra-group transactions between them and the rest of the continuing operations are eliminated in the statement of financial position and in the income statement, with the exception of transactions within the income statement that the discontinued operations will continue after the date of loss of control with the continuing operations. This presentation, which has no impact on the amount of consolidated net income, enables users of the financial statements to assess the impact of discontinued operations on the remaining continuing operations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-49-2": { "value": "InventoriesInventories are recorded as assets at the date on which the risks, rewards and control are transferred to the group. At the time of sale, their disposal is accounted for through an expense at the same date as the corresponding gain. Inventories are valued at the lower of production cost or net realizable value. When production is less than normal capacity, fixed costs specifically exclude the share corresponding to the sub- activity. Inventories presenting similar characteristics are valued under the same method. The methods used in the group are FIFO \u2013 First-In, First-Out \u2013 and the weighted average unit cost. When production cost cannot be recovered, it is lowered to net realization value under the conditions existing at the reporting date.Note 14InventoriesIN EUR MILLION 2022 2021Raw materials, consumables and parts670.1592.6Work in progress133.9112.4Finished goods and goods for resale459.4453.3Other0.00.1GROSS TOTAL (BEFORE WRITE-DOWNS) 1,263.4 1,158.3Write-downs of inventoryAs of January 1(54.5)(51.5)Write-downs over the year(27.1) (19.8)Reversals of write-downs 15.4 1 7. 2Foreign currency translation adjustments (0.5) -Other13.9 (0.4)As of December 31(52.9)(54.5)NET TOTAL 1,210.6 1,103.8Of which: Holding--Imerys789.9849.1Webhelp5.04.2Canyon393.6238.7Affidea9.6-Sanoptis5.7-GBL Capital and SIM6.711.8The variation of inventories recognized as an expense is EUR 97 million in 2022 (EUR - 91 million in 2021).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-49-4": { "value": "InventoriesInventories are recorded as assets at the date on which the risks, rewards and control are transferred to the group. At the time of sale, their disposal is accounted for through an expense at the same date as the corresponding gain. Inventories are valued at the lower of production cost or net realizable value. When production is less than normal capacity, fixed costs specifically exclude the share corresponding to the sub- activity. Inventories presenting similar characteristics are valued under the same method. The methods used in the group are FIFO \u2013 First-In, First-Out \u2013 and the weighted average unit cost. When production cost cannot be recovered, it is lowered to net realization value under the conditions existing at the reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-41-6": { "value": "DepreciationDepreciation expense is spread over the expected useful life of the different categories of property, plant and equipment using the straight- line method. The estimated useful lives of the most significant items of property, plant and equipment fall into the following ranges: \u2013 buildings: 10 to 50 years; \u2013 industrial constructions: 10 to 30 years; \u2013 fixtures and fittings of buildings and constructions: 5 to 15 years; \u2013 machinery, equipment and technical fittings: 5 to 20 years; \u2013 vehicles: 2 to 5 years; and \u2013 other property, plant and equipment: 10 to 20 years. Land is not depreciated.Right-of-use assets held through leases are depreciated over the reasonably certain end date of the lease, unless the lessee is considering exercising their right to purchase the asset. In that case, the useful life of the asset leased is applied. Rights-of-use are depreciated or amortized on a straight-line basis, except, for Imerys, those applicable to bulk carriers, which are depreciated by is depreciated over its useful life, up to the end of the reasonably certain end date of the lease. Furthermore, Imerys does not consider the straight-line depreciation method appropriate to reflect the consumption of property, plant and equipment related to mining activities such as mineral reserves and overburden assets as well as certain industrial assets of discontinuous use. Depreciation of mining assets is therefore estimated in units of production on the basis of actual extraction, while operational monitoring units such as production or operating hours are used to estimate depreciation of industrial assets.A mineral reserve is depreciated to the quantity of the geological inventory of the deposit minus discounts for the geological uncertainty inherent to the resources. Overburden assets, a component of mineral reserve assets, are depreciated over the quantity of reserve to which they specifically give access. Subsoil, i.e. the area of land not part of the mineral deposit, is not depreciated since it is not consumed by mining operations.the number of journeys made. Freehold and leasehold equipment Impairment of assetsOther equity investmentsOther equity investments are not subject to impairment tests since any decrease in fair value, even significant or prolonged, is still recognized in equity for financial assets recognized at fair value through equity or, directly in profit or loss for financial assets recognized at fair value through profit or loss.Investments in equity-accounted entitiesWhen there is an objective indication of impairment of an investment accounted for using the equity method, an impairment test must be carried out, in accordance with IAS 36 Impairment of assets and IAS 28 Investments in Associates and Joint Ventures. The recoverable amount of the asset is estimated in order to compare it to its carrying amount and, where applicable, to recognize an impairment loss for the surplus. The recoverable amount is the highest of either the fair value less costs to sell or the value in use. The value in use corresponds to the future estimated discounted cash flows. When an impairment accounted for in an earlier period ceases to exist, the carrying amount is partially or totally restored. The reversal of an impairment loss is recorded immediately in profit.Property, plant and equipment and intangible assetsAt every reporting date, the group reviews the carrying amount of intangible assets and property, plant and equipment with finite useful life in order to assess whether there is any evidence of impairment of these assets.If there is any evidence of impairment, the asset\u2019s recoverable amount is estimated to compare it with its carrying amount. The recoverable amount is the higher of the asset\u2019s net sale price or its value in use. The value in use is the present value of estimated future cash \ufb02ows from the continuous use of an asset. Where it is not possible to estimate the recoverable amount of an asset individually, the group estimates the recoverable amount of the CGU to which the asset belongs. If the recoverable amount of the asset or of the CGU is estimated to be less than the carrying amount, the carrying value of the asset or of the CGU is lowered to its recoverable amount. An impairment loss is immediately recognized in expenses.When an impairment recorded during past financial years is no longer justified, the impairment loss on this asset or CGU is reversed in order to bring the asset or CGU back to a value corresponding to the new valuation of its recoverable amount.However, the carrying value of an asset or CGU may not exceed, following reversal of an impairment loss, the carrying value it would have had if no impairment had been recognized for the asset or CGU in previous years. The reversal of an impairment loss is recognized immediately as income.Trade receivables and other financial assetsIFRS 9 Financial Instruments requires the application of a model based on anticipated losses on trade receivables and other financial assets. In particular, IFRS 9 requires, among other things, that the group recognizes an impairment loss on trade receivables and other financial assets as of the initial recognition date thereof.The assessment of expected credit losses is made on an individual or collective basis taking into account historical data on late payments, information on current circumstances, as well as forward-looking information.Incentive plansEquity-settled share-based plansGBL and Imerys stock options granted prior to November 7, 2002 have not been recorded in the consolidated financial statements in accordance with the transitional provisions of IFRS 2 Share-based Payment.Incentive plans granted as from November 7, 2002 are accounted for in accordance with IFRS 2. In accordance with this standard, the fair value of the options on the date of allocation is recorded in the income statement for the period of acquisition of the rights (\u201cvesting period\u201d). The options are valued by means of a valuation model generally accepted based on the market conditions prevailing at the time of their grant.Cash-settled share-based plansIf the arrangement is settled in cash, the group incurs a liability measured at fair value. Until the settlement of the liability, the fair value should be measured at each reporting date and at settlement date. The changes in fair value are recognized in the income statement of the period.Retirement benefits and other post- employment benefitsDefined benefit plansCommitments for defined benefit pension plans and similar obligations are valued using the projected credit unit method, in accordance with IAS 19 Employee Benefits. This valuation uses financial and demographic actuarial assumptions. These are used to value services rendered during the year on the basis of an estimate of the end-of-career salary.The provisions or assets recognized correspond to the present value of the obligation less the fair value of the plan\u2019s assets, which may be capped. The discount rates used to discount the obligations and calculate the resulting normative return on the assets are determined by referring to the yields of bonds issued by AA (high quality) rated companies within the main iBoxx GBP and USD Corporate AA indexes. Where negative interest rates arise, they are applied as published, without a \ufb02oor at zero.Contributions to funds and direct payments to beneficiaries as well as contributions and payments related to restructuring are recorded under \u201cEmployee expenses\u201d or \u201cOther operating income (expenses) from investing activities\u201d. Contributions to closed deficit plans with compulsory funding are recorded under \u201cFinancial income (expenses) from operating activities\u201d. The effect of these contributions in income statement is neutralized by reversals of provisions recognized in each of the items mentioned above. Other elements of the change in post- employment benefit plans are recorded in \u201cEmployee expenses\u201d or \u201cOther operating income (expenses) from investing activities\u201d, with the exception of the accretion of obligations and normative return on assets that are recognized under \u201cFinancial income (expenses) from investing activities\u201d or \u201cFinancial income (expenses) from operating activities\u201d.TaxesIncome taxes of the financial year include both current and deferred taxes. They are recorded in the income statement unless they relate to items directly recorded in shareholders\u2019 equity, in which case they are also recorded in shareholders\u2019 equity.Current taxes are the taxes to be paid on the taxable profit for the financial year and are calculated in accordance with the tax rates in effect or that will be in effect on the last day of the financial year, plus any adjustments relating to prior years.Deferred taxes are calculated in accordance with the liability method, which is applied to the temporary differences between the carrying amount and tax basis of the assets and liabilities recorded in the balance sheet.The following tax differences are disregarded: non tax-deductible goodwill and initial valuations of assets and liabilities not affecting the accounting and taxable profit.Deferred taxes are calculated according to the manner in which the related assets and liabilities are expected to be realized or settled, based on the tax rates in effect or that will be in effect on the last day of the financial year.Additionally, deferred tax liabilities related to investments in subsidiaries are not recorded when the group is able to control the date on which the temporary difference will reverse and when the group does not expect the temporary difference to reverse in the foreseeable future.Deferred tax assets are recorded if the taxable profits are likely to materialize in such a manner as to allow them to be offset against tax losses and tax credits.Finally, deferred tax assets and liabilities are offset by tax entity when the latter has the right to offset its current tax assets and liabilities and that the deferred tax assets and liabilities in question are levied by the same tax authority.Administrative costs are recorded in \u201cEmployee expenses\u201d or \u201cOther operating income (expenses) from investing activities\u201d, except for the administrative expenses of the closed deficit plans with compulsory funding that are recorded under \u201cOther financial income (expenses) from operational activities\u201d.Plan amendments, reductions and liquidations are immediately recognized in profit or loss. Actuarial differences and caps relating to post-employment benefit plan assets are fully recognized in other comprehensive income, net of asset management fees, without reclassification to profit or loss in a subsequent period.Defined contribution plansThe group participates, in accordance with the regulations and corporate practices of each country, in the creation of retirement reserves for its staff, paying contributions on a mandatory or voluntary basis to external bodies such as pension funds, insurance companies or financial institutions.These plans are defined contribution plans, in other words they do not guarantee the level of benefits paid. These contributions are recorded under \u201cEmployee expenses\u201d or \u201cOther operating income (expenses) from investing activities\u201d.ProvisionsProvisions are recorded at the reporting date when a group entity has an actual (legal or implicit) obligation resulting from a past event, when it is probable that an amount will have to be paid out to settle this obligation, and if the amount of the obligation can be determined reliably.The amount recorded as a provision should be the most accurate estimation of the expenditure required to meet the obligation existing at the reporting date.Provisions are recognized in profit or loss, apart from provisions for decommissioning and some provisions for rehabilitation, whose counterpart is included in the cost of assets whose construction has created the obligation. This treatment applies in particular to some of Imerys\u2019 industrial installations and overburden mineral assets.Provisions whose settlement is expected within twelve months after the reporting date or whose settlement may occur at any time are not discounted. Provisions whose settlement is expected more than twelve months after the reporting date are discounted.Changes in discounted provisions resulting from a revision of the amount of the obligation, its calendar or its discount rate are recognized in profit or loss, or for provisions recognized against assets, as an adjustment of the cost of the assets. The discounting is recognized as a debit in financial income (expenses).Provisions for restructuring costs are not recorded unless the group has approved a detailed and formal restructuring plan and if the restructuring has either begun or been publicly announced. Costs relating to the group\u2019s continuing operations are not taken into account.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-46-3": { "value": "Other equity investmentsOther equity investments include investments in companies in which the group does not control nor exercise a significant influence, as defined above.Other equity investments are either quoted or private assets or unquoted funds.Quoted and private investments (Pernod Ricard, SGS, adidas, Umicore, Voodoo, etc.)These investments are recorded at fair value based on their stock market price at each closing date for quoted investments and on the valuation methods used for private investments.GBL has opted to account for changes in the fair value of quoted and private investments via equity (\u201cFinancial assets recognized at fair value through equity\u201d). These amounts will never be recycled in earnings, even in the event of the sale of securities or significant or prolonged loss of value. In the event of a sale, the accumulated revaluation reserves at the time of sale are reclassified to consolidated reserves.Unquoted funds (Upfield, Sagard funds, Kartesia funds, BDT Capital Partners II, Matador Coinvestment, etc.)Investments in funds are revalued at each closing at their fair value, determined by the managers of these funds, according to their investment portfolio.Based on the analysis of the characteristics of these unlisted funds, GBL determined that they were not eligible for the \u201cFair value through other comprehensive income\u201d option. Therefore, the changes in fair value are accounted for in profit or loss (\u201cFinancial assets recognized at fair value through profit or loss\u201d).Other equity investmentsOther equity investments are not subject to impairment tests since any decrease in fair value, even significant or prolonged, is still recognized in equity for financial assets recognized at fair value through equity or, directly in profit or loss for financial assets recognized at fair value through profit or loss.Ontex, SGS, Voodoo and UmicoreGBL analyzed the accounting treatment to be applied to the investments in Ontex, SGS, Voodoo and Umicore and particularly the classification in (i) investments in associates (IAS 28), with the recognition of GBL\u2019s share in the profit or loss and shareholders\u2019 equity of Ontex, SGS, Voodoo and Umicore respectively or in (ii) other equity investments (IFRS 9), with the recognition of these investments at their fair value and the recognition of the dividend through profit or loss.In accordance with IAS 28, it is assumed that a group does not exercise significant in\ufb02uence if the percentage holding is less than 20.00%, unless it can be clearly demonstrated. According to this standard, significant in\ufb02uence is usually demonstrated in the case of (i) representation on the Board of Directors, (ii) participation in policy-making processes, (iii) material transactions between the investor and the company owned, (iv) the interchange of managerial personnel or (v) the supply of critical technical information.As of December 31, 2022, those four investments are held respectively at 19.98%, 19.11%, 16.18% and 15.92%. The representation on the Board of Directors of those companies is not sufficient to demonstrate the existence of significant in\ufb02uence. Moreover, representation on the Board of Directors is limited to the mandates of the Directors and requires a resolution at General Shareholders\u2019 Meeting. In particular for listed companies, this representation does not come from a contractual or legal right. Taking these different factors into account, GBL has entered into the accounting treatment of its investments in Ontex, SGS, Voodoo and Umicore as other equity investments as of December 31, 2022.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-46-4": { "value": "Other equity investmentsOther equity investments include investments in companies in which the group does not control nor exercise a significant influence, as defined above.Other equity investments are either quoted or private assets or unquoted funds.Quoted and private investments (Pernod Ricard, SGS, adidas, Umicore, Voodoo, etc.)These investments are recorded at fair value based on their stock market price at each closing date for quoted investments and on the valuation methods used for private investments.GBL has opted to account for changes in the fair value of quoted and private investments via equity (\u201cFinancial assets recognized at fair value through equity\u201d). These amounts will never be recycled in earnings, even in the event of the sale of securities or significant or prolonged loss of value. In the event of a sale, the accumulated revaluation reserves at the time of sale are reclassified to consolidated reserves.Unquoted funds (Upfield, Sagard funds, Kartesia funds, BDT Capital Partners II, Matador Coinvestment, etc.)Investments in funds are revalued at each closing at their fair value, determined by the managers of these funds, according to their investment portfolio.Based on the analysis of the characteristics of these unlisted funds, GBL determined that they were not eligible for the \u201cFair value through other comprehensive income\u201d option. Therefore, the changes in fair value are accounted for in profit or loss (\u201cFinancial assets recognized at fair value through profit or loss\u201d).Trade receivablesTrade receivables are initially recognized at their transaction price, when those do not contain an important financing component (determined in accordance with IFRS 15 Revenue from Contracts with Customers). The transaction price is the amount of consideration that the group expects to receive in exchange for the goods or services transferred.Subsequent to their initial recognition, trade receivables are valued at amortized cost, i.e. at fair value plus, where applicable, directly attributable transaction costs, increased or decreased, of accumulated amortization of any difference between this initial amount and the amount at maturity, and less any write-down for impairment or non- recoverability. At the end of the reporting period, a write-down is recognized for the value of expected credit losses. Such losses correspond to the estimated weighted probability of credit losses, i.e. the expected loss of cash over the life of the trade receivable, minus cash to be received from credit insurance where applicable. Impairment of assetsOther equity investmentsOther equity investments are not subject to impairment tests since any decrease in fair value, even significant or prolonged, is still recognized in equity for financial assets recognized at fair value through equity or, directly in profit or loss for financial assets recognized at fair value through profit or loss.A receivable sold to a banking institution for financing purposes is only derecognized if the factoring agreement also transfers to the factor all the risks and rewards incidental to the receivable.Other financial assetsThe other financial assets are classified in one of the following two categories: \u2013 Amortized cost. Financial assets are measured at amortized cost when the objective of the business model is to collect the contractual cash \ufb02ows. These correspond mainly to cash and cash equivalents, as well as, to a lesser extent, to receivables related to dividends to be received. Cash and cash equivalents include bank deposits and fixed-term investments with a maturity date equal to or less than three months from the acquisition date. These are highly liquid investments indexed on a money market rate and the value of which is known or subject to very little uncertainty.Finally, the group derecognizes a financial asset only if the contractual rights to the cash \ufb02ows of the asset expire, or if the financial asset and \u2013 Fair value through profit or loss. Financial assets are measured at fair value through profit or loss when the objective of the business model is to both collect the contractual cash flows and make a trading profit in the short term. They are non-derivative financial assets held for trading and recognized as assets between the dates of purchase and disposal, and whose changes in fair value are recognized in other financial income and expenses (investing or operating activities) at market prices published at the closing date. This category also includes trading assets as well as derivative instruments other than hedge accounting.the group does not transfer or retain substantially all the risks and rewards of ownership and continues to control the transferred asset, the group then recognizes retained interests in that asset and an associated liability for amounts that it may have to pay. If the group retains substantially all the risks and rewards of owning a transferred financial asset, the group continues to recognize the financial asset and also recognizes a debt backed by the proceeds received.the associated risks and benefits are transferred to third parties. If Trade receivables and other financial assetsIFRS 9 Financial Instruments requires the application of a model based on anticipated losses on trade receivables and other financial assets. In particular, IFRS 9 requires, among other things, that the group recognizes an impairment loss on trade receivables and other financial assets as of the initial recognition date thereof.The assessment of expected credit losses is made on an individual or collective basis taking into account historical data on late payments, information on current circumstances, as well as forward-looking information.Derivative financial instrumentsThe group\u2019s consolidated operating companies use derivatives to reduce their exposure to various risks, in particular foreign exchange, interest rate and energy price risks. The sole purpose of these instruments is to hedge the economic risks to which they are exposed. Financial instruments are recognized at the transaction date, i.e. the date the hedge accounting contract is entered into. However, only those that fulfil the hedge accounting criteria laid down in IFRS 9 are given the accounting treatments described hereafter.Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are immediately recognized in profit or loss.Any transaction qualified as hedge accounting is documented by reference to the hedging strategy by identifying the hedged risk, the hedged item, the hedging instrument, the hedging relationship and the measurement method of the hedge relationship effectiveness. The measurement of the hedge relationship effectiveness is updated at every reporting date.Derivatives are measured at fair value on initial recognition. Fair value is subsequently remeasured at every reporting date by reference to market conditions and to IFRS 13 Fair Value Measurement.Derivatives recorded as assets or liabilities are classified in the headings \u201cOther non-current assets/liabilities\u201d and \u201cOther current assets/ liabilities\u201d depending on their maturity date. The recognition of hedging derivatives varies depending on whether they are designated as fair value hedges, cash \ufb02ow hedges or hedges of net investments in foreign operations.GBL also uses derivative instruments. It can carry out transactions using call or put options. These transactions are implemented with reference to thorough documentation and are subject to specific and appropriate prior analysis and systematic monitoring.Consolidated operating companies use different types of derivative financial instruments in various hedging strategies, as described below.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-50-4": { "value": "Trade receivablesTrade receivables are initially recognized at their transaction price, when those do not contain an important financing component (determined in accordance with IFRS 15 Revenue from Contracts with Customers). The transaction price is the amount of consideration that the group expects to receive in exchange for the goods or services transferred.Subsequent to their initial recognition, trade receivables are valued at amortized cost, i.e. at fair value plus, where applicable, directly attributable transaction costs, increased or decreased, of accumulated amortization of any difference between this initial amount and the amount at maturity, and less any write-down for impairment or non- recoverability. At the end of the reporting period, a write-down is recognized for the value of expected credit losses. Such losses correspond to the estimated weighted probability of credit losses, i.e. the expected loss of cash over the life of the trade receivable, minus cash to be received from credit insurance where applicable. A receivable sold to a banking institution for financing purposes is only derecognized if the factoring agreement also transfers to the factor all the risks and rewards incidental to the receivable.Trade receivables and other financial assetsIFRS 9 Financial Instruments requires the application of a model based on anticipated losses on trade receivables and other financial assets. In particular, IFRS 9 requires, among other things, that the group recognizes an impairment loss on trade receivables and other financial assets as of the initial recognition date thereof.The assessment of expected credit losses is made on an individual or collective basis taking into account historical data on late payments, information on current circumstances, as well as forward-looking information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-50-5": { "value": "Trade receivablesTrade receivables are initially recognized at their transaction price, when those do not contain an important financing component (determined in accordance with IFRS 15 Revenue from Contracts with Customers). The transaction price is the amount of consideration that the group expects to receive in exchange for the goods or services transferred.Subsequent to their initial recognition, trade receivables are valued at amortized cost, i.e. at fair value plus, where applicable, directly attributable transaction costs, increased or decreased, of accumulated amortization of any difference between this initial amount and the amount at maturity, and less any write-down for impairment or non- recoverability. At the end of the reporting period, a write-down is recognized for the value of expected credit losses. Such losses correspond to the estimated weighted probability of credit losses, i.e. the expected loss of cash over the life of the trade receivable, minus cash to be received from credit insurance where applicable. A receivable sold to a banking institution for financing purposes is only derecognized if the factoring agreement also transfers to the factor all the risks and rewards incidental to the receivable.Other financial assetsThe other financial assets are classified in one of the following two categories: \u2013 Amortized cost. Financial assets are measured at amortized cost when the objective of the business model is to collect the contractual cash \ufb02ows. These correspond mainly to cash and cash equivalents, as well as, to a lesser extent, to receivables related to dividends to be received. Cash and cash equivalents include bank deposits and fixed-term investments with a maturity date equal to or less than three months from the acquisition date. These are highly liquid investments indexed on a money market rate and the value of which is known or subject to very little uncertainty.Finally, the group derecognizes a financial asset only if the contractual rights to the cash \ufb02ows of the asset expire, or if the financial asset and \u2013 Fair value through profit or loss. Financial assets are measured at fair value through profit or loss when the objective of the business model is to both collect the contractual cash flows and make a trading profit in the short term. They are non-derivative financial assets held for trading and recognized as assets between the dates of purchase and disposal, and whose changes in fair value are recognized in other financial income and expenses (investing or operating activities) at market prices published at the closing date. This category also includes trading assets as well as derivative instruments other than hedge accounting.the group does not transfer or retain substantially all the risks and rewards of ownership and continues to control the transferred asset, the group then recognizes retained interests in that asset and an associated liability for amounts that it may have to pay. If the group retains substantially all the risks and rewards of owning a transferred financial asset, the group continues to recognize the financial asset and also recognizes a debt backed by the proceeds received.the associated risks and benefits are transferred to third parties. If Trade receivables and other financial assetsIFRS 9 Financial Instruments requires the application of a model based on anticipated losses on trade receivables and other financial assets. In particular, IFRS 9 requires, among other things, that the group recognizes an impairment loss on trade receivables and other financial assets as of the initial recognition date thereof.The assessment of expected credit losses is made on an individual or collective basis taking into account historical data on late payments, information on current circumstances, as well as forward-looking information.Current and non-current liabilitiesNon-current liabilities (bank loans and bonds) and current liabilities (bank deposits) are initially recognized in the accounting records at their fair value less, in the case of a financial liability that has not been recorded at fair value through the income statement, the transaction costs that are directly imputed to the issuance of the financial liability.After initial recording, they are valued at their amortized cost (initial amount less repayments of principal plus or minus the accumulated amortization of any difference between the initial amount and the value at maturity).The exchangeable or convertible bonds issued by the group are considered as hybrid instruments, i.e. containing both a bond component and an embedded derivative. At the date of issue, the fair value of the bond component is estimated based on the prevailing market interest rate for similar non-exchangeable or non-convertible bonds. The difference between the proceeds of issuance of the exchangeable or convertible bond and the fair value assigned to the bond component, representing the value of embedded option to exchange the bonds for shares, is included separately, depending on the option\u2019s maturity, in the heading \u201cOther current liabilities\u201d component is calculated by applying the prevailing interest market rate at the issuance date.Transaction costs related to the issue of convertible or exchangeable bonds are allocated to the \u201cliability\u201d and \u201cderivative\u201d components in proportion to the allocation of gross proceeds.Transaction costs related to the \u201cderivative\u201d component are recognized directly in profit or loss. Transaction costs related to the \u201cliability\u201d component are included in the carrying amount of the \u201cliability\u201d component and are amortized over the life of the convertible or exchangeable bonds using the effective interest rate method.or \u201cOther non-current liabilities\u201d. The interest cost of the bond Trade payables and other financial non-derivative liabilities are measured at amortized cost.The group derecognizes a financial liability if, and only if, its obligations are discharged, canceled or expired. The difference between the carrying amount of the derecognized financial liability and the consideration paid and payable is recognized in profit or lender for another instrument with substantially different terms, the exchange is recognized as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, if the contractual terms of an existing liability are substantially changed, the group also recognizes an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the contractual terms of the financial liability are substantially different if the present value of the cash flows under the new conditions, including any fees paid, net of fees collected and discounted at the original effective rate, is at least 10% different from the present value of the remaining cash \ufb02ows of the original financial liability.loss. Derivative financial instrumentsThe group\u2019s consolidated operating companies use derivatives to reduce their exposure to various risks, in particular foreign exchange, interest rate and energy price risks. The sole purpose of these instruments is to hedge the economic risks to which they are exposed. Financial instruments are recognized at the transaction date, i.e. the date the hedge accounting contract is entered into. However, only those that fulfil the hedge accounting criteria laid down in IFRS 9 are given the accounting treatments described hereafter.Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are immediately recognized in profit or loss.Any transaction qualified as hedge accounting is documented by reference to the hedging strategy by identifying the hedged risk, the hedged item, the hedging instrument, the hedging relationship and the measurement method of the hedge relationship effectiveness. The measurement of the hedge relationship effectiveness is updated at every reporting date.Derivatives are measured at fair value on initial recognition. Fair value is subsequently remeasured at every reporting date by reference to market conditions and to IFRS 13 Fair Value Measurement.Derivatives recorded as assets or liabilities are classified in the headings \u201cOther non-current assets/liabilities\u201d and \u201cOther current assets/ liabilities\u201d depending on their maturity date. The recognition of hedging derivatives varies depending on whether they are designated as fair value hedges, cash \ufb02ow hedges or hedges of net investments in foreign operations.GBL also uses derivative instruments. It can carry out transactions using call or put options. These transactions are implemented with reference to thorough documentation and are subject to specific and appropriate prior analysis and systematic monitoring.Consolidated operating companies use different types of derivative financial instruments in various hedging strategies, as described below.InterestInterest income (expenses) include interest to be paid on loans and interest to be received on investments. Interest income received or interest charges paid are recorded prorata temporis in the consolidated statement of comprehensive income, taking into account the effective interest rate on the investment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-55-6": { "value": "A receivable sold to a banking institution for financing purposes is only derecognized if the factoring agreement also transfers to the factor all the risks and rewards incidental to the receivable.Finally, the group derecognizes a financial asset only if the contractual rights to the cash \ufb02ows of the asset expire, or if the financial asset and the associated risks and benefits are transferred to third parties. The group derecognizes a financial liability if, and only if, its obligations are discharged, canceled or expired. The difference between the carrying amount of the derecognized financial liability and the consideration paid and payable is recognized in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-51-5": { "value": "Impairment of assetsOther equity investmentsOther equity investments are not subject to impairment tests since any decrease in fair value, even significant or prolonged, is still recognized in equity for financial assets recognized at fair value through equity or, directly in profit or loss for financial assets recognized at fair value through profit or loss.Investments in equity-accounted entitiesWhen there is an objective indication of impairment of an investment accounted for using the equity method, an impairment test must be carried out, in accordance with IAS 36 Impairment of assets and IAS 28 Investments in Associates and Joint Ventures. The recoverable amount of the asset is estimated in order to compare it to its carrying amount and, where applicable, to recognize an impairment loss for the surplus. The recoverable amount is the highest of either the fair value less costs to sell or the value in use. The value in use corresponds to the future estimated discounted cash flows. When an impairment accounted for in an earlier period ceases to exist, the carrying amount is partially or totally restored. The reversal of an impairment loss is recorded immediately in profit.Property, plant and equipment and intangible assetsAt every reporting date, the group reviews the carrying amount of intangible assets and property, plant and equipment with finite useful life in order to assess whether there is any evidence of impairment of these assets.If there is any evidence of impairment, the asset\u2019s recoverable amount is estimated to compare it with its carrying amount. The recoverable amount is the higher of the asset\u2019s net sale price or its value in use. The value in use is the present value of estimated future cash \ufb02ows from the continuous use of an asset. Where it is not possible to estimate the recoverable amount of an asset individually, the group estimates the recoverable amount of the CGU to which the asset belongs. If the recoverable amount of the asset or of the CGU is estimated to be less than the carrying amount, the carrying value of the asset or of the CGU is lowered to its recoverable amount. An impairment loss is immediately recognized in expenses.When an impairment recorded during past financial years is no longer justified, the impairment loss on this asset or CGU is reversed in order to bring the asset or CGU back to a value corresponding to the new valuation of its recoverable amount.However, the carrying value of an asset or CGU may not exceed, following reversal of an impairment loss, the carrying value it would have had if no impairment had been recognized for the asset or CGU in previous years. The reversal of an impairment loss is recognized immediately as income.Trade receivables and other financial assetsIFRS 9 Financial Instruments requires the application of a model based on anticipated losses on trade receivables and other financial assets. In particular, IFRS 9 requires, among other things, that the group recognizes an impairment loss on trade receivables and other financial assets as of the initial recognition date thereof.The assessment of expected credit losses is made on an individual or collective basis taking into account historical data on late payments, information on current circumstances, as well as forward-looking information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-63-3": { "value": "Appropriation of profitDividends paid by GBL to its shareholders are included as a reduction of shareholders\u2019 equity for their gross amount, i.e. before withholding tax. The financial statements are prepared before appropriation of profit.DividendsDividends relating to other equity investments or trading securities are booked in profit or loss on the date on which their distribution is decided upon, unless these dividends clearly represent the recovery of a portion of the cost of the investment. The amount of withholding tax is recorded as a deduction of gross dividends.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-64-4": { "value": "Incentive plansEquity-settled share-based plansGBL and Imerys stock options granted prior to November 7, 2002 have not been recorded in the consolidated financial statements in accordance with the transitional provisions of IFRS 2 Share-based Payment.Incentive plans granted as from November 7, 2002 are accounted for in accordance with IFRS 2. In accordance with this standard, the fair value of the options on the date of allocation is recorded in the income statement for the period of acquisition of the rights (\u201cvesting period\u201d). The options are valued by means of a valuation model generally accepted based on the market conditions prevailing at the time of their grant.Cash-settled share-based plansIf the arrangement is settled in cash, the group incurs a liability measured at fair value. Until the settlement of the liability, the fair value should be measured at each reporting date and at settlement date. The changes in fair value are recognized in the income statement of the period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-65-4": { "value": "Retirement benefits and other post- employment benefitsDefined benefit plansCommitments for defined benefit pension plans and similar obligations are valued using the projected credit unit method, in accordance with IAS 19 Employee Benefits. This valuation uses financial and demographic actuarial assumptions. These are used to value services rendered during the year on the basis of an estimate of the end-of-career salary.The provisions or assets recognized correspond to the present value of the obligation less the fair value of the plan\u2019s assets, which may be capped. The discount rates used to discount the obligations and calculate the resulting normative return on the assets are determined by referring to the yields of bonds issued by AA (high quality) rated companies within the main iBoxx GBP and USD Corporate AA indexes. Where negative interest rates arise, they are applied as published, without a \ufb02oor at zero.Contributions to funds and direct payments to beneficiaries as well as contributions and payments related to restructuring are recorded under \u201cEmployee expenses\u201d or \u201cOther operating income (expenses) from investing activities\u201d. Contributions to closed deficit plans with compulsory funding are recorded under \u201cFinancial income (expenses) from operating activities\u201d. The effect of these contributions in income statement is neutralized by reversals of provisions recognized in each of the items mentioned above. Other elements of the change in post- employment benefit plans are recorded in \u201cEmployee expenses\u201d or \u201cOther operating income (expenses) from investing activities\u201d, with the exception of the accretion of obligations and normative return on assets that are recognized under \u201cFinancial income (expenses) from investing activities\u201d or \u201cFinancial income (expenses) from operating activities\u201d.Administrative costs are recorded in \u201cEmployee expenses\u201d or \u201cOther operating income (expenses) from investing activities\u201d, except for the administrative expenses of the closed deficit plans with compulsory funding that are recorded under \u201cOther financial income (expenses) from operational activities\u201d.Plan amendments, reductions and liquidations are immediately recognized in profit or loss. Actuarial differences and caps relating to post-employment benefit plan assets are fully recognized in other comprehensive income, net of asset management fees, without reclassification to profit or loss in a subsequent period.Defined contribution plansThe group participates, in accordance with the regulations and corporate practices of each country, in the creation of retirement reserves for its staff, paying contributions on a mandatory or voluntary basis to external bodies such as pension funds, insurance companies or financial institutions.These plans are defined contribution plans, in other words they do not guarantee the level of benefits paid. These contributions are recorded under \u201cEmployee expenses\u201d or \u201cOther operating income (expenses) from investing activities\u201d.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-65-5": { "value": "Retirement benefits and other post- employment benefitsDefined benefit plansCommitments for defined benefit pension plans and similar obligations are valued using the projected credit unit method, in accordance with IAS 19 Employee Benefits. This valuation uses financial and demographic actuarial assumptions. These are used to value services rendered during the year on the basis of an estimate of the end-of-career salary.The provisions or assets recognized correspond to the present value of the obligation less the fair value of the plan\u2019s assets, which may be capped. The discount rates used to discount the obligations and calculate the resulting normative return on the assets are determined by referring to the yields of bonds issued by AA (high quality) rated companies within the main iBoxx GBP and USD Corporate AA indexes. Where negative interest rates arise, they are applied as published, without a \ufb02oor at zero.Contributions to funds and direct payments to beneficiaries as well as contributions and payments related to restructuring are recorded under \u201cEmployee expenses\u201d or \u201cOther operating income (expenses) from investing activities\u201d. Contributions to closed deficit plans with compulsory funding are recorded under \u201cFinancial income (expenses) from operating activities\u201d. The effect of these contributions in income statement is neutralized by reversals of provisions recognized in each of the items mentioned above. Other elements of the change in post- employment benefit plans are recorded in \u201cEmployee expenses\u201d or \u201cOther operating income (expenses) from investing activities\u201d, with the exception of the accretion of obligations and normative return on assets that are recognized under \u201cFinancial income (expenses) from investing activities\u201d or \u201cFinancial income (expenses) from operating activities\u201d.Administrative costs are recorded in \u201cEmployee expenses\u201d or \u201cOther operating income (expenses) from investing activities\u201d, except for the administrative expenses of the closed deficit plans with compulsory funding that are recorded under \u201cOther financial income (expenses) from operational activities\u201d.Plan amendments, reductions and liquidations are immediately recognized in profit or loss. Actuarial differences and caps relating to post-employment benefit plan assets are fully recognized in other comprehensive income, net of asset management fees, without reclassification to profit or loss in a subsequent period.Defined contribution plansThe group participates, in accordance with the regulations and corporate practices of each country, in the creation of retirement reserves for its staff, paying contributions on a mandatory or voluntary basis to external bodies such as pension funds, insurance companies or financial institutions.These plans are defined contribution plans, in other words they do not guarantee the level of benefits paid. These contributions are recorded under \u201cEmployee expenses\u201d or \u201cOther operating income (expenses) from investing activities\u201d.ProvisionsProvisions are recorded at the reporting date when a group entity has an actual (legal or implicit) obligation resulting from a past event, when it is probable that an amount will have to be paid out to settle this obligation, and if the amount of the obligation can be determined reliably.The amount recorded as a provision should be the most accurate estimation of the expenditure required to meet the obligation existing at the reporting date.Provisions are recognized in profit or loss, apart from provisions for decommissioning and some provisions for rehabilitation, whose counterpart is included in the cost of assets whose construction has created the obligation. This treatment applies in particular to some of Imerys\u2019 industrial installations and overburden mineral assets.Provisions whose settlement is expected within twelve months after the reporting date or whose settlement may occur at any time are not discounted. Provisions whose settlement is expected more than twelve months after the reporting date are discounted.Changes in discounted provisions resulting from a revision of the amount of the obligation, its calendar or its discount rate are recognized in profit or loss, or for provisions recognized against assets, as an adjustment of the cost of the assets. The discounting is recognized as a debit in financial income (expenses).Provisions for restructuring costs are not recorded unless the group has approved a detailed and formal restructuring plan and if the restructuring has either begun or been publicly announced. Costs relating to the group\u2019s continuing operations are not taken into account.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-62-8": { "value": "Trade receivables and other financial assetsIFRS 9 Financial Instruments requires the application of a model based on anticipated losses on trade receivables and other financial assets. In particular, IFRS 9 requires, among other things, that the group recognizes an impairment loss on trade receivables and other financial assets as of the initial recognition date thereof.The assessment of expected credit losses is made on an individual or collective basis taking into account historical data on late payments, information on current circumstances, as well as forward-looking information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-62-9": { "value": "Trade receivables and other financial assetsIFRS 9 Financial Instruments requires the application of a model based on anticipated losses on trade receivables and other financial assets. In particular, IFRS 9 requires, among other things, that the group recognizes an impairment loss on trade receivables and other financial assets as of the initial recognition date thereof.The assessment of expected credit losses is made on an individual or collective basis taking into account historical data on late payments, information on current circumstances, as well as forward-looking information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-66-4": { "value": "TaxesIncome taxes of the financial year include both current and deferred taxes. They are recorded in the income statement unless they relate to items directly recorded in shareholders\u2019 equity, in which case they are also recorded in shareholders\u2019 equity.Current taxes are the taxes to be paid on the taxable profit for the financial year and are calculated in accordance with the tax rates in effect or that will be in effect on the last day of the financial year, plus any adjustments relating to prior years.Deferred taxes are calculated in accordance with the liability method, which is applied to the temporary differences between the carrying amount and tax basis of the assets and liabilities recorded in the balance sheet.The following tax differences are disregarded: non tax-deductible goodwill and initial valuations of assets and liabilities not affecting the accounting and taxable profit.Deferred taxes are calculated according to the manner in which the related assets and liabilities are expected to be realized or settled, based on the tax rates in effect or that will be in effect on the last day of the financial year.Additionally, deferred tax liabilities related to investments in subsidiaries are not recorded when the group is able to control the date on which the temporary difference will reverse and when the group does not expect the temporary difference to reverse in the foreseeable future.Deferred tax assets are recorded if the taxable profits are likely to materialize in such a manner as to allow them to be offset against tax losses and tax credits.Finally, deferred tax assets and liabilities are offset by tax entity when the latter has the right to offset its current tax assets and liabilities and that the deferred tax assets and liabilities in question are levied by the same tax authority.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-66-5": { "value": "TaxesIncome taxes of the financial year include both current and deferred taxes. They are recorded in the income statement unless they relate to items directly recorded in shareholders\u2019 equity, in which case they are also recorded in shareholders\u2019 equity.Current taxes are the taxes to be paid on the taxable profit for the financial year and are calculated in accordance with the tax rates in effect or that will be in effect on the last day of the financial year, plus any adjustments relating to prior years.Deferred taxes are calculated in accordance with the liability method, which is applied to the temporary differences between the carrying amount and tax basis of the assets and liabilities recorded in the balance sheet.The following tax differences are disregarded: non tax-deductible goodwill and initial valuations of assets and liabilities not affecting the accounting and taxable profit.Deferred taxes are calculated according to the manner in which the related assets and liabilities are expected to be realized or settled, based on the tax rates in effect or that will be in effect on the last day of the financial year.Additionally, deferred tax liabilities related to investments in subsidiaries are not recorded when the group is able to control the date on which the temporary difference will reverse and when the group does not expect the temporary difference to reverse in the foreseeable future.Deferred tax assets are recorded if the taxable profits are likely to materialize in such a manner as to allow them to be offset against tax losses and tax credits.Finally, deferred tax assets and liabilities are offset by tax entity when the latter has the right to offset its current tax assets and liabilities and that the deferred tax assets and liabilities in question are levied by the same tax authority.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-66-6": { "value": "TaxesIncome taxes of the financial year include both current and deferred taxes. They are recorded in the income statement unless they relate to items directly recorded in shareholders\u2019 equity, in which case they are also recorded in shareholders\u2019 equity.Current taxes are the taxes to be paid on the taxable profit for the financial year and are calculated in accordance with the tax rates in effect or that will be in effect on the last day of the financial year, plus any adjustments relating to prior years.Deferred taxes are calculated in accordance with the liability method, which is applied to the temporary differences between the carrying amount and tax basis of the assets and liabilities recorded in the balance sheet.The following tax differences are disregarded: non tax-deductible goodwill and initial valuations of assets and liabilities not affecting the accounting and taxable profit.Deferred taxes are calculated according to the manner in which the related assets and liabilities are expected to be realized or settled, based on the tax rates in effect or that will be in effect on the last day of the financial year.Additionally, deferred tax liabilities related to investments in subsidiaries are not recorded when the group is able to control the date on which the temporary difference will reverse and when the group does not expect the temporary difference to reverse in the foreseeable future.Deferred tax assets are recorded if the taxable profits are likely to materialize in such a manner as to allow them to be offset against tax losses and tax credits.Finally, deferred tax assets and liabilities are offset by tax entity when the latter has the right to offset its current tax assets and liabilities and that the deferred tax assets and liabilities in question are levied by the same tax authority.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-69-3": { "value": "Treasury sharesWhen treasury shares are bought (or sold), the amount paid (or received) is recorded as a decrease (or increase) in shareholders\u2019 equity.Movements in these shares are shown in the consolidated statement of changes in shareholders\u2019 equity. No profits or losses on these movements are recorded in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-81-5": { "value": "Provisions are recognized in profit or loss, apart from provisions for decommissioning and some provisions for rehabilitation, whose counterpart is included in the cost of assets whose construction has created the obligation. This treatment applies in particular to some of Imerys\u2019 industrial installations and overburden mineral assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-71-4": { "value": "Current and non-current liabilitiesNon-current liabilities (bank loans and bonds) and current liabilities (bank deposits) are initially recognized in the accounting records at their fair value less, in the case of a financial liability that has not been recorded at fair value through the income statement, the transaction costs that are directly imputed to the issuance of the financial liability.After initial recording, they are valued at their amortized cost (initial amount less repayments of principal plus or minus the accumulated amortization of any difference between the initial amount and the value at maturity).The exchangeable or convertible bonds issued by the group are considered as hybrid instruments, i.e. containing both a bond component and an embedded derivative. At the date of issue, the fair value of the bond component is estimated based on the prevailing market interest rate for similar non-exchangeable or non-convertible bonds. The difference between the proceeds of issuance of the exchangeable or convertible bond and the fair value assigned to the bond component, representing the value of embedded option to exchange the bonds for shares, is included separately, depending on the option\u2019s maturity, in the heading \u201cOther current liabilities\u201d component is calculated by applying the prevailing interest market rate at the issuance date.Transaction costs related to the issue of convertible or exchangeable bonds are allocated to the \u201cliability\u201d and \u201cderivative\u201d components in proportion to the allocation of gross proceeds.Transaction costs related to the \u201cderivative\u201d component are recognized directly in profit or loss. Transaction costs related to the \u201cliability\u201d component are included in the carrying amount of the \u201cliability\u201d component and are amortized over the life of the convertible or exchangeable bonds using the effective interest rate method.or \u201cOther non-current liabilities\u201d. The interest cost of the bond Trade payables and other financial non-derivative liabilities are measured at amortized cost.The group derecognizes a financial liability if, and only if, its obligations are discharged, canceled or expired. The difference between the carrying amount of the derecognized financial liability and the consideration paid and payable is recognized in profit or lender for another instrument with substantially different terms, the exchange is recognized as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, if the contractual terms of an existing liability are substantially changed, the group also recognizes an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the contractual terms of the financial liability are substantially different if the present value of the cash flows under the new conditions, including any fees paid, net of fees collected and discounted at the original effective rate, is at least 10% different from the present value of the remaining cash \ufb02ows of the original financial liability.loss. Derivative financial instrumentsThe group\u2019s consolidated operating companies use derivatives to reduce their exposure to various risks, in particular foreign exchange, interest rate and energy price risks. The sole purpose of these instruments is to hedge the economic risks to which they are exposed. Financial instruments are recognized at the transaction date, i.e. the date the hedge accounting contract is entered into. However, only those that fulfil the hedge accounting criteria laid down in IFRS 9 are given the accounting treatments described hereafter.Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are immediately recognized in profit or loss.Any transaction qualified as hedge accounting is documented by reference to the hedging strategy by identifying the hedged risk, the hedged item, the hedging instrument, the hedging relationship and the measurement method of the hedge relationship effectiveness. The measurement of the hedge relationship effectiveness is updated at every reporting date.Derivatives are measured at fair value on initial recognition. Fair value is subsequently remeasured at every reporting date by reference to market conditions and to IFRS 13 Fair Value Measurement.Derivatives recorded as assets or liabilities are classified in the headings \u201cOther non-current assets/liabilities\u201d and \u201cOther current assets/ liabilities\u201d depending on their maturity date. The recognition of hedging derivatives varies depending on whether they are designated as fair value hedges, cash \ufb02ow hedges or hedges of net investments in foreign operations.GBL also uses derivative instruments. It can carry out transactions using call or put options. These transactions are implemented with reference to thorough documentation and are subject to specific and appropriate prior analysis and systematic monitoring.Consolidated operating companies use different types of derivative financial instruments in various hedging strategies, as described below.Hedge of net investments in foreign operationsForeign currency translation adjustments generated by net assets held by the group\u2019s consolidated operating companies in foreign currencies can be hedged. At every reporting date, the effective share of the hedge is recognized in shareholders\u2019 equity and the ineffective portion in profit or loss.The effective portion in shareholders\u2019 equity is only reclassified as profit or loss in the case of loss of control over a consolidated activity or reduction of an interest in an activity under significant in\ufb02uence.Fair value hedgeWhen changes in fair value of a recognized asset or liability or an unrecognized firm commitment may affect income, these changes may be covered by a fair value hedge. The hedged item and the hedging instrument are remeasured symmetrically in profit or loss at every reporting date. The impact in profit or loss is limited to the ineffective portion of the hedge.Cash \ufb02ow hedgeA cash flow hedge is used to cover unfavorable cash flow changes related to a recognized asset or liability or a highly likely future transaction when such changes are likely to affect profit or loss. At every reporting date, the effective share of the hedge and, if applicable, the changes in the time value of the options and futures points of the futures contracts, are recognized in shareholders\u2019 equity. The ineffective portion is recognized in profit or loss. When the transaction is recognized, items previously recognized in shareholders\u2019 equity are reclassified to profit or loss simultaneously with the recognition of the hedged item. In the event of a disqualification of a derivative, i.e. the interruption of hedge accounting, the effective portion of the hedge previously recognized in shareholders\u2019 equity is amortized to operating or financial result, depending on the nature of the hedged item.InterestInterest income (expenses) include interest to be paid on loans and interest to be received on investments. Interest income received or interest charges paid are recorded prorata temporis in the consolidated statement of comprehensive income, taking into account the effective interest rate on the investment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-71-5": { "value": "Current and non-current liabilitiesNon-current liabilities (bank loans and bonds) and current liabilities (bank deposits) are initially recognized in the accounting records at their fair value less, in the case of a financial liability that has not been recorded at fair value through the income statement, the transaction costs that are directly imputed to the issuance of the financial liability.After initial recording, they are valued at their amortized cost (initial amount less repayments of principal plus or minus the accumulated amortization of any difference between the initial amount and the value at maturity).The exchangeable or convertible bonds issued by the group are considered as hybrid instruments, i.e. containing both a bond component and an embedded derivative. At the date of issue, the fair value of the bond component is estimated based on the prevailing market interest rate for similar non-exchangeable or non-convertible bonds. The difference between the proceeds of issuance of the exchangeable or convertible bond and the fair value assigned to the bond component, representing the value of embedded option to exchange the bonds for shares, is included separately, depending on the option\u2019s maturity, in the heading \u201cOther current liabilities\u201d component is calculated by applying the prevailing interest market rate at the issuance date.Transaction costs related to the issue of convertible or exchangeable bonds are allocated to the \u201cliability\u201d and \u201cderivative\u201d components in proportion to the allocation of gross proceeds.Transaction costs related to the \u201cderivative\u201d component are recognized directly in profit or loss. Transaction costs related to the \u201cliability\u201d component are included in the carrying amount of the \u201cliability\u201d component and are amortized over the life of the convertible or exchangeable bonds using the effective interest rate method.or \u201cOther non-current liabilities\u201d. The interest cost of the bond Trade payables and other financial non-derivative liabilities are measured at amortized cost.The group derecognizes a financial liability if, and only if, its obligations are discharged, canceled or expired. The difference between the carrying amount of the derecognized financial liability and the consideration paid and payable is recognized in profit or lender for another instrument with substantially different terms, the exchange is recognized as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, if the contractual terms of an existing liability are substantially changed, the group also recognizes an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the contractual terms of the financial liability are substantially different if the present value of the cash flows under the new conditions, including any fees paid, net of fees collected and discounted at the original effective rate, is at least 10% different from the present value of the remaining cash \ufb02ows of the original financial liability.loss. InterestInterest income (expenses) include interest to be paid on loans and interest to be received on investments. Interest income received or interest charges paid are recorded prorata temporis in the consolidated statement of comprehensive income, taking into account the effective interest rate on the investment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-76-6": { "value": "Trade payables and other financial non-derivative liabilities are measured at amortized cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-83-8": { "value": "Derivative financial instrumentsThe group\u2019s consolidated operating companies use derivatives to reduce their exposure to various risks, in particular foreign exchange, interest rate and energy price risks. The sole purpose of these instruments is to hedge the economic risks to which they are exposed. Financial instruments are recognized at the transaction date, i.e. the date the hedge accounting contract is entered into. However, only those that fulfil the hedge accounting criteria laid down in IFRS 9 are given the accounting treatments described hereafter.Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are immediately recognized in profit or loss.Any transaction qualified as hedge accounting is documented by reference to the hedging strategy by identifying the hedged risk, the hedged item, the hedging instrument, the hedging relationship and the measurement method of the hedge relationship effectiveness. The measurement of the hedge relationship effectiveness is updated at every reporting date.Derivatives are measured at fair value on initial recognition. Fair value is subsequently remeasured at every reporting date by reference to market conditions and to IFRS 13 Fair Value Measurement.Derivatives recorded as assets or liabilities are classified in the headings \u201cOther non-current assets/liabilities\u201d and \u201cOther current assets/ liabilities\u201d depending on their maturity date. The recognition of hedging derivatives varies depending on whether they are designated as fair value hedges, cash \ufb02ow hedges or hedges of net investments in foreign operations.GBL also uses derivative instruments. It can carry out transactions using call or put options. These transactions are implemented with reference to thorough documentation and are subject to specific and appropriate prior analysis and systematic monitoring.Consolidated operating companies use different types of derivative financial instruments in various hedging strategies, as described below.Hedge of net investments in foreign operationsForeign currency translation adjustments generated by net assets held by the group\u2019s consolidated operating companies in foreign currencies can be hedged. At every reporting date, the effective share of the hedge is recognized in shareholders\u2019 equity and the ineffective portion in profit or loss.The effective portion in shareholders\u2019 equity is only reclassified as profit or loss in the case of loss of control over a consolidated activity or reduction of an interest in an activity under significant in\ufb02uence.Fair value hedgeWhen changes in fair value of a recognized asset or liability or an unrecognized firm commitment may affect income, these changes may be covered by a fair value hedge. The hedged item and the hedging instrument are remeasured symmetrically in profit or loss at every reporting date. The impact in profit or loss is limited to the ineffective portion of the hedge.Cash \ufb02ow hedgeA cash flow hedge is used to cover unfavorable cash flow changes related to a recognized asset or liability or a highly likely future transaction when such changes are likely to affect profit or loss. At every reporting date, the effective share of the hedge and, if applicable, the changes in the time value of the options and futures points of the futures contracts, are recognized in shareholders\u2019 equity. The ineffective portion is recognized in profit or loss. When the transaction is recognized, items previously recognized in shareholders\u2019 equity are reclassified to profit or loss simultaneously with the recognition of the hedged item. In the event of a disqualification of a derivative, i.e. the interruption of hedge accounting, the effective portion of the hedge previously recognized in shareholders\u2019 equity is amortized to operating or financial result, depending on the nature of the hedged item.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-83-9": { "value": "Derivative financial instrumentsThe group\u2019s consolidated operating companies use derivatives to reduce their exposure to various risks, in particular foreign exchange, interest rate and energy price risks. The sole purpose of these instruments is to hedge the economic risks to which they are exposed. Financial instruments are recognized at the transaction date, i.e. the date the hedge accounting contract is entered into. However, only those that fulfil the hedge accounting criteria laid down in IFRS 9 are given the accounting treatments described hereafter.Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are immediately recognized in profit or loss.Any transaction qualified as hedge accounting is documented by reference to the hedging strategy by identifying the hedged risk, the hedged item, the hedging instrument, the hedging relationship and the measurement method of the hedge relationship effectiveness. The measurement of the hedge relationship effectiveness is updated at every reporting date.Derivatives are measured at fair value on initial recognition. Fair value is subsequently remeasured at every reporting date by reference to market conditions and to IFRS 13 Fair Value Measurement.Derivatives recorded as assets or liabilities are classified in the headings \u201cOther non-current assets/liabilities\u201d and \u201cOther current assets/ liabilities\u201d depending on their maturity date. The recognition of hedging derivatives varies depending on whether they are designated as fair value hedges, cash \ufb02ow hedges or hedges of net investments in foreign operations.GBL also uses derivative instruments. It can carry out transactions using call or put options. These transactions are implemented with reference to thorough documentation and are subject to specific and appropriate prior analysis and systematic monitoring.Consolidated operating companies use different types of derivative financial instruments in various hedging strategies, as described below.Hedge of net investments in foreign operationsForeign currency translation adjustments generated by net assets held by the group\u2019s consolidated operating companies in foreign currencies can be hedged. At every reporting date, the effective share of the hedge is recognized in shareholders\u2019 equity and the ineffective portion in profit or loss.The effective portion in shareholders\u2019 equity is only reclassified as profit or loss in the case of loss of control over a consolidated activity or reduction of an interest in an activity under significant in\ufb02uence.Fair value hedgeWhen changes in fair value of a recognized asset or liability or an unrecognized firm commitment may affect income, these changes may be covered by a fair value hedge. The hedged item and the hedging instrument are remeasured symmetrically in profit or loss at every reporting date. The impact in profit or loss is limited to the ineffective portion of the hedge.Cash \ufb02ow hedgeA cash flow hedge is used to cover unfavorable cash flow changes related to a recognized asset or liability or a highly likely future transaction when such changes are likely to affect profit or loss. At every reporting date, the effective share of the hedge and, if applicable, the changes in the time value of the options and futures points of the futures contracts, are recognized in shareholders\u2019 equity. The ineffective portion is recognized in profit or loss. When the transaction is recognized, items previously recognized in shareholders\u2019 equity are reclassified to profit or loss simultaneously with the recognition of the hedged item. In the event of a disqualification of a derivative, i.e. the interruption of hedge accounting, the effective portion of the hedge previously recognized in shareholders\u2019 equity is amortized to operating or financial result, depending on the nature of the hedged item.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-84-8": { "value": "Hedge of net investments in foreign operationsForeign currency translation adjustments generated by net assets held by the group\u2019s consolidated operating companies in foreign currencies can be hedged. At every reporting date, the effective share of the hedge is recognized in shareholders\u2019 equity and the ineffective portion in profit or loss.The effective portion in shareholders\u2019 equity is only reclassified as profit or loss in the case of loss of control over a consolidated activity or reduction of an interest in an activity under significant in\ufb02uence.Fair value hedgeWhen changes in fair value of a recognized asset or liability or an unrecognized firm commitment may affect income, these changes may be covered by a fair value hedge. The hedged item and the hedging instrument are remeasured symmetrically in profit or loss at every reporting date. The impact in profit or loss is limited to the ineffective portion of the hedge.Cash \ufb02ow hedgeA cash flow hedge is used to cover unfavorable cash flow changes related to a recognized asset or liability or a highly likely future transaction when such changes are likely to affect profit or loss. At every reporting date, the effective share of the hedge and, if applicable, the changes in the time value of the options and futures points of the futures contracts, are recognized in shareholders\u2019 equity. The ineffective portion is recognized in profit or loss. When the transaction is recognized, items previously recognized in shareholders\u2019 equity are reclassified to profit or loss simultaneously with the recognition of the hedged item. In the event of a disqualification of a derivative, i.e. the interruption of hedge accounting, the effective portion of the hedge previously recognized in shareholders\u2019 equity is amortized to operating or financial result, depending on the nature of the hedged item.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-85-5": { "value": "Items denominated in foreign currenciesMonetary assets and liabilities denominated in foreign currencies in the accounting records of group companies are translated into euros using the exchange rates of the last day of the financial year. Unrealized differences on translation resulting from the application of this methodology are recorded as gains or losses of the financial year. Non- monetary assets and liabilities are recorded using the exchange rates applicable on the date of the transaction.In the consolidated financial statements, the group\u2019s assets and liabilities related to activities held abroad are converted at the closing rate.Items of income and expenses denominated in foreign currencies are converted into euros at the average exchange rate for the year. Foreign currency translation adjustments re\ufb02ecting the difference between the average rate and the rate on the last day of the year, are recognized in shareholders\u2019 equity under \u201cForeign currency translation adjustments\u201d. These foreign currency translation adjustments are recorded in profit or loss when the group disposes of the entity concerned.Exchange rates used2022 2021Closing rateUS Dollar 1.07 1.13Swiss franc0.981.03Average rateUS Dollar1.051.18", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-86-3": { "value": "RevenueRevenue is made up of two elements: on the one hand, the sale of goods and on the other hand, the services rendered mainly made out of (i) the reinvoicing to customers of the cost of shipping goods, (ii) industrial services provided or (iii) services aimed at intervening in the management of the customer process or (iv) billings for medical treatment and services. The contractual commitments made by the group to transfer these goods and services to customers are categorized as performance obligations. When control of goods or services is transferred to customers, the performance obligation is deemed to have been satisfied and the revenue is recognized. Goods are therefore transferred to customers at a given point in time, which coincides with the transfer of all the risks and rewards defined in the contractual incoterms. The contract includes multiple incoterms due to the specificities as defined in contracts. However, while certain services, such as molding work, are rendered at a given point in time, most of the other services are transferred to customers over time, notably in the case of shipping services, for which the revenue is recognized after the delivery has been made, and certain specialized services in the construction of industrial facilities or services aimed at intervening in the management of the customer process and whose degree of completion is measured based on the actual level of production costs committed or based on the time spent. Collateral requirements on the sale of goods and rendering of services offer customers guarantees about the specifications agreed in the contracts, rather than an additional service on top of these guarantees.Consequently, guarantees are not recognized as performance obligations but as provisions.Sale of goods and rendering of services are measured at the fair value of the transaction, minus trade and volume rebates, as well as discounts for early payment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-86-4": { "value": "RevenueRevenue is made up of two elements: on the one hand, the sale of goods and on the other hand, the services rendered mainly made out of (i) the reinvoicing to customers of the cost of shipping goods, (ii) industrial services provided or (iii) services aimed at intervening in the management of the customer process or (iv) billings for medical treatment and services. The contractual commitments made by the group to transfer these goods and services to customers are categorized as performance obligations. When control of goods or services is transferred to customers, the performance obligation is deemed to have been satisfied and the revenue is recognized. Goods are therefore transferred to customers at a given point in time, which coincides with the transfer of all the risks and rewards defined in the contractual incoterms. The contract includes multiple incoterms due to the specificities as defined in contracts. However, while certain services, such as molding work, are rendered at a given point in time, most of the other services are transferred to customers over time, notably in the case of shipping services, for which the revenue is recognized after the delivery has been made, and certain specialized services in the construction of industrial facilities or services aimed at intervening in the management of the customer process and whose degree of completion is measured based on the actual level of production costs committed or based on the time spent. Collateral requirements on the sale of goods and rendering of services offer customers guarantees about the specifications agreed in the contracts, rather than an additional service on top of these guarantees.Consequently, guarantees are not recognized as performance obligations but as provisions.Sale of goods and rendering of services are measured at the fair value of the transaction, minus trade and volume rebates, as well as discounts for early payment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-92-8": { "value": "InterestInterest income (expenses) include interest to be paid on loans and interest to be received on investments. Interest income received or interest charges paid are recorded prorata temporis in the consolidated statement of comprehensive income, taking into account the effective interest rate on the investment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-94-2": { "value": "Changes in accounting policies and errorsA change in the accounting policies is only applied to meet the requirements of a standard or an interpretation, or if it gives more reliable and more relevant information. Changes in accounting policies are recognized retrospectively, except when specific transitional provisions are stated in a standard or an interpretation. When an error is detected, it is also retrospectively adjusted. No errors were corrected in 2022 or 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-94-3": { "value": "Changes in accounting policies and errorsA change in the accounting policies is only applied to meet the requirements of a standard or an interpretation, or if it gives more reliable and more relevant information. Changes in accounting policies are recognized retrospectively, except when specific transitional provisions are stated in a standard or an interpretation. When an error is detected, it is also retrospectively adjusted. No errors were corrected in 2022 or 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-90-2": { "value": "The main estimates are the following: \u2013 the valuation of the assets and liabilities of an acquired business (section \u201cScope of consolidation, associates and changes in group structure\u201d); \u2013 the principal assumptions related to goodwill impairment testing (note 10), intangible assets (note 9) and property, plant and equipment (note 11), such as the duration, the amount of future cash \ufb02ows as well as the discount rate and perpetual growth involved in computing the value in use of the tested assets. In particular, GBL has included in its estimates the uncertainties related to the risks and opportunities associated with climate change; \u2013 the valuation of unlisted assets or funds; \u2013 an estimate of the useful life of intangible assets with limited life (note 9) and property, plant and equipment (note 11); \u2013 estimates of indicators related to the climate and sustainable development that may create obligations for the group if they are not abided by, in particular estimates at Imerys: - the amount of greenhouse gas emissions generated by its industrial facilities and the need to purchase emission rights so as to assess the provisions covering any potential deficits (note 9); - the fulfilment of the sustainable development goals that Imerys must pursue and are indexed to Sustainability-Linked Bonds (note 17.2). \u2013 at Imerys, valuation methods to assess the acquisition cost of mining assets; in particular Imerys integrates the risks and opportunities related to climate change in the business plans used to draw up the geological inventory of mineral deposits, which is used as a base from which to calculate the acquisition cost (note 11); \u2013 estimate of reasonably certain lease terms of certain leases (note 11); \u2013 the estimation of in\ufb02ation levels incorporated in the valuation of certain future cash \ufb02ows, notably in the context of impairment tests (note 10), the valuation of other provisions (note 20) and the valuation of defined benefit plans (note 21); \u2013 the assessment, as part of the recognition and measurement of provisions, of the probability of settlement and amount of the obligation, of the expected timing of future payments and of discount rates (note 20); \u2013 actuarial assumptions for defined benefit plans (note 21); and \u2013 the assumptions related to the evaluation of debts on minority interests (note 22).Main estimates and judgmentsDuring the preparation of the financial statements, the group makes a number of estimates and judgments relating to the recognition and measurement of its assets and liabilities. These assessments are intended to address the uncertain nature of the risks and opportunities to which the group\u2019s activities are exposed to. Among these, the risks and opportunities related to climate change, which may mainly impact Imerys\u2019 activities, are given particular attention. The group has decided to further integrate climate change and sustainable development issues into its strategy in order to reduce risks and create new opportunities for sustainable value creation. We refer to the ESG section. In this context, risks and opportunities are assessed in terms of market developments, physical risks and changes in the energy mix.Uncertainties inherent to the business require estimates to be made when preparing the financial statements. These estimates result from judgements aiming at providing a true and fair view based upon available and reliable information. An estimate is revised to re\ufb02ect changes in circumstances, new information available and effects linked to experience. Changes in estimates are accounted for on a prospective basis.When such estimates are established, they are explained in the notes on the items to which they relate.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-97-2": { "value": "Exchange rates used2022 2021Closing rateUS Dollar 1.07 1.13Swiss franc0.981.03Average rateUS Dollar1.051.18", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-98-3": { "value": "Presentation of the consolidated financial statementsThe consolidated statement of comprehensive income separately presents:- Investing activitiesComponents of income resulting from investing activities, which include the operations of GBL and of its subsidiaries whose main purpose is investment management. This includes GBL Capital and Sienna Investment Managers as well as the profit (loss) of operating associates (Parques Reunidos/Piolin II) and non-consolidated operating companies (Pernod Ricard, SGS, adidas, Umicore, etc.); and- Consolidated operating activitiesComponents of income from consolidated operating activities, i.e. from consolidated operating companies (Imerys, Webhelp, Canyon, Sanoptis, Affidea as well as the sub-groups Sausalitos, Vanreusel, etc).", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-99-2": { "value": "7.1.7 Scope of consolidation, associates and joint ventures and changes in group structureFully consolidated subsidiariesInterest and voting rights (in %)Registered 2022 2021officeMain activityNameBelgian Securities BVAmsterdam100.0100.0HoldingBrussels Securities SABrussels100.0100.0HoldingGBL O SABrussels100.0100.0HoldingSagerpar SABrussels100.0100.0HoldingURDAC SABrussels100.0100.0HoldingFINPAR II SABrussels100.0100.0HoldingFINPAR III SABrussels100.0100.0HoldingFINPAR IV SABrussels100.0100.0HoldingFINPAR V SRLBrussels100.0100.0HoldingFINPAR VI SRL Brussels 100.0 100.0 HoldingFINPAR VII SRL Brussels 100.0 100.0 HoldingFinpar VIII SRLBrussels100.0-HoldingLTI Two SABrussels100.0100.0HoldingGBL Verwaltung SALuxembourg100.0100.0HoldingSapiens S\u00e0rlLuxembourg100.0100.0Holding Marnix Lux S\u00e0rl (group Webhelp and subsidiaries)Luxembourg61.359.2OperationalG.f.G. Topco S\u00e0rlLuxembourg100.0100.0Holding G.f.G. Capital S\u00e0rlLuxembourg90.588.9Holding Go-for-Gold Holding GmbH (group Canyon and subsidiaries) Koblenz 54.8 60.0 OperationalCeleste Capital S\u00e0rl (previously Altitude Holdco S\u00e0rl) Luxembourg 100.0 100.0 Holding Celeste InvestCo SALuxembourg100.0-Holding Celeste TopCo SALuxembourg99.5-Holding Celeste Midco 1 BVNetherlands100.0-Holding Celeste Midco 2 BVNetherlands100.0-Holding Celeste Midco 3 BVNetherlands100.0-Holding Celeste BidCo BV (group Affidea and subsidiaries)Netherlands100.0-OperationalSofia Capital S\u00e0rlLuxembourg100.0-Holding Sofia InvestCo SA Luxembourg 100.0 - Holding Sofia MasterCo SA Luxembourg 83.5 - Holding Sofia TopCo S\u00e0rlLuxembourg100.0-Holding Sofia Holdco S\u00e0rlLuxembourg100.0-Holding Sofia MidCo S\u00e0rlLuxembourg100.0-Holding Sofia BidCo S\u00e0rl (group Sanoptis and subsidiaries)Luxembourg100.0-OperationalArthur Capital S\u00e0rlLuxembourg100.0100.0HoldingGBL Energy S\u00e0rlLuxembourg100.0100.0HoldingSerena S\u00e0rlLuxembourg100.0100.0HoldingGBL Finance S\u00e0rl Luxembourg 100.0 100.0 HoldingEliott Capital S\u00e0rl Luxembourg 100.0 100.0 HoldingMiles Capital S\u00e0rlLuxembourg100.0100.0HoldingOwen Capital S\u00e0rlLuxembourg100.0100.0HoldingTheo Capital S\u00e0rlLuxembourg100.0100.0HoldingOliver Capital S\u00e0rlLuxembourg100.0100.0HoldingJade Capital S\u00e0rlLuxembourg100.0100.0HoldingVancouver Capital S\u00e0rlLuxembourg100.0 100.0HoldingGBL Investments LtdDublin100.0 100.0HoldingGBL Development Ltd London 100.0 100.0 OperationalGBL Advisors Ltd London 100.0 100.0 OperationalRCPE Consulting SASParis100.0100.0OperationalImerys SA (and subsidiaries)Paris54.6 54.6OperationalInterest and voting rights (in %)Registered 2022 2021officeMain activityNameSienna Capital Participations S\u00e0rl LuxembourgGBL Capital and SIM100.0(newly GBL Capital Participations S\u00e0rl)100.0Sienna Investment Managers SA (previously Sienna Capital S\u00e0rl)Luxembourg100.0 100.0GBL Capital and SIMSienna Euclide SALuxembourg100.0 -GBL Capital and SIMSienna Landlife SALuxembourg100.0 -GBL Capital and SIMSienna Capital Management SA (newly Sienna AM Luxembourg SA)Luxembourg100.0 100.0GBL Capital and SIMSienna Capital US LLCWilmington100.0 100.0GBL Capital and SIMSienna Capital Invest GP S\u00e0rl (newly GBL Capital Invest GP S\u00e0rl)Luxembourg100.0 100.0GBL Capital and SIMSienna Capital Invest SCSp (newly GBL Capital Invest SCSp) Luxembourg 100.0 100.0 GBL Capital and SIMSienna Capital London Ltd London 100.0 100.0 GBL Capital and SIMSienna Multistrategy Opportunities GP S\u00e0rl Luxembourg 100.0GBL Capital and SIM(previously Sienna Capital Opportunity GP S\u00e0rl)100.0Sienna Multistrategy Opportunities Fund S\u00e0rl Luxembourg 100.0GBL Capital and SIM(previously Sienna Capital Opportunity Fund S\u00e0rl)100.0Sienna Multistrategy Opportunities Carry S\u00e0rl Luxembourg 100.0GBL Capital and SIM(previously Sienna Capital Opportunity Carry S\u00e0rl)100.0Sienna Multistrategy Opportunities Master S\u00e0rl Luxembourg 100.0GBL Capital and SIM(previously Sienna Capital Opportunity Master S\u00e0rl)100.0Sienna Capital Co-Invest Master S\u00e0rlLuxembourg100.0100.0GBL Capital and SIMSienna PE Invest GP S\u00e0rl (previously Sienna IM Digital GP S\u00e0rl)Luxembourg100.0100.0GBL Capital and SIMSienna IM Digital Bonds SCA SICAV RAIFLuxembourg-100.0GBL Capital and SIMSienna Venture Capital GP S\u00e0rl Luxembourg 100.0 - GBL Capital and SIMSienna Venture Capital SAS Paris 100.0 - GBL Capital and SIMSienna Real Estate Solutions S\u00e0rlLuxembourg100.0100.0GBL Capital and SIMSienna Real Estate Partner JV Netherlands BV Amsterdam 89.4GBL Capital and SIM(group Sienna Real Estate and subsidiaries)89.4Sienna Gestion (group Sienna Gestion and subsidiaries)Paris66.6-GBL Capital and SIMSienna 2A SAS (group Sienna Private Credit and subsidiaries)Paris8 7. 5-GBL Capital and SIMSienna Private Equity SASParis75.0-GBL Capital and SIMErgon Capital Partners III SA (group ECP III and subsidiaries)Brussels89,989,9GBL Capital and SIMThe percentage of voting rights is identical to the percentage interest, with the exception of Imerys, for which the voting rights are 68.13%. An incentive plan has also been granted to the management of Ergon Capital Partners III, covering 16.67% of the shares.Associates and joint venturesAvanti AcquisitionStreetTeam Piolin II S\u00e0rl /Backed 1 LP Backed Backed Ergon Capital RATE SCSPSoftware LtdParques Encore 1 LP2 LPPartners SA\ue61fIN %\ue61eReunidosOfficeLuxembourgLondenLuxembourgJerseyJerseyJerseyBrusselsGBL Capital GBL Capital GBL Capital GBL Capital GBL Capital GBL Capital Leisure parksActivityand SIMand SIMand SIMand SIMand SIMand SIMDETENTION 202250.0 32.7 23.1 48.6 58.3 40.0 50.0RATE2021Detention rate50.0 32.8 23.1 48.6 58.3 40.0 50.0Ergon Capital Ergon Capital I.P.E. SRL,M\u00e9rieux Landlife Holding RATEPartners II SAPartners IVsubsidiary ofParticipations 2 S\u00e0rl\ue61fIN %\ue61eSCSPECP IIISASOfficeBrusselsLuxembourgBolognaLyonLuxembourgGBL Capital GBL Capital GBL Capital GBL Capital Home furnishingActivityand SIMand SIMand SIMand SIMDETENTION 202250.0 34.4 65.6 34.3 35.1RATE2021Detention rate50.0 34.4 65.6 34.3 -The percentage of voting rights is identical to the percentage interest.The group has analyzed the accounting treatment to be applied to the recognition of its investment in I.P.E. SRL (Visionnaire group) and has concluded that it only has a significant in\ufb02uence despite its 65.55% interest, based on the existence of a shareholders\u2019 agreement. The group reached the same conclusion regarding the consolidation method to be used to integrate the investments in Backed Encore 1 LP.As of December 31, 2022, GBL holds a stake in the funds Eight Partners Worldwide SAS (22.40%), Kartesia Credit Opportunities III SCA (31.11%), Sagard II B (74.65%), Sagard 3 FPCI (26.40%), Sagard NewGen FPCI (21.64%), Sagard Sant\u00e9 Animale FPCI (32.41%), Sagard Testing FPCI (63.72%), Sagard Business Intelligence FPCI (92.59%), PrimeStone Capital Fund ICAV (23.22%), Marcho Partners Feeder Fund ICAV (38.71%), C2 Capital Global Export-to-China Fund LP (26.96%), KKR Sigma Co-Invest II LP (34.90%), Predirec ABL-3 (Part B) (21.00%), HCM IV LP/HCM V LP/HCM S11A LP/HCM S3C LP (20.27%, 28.55%, 56.26% and 49.26% respectively) and has determined that it has no significant in\ufb02uence over those investments. These funds are therefore presented as other equity investments and are measured at fair value at each reporting date.In the rest of the notes, Ergon Capital Partners, Ergon Capital Partners II and Ergon Capital Partners IV have been referred to together under the name \u201cECP I, II & IV\u201d, while the name \u201cECP\u201d refers to these companies referred to above and Ergon Capital Partners III (\u201cECP III\u201d). Similarly, Backed 1 LP, Backed Encore 1 LP and Backed 2 LP entities will be referred to as \u201cBacked\u201d, the entity Piolin II S\u00e0rl as \u201cPiolin II\u201d, the entity StreetTeam Software Ltd. as \u201cStreetTeam\u201d and the entity Avanti Acquisition SCSP as \u201cAvanti Acquisition Corp.\u201d.Note 2Associates and joint ventures2.1 Share of profit (loss)Dividends received from equity-accounted entities have been eliminated and replaced by GBL\u2019s share of their profit or loss.Dividends receivedIN EUR MILLION 2022 2021M\u00e9rieux Participations 2 13.3 5.5Other associates and joint ventures 5.85.2TOTAL 19.1 10.8Profit (loss) of associates and joint ventures (GBL\u2019s share)IN EUR MILLION 2022 2021Share of profit or loss of associates and joint ventures \u2013 investing activities3.2136.0ECP I, II & IV 9.248.1Avanti Acquisition Corp.1.8(1.8)Parques Reunidos/Piolin II1.312.8M\u00e9rieux Participations 21.212.1Backed(10.3)64.8Associates and joint ventures related to consolidated operating activities 13.7(shown under \"Other operating income (expenses)\") 32.6I.P.E.2.51.0Other30.112.6TOTAL 35.9 149.7ECP I, II & IVThe contribution of ECP I, II & IV to the net result of GBL amounts to EUR 9 million in 2022 (EUR 48 million in 2021). This result mainly includes gains on the revaluation to fair value of ECP IV\u2019s share portfolio.Parques Reunidos/Piolin IIThe net result (GBL\u2019s share) of Parques Reunidos/Piolin II amounts to EUR 1 million in 2022 (EUR 13 million in 2021). M\u00e9rieux Participations 2The contribution of M\u00e9rieux Participations 2 (EUR 1 million versus EUR 12 million in 2021) also includes mainly fair value revaluation gains on its portfolio, partially offset by the fund\u2019s general expenses and tax charges.BackedBacked contributed to GBL\u2019s result for EUR - 10 million (EUR 65 million in 2021). The result is mainly due to revaluation losses on the fair value of the investment portfolio.2.2 Value of associates and joint venturesInvesting activities Operating activities TotalParques Backed ECP I, II & Avanti StreetTeam M\u00e9rieux I.P.E. OtherReunidos/IVParticipations IN EUR MILLIONPiolin II2As of December 31, 202078.5 69.3 144.7 5.8 2 7. 8 58.1 3 7.4 87.9 509.5Investment/(Divestment)12.28.3(1.8)0.341.7(2.2)-1.660.1Profit (loss) for the year12.864.848.1(1.8)-12.11.012.7149.7Distribution - - - - - (5.5) - (5.2) (10.8)Other(13.8)(0.6)-0.40.90.05.84.1(3.1)As of December 31, 202189.7141.9191.04.770.562.444.2101.1705.4Investment/(Divestment)-7. 918.90.5-(10.2)(5.2)(3.6)8.2Profit (loss) for the year1.3(10.3)9.21.8-1.22.530.135.9Distribution-----(13.3)-(5.8)(19.1)Impairment---(7.4)(76.8)-(5.3)-(89.5)Other(0.8)(0.0)-0.56.40.0(0.0)(29.4)(23.4)AS OF DECEMBER 31, 2022 90.2 139.4 219.1 - - 40.0 36.2 92.5 617.4Of which: Holding90.2-------90.2Imerys-------90.590.5Webhelp---------Canyon-------0.00.0Affidea---------Sanoptis - - - - - - - - -GBL Capital and SIM - 139.4 219.1 - - 40.0 36.2 2.0 436.7Associates and joint ventures are not listed.2.3 Other information on associates and joint venturesAggregated financial information of major associates and joint venturesThe tables below present a summary of the financial information regarding Backed, ECP I, II & IV and Parques Reunidos/Piolin II, significant associates in 2022 and the other smaller associates and joint ventures. This summary represents the amounts included in the companies\u2019 financial statements prepared in accordance with IFRS.Backed ECP I, II & IV Parques Reunidos/Other associates and TotalIN EUR MILLIONPiolin IIjoint venturesAS OF DECEMBER 31, 2022Non-current assets320.1678.02,369.92 7 7.43,645.5Current assets4.83.3150.7170.4329.2Non-current liabilities31.640.81,830.76 7. 91,970.9Current liabilities1.45.1298.174.8379.4Non-controlling interests - - 1.3 0.0 1.3Shareholder's equity (group's share)291.9635.5390.6305.01,623.0Ownership interest in capitaln.r.n.r.23.1%n.r.n.r.Share in equity139.4219.190.2163.9612.6Goodwill---4.84.8Carrying amount as of December 31, 2022139.4219.190.2168.7617.4Turnover--820.5334.91,155.4Profit (loss) from continuing operations(15.0)26.75.958.576.1Net result of the year (including non-controlling (15.0) 26.7 5.9 58.5 76.1interests)Net result of the year (group\u2019s share) (15.0) 26.7 5.7 58.5 75.9Other comprehensive income (loss)--(4.2)0.0(4.1)Total comprehensive income (loss) for the year(15.0)26.71.658.671.8Dividends received during the period---19.119.1Share of the group in the profit (loss) for the year(10.3)9.21.335.735.9Backed ECP I, II & IV Parques Reunidos/Other associates and TotalIN EUR MILLIONPiolin IIjoint venturesAS OF DECEMBER 31, 2021Non-current assets 328.3 6 87.7 2,309.5 3 57. 6 3,683.0Current assets 7. 6 3.9 166.4 417.7 595.6Non-current liabilities44.0136.01,819.71 0 7.72,107.4Current liabilities3.01.62 6 7.081.6353.1Non-controlling interests--0.90.81.7Shareholder's equity (group's share)288.9554.0388.3585.21,816.5Ownership interest in capitaln.r.n.r.23.1%n.r.n.r.Share in equity141.9191.089.7278.3700.9Goodwill---4.54.5Carrying amount as of December 31, 2021 141.9 191.0 89.7 282.8 705.4Turnover - - 585.3 296.1 881.5Profit (loss) from continuing operations129.8139.855.854.0379.5Net result of the year (including non-controlling 129.8 139.8 55.8 54.0 379.5interests)Net result of the year (group\u2019s share)129.8139.855.542.73 6 7. 8Other comprehensive income (loss)--(26.2)-(26.2)Total comprehensive income (loss) for the year129.8139.829.342.7341.7Dividends received during the period---10.810.8Share of the group in the profit (loss) for the year64.848.112.824.0149.7Gains (losses) from disposals, impairments and reversals of non-current assets from Note 4investing activitiesIN EUR MILLION 2022 2021Keesing-72.2svt-61.3Indo4 7. 3-Other0.1(0.0)GAINS ON DISPOSALS OF SUBSIDIARIES - INVESTING ACTIVITIES 4 7. 4 133.4Avanti(7.4)-Pollen(102.6)-Sienna Real Estate(15.4)-Other(5.3)6.0IMPAIRMENTS AND REVERSALS OF NON-CURRENT ASSETS - INVESTING ACTIVITIES (130.7) 6.0This item, relating to results from transactions with subsidiaries or associates, mainly includes, in 2022, the net capital gain on the disposal by ECP III of Indo (EUR 47 million) and the impairment loss recorded on Pollen (EUR - 103 million). In 2021, it included the net capital gains on the sale by ECP III of Keesing (EUR 72 million) and of svt (EUR 61 million).Note 30Subsidiaries in which GBL holds significant non-controlling interestsThe tables below present concise financial information about each of the subsidiaries in which GBL holds significant non-controlling interests, without taking intragroup eliminations into account.Imerys Webhelp Canyon Sanoptis Subsidiaries that 2022are not individually IN EUR MILLIONmaterialOwnership percentage held by 45.0% 38.7% 50.4% 16.5%non-controlling interestsVoting rights held by non-controlling 31.9% 38.7% 50.4% 3 7. 0 %interestsNon-current assets4 , 3 5 7.43,505.6751.71,846.8Current assets3,513.6990.6483.9176.7Non-current liabilities 2,465.6 3,879.3 3 67. 1 1,100.2Current liabilities 2,020.0 792.1 123.2 7 7. 5Non-controlling interests4 7. 51.0-5.0Equity (group\u2019s share)3 , 3 3 7.9(176.2)745.2841.1Non-controlling interests (including 1,550.4 1.0 362.4 140.5 45.7 2,100.0those of the subsidiary)Turnover4,281.62,485.3644.9180.1Net result of the period attributable to 130.4 (388.2) 11.0 (20.7)the shareholders of GBL (group\u2019s share)Net result of the period attributable to 124.0 1 7. 2 11.8 (4.1) 3.2 152.2the non-controlling interestsNet result of the period (including 254.4 (371.0) 22.8 (24.8)non-controlling interests)Other comprehensive income attributable to the shareholders of GBL 7. 9 26.9 (0.2) 2.2(group\u2019s share)Other comprehensive income attributable to the non-controlling 15.9 1 7. 2 (0.2) 0.4 0.2 33.5interestsTotal of other comprehensive income 23.8 44.1 (0.4) 2.6(including non-controlling interests)Total comprehensive income attributable to the shareholders of GBL 138.2 (361.3) 10.8 (18.5)(group\u2019s share)Total comprehensive income attributable to the non-controlling 139.9 34.4 11.7 (3.6) 3.4 185.7interestsTotal comprehensive income (including 278.2 (326.9) 22.4 (22.2)non-controlling interests)Dividends paid to the non-controlling 71.9 - - -interestsNet cash flows from operating activities440.7276.3(111.9)7 7. 9Net cash flows from investing activities(311.3)(301.4)7. 2(187.9)Net cash flows from financing activities76.2(0.5)96.0188.2Impact of exchange differences on funds held and impact of changes in scope of (3.0) (9.5) - 9.7consolidationIncrease/decrease of cash and cash 202.6 (35.2) (8.7) 88.0equivalentsDue to the existence of put options contracts that the founders and managers of Webhelp, minority shareholders, hold in all of their shares towards GBL, the non-controlling interests recorded on the acquisition of Webhelp have been reclassified as debts on minority shareholders (see note 22). Contracts of the same type and a reclassification of the same order were recorded on Sanoptis.Imerys Webhelp Canyon Subsidiaries that are 2021not individually IN EUR MILLIONmaterialOwnership percentage held by non-controlling 45.2% 41.2% 46.7%interestsVoting rights held by non-controlling interests32.6%40.8%46.7%Non-current assets4,990.33,285.5764.6Current assets2,425.8916.7303.2Non-current liabilities2,726.53,448.33 0 7.6Current liabilities1 ,4 4 7.7694.598.3Non-controlling interests48.51.1-Equity (group\u2019s share) 3,193.5 58.4 662.0Non-controlling interests (including those of 1,490.9 1.1 308.0 56.7 1,856.8the subsidiary)Turnover4,382.92,080.6344.8Net result of the period attributable to the 131.6 (466.4) (15.3)shareholders of GBL (group\u2019s share)Net result of the period attributable to the 118.0 28.7 (6.5) 15.8 156.0non-controlling interestsNet result of the period (including non-controlling 249.7 (437.8) (21.7)interests)Other comprehensive income attributable to the 98.0 1.9 1.7shareholders of GBL (group\u2019s share)Other comprehensive income attributable to 72.5 1.2 1.5 0.1 75.3the non-controlling interestsTotal of other comprehensive income (including 170.5 3.2 3.2non-controlling interests)Total comprehensive income attributable to the 229.7 (464.5) (13.6)shareholders of GBL (group\u2019s share)Total comprehensive income attributable to 190.5 29.9 (5.0) 15.9 231.3the non-controlling interestsTotal comprehensive income (including 420.1 (434.6) (18.6)non-controlling interests)Dividends paid to the non-controlling interests53.4--Net cash flows from operating activities 540.0 233.5 (103.4)Net cash flows from investing activities (306.7) (593.3) (68.4)Net cash flows from financing activities(312.0)425.1205.7Impact of exchange differences on funds held and 7. 3 (4.1) -impact of changes in scope of consolidationIncrease/decrease of cash and cash equivalents(71.3)61.233.9", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-99-3": { "value": "7.1.7 Scope of consolidation, associates and joint ventures and changes in group structureFully consolidated subsidiariesInterest and voting rights (in %)Registered 2022 2021officeMain activityNameBelgian Securities BVAmsterdam100.0100.0HoldingBrussels Securities SABrussels100.0100.0HoldingGBL O SABrussels100.0100.0HoldingSagerpar SABrussels100.0100.0HoldingURDAC SABrussels100.0100.0HoldingFINPAR II SABrussels100.0100.0HoldingFINPAR III SABrussels100.0100.0HoldingFINPAR IV SABrussels100.0100.0HoldingFINPAR V SRLBrussels100.0100.0HoldingFINPAR VI SRL Brussels 100.0 100.0 HoldingFINPAR VII SRL Brussels 100.0 100.0 HoldingFinpar VIII SRLBrussels100.0-HoldingLTI Two SABrussels100.0100.0HoldingGBL Verwaltung SALuxembourg100.0100.0HoldingSapiens S\u00e0rlLuxembourg100.0100.0Holding Marnix Lux S\u00e0rl (group Webhelp and subsidiaries)Luxembourg61.359.2OperationalG.f.G. Topco S\u00e0rlLuxembourg100.0100.0Holding G.f.G. Capital S\u00e0rlLuxembourg90.588.9Holding Go-for-Gold Holding GmbH (group Canyon and subsidiaries) Koblenz 54.8 60.0 OperationalCeleste Capital S\u00e0rl (previously Altitude Holdco S\u00e0rl) Luxembourg 100.0 100.0 Holding Celeste InvestCo SALuxembourg100.0-Holding Celeste TopCo SALuxembourg99.5-Holding Celeste Midco 1 BVNetherlands100.0-Holding Celeste Midco 2 BVNetherlands100.0-Holding Celeste Midco 3 BVNetherlands100.0-Holding Celeste BidCo BV (group Affidea and subsidiaries)Netherlands100.0-OperationalSofia Capital S\u00e0rlLuxembourg100.0-Holding Sofia InvestCo SA Luxembourg 100.0 - Holding Sofia MasterCo SA Luxembourg 83.5 - Holding Sofia TopCo S\u00e0rlLuxembourg100.0-Holding Sofia Holdco S\u00e0rlLuxembourg100.0-Holding Sofia MidCo S\u00e0rlLuxembourg100.0-Holding Sofia BidCo S\u00e0rl (group Sanoptis and subsidiaries)Luxembourg100.0-OperationalArthur Capital S\u00e0rlLuxembourg100.0100.0HoldingGBL Energy S\u00e0rlLuxembourg100.0100.0HoldingSerena S\u00e0rlLuxembourg100.0100.0HoldingGBL Finance S\u00e0rl Luxembourg 100.0 100.0 HoldingEliott Capital S\u00e0rl Luxembourg 100.0 100.0 HoldingMiles Capital S\u00e0rlLuxembourg100.0100.0HoldingOwen Capital S\u00e0rlLuxembourg100.0100.0HoldingTheo Capital S\u00e0rlLuxembourg100.0100.0HoldingOliver Capital S\u00e0rlLuxembourg100.0100.0HoldingJade Capital S\u00e0rlLuxembourg100.0100.0HoldingVancouver Capital S\u00e0rlLuxembourg100.0 100.0HoldingGBL Investments LtdDublin100.0 100.0HoldingGBL Development Ltd London 100.0 100.0 OperationalGBL Advisors Ltd London 100.0 100.0 OperationalRCPE Consulting SASParis100.0100.0OperationalImerys SA (and subsidiaries)Paris54.6 54.6OperationalInterest and voting rights (in %)Registered 2022 2021officeMain activityNameSienna Capital Participations S\u00e0rl LuxembourgGBL Capital and SIM100.0(newly GBL Capital Participations S\u00e0rl)100.0Sienna Investment Managers SA (previously Sienna Capital S\u00e0rl)Luxembourg100.0 100.0GBL Capital and SIMSienna Euclide SALuxembourg100.0 -GBL Capital and SIMSienna Landlife SALuxembourg100.0 -GBL Capital and SIMSienna Capital Management SA (newly Sienna AM Luxembourg SA)Luxembourg100.0 100.0GBL Capital and SIMSienna Capital US LLCWilmington100.0 100.0GBL Capital and SIMSienna Capital Invest GP S\u00e0rl (newly GBL Capital Invest GP S\u00e0rl)Luxembourg100.0 100.0GBL Capital and SIMSienna Capital Invest SCSp (newly GBL Capital Invest SCSp) Luxembourg 100.0 100.0 GBL Capital and SIMSienna Capital London Ltd London 100.0 100.0 GBL Capital and SIMSienna Multistrategy Opportunities GP S\u00e0rl Luxembourg 100.0GBL Capital and SIM(previously Sienna Capital Opportunity GP S\u00e0rl)100.0Sienna Multistrategy Opportunities Fund S\u00e0rl Luxembourg 100.0GBL Capital and SIM(previously Sienna Capital Opportunity Fund S\u00e0rl)100.0Sienna Multistrategy Opportunities Carry S\u00e0rl Luxembourg 100.0GBL Capital and SIM(previously Sienna Capital Opportunity Carry S\u00e0rl)100.0Sienna Multistrategy Opportunities Master S\u00e0rl Luxembourg 100.0GBL Capital and SIM(previously Sienna Capital Opportunity Master S\u00e0rl)100.0Sienna Capital Co-Invest Master S\u00e0rlLuxembourg100.0100.0GBL Capital and SIMSienna PE Invest GP S\u00e0rl (previously Sienna IM Digital GP S\u00e0rl)Luxembourg100.0100.0GBL Capital and SIMSienna IM Digital Bonds SCA SICAV RAIFLuxembourg-100.0GBL Capital and SIMSienna Venture Capital GP S\u00e0rl Luxembourg 100.0 - GBL Capital and SIMSienna Venture Capital SAS Paris 100.0 - GBL Capital and SIMSienna Real Estate Solutions S\u00e0rlLuxembourg100.0100.0GBL Capital and SIMSienna Real Estate Partner JV Netherlands BV Amsterdam 89.4GBL Capital and SIM(group Sienna Real Estate and subsidiaries)89.4Sienna Gestion (group Sienna Gestion and subsidiaries)Paris66.6-GBL Capital and SIMSienna 2A SAS (group Sienna Private Credit and subsidiaries)Paris8 7. 5-GBL Capital and SIMSienna Private Equity SASParis75.0-GBL Capital and SIMErgon Capital Partners III SA (group ECP III and subsidiaries)Brussels89,989,9GBL Capital and SIMThe percentage of voting rights is identical to the percentage interest, with the exception of Imerys, for which the voting rights are 68.13%. An incentive plan has also been granted to the management of Ergon Capital Partners III, covering 16.67% of the shares.Gains (losses) from disposals, impairments and reversals of non-current assets from Note 4investing activitiesIN EUR MILLION 2022 2021Keesing-72.2svt-61.3Indo4 7. 3-Other0.1(0.0)GAINS ON DISPOSALS OF SUBSIDIARIES - INVESTING ACTIVITIES 4 7. 4 133.4Avanti(7.4)-Pollen(102.6)-Sienna Real Estate(15.4)-Other(5.3)6.0IMPAIRMENTS AND REVERSALS OF NON-CURRENT ASSETS - INVESTING ACTIVITIES (130.7) 6.0This item, relating to results from transactions with subsidiaries or associates, mainly includes, in 2022, the net capital gain on the disposal by ECP III of Indo (EUR 47 million) and the impairment loss recorded on Pollen (EUR - 103 million). In 2021, it included the net capital gains on the sale by ECP III of Keesing (EUR 72 million) and of svt (EUR 61 million).Note 30Subsidiaries in which GBL holds significant non-controlling interestsThe tables below present concise financial information about each of the subsidiaries in which GBL holds significant non-controlling interests, without taking intragroup eliminations into account.Imerys Webhelp Canyon Sanoptis Subsidiaries that 2022are not individually IN EUR MILLIONmaterialOwnership percentage held by 45.0% 38.7% 50.4% 16.5%non-controlling interestsVoting rights held by non-controlling 31.9% 38.7% 50.4% 3 7. 0 %interestsNon-current assets4 , 3 5 7.43,505.6751.71,846.8Current assets3,513.6990.6483.9176.7Non-current liabilities 2,465.6 3,879.3 3 67. 1 1,100.2Current liabilities 2,020.0 792.1 123.2 7 7. 5Non-controlling interests4 7. 51.0-5.0Equity (group\u2019s share)3 , 3 3 7.9(176.2)745.2841.1Non-controlling interests (including 1,550.4 1.0 362.4 140.5 45.7 2,100.0those of the subsidiary)Turnover4,281.62,485.3644.9180.1Net result of the period attributable to 130.4 (388.2) 11.0 (20.7)the shareholders of GBL (group\u2019s share)Net result of the period attributable to 124.0 1 7. 2 11.8 (4.1) 3.2 152.2the non-controlling interestsNet result of the period (including 254.4 (371.0) 22.8 (24.8)non-controlling interests)Other comprehensive income attributable to the shareholders of GBL 7. 9 26.9 (0.2) 2.2(group\u2019s share)Other comprehensive income attributable to the non-controlling 15.9 1 7. 2 (0.2) 0.4 0.2 33.5interestsTotal of other comprehensive income 23.8 44.1 (0.4) 2.6(including non-controlling interests)Total comprehensive income attributable to the shareholders of GBL 138.2 (361.3) 10.8 (18.5)(group\u2019s share)Total comprehensive income attributable to the non-controlling 139.9 34.4 11.7 (3.6) 3.4 185.7interestsTotal comprehensive income (including 278.2 (326.9) 22.4 (22.2)non-controlling interests)Dividends paid to the non-controlling 71.9 - - -interestsNet cash flows from operating activities440.7276.3(111.9)7 7. 9Net cash flows from investing activities(311.3)(301.4)7. 2(187.9)Net cash flows from financing activities76.2(0.5)96.0188.2Impact of exchange differences on funds held and impact of changes in scope of (3.0) (9.5) - 9.7consolidationIncrease/decrease of cash and cash 202.6 (35.2) (8.7) 88.0equivalentsDue to the existence of put options contracts that the founders and managers of Webhelp, minority shareholders, hold in all of their shares towards GBL, the non-controlling interests recorded on the acquisition of Webhelp have been reclassified as debts on minority shareholders (see note 22). Contracts of the same type and a reclassification of the same order were recorded on Sanoptis.Imerys Webhelp Canyon Subsidiaries that are 2021not individually IN EUR MILLIONmaterialOwnership percentage held by non-controlling 45.2% 41.2% 46.7%interestsVoting rights held by non-controlling interests32.6%40.8%46.7%Non-current assets4,990.33,285.5764.6Current assets2,425.8916.7303.2Non-current liabilities2,726.53,448.33 0 7.6Current liabilities1 ,4 4 7.7694.598.3Non-controlling interests48.51.1-Equity (group\u2019s share) 3,193.5 58.4 662.0Non-controlling interests (including those of 1,490.9 1.1 308.0 56.7 1,856.8the subsidiary)Turnover4,382.92,080.6344.8Net result of the period attributable to the 131.6 (466.4) (15.3)shareholders of GBL (group\u2019s share)Net result of the period attributable to the 118.0 28.7 (6.5) 15.8 156.0non-controlling interestsNet result of the period (including non-controlling 249.7 (437.8) (21.7)interests)Other comprehensive income attributable to the 98.0 1.9 1.7shareholders of GBL (group\u2019s share)Other comprehensive income attributable to 72.5 1.2 1.5 0.1 75.3the non-controlling interestsTotal of other comprehensive income (including 170.5 3.2 3.2non-controlling interests)Total comprehensive income attributable to the 229.7 (464.5) (13.6)shareholders of GBL (group\u2019s share)Total comprehensive income attributable to 190.5 29.9 (5.0) 15.9 231.3the non-controlling interestsTotal comprehensive income (including 420.1 (434.6) (18.6)non-controlling interests)Dividends paid to the non-controlling interests53.4--Net cash flows from operating activities 540.0 233.5 (103.4)Net cash flows from investing activities (306.7) (593.3) (68.4)Net cash flows from financing activities(312.0)425.1205.7Impact of exchange differences on funds held and 7. 3 (4.1) -impact of changes in scope of consolidationIncrease/decrease of cash and cash equivalents(71.3)61.233.9GBL\u2019s consolidated subsidiariesOperating lease commitmentsThe remaining off-balance sheet items are limited to contracts outside the scope of IFRS 16 on leases, notably mining leases and commitments to purchase services associated with leases (EUR 4 million as of December 31, 2022).", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-101-3": { "value": "Associates and joint venturesAvanti AcquisitionStreetTeam Piolin II S\u00e0rl /Backed 1 LP Backed Backed Ergon Capital RATE SCSPSoftware LtdParques Encore 1 LP2 LPPartners SA\ue61fIN %\ue61eReunidosOfficeLuxembourgLondenLuxembourgJerseyJerseyJerseyBrusselsGBL Capital GBL Capital GBL Capital GBL Capital GBL Capital GBL Capital Leisure parksActivityand SIMand SIMand SIMand SIMand SIMand SIMDETENTION 202250.0 32.7 23.1 48.6 58.3 40.0 50.0RATE2021Detention rate50.0 32.8 23.1 48.6 58.3 40.0 50.0Ergon Capital Ergon Capital I.P.E. SRL,M\u00e9rieux Landlife Holding RATEPartners II SAPartners IVsubsidiary ofParticipations 2 S\u00e0rl\ue61fIN %\ue61eSCSPECP IIISASOfficeBrusselsLuxembourgBolognaLyonLuxembourgGBL Capital GBL Capital GBL Capital GBL Capital Home furnishingActivityand SIMand SIMand SIMand SIMDETENTION 202250.0 34.4 65.6 34.3 35.1RATE2021Detention rate50.0 34.4 65.6 34.3 -The percentage of voting rights is identical to the percentage interest.The group has analyzed the accounting treatment to be applied to the recognition of its investment in I.P.E. SRL (Visionnaire group) and has concluded that it only has a significant in\ufb02uence despite its 65.55% interest, based on the existence of a shareholders\u2019 agreement. The group reached the same conclusion regarding the consolidation method to be used to integrate the investments in Backed Encore 1 LP.As of December 31, 2022, GBL holds a stake in the funds Eight Partners Worldwide SAS (22.40%), Kartesia Credit Opportunities III SCA (31.11%), Sagard II B (74.65%), Sagard 3 FPCI (26.40%), Sagard NewGen FPCI (21.64%), Sagard Sant\u00e9 Animale FPCI (32.41%), Sagard Testing FPCI (63.72%), Sagard Business Intelligence FPCI (92.59%), PrimeStone Capital Fund ICAV (23.22%), Marcho Partners Feeder Fund ICAV (38.71%), C2 Capital Global Export-to-China Fund LP (26.96%), KKR Sigma Co-Invest II LP (34.90%), Predirec ABL-3 (Part B) (21.00%), HCM IV LP/HCM V LP/HCM S11A LP/HCM S3C LP (20.27%, 28.55%, 56.26% and 49.26% respectively) and has determined that it has no significant in\ufb02uence over those investments. These funds are therefore presented as other equity investments and are measured at fair value at each reporting date.In the rest of the notes, Ergon Capital Partners, Ergon Capital Partners II and Ergon Capital Partners IV have been referred to together under the name \u201cECP I, II & IV\u201d, while the name \u201cECP\u201d refers to these companies referred to above and Ergon Capital Partners III (\u201cECP III\u201d). Similarly, Backed 1 LP, Backed Encore 1 LP and Backed 2 LP entities will be referred to as \u201cBacked\u201d, the entity Piolin II S\u00e0rl as \u201cPiolin II\u201d, the entity StreetTeam Software Ltd. as \u201cStreetTeam\u201d and the entity Avanti Acquisition SCSP as \u201cAvanti Acquisition Corp.\u201d.Note 2Associates and joint ventures2.1 Share of profit (loss)Dividends received from equity-accounted entities have been eliminated and replaced by GBL\u2019s share of their profit or loss.Dividends receivedIN EUR MILLION 2022 2021M\u00e9rieux Participations 2 13.3 5.5Other associates and joint ventures 5.85.2TOTAL 19.1 10.8Profit (loss) of associates and joint ventures (GBL\u2019s share)IN EUR MILLION 2022 2021Share of profit or loss of associates and joint ventures \u2013 investing activities3.2136.0ECP I, II & IV 9.248.1Avanti Acquisition Corp.1.8(1.8)Parques Reunidos/Piolin II1.312.8M\u00e9rieux Participations 21.212.1Backed(10.3)64.8Associates and joint ventures related to consolidated operating activities 13.7(shown under \"Other operating income (expenses)\") 32.6I.P.E.2.51.0Other30.112.6TOTAL 35.9 149.7ECP I, II & IVThe contribution of ECP I, II & IV to the net result of GBL amounts to EUR 9 million in 2022 (EUR 48 million in 2021). This result mainly includes gains on the revaluation to fair value of ECP IV\u2019s share portfolio.Parques Reunidos/Piolin IIThe net result (GBL\u2019s share) of Parques Reunidos/Piolin II amounts to EUR 1 million in 2022 (EUR 13 million in 2021). M\u00e9rieux Participations 2The contribution of M\u00e9rieux Participations 2 (EUR 1 million versus EUR 12 million in 2021) also includes mainly fair value revaluation gains on its portfolio, partially offset by the fund\u2019s general expenses and tax charges.BackedBacked contributed to GBL\u2019s result for EUR - 10 million (EUR 65 million in 2021). The result is mainly due to revaluation losses on the fair value of the investment portfolio.2.2 Value of associates and joint venturesInvesting activities Operating activities TotalParques Backed ECP I, II & Avanti StreetTeam M\u00e9rieux I.P.E. OtherReunidos/IVParticipations IN EUR MILLIONPiolin II2As of December 31, 202078.5 69.3 144.7 5.8 2 7. 8 58.1 3 7.4 87.9 509.5Investment/(Divestment)12.28.3(1.8)0.341.7(2.2)-1.660.1Profit (loss) for the year12.864.848.1(1.8)-12.11.012.7149.7Distribution - - - - - (5.5) - (5.2) (10.8)Other(13.8)(0.6)-0.40.90.05.84.1(3.1)As of December 31, 202189.7141.9191.04.770.562.444.2101.1705.4Investment/(Divestment)-7. 918.90.5-(10.2)(5.2)(3.6)8.2Profit (loss) for the year1.3(10.3)9.21.8-1.22.530.135.9Distribution-----(13.3)-(5.8)(19.1)Impairment---(7.4)(76.8)-(5.3)-(89.5)Other(0.8)(0.0)-0.56.40.0(0.0)(29.4)(23.4)AS OF DECEMBER 31, 2022 90.2 139.4 219.1 - - 40.0 36.2 92.5 617.4Of which: Holding90.2-------90.2Imerys-------90.590.5Webhelp---------Canyon-------0.00.0Affidea---------Sanoptis - - - - - - - - -GBL Capital and SIM - 139.4 219.1 - - 40.0 36.2 2.0 436.7Associates and joint ventures are not listed.2.3 Other information on associates and joint venturesAggregated financial information of major associates and joint venturesThe tables below present a summary of the financial information regarding Backed, ECP I, II & IV and Parques Reunidos/Piolin II, significant associates in 2022 and the other smaller associates and joint ventures. This summary represents the amounts included in the companies\u2019 financial statements prepared in accordance with IFRS.Backed ECP I, II & IV Parques Reunidos/Other associates and TotalIN EUR MILLIONPiolin IIjoint venturesAS OF DECEMBER 31, 2022Non-current assets320.1678.02,369.92 7 7.43,645.5Current assets4.83.3150.7170.4329.2Non-current liabilities31.640.81,830.76 7. 91,970.9Current liabilities1.45.1298.174.8379.4Non-controlling interests - - 1.3 0.0 1.3Shareholder's equity (group's share)291.9635.5390.6305.01,623.0Ownership interest in capitaln.r.n.r.23.1%n.r.n.r.Share in equity139.4219.190.2163.9612.6Goodwill---4.84.8Carrying amount as of December 31, 2022139.4219.190.2168.7617.4Turnover--820.5334.91,155.4Profit (loss) from continuing operations(15.0)26.75.958.576.1Net result of the year (including non-controlling (15.0) 26.7 5.9 58.5 76.1interests)Net result of the year (group\u2019s share) (15.0) 26.7 5.7 58.5 75.9Other comprehensive income (loss)--(4.2)0.0(4.1)Total comprehensive income (loss) for the year(15.0)26.71.658.671.8Dividends received during the period---19.119.1Share of the group in the profit (loss) for the year(10.3)9.21.335.735.9Backed ECP I, II & IV Parques Reunidos/Other associates and TotalIN EUR MILLIONPiolin IIjoint venturesAS OF DECEMBER 31, 2021Non-current assets 328.3 6 87.7 2,309.5 3 57. 6 3,683.0Current assets 7. 6 3.9 166.4 417.7 595.6Non-current liabilities44.0136.01,819.71 0 7.72,107.4Current liabilities3.01.62 6 7.081.6353.1Non-controlling interests--0.90.81.7Shareholder's equity (group's share)288.9554.0388.3585.21,816.5Ownership interest in capitaln.r.n.r.23.1%n.r.n.r.Share in equity141.9191.089.7278.3700.9Goodwill---4.54.5Carrying amount as of December 31, 2021 141.9 191.0 89.7 282.8 705.4Turnover - - 585.3 296.1 881.5Profit (loss) from continuing operations129.8139.855.854.0379.5Net result of the year (including non-controlling 129.8 139.8 55.8 54.0 379.5interests)Net result of the year (group\u2019s share)129.8139.855.542.73 6 7. 8Other comprehensive income (loss)--(26.2)-(26.2)Total comprehensive income (loss) for the year129.8139.829.342.7341.7Dividends received during the period---10.810.8Share of the group in the profit (loss) for the year64.848.112.824.0149.7", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-101-4": { "value": "Associates and joint venturesAvanti AcquisitionStreetTeam Piolin II S\u00e0rl /Backed 1 LP Backed Backed Ergon Capital RATE SCSPSoftware LtdParques Encore 1 LP2 LPPartners SA\ue61fIN %\ue61eReunidosOfficeLuxembourgLondenLuxembourgJerseyJerseyJerseyBrusselsGBL Capital GBL Capital GBL Capital GBL Capital GBL Capital GBL Capital Leisure parksActivityand SIMand SIMand SIMand SIMand SIMand SIMDETENTION 202250.0 32.7 23.1 48.6 58.3 40.0 50.0RATE2021Detention rate50.0 32.8 23.1 48.6 58.3 40.0 50.0Ergon Capital Ergon Capital I.P.E. SRL,M\u00e9rieux Landlife Holding RATEPartners II SAPartners IVsubsidiary ofParticipations 2 S\u00e0rl\ue61fIN %\ue61eSCSPECP IIISASOfficeBrusselsLuxembourgBolognaLyonLuxembourgGBL Capital GBL Capital GBL Capital GBL Capital Home furnishingActivityand SIMand SIMand SIMand SIMDETENTION 202250.0 34.4 65.6 34.3 35.1RATE2021Detention rate50.0 34.4 65.6 34.3 -The percentage of voting rights is identical to the percentage interest.The group has analyzed the accounting treatment to be applied to the recognition of its investment in I.P.E. SRL (Visionnaire group) and has concluded that it only has a significant in\ufb02uence despite its 65.55% interest, based on the existence of a shareholders\u2019 agreement. The group reached the same conclusion regarding the consolidation method to be used to integrate the investments in Backed Encore 1 LP.As of December 31, 2022, GBL holds a stake in the funds Eight Partners Worldwide SAS (22.40%), Kartesia Credit Opportunities III SCA (31.11%), Sagard II B (74.65%), Sagard 3 FPCI (26.40%), Sagard NewGen FPCI (21.64%), Sagard Sant\u00e9 Animale FPCI (32.41%), Sagard Testing FPCI (63.72%), Sagard Business Intelligence FPCI (92.59%), PrimeStone Capital Fund ICAV (23.22%), Marcho Partners Feeder Fund ICAV (38.71%), C2 Capital Global Export-to-China Fund LP (26.96%), KKR Sigma Co-Invest II LP (34.90%), Predirec ABL-3 (Part B) (21.00%), HCM IV LP/HCM V LP/HCM S11A LP/HCM S3C LP (20.27%, 28.55%, 56.26% and 49.26% respectively) and has determined that it has no significant in\ufb02uence over those investments. These funds are therefore presented as other equity investments and are measured at fair value at each reporting date.In the rest of the notes, Ergon Capital Partners, Ergon Capital Partners II and Ergon Capital Partners IV have been referred to together under the name \u201cECP I, II & IV\u201d, while the name \u201cECP\u201d refers to these companies referred to above and Ergon Capital Partners III (\u201cECP III\u201d). Similarly, Backed 1 LP, Backed Encore 1 LP and Backed 2 LP entities will be referred to as \u201cBacked\u201d, the entity Piolin II S\u00e0rl as \u201cPiolin II\u201d, the entity StreetTeam Software Ltd. as \u201cStreetTeam\u201d and the entity Avanti Acquisition SCSP as \u201cAvanti Acquisition Corp.\u201d.Note 2Associates and joint ventures2.1 Share of profit (loss)Dividends received from equity-accounted entities have been eliminated and replaced by GBL\u2019s share of their profit or loss.Dividends receivedIN EUR MILLION 2022 2021M\u00e9rieux Participations 2 13.3 5.5Other associates and joint ventures 5.85.2TOTAL 19.1 10.8Profit (loss) of associates and joint ventures (GBL\u2019s share)IN EUR MILLION 2022 2021Share of profit or loss of associates and joint ventures \u2013 investing activities3.2136.0ECP I, II & IV 9.248.1Avanti Acquisition Corp.1.8(1.8)Parques Reunidos/Piolin II1.312.8M\u00e9rieux Participations 21.212.1Backed(10.3)64.8Associates and joint ventures related to consolidated operating activities 13.7(shown under \"Other operating income (expenses)\") 32.6I.P.E.2.51.0Other30.112.6TOTAL 35.9 149.7ECP I, II & IVThe contribution of ECP I, II & IV to the net result of GBL amounts to EUR 9 million in 2022 (EUR 48 million in 2021). This result mainly includes gains on the revaluation to fair value of ECP IV\u2019s share portfolio.Parques Reunidos/Piolin IIThe net result (GBL\u2019s share) of Parques Reunidos/Piolin II amounts to EUR 1 million in 2022 (EUR 13 million in 2021). M\u00e9rieux Participations 2The contribution of M\u00e9rieux Participations 2 (EUR 1 million versus EUR 12 million in 2021) also includes mainly fair value revaluation gains on its portfolio, partially offset by the fund\u2019s general expenses and tax charges.BackedBacked contributed to GBL\u2019s result for EUR - 10 million (EUR 65 million in 2021). The result is mainly due to revaluation losses on the fair value of the investment portfolio.2.2 Value of associates and joint venturesInvesting activities Operating activities TotalParques Backed ECP I, II & Avanti StreetTeam M\u00e9rieux I.P.E. OtherReunidos/IVParticipations IN EUR MILLIONPiolin II2As of December 31, 202078.5 69.3 144.7 5.8 2 7. 8 58.1 3 7.4 87.9 509.5Investment/(Divestment)12.28.3(1.8)0.341.7(2.2)-1.660.1Profit (loss) for the year12.864.848.1(1.8)-12.11.012.7149.7Distribution - - - - - (5.5) - (5.2) (10.8)Other(13.8)(0.6)-0.40.90.05.84.1(3.1)As of December 31, 202189.7141.9191.04.770.562.444.2101.1705.4Investment/(Divestment)-7. 918.90.5-(10.2)(5.2)(3.6)8.2Profit (loss) for the year1.3(10.3)9.21.8-1.22.530.135.9Distribution-----(13.3)-(5.8)(19.1)Impairment---(7.4)(76.8)-(5.3)-(89.5)Other(0.8)(0.0)-0.56.40.0(0.0)(29.4)(23.4)AS OF DECEMBER 31, 2022 90.2 139.4 219.1 - - 40.0 36.2 92.5 617.4Of which: Holding90.2-------90.2Imerys-------90.590.5Webhelp---------Canyon-------0.00.0Affidea---------Sanoptis - - - - - - - - -GBL Capital and SIM - 139.4 219.1 - - 40.0 36.2 2.0 436.7Associates and joint ventures are not listed.2.3 Other information on associates and joint venturesAggregated financial information of major associates and joint venturesThe tables below present a summary of the financial information regarding Backed, ECP I, II & IV and Parques Reunidos/Piolin II, significant associates in 2022 and the other smaller associates and joint ventures. This summary represents the amounts included in the companies\u2019 financial statements prepared in accordance with IFRS.Backed ECP I, II & IV Parques Reunidos/Other associates and TotalIN EUR MILLIONPiolin IIjoint venturesAS OF DECEMBER 31, 2022Non-current assets320.1678.02,369.92 7 7.43,645.5Current assets4.83.3150.7170.4329.2Non-current liabilities31.640.81,830.76 7. 91,970.9Current liabilities1.45.1298.174.8379.4Non-controlling interests - - 1.3 0.0 1.3Shareholder's equity (group's share)291.9635.5390.6305.01,623.0Ownership interest in capitaln.r.n.r.23.1%n.r.n.r.Share in equity139.4219.190.2163.9612.6Goodwill---4.84.8Carrying amount as of December 31, 2022139.4219.190.2168.7617.4Turnover--820.5334.91,155.4Profit (loss) from continuing operations(15.0)26.75.958.576.1Net result of the year (including non-controlling (15.0) 26.7 5.9 58.5 76.1interests)Net result of the year (group\u2019s share) (15.0) 26.7 5.7 58.5 75.9Other comprehensive income (loss)--(4.2)0.0(4.1)Total comprehensive income (loss) for the year(15.0)26.71.658.671.8Dividends received during the period---19.119.1Share of the group in the profit (loss) for the year(10.3)9.21.335.735.9Backed ECP I, II & IV Parques Reunidos/Other associates and TotalIN EUR MILLIONPiolin IIjoint venturesAS OF DECEMBER 31, 2021Non-current assets 328.3 6 87.7 2,309.5 3 57. 6 3,683.0Current assets 7. 6 3.9 166.4 417.7 595.6Non-current liabilities44.0136.01,819.71 0 7.72,107.4Current liabilities3.01.62 6 7.081.6353.1Non-controlling interests--0.90.81.7Shareholder's equity (group's share)288.9554.0388.3585.21,816.5Ownership interest in capitaln.r.n.r.23.1%n.r.n.r.Share in equity141.9191.089.7278.3700.9Goodwill---4.54.5Carrying amount as of December 31, 2021 141.9 191.0 89.7 282.8 705.4Turnover - - 585.3 296.1 881.5Profit (loss) from continuing operations129.8139.855.854.0379.5Net result of the year (including non-controlling 129.8 139.8 55.8 54.0 379.5interests)Net result of the year (group\u2019s share)129.8139.855.542.73 6 7. 8Other comprehensive income (loss)--(26.2)-(26.2)Total comprehensive income (loss) for the year129.8139.829.342.7341.7Dividends received during the period---10.810.8Share of the group in the profit (loss) for the year64.848.112.824.0149.7", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-101-5": { "value": "Associates and joint venturesAvanti AcquisitionStreetTeam Piolin II S\u00e0rl /Backed 1 LP Backed Backed Ergon Capital RATE SCSPSoftware LtdParques Encore 1 LP2 LPPartners SA\ue61fIN %\ue61eReunidosOfficeLuxembourgLondenLuxembourgJerseyJerseyJerseyBrusselsGBL Capital GBL Capital GBL Capital GBL Capital GBL Capital GBL Capital Leisure parksActivityand SIMand SIMand SIMand SIMand SIMand SIMDETENTION 202250.0 32.7 23.1 48.6 58.3 40.0 50.0RATE2021Detention rate50.0 32.8 23.1 48.6 58.3 40.0 50.0Ergon Capital Ergon Capital I.P.E. SRL,M\u00e9rieux Landlife Holding RATEPartners II SAPartners IVsubsidiary ofParticipations 2 S\u00e0rl\ue61fIN %\ue61eSCSPECP IIISASOfficeBrusselsLuxembourgBolognaLyonLuxembourgGBL Capital GBL Capital GBL Capital GBL Capital Home furnishingActivityand SIMand SIMand SIMand SIMDETENTION 202250.0 34.4 65.6 34.3 35.1RATE2021Detention rate50.0 34.4 65.6 34.3 -The percentage of voting rights is identical to the percentage interest.The group has analyzed the accounting treatment to be applied to the recognition of its investment in I.P.E. SRL (Visionnaire group) and has concluded that it only has a significant in\ufb02uence despite its 65.55% interest, based on the existence of a shareholders\u2019 agreement. The group reached the same conclusion regarding the consolidation method to be used to integrate the investments in Backed Encore 1 LP.As of December 31, 2022, GBL holds a stake in the funds Eight Partners Worldwide SAS (22.40%), Kartesia Credit Opportunities III SCA (31.11%), Sagard II B (74.65%), Sagard 3 FPCI (26.40%), Sagard NewGen FPCI (21.64%), Sagard Sant\u00e9 Animale FPCI (32.41%), Sagard Testing FPCI (63.72%), Sagard Business Intelligence FPCI (92.59%), PrimeStone Capital Fund ICAV (23.22%), Marcho Partners Feeder Fund ICAV (38.71%), C2 Capital Global Export-to-China Fund LP (26.96%), KKR Sigma Co-Invest II LP (34.90%), Predirec ABL-3 (Part B) (21.00%), HCM IV LP/HCM V LP/HCM S11A LP/HCM S3C LP (20.27%, 28.55%, 56.26% and 49.26% respectively) and has determined that it has no significant in\ufb02uence over those investments. These funds are therefore presented as other equity investments and are measured at fair value at each reporting date.In the rest of the notes, Ergon Capital Partners, Ergon Capital Partners II and Ergon Capital Partners IV have been referred to together under the name \u201cECP I, II & IV\u201d, while the name \u201cECP\u201d refers to these companies referred to above and Ergon Capital Partners III (\u201cECP III\u201d). Similarly, Backed 1 LP, Backed Encore 1 LP and Backed 2 LP entities will be referred to as \u201cBacked\u201d, the entity Piolin II S\u00e0rl as \u201cPiolin II\u201d, the entity StreetTeam Software Ltd. as \u201cStreetTeam\u201d and the entity Avanti Acquisition SCSP as \u201cAvanti Acquisition Corp.\u201d.Note 2Associates and joint ventures2.1 Share of profit (loss)Dividends received from equity-accounted entities have been eliminated and replaced by GBL\u2019s share of their profit or loss.Dividends receivedIN EUR MILLION 2022 2021M\u00e9rieux Participations 2 13.3 5.5Other associates and joint ventures 5.85.2TOTAL 19.1 10.8Profit (loss) of associates and joint ventures (GBL\u2019s share)IN EUR MILLION 2022 2021Share of profit or loss of associates and joint ventures \u2013 investing activities3.2136.0ECP I, II & IV 9.248.1Avanti Acquisition Corp.1.8(1.8)Parques Reunidos/Piolin II1.312.8M\u00e9rieux Participations 21.212.1Backed(10.3)64.8Associates and joint ventures related to consolidated operating activities 13.7(shown under \"Other operating income (expenses)\") 32.6I.P.E.2.51.0Other30.112.6TOTAL 35.9 149.7ECP I, II & IVThe contribution of ECP I, II & IV to the net result of GBL amounts to EUR 9 million in 2022 (EUR 48 million in 2021). This result mainly includes gains on the revaluation to fair value of ECP IV\u2019s share portfolio.Parques Reunidos/Piolin IIThe net result (GBL\u2019s share) of Parques Reunidos/Piolin II amounts to EUR 1 million in 2022 (EUR 13 million in 2021). M\u00e9rieux Participations 2The contribution of M\u00e9rieux Participations 2 (EUR 1 million versus EUR 12 million in 2021) also includes mainly fair value revaluation gains on its portfolio, partially offset by the fund\u2019s general expenses and tax charges.BackedBacked contributed to GBL\u2019s result for EUR - 10 million (EUR 65 million in 2021). The result is mainly due to revaluation losses on the fair value of the investment portfolio.2.2 Value of associates and joint venturesInvesting activities Operating activities TotalParques Backed ECP I, II & Avanti StreetTeam M\u00e9rieux I.P.E. OtherReunidos/IVParticipations IN EUR MILLIONPiolin II2As of December 31, 202078.5 69.3 144.7 5.8 2 7. 8 58.1 3 7.4 87.9 509.5Investment/(Divestment)12.28.3(1.8)0.341.7(2.2)-1.660.1Profit (loss) for the year12.864.848.1(1.8)-12.11.012.7149.7Distribution - - - - - (5.5) - (5.2) (10.8)Other(13.8)(0.6)-0.40.90.05.84.1(3.1)As of December 31, 202189.7141.9191.04.770.562.444.2101.1705.4Investment/(Divestment)-7. 918.90.5-(10.2)(5.2)(3.6)8.2Profit (loss) for the year1.3(10.3)9.21.8-1.22.530.135.9Distribution-----(13.3)-(5.8)(19.1)Impairment---(7.4)(76.8)-(5.3)-(89.5)Other(0.8)(0.0)-0.56.40.0(0.0)(29.4)(23.4)AS OF DECEMBER 31, 2022 90.2 139.4 219.1 - - 40.0 36.2 92.5 617.4Of which: Holding90.2-------90.2Imerys-------90.590.5Webhelp---------Canyon-------0.00.0Affidea---------Sanoptis - - - - - - - - -GBL Capital and SIM - 139.4 219.1 - - 40.0 36.2 2.0 436.7Associates and joint ventures are not listed.2.3 Other information on associates and joint venturesAggregated financial information of major associates and joint venturesThe tables below present a summary of the financial information regarding Backed, ECP I, II & IV and Parques Reunidos/Piolin II, significant associates in 2022 and the other smaller associates and joint ventures. This summary represents the amounts included in the companies\u2019 financial statements prepared in accordance with IFRS.Backed ECP I, II & IV Parques Reunidos/Other associates and TotalIN EUR MILLIONPiolin IIjoint venturesAS OF DECEMBER 31, 2022Non-current assets320.1678.02,369.92 7 7.43,645.5Current assets4.83.3150.7170.4329.2Non-current liabilities31.640.81,830.76 7. 91,970.9Current liabilities1.45.1298.174.8379.4Non-controlling interests - - 1.3 0.0 1.3Shareholder's equity (group's share)291.9635.5390.6305.01,623.0Ownership interest in capitaln.r.n.r.23.1%n.r.n.r.Share in equity139.4219.190.2163.9612.6Goodwill---4.84.8Carrying amount as of December 31, 2022139.4219.190.2168.7617.4Turnover--820.5334.91,155.4Profit (loss) from continuing operations(15.0)26.75.958.576.1Net result of the year (including non-controlling (15.0) 26.7 5.9 58.5 76.1interests)Net result of the year (group\u2019s share) (15.0) 26.7 5.7 58.5 75.9Other comprehensive income (loss)--(4.2)0.0(4.1)Total comprehensive income (loss) for the year(15.0)26.71.658.671.8Dividends received during the period---19.119.1Share of the group in the profit (loss) for the year(10.3)9.21.335.735.9Backed ECP I, II & IV Parques Reunidos/Other associates and TotalIN EUR MILLIONPiolin IIjoint venturesAS OF DECEMBER 31, 2021Non-current assets 328.3 6 87.7 2,309.5 3 57. 6 3,683.0Current assets 7. 6 3.9 166.4 417.7 595.6Non-current liabilities44.0136.01,819.71 0 7.72,107.4Current liabilities3.01.62 6 7.081.6353.1Non-controlling interests--0.90.81.7Shareholder's equity (group's share)288.9554.0388.3585.21,816.5Ownership interest in capitaln.r.n.r.23.1%n.r.n.r.Share in equity141.9191.089.7278.3700.9Goodwill---4.54.5Carrying amount as of December 31, 2021 141.9 191.0 89.7 282.8 705.4Turnover - - 585.3 296.1 881.5Profit (loss) from continuing operations129.8139.855.854.0379.5Net result of the year (including non-controlling 129.8 139.8 55.8 54.0 379.5interests)Net result of the year (group\u2019s share)129.8139.855.542.73 6 7. 8Other comprehensive income (loss)--(26.2)-(26.2)Total comprehensive income (loss) for the year129.8139.829.342.7341.7Dividends received during the period---10.810.8Share of the group in the profit (loss) for the year64.848.112.824.0149.7", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-106-2": { "value": "For consistency purposes, the notes to the consolidated financial statements are grouped based on the nature of the items and not in the order they are presented in the consolidated balance sheet and consolidated statement of comprehensive income. This arrangement is meant to facilitate the analysis of all the factors of the same kind affecting the assets and liabilities in the financial statements.2.3 Other information on associates and joint venturesAggregated financial information of major associates and joint venturesThe tables below present a summary of the financial information regarding Backed, ECP I, II & IV and Parques Reunidos/Piolin II, significant associates in 2022 and the other smaller associates and joint ventures. This summary represents the amounts included in the companies\u2019 financial statements prepared in accordance with IFRS.Backed ECP I, II & IV Parques Reunidos/Other associates and TotalIN EUR MILLIONPiolin IIjoint venturesAS OF DECEMBER 31, 2022Non-current assets320.1678.02,369.92 7 7.43,645.5Current assets4.83.3150.7170.4329.2Non-current liabilities31.640.81,830.76 7. 91,970.9Current liabilities1.45.1298.174.8379.4Non-controlling interests - - 1.3 0.0 1.3Shareholder's equity (group's share)291.9635.5390.6305.01,623.0Ownership interest in capitaln.r.n.r.23.1%n.r.n.r.Share in equity139.4219.190.2163.9612.6Goodwill---4.84.8Carrying amount as of December 31, 2022139.4219.190.2168.7617.4Turnover--820.5334.91,155.4Profit (loss) from continuing operations(15.0)26.75.958.576.1Net result of the year (including non-controlling (15.0) 26.7 5.9 58.5 76.1interests)Net result of the year (group\u2019s share) (15.0) 26.7 5.7 58.5 75.9Other comprehensive income (loss)--(4.2)0.0(4.1)Total comprehensive income (loss) for the year(15.0)26.71.658.671.8Dividends received during the period---19.119.1Share of the group in the profit (loss) for the year(10.3)9.21.335.735.9Backed ECP I, II & IV Parques Reunidos/Other associates and TotalIN EUR MILLIONPiolin IIjoint venturesAS OF DECEMBER 31, 2021Non-current assets 328.3 6 87.7 2,309.5 3 57. 6 3,683.0Current assets 7. 6 3.9 166.4 417.7 595.6Non-current liabilities44.0136.01,819.71 0 7.72,107.4Current liabilities3.01.62 6 7.081.6353.1Non-controlling interests--0.90.81.7Shareholder's equity (group's share)288.9554.0388.3585.21,816.5Ownership interest in capitaln.r.n.r.23.1%n.r.n.r.Share in equity141.9191.089.7278.3700.9Goodwill---4.54.5Carrying amount as of December 31, 2021 141.9 191.0 89.7 282.8 705.4Turnover - - 585.3 296.1 881.5Profit (loss) from continuing operations129.8139.855.854.0379.5Net result of the year (including non-controlling 129.8 139.8 55.8 54.0 379.5interests)Net result of the year (group\u2019s share)129.8139.855.542.73 6 7. 8Other comprehensive income (loss)--(26.2)-(26.2)Total comprehensive income (loss) for the year129.8139.829.342.7341.7Dividends received during the period---10.810.8Share of the group in the profit (loss) for the year64.848.112.824.0149.7", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-107-2": { "value": "Note 1Segment informationIFRS 8 Operating Segments requires the identification of segments based on internal reports which are regularly presented to the main operating decision-maker for the purpose of managing the allocation of resources to the segments and assessing their performance.In conformity with IFRS 8, the group has identified seven segments: \u2013 Holding: consisting of the parent company GBL and its subsidiaries. Its main activity is to manage investments as well as the non-consolidated operating companies or associates; \u2013 Imerys: consisting of the Imerys group, a French group listed on Euronext Paris and holding leading positions in each of its two business lines: Performance Materials and High Temperature Materials & Solutions; \u2013 Webhelp: consisting of the Webhelp group, a non-listed French group, specialized in customer experience and business process outsourcing, as well as the dedicated investment vehicle, Sapiens S\u00e0rl; \u2013 Canyon: consisting of the Canyon group, a non-listed German group, the world leader in exclusively online direct-to-consumer (\u201cDTC\u201d) sales of premium bicycles, as well as the dedicated investment vehicle, GfG Capital; \u2013 Affidea: comprising the non-listed Affidea Group, leading European provider of advanced diagnostics and outpatient services, and the dedicated investment vehicles to Celeste Capital S\u00e0rl; (1) \u2013 Sanoptis: comprising the non-listed Sanoptis Group, a European leader in ophthalmology services including surgeries and diagnostics, and the dedicated investment vehicles to Sofia Capital S\u00e0rl; and \u2013 GBL Capital and Sienna Investment Managers (\u201cSIM\u201d) including: - GBL Capital, with its investment\u2019s activity, which includes investments in alternative funds and direct co-investments in private equity, as well as, under consolidated operating activities, the operating subsidiaries of ECP III (subgroups Sausalitos, Vanreusel, Indo, etc.); - Sienna Investment Managers, activity of third-party asset management, through its stake in Sienna Real Estate, Sienna Gestion and Sienna Private Credit.The results of a segment, its assets and its liabilities include all the items directly attributable to it. The accounting standards applied to these segments are the same as those described in the section entitled \u201cAccounting Policies\u201d.1.1. Segment information - Consolidated income statementFor the period ended as of December 31, 2022 GBL Holding Imerys Webhelp Canyon Affidea SanoptisCapital TotalIN EUR MILLIONand SIMShare of profit (loss) of associates and joint ventures from investing 1.3 - - - - - 1.9 3.2activitiesNet dividends from investments322.3------322.3Other operating income (expenses) from investing activities(37.0)-(0.2)(0.2)(0.0)(0.1)(79.8)(117.3)Gains (losses) on disposals, impairments and reversals of non-current - - - - - 0.0 (83.3) (83.3)assets from investing activitiesFinancial income (expenses) from investing activities136.4-(0.3)-(0.0)-(531.5)(395.4)Profit (loss) before tax from investing activities - 422.9 - (0.5) (0.2) (0.0) (0.1) (692.6) (270.4)continuing operationsTurnover-4,281.62,485.3644.9306.6180.1210.28,108.6Raw materials and consumables-(1,472.5)(57.9)(375.8)(32.8)(35.0)(48.1)(2,022.1)Employee expenses-(872.7)(1,841.7)(77.8)(156.2)(77.5)(73.8)(3,099.6)Depreciation/amortization of property, plant, equipment and - (303.1) (215.5) (46.9) (42.5) (23.6) (26.6) (658.1)intangible assets (excluding impairments and reversals) (1)Other operating income (expenses) from operating activities-(1,219.6)(302.5)(105.9)(78.6)(44.6)(66.2)(1,817.6)Gains (losses) on disposals, impairments and reversals of non-current - (94.6) (6.9) - - (0.0) 0.1 (101.4)assets from operating activitiesFinancial income (expenses) from operating activities -(51.0)(413.1)(5.2)(24.2)(24.1)(8.2)(525.8)Profit (loss) before tax from consolidated operating activities - - 268.1 (352.2) 33.2 (27.8) (24.7) (12.6) (115.9)continuing operationsIncome taxes 0.2(91.0)(18.4)(10.2)(1.9)(0.0)(2.1)(123.4)PROFIT (LOSS) FROM CONTINUING OPERATIONS 423.1 1 7 7. 1 (371.0) 22.8 (29.7) (24.8) (707.3) (509.8)PROFIT (LOSS) FROM CONSOLIDATED OPERATING ACTIVITIES - 7 7. 3 - - - - - 7 7. 3- DISCONTINUED OPERATIONSCONSOLIDATED PROFIT (LOSS) FOR THE YEAR 423.1 254.4 (371.0) 22.8 (29.7) (24.8) (707.3) (432.5)Attributable to the group423.1130.4(388.2)11.0(30.0)(20.7)(710.3)(584.7)Information by segment on other items of profit or loss is mentioned below:GBL Holding Imerys Webhelp Canyon Affidea SanoptisCapital TotalIN EUR MILLIONand SIMShare of profit (loss) of associates and joint ventures 1.3 35.9 - - - - 4.7 41.9Depreciation/amortization of property, plant, equipment (0.8) (316.8) (215.5) (46.9) (42.5) (23.6) (30.3) (676.5)and intangible assetsImpairment of non-current assets- (108.0) (6.9) - - - (130.7) (245.6)For the period ended as of December 31, 2021GBL (1)Holding ImerysWebhelp CanyonCapital TotalIN EUR MILLIONand SIMShare of profit (loss) of associates and joint ventures from investing 12.8 - - - 123.2 136.0activitiesNet dividends from investments363.1----363.1Other operating income (expenses) from investing activities (56.3) - (0.2) (0.0) (42.8) (99.3)Gains (losses) on disposals, impairments and reversals of non-current assets (0.0) - - - 139.4 139.4from investing activitiesFinancial income (expenses) from investing activities(68.6)-0.0-178.1109.6Profit (loss) before tax from investing activities - continuing operations251.1-(0.2)(0.0)3 9 7. 9648.7Turnover-3,664.72,080.6344.8152.96,243.0Raw materials and consumables-(1,170.5)(38.6)(227.8)(46.1)(1,483.1)Employee expenses-(801.4)(1,599.7)(44.9)(50.9)(2,496.9)Depreciation/amortization of property, plant, equipment and - (302.3) (172.1) (45.6) (23.5) (543.5)intangible assets (excluding impairments and reversals) (2)Other operating income (expenses) from operating activities- (1,069.8) (298.0) (71.0) (25.4) (1,464.2)Gains (losses) on disposals, impairments and reversals of non-current assets - (29.6) (1.4) - 0.2 (30.9)from operating activitiesFinancial income (expenses) from operating activities-(40.6)(389.7)(2.9)(10.5)(443.7)Profit (loss) before tax from consolidated operating activities - continuing operations-250.4(418.8)(47.4)(3.4)(219.3)Income taxes (0.4)(68.2)(18.7)25.7(0.6)(62.2)PROFIT (LOSS) FROM CONTINUING OPERATIONS250.7182.2(437.8)(21.7)393.93 6 7. 3PROFIT (LOSS) FROM CONSOLIDATED OPERATING ACTIVITIES - - 6 7. 5 - - - 6 7. 5DISCONTINUED OPERATIONSCONSOLIDATED PROFIT (LOSS) FOR THE PERIOD250.7249.7(437.8)(21.7)393.9434.8Attributable to the group250.7131.6(466.4)(15.3)378.1278.8Information by segment on other items of profit or loss is mentioned below:GBL Holding Imerys Webhelp CanyonCapital TotalIN EUR MILLIONand SIMShare of profit (loss) of associates and joint ventures 12.8 14.7 - - 124.1 151.6Depreciation/amortization of property, plant, equipment (0.7) (325.4) (172.1) (45.6) (23.6) (567.4)and intangible assetsImpairment of non-current assets - (28.9) (0.5) - 6.2 (23.2)The geographical split of the turnover is presented in note 8.1.2 Segment information - Consolidated balance sheetConsolidated balance sheet as of December 31, 2022GBL Holding Imerys Webhelp Canyon Affidea SanoptisCapital TotalIN EUR MILLIONand SIMNon-current assets 11,217.2 4 , 3 57.4 3,505.6 751.7 1,972.2 1,846.8 2,826.1 2 6 , 4 7 7. 0Intangible assets1.12 8 7. 5833.6373.4589.7663.586.82,835.6Goodwill-1,852.22,128.3309.1889.2965.9113.96,258.5Property, plant and equipment15.21,959.2499.448.4468.9184.0113.63,288.6Investments11,200.492.80.00.01.02.32,485.213,781.8Investments in associates and joint ventures90.2 90.5 - 0.0 - - 436.7 617.4Other equity investments11,110.2 2.3 0.0 - 1.0 2.3 2,048.5 13,164.4Other non-current assets0.654.928.013.14.86.225.4132.9Deferred tax assets-110.716.37. 818.824.91.2179.6Current assets 1 , 4 2 7.9 3,513.6 990.6 483.9 1 87.7 176.7 142.9 6,923.4Inventories-789.95.0393.69.65.76.71,210.6Trade receivables0.0489.9454.13.388.353.819.31,108.7Trading financial assets839.81.912.016.3--0.0870.0Cash and cash equivalents544.0620.2340.025.063.088.088.01,768.3Other current assets44.0235.6179.445.726.829.228.8589.5Assets held for sale-1,376.2-----1,376.2TOTAL ASSETS 12,645.1 7, 87 1 . 0 4,496.2 1,235.6 2,160.0 2,023.5 2,969.0 33,400.4Non-current liabilities3,102.82,465.63,879.33 67. 1968.61,100.2217.512,101.1Financial liabilities3,055.41,792.71,988.1249.8779.1694.5155.18,714.7Provisions0.5388.82.54.49.92.04.9413.1Pensions and post-employment benefits1.4160.214.40.211.11.50.3189.1Other non-current liabilities45.424.11,732.1-28.4262.232.62,124.8Deferred tax liabilities -99.9142.2112.8140.1139.924.5659.4Current liabilities1,148.52,020.0792.1123.2226.77 7. 591.74,479.7Financial liabilities984.0498.489.85.440.319.31 7. 31,654.6Trade payables4.1540.1129.266.748.82 7.141.48 57. 4Provisions-34.323.67.43.20.10.168.6Tax liabilities6.8105.031.510.54.94.83.51 67. 0Other current liabilities 153.6373.3518.033.2129.526.129.41,263.1Liabilities associated with assets held for sale - 468.9 - - - - - 468.9TOTAL LIABILITIES 4,251.3 4,485.6 4,671.4 490.4 1,195.3 1 , 1 7 7.7 309.2 16,580.8All the assets and liabilities are allocated to the various segments.Capital expenditure (property, plant and equipment and intangible assets) by segment is shown in the following table:GBL Holding Imerys Webhelp Canyon Affidea SanoptisCapital TotalIN EUR MILLIONand SIMCapital expenditure1.4406.2132.523.33 7.122.112.7635.3Consolidated balance sheet as of December 31, 2021 GBL Holding Imerys Webhelp CanyonCapital TotalIN EUR MILLIONand SIMNon-current assets 15,896.2 4,990.3 3,285.5 764.6 3,235.4 28,172.1Intangible assets0.0303.98 2 7.7399.079.31,610.0Goodwill-2,144.72,063.5309.11 3 7. 14,654.4Property, plant and equipment16.72,217.3364.744.31 0 7.12,750.0Investments15,878.9100.3-0.02,901.118,880.3Investments in associates and joint ventures89.7 100.3 - 0.0 515.4 705.4Other equity investments15,789.2 0.0 - - 2,385.7 18,174.9Other non-current assets0.685.618.82.17.6114.6Deferred tax assets - 138.6 10.8 10.1 3.3 162.8Current assets2,389.02,425.8916.7303.290.86,125.5Inventories-849.14.2238.711.81,103.8Trade receivables0.6614.3381.21.522.11,019.7Trading financial assets2,064.77. 312.02.00.02,086.0Cash and cash equivalents302.45 7 7. 2375.334.042.81,331.6Other current assets 21.3 314.7 144.1 2 7. 0 14.1 521.3Assets held for sale - 63.1 - - - 63.1TOTAL ASSETS 18,285.2 7,416.1 4,202.3 1 ,0 6 7.9 3,326.2 34,297.6Non-current liabilities2,702.82,726.53,448.33 0 7. 6204.19,389.3Financial liabilities2 , 5 2 7. 91,850.71,881.4184.5171.76,616.2Provisions 0.5 414.0 - 1.3 0.1 415.9Pensions and post-employment benefits 5.6 259.7 293.6 0.3 0.2 559.4Other non-current liabilities168.872.41,089.4-8.71,339.4Deferred tax liabilities -129.6183.8121.623.4458.4Current liabilities808.41 ,4 4 7.7694.598.371.23,120.1Financial liabilities749.41 8 7.47 7. 64.718.41,037.5Trade payables 3.7 660.1 121.1 54.1 26.8 865.8Provisions - 53.2 20.9 7. 2 0.7 81.9Tax liabilities5.9115.42 7.10.65.0154.1Other current liabilities 49.5418.14 4 7. 831.720.49 67. 4Liabilities associated with assets held for sale-13.5---13.5TOTAL LIABILITIES 3,511.3 4,174.2 4,142.7 405.9 275.3 12,509.4All the assets and liabilities are allocated to the various segments.Capital expenditure (property, plant and equipment and intangible assets) by segment is shown in the following table:GBL Holding Imerys Webhelp CanyonCapital TotalIN EUR MILLIONand SIMCapital expenditure 0.9 336.3 96.6 9.2 10.6 453.6 (1)The breakdown of the group\u2019s non-current assets by geographic region is as follows:IN EUR MILLION 2022 2021Belgium223.4259.5Other European countries10,155.86,584.7North America1 , 1 6 7. 31,047.5Other836.31,122.7TOTAL 12,382.8 9,014.4Regarding the exposure to climate risks, given their geographic location, Imerys\u2019 entities may potentially be exposed to physical risks related to climate change, such as \ufb02ooding, submersion, droughts, tornadoes and wildfires. Imerys uses hazard modelling to identify the locations likely to be exposed to these risks between now and 2050. At December 31, 2022, the carrying amount of these sites represented 2.4% of the group\u2019s consolidated assets, which are covered by suitable insurance policies (0.5% as of December 31, 2021).", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-107-4": { "value": "Note 1Segment informationIFRS 8 Operating Segments requires the identification of segments based on internal reports which are regularly presented to the main operating decision-maker for the purpose of managing the allocation of resources to the segments and assessing their performance.In conformity with IFRS 8, the group has identified seven segments: \u2013 Holding: consisting of the parent company GBL and its subsidiaries. Its main activity is to manage investments as well as the non-consolidated operating companies or associates; \u2013 Imerys: consisting of the Imerys group, a French group listed on Euronext Paris and holding leading positions in each of its two business lines: Performance Materials and High Temperature Materials & Solutions; \u2013 Webhelp: consisting of the Webhelp group, a non-listed French group, specialized in customer experience and business process outsourcing, as well as the dedicated investment vehicle, Sapiens S\u00e0rl; \u2013 Canyon: consisting of the Canyon group, a non-listed German group, the world leader in exclusively online direct-to-consumer (\u201cDTC\u201d) sales of premium bicycles, as well as the dedicated investment vehicle, GfG Capital; \u2013 Affidea: comprising the non-listed Affidea Group, leading European provider of advanced diagnostics and outpatient services, and the dedicated investment vehicles to Celeste Capital S\u00e0rl; (1) \u2013 Sanoptis: comprising the non-listed Sanoptis Group, a European leader in ophthalmology services including surgeries and diagnostics, and the dedicated investment vehicles to Sofia Capital S\u00e0rl; and \u2013 GBL Capital and Sienna Investment Managers (\u201cSIM\u201d) including: - GBL Capital, with its investment\u2019s activity, which includes investments in alternative funds and direct co-investments in private equity, as well as, under consolidated operating activities, the operating subsidiaries of ECP III (subgroups Sausalitos, Vanreusel, Indo, etc.); - Sienna Investment Managers, activity of third-party asset management, through its stake in Sienna Real Estate, Sienna Gestion and Sienna Private Credit.The results of a segment, its assets and its liabilities include all the items directly attributable to it. The accounting standards applied to these segments are the same as those described in the section entitled \u201cAccounting Policies\u201d.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-121-5": { "value": "Investments with changes in fair 2,385.7 491.9 (328.5) (487.1) (7.7) 2,054.2 - 2.3 0.0 - 1.0 2.3 2,048.5value through profit or lossCo-investments/2,385.7 473.1 (328.5) (487.1) (12.3) 2,030.9 - - - - - - 2,030.9FundsOther0.018.7(0.0)-4.623.3-2.30.0-1.02.31 7. 6Shares in \u201cFunds\u201d comprising 468 Capital II, BDT Capital Partners Fund II, Carlyle International Energy Partners II, C2 Capital Global Export-to- China Fund, DouxMatok, E.C.B. (Bastille)-Telenco, EC IV Invest, Eight Partners Worldwide, EP Sienna IM Broken Core Office Fund, Ergon opseo Long Term Value Fund, Ergon SVT Long Term Value Fund, FCT Credo I, Fonds Impact Social (Part B), Globality, Griffin Gaming Partners II, HCM IV LP, HCM S3C LP (Commure), HCM S11A LP (Transcarent), HCM V LP, Hourly Inc., Iceberg Data Lab, Illumio, Innovius Capital Fund, Kartesia Credit Opportunities III, IV and V, KKR Azur Co-Invest, KKR Rainbow Co-Invest (Asset), KKR Sigma Co-Invest II, Klarna Holding, Marcho, Marcho Long, Matador Coinvestment, M\u00e9rieux Participations, Predirec ABL-3 (Part B), PrimeStone, Sagard, Sagard II, Sagard 3, Sagard 4, Sagard Business Intelligence, Sagard NewGen, Sagard Sant\u00e9 Animale, Sagard Testing, Sapphire Midco (aka \u201cProAlpha\u201d), Sienna Rendement Avenir IV, South Park Commons Seed Fund II, South Park Commons Opportunities Fund II, Stripes VI and others are revalued at their fair value, as notably determined by the managers of these funds, based on their investment portfolio. Changes in the fair value of these investments are recognized in financial income (loss) (see note 7).Note 7Financial income (expenses)IN EUR MILLION 2022 2021Interest income on cash and cash equivalents, non-current assets or other(7.7)2.1Interest expenses on financial liabilities(27.0)(20.1)Gains (losses) on trading securities and derivatives124.0(115.6)Change in the fair value of other equity investments recognized at fair value through profit or loss(487.1)255.5Other financial income13.16.7Other financial expenses(10.7)(19.1)FINANCIAL INCOME (EXPENSES) - INVESTING ACTIVITIES (395.4) 109.6Interest income on cash and cash equivalents and non-current assets6.43.0Interest expenses on financial liabilities(196.5)(127.9)Gains (losses) on trading securities and derivatives(1.8)2.7Other financial income40.330.6Other financial expenses (374.2) (352.1)FINANCIAL INCOME (EXPENSES) - OPERATING ACTIVITIES (525.8) (443.7)Financial income (expenses) from investing activities total EUR - 395 million (compared to EUR 110 million in 2021). They mainly consist of (i) the changes in fair value of other equity investments recognized at fair value in profit or loss for EUR - 487 million (EUR 256 million in 2021), (ii) a total net income of EUR 98 million related to the mark to market of the derivative component associated to the exchangeable bonds into GEA and Pernod Ricard shares and the convertible bonds into GBL shares (a net charge of EUR 140 million 2021), (iii) the result of yield enhancement for EUR 9 million in 2022, including EUR 12 million in revenues generated in 2022 and EUR - 3 million in mark-to-market (against EUR 17 million in 2021) and (iv) the interest charges on GBL\u2019s indebtedness, notably institutional bonds for EUR - 23 million (EUR - 18 million in 2021). Financial income (expenses) from consolidated operating activities essentially result from the changes of the debts on Webhelp\u2019s minority shareholders (founders) for EUR - 255 million (EUR - 293 million in 2021) and interest expenses on Webhelp\u2019s and Imerys\u2019 indebtedness for EUR 95 million and EUR 38 million respectively (EUR 77 million and EUR 37 million in 2021 respectively).Note 16Trading financial assetsIN EUR MILLION 2022 2021Money market funds841.42,052.5Other trading assets28.633.5TOTAL 870.0 2,086.0Of which: Holding839.82,064.7Imerys1.97. 3Webhelp12.012.0Canyon16.32.0Affidea--Sanoptis--GBL Capital and SIM0.00.0Note 29Financial instrumentsFair valueTo re\ufb02ect the importance of inputs used when measuring at fair value, the group classifies these valuations according to a hierarchy composed of the following levels: \u2013 level 1: listed prices (non-adjusted) on active markets for identical assets or liabilities; \u2013 level 2: inputs, other than the listed prices included in level 1, that are observable for the asset or liability concerned, either directly (i.e. prices) or indirectly (i.e. derived from prices); and \u2013 level 3: inputs related to the asset or liability that are not based on observable market data (non-observable inputs).Analysis of financial instruments by category \u2013 balance sheetsThe tables below show a comparison of the book value and the fair value of the financial instruments as of December 31, 2022 and as of December 31, 2021, as well as the fair value hierarchy.The category, according to IFRS 9, uses the following abbreviations: \u2013 FATOCI: Financial Assets measured at fair value through Other Comprehensive Income \u2013 FATPL: Financial Assets measured at fair value through Profit or Loss \u2013 FLTPL: Financial Liabilities measured at fair value through Profit or Loss \u2013 FAAC: Financial Assets measured at Amortized Cost \u2013 FLAC: Financial Liabilities measured at Amortized Cost \u2013 HeAc: Hedge Accounting.As of December 31, 2022Category Carrying amount Fair value Hierarchy of according to fair valuesIN EUR MILLIONIFRS 9FINANCIAL ASSETSNon-current assetsOther equity investmentsEquity investments measured at fair value and FATOCI 10,837.2 10,837.2 Level 1with changes recognized in equityEquity investments measured at fair value and FATOCI 273.0 273.0 Level 3with changes recognized in equityEquity investments measured at fair value and FATPL 1 2 7. 3 1 2 7. 3 Level 1with changes recognized in profit or lossEquity investments measured at fair value and FATPL 1 , 9 2 7. 0 1 , 9 27. 0 Level 3with changes recognized in profit or lossOther non-current assetsDerivative instruments - hedgingHeAc9.69.6Level 2Other financial assetsFAAC66.166.1Level 2Current assetsTrade receivablesFAAC1,108.71,108.7Level 2Trading financial assetsFATPL870.0870.0Level 1Cash and cash equivalentsFAAC1,768.31,768.3Level 2Other current assetsDerivative instruments - hedgingHeAc35.535.5Level 2Derivative instruments - otherFATPL1 7.41 7.4Level 2Other financial assetsFAAC38.038.0Level 2FINANCIAL LIABILITIESNon-current liabilitiesFinancial liabilitiesFLAC8,714.78,379.3Level 2Other non-current liabilitiesDerivative instruments - hedgingHeAc4.14.1Level 2Derivative instruments - otherFLTPL88.788.7Level 2Other non-current liabilitiesFLAC1,545.21,545.2Level 2Current liabilitiesFinancial liabilitiesOther financial liabilitiesFLAC1,654.61,675.9Level 2Trade payablesFLAC8 5 7.48 5 7.4Level 2Other current liabilitiesDerivative instruments - hedgingHeAc113.5113.5Level 2Derivative instruments - otherFLTPL69.869.8Level 2Other current liabilitiesFLAC73.773.7Level 2As of December 31, 2021Category Carrying amount Fair value Hierarchy of according to fair valuesIN EUR MILLIONIFRS 9FINANCIAL ASSETSNon-current assetsOther equity investmentsEquity investments measured at fair value and FATOCI 15,523.2 15,523.2 Level 1with changes recognized in equityEquity investments measured at fair value and FATOCI 266.0 266.0 Level 3with changes recognized in equityEquity investments measured at fair value and FATPL 481.4 481.4 Level 1with changes recognized in profit or lossEquity investments measured at fair value and FATPL 1,904.3 1,904.3 Level 3with changes recognized in profit or lossOther non-current assetsDerivative instruments - hedgingHeAc1.21.2Level 2Derivative instruments - otherFATPL0.50.5Level 2Other financial assetsFAAC83.983.9Level 2Current assetsTrade receivablesFAAC1,019.71,019.7Level 2Trading financial assetsFATPL2,086.02,086.0Level 1Cash and cash equivalentsFAAC1,331.61,331.6Level 2Other current assetsDerivative instruments - hedgingHeAc7 7. 87 7. 8Level 2Derivative instruments - otherFATPL7.77.7Level 2Other financial assetsFAAC14.814.8Level 2FINANCIAL LIABILITIESNon-current liabilitiesFinancial liabilitiesFLAC6,616.26,910.3Level 2Other non current liabilitiesDerivative instruments - otherFLTPL182.7182.7Level 2Other non current liabilities FLAC 1,067.0 1,067.0 Level 2Current liabilitiesFinancial liabilitiesOther financial liabilitiesFLAC1,037.51,038.7Level 2Trade payablesFLAC865.8865.8Level 2Other current liabilitiesDerivative instruments - hedgingHeAc5.35.3Level 2Derivative instruments - otherFLTPL31.831.8Level 2Other current liabilitiesFLAC34.034.0Level 2There were no significant transfers between the different levels during 2022.Measurement techniquesThe group\u2019s financial instruments very largely belong to classification levels 1 and 2. The financial assets measured at level 3 fair value are not significant compared to the other asset classes (12.88% as of December 31, 2022 and 9.52% as of December 31, 2021).The techniques used to measure the fair value of level 2 financial instruments are as follows:The exchangeable or convertible bonds issued by the group are considered to be hybrid instruments, i.e. instruments including a bond component and an embedded derivative. At the date of issue, the fair value of the bond component is estimated based on the prevailing market interest rate for similar non-exchangeable or non-convertible bonds, taking into account the risk associated with GBL (credit spread). At each reporting date, the value of the bond component is recalculated, taking into account the change in the risk-free rate and GBL\u2019s credit spread, and the difference in relation to the price of the exchangeable or convertible bond observed on the Luxembourg Stock Exchange\u2019s Euro MTF market is taken as the new value of the derivative component. The change in this value in relation to the previous reporting date is recognized in profit or loss.The fair value of derivative instruments not associated with exchangeable or convertible bonds is taken from a model that uses observable data, in other words the quotes on the reporting date provided by third-parties operating on the financial markets. These valuations are adjusted for the counterparties\u2019 credit risk and the credit risk specific to Imerys or GBL. Accordingly, if the market value of the derivative is positive (derivative asset), its fair value incorporates the likelihood of the counterparty defaulting (Credit Value Adjustment or CVA). If the derivative\u2019s market value is negative (derivative liability), its fair value factors in the likelihood of Imerys or GBL defaulting (Debit Value Adjustment or DVA). These adjustments are measured based on the spreads of the bonds in circulation on the secondary market, as issued by Imerys, GBL and their counterparts.The techniques used to measure the fair value of level 3 financial instruments are as follows:Level 3 financial instruments are valued on a quarterly basis at their fair value in line with the International Private Equity and Venture Valuation Guidelines. Recent investments are valued at their acquisition cost, provided that these valuations are considered as the best estimates of fair value. Investments in level 3 funds are revalued at their fair value, as determined by the fund managers, based on their investment portfolio.Analysis of financial instruments by category \u2013 income statementThe tables hereafter present the income and expenses before income taxes recognized in the income statement by categories of financial instruments. These tables analyze the product and expense lines containing financial instruments according to categories presented in columns. These distinguish, on the one hand, the categories applied by default to any item excluding hedge accounting and, on the other hand, the categories applied to any item falling within the scope of hedge accounting.The IFRS 9 categories of amortized cost and fair value through profit or loss apply to the majority of non-hedge accounting items. Hedge accounting items are classified according to their fair value or cash \ufb02ow hedging qualifications, distinguishing the values of hedged items and hedging instruments in columns and the types of risks hedged in rows.In addition, in order to ensure reconciliation between IFRS 9 classes and financial statements, this table includes a column containing the following non-IFRS 9 items: share-based payments (IFRS 2), mining assets (IFRS 6), inventories (IAS 2), income tax assets and liabilities (IAS 12), property, plant and equipment (IAS 16), finance lease liabilities (IFRS 16), defined benefit and short-term employee benefits assets and liabilities (IAS 19), grants(IAS 20), provisions (IAS 37), intangible assets and prepaid expenses (IAS 38), stripping assets (IFRIC 20) and duties and taxes (IFRIC 21). The logic of classification of financial instruments in assets and liabilities is applied in transversally to their changes in income statement. For example, revenue is included in the amortized cost category, as its counterparties in trade receivables or cash and cash equivalents fall under this category on the asset side.2022Non-hedge accounting Hedge accountingIFRS 9 Categories Fair value Cash flowsAmortized Fair value Fair value Out of Hedged Hedging Hedged Hedging Totalcostthrough through IFRS 9 iteminstrumentiteminstrumentprofit or equityscopeIN EUR MILLIONlossNet dividends from investments--322.3-----322.3Other operating income (expenses) from investing (74.3) - - - - - - - (74.3)activitiesFinancial income (expenses) (490.0) 94.6 - - - - - - (395.4)from investing activitiesOf which: Financial 168.7 119.0 - - - - - - 2 87.7incomeFinancial expenses(658.7) (24.4) - - - - - - (683.1)PROFIT (LOSS) FROM INVESTING ACTIVITIES (564.3) 94.6 322.3 - - - - - (147.4)- CONTINUING OPERATIONSTurnover8,108.7------(0.1)8,108.6Raw materials and consumables(2,322.4)--199.9---100.4(2,022.1)Other operating income (expenses) from operating (1,791.1) - - 18.1 - - - - (1,773.0)activitiesFinancial income (expenses) (520.6) 5.8 - (11.0) - - - - (525.8)from operating activitiesOf which: Financial 40.9 5.8 - - - - - - 46.7incomeFinancial expenses(561.5) - - (11.0) - - - - (572.5)PROFIT (LOSS) FROM CONSOLIDATED 3,474.7 5.8 - 2 0 7.0 - - - 100.3 3,787.8OPERATING ACTIVITIES - CONTINUING OPERATIONS2021Non-hedge accounting Hedge accountingIFRS 9 Categories Fair value Cash flowsAmortized Fair value Fair value Out of Hedged Hedging Hedged Hedging Totalcostthrough through IFRS 9 iteminstrumentiteminstrumentprofit or equityscopeIN EUR MILLIONlossNet dividends from investments - - 363.1 - - - - - 363.1Other operating income (expenses) from investing (54.8) - - - - - - - (54.8)activitiesFinancial income (expenses) from 249.7 (140.2) - - - - - - 109.6investing activitiesOf which: Financial 372.0 18.4 - - - - - - 390.4incomeFinancial expenses(122.3) (158.6) - - - - - - (280.9)PROFIT (LOSS) FROM INVESTING ACTIVITIES 195.0 (140.2) 363.1 - - - - - 417.9- CONTINUING OPERATIONSTurnover5,808.1-----432.22.76,243.0Raw materials and consumables(1,456.5)--119.1--(184.3)38.6(1,483.1)Other operating income (expenses) from operating (1,494.5) - - 16.6 - - - - (1,477.9)activitiesFinancial income (expenses) from (436.1) 2.7 - (10.3) - - - - (443.7)operating activitiesOf which: Financial 33.7 2.8 - - - - - - 36.5incomeFinancial expenses(469.7) (0.1) - (10.3) - - - - (480.1)PROFIT (LOSS) FROM CONSOLIDATED OPERATING 2,421.0 2.7 - 125.4 - - 2 47. 9 41.3 2,838.4ACTIVITIES - CONTINUING OPERATIONS", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-117-2": { "value": "Note 3SGS, Pernod Ricard, adidas and other equity investments3.1 Net dividendsIN EUR MILLION 2022 2021SGS109.8103.5Pernod Ricard82.062.1adidas38.535.0Umicore31.430.9Holcim28.064.7Mowi19.115.9GEA10.212.9TotalEnergies0.80.6Other0.90.8Reimbursements of withholding taxes1.636.7TOTAL 322.3 363.1In 2022, GBL recorded EUR 322 million in dividends (EUR 363 million in 2021). This decrease mainly reflects lower reimbursements of withholding taxes in 2022 and lower dividends received from Holcim following sales in 2021, partially offset by higher dividends received from Pernod Ricard, SGS and adidas.3.2 Fair value and changesThe investments in listed companies are valued on the basis of the share price at the reporting date. The investments in unlisted companies are valued on a quarterly basis at their fair value in line with the recommendations of the International Private Equity and Venture Valuation Guidelines (\u201cIPEV Guidelines\u201d). Recent investments are valued at their acquisition cost, provided that these valuations are considered as the best estimates of fair value. Changes in the fair value are recognized in the revaluation reserves (see note 3.3.).Of which:Disposals/ Change GBL December December AcquisitionsReimbur-in fair OtherHolding Imerys Webhelp Canyon Affidea SanoptisCapital 31, 202131, 2022IN EUR MILLIONsementsvalueand SIMInvestments with changes in fair 15,789.2 0.7 (759.3)(3,920.4)0.0 11,110.2 11,110.2 - - - - - -value through equityPernod Ricard4 , 2 0 7. 3-(87.6)(853.6)-3,266.23,266.2------SGS4,223.4--(1,096.8)-3,126.63,126.6------adidas3,472.5--(1,724.5)-1,74 8.11,748.1------Umicore1,402.6--(56.1)-1,346.51,346.5------Holcim592.3--4 7.4-639.7639.7------GEA546.3--(112.4)-434.0434.0------Voodoo266.00.3-6.7-273.0273.0------Mowi756.9-(436.8)(163.4)-156.7156.7------Ontex115.0--(12.3)-102.7102.7------TotalEnergies11.9 - - 3.7 0.0 15.7 15.7 - - - - - -Other194.90.4(234.9)40.7-1.21.2------FAIR VALUE 18,174.9 492.6 (1,087.8)(4,407.5)(7.7) 13,164.4 11,110.2 2.3 0.0 - 1.0 2.3 2,048.5Investments with changes in fair 2,385.7 491.9 (328.5) (487.1) (7.7) 2,054.2 - 2.3 0.0 - 1.0 2.3 2,048.5value through profit or lossCo-investments/2,385.7 473.1 (328.5) (487.1) (12.3) 2,030.9 - - - - - - 2,030.9FundsOther0.018.7(0.0)-4.623.3-2.30.0-1.02.31 7. 6Shares in \u201cFunds\u201d comprising 468 Capital II, BDT Capital Partners Fund II, Carlyle International Energy Partners II, C2 Capital Global Export-to- China Fund, DouxMatok, E.C.B. (Bastille)-Telenco, EC IV Invest, Eight Partners Worldwide, EP Sienna IM Broken Core Office Fund, Ergon opseo Long Term Value Fund, Ergon SVT Long Term Value Fund, FCT Credo I, Fonds Impact Social (Part B), Globality, Griffin Gaming Partners II, HCM IV LP, HCM S3C LP (Commure), HCM S11A LP (Transcarent), HCM V LP, Hourly Inc., Iceberg Data Lab, Illumio, Innovius Capital Fund, Kartesia Credit Opportunities III, IV and V, KKR Azur Co-Invest, KKR Rainbow Co-Invest (Asset), KKR Sigma Co-Invest II, Klarna Holding, Marcho, Marcho Long, Matador Coinvestment, M\u00e9rieux Participations, Predirec ABL-3 (Part B), PrimeStone, Sagard, Sagard II, Sagard 3, Sagard 4, Sagard Business Intelligence, Sagard NewGen, Sagard Sant\u00e9 Animale, Sagard Testing, Sapphire Midco (aka \u201cProAlpha\u201d), Sienna Rendement Avenir IV, South Park Commons Seed Fund II, South Park Commons Opportunities Fund II, Stripes VI and others are revalued at their fair value, as notably determined by the managers of these funds, based on their investment portfolio. Changes in the fair value of these investments are recognized in financial income (loss) (see note 7).Of which:December 31, Acquisitions Disposals/ Change in Other December 31, Holding Imerys Webhelp Canyon GBL 2020Reimbur-fair value2021Capital IN EUR MILLIONsementsand SIMInvestments with changes in fair value 15,875.3 538.8 (1,501.5) 876.7 - 15,789.2 15,789.2 - - - -through equitySGS3,539.5--683.9-4,223.44,223.4----Pernod Ricard3,119.2--1,088.1-4 , 2 0 7. 34 , 2 0 7. 3----adidas4,085.6--(613.0)-3,472.53,472.5----Umicore1,744.2-(104.5)(237.1)-1,402.61,402.6----Mowi551.7110.3-94.8-756.9756.9----Holcim 2,099.9 - (1,242.8) (264.8) - 592.3 592.3 - - - -GEA449.7-(142.4)239.1-546.3546.3----Voodoo-268.2-(2.2)-266.0266.0----Ontex181.0--(66.0)-115.0115.0----TotalEnergies9.4--2.5-11.911.9----Other 95.1 160.3 (11.8) (48.7) - 194.9 194.9 - - - -Investments with changes in fair value 1,930.0 574.2 (364.7) 255.5 (9.5) 2,385.7 - 0.0 - - 2,385.7through profit or lossFunds1,927.5574.2(362.8)255.5(8.9)2,385.7----2,385.7Other2.5-(1.9)-(0.5)0.0-0.0---FAIR VALUE 17,805.3 1,113.0 (1,866.2) 1,132.2 (9.5) 18,174.9 15,789.2 0.0 - - 2,385.73.3 Revaluation reservesThese reserves include the changes in the fair value of other equity investments whose changes in fair value are recorded through Equity.In 2022, the partial disposals of Mowi and Pernod Ricard resulted in a reclassification to retained earnings of EUR 75 million and EUR 297 million respectively. In 2021, at the time of the partial disposals of Umicore, GEA and Holcim, the cumulated revaluation reserves of EUR 152 million, EUR 3 million and EUR 397 million respectively were reclassified to retained earnings.SGS Pernod adidas Umicore Mowi Holcim GEA Voodoo Ontex Total Other TotalIN EUR MILLIONRicardEnergiesAs of December 31, 986.0 2,296.3 2 ,974 .2 845.0 62.0 369.0 (97.6) - (273.4) 3.1 5.2 7,169.92020Change resulting from 683.9 1,088.1 (613.0) (85.5) 94.8 132.4 242.4 (2.2) (66.0) 2.5 (43.1) 1,434.4the change in fair valueTransfers to consolidated reserves in - - - (151.6) - (397.3) (3.3) - - - (5.5) (557.7)case of disposalAs of December 31, 1,670.0 3,384.4 2,361.2 6 0 7.9 156.8 104.2 141.5 (2.2) (339.4) 5.6 (43.5) 8,046.62021Change resulting from (1,096.8) (556.8) (1,724.5) (56.1) (88.4) 4 7.4 (112.4) 6.7 (12.3) 3.7 (29.2) (3,618.6)the change in fair valueTransfers to consolidated reserves in - (296.7) - - (75.0) - - - - - 69.9 (301.8)case of disposalAS OF DECEMBER 31, 573.1 2,530.8 636.7 551.8 (6.5) 151.6 29.2 4.5 (351.7) 9.3 (2.7) 4,126.12022Note 12Other non-current assetsIN EUR MILLION 2022 2021Non-current financial assets75.785.6Derivative financial instruments - Hedging9.61.2Derivative financial instruments - Held for trading-0.5Long-term advance payments, loans and deposits43.634.8Other22.549.1Non-current non-financial assets5 7. 229.0Assets related to pension plans1 7. 126.8Other40.12.1TOTAL 132.9114.6Of which: Holding0.60.6Imerys54.985.6Webhelp28.018.8Canyon 13.1 2.1Affidea 4.8 -Sanoptis6.2-GBL Capital and SIM25.47.6Note 16Trading financial assetsIN EUR MILLION 2022 2021Money market funds841.42,052.5Other trading assets28.633.5TOTAL 870.0 2,086.0Of which: Holding839.82,064.7Imerys1.97. 3Webhelp12.012.0Canyon16.32.0Affidea--Sanoptis--GBL Capital and SIM0.00.0Note 15Trade receivablesIN EUR MILLION 2022 2021Trade receivables1,132.61,060.2Write-downs of doubtful receivables(23.8)(40.5)NET TOTAL 1,108.7 1,019.7Of which: Holding0.00.6Imerys489.9614.3Webhelp454.1381.2Canyon3.31.5Affidea88.3-Sanoptis53.8-GBL Capital and SIM19.322.1Trade receivables are mainly related to Imerys and Webhelp. Factoring agreements have been put in place by Imerys and Webhelp for an unlimited period for a maximum amount of EUR 248 million, including taxes. As of December 31, 2022, EUR 206 million in receivables were thus transferred and deconsolidated, the risks and benefits associated with these receivables, including default and late payment risks, having been transferred to the factor (EUR 162 million as of December 31, 2021).Trade receivables do not bear interest and generally have a 30 to 90-day maturity. At the reporting date, some of the trade receivables detailed below may be due without being impaired, for example when covered by a credit insurance contract or a guarantee.IN EUR MILLION 2022 2021Delay of no more than 1 month 171.8 141.3Delay of 1 to 3 months 53.1 39.0Delay of more than 3 months 5 7. 1 41.3TOTAL TRADE RECEIVABLES DUE AND NOT WRITTEN DOWN 281.9 221.6Trade receivables not due and trade receivables due and written down 826.8 798.1TOTAL TRADE RECEIVABLES, NET 1,108.7 1,019.7The following table shows the change in write-downs over several years:IN EUR MILLION 2022 2021WRITE-DOWNS OF RECEIVABLES AT 1 JANUARY (40.5) (42.5)Write-downs over the year(2.1)(9.7)Utilizations1.65.5Reversals of write-downs9.28.5Foreign currency translation adjustments and other8.0(2.3)WRITE-DOWNS OF RECEIVABLES AT 31 DECEMBER (23.8) (40.5)Note 17Cash, cash equivalents and financial liabilities1 7. 1 Cash and cash equivalentsIN EUR MILLION 2022 2021Current accounts1,249.01,069.9Term deposits473.0241.7Treasury bonds and treasury notes46.220.0TOTAL 1,768.3 1,331.6Of which: Holding544.0302.4Imerys620.25 7 7. 2Webhelp340.0375.3Canyon25.034.0Affidea63.0-Sanoptis88.0-GBL Capital and SIM 88.0 42.8As of December 31, 2022 and 2021, cash was completely held in current accounts, fixed-term deposits and treasury notes with various financial institutions.1 7. 2 Financial liabilitiesIN EUR MILLION 2022 2021NON\ue61eCURRENT FINANCIAL LIABILITIES 8,714.7 6,616.2Bonds (GBL) 1,985.2 1,488.7Convertible bonds (GBL)499.7499.7Exchangeable bonds (GBL)479.6444.9Bonds (Imerys)1,705.31,703.0Bank borrowings (Webhelp)1,738.11,723.2Bank borrowings (Canyon)225.7158.5Bank borrowings (Affidea)572.3-Bank borrowings (Sanoptis)602.0-Bank borrowings (GBL Capital) 89.7 124.4Lease liabilities 738.8 390.7Other non-current financial liabilities 78.283.3CURRENT FINANCIAL LIABILITIES 1,654.6 1,037.5Exchangeable bonds (GBL) 4 4 7.4 748.1Bank borrowings (GBL) 535.3 -Bank borrowings (Imerys)4 37. 6149.5Lease liabilities168.9100.2Other current financial liabilities65.439.7Bonds issued by GBLOn August 30, 2022, GBL placed a EUR 500 million institutional bond, with a 7-year maturity and a coupon of 3.125%. The carrying amount of this debt is EUR 494 million as of December 31, 2022.On January 21, 2021, GBL placed a EUR 500 million institutional bond, with a 10-year maturity and a coupon of 0.125%. The carrying amount of this debt is EUR 494 million as of December 31, 2022.On June 19, 2018, GBL placed a EUR 500 million institutional bond, with a 7-year maturity and a coupon of 1.875%. The carrying amount of this debt is EUR 498 million as of December 31, 2022.During the first semester of 2017, GBL issued an institutional bond of EUR 500 million, with a coupon of 1.375% and maturing on May 23, 2024. The carrying amount of this debt is EUR 499 million as of December 31, 2022.These issuances are intended to cover the group\u2019s general corporate purposes and lengthen the weighted average maturity of the gross debt.Bonds convertible into GBL shares (GBL)On March 23, 2021, GBL announced the placement by its fully-owned subsidiary Sagerpar SA (the \u201cIssuer\u201d) of EUR 500 million of bonds convertible into existing ordinary shares of GBL (the \u201cShares\u201d). The bonds are fully guaranteed by GBL (the \u201cGuarantor\u201d). This issue initially relates to approximately 4.3 million treasury shares.The bonds do not bear interests and had at placement a maturity of 5 years (April 1st, 2026), subject to early redemption. The bonds have been issued at an issue price of 101.25% of their principal amount and, unless previously redeemed, converted or purchased and cancelled, the bonds will be redeemed in cash at their principal amount at maturity (subject to the Issuer\u2019s share redemption option), which corresponds to an annual yield to maturity of - 0.25%. The initial conversion price of the bonds has been set at EUR 117.4928. The effective interest rate (including transaction costs allocated to the debt) stands at 0.02%.The Issuer will have the option to redeem all, but not some only, of the bonds for the time being outstanding at their principal amount, at any time on or after April 16, 2024 provided that the volume-weighted average price of one Share on Euronext Brussels shall have exceeded 130% of the conversion price on each of not less than 20 trading days in any period of 30 consecutive trading days. The Issuer will have a share redemption option to deliver Shares and, as the case may be, an additional amount in cash upon redemption of the Bonds on the maturity date.Bondholders may request the conversion of their bonds at any time since April 1, 2021 until (and including) the 45th Brussels business day (included) prior to the maturity date, subject to the Issuer\u2019s option to satisfy the conversion rights in cash, shares or a combination thereof. If the Issuer elects to satisfy conversion rights in Shares, it intends to deliver existing Shares which the Issuer holds on behalf of the Guarantor as treasury shares.The bonds are admitted to trading on the open market (Freiverkher) of the Frankfurt Stock Exchange. The carrying amount of these bonds (excluding the option) is EUR 500 million as of December 31, 2022. The option is assessed at fair value on the reporting date (EUR 7 million as of December 31, 2022, shown under \u201cOther current financial liabilities\u201d).Bonds exchangeable into Pernod Ricard shares (GBL)On November 29, 2022, GBL (the \u201cIssuer\u201d) issued bonds exchangeable into existing shares of Pernod Ricard SA (\u201cPernod Ricard\u201d) for an amount of EUR 500 million. The bonds initially related to 2.0 million Pernod Ricard shares representing approximately 1% of its share capital. The bonds have, at their issuance, a maturity of 3 years (November 29, 2025), except in case of early redemption, exchange or purchase and cancellation. The bonds carry a coupon of 2.125% per annum. The bonds were issued at an issue price of 100% of their principal amount and, unless previously redeemed, exchanged, or purchased and cancelled, will be redeemed at their principal amount at maturity on November 29, 2025.The Issuer will have the option to redeem all, but not only some, of the bonds, at their principal amount plus accrued and unpaid interest until the relevant date fixed for redemption (i) at any time on or after the date falling 2 years and 21 days after the Issue Date, provided that the value of the exchange property (being initially only Pernod Ricard shares) per bond attributable to EUR 100,000 in principal amount of bonds shall have exceeded EUR 130,000 on each of not less than 20 trading days in any period of 30 consecutive trading days; (ii) at any time, if 20% or less of the principal amount of the bonds originally issued remain outstanding; or (iii) in the event of an offer or scheme relating to the predominant equity share capital comprised in the exchange property, where the consideration as a result of such offer or scheme consists wholly of cash, all as described in the terms and conditions of the bonds.Bondholders may request the exchange of their bonds for exchange property at any time from January 9, 2023 until 40 Brussels business days before the maturity date, subject to the option of GBL to satisfy exchange rights in cash, exchange property or a combination thereof.The bonds are admitted to trading on the open market (Freiverkher) of the Frankfurt Stock Exchange. The carrying amount of these bonds (excluding the option) is EUR 480 million as of December 31, 2022. The option is assessed at fair value on the reporting date (EUR 30 million as of December 31, 2022, shown under \u201cOther current financial liabilities\u201d).Bonds exchangeable into GEA shares (GBL)On October 1, 2020, GBL has announced the completion of an offering by its fully-owned subsidiary Oliver Capital S\u00e0rl (the \u201cIssuer\u201d) of EUR 450 million of bonds exchangeable into existing registered shares of GEA Group AG (\u201cGEA\u201d) guaranteed by GBL. This issuance initially related to approximately 11.3 million GEA shares representing approximately 6.2% of its share capital. The bonds had, at their issuance, a maturity of 3 years and 3 months (December 29, 2023) except in case of an early redemption and do not bear interest. The bonds have been issued at an issue price of 102.0% of their principal amount and will be redeemed at their principal amount at maturity. The effective interest rate (including transaction costs allocated to the debt) stands at 0.6%.The Issuer have the option to redeem all, but not only some, of the bonds, at any time since October 6, 2022 at their principal amount, provided that the value of the underlying shares per bond attributable to EUR 100,000 in principal amount of bonds shall have exceeded EUR 130,000 on each of not less than 20 trading days in any period of 30 consecutive trading days. The Issuer has a share redemption option to deliver underlying shares and, as the case may be, an additional amount in cash upon its redemption of the bonds, both on the maturity date and upon early redemption.Bondholders may request the exchange of their bonds for exchange property (being initially only GEA shares) at any time from November 16, 2020 until 40 Brussels business days before the maturity date, subject to the option of the Issuer to satisfy exchange rights in cash, exchange property or a combination thereof.The bonds are admitted to trading on the Open Market (Freiverkher) of the Frankfurt Stock Exchange. The carrying amount of these bonds (excluding the option) is EUR 447 million as of December 31, 2022. The option is assessed at fair value on the reporting date (EUR 35 million as of December 31, 2021, shown under \u201cOther current financial liabilities\u201d).Bonds exchangeable into Holcim shares (GBL)The bonds exchangeable into Holcim shares matured on December 30, 2022. They were redeemed in full in cash.Bank debts (GBL)During the second half of 2022, GBL entered into forward sales contracts with prepayment for 13.2 million Holcim shares, maturing in May 2023, and received EUR 538 million in cash. As of December 31, 2022, the carrying amount of this debt is EUR 535 million and the value of the derivative attached to these transactions, recorded under \u201cOther current liabilities\u201d, amounts to EUR 77 million.Bonds (Imerys)Imerys further underscored its commitment in its sustainable development policy by tying its financing strategy to its environmental ambition. Therefore, on May 14, 2021, Imerys completed an issue of bonds indexed to its sustainable development objectives (Sustainability-Linked Bonds) for a principal amount of EUR 300 million. These bonds, due to mature on July 15, 2031, bear an annual coupon of 1.00% and are admitted to trading on the regulated market of the Luxembourg Stock Exchange.Issued in accordance with the Sustainability-Linked Bond Principles as published by the International Capital Market Association (ICMA), these instruments are indexed to a target to reduce greenhouse gas emissions by 22.9% in 2025 and 36.0% in 2030 in relation to the revenue (tCO2e/million euros) considering 2018 as the reference year, as approved by the Science Based Target initiative (SBTi). This includes Scope 1 emissions (direct emissions from sources owned or controlled by Imerys) and Scope 2 emissions (indirect emissions from the production of electricity, heat or steam imported or purchased by Imerys). Failure to meet these targets by December 31, 2025 and/or December 31, 2030 could result in the payment of penalties equal to 25 basis points of the principal amount for the 2025 target and/or 50 basis points of the principal amount for the 2030 target. At December 31, 2022, Imerys had reduced the metric tons of CO2 emitted per million euros of revenue by 31.0% compared with 2018 levels (23.0% compared with 2018 levels on December 31, 2021).The details of the bond issued by Imerys as of December 31, 2022 are mentioned below :Nominal value in Nominal interest Effective interest Listed/Unlisted Maturity Fair value Carrying amountcurrency raterateIN MILLION IN EUR MILLION IN EUR MILLIONEUR 500.0 2.00% 2.13% Listed 12/10/2024 486.4 499.1EUR 300.0 1.88% 1.92% Listed 03/31/2028 269.0 303.2EUR300.01.00%1.07%Listed07/15/2031208.3298.6EUR600.01.50%1.63%Listed01/15/2027549.2604.4TOTAL 1,512.9 1,705.3The bond issues as of December 31, 2021 are detailed below:Nominal value in Nominal interest Effective interest Listed/Unlisted Maturity Fair value Carrying amountcurrency raterateIN MILLION IN EUR MILLION IN EUR MILLIONEUR500.02.00%2.13%Listed12/10/2024524.9498.4EUR300.01.88%1.92%Listed03/31/2028326.5303.0EUR300.01.00%1.07%Listed07/15/2031294.8298.3EUR600.01.50%1.63%Listed01/15/20276 3 7. 1603.3TOTAL 1,783.3 1,703.0Bank debts (Imerys)Those debts coming from Imerys include as of December 31, 2022, EUR 434 million of short-term borrowings and EUR 4 million of bank overdrafts (EUR 119 million and EUR 30 million respectively as of December 31, 2021).Bank debts (Webhelp)Those bank debts coming from Webhelp mainly include the \u201csenior credit agreement\u201d concluded in 2019 and its extension for the financing of the acquisition of OneLink concluded on July 30, 2021:As of December 31, 2022 Nominal value in Nominal interest Effective interest Listed/Unlisted Maturity Fair value Carrying amountcurrency raterateIN MILLION IN EUR MILLION IN EUR MILLIONEUR1,020.03.00%4.91%Unlisted11/18/20261,020.01,007.0GBP125.04.00%7.80%Unlisted11/18/2026140.9139.0EUR285.63.75%5.60%Unlisted11/18/2026285.6281.0USD350.04.50%8.27%Unlisted11/18/2026323.2317.0TOTAL 1,769.7 1,74 4.0As of December 31, 2021 Nominal value in Nominal interest Effective interest Listed/Unlisted Maturity Fair value Carrying amountcurrency raterateIN MILLION IN EUR MILLION IN EUR MILLIONEUR1,020.03.00%3.39%Unlisted11/18/20261,020.01,004.0GBP125.04.00%4.48%Unlisted11/18/2026148.8146.5EUR285.63.75%4.33%Unlisted11/18/2026285.6279.4USD350.04.50%5.18%Unlisted11/18/2026309.0301.9TOTAL 1,763.4 1,731.8Bank debts (Canyon)This item includes long-term bank loans of Canyon.Bank loans (Affidea)This item includes Affidea\u2019s long-term bank debt. It is mainly composed of a bank loan of EUR 600 million, bearing a nominal interest rate of 5.00% and maturing on July 22, 2029. Its carrying amount is EUR 567 million at December 31, 2022.Bank loans (Sanoptis\ue61aThis item includes the long-term bank debt of Sanoptis.Bank loans (GBL Capital)This caption includes the different bank loans of the operational subsidiaries of ECP III.Lease liabilitiesThese liabilities mature in 2023 for a total of EUR 169 million, between 2024 and 2028 for EUR 464 million and EUR 275 million thereafter.Other current financial liabilitiesThis item primarily includes Webhelp\u2019s current portion of long-term debt.Undrawn credit linesAs of December 31, 2022, the group had undrawn credit lines with various financial institutions totaling EUR 4,336 million (EUR 3,672 million as of December 31, 2021). These credit facilities were available mainly to GBL, Imerys and Webhelp in the amounts of EUR 2,450 million, EUR 1,010 million and EUR 357 million respectively (EUR 2,150 million, EUR 1,160 million and EUR 362 million respectively as of December 31, 2021).With regards to GBL, all credit lines mature over the 2027\u20132028 period. Committed credit lines do not have financial covenants, meaning that, under its credit contracts, GBL has no obligations in terms of compliance with financial ratios.17.3 Change of financial liabilitiesThe table below mentions the reconciliation in 2022 and 2021 between the financial debts included in the consolidated balance sheet and the amounts from the consolidated statement of cash \ufb02ows:As of January 1, Cash flow Acquisitions/sales Impact of Other As of 2022variationof subsidiaries exchange rates movementsDecember 31, IN EUR MILLIONchange2022Financial liabilities - Non-current liabilities6,616.21,185.11,260.632.7(379.9)8,714.7Financial liabilities - Current liabilities1,037.5(35.6) 50.2 (9.0) 611.5 1,654.6TOTAL7, 6 5 3 .7 1,149.5 1,310.8 23.8 231.6 10,369.3As of January 1, Cash flow Acquisitions/sales Impact of Other movements As of 2021variationof subsidiaries exchange rates December 31, IN EUR MILLIONchange2021Financial liabilities - Non-current liabilities 5,624.5 1,901.5 45.9 69.9 (1,025.8) 6,616.2Financial liabilities - Current liabilities 394.0 (526.3) 12.1 (8.9) 1,166.5 1,037.5TOTAL6,018.5 1,375.2 58.1 61.1 140.7 7, 6 5 3 .7The other movements in 2022 and 2021 stemmed mainly from the reclassification between non-current liabilities and current liabilities and the recognition of lease liabilities. The change in cash shown in the table above is reconciled with the consolidated statement of cash \ufb02ows as follows:As of December 31, As of December 31, IN EUR MILLION20222021Cash flow variation 1,149.5 1,375.2Of which: proceeds from financial liabilities 2,205.6 2,233.1repayments of financial liabilities(1,056.1)(857.9)17.4 Residual contractual maturities of financial liabilitiesIN EUR MILLION 2023 2024-2028 2029 and moreAs of December 31, 2022 Principal Interests Principal Interests Principal InterestsNon-current financial liabilities - 252.6 5,953.8 955.8 2,760.9 158.6Other non-current financial liabilities - - 1,545.2 - - -Non-current derivative financial - - 92.8 - - -instrumentsCurrent financial liabilities1,654.640.9----Trade payables8 5 7.4-----Current derivative financial instruments183.3-----Other current financial liabilities73.7-----TOTAL 2,769.1 293.5 7,591.8 955.8 2,760.9 158.6IN EUR MILLION 2022 2023-2027 2028 and moreAs of December 31, 2021PrincipalInterestsPrincipalInterestsPrincipalInterestsNon-current financial liabilities-115.25,308.1455.11,308.1103.1Other non-current financial liabilities--1,067.0---Non-current derivative financial - - 182.7 - - -instrumentsCurrent financial liabilities 1,037.5 4.2 - - - -Trade payables865.8-----Current derivative financial instruments3 7. 2-----Other current financial liabilities34.0-----TOTAL 1,974.4 119.4 6,557.8 455.1 1,308.1 103.1Note 18Other current assetsIN EUR MILLION 2022 2021Current financial assets 90.9 100.4Derivative financial instruments held for trading1 7.47.7Derivative financial instruments - Hedging35.57 7. 8Other 38.0 14.8Current non-financial assets498.7420.9Taxes on result to be recovered110.796.6Other taxes and VAT to be recovered201.6194.0Deferred expenses85.150.8Other 101.2 79.6TOTAL589.5521.3Of which: Holding44.021.3Imerys235.6314.7Webhelp 179.4 144.1Canyon45.72 7.0Affidea26.8-Sanoptis29.2-GBL Capital and SIM28.814.1The debt valuation for the founders (EUR 1,113 million included under \u201cNon-current financial liabilities\u201d), the changes in value of which are recorded under \u201cFinancial income and expenses from operating activities\u201d is, as contractually defined, based on equity value estimates at possible exercise date, computed based on (i) EBITDA projections, (ii) a characteristic multiple of Webhelp\u2019s activity and (iii) the group\u2019s projected net debt. Expected future cash \ufb02ows are discounted at a constant discount rate taking into account the liquidity windows during which the options can be exercised.The debt towards members of the staff (EUR 563 million), the changes in value of which are recorded under \u201cOther operating income and expenses from operating activities\u201d, includes: \u2013 the amount owed to the related employees, in the event of their departure before the exercise periods of the put options they hold, based on the redemption price determined. This part of the debt is included under \u201cNon-current financial liabilities\u201d; \u2013 the assessment of the additional amounts that these employees will receive in the event of the exercise of their put options, as defined contractually, which is based on: - a determined equity value at possible exercise date, computed based on (i) EBITDA projections, (ii) a fixed unchanged multiple or a characteristic multiple of Webhelp\u2019s activity and (iii) the group\u2019s projected net debt; - an additional estimated retrocession, which will depend on the level of EBIDTA taken into account when exercising the put options.Note 22Other non-current liabilitiesIN EUR MILLION 2022 2021Non-current financial liabilities1,638.01,249.7Debt on minority shareholders1,512.61,065.4Derivative financial instruments held for trading88.7182.7Derivative financial instruments - Hedging4.1-Other 32.6 1.5Non-current non-financial liabilities 486.8 89.7Debts on minority shareholders445.3-Liabilities related to cash-settled share-based payments8.519.0Other 33.070.7TOTAL 2,124.8 1,339.4Of which: Holding45.4168.8Imerys 24.1 72.4Webhelp1,732.11,089.4Canyon--Affidea28.4-Sanoptis262.2-GBL Capital and SIM 32.6 8.7The 2 founders and some members of the staff of the Webhelp group are minority shareholders of Webhelp and hold put options towards Sapiens S\u00e0rl (sub-subsidiary of GBL and dedicated investment vehicle of the Webhelp group) on all their shares, which can be exercised at certain predefined periods.Consequently, a debt on minority shareholders has been recognized on the balance sheet and is valued at amortized cost. As of December 31, 2022, it amounts to EUR 1,675 million (EUR 1,348 million as of December 31, 2021). (1)This part of the debt, included under \u201cNon-current non-financial liabilities\u201d, subject to a service condition, is recognized over the vesting period. The related expected future cash \ufb02ows are discounted at a constant discount rate taking into account the liquidity windows during which their put options can be exercised.In terms of sensitivity, a 10% increase/decrease in EBITDA would, all things being equal, have an estimated impact of EUR 281 million and EUR - 256 million on the value of the debt.Note 23Other current liabilitiesIN EUR MILLION 2022 2021Current financial liabilities 2 5 7. 0 71.1Derivative financial instruments held for trading 69.8 31.8Derivative financial instruments - Hedging113.55.3Other 73.734.0Current non-financial liabilities1,006.1896.2Social security liabilities344.9371.4Tax liabilities other than those related to income tax 168.6 154.9Other 492.6369.9TOTAL 1,263.1 9 6 7. 4Of which: Holding 153.6 49.5Imerys373.3418.1Webhelp518.04 4 7. 8Canyon 33.2 31.7Affidea129.5-Sanoptis26.1-GBL Capital and SIM29.420.4The other current non-financial liabilities mainly include a Webhelp debt corresponding to funds received by the group on behalf of their clients (EUR 176 million) and the debt on fixed assets at Imerys\u2019 level for EUR 91 million.Note 26Derivative financial instruments26.1 Fair values of short-term and long-term derivative financial instrumentsThe fair values of the derivative financial instruments held as of December 31, 2022 and 2021 are shown in the following table:IN EUR MILLION 2022 2021ASSETS 62.5 8 7. 3Of which non-current assets9.6 1.7Of which current assets52.9 85.5Composed of:Forwards, futures and currency swaps \u2013 Derivative instruments held for trading1 7. 38.3Forwards, futures and currency swaps \u2013 Hedging38.713.3Futures and commodities options \u2013 Derivative instruments held for trading--Futures and commodities options \u2013 Hedging 6.5 65.7LIABILITIES (276.1) (219.9)Of which non-current liabilities (92.8) (182.7)Of which current liabilities (183.3) (37.2)Composed of:Forwards, futures and currency swaps \u2013 Derivative instruments held for trading(0.3)(6.5)Forwards, futures and currency swaps \u2013 Hedging(15.0)(2.2)Futures and commodities options \u2013 Hedging(25.9)(3.2)Forwards on shares \u2013 Hedging(76.7)-Call and put options on shares \u2013 Derivative instruments held for trading(158.2)(208.0)NET POSITION (213.7) (132.6)Forwards, futures and currency swaps40.712.9Forwards on shares(76.7)-Futures and commodities options(19.4)62.5Call and put options on shares (158.2) (208.0)The following table shows the maturity of the cash \ufb02ow hedge derivatives for the reporting periods ended December 31, 2022 and 2021:IN EUR MILLION Total Within the year 2 to 5 years Over 5 yearsForwards, futures and currency swaps23.718.35.4-Futures and commodities options(19.4)(19.4)--Forwards on shares(76.7)(76.7)--TOTAL AS OF DECEMBER 31, 2022 (72.4) (77.8) 5.4 -Forwards, futures and currency swaps11.111.00.1-Futures and commodities options62.562.5--TOTAL AS OF DECEMBER 31, 2021 73.6 73.5 0.1 -26.2 Change in fair value of derivative instrumentsThe following table shows the changes in the fair value of hedging derivative instruments between two closing dates:IN EUR MILLION 2022 2021Derivative instruments - hedgingAs of January 1 \u2013 net derivatives position 73.6(4.4)Increase (decrease) recognized in profit or loss(1.7)-Increase (decrease) recognized in shareholders' equity(154.7)60.9Changes in group structure/Business combinations/Other10.41 7. 1AS OF DECEMBER 31 \u2013 NET DERIVATIVES POSITION (72.4) 73.6The following table shows the changes in the fair value of derivative instruments held for trading between two closing dates:IN EUR MILLION 2022 2021Derivative financial instruments held for tradingAs of January 1 \u2013 net derivatives position (206.2) (17.6)Increase (decrease) recognized in profit or loss 98.7 (133.6)Increase recognized in shareholders' equity--Changes in group structure/Business combinations/Other(33.6)(55.0)AS OF DECEMBER 31 \u2013 NET DERIVATIVES POSITION (141.2) (206.2)26.3 Notional underlying amounts of derivative financial instrumentsIN EUR MILLION 2022 2021ASSETS 2,140.4 663.3Composed of:Forwards, futures and currency swaps 2,063.7 661.9Futures and commodities options76.71.4LIABILITIES 4,043.6 3,530.7Composed of:Forwards, futures and currency swaps1,715.91,234.1Forwards on shares5 37. 6-Futures and commodities options21.714.4Call and put options on shares1,768.42,282.226.4 Maturity of notional underlying amounts of derivative financial instrumentsIN EUR MILLION Total Within the year 2 to 5 years Over 5 yearsForwards, futures and currency swaps3,779.63 , 0 6 7.91 0 7.1604.6Forwards on shares5 37. 65 3 7. 6--Futures and commodities options98.498.4--Call and put options on shares1,768.4689.61,078.8-TOTAL AS OF DECEMBER 31, 2022 6,184.0 4,393.5 1,185.9 604.6Forwards, futures and currency swaps1,896.01,810.086.0-Futures and commodities options15.815.8--Call and put options on shares2,282.21,298.0984.3-TOTAL AS OF DECEMBER 31, 2021 4,194.0 3,123.8 1,070.3 -Note 29Financial instrumentsFair valueTo re\ufb02ect the importance of inputs used when measuring at fair value, the group classifies these valuations according to a hierarchy composed of the following levels: \u2013 level 1: listed prices (non-adjusted) on active markets for identical assets or liabilities; \u2013 level 2: inputs, other than the listed prices included in level 1, that are observable for the asset or liability concerned, either directly (i.e. prices) or indirectly (i.e. derived from prices); and \u2013 level 3: inputs related to the asset or liability that are not based on observable market data (non-observable inputs).Analysis of financial instruments by category \u2013 balance sheetsThe tables below show a comparison of the book value and the fair value of the financial instruments as of December 31, 2022 and as of December 31, 2021, as well as the fair value hierarchy.The category, according to IFRS 9, uses the following abbreviations: \u2013 FATOCI: Financial Assets measured at fair value through Other Comprehensive Income \u2013 FATPL: Financial Assets measured at fair value through Profit or Loss \u2013 FLTPL: Financial Liabilities measured at fair value through Profit or Loss \u2013 FAAC: Financial Assets measured at Amortized Cost \u2013 FLAC: Financial Liabilities measured at Amortized Cost \u2013 HeAc: Hedge Accounting.As of December 31, 2022Category Carrying amount Fair value Hierarchy of according to fair valuesIN EUR MILLIONIFRS 9FINANCIAL ASSETSNon-current assetsOther equity investmentsEquity investments measured at fair value and FATOCI 10,837.2 10,837.2 Level 1with changes recognized in equityEquity investments measured at fair value and FATOCI 273.0 273.0 Level 3with changes recognized in equityEquity investments measured at fair value and FATPL 1 2 7. 3 1 2 7. 3 Level 1with changes recognized in profit or lossEquity investments measured at fair value and FATPL 1 , 9 2 7. 0 1 , 9 27. 0 Level 3with changes recognized in profit or lossOther non-current assetsDerivative instruments - hedgingHeAc9.69.6Level 2Other financial assetsFAAC66.166.1Level 2Current assetsTrade receivablesFAAC1,108.71,108.7Level 2Trading financial assetsFATPL870.0870.0Level 1Cash and cash equivalentsFAAC1,768.31,768.3Level 2Other current assetsDerivative instruments - hedgingHeAc35.535.5Level 2Derivative instruments - otherFATPL1 7.41 7.4Level 2Other financial assetsFAAC38.038.0Level 2FINANCIAL LIABILITIESNon-current liabilitiesFinancial liabilitiesFLAC8,714.78,379.3Level 2Other non-current liabilitiesDerivative instruments - hedgingHeAc4.14.1Level 2Derivative instruments - otherFLTPL88.788.7Level 2Other non-current liabilitiesFLAC1,545.21,545.2Level 2Current liabilitiesFinancial liabilitiesOther financial liabilitiesFLAC1,654.61,675.9Level 2Trade payablesFLAC8 5 7.48 5 7.4Level 2Other current liabilitiesDerivative instruments - hedgingHeAc113.5113.5Level 2Derivative instruments - otherFLTPL69.869.8Level 2Other current liabilitiesFLAC73.773.7Level 2As of December 31, 2021Category Carrying amount Fair value Hierarchy of according to fair valuesIN EUR MILLIONIFRS 9FINANCIAL ASSETSNon-current assetsOther equity investmentsEquity investments measured at fair value and FATOCI 15,523.2 15,523.2 Level 1with changes recognized in equityEquity investments measured at fair value and FATOCI 266.0 266.0 Level 3with changes recognized in equityEquity investments measured at fair value and FATPL 481.4 481.4 Level 1with changes recognized in profit or lossEquity investments measured at fair value and FATPL 1,904.3 1,904.3 Level 3with changes recognized in profit or lossOther non-current assetsDerivative instruments - hedgingHeAc1.21.2Level 2Derivative instruments - otherFATPL0.50.5Level 2Other financial assetsFAAC83.983.9Level 2Current assetsTrade receivablesFAAC1,019.71,019.7Level 2Trading financial assetsFATPL2,086.02,086.0Level 1Cash and cash equivalentsFAAC1,331.61,331.6Level 2Other current assetsDerivative instruments - hedgingHeAc7 7. 87 7. 8Level 2Derivative instruments - otherFATPL7.77.7Level 2Other financial assetsFAAC14.814.8Level 2FINANCIAL LIABILITIESNon-current liabilitiesFinancial liabilitiesFLAC6,616.26,910.3Level 2Other non current liabilitiesDerivative instruments - otherFLTPL182.7182.7Level 2Other non current liabilities FLAC 1,067.0 1,067.0 Level 2Current liabilitiesFinancial liabilitiesOther financial liabilitiesFLAC1,037.51,038.7Level 2Trade payablesFLAC865.8865.8Level 2Other current liabilitiesDerivative instruments - hedgingHeAc5.35.3Level 2Derivative instruments - otherFLTPL31.831.8Level 2Other current liabilitiesFLAC34.034.0Level 2There were no significant transfers between the different levels during 2022.Measurement techniquesThe group\u2019s financial instruments very largely belong to classification levels 1 and 2. The financial assets measured at level 3 fair value are not significant compared to the other asset classes (12.88% as of December 31, 2022 and 9.52% as of December 31, 2021).The techniques used to measure the fair value of level 2 financial instruments are as follows:The exchangeable or convertible bonds issued by the group are considered to be hybrid instruments, i.e. instruments including a bond component and an embedded derivative. At the date of issue, the fair value of the bond component is estimated based on the prevailing market interest rate for similar non-exchangeable or non-convertible bonds, taking into account the risk associated with GBL (credit spread). At each reporting date, the value of the bond component is recalculated, taking into account the change in the risk-free rate and GBL\u2019s credit spread, and the difference in relation to the price of the exchangeable or convertible bond observed on the Luxembourg Stock Exchange\u2019s Euro MTF market is taken as the new value of the derivative component. The change in this value in relation to the previous reporting date is recognized in profit or loss.The fair value of derivative instruments not associated with exchangeable or convertible bonds is taken from a model that uses observable data, in other words the quotes on the reporting date provided by third-parties operating on the financial markets. These valuations are adjusted for the counterparties\u2019 credit risk and the credit risk specific to Imerys or GBL. Accordingly, if the market value of the derivative is positive (derivative asset), its fair value incorporates the likelihood of the counterparty defaulting (Credit Value Adjustment or CVA). If the derivative\u2019s market value is negative (derivative liability), its fair value factors in the likelihood of Imerys or GBL defaulting (Debit Value Adjustment or DVA). These adjustments are measured based on the spreads of the bonds in circulation on the secondary market, as issued by Imerys, GBL and their counterparts.The techniques used to measure the fair value of level 3 financial instruments are as follows:Level 3 financial instruments are valued on a quarterly basis at their fair value in line with the International Private Equity and Venture Valuation Guidelines. Recent investments are valued at their acquisition cost, provided that these valuations are considered as the best estimates of fair value. Investments in level 3 funds are revalued at their fair value, as determined by the fund managers, based on their investment portfolio.Analysis of financial instruments by category \u2013 income statementThe tables hereafter present the income and expenses before income taxes recognized in the income statement by categories of financial instruments. These tables analyze the product and expense lines containing financial instruments according to categories presented in columns. These distinguish, on the one hand, the categories applied by default to any item excluding hedge accounting and, on the other hand, the categories applied to any item falling within the scope of hedge accounting.The IFRS 9 categories of amortized cost and fair value through profit or loss apply to the majority of non-hedge accounting items. Hedge accounting items are classified according to their fair value or cash \ufb02ow hedging qualifications, distinguishing the values of hedged items and hedging instruments in columns and the types of risks hedged in rows.In addition, in order to ensure reconciliation between IFRS 9 classes and financial statements, this table includes a column containing the following non-IFRS 9 items: share-based payments (IFRS 2), mining assets (IFRS 6), inventories (IAS 2), income tax assets and liabilities (IAS 12), property, plant and equipment (IAS 16), finance lease liabilities (IFRS 16), defined benefit and short-term employee benefits assets and liabilities (IAS 19), grants(IAS 20), provisions (IAS 37), intangible assets and prepaid expenses (IAS 38), stripping assets (IFRIC 20) and duties and taxes (IFRIC 21). The logic of classification of financial instruments in assets and liabilities is applied in transversally to their changes in income statement. For example, revenue is included in the amortized cost category, as its counterparties in trade receivables or cash and cash equivalents fall under this category on the asset side.2022Non-hedge accounting Hedge accountingIFRS 9 Categories Fair value Cash flowsAmortized Fair value Fair value Out of Hedged Hedging Hedged Hedging Totalcostthrough through IFRS 9 iteminstrumentiteminstrumentprofit or equityscopeIN EUR MILLIONlossNet dividends from investments--322.3-----322.3Other operating income (expenses) from investing (74.3) - - - - - - - (74.3)activitiesFinancial income (expenses) (490.0) 94.6 - - - - - - (395.4)from investing activitiesOf which: Financial 168.7 119.0 - - - - - - 2 87.7incomeFinancial expenses(658.7) (24.4) - - - - - - (683.1)PROFIT (LOSS) FROM INVESTING ACTIVITIES (564.3) 94.6 322.3 - - - - - (147.4)- CONTINUING OPERATIONSTurnover8,108.7------(0.1)8,108.6Raw materials and consumables(2,322.4)--199.9---100.4(2,022.1)Other operating income (expenses) from operating (1,791.1) - - 18.1 - - - - (1,773.0)activitiesFinancial income (expenses) (520.6) 5.8 - (11.0) - - - - (525.8)from operating activitiesOf which: Financial 40.9 5.8 - - - - - - 46.7incomeFinancial expenses(561.5) - - (11.0) - - - - (572.5)PROFIT (LOSS) FROM CONSOLIDATED 3,474.7 5.8 - 2 0 7.0 - - - 100.3 3,787.8OPERATING ACTIVITIES - CONTINUING OPERATIONS2021Non-hedge accounting Hedge accountingIFRS 9 Categories Fair value Cash flowsAmortized Fair value Fair value Out of Hedged Hedging Hedged Hedging Totalcostthrough through IFRS 9 iteminstrumentiteminstrumentprofit or equityscopeIN EUR MILLIONlossNet dividends from investments - - 363.1 - - - - - 363.1Other operating income (expenses) from investing (54.8) - - - - - - - (54.8)activitiesFinancial income (expenses) from 249.7 (140.2) - - - - - - 109.6investing activitiesOf which: Financial 372.0 18.4 - - - - - - 390.4incomeFinancial expenses(122.3) (158.6) - - - - - - (280.9)PROFIT (LOSS) FROM INVESTING ACTIVITIES 195.0 (140.2) 363.1 - - - - - 417.9- CONTINUING OPERATIONSTurnover5,808.1-----432.22.76,243.0Raw materials and consumables(1,456.5)--119.1--(184.3)38.6(1,483.1)Other operating income (expenses) from operating (1,494.5) - - 16.6 - - - - (1,477.9)activitiesFinancial income (expenses) from (436.1) 2.7 - (10.3) - - - - (443.7)operating activitiesOf which: Financial 33.7 2.8 - - - - - - 36.5incomeFinancial expenses(469.7) (0.1) - (10.3) - - - - (480.1)PROFIT (LOSS) FROM CONSOLIDATED OPERATING 2,421.0 2.7 - 125.4 - - 2 47. 9 41.3 2,838.4ACTIVITIES - CONTINUING OPERATIONS", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-117-3": { "value": "Note 3SGS, Pernod Ricard, adidas and other equity investments3.1 Net dividendsIN EUR MILLION 2022 2021SGS109.8103.5Pernod Ricard82.062.1adidas38.535.0Umicore31.430.9Holcim28.064.7Mowi19.115.9GEA10.212.9TotalEnergies0.80.6Other0.90.8Reimbursements of withholding taxes1.636.7TOTAL 322.3 363.1In 2022, GBL recorded EUR 322 million in dividends (EUR 363 million in 2021). This decrease mainly reflects lower reimbursements of withholding taxes in 2022 and lower dividends received from Holcim following sales in 2021, partially offset by higher dividends received from Pernod Ricard, SGS and adidas.Note 19Share capital and dividends19.1 Shares issued and outstanding and treasury sharesNumber of issued shares Of which treasury sharesAs of December 31, 2020161,358,287(8,749,816)Change(5,003,287)805,714As of December 31, 2021 156,355,000 (7,944,102)Change (3,355,000) (4,278,768)AS OF DECEMBER 31, 2022 153,000,000 (12,222,870)Treasury sharesAs of December 31, 2022, the group held 12,222,870 treasury shares, or 7.99% of the issued capital, the acquisition cost of which is deducted from shareholders\u2019 equity; 4,255,580 and 30,613 of which are used to hedge the convertible bond and the stock option plans granted between 2007 and 2012 (see note 27).The Extraordinary General Meeting of April 26, 2022 approved the cancellation of 3,355,000 own shares acquired by GBL. The capital is therefore represented by 153,000,000 shares.In 2022, GBL acquired and sold/cancelled respectively 8,657,745 and 4,378,977 shares (to compare with respectively 5,057,804 and 5,863,518 in 2021) for an overall net amount of EUR 644 million.Information on acquisitions of treasury shares by GBL or its subsidiaries has been published on a weekly basis on the GBL website.19.2 DividendsOn May 5, 2022, a dividend of EUR 2.75 per share (EUR 2.50 in 2021) was paid to shareholders.The proposition will be made to the General Shareholders Meeting of May 4, 2023 to approve the profit distribution relating to the 2022 financial year, amounting to a total of EUR 402 million, and which will be paid as from May 15, 2023. Based on the number of shares entitled to dividends (146,321,469), the distribution relating to 2022 will correspond to a gross dividend of EUR 2.75 per GBL share.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-117-4": { "value": "Note 3SGS, Pernod Ricard, adidas and other equity investments3.1 Net dividendsIN EUR MILLION 2022 2021SGS109.8103.5Pernod Ricard82.062.1adidas38.535.0Umicore31.430.9Holcim28.064.7Mowi19.115.9GEA10.212.9TotalEnergies0.80.6Other0.90.8Reimbursements of withholding taxes1.636.7TOTAL 322.3 363.1In 2022, GBL recorded EUR 322 million in dividends (EUR 363 million in 2021). This decrease mainly reflects lower reimbursements of withholding taxes in 2022 and lower dividends received from Holcim following sales in 2021, partially offset by higher dividends received from Pernod Ricard, SGS and adidas.3.2 Fair value and changesThe investments in listed companies are valued on the basis of the share price at the reporting date. The investments in unlisted companies are valued on a quarterly basis at their fair value in line with the recommendations of the International Private Equity and Venture Valuation Guidelines (\u201cIPEV Guidelines\u201d). Recent investments are valued at their acquisition cost, provided that these valuations are considered as the best estimates of fair value. Changes in the fair value are recognized in the revaluation reserves (see note 3.3.).Of which:Disposals/ Change GBL December December AcquisitionsReimbur-in fair OtherHolding Imerys Webhelp Canyon Affidea SanoptisCapital 31, 202131, 2022IN EUR MILLIONsementsvalueand SIMInvestments with changes in fair 15,789.2 0.7 (759.3)(3,920.4)0.0 11,110.2 11,110.2 - - - - - -value through equityPernod Ricard4 , 2 0 7. 3-(87.6)(853.6)-3,266.23,266.2------SGS4,223.4--(1,096.8)-3,126.63,126.6------adidas3,472.5--(1,724.5)-1,74 8.11,748.1------Umicore1,402.6--(56.1)-1,346.51,346.5------Holcim592.3--4 7.4-639.7639.7------GEA546.3--(112.4)-434.0434.0------Voodoo266.00.3-6.7-273.0273.0------Mowi756.9-(436.8)(163.4)-156.7156.7------Ontex115.0--(12.3)-102.7102.7------TotalEnergies11.9 - - 3.7 0.0 15.7 15.7 - - - - - -Other194.90.4(234.9)40.7-1.21.2------FAIR VALUE 18,174.9 492.6 (1,087.8)(4,407.5)(7.7) 13,164.4 11,110.2 2.3 0.0 - 1.0 2.3 2,048.5Investments with changes in fair 2,385.7 491.9 (328.5) (487.1) (7.7) 2,054.2 - 2.3 0.0 - 1.0 2.3 2,048.5value through profit or lossCo-investments/2,385.7 473.1 (328.5) (487.1) (12.3) 2,030.9 - - - - - - 2,030.9FundsOther0.018.7(0.0)-4.623.3-2.30.0-1.02.31 7. 6Shares in \u201cFunds\u201d comprising 468 Capital II, BDT Capital Partners Fund II, Carlyle International Energy Partners II, C2 Capital Global Export-to- China Fund, DouxMatok, E.C.B. (Bastille)-Telenco, EC IV Invest, Eight Partners Worldwide, EP Sienna IM Broken Core Office Fund, Ergon opseo Long Term Value Fund, Ergon SVT Long Term Value Fund, FCT Credo I, Fonds Impact Social (Part B), Globality, Griffin Gaming Partners II, HCM IV LP, HCM S3C LP (Commure), HCM S11A LP (Transcarent), HCM V LP, Hourly Inc., Iceberg Data Lab, Illumio, Innovius Capital Fund, Kartesia Credit Opportunities III, IV and V, KKR Azur Co-Invest, KKR Rainbow Co-Invest (Asset), KKR Sigma Co-Invest II, Klarna Holding, Marcho, Marcho Long, Matador Coinvestment, M\u00e9rieux Participations, Predirec ABL-3 (Part B), PrimeStone, Sagard, Sagard II, Sagard 3, Sagard 4, Sagard Business Intelligence, Sagard NewGen, Sagard Sant\u00e9 Animale, Sagard Testing, Sapphire Midco (aka \u201cProAlpha\u201d), Sienna Rendement Avenir IV, South Park Commons Seed Fund II, South Park Commons Opportunities Fund II, Stripes VI and others are revalued at their fair value, as notably determined by the managers of these funds, based on their investment portfolio. Changes in the fair value of these investments are recognized in financial income (loss) (see note 7).Of which:December 31, Acquisitions Disposals/ Change in Other December 31, Holding Imerys Webhelp Canyon GBL 2020Reimbur-fair value2021Capital IN EUR MILLIONsementsand SIMInvestments with changes in fair value 15,875.3 538.8 (1,501.5) 876.7 - 15,789.2 15,789.2 - - - -through equitySGS3,539.5--683.9-4,223.44,223.4----Pernod Ricard3,119.2--1,088.1-4 , 2 0 7. 34 , 2 0 7. 3----adidas4,085.6--(613.0)-3,472.53,472.5----Umicore1,744.2-(104.5)(237.1)-1,402.61,402.6----Mowi551.7110.3-94.8-756.9756.9----Holcim 2,099.9 - (1,242.8) (264.8) - 592.3 592.3 - - - -GEA449.7-(142.4)239.1-546.3546.3----Voodoo-268.2-(2.2)-266.0266.0----Ontex181.0--(66.0)-115.0115.0----TotalEnergies9.4--2.5-11.911.9----Other 95.1 160.3 (11.8) (48.7) - 194.9 194.9 - - - -Investments with changes in fair value 1,930.0 574.2 (364.7) 255.5 (9.5) 2,385.7 - 0.0 - - 2,385.7through profit or lossFunds1,927.5574.2(362.8)255.5(8.9)2,385.7----2,385.7Other2.5-(1.9)-(0.5)0.0-0.0---FAIR VALUE 17,805.3 1,113.0 (1,866.2) 1,132.2 (9.5) 18,174.9 15,789.2 0.0 - - 2,385.73.3 Revaluation reservesThese reserves include the changes in the fair value of other equity investments whose changes in fair value are recorded through Equity.In 2022, the partial disposals of Mowi and Pernod Ricard resulted in a reclassification to retained earnings of EUR 75 million and EUR 297 million respectively. In 2021, at the time of the partial disposals of Umicore, GEA and Holcim, the cumulated revaluation reserves of EUR 152 million, EUR 3 million and EUR 397 million respectively were reclassified to retained earnings.SGS Pernod adidas Umicore Mowi Holcim GEA Voodoo Ontex Total Other TotalIN EUR MILLIONRicardEnergiesAs of December 31, 986.0 2,296.3 2 ,974 .2 845.0 62.0 369.0 (97.6) - (273.4) 3.1 5.2 7,169.92020Change resulting from 683.9 1,088.1 (613.0) (85.5) 94.8 132.4 242.4 (2.2) (66.0) 2.5 (43.1) 1,434.4the change in fair valueTransfers to consolidated reserves in - - - (151.6) - (397.3) (3.3) - - - (5.5) (557.7)case of disposalAs of December 31, 1,670.0 3,384.4 2,361.2 6 0 7.9 156.8 104.2 141.5 (2.2) (339.4) 5.6 (43.5) 8,046.62021Change resulting from (1,096.8) (556.8) (1,724.5) (56.1) (88.4) 4 7.4 (112.4) 6.7 (12.3) 3.7 (29.2) (3,618.6)the change in fair valueTransfers to consolidated reserves in - (296.7) - - (75.0) - - - - - 69.9 (301.8)case of disposalAS OF DECEMBER 31, 573.1 2,530.8 636.7 551.8 (6.5) 151.6 29.2 4.5 (351.7) 9.3 (2.7) 4,126.12022", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-118-4": { "value": "3.2 Fair value and changesThe investments in listed companies are valued on the basis of the share price at the reporting date. The investments in unlisted companies are valued on a quarterly basis at their fair value in line with the recommendations of the International Private Equity and Venture Valuation Guidelines (\u201cIPEV Guidelines\u201d). Recent investments are valued at their acquisition cost, provided that these valuations are considered as the best estimates of fair value. Changes in the fair value are recognized in the revaluation reserves (see note 3.3.).Of which:Disposals/ Change GBL December December AcquisitionsReimbur-in fair OtherHolding Imerys Webhelp Canyon Affidea SanoptisCapital 31, 202131, 2022IN EUR MILLIONsementsvalueand SIMInvestments with changes in fair 15,789.2 0.7 (759.3)(3,920.4)0.0 11,110.2 11,110.2 - - - - - -value through equityPernod Ricard4 , 2 0 7. 3-(87.6)(853.6)-3,266.23,266.2------SGS4,223.4--(1,096.8)-3,126.63,126.6------adidas3,472.5--(1,724.5)-1,74 8.11,748.1------Umicore1,402.6--(56.1)-1,346.51,346.5------Holcim592.3--4 7.4-639.7639.7------GEA546.3--(112.4)-434.0434.0------Voodoo266.00.3-6.7-273.0273.0------Mowi756.9-(436.8)(163.4)-156.7156.7------Ontex115.0--(12.3)-102.7102.7------TotalEnergies11.9 - - 3.7 0.0 15.7 15.7 - - - - - -Other194.90.4(234.9)40.7-1.21.2------FAIR VALUE 18,174.9 492.6 (1,087.8)(4,407.5)(7.7) 13,164.4 11,110.2 2.3 0.0 - 1.0 2.3 2,048.5Investments with changes in fair 2,385.7 491.9 (328.5) (487.1) (7.7) 2,054.2 - 2.3 0.0 - 1.0 2.3 2,048.5value through profit or lossCo-investments/2,385.7 473.1 (328.5) (487.1) (12.3) 2,030.9 - - - - - - 2,030.9FundsOther0.018.7(0.0)-4.623.3-2.30.0-1.02.31 7. 6Shares in \u201cFunds\u201d comprising 468 Capital II, BDT Capital Partners Fund II, Carlyle International Energy Partners II, C2 Capital Global Export-to- China Fund, DouxMatok, E.C.B. (Bastille)-Telenco, EC IV Invest, Eight Partners Worldwide, EP Sienna IM Broken Core Office Fund, Ergon opseo Long Term Value Fund, Ergon SVT Long Term Value Fund, FCT Credo I, Fonds Impact Social (Part B), Globality, Griffin Gaming Partners II, HCM IV LP, HCM S3C LP (Commure), HCM S11A LP (Transcarent), HCM V LP, Hourly Inc., Iceberg Data Lab, Illumio, Innovius Capital Fund, Kartesia Credit Opportunities III, IV and V, KKR Azur Co-Invest, KKR Rainbow Co-Invest (Asset), KKR Sigma Co-Invest II, Klarna Holding, Marcho, Marcho Long, Matador Coinvestment, M\u00e9rieux Participations, Predirec ABL-3 (Part B), PrimeStone, Sagard, Sagard II, Sagard 3, Sagard 4, Sagard Business Intelligence, Sagard NewGen, Sagard Sant\u00e9 Animale, Sagard Testing, Sapphire Midco (aka \u201cProAlpha\u201d), Sienna Rendement Avenir IV, South Park Commons Seed Fund II, South Park Commons Opportunities Fund II, Stripes VI and others are revalued at their fair value, as notably determined by the managers of these funds, based on their investment portfolio. Changes in the fair value of these investments are recognized in financial income (loss) (see note 7).Of which:December 31, Acquisitions Disposals/ Change in Other December 31, Holding Imerys Webhelp Canyon GBL 2020Reimbur-fair value2021Capital IN EUR MILLIONsementsand SIMInvestments with changes in fair value 15,875.3 538.8 (1,501.5) 876.7 - 15,789.2 15,789.2 - - - -through equitySGS3,539.5--683.9-4,223.44,223.4----Pernod Ricard3,119.2--1,088.1-4 , 2 0 7. 34 , 2 0 7. 3----adidas4,085.6--(613.0)-3,472.53,472.5----Umicore1,744.2-(104.5)(237.1)-1,402.61,402.6----Mowi551.7110.3-94.8-756.9756.9----Holcim 2,099.9 - (1,242.8) (264.8) - 592.3 592.3 - - - -GEA449.7-(142.4)239.1-546.3546.3----Voodoo-268.2-(2.2)-266.0266.0----Ontex181.0--(66.0)-115.0115.0----TotalEnergies9.4--2.5-11.911.9----Other 95.1 160.3 (11.8) (48.7) - 194.9 194.9 - - - -Investments with changes in fair value 1,930.0 574.2 (364.7) 255.5 (9.5) 2,385.7 - 0.0 - - 2,385.7through profit or lossFunds1,927.5574.2(362.8)255.5(8.9)2,385.7----2,385.7Other2.5-(1.9)-(0.5)0.0-0.0---FAIR VALUE 17,805.3 1,113.0 (1,866.2) 1,132.2 (9.5) 18,174.9 15,789.2 0.0 - - 2,385.7Note 29Financial instrumentsFair valueTo re\ufb02ect the importance of inputs used when measuring at fair value, the group classifies these valuations according to a hierarchy composed of the following levels: \u2013 level 1: listed prices (non-adjusted) on active markets for identical assets or liabilities; \u2013 level 2: inputs, other than the listed prices included in level 1, that are observable for the asset or liability concerned, either directly (i.e. prices) or indirectly (i.e. derived from prices); and \u2013 level 3: inputs related to the asset or liability that are not based on observable market data (non-observable inputs).Analysis of financial instruments by category \u2013 balance sheetsThe tables below show a comparison of the book value and the fair value of the financial instruments as of December 31, 2022 and as of December 31, 2021, as well as the fair value hierarchy.The category, according to IFRS 9, uses the following abbreviations: \u2013 FATOCI: Financial Assets measured at fair value through Other Comprehensive Income \u2013 FATPL: Financial Assets measured at fair value through Profit or Loss \u2013 FLTPL: Financial Liabilities measured at fair value through Profit or Loss \u2013 FAAC: Financial Assets measured at Amortized Cost \u2013 FLAC: Financial Liabilities measured at Amortized Cost \u2013 HeAc: Hedge Accounting.As of December 31, 2022Category Carrying amount Fair value Hierarchy of according to fair valuesIN EUR MILLIONIFRS 9FINANCIAL ASSETSNon-current assetsOther equity investmentsEquity investments measured at fair value and FATOCI 10,837.2 10,837.2 Level 1with changes recognized in equityEquity investments measured at fair value and FATOCI 273.0 273.0 Level 3with changes recognized in equityEquity investments measured at fair value and FATPL 1 2 7. 3 1 2 7. 3 Level 1with changes recognized in profit or lossEquity investments measured at fair value and FATPL 1 , 9 2 7. 0 1 , 9 27. 0 Level 3with changes recognized in profit or lossOther non-current assetsDerivative instruments - hedgingHeAc9.69.6Level 2Other financial assetsFAAC66.166.1Level 2Current assetsTrade receivablesFAAC1,108.71,108.7Level 2Trading financial assetsFATPL870.0870.0Level 1Cash and cash equivalentsFAAC1,768.31,768.3Level 2Other current assetsDerivative instruments - hedgingHeAc35.535.5Level 2Derivative instruments - otherFATPL1 7.41 7.4Level 2Other financial assetsFAAC38.038.0Level 2FINANCIAL LIABILITIESNon-current liabilitiesFinancial liabilitiesFLAC8,714.78,379.3Level 2Other non-current liabilitiesDerivative instruments - hedgingHeAc4.14.1Level 2Derivative instruments - otherFLTPL88.788.7Level 2Other non-current liabilitiesFLAC1,545.21,545.2Level 2Current liabilitiesFinancial liabilitiesOther financial liabilitiesFLAC1,654.61,675.9Level 2Trade payablesFLAC8 5 7.48 5 7.4Level 2Other current liabilitiesDerivative instruments - hedgingHeAc113.5113.5Level 2Derivative instruments - otherFLTPL69.869.8Level 2Other current liabilitiesFLAC73.773.7Level 2As of December 31, 2021Category Carrying amount Fair value Hierarchy of according to fair valuesIN EUR MILLIONIFRS 9FINANCIAL ASSETSNon-current assetsOther equity investmentsEquity investments measured at fair value and FATOCI 15,523.2 15,523.2 Level 1with changes recognized in equityEquity investments measured at fair value and FATOCI 266.0 266.0 Level 3with changes recognized in equityEquity investments measured at fair value and FATPL 481.4 481.4 Level 1with changes recognized in profit or lossEquity investments measured at fair value and FATPL 1,904.3 1,904.3 Level 3with changes recognized in profit or lossOther non-current assetsDerivative instruments - hedgingHeAc1.21.2Level 2Derivative instruments - otherFATPL0.50.5Level 2Other financial assetsFAAC83.983.9Level 2Current assetsTrade receivablesFAAC1,019.71,019.7Level 2Trading financial assetsFATPL2,086.02,086.0Level 1Cash and cash equivalentsFAAC1,331.61,331.6Level 2Other current assetsDerivative instruments - hedgingHeAc7 7. 87 7. 8Level 2Derivative instruments - otherFATPL7.77.7Level 2Other financial assetsFAAC14.814.8Level 2FINANCIAL LIABILITIESNon-current liabilitiesFinancial liabilitiesFLAC6,616.26,910.3Level 2Other non current liabilitiesDerivative instruments - otherFLTPL182.7182.7Level 2Other non current liabilities FLAC 1,067.0 1,067.0 Level 2Current liabilitiesFinancial liabilitiesOther financial liabilitiesFLAC1,037.51,038.7Level 2Trade payablesFLAC865.8865.8Level 2Other current liabilitiesDerivative instruments - hedgingHeAc5.35.3Level 2Derivative instruments - otherFLTPL31.831.8Level 2Other current liabilitiesFLAC34.034.0Level 2There were no significant transfers between the different levels during 2022.Measurement techniquesThe group\u2019s financial instruments very largely belong to classification levels 1 and 2. The financial assets measured at level 3 fair value are not significant compared to the other asset classes (12.88% as of December 31, 2022 and 9.52% as of December 31, 2021).The techniques used to measure the fair value of level 2 financial instruments are as follows:The exchangeable or convertible bonds issued by the group are considered to be hybrid instruments, i.e. instruments including a bond component and an embedded derivative. At the date of issue, the fair value of the bond component is estimated based on the prevailing market interest rate for similar non-exchangeable or non-convertible bonds, taking into account the risk associated with GBL (credit spread). At each reporting date, the value of the bond component is recalculated, taking into account the change in the risk-free rate and GBL\u2019s credit spread, and the difference in relation to the price of the exchangeable or convertible bond observed on the Luxembourg Stock Exchange\u2019s Euro MTF market is taken as the new value of the derivative component. The change in this value in relation to the previous reporting date is recognized in profit or loss.The fair value of derivative instruments not associated with exchangeable or convertible bonds is taken from a model that uses observable data, in other words the quotes on the reporting date provided by third-parties operating on the financial markets. These valuations are adjusted for the counterparties\u2019 credit risk and the credit risk specific to Imerys or GBL. Accordingly, if the market value of the derivative is positive (derivative asset), its fair value incorporates the likelihood of the counterparty defaulting (Credit Value Adjustment or CVA). If the derivative\u2019s market value is negative (derivative liability), its fair value factors in the likelihood of Imerys or GBL defaulting (Debit Value Adjustment or DVA). These adjustments are measured based on the spreads of the bonds in circulation on the secondary market, as issued by Imerys, GBL and their counterparts.The techniques used to measure the fair value of level 3 financial instruments are as follows:Level 3 financial instruments are valued on a quarterly basis at their fair value in line with the International Private Equity and Venture Valuation Guidelines. Recent investments are valued at their acquisition cost, provided that these valuations are considered as the best estimates of fair value. Investments in level 3 funds are revalued at their fair value, as determined by the fund managers, based on their investment portfolio.Analysis of financial instruments by category \u2013 income statementThe tables hereafter present the income and expenses before income taxes recognized in the income statement by categories of financial instruments. These tables analyze the product and expense lines containing financial instruments according to categories presented in columns. These distinguish, on the one hand, the categories applied by default to any item excluding hedge accounting and, on the other hand, the categories applied to any item falling within the scope of hedge accounting.The IFRS 9 categories of amortized cost and fair value through profit or loss apply to the majority of non-hedge accounting items. Hedge accounting items are classified according to their fair value or cash \ufb02ow hedging qualifications, distinguishing the values of hedged items and hedging instruments in columns and the types of risks hedged in rows.In addition, in order to ensure reconciliation between IFRS 9 classes and financial statements, this table includes a column containing the following non-IFRS 9 items: share-based payments (IFRS 2), mining assets (IFRS 6), inventories (IAS 2), income tax assets and liabilities (IAS 12), property, plant and equipment (IAS 16), finance lease liabilities (IFRS 16), defined benefit and short-term employee benefits assets and liabilities (IAS 19), grants(IAS 20), provisions (IAS 37), intangible assets and prepaid expenses (IAS 38), stripping assets (IFRIC 20) and duties and taxes (IFRIC 21). The logic of classification of financial instruments in assets and liabilities is applied in transversally to their changes in income statement. For example, revenue is included in the amortized cost category, as its counterparties in trade receivables or cash and cash equivalents fall under this category on the asset side.2022Non-hedge accounting Hedge accountingIFRS 9 Categories Fair value Cash flowsAmortized Fair value Fair value Out of Hedged Hedging Hedged Hedging Totalcostthrough through IFRS 9 iteminstrumentiteminstrumentprofit or equityscopeIN EUR MILLIONlossNet dividends from investments--322.3-----322.3Other operating income (expenses) from investing (74.3) - - - - - - - (74.3)activitiesFinancial income (expenses) (490.0) 94.6 - - - - - - (395.4)from investing activitiesOf which: Financial 168.7 119.0 - - - - - - 2 87.7incomeFinancial expenses(658.7) (24.4) - - - - - - (683.1)PROFIT (LOSS) FROM INVESTING ACTIVITIES (564.3) 94.6 322.3 - - - - - (147.4)- CONTINUING OPERATIONSTurnover8,108.7------(0.1)8,108.6Raw materials and consumables(2,322.4)--199.9---100.4(2,022.1)Other operating income (expenses) from operating (1,791.1) - - 18.1 - - - - (1,773.0)activitiesFinancial income (expenses) (520.6) 5.8 - (11.0) - - - - (525.8)from operating activitiesOf which: Financial 40.9 5.8 - - - - - - 46.7incomeFinancial expenses(561.5) - - (11.0) - - - - (572.5)PROFIT (LOSS) FROM CONSOLIDATED 3,474.7 5.8 - 2 0 7.0 - - - 100.3 3,787.8OPERATING ACTIVITIES - CONTINUING OPERATIONS2021Non-hedge accounting Hedge accountingIFRS 9 Categories Fair value Cash flowsAmortized Fair value Fair value Out of Hedged Hedging Hedged Hedging Totalcostthrough through IFRS 9 iteminstrumentiteminstrumentprofit or equityscopeIN EUR MILLIONlossNet dividends from investments - - 363.1 - - - - - 363.1Other operating income (expenses) from investing (54.8) - - - - - - - (54.8)activitiesFinancial income (expenses) from 249.7 (140.2) - - - - - - 109.6investing activitiesOf which: Financial 372.0 18.4 - - - - - - 390.4incomeFinancial expenses(122.3) (158.6) - - - - - - (280.9)PROFIT (LOSS) FROM INVESTING ACTIVITIES 195.0 (140.2) 363.1 - - - - - 417.9- CONTINUING OPERATIONSTurnover5,808.1-----432.22.76,243.0Raw materials and consumables(1,456.5)--119.1--(184.3)38.6(1,483.1)Other operating income (expenses) from operating (1,494.5) - - 16.6 - - - - (1,477.9)activitiesFinancial income (expenses) from (436.1) 2.7 - (10.3) - - - - (443.7)operating activitiesOf which: Financial 33.7 2.8 - - - - - - 36.5incomeFinancial expenses(469.7) (0.1) - (10.3) - - - - (480.1)PROFIT (LOSS) FROM CONSOLIDATED OPERATING 2,421.0 2.7 - 125.4 - - 2 47. 9 41.3 2,838.4ACTIVITIES - CONTINUING OPERATIONS", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-124-4": { "value": "3.3 Revaluation reservesThese reserves include the changes in the fair value of other equity investments whose changes in fair value are recorded through Equity.In 2022, the partial disposals of Mowi and Pernod Ricard resulted in a reclassification to retained earnings of EUR 75 million and EUR 297 million respectively. In 2021, at the time of the partial disposals of Umicore, GEA and Holcim, the cumulated revaluation reserves of EUR 152 million, EUR 3 million and EUR 397 million respectively were reclassified to retained earnings.SGS Pernod adidas Umicore Mowi Holcim GEA Voodoo Ontex Total Other TotalIN EUR MILLIONRicardEnergiesAs of December 31, 986.0 2,296.3 2 ,974 .2 845.0 62.0 369.0 (97.6) - (273.4) 3.1 5.2 7,169.92020Change resulting from 683.9 1,088.1 (613.0) (85.5) 94.8 132.4 242.4 (2.2) (66.0) 2.5 (43.1) 1,434.4the change in fair valueTransfers to consolidated reserves in - - - (151.6) - (397.3) (3.3) - - - (5.5) (557.7)case of disposalAs of December 31, 1,670.0 3,384.4 2,361.2 6 0 7.9 156.8 104.2 141.5 (2.2) (339.4) 5.6 (43.5) 8,046.62021Change resulting from (1,096.8) (556.8) (1,724.5) (56.1) (88.4) 4 7.4 (112.4) 6.7 (12.3) 3.7 (29.2) (3,618.6)the change in fair valueTransfers to consolidated reserves in - (296.7) - - (75.0) - - - - - 69.9 (301.8)case of disposalAS OF DECEMBER 31, 573.1 2,530.8 636.7 551.8 (6.5) 151.6 29.2 4.5 (351.7) 9.3 (2.7) 4,126.12022Note 19Share capital and dividends19.1 Shares issued and outstanding and treasury sharesNumber of issued shares Of which treasury sharesAs of December 31, 2020161,358,287(8,749,816)Change(5,003,287)805,714As of December 31, 2021 156,355,000 (7,944,102)Change (3,355,000) (4,278,768)AS OF DECEMBER 31, 2022 153,000,000 (12,222,870)Treasury sharesAs of December 31, 2022, the group held 12,222,870 treasury shares, or 7.99% of the issued capital, the acquisition cost of which is deducted from shareholders\u2019 equity; 4,255,580 and 30,613 of which are used to hedge the convertible bond and the stock option plans granted between 2007 and 2012 (see note 27).The Extraordinary General Meeting of April 26, 2022 approved the cancellation of 3,355,000 own shares acquired by GBL. The capital is therefore represented by 153,000,000 shares.In 2022, GBL acquired and sold/cancelled respectively 8,657,745 and 4,378,977 shares (to compare with respectively 5,057,804 and 5,863,518 in 2021) for an overall net amount of EUR 644 million.Information on acquisitions of treasury shares by GBL or its subsidiaries has been published on a weekly basis on the GBL website.Note 30Subsidiaries in which GBL holds significant non-controlling interestsThe tables below present concise financial information about each of the subsidiaries in which GBL holds significant non-controlling interests, without taking intragroup eliminations into account.Imerys Webhelp Canyon Sanoptis Subsidiaries that 2022are not individually IN EUR MILLIONmaterialOwnership percentage held by 45.0% 38.7% 50.4% 16.5%non-controlling interestsVoting rights held by non-controlling 31.9% 38.7% 50.4% 3 7. 0 %interestsNon-current assets4 , 3 5 7.43,505.6751.71,846.8Current assets3,513.6990.6483.9176.7Non-current liabilities 2,465.6 3,879.3 3 67. 1 1,100.2Current liabilities 2,020.0 792.1 123.2 7 7. 5Non-controlling interests4 7. 51.0-5.0Equity (group\u2019s share)3 , 3 3 7.9(176.2)745.2841.1Non-controlling interests (including 1,550.4 1.0 362.4 140.5 45.7 2,100.0those of the subsidiary)Turnover4,281.62,485.3644.9180.1Net result of the period attributable to 130.4 (388.2) 11.0 (20.7)the shareholders of GBL (group\u2019s share)Net result of the period attributable to 124.0 1 7. 2 11.8 (4.1) 3.2 152.2the non-controlling interestsNet result of the period (including 254.4 (371.0) 22.8 (24.8)non-controlling interests)Other comprehensive income attributable to the shareholders of GBL 7. 9 26.9 (0.2) 2.2(group\u2019s share)Other comprehensive income attributable to the non-controlling 15.9 1 7. 2 (0.2) 0.4 0.2 33.5interestsTotal of other comprehensive income 23.8 44.1 (0.4) 2.6(including non-controlling interests)Total comprehensive income attributable to the shareholders of GBL 138.2 (361.3) 10.8 (18.5)(group\u2019s share)Total comprehensive income attributable to the non-controlling 139.9 34.4 11.7 (3.6) 3.4 185.7interestsTotal comprehensive income (including 278.2 (326.9) 22.4 (22.2)non-controlling interests)Dividends paid to the non-controlling 71.9 - - -interestsNet cash flows from operating activities440.7276.3(111.9)7 7. 9Net cash flows from investing activities(311.3)(301.4)7. 2(187.9)Net cash flows from financing activities76.2(0.5)96.0188.2Impact of exchange differences on funds held and impact of changes in scope of (3.0) (9.5) - 9.7consolidationIncrease/decrease of cash and cash 202.6 (35.2) (8.7) 88.0equivalentsDue to the existence of put options contracts that the founders and managers of Webhelp, minority shareholders, hold in all of their shares towards GBL, the non-controlling interests recorded on the acquisition of Webhelp have been reclassified as debts on minority shareholders (see note 22). Contracts of the same type and a reclassification of the same order were recorded on Sanoptis.Imerys Webhelp Canyon Subsidiaries that are 2021not individually IN EUR MILLIONmaterialOwnership percentage held by non-controlling 45.2% 41.2% 46.7%interestsVoting rights held by non-controlling interests32.6%40.8%46.7%Non-current assets4,990.33,285.5764.6Current assets2,425.8916.7303.2Non-current liabilities2,726.53,448.33 0 7.6Current liabilities1 ,4 4 7.7694.598.3Non-controlling interests48.51.1-Equity (group\u2019s share) 3,193.5 58.4 662.0Non-controlling interests (including those of 1,490.9 1.1 308.0 56.7 1,856.8the subsidiary)Turnover4,382.92,080.6344.8Net result of the period attributable to the 131.6 (466.4) (15.3)shareholders of GBL (group\u2019s share)Net result of the period attributable to the 118.0 28.7 (6.5) 15.8 156.0non-controlling interestsNet result of the period (including non-controlling 249.7 (437.8) (21.7)interests)Other comprehensive income attributable to the 98.0 1.9 1.7shareholders of GBL (group\u2019s share)Other comprehensive income attributable to 72.5 1.2 1.5 0.1 75.3the non-controlling interestsTotal of other comprehensive income (including 170.5 3.2 3.2non-controlling interests)Total comprehensive income attributable to the 229.7 (464.5) (13.6)shareholders of GBL (group\u2019s share)Total comprehensive income attributable to 190.5 29.9 (5.0) 15.9 231.3the non-controlling interestsTotal comprehensive income (including 420.1 (434.6) (18.6)non-controlling interests)Dividends paid to the non-controlling interests53.4--Net cash flows from operating activities 540.0 233.5 (103.4)Net cash flows from investing activities (306.7) (593.3) (68.4)Net cash flows from financing activities(312.0)425.1205.7Impact of exchange differences on funds held and 7. 3 (4.1) -impact of changes in scope of consolidationIncrease/decrease of cash and cash equivalents(71.3)61.233.9", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-124-5": { "value": "3.3 Revaluation reservesThese reserves include the changes in the fair value of other equity investments whose changes in fair value are recorded through Equity.In 2022, the partial disposals of Mowi and Pernod Ricard resulted in a reclassification to retained earnings of EUR 75 million and EUR 297 million respectively. In 2021, at the time of the partial disposals of Umicore, GEA and Holcim, the cumulated revaluation reserves of EUR 152 million, EUR 3 million and EUR 397 million respectively were reclassified to retained earnings.SGS Pernod adidas Umicore Mowi Holcim GEA Voodoo Ontex Total Other TotalIN EUR MILLIONRicardEnergiesAs of December 31, 986.0 2,296.3 2 ,974 .2 845.0 62.0 369.0 (97.6) - (273.4) 3.1 5.2 7,169.92020Change resulting from 683.9 1,088.1 (613.0) (85.5) 94.8 132.4 242.4 (2.2) (66.0) 2.5 (43.1) 1,434.4the change in fair valueTransfers to consolidated reserves in - - - (151.6) - (397.3) (3.3) - - - (5.5) (557.7)case of disposalAs of December 31, 1,670.0 3,384.4 2,361.2 6 0 7.9 156.8 104.2 141.5 (2.2) (339.4) 5.6 (43.5) 8,046.62021Change resulting from (1,096.8) (556.8) (1,724.5) (56.1) (88.4) 4 7.4 (112.4) 6.7 (12.3) 3.7 (29.2) (3,618.6)the change in fair valueTransfers to consolidated reserves in - (296.7) - - (75.0) - - - - - 69.9 (301.8)case of disposalAS OF DECEMBER 31, 573.1 2,530.8 636.7 551.8 (6.5) 151.6 29.2 4.5 (351.7) 9.3 (2.7) 4,126.12022Note 30Subsidiaries in which GBL holds significant non-controlling interestsThe tables below present concise financial information about each of the subsidiaries in which GBL holds significant non-controlling interests, without taking intragroup eliminations into account.Imerys Webhelp Canyon Sanoptis Subsidiaries that 2022are not individually IN EUR MILLIONmaterialOwnership percentage held by 45.0% 38.7% 50.4% 16.5%non-controlling interestsVoting rights held by non-controlling 31.9% 38.7% 50.4% 3 7. 0 %interestsNon-current assets4 , 3 5 7.43,505.6751.71,846.8Current assets3,513.6990.6483.9176.7Non-current liabilities 2,465.6 3,879.3 3 67. 1 1,100.2Current liabilities 2,020.0 792.1 123.2 7 7. 5Non-controlling interests4 7. 51.0-5.0Equity (group\u2019s share)3 , 3 3 7.9(176.2)745.2841.1Non-controlling interests (including 1,550.4 1.0 362.4 140.5 45.7 2,100.0those of the subsidiary)Turnover4,281.62,485.3644.9180.1Net result of the period attributable to 130.4 (388.2) 11.0 (20.7)the shareholders of GBL (group\u2019s share)Net result of the period attributable to 124.0 1 7. 2 11.8 (4.1) 3.2 152.2the non-controlling interestsNet result of the period (including 254.4 (371.0) 22.8 (24.8)non-controlling interests)Other comprehensive income attributable to the shareholders of GBL 7. 9 26.9 (0.2) 2.2(group\u2019s share)Other comprehensive income attributable to the non-controlling 15.9 1 7. 2 (0.2) 0.4 0.2 33.5interestsTotal of other comprehensive income 23.8 44.1 (0.4) 2.6(including non-controlling interests)Total comprehensive income attributable to the shareholders of GBL 138.2 (361.3) 10.8 (18.5)(group\u2019s share)Total comprehensive income attributable to the non-controlling 139.9 34.4 11.7 (3.6) 3.4 185.7interestsTotal comprehensive income (including 278.2 (326.9) 22.4 (22.2)non-controlling interests)Dividends paid to the non-controlling 71.9 - - -interestsNet cash flows from operating activities440.7276.3(111.9)7 7. 9Net cash flows from investing activities(311.3)(301.4)7. 2(187.9)Net cash flows from financing activities76.2(0.5)96.0188.2Impact of exchange differences on funds held and impact of changes in scope of (3.0) (9.5) - 9.7consolidationIncrease/decrease of cash and cash 202.6 (35.2) (8.7) 88.0equivalentsDue to the existence of put options contracts that the founders and managers of Webhelp, minority shareholders, hold in all of their shares towards GBL, the non-controlling interests recorded on the acquisition of Webhelp have been reclassified as debts on minority shareholders (see note 22). Contracts of the same type and a reclassification of the same order were recorded on Sanoptis.Imerys Webhelp Canyon Subsidiaries that are 2021not individually IN EUR MILLIONmaterialOwnership percentage held by non-controlling 45.2% 41.2% 46.7%interestsVoting rights held by non-controlling interests32.6%40.8%46.7%Non-current assets4,990.33,285.5764.6Current assets2,425.8916.7303.2Non-current liabilities2,726.53,448.33 0 7.6Current liabilities1 ,4 4 7.7694.598.3Non-controlling interests48.51.1-Equity (group\u2019s share) 3,193.5 58.4 662.0Non-controlling interests (including those of 1,490.9 1.1 308.0 56.7 1,856.8the subsidiary)Turnover4,382.92,080.6344.8Net result of the period attributable to the 131.6 (466.4) (15.3)shareholders of GBL (group\u2019s share)Net result of the period attributable to the 118.0 28.7 (6.5) 15.8 156.0non-controlling interestsNet result of the period (including non-controlling 249.7 (437.8) (21.7)interests)Other comprehensive income attributable to the 98.0 1.9 1.7shareholders of GBL (group\u2019s share)Other comprehensive income attributable to 72.5 1.2 1.5 0.1 75.3the non-controlling interestsTotal of other comprehensive income (including 170.5 3.2 3.2non-controlling interests)Total comprehensive income attributable to the 229.7 (464.5) (13.6)shareholders of GBL (group\u2019s share)Total comprehensive income attributable to 190.5 29.9 (5.0) 15.9 231.3the non-controlling interestsTotal comprehensive income (including 420.1 (434.6) (18.6)non-controlling interests)Dividends paid to the non-controlling interests53.4--Net cash flows from operating activities 540.0 233.5 (103.4)Net cash flows from investing activities (306.7) (593.3) (68.4)Net cash flows from financing activities(312.0)425.1205.7Impact of exchange differences on funds held and 7. 3 (4.1) -impact of changes in scope of consolidationIncrease/decrease of cash and cash equivalents(71.3)61.233.9", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-127-9": { "value": "Fees(234.5)(145.2)", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-126-2": { "value": "Note 5Other operating income (expenses) and employee expenses5.1 Details of other operating income (expenses)IN EUR MILLION 2022 2021Miscellaneous goods and services (71.7) (55.3)Employee expenses (38.3) (43.8)Depreciation and amortization(4.6)(0.8)Other operating expenses(4.7)(0.9)Other operating income2.01.4OTHER OPERATING INCOME (EXPENSES) - INVESTING ACTIVITIES (117.3) (99.3)Transport costs(691.8)(560.8)Subcontracting costs(208.7)(214.4)Operating leases(54.9)(34.4)Fees(234.5)(145.2)Various taxes(54.5)(51.9)Other operating expenses(715.0)(560.7)Other operating income109.089.6Share of profit (loss) of associates and joint ventures belonging to consolidated operating activities 32.6 13.7OTHER OPERATING INCOME (EXPENSES) - OPERATING ACTIVITIES (1,817.6) (1,464.2)Other operating expenses related to operating activities mainly consist of Imerys\u2019 maintenance and repair expenses (EUR 119 million and EUR 117 million in 2022 and 2021 respectively), restructuring expenses (EUR 39 million in 2022 and EUR 68 million in 2021) and research and development costs (EUR 42 million and EUR 38 million in 2022 and 2021 respectively).Costs related to the acquisitions of Sanoptis and Affidea amount to EUR 18 million and EUR 21 million respectively and are included under \u201cfees\u201d.5.2 Details of employee expensesIN EUR MILLION 2022 2021Remuneration(36.0)(20.4)Social security contributions(6.2)(2.7)Costs related to stock options9.4(16.7)Contributions to pension plans (2.9)(2.9)Other(2.6)(1.1)EMPLOYEE EXPENSES - INVESTING ACTIVITIES (38.3) (43.8)Remuneration (2,418.8) (1,910.0)Social security contributions(385.8)(310.3)Costs related to stock options(17.6)(12.9)Contributions to pension plans (197.0)(247.7)Other(80.3)(15.9)EMPLOYEE EXPENSES - CONSOLIDATED OPERATING ACTIVITIES (3,099.6) (2,496.9)The details of the remuneration of GBL\u2019s directors are shown in note 32. The stock option plans are detailed in note 27.Gains (losses) from disposals, impairments and reversals of Note 6non-current assets related to operating activitiesIN EUR MILLION 2022 2021Impairment on intangible assets and goodwill(108.1)(0.6)Impairment on property, plant and equipment, net of reversals(6.8)(28.6)Reversal of impairment on other non-current assets1.00.2Capital gain/(loss) realized on disposals of investments and activities12.5(1.9)TOTAL (101.4) (30.9)The impairments on intangible assets, goodwill and property, plant and equipment are detailed in the notes 9, 10, 24 and 11 respectively.Note 7Financial income (expenses)IN EUR MILLION 2022 2021Interest income on cash and cash equivalents, non-current assets or other(7.7)2.1Interest expenses on financial liabilities(27.0)(20.1)Gains (losses) on trading securities and derivatives124.0(115.6)Change in the fair value of other equity investments recognized at fair value through profit or loss(487.1)255.5Other financial income13.16.7Other financial expenses(10.7)(19.1)FINANCIAL INCOME (EXPENSES) - INVESTING ACTIVITIES (395.4) 109.6Interest income on cash and cash equivalents and non-current assets6.43.0Interest expenses on financial liabilities(196.5)(127.9)Gains (losses) on trading securities and derivatives(1.8)2.7Other financial income40.330.6Other financial expenses (374.2) (352.1)FINANCIAL INCOME (EXPENSES) - OPERATING ACTIVITIES (525.8) (443.7)Financial income (expenses) from investing activities total EUR - 395 million (compared to EUR 110 million in 2021). They mainly consist of (i) the changes in fair value of other equity investments recognized at fair value in profit or loss for EUR - 487 million (EUR 256 million in 2021), (ii) a total net income of EUR 98 million related to the mark to market of the derivative component associated to the exchangeable bonds into GEA and Pernod Ricard shares and the convertible bonds into GBL shares (a net charge of EUR 140 million 2021), (iii) the result of yield enhancement for EUR 9 million in 2022, including EUR 12 million in revenues generated in 2022 and EUR - 3 million in mark-to-market (against EUR 17 million in 2021) and (iv) the interest charges on GBL\u2019s indebtedness, notably institutional bonds for EUR - 23 million (EUR - 18 million in 2021). Financial income (expenses) from consolidated operating activities essentially result from the changes of the debts on Webhelp\u2019s minority shareholders (founders) for EUR - 255 million (EUR - 293 million in 2021) and interest expenses on Webhelp\u2019s and Imerys\u2019 indebtedness for EUR 95 million and EUR 38 million respectively (EUR 77 million and EUR 37 million in 2021 respectively).are shown under \u201cOther operating income (expenses) from investing activities\u201d and \u201cDepreciation/ amortization of property, plant, equipment and intangible assets\u2013consolidated operating activities\u201d in the consolidated income statement.The depreciation charges for the various periods Research and development costs in 2022 amounted to EUR 42 million (EUR 38 million in 2021).The impairment tests carried out on the various Imerys CGUs did not result in the recognition of any impairment loss as of December 31, 2022 and December 31, 2021.The impairment test carried out on the Webhelp CGU does not reveal any loss in value on the group\u2019s tested assets as of December 31, 2022 and December 31, 2021.The impairment test carried out on the Canyon CGU does not reveal any loss in value on the group\u2019s tested assets as of December 31, 2022.The depreciation charges for the various periods are shown under \u201cOther operating income (expenses) from investing activities\u201d and \u201cDepreciation/amortization of property, plant, equipment and intangible assets\u2013consolidated operating activities\u201d in the consolidated income statement.and generated an interest expense of EUR 36 million recognized in financial income (expenses). Note 13Income taxes13.1 Breakdown of the \u201cincome taxes\u201d headingIN EUR MILLION 2022 2021Current taxes (160.4) (116.8)For the year in progress (164.5) (105.3)For previous years 4.1 (11.6)Deferred taxes3 7. 054.6Related to the creation and reversal of temporary differences38.6 51.8Related to changes in tax rates or new tax liabilities1.3 (2.4)Related to the recognition / (use) of deferred tax assets resulting from losses from previous periods(3.8) 3.5Other0.9 1.8TOTAL (123.4) (62.2)13.2 Reconciliation of the income tax expense for the yearIN EUR MILLION 2022 2021Profit (loss) before income taxes from continuing operations (386.4) 429.5Share of profit (loss) of equity-accounted entities(35.9)(149.7)Profit (loss) before income taxes and before share of profit (loss) of equity-accounted entities(422.3)279.8TAXES AT BELGIAN RATE (25.00% IN 2022 AND IN 2021) 105.6 (70.0)Impact of different tax rates in foreign countries 0.1(5.7)Tax impact of non-taxable income155.8249.3Tax impact of non-deductible expenses(270.1)(191.4)Tax impact of changes in tax rates for subsidiaries1.2(0.4)Tax impact of adjustments relating to previous years or previously unrecognized deferred tax assets2.11.3Other(118.0)(45.3)INCOME TAX \ue61bEXPENSE\ue61a FOR THE YEAR (123.4) (62.2)The corporate tax rate in Belgium was 25.00% in 2022, as in 2021.The effective tax rate in 2022 stands at - 29.22%, compared with 22.23% in 2021.As a holding company, GBL is not supposed to pay tax as most of its income\u2013dividends and capital gains\u2013come from profits already taxed at the level of the participation. If GBL were to be taxed in turn on the dividends/capital gains, there would be double taxation. This regime is therefore not a tax advantage granted to holding companies, but quite simply a means to avoid double taxation (application of the European Parent-Subsidiary Directive).13.3 Deferred tax by nature in the balance sheetDeferred tax assets Deferred tax liabilitiesIN EUR MILLION 2022 2021 2022 2021Property, plant, equipment and intangible assets 150.7 90.2 (836.5) (578.5)Inventories, trade receivables, trade payables and provisions 80.1 88.9 (7.9) (5.2)Employee benefit obligations42.354.2(1.1)-Unused tax losses and credits42.631.0--Other101.278.1(51.2)(54.6)Offsetting of assets/liabilities(237.2)(179.8)2 37. 2179.8TOTAL 179.6 162.8 (659.4) (458.4)Of which: Holding----Imerys110.7138.6(99.9)(129.6)Webhelp16.310.8(142.2)(183.8)Canyon7. 810.1(112.8)(121.6)Affidea18.8-(140.1)-Sanoptis24.9-(139.9)-GBL Capital and SIM 1.2 3.3 (24.5) (23.4)Deferred tax assets are recognized for tax losses carried forward when their recovery is deemed probable and over an expected recovery horizon not exceeding five years. The valuation of deferred tax assets recognized in this regard is based on an analysis of the loss\u2019 constitution, the probability of recurrence of losses in the future, future business prospects and national laws limiting the use of carryforward losses. As of December 31, 2021, these deferred tax assets thus recognized amount to a total of EUR 43 million (EUR 31 million in 2021).For the Holding segment, tax losses carried forward for an unlimited time and tax credits in Belgium amount to EUR 1,297 million (EUR 1,098 million in 2021); for foreign subsidiaries, these items amount to EUR 5,063 million (EUR 5,022 million in 2021). Furthermore, regarding the other segments, tax losses carried forward for an unlimited time and tax credits amount to EUR 478 million for Imerys, EUR 38 million for Webhelp, EUR 0 million for Canyon, EUR 220 million for Affidea, EUR 0 million for Sanoptis and EUR 90 million for GBL Capital and Sienna Investment Managers (respectively EUR 495 million, EUR 27 million, EUR 0 million, EUR 0 million, EUR 0 million and EUR 89 million in 2021). These tax losses and tax credits did not give rise to the recognition of a deferred tax asset because their recovery is considered uncertain.No deferred tax liabilities are recognized in relation to the temporary tax differences between the carrying amount and the tax value of investment securities if the group is able to verify the date of the temporary difference\u2019s reversal and if it is likely that this difference will not be reversed in the foreseeable future. The group estimates that the deferred tax liabilities not recognized in this regard as of December 31, 2022 amount to EUR 8 million (EUR 12 million as of December 31, 2021).The following tables show the evolution of deferred tax assets and liabilities in 2022 and 2021:December 31, 2021 Result Statement of Other December 31, 2022IN EUR MILLIONcomprehensive incomeDeferred tax assets 162.8 1 7.5 8.3 (9.0) 179.6Deferred tax liabilities (458.4) 19.5 7. 6 (228.1) (659.4)Net(295.6) 3 7. 0 15.9 (237.1) (479.8)December 31, 2020 Result Statement of Other December 31, 2021IN EUR MILLIONcomprehensive incomeDeferred tax assets160.054.9(38.6)(13.5)162.8Deferred tax liabilities (271.9)(0.3)(2.9)(183.3)(458.4)Net (112.0) 54.6 (41.5) (196.8) (295.6)The amounts included under \u201cOther\u201d are mainly due to the consolidation of the new subsidiaries acquired in 2022.Finally, the different taxes directly recorded under shareholders equity are shown in the following table:IN EUR MILLION 2022 2021Actuarial gains (losses) 39.0 85.1Of which amounts before taxes46.5 110.5Of which deferred taxes(7.5) (25.4)Gains and (losses) on financial liabilities measured at fair value attributable to the acquisition of a controlling or non-controlling interest(10.6)-Of which amounts before taxes(8.9) -Of which deferred taxes(1.7) -Foreign currency translation adjustments 101.2 5 7.1Of which amounts before taxes 101.6 56.3Of which deferred taxes(0.4) 0.8Cash flow hedge(129.2)44.0Of which amounts before taxes(154.7) 60.9Of which deferred taxes25.5 (16.9)Revaluation reserves(3,618.6)1,434.4Of which amounts before taxes (3,618.6) 1,434.4Of which deferred taxes - -", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-126-3": { "value": "Note 5Other operating income (expenses) and employee expenses5.1 Details of other operating income (expenses)IN EUR MILLION 2022 2021Miscellaneous goods and services (71.7) (55.3)Employee expenses (38.3) (43.8)Depreciation and amortization(4.6)(0.8)Other operating expenses(4.7)(0.9)Other operating income2.01.4OTHER OPERATING INCOME (EXPENSES) - INVESTING ACTIVITIES (117.3) (99.3)Transport costs(691.8)(560.8)Subcontracting costs(208.7)(214.4)Operating leases(54.9)(34.4)Fees(234.5)(145.2)Various taxes(54.5)(51.9)Other operating expenses(715.0)(560.7)Other operating income109.089.6Share of profit (loss) of associates and joint ventures belonging to consolidated operating activities 32.6 13.7OTHER OPERATING INCOME (EXPENSES) - OPERATING ACTIVITIES (1,817.6) (1,464.2)", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-126-4": { "value": "Note 5Other operating income (expenses) and employee expenses5.1 Details of other operating income (expenses)IN EUR MILLION 2022 2021Miscellaneous goods and services (71.7) (55.3)Employee expenses (38.3) (43.8)Depreciation and amortization(4.6)(0.8)Other operating expenses(4.7)(0.9)Other operating income2.01.4OTHER OPERATING INCOME (EXPENSES) - INVESTING ACTIVITIES (117.3) (99.3)Transport costs(691.8)(560.8)Subcontracting costs(208.7)(214.4)Operating leases(54.9)(34.4)Fees(234.5)(145.2)Various taxes(54.5)(51.9)Other operating expenses(715.0)(560.7)Other operating income109.089.6Share of profit (loss) of associates and joint ventures belonging to consolidated operating activities 32.6 13.7OTHER OPERATING INCOME (EXPENSES) - OPERATING ACTIVITIES (1,817.6) (1,464.2)Other operating expenses related to operating activities mainly consist of Imerys\u2019 maintenance and repair expenses (EUR 119 million and EUR 117 million in 2022 and 2021 respectively), restructuring expenses (EUR 39 million in 2022 and EUR 68 million in 2021) respectively).Costs related to the acquisitions of Sanoptis and Affidea amount to EUR 18 million and EUR 21 million respectively and are included under \u201cfees\u201d.5.2 Details of employee expensesIN EUR MILLION 2022 2021Remuneration(36.0)(20.4)Social security contributions(6.2)(2.7)Costs related to stock options9.4(16.7)Contributions to pension plans (2.9)(2.9)Other(2.6)(1.1)EMPLOYEE EXPENSES - INVESTING ACTIVITIES (38.3) (43.8)Remuneration (2,418.8) (1,910.0)Social security contributions(385.8)(310.3)Costs related to stock options(17.6)(12.9)Contributions to pension plans (197.0)(247.7)Other(80.3)(15.9)EMPLOYEE EXPENSES - CONSOLIDATED OPERATING ACTIVITIES (3,099.6) (2,496.9)The details of the remuneration of GBL\u2019s directors are shown in note 32. The stock option plans are detailed in note 27.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-126-5": { "value": "Note 5Other operating income (expenses) and employee expenses5.1 Details of other operating income (expenses)IN EUR MILLION 2022 2021Miscellaneous goods and services (71.7) (55.3)Employee expenses (38.3) (43.8)Depreciation and amortization(4.6)(0.8)Other operating expenses(4.7)(0.9)Other operating income2.01.4OTHER OPERATING INCOME (EXPENSES) - INVESTING ACTIVITIES (117.3) (99.3)Transport costs(691.8)(560.8)Subcontracting costs(208.7)(214.4)Operating leases(54.9)(34.4)Fees(234.5)(145.2)Various taxes(54.5)(51.9)Other operating expenses(715.0)(560.7)Other operating income109.089.6Share of profit (loss) of associates and joint ventures belonging to consolidated operating activities 32.6 13.7OTHER OPERATING INCOME (EXPENSES) - OPERATING ACTIVITIES (1,817.6) (1,464.2)Other operating expenses related to operating activities mainly consist of Imerys\u2019 maintenance and repair expenses (EUR 119 million and EUR 117 million in 2022 and 2021 respectively), restructuring expenses (EUR 39 million in 2022 and EUR 68 million in 2021) and research and development costs (EUR 42 million and EUR 38 million in 2022 and 2021 respectively).Costs related to the acquisitions of Sanoptis and Affidea amount to EUR 18 million and EUR 21 million respectively and are included under \u201cfees\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-126-6": { "value": "Note 5Other operating income (expenses) and employee expenses5.1 Details of other operating income (expenses)IN EUR MILLION 2022 2021Miscellaneous goods and services (71.7) (55.3)Employee expenses (38.3) (43.8)Depreciation and amortization(4.6)(0.8)Other operating expenses(4.7)(0.9)Other operating income2.01.4OTHER OPERATING INCOME (EXPENSES) - INVESTING ACTIVITIES (117.3) (99.3)Transport costs(691.8)(560.8)Subcontracting costs(208.7)(214.4)Operating leases(54.9)(34.4)Fees(234.5)(145.2)Various taxes(54.5)(51.9)Other operating expenses(715.0)(560.7)Other operating income109.089.6Share of profit (loss) of associates and joint ventures belonging to consolidated operating activities 32.6 13.7OTHER OPERATING INCOME (EXPENSES) - OPERATING ACTIVITIES (1,817.6) (1,464.2)Other operating expenses related to operating activities mainly consist of Imerys\u2019 maintenance and repair expenses (EUR 119 million and EUR 117 million in 2022 and 2021 respectively), restructuring expenses (EUR 39 million in 2022 and EUR 68 million in 2021) and research and development costs (EUR 42 million and EUR 38 million in 2022 and 2021 respectively).Costs related to the acquisitions of Sanoptis and Affidea amount to EUR 18 million and EUR 21 million respectively and are included under \u201cfees\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-126-7": { "value": "Note 5Other operating income (expenses) and employee expenses5.1 Details of other operating income (expenses)IN EUR MILLION 2022 2021Miscellaneous goods and services (71.7) (55.3)Employee expenses (38.3) (43.8)Depreciation and amortization(4.6)(0.8)Other operating expenses(4.7)(0.9)Other operating income2.01.4OTHER OPERATING INCOME (EXPENSES) - INVESTING ACTIVITIES (117.3) (99.3)Transport costs(691.8)(560.8)Subcontracting costs(208.7)(214.4)Operating leases(54.9)(34.4)Fees(234.5)(145.2)Various taxes(54.5)(51.9)Other operating expenses(715.0)(560.7)Other operating income109.089.6Share of profit (loss) of associates and joint ventures belonging to consolidated operating activities 32.6 13.7OTHER OPERATING INCOME (EXPENSES) - OPERATING ACTIVITIES (1,817.6) (1,464.2)Other operating expenses related to operating activities mainly consist of Imerys\u2019 maintenance and repair expenses (EUR 119 million and EUR 117 million in 2022 and 2021 respectively), restructuring expenses (EUR 39 million in 2022 and EUR 68 million in 2021) and research and development costs (EUR 42 million and EUR 38 million in 2022 and 2021 respectively).Costs related to the acquisitions of Sanoptis and Affidea amount to EUR 18 million and EUR 21 million respectively and are included under \u201cfees\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-126-8": { "value": "Note 5Other operating income (expenses) and employee expenses5.1 Details of other operating income (expenses)IN EUR MILLION 2022 2021Miscellaneous goods and services (71.7) (55.3)Employee expenses (38.3) (43.8)Depreciation and amortization(4.6)(0.8)Other operating expenses(4.7)(0.9)Other operating income2.01.4OTHER OPERATING INCOME (EXPENSES) - INVESTING ACTIVITIES (117.3) (99.3)Transport costs(691.8)(560.8)Subcontracting costs(208.7)(214.4)Operating leases(54.9)(34.4)Fees(234.5)(145.2)Various taxes(54.5)(51.9)Other operating expenses(715.0)(560.7)Other operating income109.089.6Share of profit (loss) of associates and joint ventures belonging to consolidated operating activities 32.6 13.7OTHER OPERATING INCOME (EXPENSES) - OPERATING ACTIVITIES (1,817.6) (1,464.2)Other operating expenses related to operating activities mainly consist of Imerys\u2019 maintenance and repair expenses (EUR 119 million and EUR 117 million in 2022 and 2021 respectively), restructuring expenses (EUR 39 million in 2022 and EUR 68 million in 2021) and research and development costs (EUR 42 million and EUR 38 million in 2022 and 2021 respectively).Costs related to the acquisitions of Sanoptis and Affidea amount to EUR 18 million and EUR 21 million respectively and are included under \u201cfees\u201d.5.2 Details of employee expensesIN EUR MILLION 2022 2021Remuneration(36.0)(20.4)Social security contributions(6.2)(2.7)Costs related to stock options9.4(16.7)Contributions to pension plans (2.9)(2.9)Other(2.6)(1.1)EMPLOYEE EXPENSES - INVESTING ACTIVITIES (38.3) (43.8)Remuneration (2,418.8) (1,910.0)Social security contributions(385.8)(310.3)Costs related to stock options(17.6)(12.9)Contributions to pension plans (197.0)(247.7)Other(80.3)(15.9)EMPLOYEE EXPENSES - CONSOLIDATED OPERATING ACTIVITIES (3,099.6) (2,496.9)The details of the remuneration of GBL\u2019s directors are shown in note 32. The stock option plans are detailed in note 27.Gains (losses) from disposals, impairments and reversals of Note 6non-current assets related to operating activitiesIN EUR MILLION 2022 2021Impairment on intangible assets and goodwill(108.1)(0.6)Impairment on property, plant and equipment, net of reversals(6.8)(28.6)Reversal of impairment on other non-current assets1.00.2Capital gain/(loss) realized on disposals of investments and activities12.5(1.9)TOTAL (101.4) (30.9)The impairments on intangible assets, goodwill and property, plant and equipment are detailed in the notes 9, 10, 24 and 11 respectively.Note 7Financial income (expenses)IN EUR MILLION 2022 2021Interest income on cash and cash equivalents, non-current assets or other(7.7)2.1Interest expenses on financial liabilities(27.0)(20.1)Gains (losses) on trading securities and derivatives124.0(115.6)Change in the fair value of other equity investments recognized at fair value through profit or loss(487.1)255.5Other financial income13.16.7Other financial expenses(10.7)(19.1)FINANCIAL INCOME (EXPENSES) - INVESTING ACTIVITIES (395.4) 109.6Interest income on cash and cash equivalents and non-current assets6.43.0Interest expenses on financial liabilities(196.5)(127.9)Gains (losses) on trading securities and derivatives(1.8)2.7Other financial income40.330.6Other financial expenses (374.2) (352.1)FINANCIAL INCOME (EXPENSES) - OPERATING ACTIVITIES (525.8) (443.7)Financial income (expenses) from investing activities total EUR - 395 million (compared to EUR 110 million in 2021). They mainly consist of (i) the changes in fair value of other equity investments recognized at fair value in profit or loss for EUR - 487 million (EUR 256 million in 2021), (ii) a total net income of EUR 98 million related to the mark to market of the derivative component associated to the exchangeable bonds into GEA and Pernod Ricard shares and the convertible bonds into GBL shares (a net charge of EUR 140 million 2021), (iii) the result of yield enhancement for EUR 9 million in 2022, including EUR 12 million in revenues generated in 2022 and EUR - 3 million in mark-to-market (against EUR 17 million in 2021) and (iv) the interest charges on GBL\u2019s indebtedness, notably institutional bonds for EUR - 23 million (EUR - 18 million in 2021). Financial income (expenses) from consolidated operating activities essentially result from the changes of the debts on Webhelp\u2019s minority shareholders (founders) for EUR - 255 million (EUR - 293 million in 2021) and interest expenses on Webhelp\u2019s and Imerys\u2019 indebtedness for EUR 95 million and EUR 38 million respectively (EUR 77 million and EUR 37 million in 2021 respectively).Note 8TurnoverThe table below presents the split of the revenue into sales of goods, services provided and other:IN EUR MILLION 2022 2021Sales of goods 4,638.0 3,800.6Services provided 3,451.4 2,440.5Other19.21.9TOTAL 8,108.6 6,243.0The table below presents the split by cash generating unit:IN EUR MILLION 2022 2021Performance Materials 2,844.2 2,425.8High Temperature Materials & Solutions 1,436.0 1,237.8Holdings 1.4 1.1Imerys4,281.63,664.7Webhelp2,485.32,080.6Canyon 644.9 344.8Affidea306.6-Sanoptis 180.1 -Vanreusel72.559.2Indo28.453.1Sausalitos46.731.8Sienna Real Estate15.58.8Sienna Private Credit8.6-Sienna Gestion38.6-GBL Capital and SIM210.2152.9TOTAL 8,108.6 6,243.0The breakdown of the group\u2019s turnover by geographic region is as follows:IN EUR MILLION 2022 2021Belgium159.3143.2Other European countries4,729.03,389.2Americas1,958.01,350.9Asia1,080.69 2 7. 1Other181.7432.6TOTAL 8,108.6 6,243.0The following table presents a different breakdown of revenue by the time at which goods and services are transferred to customers, distinguishing between goods and services transferred to customers at a given point in time and services transferred to customers over time:IN EUR MILLION 2022 2018Goods and services transferred to customers at a specific time4,768.53,834.8Services progressively transferred to customers3,340.12,408.2TOTAL 8,108.6 6,243.0At Imerys\u2019 level, main contributor to the turnover, the breakdown of revenue by geographical location of its operations and geographical location of its customers is as follows:IN EUR MILLION 2022 2021Turnover breakdown by geographic areasEurope2,204.11,892.4Asia-Oceania616.5560.0North America1,215.41,030.6Other245.6181.7TOTAL 4,281.6 3,664.7IN EUR MILLION 2022 2021Turnover breakdown by geographic areas of the clientsEurope1,868.21,621.6Asia-Oceania903.5806.2North America1,149.7961.9Other360.2275.0TOTAL 4,281.6 3,664.7Note 9Intangible assetsSoftware Mining rights Patents, Trade-Customer Other Totallicenses and marksrelationsIN EUR MILLIONconcessionsGross carrying amount As of December 31, 2020 199.9 3.5 248.4 176.5 498.7 193.6 1,320.5Investments36.8(0.6)0.6--12.949.7Changes in group structure/Business 7. 2 - 33.3 304.4 282.0 76.3 703.3combinationsTransfers between categories20.6(0.2)(35.9)(1.8)41.5(20.2)3.9Disposals and retirements(2.1)-(1.5)--(3.0)(6.6)Foreign currency translation adjustments4.00.1(9.4)-(0.6)10.54.6Other-----(0.8)(0.8)As of December 31, 2021266.52.8235.5479.1821.6269.22,074.6Investments 29.0 0.2 0.8 - - 55.3 85.3Changes in group structure/Business 8.2 - 13.4 86.0 713.2 542.9 1,363.6combinationsTransfers between categories14.0-(3.2)--(12.5)(1.8)Disposals and retirements(9.7)-(7.8)(10.2)(19.7)(6.3)(53.7)Foreign currency translation adjustments1.10.0(3.3)-4.31.73.8Other(11.6)(0.4)(35.7)(0.1)(0.3)(16.7)(64.7)AS OF DECEMBER 31, 2022 2 97. 4 2.6 199.8 554.8 1,519.1 833.5 3 ,4 0 7. 2Cumulated amortizationAs of December 31, 2020(128.1)(1.0)(41.9)(4.4)(38.4)(106.1)(319.8)Amortization(28.7)0.1(8.6)(9.9)(55.5)(34.1)(136.6)Impairment (losses)/reversals(0.3)-(0.2)--(0.0)(0.5)Transfers between categories(12.6)0.39.92.1(15.1)10.8(4.7)Disposals and retirements1.9-1.0--3.15.9Foreign currency translation adjustments (3.5) (0.0) (0.8) - (0.1) (1.0) (5.5)Changes in group structure/Other(3.9)-2.0-0.0(1.4)(3.3)As of December 31, 2021(175.3)(0.7)(38.6)(12.2)(109.0)(128.8)(464.6)Amortization(32.5)(0.2)(2.6)(15.2)(85.8)(24.8)(161.1)Impairment (losses)/reversals-----(0.1)(0.1)Transfers between categories(2.9)-2.6--1.91.6Disposals and retirements10.2-7.14.07.70.329.3Foreign currency translation adjustments(1.2)(0.0)(0.1)-0.6(1.1)(1.9)Changes in group structure/Other6.70.16.4-0.111.925.1AS OF DECEMBER 31, 2022 (195.1) (0.7) (25.2) (23.4) (186.4) (140.7) (571.6)Net carrying amount As of December 31, 202071.82.5206.5172.1460.38 7. 51,000.7As of December 31, 202191.12.1196.8466.9712.7140.51,610.0AS OF DECEMBER 31, 2022 102.3 1.9 1 74.5 531.4 1,332.7 692.8 2,835.6Of which: Holding0.5----0.61.1Imerys52.01.91 4 7. 8--85.92 87. 5Webhelp42.0 - 4.4 148.3 622.3 16.6 833.6Canyon 1.2 - 3.3 286.5 36.5 45.9 373.4Affidea3.4--78.2508.1-589.7Sanoptis0.8-0.25.2129.35 2 7. 9663.5GBL Capital and SIM2.4-18.913.236.516.086.8The intangible assets with an indefinite useful life amount to EUR 653 million as of December 31, 2022 \u2013 presented under the heading \u201cTrademarks\u201d and \u201cOther\u201d (EUR 155 million as of December 31, 2021 \u2013 presented under the heading \u201cTrademarks\u201d and \u201cOther\u201d). These mainly include the valuation at Sanoptis of the rights to receive insured patients (EUR 498 million). are shown under \u201cOther operating income (expenses) from investing activities\u201d and \u201cDepreciation/ amortization of property, plant, equipment and intangible assets\u2013consolidated operating activities\u201d in the consolidated income statement.The depreciation charges for the various periods Research and development costs in 2022 amounted to EUR 42 million (EUR 38 million in 2021).The heading \u201cChanges in group structure/Business combinations\u201d in 2022 includes mainly the impact of the acquisitions of Sanoptis and Affidea.Regarding the emission rights, Imerys is subject to greenhouse gas regulation schemes at eleven of its facilities in Europe and one facility in the US. In 2022, Imerys used 100.0% of the emission rights allocated to its eligible facilities (100.0% in 2021). As the estimated volume of greenhouse gas emissions exceeded the emission rights in 2022, the group has set aside a provision of EUR 8 million at December 31, 2022 to cover the deficit (EUR 1 million at December 31, 2021).Note 10GoodwillIN EUR MILLION 2022 2021Gross carrying amount As of January 14,750.64,062.5Changes in group structure/Business combinations 1,916.1 659.8Foreign currency translation adjustments 45.4 33.6Subsequent value adjustments3.6(5.0)Disposals(42.0)(0.3)Other(314.5)-As of December 316,359.1 4,750.6Cumulated impairment lossesAs of January 1(96.3)(87.3)Impairment losses(123.4)(0.0)Foreign currency translation adjustments(2.9)(9.0)Other 122.0 0.0As of December 31(100.6)(96.3)NET CARRYING AMOUNT AS OF DECEMBER, 31 6,258.5 4,654.4Of which: Holding--Imerys1,852.22,144.7Webhelp2,128.32,063.5Canyon309.1309.1Affidea889.2-Sanoptis965.9-GBL Capital and SIM 113.9 1 3 7.1As of December 31, 2022, this caption is made up of EUR 1,852 million of goodwill generated by Imerys\u2019 various business lines, EUR 2,128 million of goodwill from the acquisitions of Webhelp group and from OneLink by Webhelp, EUR 309 million of goodwill from the Canyon group acquisition, EUR 889 million of goodwill from the Affidea group acquisition, EUR 966 million of goodwill from the Sanoptis group acquisition and EUR 114 million of goodwill on acquisitions by GBL Capital and Sienna Investment Managers (EUR 2,145 million, EUR 2,064 million, EUR 309 million, EUR 0 million, EUR 0 million and EUR 137 million respectively as of December 31, 2021).Definition of cash generating units (CGU)GBL\u2019s management has retained the judgements made by Imerys, Webhelp, Canyon, Affidea, Sanoptis and GBL Capital and Sienna Investment Managers in the definition of CGUs.At Imerys, as goodwill feeds into the business management indicators monitored by the management, it is tested for impairment at the same levels as those monitored by the management, which are as follows: Performance Minerals Europe, Middle East and Africa (PMEMEA), Performance Minerals Americas (PMA), Performance Minerals Asia Pacific (PMAPAC) excluding G&C and Graphite & Carbon (G&C) within the Performance Minerals (PM) segment; and High Temperature Solutions (HTS) and Refractory, Abrasives & Construction (RAC) within the High Temperature Materials & Solutions (HTMS) segment. As most of the High Temperature Solutions business line and all the business serving the paper market are designated as discontinued operations and assets held for sale respectively (see Note 24), their assets are excluded from the scope of this test. Other than goodwill, all assets within Imerys including right-of-use assets net of lease liabilities and mining assets are covered within the scope of these tests.At Webhelp, the activity of the Webhelp group is reported through a single CGU, the Webhelp CGU.At Canyon, the operational reporting and thus the goodwill management is carried out at the highest level, i.e. GoForGold Holding, which represents the only identified CGU.At Affidea, the activity of the group is reported through a single CGU, the Affidea CGU.At Sanoptis, the activity of the group is reported through a single CGU, the Sanoptis CGU.At GBL Capital and Sienna Investment Managers level, the goodwill is allocated to each investment.In the table below, the carrying amount and the goodwill impairment loss are presented by CGU:2022 2021Net carrying Cumulated Net carrying Cumulated amountimpairment amountimpairment IN EUR MILLIONlosseslossesWebhelp 2,128.3 - 2,063.5 -Performance Materials (Imerys) 1,100.2 (5.5) 1,201.4 (2.4)Sanoptis 965.9 - - -Affidea889.2 ---High Temperature Materials & Solutions (Imerys)751.2 (79.7)942.5(93.9)Canyon309.1 -309.1-Vanreusel (GBL Capital)59.2 -59.2-Sienna Gestion (SIM)18.3 ---Sausalitos (GBL Capital)15.0 -15.0-Sienna Private Credit (SIM)14.4 ---Sienna Real Estate (SIM) 7. 0 (15.4) 22.4 -Holdings (Imerys) 0.8 - 0.8 -Indo (GBL Capital)- -40.5-TOTAL 6,258.5 (100.6) 4,654.4 (96.3)Impairment testsIn accordance with IAS 36, group companies conduct a yearly impairment test on all their CGUs to the extent that they report goodwill. The recoverable amount of a CGU or an individual asset is the highest of the fair value less the costs of sale and the value in use. In practice, fair value can only be reliably estimated for individual assets and therefore corresponds to recent transaction prices for sales of similar assets. The value in use is the most commonly used measurement basis for CGUs and individual assets.At Imerys, the projected cash \ufb02ows used in their impairment test as of December 31, 2022 are taken from their 2023-2026 plan. This central case was developed using independent analyses of underlying markets. To calculate the terminal growth rate, Imerys uses the Gordon and Shapiro perpetual growth model. The discount rate used to calculate the value in use is determined using the weighted average cost of capital of groups comparable to Imerys in the industrial minerals sector. This rate, set at 8.00% for 2022 (6.75% for 2021), is adjusted for a country-market risk premium, which depending on the CGU or individual assets tested ranged from + 92 to + 174 bps in 2022 (+ 59 to + 120 bps in 2021). In 2022, the average discount rate after income tax amounted to 8.89% (7.57% in 2021). The calculations net of income tax are the same as those that would be performed with cash \ufb02ows and rates before income tax, as required by applicable standards.At Webhelp, the projected cash \ufb02ows used are based on a 5-year business plan, then extrapolated to cover a 10-year period. For the terminal value, Webhelp uses the Gordon and Shapiro perpetual growth model. The definition of the discount rate is based on a study of the cost of capital of groups comparable to Webhelp adjusted for a specific premium of 1.00% in line with the group\u2019s financial structure. It stands at 8.77% as of December 31, 2022 (8.13% as of December 31, 2021).At Canyon, the projected cash \ufb02ows used are based on the 2023-2027 plan. For the terminal value, Canyon uses the Gordon and Shapiro perpetual growth model. The definition of the discount rate is based on a study of the cost of capital of groups comparable to Canyon. It stands at 12.69% as of December 31, 2022. (9.40% as of December 31, 2021)The impairment tests carried out on the various Imerys CGUs did not result in the recognition of any impairment loss as of December 31, 2022 and December 31, 2021.The impairment test carried out on the Webhelp CGU does not reveal any loss in value on the group\u2019s tested assets as of December 31, 2022 and December 31, 2021.The impairment test carried out on the Canyon CGU does not reveal any loss in value on the group\u2019s tested assets as of December 31, 2022.No impairment test was performed on the goodwill of Affidea as the acquisition was completed in the third quarter of 2022.At Sanoptis, the cash \ufb02ow projections used are taken from the 2023-2027 plan. For terminal value, Sanoptis uses the Gordon and Shapiro perpetual growth model. The discount rate is based on a study of the cost of capital of groups comparable to Sanoptis Group. The discount rate is 6.72% at December 31, 2022. The impairment test performed on the Sanoptis CGU did not reveal any impairment of the Group\u2019s assets tested at December 31, 2022.At GBL Capital and SIM, the projected cash \ufb02ows derive from the financial budgets made by managements of each respective investment, covering a period of three to five years. The prepared projections are extrapolated and cover a period of ten years. For the terminal value, GBL Capital and SIM use an average of the Gordon and Shapiro perpetual growth model and multiple valuation method. The discount rate used to calculate the value in use is determined based on the weighted average cost of capital of groups comparable to each investment in their respective sector. This rate is adjusted by a country/market risk premium and a specific premium. The average discount rate after taxes was 11.80% in 2022 (11.25% in 2021).At GBL Capital and SIM, these annual tests resulted in the recognition of impairment losses for an amount of EUR 15 million in 2022 (EUR 0 million in 2021).In the table below, the weighted average discount and perpetual growth rates used to calculate the value in use are presented by CGU:2022 2021Discount rate Perpetual growth rate Discount rate Perpetual growth ratePerformance Materials (Imerys)9.02% 1.51%7.48%1.29%High Temperature Materials & Solutions (Imerys)8.64% 1.98%7.75 %2.86%AVERAGE RATE IMERYS 8.89% 1.68% 7. 5 7 % 1.82%AVERAGE RATE WEBHELP 8.77% 2.00% 8.13% 2.00%AVERAGE RATE CANYON 12.69% 1.00% 9.40% 1.00%AVERAGE RATE SANOPTIS 6.72% 1.00% - -AVERAGE RATE GBL CAPITAL AND SIM 11.80% 2.55% 11.25% 1.75%Sensitivity analysisOf the assumptions used, those whose variation has the most significant impact on the financial statements are the forecast cash \ufb02ows, the discount rate and the perpetual growth rate. The group has carried out simulations to measure the impairment losses that would be recognized in the event of unfavorable changes in the assumptions used in the central scenario at December 31, 2022. The changes used for these sensitivity tests are those that the group considers reasonably possible in the context of the test: a 5.00% decrease in forecast cash \ufb02ows; a 1.00% increase in discount rates; and a 1.00% decrease in perpetual growth rates (unchanged at December 31, 2021). As summarized in the table below, the sensitivities performed on the central scenario show a total impairment of EUR - 4 million in case of a 5.00% decrease of the forecasted cash \ufb02ows, EUR - 18 million in case of a 1.00% increase of the discount rates and a total impairment of EUR - 9 million in case of a 1.00% decrease of the perpetual growth rates.Adverse IN EUR MILLIONchangesFORECASTED CASH FLOWS (5%)Impairment loss (3.9)DISCOUNT RATES + 100 bpsImpairment loss (17.5)PERPETUAL GROWTH RATES (100 bps)Impairment loss (8.9)In addition, Imerys carried out a sensitivity exercise incorporating the risks of climate change in the context of a global warming of + 2 degrees Celsius by 2050, as projected by the International Energy Agency (IEA) in its Stated Policies scenario published in the World Energy Outlook in 2019. This scenario, which is one of the three trajectories modeled by the IEA, was chosen by Imerys for this sensitivity exercise because it is reasonably possible. The risks taken into account in this model are heat waves as identified by the S&P Global Trucost Assessment, fires as identified by the FM Global Assessment and the Angstr\u00f6m Index and droughts as identified by the Water Risk Filter of the World Wild Fund for Nature and the Deutsche Investitions- und Entwicklungsgesellschaft. The sites included in the sensitivity exercise are those whose risks are known to be uninsurable in the long term, according to the latest known information as of December 31, 2022, as well as those whose risks are normally insurable but specifically known to be uninsurable due to specific climatic conditions. On this basis, Imerys has estimated for each site the foreseeable frequency of closure and the corresponding cash \ufb02ow losses. As a result of this work, the sensitivity of the risks and opportunities related to climate issues does not highlight any impairment.Note 11Property, plant and equipmentLand and Mineral reserves Fittings, Right-of-use Assets under Other property, Totalbuildingsmachinery, assetsconstructionplant and equipment and equipmentIN EUR MILLIONrolling stockGross carrying amountAs of December 31, 2020651.79 0 7. 24,105.8584.72 27. 51 87. 06,663.7Investments14.265.188.2168.42 0 7. 546.0589.4Changes in group structure/10.4 - 35.1 50.1 - 18.5 114.1Business combinationsDisposals and retirements(2.9)(1.5)(38.1)(43.7)(1.8)(10.3)(98.3)Foreign currency translation 13.2 41.9 141.5 (61.7) 7.7 (0.8) 141.9adjustmentsOther(85.1)(46.6)6 7.7(3.4)(178.4)14.1(231.6)As of December 31, 2021601.6966.14,400.2694.5262.6254.57,179.5Investments13.372.1119.1290.2255.185.4835.2Changes in group structure/243.0 - 468.9 421.9 10.8 104.0 1,248.7Business combinationsDisposals and retirements(21.6)(0.2)(92.0)(35.6)(1.8)(25.5)(176.6)Foreign currency translation 6.4 26.7 30.0 (10.8) 6.9 (6.3) 52.8adjustmentsOther (113.5) (88.2) (908.9) (109.9) (262.3) 308.0 (1,174.9)AS OF DECEMBER 31, 2022 729.2 976.4 4,017.3 1,250.3 271.3 720.1 7,964.6Cumulated depreciationAs of December 31, 2020 (300.2) (481.6) (3,038.0) (195.4) (23.0) (109.5) (4,147.7)Depreciation (15.8) (57.6) (197.7) (129.5) - (30.3) (430.8)Impairment (losses)/reversals(3.6)(22.1)(5.0)(0.3)(1.0)(2.0)(34.0)Disposals and retirements1.31.331.723.30.19.266.7Foreign currency translation (7.9) (22.7) (105.7) 69.8 (0.0) (0.6) (67.0)adjustmentsChanges in group structure/Other48.735.6121.82.3(0.1)(24.8)183.4As of December 31, 2021(277.5)(547.0)(3,193.0)(229.9)(24.1)(158.0)(4,429.5)Depreciation(24.8)(57.0)(186.6)(153.9)(1.7)(78.1)(502.0)Impairment (losses)/reversals(2.3)-0.0--1.5(0.8)Disposals and retirements 12.8 0.2 71.8 29.8 0.3 24.1 138.9Foreign currency translation (4.6) (16.8) (23.3) 2.1 (1.8) 3.0 (41.4)adjustmentsChanges in group structure/Other(77.1)59.7452.5(30.9)22.7(268.2)158.7AS OF DECEMBER 31, 2022 (373.3) (560.9) (2,878.5) (382.8) (4.6) (475.7) (4,675.9)Net carrying amount As of December 31, 2020 351.5 425.6 1 , 0 67.7 389.3 204.5 7 7.4 2,516.1As of December 31, 2021324.1419.01,207.2464.7238.596.52,750.0AS OF DECEMBER 31, 2022 355.8 415.5 1,138.7 8 6 7. 5 266.7 244.4 3,288.6Of which: Holding - - 1.2 11.8 - 2.1 15.2Imerys 2 2 7.7 415.5 8 8 7.1 133.2 228.6 67. 3 1,959.2Webhelp1.8-88.0282.212.0115.3499.4Canyon2.4-13.529.03.5-48.4Affidea101.1-92.5244.21 7. 813.3468.9Sanoptis10.2-31.294.43.444.8184.0GBL Capital and SIM12.60.125.272.81.51.4113.6The depreciation charges for the various periods are shown under \u201cOther operating income (expenses) from investing activities\u201d and \u201cDepreciation/amortization of property, plant, equipment and intangible assets\u2013consolidated operating activities\u201d in the consolidated income statement.LeasesThe group negotiates leases to obtain from the lessee the right to use certain mining, industrial and logistics equipment, as well as immovable administrative, industrial and logistical property. As of December 31, 2022, the value of these rights, recognized in \u201cRight-of-use assets\u201d, amounted to EUR 868 million (EUR 465 million as of December 31, 2021). \u201cRight-of-use assets\u201d represent the following assets:Land and buildings Mineral reserves Fittings, machinery, Assets under Other property, plant Totalequipment and constructionand equipmentIN EUR MILLIONrolling stockGross carrying amountAs of December 31, 2020357.9-98.8-128.0584.7Investments134.2-21.9-12.3168.4Changes in group structure/Business 45.3 - 4.8 - - 50.1combinationsDisposals and retirements(38.3)-(5.4)--(43.7)Foreign currency translation (26.7) - (20.8) - (14.2) (61.7)adjustmentsOther 2.2 - 1.6 - (7.3) (3.4)As of December 31, 2021 474 .7 - 101.0 - 118.8 694.5Investments222.1-41.0-2 7. 2290.2Changes in group structure/Business 298.2 - 114.0 - 9.7 421.9combinationsDisposals and retirements(32.3)-(6.1)-2.7(35.6)Foreign currency translation 1.5 - (16.8) - 4.5 (10.8)adjustmentsOther(78.6)-(21.1)-(10.1)(109.9)AS OF DECEMBER 31, 2022885.6-211.9-152.81,250.3Cumulated depreciationAs of December 31, 2020(92.6)-(54.4)-(48.4)(195.4)Depreciation(89.1)-(21.6)-(18.7)(129.5)Impairment (losses)/reversals(0.3)----(0.3)Disposals and retirements19.8-3.5--23.3Foreign currency translation 32.1 - 23.2 - 14.4 69.8adjustmentsChanges in group structure/Other 0.1 - (2.4) - 4.6 2.3As of December 31, 2021 (129.9) - (51.7) - (48.2) (229.9)Depreciation(104.9)-(26.0)-(22.9)(153.9)Impairment (losses)/reversals0.2-(0.1)-(0.1)-Disposals and retirements2 7.4-2.4--29.8Foreign currency translation (10.9) - 1 7.6 - (4.6) 2.1adjustmentsChanges in group structure/Other(16.8)-(19.0)-4.9(30.9)AS OF DECEMBER 31, 2022(234.9)-(76.9)-(71.0)(382.8)Net carrying amount As of December 31, 2020265.4-44.4-79.5389.3As of December 31, 2021344.8-49.3-70.6464.7AS OF DECEMBER 31, 2022650.7-135.1-81.88 67. 5Of which: Holding11.8----11.8Imerys78.3-32.7-22.2133.2Webhelp 274.6 - 7. 5 - - 282.2Canyon 2 7. 8 - 1.2 - - 29.0Affidea151.8-92.3--244.2Sanoptis84.8-0.3-9.394.4GBL Capital and SIM21.4-1.0-50.472.8The right-of-use and lease liability model is applied to all leases, except leases with a term of 12 months or less, leases of low-value assets and variable lease payments and services, which are recognized in expenses (EUR 55 million in 2022 and EUR 34 million in 2021). As of December 31, 2022, \u201clease liabilities\u201d recognized against \u201cright-of-use assets\u201d amounted to EUR 908 million (EUR 491 million as of December 31, 2021) and generated an interest expense of EUR 36 million recognized in financial income (expenses). in 2022 totaled EUR 253 million, broken down as EUR 217 million for the principal and EUR 36 million in interest, respectively in financing and operating activities in the consolidated statement of cash \ufb02ows (respectively EUR 304 million, EUR 237 million and EUR 67 million in 2021). The group does not generate any material revenue from leasing the freehold assets it owns, nor from the sub-lease of assets leased.Cash payments made ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-131-7": { "value": "and research and development costs (EUR 42 million and EUR 38 million in 2022 and 2021 Research and development costs in 2022 amounted to EUR 42 million (EUR 38 million in 2021).", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-136-4": { "value": "Gains (losses) from disposals, impairments and reversals of Note 6non-current assets related to operating activitiesIN EUR MILLION 2022 2021Impairment on intangible assets and goodwill(108.1)(0.6)Impairment on property, plant and equipment, net of reversals(6.8)(28.6)Reversal of impairment on other non-current assets1.00.2Capital gain/(loss) realized on disposals of investments and activities12.5(1.9)TOTAL (101.4) (30.9)The impairments on intangible assets, goodwill and property, plant and equipment are detailed in the notes 9, 10, 24 and 11 respectively.Impairment testsIn accordance with IAS 36, group companies conduct a yearly impairment test on all their CGUs to the extent that they report goodwill. The recoverable amount of a CGU or an individual asset is the highest of the fair value less the costs of sale and the value in use. In practice, fair value can only be reliably estimated for individual assets and therefore corresponds to recent transaction prices for sales of similar assets. The value in use is the most commonly used measurement basis for CGUs and individual assets.At Imerys, the projected cash \ufb02ows used in their impairment test as of December 31, 2022 are taken from their 2023-2026 plan. This central case was developed using independent analyses of underlying markets. To calculate the terminal growth rate, Imerys uses the Gordon and Shapiro perpetual growth model. The discount rate used to calculate the value in use is determined using the weighted average cost of capital of groups comparable to Imerys in the industrial minerals sector. This rate, set at 8.00% for 2022 (6.75% for 2021), is adjusted for a country-market risk premium, which depending on the CGU or individual assets tested ranged from + 92 to + 174 bps in 2022 (+ 59 to + 120 bps in 2021). In 2022, the average discount rate after income tax amounted to 8.89% (7.57% in 2021). The calculations net of income tax are the same as those that would be performed with cash \ufb02ows and rates before income tax, as required by applicable standards.At Webhelp, the projected cash \ufb02ows used are based on a 5-year business plan, then extrapolated to cover a 10-year period. For the terminal value, Webhelp uses the Gordon and Shapiro perpetual growth model. The definition of the discount rate is based on a study of the cost of capital of groups comparable to Webhelp adjusted for a specific premium of 1.00% in line with the group\u2019s financial structure. It stands at 8.77% as of December 31, 2022 (8.13% as of December 31, 2021).At Canyon, the projected cash \ufb02ows used are based on the 2023-2027 plan. For the terminal value, Canyon uses the Gordon and Shapiro perpetual growth model. The definition of the discount rate is based on a study of the cost of capital of groups comparable to Canyon. It stands at 12.69% as of December 31, 2022. (9.40% as of December 31, 2021)The impairment tests carried out on the various Imerys CGUs did not result in the recognition of any impairment loss as of December 31, 2022 and December 31, 2021.The impairment test carried out on the Webhelp CGU does not reveal any loss in value on the group\u2019s tested assets as of December 31, 2022 and December 31, 2021.The impairment test carried out on the Canyon CGU does not reveal any loss in value on the group\u2019s tested assets as of December 31, 2022.No impairment test was performed on the goodwill of Affidea as the acquisition was completed in the third quarter of 2022.At Sanoptis, the cash \ufb02ow projections used are taken from the 2023-2027 plan. For terminal value, Sanoptis uses the Gordon and Shapiro perpetual growth model. The discount rate is based on a study of the cost of capital of groups comparable to Sanoptis Group. The discount rate is 6.72% at December 31, 2022. The impairment test performed on the Sanoptis CGU did not reveal any impairment of the Group\u2019s assets tested at December 31, 2022.At GBL Capital and SIM, the projected cash \ufb02ows derive from the financial budgets made by managements of each respective investment, covering a period of three to five years. The prepared projections are extrapolated and cover a period of ten years. For the terminal value, GBL Capital and SIM use an average of the Gordon and Shapiro perpetual growth model and multiple valuation method. The discount rate used to calculate the value in use is determined based on the weighted average cost of capital of groups comparable to each investment in their respective sector. This rate is adjusted by a country/market risk premium and a specific premium. The average discount rate after taxes was 11.80% in 2022 (11.25% in 2021).At GBL Capital and SIM, these annual tests resulted in the recognition of impairment losses for an amount of EUR 15 million in 2022 (EUR 0 million in 2021).In the table below, the weighted average discount and perpetual growth rates used to calculate the value in use are presented by CGU:2022 2021Discount rate Perpetual growth rate Discount rate Perpetual growth ratePerformance Materials (Imerys)9.02% 1.51%7.48%1.29%High Temperature Materials & Solutions (Imerys)8.64% 1.98%7.75 %2.86%AVERAGE RATE IMERYS 8.89% 1.68% 7. 5 7 % 1.82%AVERAGE RATE WEBHELP 8.77% 2.00% 8.13% 2.00%AVERAGE RATE CANYON 12.69% 1.00% 9.40% 1.00%AVERAGE RATE SANOPTIS 6.72% 1.00% - -AVERAGE RATE GBL CAPITAL AND SIM 11.80% 2.55% 11.25% 1.75%", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-137-5": { "value": "Note 7Financial income (expenses)IN EUR MILLION 2022 2021Interest income on cash and cash equivalents, non-current assets or other(7.7)2.1Interest expenses on financial liabilities(27.0)(20.1)Gains (losses) on trading securities and derivatives124.0(115.6)Change in the fair value of other equity investments recognized at fair value through profit or loss(487.1)255.5Other financial income13.16.7Other financial expenses(10.7)(19.1)FINANCIAL INCOME (EXPENSES) - INVESTING ACTIVITIES (395.4) 109.6Interest income on cash and cash equivalents and non-current assets6.43.0Interest expenses on financial liabilities(196.5)(127.9)Gains (losses) on trading securities and derivatives(1.8)2.7Other financial income40.330.6Other financial expenses (374.2) (352.1)FINANCIAL INCOME (EXPENSES) - OPERATING ACTIVITIES (525.8) (443.7)Financial income (expenses) from investing activities total EUR - 395 million (compared to EUR 110 million in 2021). They mainly consist of (i) the changes in fair value of other equity investments recognized at fair value in profit or loss for EUR - 487 million (EUR 256 million in 2021), (ii) a total net income of EUR 98 million related to the mark to market of the derivative component associated to the exchangeable bonds into GEA and Pernod Ricard shares and the convertible bonds into GBL shares (a net charge of EUR 140 million 2021), (iii) the result of yield enhancement for EUR 9 million in 2022, including EUR 12 million in revenues generated in 2022 and EUR - 3 million in mark-to-market (against EUR 17 million in 2021) and (iv) the interest charges on GBL\u2019s indebtedness, notably institutional bonds for EUR - 23 million (EUR - 18 million in 2021). Financial income (expenses) from consolidated operating activities essentially result from the changes of the debts on Webhelp\u2019s minority shareholders (founders) for EUR - 255 million (EUR - 293 million in 2021) and interest expenses on Webhelp\u2019s and Imerys\u2019 indebtedness for EUR 95 million and EUR 38 million respectively (EUR 77 million and EUR 37 million in 2021 respectively).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-137-6": { "value": "Note 7Financial income (expenses)IN EUR MILLION 2022 2021Interest income on cash and cash equivalents, non-current assets or other(7.7)2.1Interest expenses on financial liabilities(27.0)(20.1)Gains (losses) on trading securities and derivatives124.0(115.6)Change in the fair value of other equity investments recognized at fair value through profit or loss(487.1)255.5Other financial income13.16.7Other financial expenses(10.7)(19.1)FINANCIAL INCOME (EXPENSES) - INVESTING ACTIVITIES (395.4) 109.6Interest income on cash and cash equivalents and non-current assets6.43.0Interest expenses on financial liabilities(196.5)(127.9)Gains (losses) on trading securities and derivatives(1.8)2.7Other financial income40.330.6Other financial expenses (374.2) (352.1)FINANCIAL INCOME (EXPENSES) - OPERATING ACTIVITIES (525.8) (443.7)Financial income (expenses) from investing activities total EUR - 395 million (compared to EUR 110 million in 2021). They mainly consist of (i) the changes in fair value of other equity investments recognized at fair value in profit or loss for EUR - 487 million (EUR 256 million in 2021), (ii) a total net income of EUR 98 million related to the mark to market of the derivative component associated to the exchangeable bonds into GEA and Pernod Ricard shares and the convertible bonds into GBL shares (a net charge of EUR 140 million 2021), (iii) the result of yield enhancement for EUR 9 million in 2022, including EUR 12 million in revenues generated in 2022 and EUR - 3 million in mark-to-market (against EUR 17 million in 2021) and (iv) the interest charges on GBL\u2019s indebtedness, notably institutional bonds for EUR - 23 million (EUR - 18 million in 2021). Financial income (expenses) from consolidated operating activities essentially result from the changes of the debts on Webhelp\u2019s minority shareholders (founders) for EUR - 255 million (EUR - 293 million in 2021) and interest expenses on Webhelp\u2019s and Imerys\u2019 indebtedness for EUR 95 million and EUR 38 million respectively (EUR 77 million and EUR 37 million in 2021 respectively).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-137-7": { "value": "Note 7Financial income (expenses)IN EUR MILLION 2022 2021Interest income on cash and cash equivalents, non-current assets or other(7.7)2.1Interest expenses on financial liabilities(27.0)(20.1)Gains (losses) on trading securities and derivatives124.0(115.6)Change in the fair value of other equity investments recognized at fair value through profit or loss(487.1)255.5Other financial income13.16.7Other financial expenses(10.7)(19.1)FINANCIAL INCOME (EXPENSES) - INVESTING ACTIVITIES (395.4) 109.6Interest income on cash and cash equivalents and non-current assets6.43.0Interest expenses on financial liabilities(196.5)(127.9)Gains (losses) on trading securities and derivatives(1.8)2.7Other financial income40.330.6Other financial expenses (374.2) (352.1)FINANCIAL INCOME (EXPENSES) - OPERATING ACTIVITIES (525.8) (443.7)Financial income (expenses) from investing activities total EUR - 395 million (compared to EUR 110 million in 2021). They mainly consist of (i) the changes in fair value of other equity investments recognized at fair value in profit or loss for EUR - 487 million (EUR 256 million in 2021), (ii) a total net income of EUR 98 million related to the mark to market of the derivative component associated to the exchangeable bonds into GEA and Pernod Ricard shares and the convertible bonds into GBL shares (a net charge of EUR 140 million 2021), (iii) the result of yield enhancement for EUR 9 million in 2022, including EUR 12 million in revenues generated in 2022 and EUR - 3 million in mark-to-market (against EUR 17 million in 2021) and (iv) the interest charges on GBL\u2019s indebtedness, notably institutional bonds for EUR - 23 million (EUR - 18 million in 2021). Financial income (expenses) from consolidated operating activities essentially result from the changes of the debts on Webhelp\u2019s minority shareholders (founders) for EUR - 255 million (EUR - 293 million in 2021) and interest expenses on Webhelp\u2019s and Imerys\u2019 indebtedness for EUR 95 million and EUR 38 million respectively (EUR 77 million and EUR 37 million in 2021 respectively).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-137-8": { "value": "Note 7Financial income (expenses)IN EUR MILLION 2022 2021Interest income on cash and cash equivalents, non-current assets or other(7.7)2.1Interest expenses on financial liabilities(27.0)(20.1)Gains (losses) on trading securities and derivatives124.0(115.6)Change in the fair value of other equity investments recognized at fair value through profit or loss(487.1)255.5Other financial income13.16.7Other financial expenses(10.7)(19.1)FINANCIAL INCOME (EXPENSES) - INVESTING ACTIVITIES (395.4) 109.6Interest income on cash and cash equivalents and non-current assets6.43.0Interest expenses on financial liabilities(196.5)(127.9)Gains (losses) on trading securities and derivatives(1.8)2.7Other financial income40.330.6Other financial expenses (374.2) (352.1)FINANCIAL INCOME (EXPENSES) - OPERATING ACTIVITIES (525.8) (443.7)Financial income (expenses) from investing activities total EUR - 395 million (compared to EUR 110 million in 2021). They mainly consist of (i) the changes in fair value of other equity investments recognized at fair value in profit or loss for EUR - 487 million (EUR 256 million in 2021), (ii) a total net income of EUR 98 million related to the mark to market of the derivative component associated to the exchangeable bonds into GEA and Pernod Ricard shares and the convertible bonds into GBL shares (a net charge of EUR 140 million 2021), (iii) the result of yield enhancement for EUR 9 million in 2022, including EUR 12 million in revenues generated in 2022 and EUR - 3 million in mark-to-market (against EUR 17 million in 2021) and (iv) the interest charges on GBL\u2019s indebtedness, notably institutional bonds for EUR - 23 million (EUR - 18 million in 2021). Financial income (expenses) from consolidated operating activities essentially result from the changes of the debts on Webhelp\u2019s minority shareholders (founders) for EUR - 255 million (EUR - 293 million in 2021) and interest expenses on Webhelp\u2019s and Imerys\u2019 indebtedness for EUR 95 million and EUR 38 million respectively (EUR 77 million and EUR 37 million in 2021 respectively).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-137-9": { "value": "Note 7Financial income (expenses)IN EUR MILLION 2022 2021Interest income on cash and cash equivalents, non-current assets or other(7.7)2.1Interest expenses on financial liabilities(27.0)(20.1)Gains (losses) on trading securities and derivatives124.0(115.6)Change in the fair value of other equity investments recognized at fair value through profit or loss(487.1)255.5Other financial income13.16.7Other financial expenses(10.7)(19.1)FINANCIAL INCOME (EXPENSES) - INVESTING ACTIVITIES (395.4) 109.6Interest income on cash and cash equivalents and non-current assets6.43.0Interest expenses on financial liabilities(196.5)(127.9)Gains (losses) on trading securities and derivatives(1.8)2.7Other financial income40.330.6Other financial expenses (374.2) (352.1)FINANCIAL INCOME (EXPENSES) - OPERATING ACTIVITIES (525.8) (443.7)Financial income (expenses) from investing activities total EUR - 395 million (compared to EUR 110 million in 2021). They mainly consist of (i) the changes in fair value of other equity investments recognized at fair value in profit or loss for EUR - 487 million (EUR 256 million in 2021), (ii) a total net income of EUR 98 million related to the mark to market of the derivative component associated to the exchangeable bonds into GEA and Pernod Ricard shares and the convertible bonds into GBL shares (a net charge of EUR 140 million 2021), (iii) the result of yield enhancement for EUR 9 million in 2022, including EUR 12 million in revenues generated in 2022 and EUR - 3 million in mark-to-market (against EUR 17 million in 2021) and (iv) the interest charges on GBL\u2019s indebtedness, notably institutional bonds for EUR - 23 million (EUR - 18 million in 2021). Financial income (expenses) from consolidated operating activities essentially result from the changes of the debts on Webhelp\u2019s minority shareholders (founders) for EUR - 255 million (EUR - 293 million in 2021) and interest expenses on Webhelp\u2019s and Imerys\u2019 indebtedness for EUR 95 million and EUR 38 million respectively (EUR 77 million and EUR 37 million in 2021 respectively).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-137-10": { "value": "Note 7Financial income (expenses)IN EUR MILLION 2022 2021Interest income on cash and cash equivalents, non-current assets or other(7.7)2.1Interest expenses on financial liabilities(27.0)(20.1)Gains (losses) on trading securities and derivatives124.0(115.6)Change in the fair value of other equity investments recognized at fair value through profit or loss(487.1)255.5Other financial income13.16.7Other financial expenses(10.7)(19.1)FINANCIAL INCOME (EXPENSES) - INVESTING ACTIVITIES (395.4) 109.6Interest income on cash and cash equivalents and non-current assets6.43.0Interest expenses on financial liabilities(196.5)(127.9)Gains (losses) on trading securities and derivatives(1.8)2.7Other financial income40.330.6Other financial expenses (374.2) (352.1)FINANCIAL INCOME (EXPENSES) - OPERATING ACTIVITIES (525.8) (443.7)Financial income (expenses) from investing activities total EUR - 395 million (compared to EUR 110 million in 2021). They mainly consist of (i) the changes in fair value of other equity investments recognized at fair value in profit or loss for EUR - 487 million (EUR 256 million in 2021), (ii) a total net income of EUR 98 million related to the mark to market of the derivative component associated to the exchangeable bonds into GEA and Pernod Ricard shares and the convertible bonds into GBL shares (a net charge of EUR 140 million 2021), (iii) the result of yield enhancement for EUR 9 million in 2022, including EUR 12 million in revenues generated in 2022 and EUR - 3 million in mark-to-market (against EUR 17 million in 2021) and (iv) the interest charges on GBL\u2019s indebtedness, notably institutional bonds for EUR - 23 million (EUR - 18 million in 2021). Financial income (expenses) from consolidated operating activities essentially result from the changes of the debts on Webhelp\u2019s minority shareholders (founders) for EUR - 255 million (EUR - 293 million in 2021) and interest expenses on Webhelp\u2019s and Imerys\u2019 indebtedness for EUR 95 million and EUR 38 million respectively (EUR 77 million and EUR 37 million in 2021 respectively).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-137-11": { "value": "Note 7Financial income (expenses)IN EUR MILLION 2022 2021Interest income on cash and cash equivalents, non-current assets or other(7.7)2.1Interest expenses on financial liabilities(27.0)(20.1)Gains (losses) on trading securities and derivatives124.0(115.6)Change in the fair value of other equity investments recognized at fair value through profit or loss(487.1)255.5Other financial income13.16.7Other financial expenses(10.7)(19.1)FINANCIAL INCOME (EXPENSES) - INVESTING ACTIVITIES (395.4) 109.6Interest income on cash and cash equivalents and non-current assets6.43.0Interest expenses on financial liabilities(196.5)(127.9)Gains (losses) on trading securities and derivatives(1.8)2.7Other financial income40.330.6Other financial expenses (374.2) (352.1)FINANCIAL INCOME (EXPENSES) - OPERATING ACTIVITIES (525.8) (443.7)Financial income (expenses) from investing activities total EUR - 395 million (compared to EUR 110 million in 2021). They mainly consist of (i) the changes in fair value of other equity investments recognized at fair value in profit or loss for EUR - 487 million (EUR 256 million in 2021), (ii) a total net income of EUR 98 million related to the mark to market of the derivative component associated to the exchangeable bonds into GEA and Pernod Ricard shares and the convertible bonds into GBL shares (a net charge of EUR 140 million 2021), (iii) the result of yield enhancement for EUR 9 million in 2022, including EUR 12 million in revenues generated in 2022 and EUR - 3 million in mark-to-market (against EUR 17 million in 2021) and (iv) the interest charges on GBL\u2019s indebtedness, notably institutional bonds for EUR - 23 million (EUR - 18 million in 2021). Financial income (expenses) from consolidated operating activities essentially result from the changes of the debts on Webhelp\u2019s minority shareholders (founders) for EUR - 255 million (EUR - 293 million in 2021) and interest expenses on Webhelp\u2019s and Imerys\u2019 indebtedness for EUR 95 million and EUR 38 million respectively (EUR 77 million and EUR 37 million in 2021 respectively).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-139-3": { "value": "Note 8TurnoverThe table below presents the split of the revenue into sales of goods, services provided and other:IN EUR MILLION 2022 2021Sales of goods 4,638.0 3,800.6Services provided 3,451.4 2,440.5Other19.21.9TOTAL 8,108.6 6,243.0The table below presents the split by cash generating unit:IN EUR MILLION 2022 2021Performance Materials 2,844.2 2,425.8High Temperature Materials & Solutions 1,436.0 1,237.8Holdings 1.4 1.1Imerys4,281.63,664.7Webhelp2,485.32,080.6Canyon 644.9 344.8Affidea306.6-Sanoptis 180.1 -Vanreusel72.559.2Indo28.453.1Sausalitos46.731.8Sienna Real Estate15.58.8Sienna Private Credit8.6-Sienna Gestion38.6-GBL Capital and SIM210.2152.9TOTAL 8,108.6 6,243.0The breakdown of the group\u2019s turnover by geographic region is as follows:IN EUR MILLION 2022 2021Belgium159.3143.2Other European countries4,729.03,389.2Americas1,958.01,350.9Asia1,080.69 2 7. 1Other181.7432.6TOTAL 8,108.6 6,243.0The following table presents a different breakdown of revenue by the time at which goods and services are transferred to customers, distinguishing between goods and services transferred to customers at a given point in time and services transferred to customers over time:IN EUR MILLION 2022 2018Goods and services transferred to customers at a specific time4,768.53,834.8Services progressively transferred to customers3,340.12,408.2TOTAL 8,108.6 6,243.0At Imerys\u2019 level, main contributor to the turnover, the breakdown of revenue by geographical location of its operations and geographical location of its customers is as follows:IN EUR MILLION 2022 2021Turnover breakdown by geographic areasEurope2,204.11,892.4Asia-Oceania616.5560.0North America1,215.41,030.6Other245.6181.7TOTAL 4,281.6 3,664.7IN EUR MILLION 2022 2021Turnover breakdown by geographic areas of the clientsEurope1,868.21,621.6Asia-Oceania903.5806.2North America1,149.7961.9Other360.2275.0TOTAL 4,281.6 3,664.7", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-139-4": { "value": "Note 8TurnoverThe table below presents the split of the revenue into sales of goods, services provided and other:IN EUR MILLION 2022 2021Sales of goods 4,638.0 3,800.6Services provided 3,451.4 2,440.5Other19.21.9TOTAL 8,108.6 6,243.0The table below presents the split by cash generating unit:IN EUR MILLION 2022 2021Performance Materials 2,844.2 2,425.8High Temperature Materials & Solutions 1,436.0 1,237.8Holdings 1.4 1.1Imerys4,281.63,664.7Webhelp2,485.32,080.6Canyon 644.9 344.8Affidea306.6-Sanoptis 180.1 -Vanreusel72.559.2Indo28.453.1Sausalitos46.731.8Sienna Real Estate15.58.8Sienna Private Credit8.6-Sienna Gestion38.6-GBL Capital and SIM210.2152.9TOTAL 8,108.6 6,243.0The breakdown of the group\u2019s turnover by geographic region is as follows:IN EUR MILLION 2022 2021Belgium159.3143.2Other European countries4,729.03,389.2Americas1,958.01,350.9Asia1,080.69 2 7. 1Other181.7432.6TOTAL 8,108.6 6,243.0The following table presents a different breakdown of revenue by the time at which goods and services are transferred to customers, distinguishing between goods and services transferred to customers at a given point in time and services transferred to customers over time:IN EUR MILLION 2022 2018Goods and services transferred to customers at a specific time4,768.53,834.8Services progressively transferred to customers3,340.12,408.2TOTAL 8,108.6 6,243.0At Imerys\u2019 level, main contributor to the turnover, the breakdown of revenue by geographical location of its operations and geographical location of its customers is as follows:IN EUR MILLION 2022 2021Turnover breakdown by geographic areasEurope2,204.11,892.4Asia-Oceania616.5560.0North America1,215.41,030.6Other245.6181.7TOTAL 4,281.6 3,664.7IN EUR MILLION 2022 2021Turnover breakdown by geographic areas of the clientsEurope1,868.21,621.6Asia-Oceania903.5806.2North America1,149.7961.9Other360.2275.0TOTAL 4,281.6 3,664.7", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-141-4": { "value": "Note 9Intangible assetsSoftware Mining rights Patents, Trade-Customer Other Totallicenses and marksrelationsIN EUR MILLIONconcessionsGross carrying amount As of December 31, 2020 199.9 3.5 248.4 176.5 498.7 193.6 1,320.5Investments36.8(0.6)0.6--12.949.7Changes in group structure/Business 7. 2 - 33.3 304.4 282.0 76.3 703.3combinationsTransfers between categories20.6(0.2)(35.9)(1.8)41.5(20.2)3.9Disposals and retirements(2.1)-(1.5)--(3.0)(6.6)Foreign currency translation adjustments4.00.1(9.4)-(0.6)10.54.6Other-----(0.8)(0.8)As of December 31, 2021266.52.8235.5479.1821.6269.22,074.6Investments 29.0 0.2 0.8 - - 55.3 85.3Changes in group structure/Business 8.2 - 13.4 86.0 713.2 542.9 1,363.6combinationsTransfers between categories14.0-(3.2)--(12.5)(1.8)Disposals and retirements(9.7)-(7.8)(10.2)(19.7)(6.3)(53.7)Foreign currency translation adjustments1.10.0(3.3)-4.31.73.8Other(11.6)(0.4)(35.7)(0.1)(0.3)(16.7)(64.7)AS OF DECEMBER 31, 2022 2 97. 4 2.6 199.8 554.8 1,519.1 833.5 3 ,4 0 7. 2Cumulated amortizationAs of December 31, 2020(128.1)(1.0)(41.9)(4.4)(38.4)(106.1)(319.8)Amortization(28.7)0.1(8.6)(9.9)(55.5)(34.1)(136.6)Impairment (losses)/reversals(0.3)-(0.2)--(0.0)(0.5)Transfers between categories(12.6)0.39.92.1(15.1)10.8(4.7)Disposals and retirements1.9-1.0--3.15.9Foreign currency translation adjustments (3.5) (0.0) (0.8) - (0.1) (1.0) (5.5)Changes in group structure/Other(3.9)-2.0-0.0(1.4)(3.3)As of December 31, 2021(175.3)(0.7)(38.6)(12.2)(109.0)(128.8)(464.6)Amortization(32.5)(0.2)(2.6)(15.2)(85.8)(24.8)(161.1)Impairment (losses)/reversals-----(0.1)(0.1)Transfers between categories(2.9)-2.6--1.91.6Disposals and retirements10.2-7.14.07.70.329.3Foreign currency translation adjustments(1.2)(0.0)(0.1)-0.6(1.1)(1.9)Changes in group structure/Other6.70.16.4-0.111.925.1AS OF DECEMBER 31, 2022 (195.1) (0.7) (25.2) (23.4) (186.4) (140.7) (571.6)Net carrying amount As of December 31, 202071.82.5206.5172.1460.38 7. 51,000.7As of December 31, 202191.12.1196.8466.9712.7140.51,610.0AS OF DECEMBER 31, 2022 102.3 1.9 1 74.5 531.4 1,332.7 692.8 2,835.6Of which: Holding0.5----0.61.1Imerys52.01.91 4 7. 8--85.92 87. 5Webhelp42.0 - 4.4 148.3 622.3 16.6 833.6Canyon 1.2 - 3.3 286.5 36.5 45.9 373.4Affidea3.4--78.2508.1-589.7Sanoptis0.8-0.25.2129.35 2 7. 9663.5GBL Capital and SIM2.4-18.913.236.516.086.8The intangible assets with an indefinite useful life amount to EUR 653 million as of December 31, 2022 \u2013 presented under the heading \u201cTrademarks\u201d and \u201cOther\u201d (EUR 155 million as of December 31, 2021 \u2013 presented under the heading \u201cTrademarks\u201d and \u201cOther\u201d). These mainly include the valuation at Sanoptis of the rights to receive insured patients (EUR 498 million). are shown under \u201cOther operating income (expenses) from investing activities\u201d and \u201cDepreciation/ amortization of property, plant, equipment and intangible assets\u2013consolidated operating activities\u201d in the consolidated income statement.The depreciation charges for the various periods Research and development costs in 2022 amounted to EUR 42 million (EUR 38 million in 2021).The heading \u201cChanges in group structure/Business combinations\u201d in 2022 includes mainly the impact of the acquisitions of Sanoptis and Affidea.Regarding the emission rights, Imerys is subject to greenhouse gas regulation schemes at eleven of its facilities in Europe and one facility in the US. In 2022, Imerys used 100.0% of the emission rights allocated to its eligible facilities (100.0% in 2021). As the estimated volume of greenhouse gas emissions exceeded the emission rights in 2022, the group has set aside a provision of EUR 8 million at December 31, 2022 to cover the deficit (EUR 1 million at December 31, 2021).Note 10GoodwillIN EUR MILLION 2022 2021Gross carrying amount As of January 14,750.64,062.5Changes in group structure/Business combinations 1,916.1 659.8Foreign currency translation adjustments 45.4 33.6Subsequent value adjustments3.6(5.0)Disposals(42.0)(0.3)Other(314.5)-As of December 316,359.1 4,750.6Cumulated impairment lossesAs of January 1(96.3)(87.3)Impairment losses(123.4)(0.0)Foreign currency translation adjustments(2.9)(9.0)Other 122.0 0.0As of December 31(100.6)(96.3)NET CARRYING AMOUNT AS OF DECEMBER, 31 6,258.5 4,654.4Of which: Holding--Imerys1,852.22,144.7Webhelp2,128.32,063.5Canyon309.1309.1Affidea889.2-Sanoptis965.9-GBL Capital and SIM 113.9 1 3 7.1As of December 31, 2022, this caption is made up of EUR 1,852 million of goodwill generated by Imerys\u2019 various business lines, EUR 2,128 million of goodwill from the acquisitions of Webhelp group and from OneLink by Webhelp, EUR 309 million of goodwill from the Canyon group acquisition, EUR 889 million of goodwill from the Affidea group acquisition, EUR 966 million of goodwill from the Sanoptis group acquisition and EUR 114 million of goodwill on acquisitions by GBL Capital and Sienna Investment Managers (EUR 2,145 million, EUR 2,064 million, EUR 309 million, EUR 0 million, EUR 0 million and EUR 137 million respectively as of December 31, 2021).Definition of cash generating units (CGU)GBL\u2019s management has retained the judgements made by Imerys, Webhelp, Canyon, Affidea, Sanoptis and GBL Capital and Sienna Investment Managers in the definition of CGUs.At Imerys, as goodwill feeds into the business management indicators monitored by the management, it is tested for impairment at the same levels as those monitored by the management, which are as follows: Performance Minerals Europe, Middle East and Africa (PMEMEA), Performance Minerals Americas (PMA), Performance Minerals Asia Pacific (PMAPAC) excluding G&C and Graphite & Carbon (G&C) within the Performance Minerals (PM) segment; and High Temperature Solutions (HTS) and Refractory, Abrasives & Construction (RAC) within the High Temperature Materials & Solutions (HTMS) segment. As most of the High Temperature Solutions business line and all the business serving the paper market are designated as discontinued operations and assets held for sale respectively (see Note 24), their assets are excluded from the scope of this test. Other than goodwill, all assets within Imerys including right-of-use assets net of lease liabilities and mining assets are covered within the scope of these tests.At Webhelp, the activity of the Webhelp group is reported through a single CGU, the Webhelp CGU.At Canyon, the operational reporting and thus the goodwill management is carried out at the highest level, i.e. GoForGold Holding, which represents the only identified CGU.At Affidea, the activity of the group is reported through a single CGU, the Affidea CGU.At Sanoptis, the activity of the group is reported through a single CGU, the Sanoptis CGU.At GBL Capital and Sienna Investment Managers level, the goodwill is allocated to each investment.In the table below, the carrying amount and the goodwill impairment loss are presented by CGU:2022 2021Net carrying Cumulated Net carrying Cumulated amountimpairment amountimpairment IN EUR MILLIONlosseslossesWebhelp 2,128.3 - 2,063.5 -Performance Materials (Imerys) 1,100.2 (5.5) 1,201.4 (2.4)Sanoptis 965.9 - - -Affidea889.2 ---High Temperature Materials & Solutions (Imerys)751.2 (79.7)942.5(93.9)Canyon309.1 -309.1-Vanreusel (GBL Capital)59.2 -59.2-Sienna Gestion (SIM)18.3 ---Sausalitos (GBL Capital)15.0 -15.0-Sienna Private Credit (SIM)14.4 ---Sienna Real Estate (SIM) 7. 0 (15.4) 22.4 -Holdings (Imerys) 0.8 - 0.8 -Indo (GBL Capital)- -40.5-TOTAL 6,258.5 (100.6) 4,654.4 (96.3)Impairment testsIn accordance with IAS 36, group companies conduct a yearly impairment test on all their CGUs to the extent that they report goodwill. The recoverable amount of a CGU or an individual asset is the highest of the fair value less the costs of sale and the value in use. In practice, fair value can only be reliably estimated for individual assets and therefore corresponds to recent transaction prices for sales of similar assets. The value in use is the most commonly used measurement basis for CGUs and individual assets.At Imerys, the projected cash \ufb02ows used in their impairment test as of December 31, 2022 are taken from their 2023-2026 plan. This central case was developed using independent analyses of underlying markets. To calculate the terminal growth rate, Imerys uses the Gordon and Shapiro perpetual growth model. The discount rate used to calculate the value in use is determined using the weighted average cost of capital of groups comparable to Imerys in the industrial minerals sector. This rate, set at 8.00% for 2022 (6.75% for 2021), is adjusted for a country-market risk premium, which depending on the CGU or individual assets tested ranged from + 92 to + 174 bps in 2022 (+ 59 to + 120 bps in 2021). In 2022, the average discount rate after income tax amounted to 8.89% (7.57% in 2021). The calculations net of income tax are the same as those that would be performed with cash \ufb02ows and rates before income tax, as required by applicable standards.At Webhelp, the projected cash \ufb02ows used are based on a 5-year business plan, then extrapolated to cover a 10-year period. For the terminal value, Webhelp uses the Gordon and Shapiro perpetual growth model. The definition of the discount rate is based on a study of the cost of capital of groups comparable to Webhelp adjusted for a specific premium of 1.00% in line with the group\u2019s financial structure. It stands at 8.77% as of December 31, 2022 (8.13% as of December 31, 2021).At Canyon, the projected cash \ufb02ows used are based on the 2023-2027 plan. For the terminal value, Canyon uses the Gordon and Shapiro perpetual growth model. The definition of the discount rate is based on a study of the cost of capital of groups comparable to Canyon. It stands at 12.69% as of December 31, 2022. (9.40% as of December 31, 2021)The impairment tests carried out on the various Imerys CGUs did not result in the recognition of any impairment loss as of December 31, 2022 and December 31, 2021.The impairment test carried out on the Webhelp CGU does not reveal any loss in value on the group\u2019s tested assets as of December 31, 2022 and December 31, 2021.The impairment test carried out on the Canyon CGU does not reveal any loss in value on the group\u2019s tested assets as of December 31, 2022.No impairment test was performed on the goodwill of Affidea as the acquisition was completed in the third quarter of 2022.At Sanoptis, the cash \ufb02ow projections used are taken from the 2023-2027 plan. For terminal value, Sanoptis uses the Gordon and Shapiro perpetual growth model. The discount rate is based on a study of the cost of capital of groups comparable to Sanoptis Group. The discount rate is 6.72% at December 31, 2022. The impairment test performed on the Sanoptis CGU did not reveal any impairment of the Group\u2019s assets tested at December 31, 2022.At GBL Capital and SIM, the projected cash \ufb02ows derive from the financial budgets made by managements of each respective investment, covering a period of three to five years. The prepared projections are extrapolated and cover a period of ten years. For the terminal value, GBL Capital and SIM use an average of the Gordon and Shapiro perpetual growth model and multiple valuation method. The discount rate used to calculate the value in use is determined based on the weighted average cost of capital of groups comparable to each investment in their respective sector. This rate is adjusted by a country/market risk premium and a specific premium. The average discount rate after taxes was 11.80% in 2022 (11.25% in 2021).At GBL Capital and SIM, these annual tests resulted in the recognition of impairment losses for an amount of EUR 15 million in 2022 (EUR 0 million in 2021).In the table below, the weighted average discount and perpetual growth rates used to calculate the value in use are presented by CGU:2022 2021Discount rate Perpetual growth rate Discount rate Perpetual growth ratePerformance Materials (Imerys)9.02% 1.51%7.48%1.29%High Temperature Materials & Solutions (Imerys)8.64% 1.98%7.75 %2.86%AVERAGE RATE IMERYS 8.89% 1.68% 7. 5 7 % 1.82%AVERAGE RATE WEBHELP 8.77% 2.00% 8.13% 2.00%AVERAGE RATE CANYON 12.69% 1.00% 9.40% 1.00%AVERAGE RATE SANOPTIS 6.72% 1.00% - -AVERAGE RATE GBL CAPITAL AND SIM 11.80% 2.55% 11.25% 1.75%Sensitivity analysisOf the assumptions used, those whose variation has the most significant impact on the financial statements are the forecast cash \ufb02ows, the discount rate and the perpetual growth rate. The group has carried out simulations to measure the impairment losses that would be recognized in the event of unfavorable changes in the assumptions used in the central scenario at December 31, 2022. The changes used for these sensitivity tests are those that the group considers reasonably possible in the context of the test: a 5.00% decrease in forecast cash \ufb02ows; a 1.00% increase in discount rates; and a 1.00% decrease in perpetual growth rates (unchanged at December 31, 2021). As summarized in the table below, the sensitivities performed on the central scenario show a total impairment of EUR - 4 million in case of a 5.00% decrease of the forecasted cash \ufb02ows, EUR - 18 million in case of a 1.00% increase of the discount rates and a total impairment of EUR - 9 million in case of a 1.00% decrease of the perpetual growth rates.Adverse IN EUR MILLIONchangesFORECASTED CASH FLOWS (5%)Impairment loss (3.9)DISCOUNT RATES + 100 bpsImpairment loss (17.5)PERPETUAL GROWTH RATES (100 bps)Impairment loss (8.9)In addition, Imerys carried out a sensitivity exercise incorporating the risks of climate change in the context of a global warming of + 2 degrees Celsius by 2050, as projected by the International Energy Agency (IEA) in its Stated Policies scenario published in the World Energy Outlook in 2019. This scenario, which is one of the three trajectories modeled by the IEA, was chosen by Imerys for this sensitivity exercise because it is reasonably possible. The risks taken into account in this model are heat waves as identified by the S&P Global Trucost Assessment, fires as identified by the FM Global Assessment and the Angstr\u00f6m Index and droughts as identified by the Water Risk Filter of the World Wild Fund for Nature and the Deutsche Investitions- und Entwicklungsgesellschaft. The sites included in the sensitivity exercise are those whose risks are known to be uninsurable in the long term, according to the latest known information as of December 31, 2022, as well as those whose risks are normally insurable but specifically known to be uninsurable due to specific climatic conditions. On this basis, Imerys has estimated for each site the foreseeable frequency of closure and the corresponding cash \ufb02ow losses. As a result of this work, the sensitivity of the risks and opportunities related to climate issues does not highlight any impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-148-4": { "value": "Note 10GoodwillIN EUR MILLION 2022 2021Gross carrying amount As of January 14,750.64,062.5Changes in group structure/Business combinations 1,916.1 659.8Foreign currency translation adjustments 45.4 33.6Subsequent value adjustments3.6(5.0)Disposals(42.0)(0.3)Other(314.5)-As of December 316,359.1 4,750.6Cumulated impairment lossesAs of January 1(96.3)(87.3)Impairment losses(123.4)(0.0)Foreign currency translation adjustments(2.9)(9.0)Other 122.0 0.0As of December 31(100.6)(96.3)NET CARRYING AMOUNT AS OF DECEMBER, 31 6,258.5 4,654.4Of which: Holding--Imerys1,852.22,144.7Webhelp2,128.32,063.5Canyon309.1309.1Affidea889.2-Sanoptis965.9-GBL Capital and SIM 113.9 1 3 7.1As of December 31, 2022, this caption is made up of EUR 1,852 million of goodwill generated by Imerys\u2019 various business lines, EUR 2,128 million of goodwill from the acquisitions of Webhelp group and from OneLink by Webhelp, EUR 309 million of goodwill from the Canyon group acquisition, EUR 889 million of goodwill from the Affidea group acquisition, EUR 966 million of goodwill from the Sanoptis group acquisition and EUR 114 million of goodwill on acquisitions by GBL Capital and Sienna Investment Managers (EUR 2,145 million, EUR 2,064 million, EUR 309 million, EUR 0 million, EUR 0 million and EUR 137 million respectively as of December 31, 2021).Definition of cash generating units (CGU)GBL\u2019s management has retained the judgements made by Imerys, Webhelp, Canyon, Affidea, Sanoptis and GBL Capital and Sienna Investment Managers in the definition of CGUs.At Imerys, as goodwill feeds into the business management indicators monitored by the management, it is tested for impairment at the same levels as those monitored by the management, which are as follows: Performance Minerals Europe, Middle East and Africa (PMEMEA), Performance Minerals Americas (PMA), Performance Minerals Asia Pacific (PMAPAC) excluding G&C and Graphite & Carbon (G&C) within the Performance Minerals (PM) segment; and High Temperature Solutions (HTS) and Refractory, Abrasives & Construction (RAC) within the High Temperature Materials & Solutions (HTMS) segment. As most of the High Temperature Solutions business line and all the business serving the paper market are designated as discontinued operations and assets held for sale respectively (see Note 24), their assets are excluded from the scope of this test. Other than goodwill, all assets within Imerys including right-of-use assets net of lease liabilities and mining assets are covered within the scope of these tests.At Webhelp, the activity of the Webhelp group is reported through a single CGU, the Webhelp CGU.At Canyon, the operational reporting and thus the goodwill management is carried out at the highest level, i.e. GoForGold Holding, which represents the only identified CGU.At Affidea, the activity of the group is reported through a single CGU, the Affidea CGU.At Sanoptis, the activity of the group is reported through a single CGU, the Sanoptis CGU.At GBL Capital and Sienna Investment Managers level, the goodwill is allocated to each investment.In the table below, the carrying amount and the goodwill impairment loss are presented by CGU:2022 2021Net carrying Cumulated Net carrying Cumulated amountimpairment amountimpairment IN EUR MILLIONlosseslossesWebhelp 2,128.3 - 2,063.5 -Performance Materials (Imerys) 1,100.2 (5.5) 1,201.4 (2.4)Sanoptis 965.9 - - -Affidea889.2 ---High Temperature Materials & Solutions (Imerys)751.2 (79.7)942.5(93.9)Canyon309.1 -309.1-Vanreusel (GBL Capital)59.2 -59.2-Sienna Gestion (SIM)18.3 ---Sausalitos (GBL Capital)15.0 -15.0-Sienna Private Credit (SIM)14.4 ---Sienna Real Estate (SIM) 7. 0 (15.4) 22.4 -Holdings (Imerys) 0.8 - 0.8 -Indo (GBL Capital)- -40.5-TOTAL 6,258.5 (100.6) 4,654.4 (96.3)Impairment testsIn accordance with IAS 36, group companies conduct a yearly impairment test on all their CGUs to the extent that they report goodwill. The recoverable amount of a CGU or an individual asset is the highest of the fair value less the costs of sale and the value in use. In practice, fair value can only be reliably estimated for individual assets and therefore corresponds to recent transaction prices for sales of similar assets. The value in use is the most commonly used measurement basis for CGUs and individual assets.At Imerys, the projected cash \ufb02ows used in their impairment test as of December 31, 2022 are taken from their 2023-2026 plan. This central case was developed using independent analyses of underlying markets. To calculate the terminal growth rate, Imerys uses the Gordon and Shapiro perpetual growth model. The discount rate used to calculate the value in use is determined using the weighted average cost of capital of groups comparable to Imerys in the industrial minerals sector. This rate, set at 8.00% for 2022 (6.75% for 2021), is adjusted for a country-market risk premium, which depending on the CGU or individual assets tested ranged from + 92 to + 174 bps in 2022 (+ 59 to + 120 bps in 2021). In 2022, the average discount rate after income tax amounted to 8.89% (7.57% in 2021). The calculations net of income tax are the same as those that would be performed with cash \ufb02ows and rates before income tax, as required by applicable standards.At Webhelp, the projected cash \ufb02ows used are based on a 5-year business plan, then extrapolated to cover a 10-year period. For the terminal value, Webhelp uses the Gordon and Shapiro perpetual growth model. The definition of the discount rate is based on a study of the cost of capital of groups comparable to Webhelp adjusted for a specific premium of 1.00% in line with the group\u2019s financial structure. It stands at 8.77% as of December 31, 2022 (8.13% as of December 31, 2021).At Canyon, the projected cash \ufb02ows used are based on the 2023-2027 plan. For the terminal value, Canyon uses the Gordon and Shapiro perpetual growth model. The definition of the discount rate is based on a study of the cost of capital of groups comparable to Canyon. It stands at 12.69% as of December 31, 2022. (9.40% as of December 31, 2021)The impairment tests carried out on the various Imerys CGUs did not result in the recognition of any impairment loss as of December 31, 2022 and December 31, 2021.The impairment test carried out on the Webhelp CGU does not reveal any loss in value on the group\u2019s tested assets as of December 31, 2022 and December 31, 2021.The impairment test carried out on the Canyon CGU does not reveal any loss in value on the group\u2019s tested assets as of December 31, 2022.No impairment test was performed on the goodwill of Affidea as the acquisition was completed in the third quarter of 2022.At Sanoptis, the cash \ufb02ow projections used are taken from the 2023-2027 plan. For terminal value, Sanoptis uses the Gordon and Shapiro perpetual growth model. The discount rate is based on a study of the cost of capital of groups comparable to Sanoptis Group. The discount rate is 6.72% at December 31, 2022. The impairment test performed on the Sanoptis CGU did not reveal any impairment of the Group\u2019s assets tested at December 31, 2022.At GBL Capital and SIM, the projected cash \ufb02ows derive from the financial budgets made by managements of each respective investment, covering a period of three to five years. The prepared projections are extrapolated and cover a period of ten years. For the terminal value, GBL Capital and SIM use an average of the Gordon and Shapiro perpetual growth model and multiple valuation method. The discount rate used to calculate the value in use is determined based on the weighted average cost of capital of groups comparable to each investment in their respective sector. This rate is adjusted by a country/market risk premium and a specific premium. The average discount rate after taxes was 11.80% in 2022 (11.25% in 2021).At GBL Capital and SIM, these annual tests resulted in the recognition of impairment losses for an amount of EUR 15 million in 2022 (EUR 0 million in 2021).In the table below, the weighted average discount and perpetual growth rates used to calculate the value in use are presented by CGU:2022 2021Discount rate Perpetual growth rate Discount rate Perpetual growth ratePerformance Materials (Imerys)9.02% 1.51%7.48%1.29%High Temperature Materials & Solutions (Imerys)8.64% 1.98%7.75 %2.86%AVERAGE RATE IMERYS 8.89% 1.68% 7. 5 7 % 1.82%AVERAGE RATE WEBHELP 8.77% 2.00% 8.13% 2.00%AVERAGE RATE CANYON 12.69% 1.00% 9.40% 1.00%AVERAGE RATE SANOPTIS 6.72% 1.00% - -AVERAGE RATE GBL CAPITAL AND SIM 11.80% 2.55% 11.25% 1.75%Sensitivity analysisOf the assumptions used, those whose variation has the most significant impact on the financial statements are the forecast cash \ufb02ows, the discount rate and the perpetual growth rate. The group has carried out simulations to measure the impairment losses that would be recognized in the event of unfavorable changes in the assumptions used in the central scenario at December 31, 2022. The changes used for these sensitivity tests are those that the group considers reasonably possible in the context of the test: a 5.00% decrease in forecast cash \ufb02ows; a 1.00% increase in discount rates; and a 1.00% decrease in perpetual growth rates (unchanged at December 31, 2021). As summarized in the table below, the sensitivities performed on the central scenario show a total impairment of EUR - 4 million in case of a 5.00% decrease of the forecasted cash \ufb02ows, EUR - 18 million in case of a 1.00% increase of the discount rates and a total impairment of EUR - 9 million in case of a 1.00% decrease of the perpetual growth rates.Adverse IN EUR MILLIONchangesFORECASTED CASH FLOWS (5%)Impairment loss (3.9)DISCOUNT RATES + 100 bpsImpairment loss (17.5)PERPETUAL GROWTH RATES (100 bps)Impairment loss (8.9)In addition, Imerys carried out a sensitivity exercise incorporating the risks of climate change in the context of a global warming of + 2 degrees Celsius by 2050, as projected by the International Energy Agency (IEA) in its Stated Policies scenario published in the World Energy Outlook in 2019. This scenario, which is one of the three trajectories modeled by the IEA, was chosen by Imerys for this sensitivity exercise because it is reasonably possible. The risks taken into account in this model are heat waves as identified by the S&P Global Trucost Assessment, fires as identified by the FM Global Assessment and the Angstr\u00f6m Index and droughts as identified by the Water Risk Filter of the World Wild Fund for Nature and the Deutsche Investitions- und Entwicklungsgesellschaft. The sites included in the sensitivity exercise are those whose risks are known to be uninsurable in the long term, according to the latest known information as of December 31, 2022, as well as those whose risks are normally insurable but specifically known to be uninsurable due to specific climatic conditions. On this basis, Imerys has estimated for each site the foreseeable frequency of closure and the corresponding cash \ufb02ow losses. As a result of this work, the sensitivity of the risks and opportunities related to climate issues does not highlight any impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-148-5": { "value": "Note 10GoodwillIN EUR MILLION 2022 2021Gross carrying amount As of January 14,750.64,062.5Changes in group structure/Business combinations 1,916.1 659.8Foreign currency translation adjustments 45.4 33.6Subsequent value adjustments3.6(5.0)Disposals(42.0)(0.3)Other(314.5)-As of December 316,359.1 4,750.6Cumulated impairment lossesAs of January 1(96.3)(87.3)Impairment losses(123.4)(0.0)Foreign currency translation adjustments(2.9)(9.0)Other 122.0 0.0As of December 31(100.6)(96.3)NET CARRYING AMOUNT AS OF DECEMBER, 31 6,258.5 4,654.4Of which: Holding--Imerys1,852.22,144.7Webhelp2,128.32,063.5Canyon309.1309.1Affidea889.2-Sanoptis965.9-GBL Capital and SIM 113.9 1 3 7.1As of December 31, 2022, this caption is made up of EUR 1,852 million of goodwill generated by Imerys\u2019 various business lines, EUR 2,128 million of goodwill from the acquisitions of Webhelp group and from OneLink by Webhelp, EUR 309 million of goodwill from the Canyon group acquisition, EUR 889 million of goodwill from the Affidea group acquisition, EUR 966 million of goodwill from the Sanoptis group acquisition and EUR 114 million of goodwill on acquisitions by GBL Capital and Sienna Investment Managers (EUR 2,145 million, EUR 2,064 million, EUR 309 million, EUR 0 million, EUR 0 million and EUR 137 million respectively as of December 31, 2021).Definition of cash generating units (CGU)GBL\u2019s management has retained the judgements made by Imerys, Webhelp, Canyon, Affidea, Sanoptis and GBL Capital and Sienna Investment Managers in the definition of CGUs.At Imerys, as goodwill feeds into the business management indicators monitored by the management, it is tested for impairment at the same levels as those monitored by the management, which are as follows: Performance Minerals Europe, Middle East and Africa (PMEMEA), Performance Minerals Americas (PMA), Performance Minerals Asia Pacific (PMAPAC) excluding G&C and Graphite & Carbon (G&C) within the Performance Minerals (PM) segment; and High Temperature Solutions (HTS) and Refractory, Abrasives & Construction (RAC) within the High Temperature Materials & Solutions (HTMS) segment. As most of the High Temperature Solutions business line and all the business serving the paper market are designated as discontinued operations and assets held for sale respectively (see Note 24), their assets are excluded from the scope of this test. Other than goodwill, all assets within Imerys including right-of-use assets net of lease liabilities and mining assets are covered within the scope of these tests.At Webhelp, the activity of the Webhelp group is reported through a single CGU, the Webhelp CGU.At Canyon, the operational reporting and thus the goodwill management is carried out at the highest level, i.e. GoForGold Holding, which represents the only identified CGU.At Affidea, the activity of the group is reported through a single CGU, the Affidea CGU.At Sanoptis, the activity of the group is reported through a single CGU, the Sanoptis CGU.At GBL Capital and Sienna Investment Managers level, the goodwill is allocated to each investment.In the table below, the carrying amount and the goodwill impairment loss are presented by CGU:2022 2021Net carrying Cumulated Net carrying Cumulated amountimpairment amountimpairment IN EUR MILLIONlosseslossesWebhelp 2,128.3 - 2,063.5 -Performance Materials (Imerys) 1,100.2 (5.5) 1,201.4 (2.4)Sanoptis 965.9 - - -Affidea889.2 ---High Temperature Materials & Solutions (Imerys)751.2 (79.7)942.5(93.9)Canyon309.1 -309.1-Vanreusel (GBL Capital)59.2 -59.2-Sienna Gestion (SIM)18.3 ---Sausalitos (GBL Capital)15.0 -15.0-Sienna Private Credit (SIM)14.4 ---Sienna Real Estate (SIM) 7. 0 (15.4) 22.4 -Holdings (Imerys) 0.8 - 0.8 -Indo (GBL Capital)- -40.5-TOTAL 6,258.5 (100.6) 4,654.4 (96.3)Impairment testsIn accordance with IAS 36, group companies conduct a yearly impairment test on all their CGUs to the extent that they report goodwill. The recoverable amount of a CGU or an individual asset is the highest of the fair value less the costs of sale and the value in use. In practice, fair value can only be reliably estimated for individual assets and therefore corresponds to recent transaction prices for sales of similar assets. The value in use is the most commonly used measurement basis for CGUs and individual assets.At Imerys, the projected cash \ufb02ows used in their impairment test as of December 31, 2022 are taken from their 2023-2026 plan. This central case was developed using independent analyses of underlying markets. To calculate the terminal growth rate, Imerys uses the Gordon and Shapiro perpetual growth model. The discount rate used to calculate the value in use is determined using the weighted average cost of capital of groups comparable to Imerys in the industrial minerals sector. This rate, set at 8.00% for 2022 (6.75% for 2021), is adjusted for a country-market risk premium, which depending on the CGU or individual assets tested ranged from + 92 to + 174 bps in 2022 (+ 59 to + 120 bps in 2021). In 2022, the average discount rate after income tax amounted to 8.89% (7.57% in 2021). The calculations net of income tax are the same as those that would be performed with cash \ufb02ows and rates before income tax, as required by applicable standards.At Webhelp, the projected cash \ufb02ows used are based on a 5-year business plan, then extrapolated to cover a 10-year period. For the terminal value, Webhelp uses the Gordon and Shapiro perpetual growth model. The definition of the discount rate is based on a study of the cost of capital of groups comparable to Webhelp adjusted for a specific premium of 1.00% in line with the group\u2019s financial structure. It stands at 8.77% as of December 31, 2022 (8.13% as of December 31, 2021).At Canyon, the projected cash \ufb02ows used are based on the 2023-2027 plan. For the terminal value, Canyon uses the Gordon and Shapiro perpetual growth model. The definition of the discount rate is based on a study of the cost of capital of groups comparable to Canyon. It stands at 12.69% as of December 31, 2022. (9.40% as of December 31, 2021)The impairment tests carried out on the various Imerys CGUs did not result in the recognition of any impairment loss as of December 31, 2022 and December 31, 2021.The impairment test carried out on the Webhelp CGU does not reveal any loss in value on the group\u2019s tested assets as of December 31, 2022 and December 31, 2021.The impairment test carried out on the Canyon CGU does not reveal any loss in value on the group\u2019s tested assets as of December 31, 2022.No impairment test was performed on the goodwill of Affidea as the acquisition was completed in the third quarter of 2022.At Sanoptis, the cash \ufb02ow projections used are taken from the 2023-2027 plan. For terminal value, Sanoptis uses the Gordon and Shapiro perpetual growth model. The discount rate is based on a study of the cost of capital of groups comparable to Sanoptis Group. The discount rate is 6.72% at December 31, 2022. The impairment test performed on the Sanoptis CGU did not reveal any impairment of the Group\u2019s assets tested at December 31, 2022.At GBL Capital and SIM, the projected cash \ufb02ows derive from the financial budgets made by managements of each respective investment, covering a period of three to five years. The prepared projections are extrapolated and cover a period of ten years. For the terminal value, GBL Capital and SIM use an average of the Gordon and Shapiro perpetual growth model and multiple valuation method. The discount rate used to calculate the value in use is determined based on the weighted average cost of capital of groups comparable to each investment in their respective sector. This rate is adjusted by a country/market risk premium and a specific premium. The average discount rate after taxes was 11.80% in 2022 (11.25% in 2021).At GBL Capital and SIM, these annual tests resulted in the recognition of impairment losses for an amount of EUR 15 million in 2022 (EUR 0 million in 2021).In the table below, the weighted average discount and perpetual growth rates used to calculate the value in use are presented by CGU:2022 2021Discount rate Perpetual growth rate Discount rate Perpetual growth ratePerformance Materials (Imerys)9.02% 1.51%7.48%1.29%High Temperature Materials & Solutions (Imerys)8.64% 1.98%7.75 %2.86%AVERAGE RATE IMERYS 8.89% 1.68% 7. 5 7 % 1.82%AVERAGE RATE WEBHELP 8.77% 2.00% 8.13% 2.00%AVERAGE RATE CANYON 12.69% 1.00% 9.40% 1.00%AVERAGE RATE SANOPTIS 6.72% 1.00% - -AVERAGE RATE GBL CAPITAL AND SIM 11.80% 2.55% 11.25% 1.75%Sensitivity analysisOf the assumptions used, those whose variation has the most significant impact on the financial statements are the forecast cash \ufb02ows, the discount rate and the perpetual growth rate. The group has carried out simulations to measure the impairment losses that would be recognized in the event of unfavorable changes in the assumptions used in the central scenario at December 31, 2022. The changes used for these sensitivity tests are those that the group considers reasonably possible in the context of the test: a 5.00% decrease in forecast cash \ufb02ows; a 1.00% increase in discount rates; and a 1.00% decrease in perpetual growth rates (unchanged at December 31, 2021). As summarized in the table below, the sensitivities performed on the central scenario show a total impairment of EUR - 4 million in case of a 5.00% decrease of the forecasted cash \ufb02ows, EUR - 18 million in case of a 1.00% increase of the discount rates and a total impairment of EUR - 9 million in case of a 1.00% decrease of the perpetual growth rates.Adverse IN EUR MILLIONchangesFORECASTED CASH FLOWS (5%)Impairment loss (3.9)DISCOUNT RATES + 100 bpsImpairment loss (17.5)PERPETUAL GROWTH RATES (100 bps)Impairment loss (8.9)In addition, Imerys carried out a sensitivity exercise incorporating the risks of climate change in the context of a global warming of + 2 degrees Celsius by 2050, as projected by the International Energy Agency (IEA) in its Stated Policies scenario published in the World Energy Outlook in 2019. This scenario, which is one of the three trajectories modeled by the IEA, was chosen by Imerys for this sensitivity exercise because it is reasonably possible. The risks taken into account in this model are heat waves as identified by the S&P Global Trucost Assessment, fires as identified by the FM Global Assessment and the Angstr\u00f6m Index and droughts as identified by the Water Risk Filter of the World Wild Fund for Nature and the Deutsche Investitions- und Entwicklungsgesellschaft. The sites included in the sensitivity exercise are those whose risks are known to be uninsurable in the long term, according to the latest known information as of December 31, 2022, as well as those whose risks are normally insurable but specifically known to be uninsurable due to specific climatic conditions. On this basis, Imerys has estimated for each site the foreseeable frequency of closure and the corresponding cash \ufb02ow losses. As a result of this work, the sensitivity of the risks and opportunities related to climate issues does not highlight any impairment.Note 20ProvisionsProduct guarantees Environment Legal, social and TotalIN EUR MILLIONregulatory risksAs of December 31, 20203.4265.5191.9460.8Additions3.521.135.560.1Uses(2.4)(8.6)(15.2)(26.3)Reversals(0.9)(6.1)(12.3)(19.3)Impact of discounting-2.60.42.9Changes in group structure/Business combinations6.20.212.218.6Foreign currency translation adjustments0.110.48.819.3Other(0.0)(16.1)(2.1)(18.2)As of December 31, 20219.7268.9219.34 9 7.9Additions4.223.542.870.5Uses(6.0)(13.8)(22.9)(42.8)Reversals(1.2)(0.9)(14.7)(16.8)Impact of discounting-2.10.82.9Changes in group structure/Business combinations-(9.1)14.15.0Foreign currency translation adjustments0.1(0.1)8.48.4Other(1.2)(9.8)(32.4)(43.4)AS OF DECEMBER 31, 20225.6260.7215.3481.6Of which current provisions4.811.352.568.6Of which non-current provisions0.8249.3163.0413.1The group\u2019s provisions totaled EUR 482 million as of December 31, 2022 (EUR 498 million in 2021). They mainly relate to Imerys (EUR 423 million in 2022 and EUR 467 million in 2021).The probability of settlement and the amount of the obligations are estimated by the group, that generally calls upon in-house company experts to approve the key assumptions, taking into account the anticipated effects, regulatory changes where applicable, and independent counsel regarding material disputes and claims. The resulting estimates are subject to change depending on the uncertainties specific to each dispute. Independent counsel handles allegations of personal or financial damage implicating the civil liability of the group and potential breaches of contractual obligations or regulations on social, real estate and environmental issues. The provisions set aside for these risks are included in the EUR 215 million of provisions for legal, social and regulatory risks in the table of changes mentioned above. This includes in particular the balance of the provision set aside to resolve the litigation involving Imerys\u2019 talc operations in the US, the materiality of which justifies a specific development.On February 13, 2019, the Group\u2019s three North American talc subsidiaries (the \u201cNorth American Talc Subsidiaries\u201d) decided to file for the protection, with immediate effect, of the special legal process of Chapter 11 under US bankruptcy law in order to permanently resolve the potential liabilities related to their historic commercial talc operations in the United States. Under Chapter 11, the Group remains the legal owner of the share capital of the North American Talc Subsidiaries, but their businesses are under the judicial control of the relevant US Delaware federal courts, which oversees the continuing operations of the entities concerned as well as the conclusion and execution of a business reorganization plan that these entities have sought to negotiate with representatives of existing and future potential claimants (the \u201cRepresentatives of the Claimants\u201d) in talc related litigation brought against them. The Chapter 11 process also suspends all ongoing and future litigation proceedings and prevents any further claims being brought against these entities relating to past and current talc operations in the US. Given effective control of the North American Talc Subsidiaries was transferred on February 13, 2019 to the court to repay creditors, the assets and liabilities held by the North American Talc Subsidiaries were removed from the scope of consolidation of the group\u2019s financial statements from this date forward, which led to an additional expense of EUR - 6 million. Negotiations between the North American Talc Subsidiaries, which were joined by Imerys Talc Italy (the \u201cTalc Subsidiaries Involved\u201d), the group and the Representatives of the Claimants led to the agreement on May 15, 2020 of a joint reorganization, which was filed on the same day with the competent Federal Court for the District of Delaware. The plan provides that once the necessary approvals have been obtained, the Talc Subsidiaries Involved will emerge from the Chapter 11 process and the group will be released from all existing and future talc-related liabilities arising out of their past operations, as such liabilities will be channeled into a dedicated trust to be established. Following the approval by the Bankruptcy Court of the disclosure statement of the plan (the \u201cDisclosure Statement\u201d) in January 2021, the plan was then submitted to the vote by the creditors and claimants against the Talc Subsidiaries Involved. Following a challenge to the votes cast in favor of approving the Plan, the Bankruptcy Court decided on October 13, 2021 that certain votes should not be counted in the final vote. This decision took the Plan\u2019s approval rate to just under the required majority, under the applicable regulations, of 75% of votes. The North American Talc Subsidiaries, the Representatives of the Claimants, and other stakeholders in the Chapter 11 process therefore initiated a mediation process, which is still underway, approved by the Bankruptcy Court and extended its duration several times. The purpose of this mediation is to obtain a revised plan that could achieve the required 75% majority approval vote. The key remaining disputed issues in the Chapter 11 process involve (i) monetization of the rights to insurance coverage and contractual indemnity enjoyed by the North American Talc Subsidiaries and (ii) allocation of the North American Talc Subsidiaries\u2019 assets, including current and future potential settlement proceeds with third parties, among claimants alleging different injuries. These issues are not related to the terms and conditions of the settlement with the Group as embedded in the plan announced in May 2020, which continues to be supported by the Representatives of the Claimants. Once the relevant stakeholders reach an agreed revised, a new Disclosure Statement must be submitted for the approval of the Imerys\u2019 and Canyon\u2019s provisions to hedge product guarantees amount to EUR 6 million and have a probable maturity ranging from 2023 to 2027.Bankruptcy Court before a new solicitation of claimants\u2019 votes on the Revised Plan is undertaken by the Talc Subsidiaries Involved. Subject to approval of the revised plan at the required 75% voting threshold, it will then undergo a confirmation procedure before the Bankruptcy Court to be followed by a final approval process before the competent Federal Court.Imerys Talc Italy has been named in a few talc related lawsuits in the United States. Upon the grant of the required majority vote on the revised plan, Imerys Talc Italy also intends to file for Chapter 11 protection before the final confirmation of the revised plan and join the revised plan in order to benefit from the same comprehensive and permanent resolution of historic talc-related liabilities as the North American Talc Subsidiaries. Imerys Talc Italy\u2019s business will remain part of the Group throughout and after the closing of the Chapter 11 proceedings. In accordance with the plan, the North American Talc Subsidiaries sold their assets to Magris Resources, a Canadian investment fund, for USD 223 million on February 17, 2021. Under the terms and conditions of the settlement with the group as embedded in the plan, the group\u2019s contribution consists of (i) a cash payment of USD 75 million, (ii) certain other commitments outlined in the plan. These commitments primarily include certain insurance assets, financing of minor unsecured trade claims (USD 5 million) and certain potential excess administrative costs of the Chapter 11 process incurred by the Talc Subsidiaries Involved up to a maximum of USD 15 million. In view of the USD 223 million sale price obtained for the assets of the North American talc subsidiaries, the group\u2019s contribution to the revised plan provided for in (i) and (ii) above would be limited to the minimum amount of USD 75 million. Based on the progress of the ongoing mediations and negotiations towards a revised plan and in their current state at the date of closing of GBL\u2019s 2022 annual financial results, the group, with the support of independent experts, has reviewed and confirmed its previous estimate of the risk related to the resolution of this Chapter 11 proceeding as well as the forecasted financial impacts for the group. As of December 31, 2022, the amount of the provision recorded in the accounts, which amounts to USD 114 million or EUR 106 million, is considered sufficient to cover the expected financial impact of the revised plan on the group.Finally, the group (overwhelmingly Imerys) establishes provisions to hedge the environmental risks resulting from its industrial activity and provisions for the rehabilitation of mining sites at the end of their operating lifetimes. These provisions totaled EUR 261 million as of December 31, 2022 (EUR 269 million in 2021). The corresponding obligations are expected to mature between 2023 and 2027 for EUR 66 million, between 2028 and 2037 for EUR 103 million and as from 2038 for EUR 92 million.The debt valuation for the founders (EUR 1,113 million included under \u201cNon-current financial liabilities\u201d), the changes in value of which are recorded under \u201cFinancial income and expenses from operating activities\u201d is, as contractually defined, based on equity value estimates at possible exercise date, computed based on (i) EBITDA projections, (ii) a characteristic multiple of Webhelp\u2019s activity and (iii) the group\u2019s projected net debt. Expected future cash \ufb02ows are discounted at a constant discount rate taking into account the liquidity windows during which the options can be exercised.The debt towards members of the staff (EUR 563 million), the changes in value of which are recorded under \u201cOther operating income and expenses from operating activities\u201d, includes: \u2013 the amount owed to the related employees, in the event of their departure before the exercise periods of the put options they hold, based on the redemption price determined. This part of the debt is included under \u201cNon-current financial liabilities\u201d; \u2013 the assessment of the additional amounts that these employees will receive in the event of the exercise of their put options, as defined contractually, which is based on: - a determined equity value at possible exercise date, computed based on (i) EBITDA projections, (ii) a fixed unchanged multiple or a characteristic multiple of Webhelp\u2019s activity and (iii) the group\u2019s projected net debt; - an additional estimated retrocession, which will depend on the level of EBIDTA taken into account when exercising the put options.Note 22Other non-current liabilitiesIN EUR MILLION 2022 2021Non-current financial liabilities1,638.01,249.7Debt on minority shareholders1,512.61,065.4Derivative financial instruments held for trading88.7182.7Derivative financial instruments - Hedging4.1-Other 32.6 1.5Non-current non-financial liabilities 486.8 89.7Debts on minority shareholders445.3-Liabilities related to cash-settled share-based payments8.519.0Other 33.070.7TOTAL 2,124.8 1,339.4Of which: Holding45.4168.8Imerys 24.1 72.4Webhelp1,732.11,089.4Canyon--Affidea28.4-Sanoptis262.2-GBL Capital and SIM 32.6 8.7The 2 founders and some members of the staff of the Webhelp group are minority shareholders of Webhelp and hold put options towards Sapiens S\u00e0rl (sub-subsidiary of GBL and dedicated investment vehicle of the Webhelp group) on all their shares, which can be exercised at certain predefined periods.Consequently, a debt on minority shareholders has been recognized on the balance sheet and is valued at amortized cost. As of December 31, 2022, it amounts to EUR 1,675 million (EUR 1,348 million as of December 31, 2021). (1)This part of the debt, included under \u201cNon-current non-financial liabilities\u201d, subject to a service condition, is recognized over the vesting period. The related expected future cash \ufb02ows are discounted at a constant discount rate taking into account the liquidity windows during which their put options can be exercised.In terms of sensitivity, a 10% increase/decrease in EBITDA would, all things being equal, have an estimated impact of EUR 281 million and EUR - 256 million on the value of the debt.Note 29Financial instrumentsFair valueTo re\ufb02ect the importance of inputs used when measuring at fair value, the group classifies these valuations according to a hierarchy composed of the following levels: \u2013 level 1: listed prices (non-adjusted) on active markets for identical assets or liabilities; \u2013 level 2: inputs, other than the listed prices included in level 1, that are observable for the asset or liability concerned, either directly (i.e. prices) or indirectly (i.e. derived from prices); and \u2013 level 3: inputs related to the asset or liability that are not based on observable market data (non-observable inputs).Analysis of financial instruments by category \u2013 balance sheetsThe tables below show a comparison of the book value and the fair value of the financial instruments as of December 31, 2022 and as of December 31, 2021, as well as the fair value hierarchy.The category, according to IFRS 9, uses the following abbreviations: \u2013 FATOCI: Financial Assets measured at fair value through Other Comprehensive Income \u2013 FATPL: Financial Assets measured at fair value through Profit or Loss \u2013 FLTPL: Financial Liabilities measured at fair value through Profit or Loss \u2013 FAAC: Financial Assets measured at Amortized Cost \u2013 FLAC: Financial Liabilities measured at Amortized Cost \u2013 HeAc: Hedge Accounting.As of December 31, 2022Category Carrying amount Fair value Hierarchy of according to fair valuesIN EUR MILLIONIFRS 9FINANCIAL ASSETSNon-current assetsOther equity investmentsEquity investments measured at fair value and FATOCI 10,837.2 10,837.2 Level 1with changes recognized in equityEquity investments measured at fair value and FATOCI 273.0 273.0 Level 3with changes recognized in equityEquity investments measured at fair value and FATPL 1 2 7. 3 1 2 7. 3 Level 1with changes recognized in profit or lossEquity investments measured at fair value and FATPL 1 , 9 2 7. 0 1 , 9 27. 0 Level 3with changes recognized in profit or lossOther non-current assetsDerivative instruments - hedgingHeAc9.69.6Level 2Other financial assetsFAAC66.166.1Level 2Current assetsTrade receivablesFAAC1,108.71,108.7Level 2Trading financial assetsFATPL870.0870.0Level 1Cash and cash equivalentsFAAC1,768.31,768.3Level 2Other current assetsDerivative instruments - hedgingHeAc35.535.5Level 2Derivative instruments - otherFATPL1 7.41 7.4Level 2Other financial assetsFAAC38.038.0Level 2FINANCIAL LIABILITIESNon-current liabilitiesFinancial liabilitiesFLAC8,714.78,379.3Level 2Other non-current liabilitiesDerivative instruments - hedgingHeAc4.14.1Level 2Derivative instruments - otherFLTPL88.788.7Level 2Other non-current liabilitiesFLAC1,545.21,545.2Level 2Current liabilitiesFinancial liabilitiesOther financial liabilitiesFLAC1,654.61,675.9Level 2Trade payablesFLAC8 5 7.48 5 7.4Level 2Other current liabilitiesDerivative instruments - hedgingHeAc113.5113.5Level 2Derivative instruments - otherFLTPL69.869.8Level 2Other current liabilitiesFLAC73.773.7Level 2As of December 31, 2021Category Carrying amount Fair value Hierarchy of according to fair valuesIN EUR MILLIONIFRS 9FINANCIAL ASSETSNon-current assetsOther equity investmentsEquity investments measured at fair value and FATOCI 15,523.2 15,523.2 Level 1with changes recognized in equityEquity investments measured at fair value and FATOCI 266.0 266.0 Level 3with changes recognized in equityEquity investments measured at fair value and FATPL 481.4 481.4 Level 1with changes recognized in profit or lossEquity investments measured at fair value and FATPL 1,904.3 1,904.3 Level 3with changes recognized in profit or lossOther non-current assetsDerivative instruments - hedgingHeAc1.21.2Level 2Derivative instruments - otherFATPL0.50.5Level 2Other financial assetsFAAC83.983.9Level 2Current assetsTrade receivablesFAAC1,019.71,019.7Level 2Trading financial assetsFATPL2,086.02,086.0Level 1Cash and cash equivalentsFAAC1,331.61,331.6Level 2Other current assetsDerivative instruments - hedgingHeAc7 7. 87 7. 8Level 2Derivative instruments - otherFATPL7.77.7Level 2Other financial assetsFAAC14.814.8Level 2FINANCIAL LIABILITIESNon-current liabilitiesFinancial liabilitiesFLAC6,616.26,910.3Level 2Other non current liabilitiesDerivative instruments - otherFLTPL182.7182.7Level 2Other non current liabilities FLAC 1,067.0 1,067.0 Level 2Current liabilitiesFinancial liabilitiesOther financial liabilitiesFLAC1,037.51,038.7Level 2Trade payablesFLAC865.8865.8Level 2Other current liabilitiesDerivative instruments - hedgingHeAc5.35.3Level 2Derivative instruments - otherFLTPL31.831.8Level 2Other current liabilitiesFLAC34.034.0Level 2There were no significant transfers between the different levels during 2022.Measurement techniquesThe group\u2019s financial instruments very largely belong to classification levels 1 and 2. The financial assets measured at level 3 fair value are not significant compared to the other asset classes (12.88% as of December 31, 2022 and 9.52% as of December 31, 2021).The techniques used to measure the fair value of level 2 financial instruments are as follows:The exchangeable or convertible bonds issued by the group are considered to be hybrid instruments, i.e. instruments including a bond component and an embedded derivative. At the date of issue, the fair value of the bond component is estimated based on the prevailing market interest rate for similar non-exchangeable or non-convertible bonds, taking into account the risk associated with GBL (credit spread). At each reporting date, the value of the bond component is recalculated, taking into account the change in the risk-free rate and GBL\u2019s credit spread, and the difference in relation to the price of the exchangeable or convertible bond observed on the Luxembourg Stock Exchange\u2019s Euro MTF market is taken as the new value of the derivative component. The change in this value in relation to the previous reporting date is recognized in profit or loss.The fair value of derivative instruments not associated with exchangeable or convertible bonds is taken from a model that uses observable data, in other words the quotes on the reporting date provided by third-parties operating on the financial markets. These valuations are adjusted for the counterparties\u2019 credit risk and the credit risk specific to Imerys or GBL. Accordingly, if the market value of the derivative is positive (derivative asset), its fair value incorporates the likelihood of the counterparty defaulting (Credit Value Adjustment or CVA). If the derivative\u2019s market value is negative (derivative liability), its fair value factors in the likelihood of Imerys or GBL defaulting (Debit Value Adjustment or DVA). These adjustments are measured based on the spreads of the bonds in circulation on the secondary market, as issued by Imerys, GBL and their counterparts.The techniques used to measure the fair value of level 3 financial instruments are as follows:Level 3 financial instruments are valued on a quarterly basis at their fair value in line with the International Private Equity and Venture Valuation Guidelines. Recent investments are valued at their acquisition cost, provided that these valuations are considered as the best estimates of fair value. Investments in level 3 funds are revalued at their fair value, as determined by the fund managers, based on their investment portfolio.Analysis of financial instruments by category \u2013 income statementThe tables hereafter present the income and expenses before income taxes recognized in the income statement by categories of financial instruments. These tables analyze the product and expense lines containing financial instruments according to categories presented in columns. These distinguish, on the one hand, the categories applied by default to any item excluding hedge accounting and, on the other hand, the categories applied to any item falling within the scope of hedge accounting.The IFRS 9 categories of amortized cost and fair value through profit or loss apply to the majority of non-hedge accounting items. Hedge accounting items are classified according to their fair value or cash \ufb02ow hedging qualifications, distinguishing the values of hedged items and hedging instruments in columns and the types of risks hedged in rows.In addition, in order to ensure reconciliation between IFRS 9 classes and financial statements, this table includes a column containing the following non-IFRS 9 items: share-based payments (IFRS 2), mining assets (IFRS 6), inventories (IAS 2), income tax assets and liabilities (IAS 12), property, plant and equipment (IAS 16), finance lease liabilities (IFRS 16), defined benefit and short-term employee benefits assets and liabilities (IAS 19), grants(IAS 20), provisions (IAS 37), intangible assets and prepaid expenses (IAS 38), stripping assets (IFRIC 20) and duties and taxes (IFRIC 21). The logic of classification of financial instruments in assets and liabilities is applied in transversally to their changes in income statement. For example, revenue is included in the amortized cost category, as its counterparties in trade receivables or cash and cash equivalents fall under this category on the asset side.2022Non-hedge accounting Hedge accountingIFRS 9 Categories Fair value Cash flowsAmortized Fair value Fair value Out of Hedged Hedging Hedged Hedging Totalcostthrough through IFRS 9 iteminstrumentiteminstrumentprofit or equityscopeIN EUR MILLIONlossNet dividends from investments--322.3-----322.3Other operating income (expenses) from investing (74.3) - - - - - - - (74.3)activitiesFinancial income (expenses) (490.0) 94.6 - - - - - - (395.4)from investing activitiesOf which: Financial 168.7 119.0 - - - - - - 2 87.7incomeFinancial expenses(658.7) (24.4) - - - - - - (683.1)PROFIT (LOSS) FROM INVESTING ACTIVITIES (564.3) 94.6 322.3 - - - - - (147.4)- CONTINUING OPERATIONSTurnover8,108.7------(0.1)8,108.6Raw materials and consumables(2,322.4)--199.9---100.4(2,022.1)Other operating income (expenses) from operating (1,791.1) - - 18.1 - - - - (1,773.0)activitiesFinancial income (expenses) (520.6) 5.8 - (11.0) - - - - (525.8)from operating activitiesOf which: Financial 40.9 5.8 - - - - - - 46.7incomeFinancial expenses(561.5) - - (11.0) - - - - (572.5)PROFIT (LOSS) FROM CONSOLIDATED 3,474.7 5.8 - 2 0 7.0 - - - 100.3 3,787.8OPERATING ACTIVITIES - CONTINUING OPERATIONS2021Non-hedge accounting Hedge accountingIFRS 9 Categories Fair value Cash flowsAmortized Fair value Fair value Out of Hedged Hedging Hedged Hedging Totalcostthrough through IFRS 9 iteminstrumentiteminstrumentprofit or equityscopeIN EUR MILLIONlossNet dividends from investments - - 363.1 - - - - - 363.1Other operating income (expenses) from investing (54.8) - - - - - - - (54.8)activitiesFinancial income (expenses) from 249.7 (140.2) - - - - - - 109.6investing activitiesOf which: Financial 372.0 18.4 - - - - - - 390.4incomeFinancial expenses(122.3) (158.6) - - - - - - (280.9)PROFIT (LOSS) FROM INVESTING ACTIVITIES 195.0 (140.2) 363.1 - - - - - 417.9- CONTINUING OPERATIONSTurnover5,808.1-----432.22.76,243.0Raw materials and consumables(1,456.5)--119.1--(184.3)38.6(1,483.1)Other operating income (expenses) from operating (1,494.5) - - 16.6 - - - - (1,477.9)activitiesFinancial income (expenses) from (436.1) 2.7 - (10.3) - - - - (443.7)operating activitiesOf which: Financial 33.7 2.8 - - - - - - 36.5incomeFinancial expenses(469.7) (0.1) - (10.3) - - - - (480.1)PROFIT (LOSS) FROM CONSOLIDATED OPERATING 2,421.0 2.7 - 125.4 - - 2 47. 9 41.3 2,838.4ACTIVITIES - CONTINUING OPERATIONS", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-150-7": { "value": "Impairment testsIn accordance with IAS 36, group companies conduct a yearly impairment test on all their CGUs to the extent that they report goodwill. The recoverable amount of a CGU or an individual asset is the highest of the fair value less the costs of sale and the value in use. In practice, fair value can only be reliably estimated for individual assets and therefore corresponds to recent transaction prices for sales of similar assets. The value in use is the most commonly used measurement basis for CGUs and individual assets.At Imerys, the projected cash \ufb02ows used in their impairment test as of December 31, 2022 are taken from their 2023-2026 plan. This central case was developed using independent analyses of underlying markets. To calculate the terminal growth rate, Imerys uses the Gordon and Shapiro perpetual growth model. The discount rate used to calculate the value in use is determined using the weighted average cost of capital of groups comparable to Imerys in the industrial minerals sector. This rate, set at 8.00% for 2022 (6.75% for 2021), is adjusted for a country-market risk premium, which depending on the CGU or individual assets tested ranged from + 92 to + 174 bps in 2022 (+ 59 to + 120 bps in 2021). In 2022, the average discount rate after income tax amounted to 8.89% (7.57% in 2021). The calculations net of income tax are the same as those that would be performed with cash \ufb02ows and rates before income tax, as required by applicable standards.At Webhelp, the projected cash \ufb02ows used are based on a 5-year business plan, then extrapolated to cover a 10-year period. For the terminal value, Webhelp uses the Gordon and Shapiro perpetual growth model. The definition of the discount rate is based on a study of the cost of capital of groups comparable to Webhelp adjusted for a specific premium of 1.00% in line with the group\u2019s financial structure. It stands at 8.77% as of December 31, 2022 (8.13% as of December 31, 2021).At Canyon, the projected cash \ufb02ows used are based on the 2023-2027 plan. For the terminal value, Canyon uses the Gordon and Shapiro perpetual growth model. The definition of the discount rate is based on a study of the cost of capital of groups comparable to Canyon. It stands at 12.69% as of December 31, 2022. (9.40% as of December 31, 2021)The impairment tests carried out on the various Imerys CGUs did not result in the recognition of any impairment loss as of December 31, 2022 and December 31, 2021.The impairment test carried out on the Webhelp CGU does not reveal any loss in value on the group\u2019s tested assets as of December 31, 2022 and December 31, 2021.The impairment test carried out on the Canyon CGU does not reveal any loss in value on the group\u2019s tested assets as of December 31, 2022.No impairment test was performed on the goodwill of Affidea as the acquisition was completed in the third quarter of 2022.At Sanoptis, the cash \ufb02ow projections used are taken from the 2023-2027 plan. For terminal value, Sanoptis uses the Gordon and Shapiro perpetual growth model. The discount rate is based on a study of the cost of capital of groups comparable to Sanoptis Group. The discount rate is 6.72% at December 31, 2022. The impairment test performed on the Sanoptis CGU did not reveal any impairment of the Group\u2019s assets tested at December 31, 2022.At GBL Capital and SIM, the projected cash \ufb02ows derive from the financial budgets made by managements of each respective investment, covering a period of three to five years. The prepared projections are extrapolated and cover a period of ten years. For the terminal value, GBL Capital and SIM use an average of the Gordon and Shapiro perpetual growth model and multiple valuation method. The discount rate used to calculate the value in use is determined based on the weighted average cost of capital of groups comparable to each investment in their respective sector. This rate is adjusted by a country/market risk premium and a specific premium. The average discount rate after taxes was 11.80% in 2022 (11.25% in 2021).At GBL Capital and SIM, these annual tests resulted in the recognition of impairment losses for an amount of EUR 15 million in 2022 (EUR 0 million in 2021).In the table below, the weighted average discount and perpetual growth rates used to calculate the value in use are presented by CGU:2022 2021Discount rate Perpetual growth rate Discount rate Perpetual growth ratePerformance Materials (Imerys)9.02% 1.51%7.48%1.29%High Temperature Materials & Solutions (Imerys)8.64% 1.98%7.75 %2.86%AVERAGE RATE IMERYS 8.89% 1.68% 7. 5 7 % 1.82%AVERAGE RATE WEBHELP 8.77% 2.00% 8.13% 2.00%AVERAGE RATE CANYON 12.69% 1.00% 9.40% 1.00%AVERAGE RATE SANOPTIS 6.72% 1.00% - -AVERAGE RATE GBL CAPITAL AND SIM 11.80% 2.55% 11.25% 1.75%On February 13, 2019, the Group\u2019s three North American talc subsidiaries (the \u201cNorth American Talc Subsidiaries\u201d) decided to file for the protection, with immediate effect, of the special legal process of Chapter 11 under US bankruptcy law in order to permanently resolve the potential liabilities related to their historic commercial talc operations in the United States. Under Chapter 11, the Group remains the legal owner of the share capital of the North American Talc Subsidiaries, but their businesses are under the judicial control of the relevant US Delaware federal courts, which oversees the continuing operations of the entities concerned as well as the conclusion and execution of a business reorganization plan that these entities have sought to negotiate with representatives of existing and future potential claimants (the \u201cRepresentatives of the Claimants\u201d) in talc related litigation brought against them. The Chapter 11 process also suspends all ongoing and future litigation proceedings and prevents any further claims being brought against these entities relating to past and current talc operations in the US. Given effective control of the North American Talc Subsidiaries was transferred on February 13, 2019 to the court to repay creditors, the assets and liabilities held by the North American Talc Subsidiaries were removed from the scope of consolidation of the group\u2019s financial statements from this date forward, which led to an additional expense of EUR - 6 million. Negotiations between the North American Talc Subsidiaries, which were joined by Imerys Talc Italy (the \u201cTalc Subsidiaries Involved\u201d), the group and the Representatives of the Claimants led to the agreement on May 15, 2020 of a joint reorganization, which was filed on the same day with the competent Federal Court for the District of Delaware. The plan provides that once the necessary approvals have been obtained, the Talc Subsidiaries Involved will emerge from the Chapter 11 process and the group will be released from all existing and future talc-related liabilities arising out of their past operations, as such liabilities will be channeled into a dedicated trust to be established. Following the approval by the Bankruptcy Court of the disclosure statement of the plan (the \u201cDisclosure Statement\u201d) in January 2021, the plan was then submitted to the vote by the creditors and claimants against the Talc Subsidiaries Involved. Following a challenge to the votes cast in favor of approving the Plan, the Bankruptcy Court decided on October 13, 2021 that certain votes should not be counted in the final vote. This decision took the Plan\u2019s approval rate to just under the required majority, under the applicable regulations, of 75% of votes. The North American Talc Subsidiaries, the Representatives of the Claimants, and other stakeholders in the Chapter 11 process therefore initiated a mediation process, which is still underway, approved by the Bankruptcy Court and extended its duration several times. The purpose of this mediation is to obtain a revised plan that could achieve the required 75% majority approval vote. The key remaining disputed issues in the Chapter 11 process involve (i) monetization of the rights to insurance coverage and contractual indemnity enjoyed by the North American Talc Subsidiaries and (ii) allocation of the North American Talc Subsidiaries\u2019 assets, including current and future potential settlement proceeds with third parties, among claimants alleging different injuries. These issues are not related to the terms and conditions of the settlement with the Group as embedded in the plan announced in May 2020, which continues to be supported by the Representatives of the Claimants. Once the relevant stakeholders reach an agreed revised, a new Disclosure Statement must be submitted for the approval of the Bankruptcy Court before a new solicitation of claimants\u2019 votes on the Revised Plan is undertaken by the Talc Subsidiaries Involved. Subject to approval of the revised plan at the required 75% voting threshold, it will then undergo a confirmation procedure before the Bankruptcy Court to be followed by a final approval process before the competent Federal Court.Imerys Talc Italy has been named in a few talc related lawsuits in the United States. Upon the grant of the required majority vote on the revised plan, Imerys Talc Italy also intends to file for Chapter 11 protection before the final confirmation of the revised plan and join the revised plan in order to benefit from the same comprehensive and permanent resolution of historic talc-related liabilities as the North American Talc Subsidiaries. Imerys Talc Italy\u2019s business will remain part of the Group throughout and after the closing of the Chapter 11 proceedings. In accordance with the plan, the North American Talc Subsidiaries sold their assets to Magris Resources, a Canadian investment fund, for USD 223 million on February 17, 2021. Under the terms and conditions of the settlement with the group as embedded in the plan, the group\u2019s contribution consists of (i) a cash payment of USD 75 million, (ii) certain other commitments outlined in the plan. These commitments primarily include certain insurance assets, financing of minor unsecured trade claims (USD 5 million) and certain potential excess administrative costs of the Chapter 11 process incurred by the Talc Subsidiaries Involved up to a maximum of USD 15 million. In view of the USD 223 million sale price obtained for the assets of the North American talc subsidiaries, the group\u2019s contribution to the revised plan provided for in (i) and (ii) above would be limited to the minimum amount of USD 75 million. Based on the progress of the ongoing mediations and negotiations towards a revised plan and in their current state at the date of closing of GBL\u2019s 2022 annual financial results, the group, with the support of independent experts, has reviewed and confirmed its previous estimate of the risk related to the resolution of this Chapter 11 proceeding as well as the forecasted financial impacts for the group. As of December 31, 2022, the amount of the provision recorded in the accounts, which amounts to USD 114 million or EUR 106 million, is considered sufficient to cover the expected financial impact of the revised plan on the group.The debt valuation for the founders (EUR 1,113 million included under \u201cNon-current financial liabilities\u201d), the changes in value of which are recorded under \u201cFinancial income and expenses from operating activities\u201d is, as contractually defined, based on equity value estimates at possible exercise date, computed based on (i) EBITDA projections, (ii) a characteristic multiple of Webhelp\u2019s activity and (iii) the group\u2019s projected net debt. Expected future cash \ufb02ows are discounted at a constant discount rate taking into account the liquidity windows during which the options can be exercised.The debt towards members of the staff (EUR 563 million), the changes in value of which are recorded under \u201cOther operating income and expenses from operating activities\u201d, includes: \u2013 the amount owed to the related employees, in the event of their departure before the exercise periods of the put options they hold, based on the redemption price determined. This part of the debt is included under \u201cNon-current financial liabilities\u201d; \u2013 the assessment of the additional amounts that these employees will receive in the event of the exercise of their put options, as defined contractually, which is based on: - a determined equity value at possible exercise date, computed based on (i) EBITDA projections, (ii) a fixed unchanged multiple or a characteristic multiple of Webhelp\u2019s activity and (iii) the group\u2019s projected net debt; - an additional estimated retrocession, which will depend on the level of EBIDTA taken into account when exercising the put options. (1)This part of the debt, included under \u201cNon-current non-financial liabilities\u201d, subject to a service condition, is recognized over the vesting period. The related expected future cash \ufb02ows are discounted at a constant discount rate taking into account the liquidity windows during which their put options can be exercised.In terms of sensitivity, a 10% increase/decrease in EBITDA would, all things being equal, have an estimated impact of EUR 281 million and EUR - 256 million on the value of the debt.The techniques used to measure the fair value of level 3 financial instruments are as follows:Level 3 financial instruments are valued on a quarterly basis at their fair value in line with the International Private Equity and Venture Valuation Guidelines. Recent investments are valued at their acquisition cost, provided that these valuations are considered as the best estimates of fair value. Investments in level 3 funds are revalued at their fair value, as determined by the fund managers, based on their investment portfolio.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-161-4": { "value": "LeasesThe group negotiates leases to obtain from the lessee the right to use certain mining, industrial and logistics equipment, as well as immovable administrative, industrial and logistical property. As of December 31, 2022, the value of these rights, recognized in \u201cRight-of-use assets\u201d, amounted to EUR 868 million (EUR 465 million as of December 31, 2021). \u201cRight-of-use assets\u201d represent the following assets:Land and buildings Mineral reserves Fittings, machinery, Assets under Other property, plant Totalequipment and constructionand equipmentIN EUR MILLIONrolling stockGross carrying amountAs of December 31, 2020357.9-98.8-128.0584.7Investments134.2-21.9-12.3168.4Changes in group structure/Business 45.3 - 4.8 - - 50.1combinationsDisposals and retirements(38.3)-(5.4)--(43.7)Foreign currency translation (26.7) - (20.8) - (14.2) (61.7)adjustmentsOther 2.2 - 1.6 - (7.3) (3.4)As of December 31, 2021 474 .7 - 101.0 - 118.8 694.5Investments222.1-41.0-2 7. 2290.2Changes in group structure/Business 298.2 - 114.0 - 9.7 421.9combinationsDisposals and retirements(32.3)-(6.1)-2.7(35.6)Foreign currency translation 1.5 - (16.8) - 4.5 (10.8)adjustmentsOther(78.6)-(21.1)-(10.1)(109.9)AS OF DECEMBER 31, 2022885.6-211.9-152.81,250.3Cumulated depreciationAs of December 31, 2020(92.6)-(54.4)-(48.4)(195.4)Depreciation(89.1)-(21.6)-(18.7)(129.5)Impairment (losses)/reversals(0.3)----(0.3)Disposals and retirements19.8-3.5--23.3Foreign currency translation 32.1 - 23.2 - 14.4 69.8adjustmentsChanges in group structure/Other 0.1 - (2.4) - 4.6 2.3As of December 31, 2021 (129.9) - (51.7) - (48.2) (229.9)Depreciation(104.9)-(26.0)-(22.9)(153.9)Impairment (losses)/reversals0.2-(0.1)-(0.1)-Disposals and retirements2 7.4-2.4--29.8Foreign currency translation (10.9) - 1 7.6 - (4.6) 2.1adjustmentsChanges in group structure/Other(16.8)-(19.0)-4.9(30.9)AS OF DECEMBER 31, 2022(234.9)-(76.9)-(71.0)(382.8)Net carrying amount As of December 31, 2020265.4-44.4-79.5389.3As of December 31, 2021344.8-49.3-70.6464.7AS OF DECEMBER 31, 2022650.7-135.1-81.88 67. 5Of which: Holding11.8----11.8Imerys78.3-32.7-22.2133.2Webhelp 274.6 - 7. 5 - - 282.2Canyon 2 7. 8 - 1.2 - - 29.0Affidea151.8-92.3--244.2Sanoptis84.8-0.3-9.394.4GBL Capital and SIM21.4-1.0-50.472.8The right-of-use and lease liability model is applied to all leases, except leases with a term of 12 months or less, leases of low-value assets and variable lease payments and services, which are recognized in expenses (EUR 55 million in 2022 and EUR 34 million in 2021). As of December 31, 2022, \u201clease liabilities\u201d recognized against \u201cright-of-use assets\u201d amounted to EUR 908 million (EUR 491 million as of December 31, 2021) and generated an interest expense of EUR 36 million recognized in financial income (expenses). in 2022 totaled EUR 253 million, broken down as EUR 217 million for the principal and EUR 36 million in interest, respectively in financing and operating activities in the consolidated statement of cash \ufb02ows (respectively EUR 304 million, EUR 237 million and EUR 67 million in 2021). The group does not generate any material revenue from leasing the freehold assets it owns, nor from the sub-lease of assets leased.Cash payments made Lease liabilitiesThese liabilities mature in 2023 for a total of EUR 169 million, between 2024 and 2028 for EUR 464 million and EUR 275 million thereafter.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-166-3": { "value": "Note 12Other non-current assetsIN EUR MILLION 2022 2021Non-current financial assets75.785.6Derivative financial instruments - Hedging9.61.2Derivative financial instruments - Held for trading-0.5Long-term advance payments, loans and deposits43.634.8Other22.549.1Non-current non-financial assets5 7. 229.0Assets related to pension plans1 7. 126.8Other40.12.1TOTAL 132.9114.6Of which: Holding0.60.6Imerys54.985.6Webhelp28.018.8Canyon 13.1 2.1Affidea 4.8 -Sanoptis6.2-GBL Capital and SIM25.47.6Note 18Other current assetsIN EUR MILLION 2022 2021Current financial assets 90.9 100.4Derivative financial instruments held for trading1 7.47.7Derivative financial instruments - Hedging35.57 7. 8Other 38.0 14.8Current non-financial assets498.7420.9Taxes on result to be recovered110.796.6Other taxes and VAT to be recovered201.6194.0Deferred expenses85.150.8Other 101.2 79.6TOTAL589.5521.3Of which: Holding44.021.3Imerys235.6314.7Webhelp 179.4 144.1Canyon45.72 7.0Affidea26.8-Sanoptis29.2-GBL Capital and SIM28.814.1", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-166-4": { "value": "Note 12Other non-current assetsIN EUR MILLION 2022 2021Non-current financial assets75.785.6Derivative financial instruments - Hedging9.61.2Derivative financial instruments - Held for trading-0.5Long-term advance payments, loans and deposits43.634.8Other22.549.1Non-current non-financial assets5 7. 229.0Assets related to pension plans1 7. 126.8Other40.12.1TOTAL 132.9114.6Of which: Holding0.60.6Imerys54.985.6Webhelp28.018.8Canyon 13.1 2.1Affidea 4.8 -Sanoptis6.2-GBL Capital and SIM25.47.6", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-166-5": { "value": "Note 12Other non-current assetsIN EUR MILLION 2022 2021Non-current financial assets75.785.6Derivative financial instruments - Hedging9.61.2Derivative financial instruments - Held for trading-0.5Long-term advance payments, loans and deposits43.634.8Other22.549.1Non-current non-financial assets5 7. 229.0Assets related to pension plans1 7. 126.8Other40.12.1TOTAL 132.9114.6Of which: Holding0.60.6Imerys54.985.6Webhelp28.018.8Canyon 13.1 2.1Affidea 4.8 -Sanoptis6.2-GBL Capital and SIM25.47.6Note 18Other current assetsIN EUR MILLION 2022 2021Current financial assets 90.9 100.4Derivative financial instruments held for trading1 7.47.7Derivative financial instruments - Hedging35.57 7. 8Other 38.0 14.8Current non-financial assets498.7420.9Taxes on result to be recovered110.796.6Other taxes and VAT to be recovered201.6194.0Deferred expenses85.150.8Other 101.2 79.6TOTAL589.5521.3Of which: Holding44.021.3Imerys235.6314.7Webhelp 179.4 144.1Canyon45.72 7.0Affidea26.8-Sanoptis29.2-GBL Capital and SIM28.814.1", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-167-3": { "value": "Note 13Income taxes13.1 Breakdown of the \u201cincome taxes\u201d headingIN EUR MILLION 2022 2021Current taxes (160.4) (116.8)For the year in progress (164.5) (105.3)For previous years 4.1 (11.6)Deferred taxes3 7. 054.6Related to the creation and reversal of temporary differences38.6 51.8Related to changes in tax rates or new tax liabilities1.3 (2.4)Related to the recognition / (use) of deferred tax assets resulting from losses from previous periods(3.8) 3.5Other0.9 1.8TOTAL (123.4) (62.2)13.2 Reconciliation of the income tax expense for the yearIN EUR MILLION 2022 2021Profit (loss) before income taxes from continuing operations (386.4) 429.5Share of profit (loss) of equity-accounted entities(35.9)(149.7)Profit (loss) before income taxes and before share of profit (loss) of equity-accounted entities(422.3)279.8TAXES AT BELGIAN RATE (25.00% IN 2022 AND IN 2021) 105.6 (70.0)Impact of different tax rates in foreign countries 0.1(5.7)Tax impact of non-taxable income155.8249.3Tax impact of non-deductible expenses(270.1)(191.4)Tax impact of changes in tax rates for subsidiaries1.2(0.4)Tax impact of adjustments relating to previous years or previously unrecognized deferred tax assets2.11.3Other(118.0)(45.3)INCOME TAX \ue61bEXPENSE\ue61a FOR THE YEAR (123.4) (62.2)The corporate tax rate in Belgium was 25.00% in 2022, as in 2021.The effective tax rate in 2022 stands at - 29.22%, compared with 22.23% in 2021.As a holding company, GBL is not supposed to pay tax as most of its income\u2013dividends and capital gains\u2013come from profits already taxed at the level of the participation. If GBL were to be taxed in turn on the dividends/capital gains, there would be double taxation. This regime is therefore not a tax advantage granted to holding companies, but quite simply a means to avoid double taxation (application of the European Parent-Subsidiary Directive).13.3 Deferred tax by nature in the balance sheetDeferred tax assets Deferred tax liabilitiesIN EUR MILLION 2022 2021 2022 2021Property, plant, equipment and intangible assets 150.7 90.2 (836.5) (578.5)Inventories, trade receivables, trade payables and provisions 80.1 88.9 (7.9) (5.2)Employee benefit obligations42.354.2(1.1)-Unused tax losses and credits42.631.0--Other101.278.1(51.2)(54.6)Offsetting of assets/liabilities(237.2)(179.8)2 37. 2179.8TOTAL 179.6 162.8 (659.4) (458.4)Of which: Holding----Imerys110.7138.6(99.9)(129.6)Webhelp16.310.8(142.2)(183.8)Canyon7. 810.1(112.8)(121.6)Affidea18.8-(140.1)-Sanoptis24.9-(139.9)-GBL Capital and SIM 1.2 3.3 (24.5) (23.4)Deferred tax assets are recognized for tax losses carried forward when their recovery is deemed probable and over an expected recovery horizon not exceeding five years. The valuation of deferred tax assets recognized in this regard is based on an analysis of the loss\u2019 constitution, the probability of recurrence of losses in the future, future business prospects and national laws limiting the use of carryforward losses. As of December 31, 2021, these deferred tax assets thus recognized amount to a total of EUR 43 million (EUR 31 million in 2021).For the Holding segment, tax losses carried forward for an unlimited time and tax credits in Belgium amount to EUR 1,297 million (EUR 1,098 million in 2021); for foreign subsidiaries, these items amount to EUR 5,063 million (EUR 5,022 million in 2021). Furthermore, regarding the other segments, tax losses carried forward for an unlimited time and tax credits amount to EUR 478 million for Imerys, EUR 38 million for Webhelp, EUR 0 million for Canyon, EUR 220 million for Affidea, EUR 0 million for Sanoptis and EUR 90 million for GBL Capital and Sienna Investment Managers (respectively EUR 495 million, EUR 27 million, EUR 0 million, EUR 0 million, EUR 0 million and EUR 89 million in 2021). These tax losses and tax credits did not give rise to the recognition of a deferred tax asset because their recovery is considered uncertain.No deferred tax liabilities are recognized in relation to the temporary tax differences between the carrying amount and the tax value of investment securities if the group is able to verify the date of the temporary difference\u2019s reversal and if it is likely that this difference will not be reversed in the foreseeable future. The group estimates that the deferred tax liabilities not recognized in this regard as of December 31, 2022 amount to EUR 8 million (EUR 12 million as of December 31, 2021).The following tables show the evolution of deferred tax assets and liabilities in 2022 and 2021:December 31, 2021 Result Statement of Other December 31, 2022IN EUR MILLIONcomprehensive incomeDeferred tax assets 162.8 1 7.5 8.3 (9.0) 179.6Deferred tax liabilities (458.4) 19.5 7. 6 (228.1) (659.4)Net(295.6) 3 7. 0 15.9 (237.1) (479.8)December 31, 2020 Result Statement of Other December 31, 2021IN EUR MILLIONcomprehensive incomeDeferred tax assets160.054.9(38.6)(13.5)162.8Deferred tax liabilities (271.9)(0.3)(2.9)(183.3)(458.4)Net (112.0) 54.6 (41.5) (196.8) (295.6)The amounts included under \u201cOther\u201d are mainly due to the consolidation of the new subsidiaries acquired in 2022.Finally, the different taxes directly recorded under shareholders equity are shown in the following table:IN EUR MILLION 2022 2021Actuarial gains (losses) 39.0 85.1Of which amounts before taxes46.5 110.5Of which deferred taxes(7.5) (25.4)Gains and (losses) on financial liabilities measured at fair value attributable to the acquisition of a controlling or non-controlling interest(10.6)-Of which amounts before taxes(8.9) -Of which deferred taxes(1.7) -Foreign currency translation adjustments 101.2 5 7.1Of which amounts before taxes 101.6 56.3Of which deferred taxes(0.4) 0.8Cash flow hedge(129.2)44.0Of which amounts before taxes(154.7) 60.9Of which deferred taxes25.5 (16.9)Revaluation reserves(3,618.6)1,434.4Of which amounts before taxes (3,618.6) 1,434.4Of which deferred taxes - -", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-169-4": { "value": "13.3 Deferred tax by nature in the balance sheetDeferred tax assets Deferred tax liabilitiesIN EUR MILLION 2022 2021 2022 2021Property, plant, equipment and intangible assets 150.7 90.2 (836.5) (578.5)Inventories, trade receivables, trade payables and provisions 80.1 88.9 (7.9) (5.2)Employee benefit obligations42.354.2(1.1)-Unused tax losses and credits42.631.0--Other101.278.1(51.2)(54.6)Offsetting of assets/liabilities(237.2)(179.8)2 37. 2179.8TOTAL 179.6 162.8 (659.4) (458.4)Of which: Holding----Imerys110.7138.6(99.9)(129.6)Webhelp16.310.8(142.2)(183.8)Canyon7. 810.1(112.8)(121.6)Affidea18.8-(140.1)-Sanoptis24.9-(139.9)-GBL Capital and SIM 1.2 3.3 (24.5) (23.4)Deferred tax assets are recognized for tax losses carried forward when their recovery is deemed probable and over an expected recovery horizon not exceeding five years. The valuation of deferred tax assets recognized in this regard is based on an analysis of the loss\u2019 constitution, the probability of recurrence of losses in the future, future business prospects and national laws limiting the use of carryforward losses. As of December 31, 2021, these deferred tax assets thus recognized amount to a total of EUR 43 million (EUR 31 million in 2021).For the Holding segment, tax losses carried forward for an unlimited time and tax credits in Belgium amount to EUR 1,297 million (EUR 1,098 million in 2021); for foreign subsidiaries, these items amount to EUR 5,063 million (EUR 5,022 million in 2021). Furthermore, regarding the other segments, tax losses carried forward for an unlimited time and tax credits amount to EUR 478 million for Imerys, EUR 38 million for Webhelp, EUR 0 million for Canyon, EUR 220 million for Affidea, EUR 0 million for Sanoptis and EUR 90 million for GBL Capital and Sienna Investment Managers (respectively EUR 495 million, EUR 27 million, EUR 0 million, EUR 0 million, EUR 0 million and EUR 89 million in 2021). These tax losses and tax credits did not give rise to the recognition of a deferred tax asset because their recovery is considered uncertain.No deferred tax liabilities are recognized in relation to the temporary tax differences between the carrying amount and the tax value of investment securities if the group is able to verify the date of the temporary difference\u2019s reversal and if it is likely that this difference will not be reversed in the foreseeable future. The group estimates that the deferred tax liabilities not recognized in this regard as of December 31, 2022 amount to EUR 8 million (EUR 12 million as of December 31, 2021).The following tables show the evolution of deferred tax assets and liabilities in 2022 and 2021:December 31, 2021 Result Statement of Other December 31, 2022IN EUR MILLIONcomprehensive incomeDeferred tax assets 162.8 1 7.5 8.3 (9.0) 179.6Deferred tax liabilities (458.4) 19.5 7. 6 (228.1) (659.4)Net(295.6) 3 7. 0 15.9 (237.1) (479.8)December 31, 2020 Result Statement of Other December 31, 2021IN EUR MILLIONcomprehensive incomeDeferred tax assets160.054.9(38.6)(13.5)162.8Deferred tax liabilities (271.9)(0.3)(2.9)(183.3)(458.4)Net (112.0) 54.6 (41.5) (196.8) (295.6)The amounts included under \u201cOther\u201d are mainly due to the consolidation of the new subsidiaries acquired in 2022.Finally, the different taxes directly recorded under shareholders equity are shown in the following table:IN EUR MILLION 2022 2021Actuarial gains (losses) 39.0 85.1Of which amounts before taxes46.5 110.5Of which deferred taxes(7.5) (25.4)Gains and (losses) on financial liabilities measured at fair value attributable to the acquisition of a controlling or non-controlling interest(10.6)-Of which amounts before taxes(8.9) -Of which deferred taxes(1.7) -Foreign currency translation adjustments 101.2 5 7.1Of which amounts before taxes 101.6 56.3Of which deferred taxes(0.4) 0.8Cash flow hedge(129.2)44.0Of which amounts before taxes(154.7) 60.9Of which deferred taxes25.5 (16.9)Revaluation reserves(3,618.6)1,434.4Of which amounts before taxes (3,618.6) 1,434.4Of which deferred taxes - -", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-174-4": { "value": "Trade receivables are mainly related to Imerys and Webhelp. Factoring agreements have been put in place by Imerys and Webhelp for an unlimited period for a maximum amount of EUR 248 million, including taxes. As of December 31, 2022, EUR 206 million in receivables were thus transferred and deconsolidated, the risks and benefits associated with these receivables, including default and late payment risks, having been transferred to the factor (EUR 162 million as of December 31, 2021).", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-173-3": { "value": "Note 15Trade receivablesIN EUR MILLION 2022 2021Trade receivables1,132.61,060.2Write-downs of doubtful receivables(23.8)(40.5)NET TOTAL 1,108.7 1,019.7Of which: Holding0.00.6Imerys489.9614.3Webhelp454.1381.2Canyon3.31.5Affidea88.3-Sanoptis53.8-GBL Capital and SIM19.322.1Trade receivables are mainly related to Imerys and Webhelp. Factoring agreements have been put in place by Imerys and Webhelp for an unlimited period for a maximum amount of EUR 248 million, including taxes. As of December 31, 2022, EUR 206 million in receivables were thus transferred and deconsolidated, the risks and benefits associated with these receivables, including default and late payment risks, having been transferred to the factor (EUR 162 million as of December 31, 2021).Trade receivables do not bear interest and generally have a 30 to 90-day maturity. At the reporting date, some of the trade receivables detailed below may be due without being impaired, for example when covered by a credit insurance contract or a guarantee.IN EUR MILLION 2022 2021Delay of no more than 1 month 171.8 141.3Delay of 1 to 3 months 53.1 39.0Delay of more than 3 months 5 7. 1 41.3TOTAL TRADE RECEIVABLES DUE AND NOT WRITTEN DOWN 281.9 221.6Trade receivables not due and trade receivables due and written down 826.8 798.1TOTAL TRADE RECEIVABLES, NET 1,108.7 1,019.7The following table shows the change in write-downs over several years:IN EUR MILLION 2022 2021WRITE-DOWNS OF RECEIVABLES AT 1 JANUARY (40.5) (42.5)Write-downs over the year(2.1)(9.7)Utilizations1.65.5Reversals of write-downs9.28.5Foreign currency translation adjustments and other8.0(2.3)WRITE-DOWNS OF RECEIVABLES AT 31 DECEMBER (23.8) (40.5)", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-172-4": { "value": "Note 16Trading financial assetsIN EUR MILLION 2022 2021Money market funds841.42,052.5Other trading assets28.633.5TOTAL 870.0 2,086.0Of which: Holding839.82,064.7Imerys1.97. 3Webhelp12.012.0Canyon16.32.0Affidea--Sanoptis--GBL Capital and SIM0.00.0Note 18Other current assetsIN EUR MILLION 2022 2021Current financial assets 90.9 100.4Derivative financial instruments held for trading1 7.47.7Derivative financial instruments - Hedging35.57 7. 8Other 38.0 14.8Current non-financial assets498.7420.9Taxes on result to be recovered110.796.6Other taxes and VAT to be recovered201.6194.0Deferred expenses85.150.8Other 101.2 79.6TOTAL589.5521.3Of which: Holding44.021.3Imerys235.6314.7Webhelp 179.4 144.1Canyon45.72 7.0Affidea26.8-Sanoptis29.2-GBL Capital and SIM28.814.1Note 26Derivative financial instruments26.1 Fair values of short-term and long-term derivative financial instrumentsThe fair values of the derivative financial instruments held as of December 31, 2022 and 2021 are shown in the following table:IN EUR MILLION 2022 2021ASSETS 62.5 8 7. 3Of which non-current assets9.6 1.7Of which current assets52.9 85.5Composed of:Forwards, futures and currency swaps \u2013 Derivative instruments held for trading1 7. 38.3Forwards, futures and currency swaps \u2013 Hedging38.713.3Futures and commodities options \u2013 Derivative instruments held for trading--Futures and commodities options \u2013 Hedging 6.5 65.7LIABILITIES (276.1) (219.9)Of which non-current liabilities (92.8) (182.7)Of which current liabilities (183.3) (37.2)Composed of:Forwards, futures and currency swaps \u2013 Derivative instruments held for trading(0.3)(6.5)Forwards, futures and currency swaps \u2013 Hedging(15.0)(2.2)Futures and commodities options \u2013 Hedging(25.9)(3.2)Forwards on shares \u2013 Hedging(76.7)-Call and put options on shares \u2013 Derivative instruments held for trading(158.2)(208.0)NET POSITION (213.7) (132.6)Forwards, futures and currency swaps40.712.9Forwards on shares(76.7)-Futures and commodities options(19.4)62.5Call and put options on shares (158.2) (208.0)The following table shows the maturity of the cash \ufb02ow hedge derivatives for the reporting periods ended December 31, 2022 and 2021:IN EUR MILLION Total Within the year 2 to 5 years Over 5 yearsForwards, futures and currency swaps23.718.35.4-Futures and commodities options(19.4)(19.4)--Forwards on shares(76.7)(76.7)--TOTAL AS OF DECEMBER 31, 2022 (72.4) (77.8) 5.4 -Forwards, futures and currency swaps11.111.00.1-Futures and commodities options62.562.5--TOTAL AS OF DECEMBER 31, 2021 73.6 73.5 0.1 -26.2 Change in fair value of derivative instrumentsThe following table shows the changes in the fair value of hedging derivative instruments between two closing dates:IN EUR MILLION 2022 2021Derivative instruments - hedgingAs of January 1 \u2013 net derivatives position 73.6(4.4)Increase (decrease) recognized in profit or loss(1.7)-Increase (decrease) recognized in shareholders' equity(154.7)60.9Changes in group structure/Business combinations/Other10.41 7. 1AS OF DECEMBER 31 \u2013 NET DERIVATIVES POSITION (72.4) 73.6The following table shows the changes in the fair value of derivative instruments held for trading between two closing dates:IN EUR MILLION 2022 2021Derivative financial instruments held for tradingAs of January 1 \u2013 net derivatives position (206.2) (17.6)Increase (decrease) recognized in profit or loss 98.7 (133.6)Increase recognized in shareholders' equity--Changes in group structure/Business combinations/Other(33.6)(55.0)AS OF DECEMBER 31 \u2013 NET DERIVATIVES POSITION (141.2) (206.2)26.3 Notional underlying amounts of derivative financial instrumentsIN EUR MILLION 2022 2021ASSETS 2,140.4 663.3Composed of:Forwards, futures and currency swaps 2,063.7 661.9Futures and commodities options76.71.4LIABILITIES 4,043.6 3,530.7Composed of:Forwards, futures and currency swaps1,715.91,234.1Forwards on shares5 37. 6-Futures and commodities options21.714.4Call and put options on shares1,768.42,282.226.4 Maturity of notional underlying amounts of derivative financial instrumentsIN EUR MILLION Total Within the year 2 to 5 years Over 5 yearsForwards, futures and currency swaps3,779.63 , 0 6 7.91 0 7.1604.6Forwards on shares5 37. 65 3 7. 6--Futures and commodities options98.498.4--Call and put options on shares1,768.4689.61,078.8-TOTAL AS OF DECEMBER 31, 2022 6,184.0 4,393.5 1,185.9 604.6Forwards, futures and currency swaps1,896.01,810.086.0-Futures and commodities options15.815.8--Call and put options on shares2,282.21,298.0984.3-TOTAL AS OF DECEMBER 31, 2021 4,194.0 3,123.8 1,070.3 -Note 29Financial instrumentsFair valueTo re\ufb02ect the importance of inputs used when measuring at fair value, the group classifies these valuations according to a hierarchy composed of the following levels: \u2013 level 1: listed prices (non-adjusted) on active markets for identical assets or liabilities; \u2013 level 2: inputs, other than the listed prices included in level 1, that are observable for the asset or liability concerned, either directly (i.e. prices) or indirectly (i.e. derived from prices); and \u2013 level 3: inputs related to the asset or liability that are not based on observable market data (non-observable inputs).Analysis of financial instruments by category \u2013 balance sheetsThe tables below show a comparison of the book value and the fair value of the financial instruments as of December 31, 2022 and as of December 31, 2021, as well as the fair value hierarchy.The category, according to IFRS 9, uses the following abbreviations: \u2013 FATOCI: Financial Assets measured at fair value through Other Comprehensive Income \u2013 FATPL: Financial Assets measured at fair value through Profit or Loss \u2013 FLTPL: Financial Liabilities measured at fair value through Profit or Loss \u2013 FAAC: Financial Assets measured at Amortized Cost \u2013 FLAC: Financial Liabilities measured at Amortized Cost \u2013 HeAc: Hedge Accounting.As of December 31, 2022Category Carrying amount Fair value Hierarchy of according to fair valuesIN EUR MILLIONIFRS 9FINANCIAL ASSETSNon-current assetsOther equity investmentsEquity investments measured at fair value and FATOCI 10,837.2 10,837.2 Level 1with changes recognized in equityEquity investments measured at fair value and FATOCI 273.0 273.0 Level 3with changes recognized in equityEquity investments measured at fair value and FATPL 1 2 7. 3 1 2 7. 3 Level 1with changes recognized in profit or lossEquity investments measured at fair value and FATPL 1 , 9 2 7. 0 1 , 9 27. 0 Level 3with changes recognized in profit or lossOther non-current assetsDerivative instruments - hedgingHeAc9.69.6Level 2Other financial assetsFAAC66.166.1Level 2Current assetsTrade receivablesFAAC1,108.71,108.7Level 2Trading financial assetsFATPL870.0870.0Level 1Cash and cash equivalentsFAAC1,768.31,768.3Level 2Other current assetsDerivative instruments - hedgingHeAc35.535.5Level 2Derivative instruments - otherFATPL1 7.41 7.4Level 2Other financial assetsFAAC38.038.0Level 2FINANCIAL LIABILITIESNon-current liabilitiesFinancial liabilitiesFLAC8,714.78,379.3Level 2Other non-current liabilitiesDerivative instruments - hedgingHeAc4.14.1Level 2Derivative instruments - otherFLTPL88.788.7Level 2Other non-current liabilitiesFLAC1,545.21,545.2Level 2Current liabilitiesFinancial liabilitiesOther financial liabilitiesFLAC1,654.61,675.9Level 2Trade payablesFLAC8 5 7.48 5 7.4Level 2Other current liabilitiesDerivative instruments - hedgingHeAc113.5113.5Level 2Derivative instruments - otherFLTPL69.869.8Level 2Other current liabilitiesFLAC73.773.7Level 2As of December 31, 2021Category Carrying amount Fair value Hierarchy of according to fair valuesIN EUR MILLIONIFRS 9FINANCIAL ASSETSNon-current assetsOther equity investmentsEquity investments measured at fair value and FATOCI 15,523.2 15,523.2 Level 1with changes recognized in equityEquity investments measured at fair value and FATOCI 266.0 266.0 Level 3with changes recognized in equityEquity investments measured at fair value and FATPL 481.4 481.4 Level 1with changes recognized in profit or lossEquity investments measured at fair value and FATPL 1,904.3 1,904.3 Level 3with changes recognized in profit or lossOther non-current assetsDerivative instruments - hedgingHeAc1.21.2Level 2Derivative instruments - otherFATPL0.50.5Level 2Other financial assetsFAAC83.983.9Level 2Current assetsTrade receivablesFAAC1,019.71,019.7Level 2Trading financial assetsFATPL2,086.02,086.0Level 1Cash and cash equivalentsFAAC1,331.61,331.6Level 2Other current assetsDerivative instruments - hedgingHeAc7 7. 87 7. 8Level 2Derivative instruments - otherFATPL7.77.7Level 2Other financial assetsFAAC14.814.8Level 2FINANCIAL LIABILITIESNon-current liabilitiesFinancial liabilitiesFLAC6,616.26,910.3Level 2Other non current liabilitiesDerivative instruments - otherFLTPL182.7182.7Level 2Other non current liabilities FLAC 1,067.0 1,067.0 Level 2Current liabilitiesFinancial liabilitiesOther financial liabilitiesFLAC1,037.51,038.7Level 2Trade payablesFLAC865.8865.8Level 2Other current liabilitiesDerivative instruments - hedgingHeAc5.35.3Level 2Derivative instruments - otherFLTPL31.831.8Level 2Other current liabilitiesFLAC34.034.0Level 2There were no significant transfers between the different levels during 2022.Measurement techniquesThe group\u2019s financial instruments very largely belong to classification levels 1 and 2. The financial assets measured at level 3 fair value are not significant compared to the other asset classes (12.88% as of December 31, 2022 and 9.52% as of December 31, 2021).The techniques used to measure the fair value of level 2 financial instruments are as follows:The exchangeable or convertible bonds issued by the group are considered to be hybrid instruments, i.e. instruments including a bond component and an embedded derivative. At the date of issue, the fair value of the bond component is estimated based on the prevailing market interest rate for similar non-exchangeable or non-convertible bonds, taking into account the risk associated with GBL (credit spread). At each reporting date, the value of the bond component is recalculated, taking into account the change in the risk-free rate and GBL\u2019s credit spread, and the difference in relation to the price of the exchangeable or convertible bond observed on the Luxembourg Stock Exchange\u2019s Euro MTF market is taken as the new value of the derivative component. The change in this value in relation to the previous reporting date is recognized in profit or loss.The fair value of derivative instruments not associated with exchangeable or convertible bonds is taken from a model that uses observable data, in other words the quotes on the reporting date provided by third-parties operating on the financial markets. These valuations are adjusted for the counterparties\u2019 credit risk and the credit risk specific to Imerys or GBL. Accordingly, if the market value of the derivative is positive (derivative asset), its fair value incorporates the likelihood of the counterparty defaulting (Credit Value Adjustment or CVA). If the derivative\u2019s market value is negative (derivative liability), its fair value factors in the likelihood of Imerys or GBL defaulting (Debit Value Adjustment or DVA). These adjustments are measured based on the spreads of the bonds in circulation on the secondary market, as issued by Imerys, GBL and their counterparts.The techniques used to measure the fair value of level 3 financial instruments are as follows:Level 3 financial instruments are valued on a quarterly basis at their fair value in line with the International Private Equity and Venture Valuation Guidelines. Recent investments are valued at their acquisition cost, provided that these valuations are considered as the best estimates of fair value. Investments in level 3 funds are revalued at their fair value, as determined by the fund managers, based on their investment portfolio.Analysis of financial instruments by category \u2013 income statementThe tables hereafter present the income and expenses before income taxes recognized in the income statement by categories of financial instruments. These tables analyze the product and expense lines containing financial instruments according to categories presented in columns. These distinguish, on the one hand, the categories applied by default to any item excluding hedge accounting and, on the other hand, the categories applied to any item falling within the scope of hedge accounting.The IFRS 9 categories of amortized cost and fair value through profit or loss apply to the majority of non-hedge accounting items. Hedge accounting items are classified according to their fair value or cash \ufb02ow hedging qualifications, distinguishing the values of hedged items and hedging instruments in columns and the types of risks hedged in rows.In addition, in order to ensure reconciliation between IFRS 9 classes and financial statements, this table includes a column containing the following non-IFRS 9 items: share-based payments (IFRS 2), mining assets (IFRS 6), inventories (IAS 2), income tax assets and liabilities (IAS 12), property, plant and equipment (IAS 16), finance lease liabilities (IFRS 16), defined benefit and short-term employee benefits assets and liabilities (IAS 19), grants(IAS 20), provisions (IAS 37), intangible assets and prepaid expenses (IAS 38), stripping assets (IFRIC 20) and duties and taxes (IFRIC 21). The logic of classification of financial instruments in assets and liabilities is applied in transversally to their changes in income statement. For example, revenue is included in the amortized cost category, as its counterparties in trade receivables or cash and cash equivalents fall under this category on the asset side.2022Non-hedge accounting Hedge accountingIFRS 9 Categories Fair value Cash flowsAmortized Fair value Fair value Out of Hedged Hedging Hedged Hedging Totalcostthrough through IFRS 9 iteminstrumentiteminstrumentprofit or equityscopeIN EUR MILLIONlossNet dividends from investments--322.3-----322.3Other operating income (expenses) from investing (74.3) - - - - - - - (74.3)activitiesFinancial income (expenses) (490.0) 94.6 - - - - - - (395.4)from investing activitiesOf which: Financial 168.7 119.0 - - - - - - 2 87.7incomeFinancial expenses(658.7) (24.4) - - - - - - (683.1)PROFIT (LOSS) FROM INVESTING ACTIVITIES (564.3) 94.6 322.3 - - - - - (147.4)- CONTINUING OPERATIONSTurnover8,108.7------(0.1)8,108.6Raw materials and consumables(2,322.4)--199.9---100.4(2,022.1)Other operating income (expenses) from operating (1,791.1) - - 18.1 - - - - (1,773.0)activitiesFinancial income (expenses) (520.6) 5.8 - (11.0) - - - - (525.8)from operating activitiesOf which: Financial 40.9 5.8 - - - - - - 46.7incomeFinancial expenses(561.5) - - (11.0) - - - - (572.5)PROFIT (LOSS) FROM CONSOLIDATED 3,474.7 5.8 - 2 0 7.0 - - - 100.3 3,787.8OPERATING ACTIVITIES - CONTINUING OPERATIONS2021Non-hedge accounting Hedge accountingIFRS 9 Categories Fair value Cash flowsAmortized Fair value Fair value Out of Hedged Hedging Hedged Hedging Totalcostthrough through IFRS 9 iteminstrumentiteminstrumentprofit or equityscopeIN EUR MILLIONlossNet dividends from investments - - 363.1 - - - - - 363.1Other operating income (expenses) from investing (54.8) - - - - - - - (54.8)activitiesFinancial income (expenses) from 249.7 (140.2) - - - - - - 109.6investing activitiesOf which: Financial 372.0 18.4 - - - - - - 390.4incomeFinancial expenses(122.3) (158.6) - - - - - - (280.9)PROFIT (LOSS) FROM INVESTING ACTIVITIES 195.0 (140.2) 363.1 - - - - - 417.9- CONTINUING OPERATIONSTurnover5,808.1-----432.22.76,243.0Raw materials and consumables(1,456.5)--119.1--(184.3)38.6(1,483.1)Other operating income (expenses) from operating (1,494.5) - - 16.6 - - - - (1,477.9)activitiesFinancial income (expenses) from (436.1) 2.7 - (10.3) - - - - (443.7)operating activitiesOf which: Financial 33.7 2.8 - - - - - - 36.5incomeFinancial expenses(469.7) (0.1) - (10.3) - - - - (480.1)PROFIT (LOSS) FROM CONSOLIDATED OPERATING 2,421.0 2.7 - 125.4 - - 2 47. 9 41.3 2,838.4ACTIVITIES - CONTINUING OPERATIONS", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-172-5": { "value": "Note 16Trading financial assetsIN EUR MILLION 2022 2021Money market funds841.42,052.5Other trading assets28.633.5TOTAL 870.0 2,086.0Of which: Holding839.82,064.7Imerys1.97. 3Webhelp12.012.0Canyon16.32.0Affidea--Sanoptis--GBL Capital and SIM0.00.0Note 18Other current assetsIN EUR MILLION 2022 2021Current financial assets 90.9 100.4Derivative financial instruments held for trading1 7.47.7Derivative financial instruments - Hedging35.57 7. 8Other 38.0 14.8Current non-financial assets498.7420.9Taxes on result to be recovered110.796.6Other taxes and VAT to be recovered201.6194.0Deferred expenses85.150.8Other 101.2 79.6TOTAL589.5521.3Of which: Holding44.021.3Imerys235.6314.7Webhelp 179.4 144.1Canyon45.72 7.0Affidea26.8-Sanoptis29.2-GBL Capital and SIM28.814.1Note 26Derivative financial instruments26.1 Fair values of short-term and long-term derivative financial instrumentsThe fair values of the derivative financial instruments held as of December 31, 2022 and 2021 are shown in the following table:IN EUR MILLION 2022 2021ASSETS 62.5 8 7. 3Of which non-current assets9.6 1.7Of which current assets52.9 85.5Composed of:Forwards, futures and currency swaps \u2013 Derivative instruments held for trading1 7. 38.3Forwards, futures and currency swaps \u2013 Hedging38.713.3Futures and commodities options \u2013 Derivative instruments held for trading--Futures and commodities options \u2013 Hedging 6.5 65.7LIABILITIES (276.1) (219.9)Of which non-current liabilities (92.8) (182.7)Of which current liabilities (183.3) (37.2)Composed of:Forwards, futures and currency swaps \u2013 Derivative instruments held for trading(0.3)(6.5)Forwards, futures and currency swaps \u2013 Hedging(15.0)(2.2)Futures and commodities options \u2013 Hedging(25.9)(3.2)Forwards on shares \u2013 Hedging(76.7)-Call and put options on shares \u2013 Derivative instruments held for trading(158.2)(208.0)NET POSITION (213.7) (132.6)Forwards, futures and currency swaps40.712.9Forwards on shares(76.7)-Futures and commodities options(19.4)62.5Call and put options on shares (158.2) (208.0)The following table shows the maturity of the cash \ufb02ow hedge derivatives for the reporting periods ended December 31, 2022 and 2021:IN EUR MILLION Total Within the year 2 to 5 years Over 5 yearsForwards, futures and currency swaps23.718.35.4-Futures and commodities options(19.4)(19.4)--Forwards on shares(76.7)(76.7)--TOTAL AS OF DECEMBER 31, 2022 (72.4) (77.8) 5.4 -Forwards, futures and currency swaps11.111.00.1-Futures and commodities options62.562.5--TOTAL AS OF DECEMBER 31, 2021 73.6 73.5 0.1 -26.2 Change in fair value of derivative instrumentsThe following table shows the changes in the fair value of hedging derivative instruments between two closing dates:IN EUR MILLION 2022 2021Derivative instruments - hedgingAs of January 1 \u2013 net derivatives position 73.6(4.4)Increase (decrease) recognized in profit or loss(1.7)-Increase (decrease) recognized in shareholders' equity(154.7)60.9Changes in group structure/Business combinations/Other10.41 7. 1AS OF DECEMBER 31 \u2013 NET DERIVATIVES POSITION (72.4) 73.6The following table shows the changes in the fair value of derivative instruments held for trading between two closing dates:IN EUR MILLION 2022 2021Derivative financial instruments held for tradingAs of January 1 \u2013 net derivatives position (206.2) (17.6)Increase (decrease) recognized in profit or loss 98.7 (133.6)Increase recognized in shareholders' equity--Changes in group structure/Business combinations/Other(33.6)(55.0)AS OF DECEMBER 31 \u2013 NET DERIVATIVES POSITION (141.2) (206.2)26.3 Notional underlying amounts of derivative financial instrumentsIN EUR MILLION 2022 2021ASSETS 2,140.4 663.3Composed of:Forwards, futures and currency swaps 2,063.7 661.9Futures and commodities options76.71.4LIABILITIES 4,043.6 3,530.7Composed of:Forwards, futures and currency swaps1,715.91,234.1Forwards on shares5 37. 6-Futures and commodities options21.714.4Call and put options on shares1,768.42,282.226.4 Maturity of notional underlying amounts of derivative financial instrumentsIN EUR MILLION Total Within the year 2 to 5 years Over 5 yearsForwards, futures and currency swaps3,779.63 , 0 6 7.91 0 7.1604.6Forwards on shares5 37. 65 3 7. 6--Futures and commodities options98.498.4--Call and put options on shares1,768.4689.61,078.8-TOTAL AS OF DECEMBER 31, 2022 6,184.0 4,393.5 1,185.9 604.6Forwards, futures and currency swaps1,896.01,810.086.0-Futures and commodities options15.815.8--Call and put options on shares2,282.21,298.0984.3-TOTAL AS OF DECEMBER 31, 2021 4,194.0 3,123.8 1,070.3 -Note 29Financial instrumentsFair valueTo re\ufb02ect the importance of inputs used when measuring at fair value, the group classifies these valuations according to a hierarchy composed of the following levels: \u2013 level 1: listed prices (non-adjusted) on active markets for identical assets or liabilities; \u2013 level 2: inputs, other than the listed prices included in level 1, that are observable for the asset or liability concerned, either directly (i.e. prices) or indirectly (i.e. derived from prices); and \u2013 level 3: inputs related to the asset or liability that are not based on observable market data (non-observable inputs).Analysis of financial instruments by category \u2013 balance sheetsThe tables below show a comparison of the book value and the fair value of the financial instruments as of December 31, 2022 and as of December 31, 2021, as well as the fair value hierarchy.The category, according to IFRS 9, uses the following abbreviations: \u2013 FATOCI: Financial Assets measured at fair value through Other Comprehensive Income \u2013 FATPL: Financial Assets measured at fair value through Profit or Loss \u2013 FLTPL: Financial Liabilities measured at fair value through Profit or Loss \u2013 FAAC: Financial Assets measured at Amortized Cost \u2013 FLAC: Financial Liabilities measured at Amortized Cost \u2013 HeAc: Hedge Accounting.As of December 31, 2022Category Carrying amount Fair value Hierarchy of according to fair valuesIN EUR MILLIONIFRS 9FINANCIAL ASSETSNon-current assetsOther equity investmentsEquity investments measured at fair value and FATOCI 10,837.2 10,837.2 Level 1with changes recognized in equityEquity investments measured at fair value and FATOCI 273.0 273.0 Level 3with changes recognized in equityEquity investments measured at fair value and FATPL 1 2 7. 3 1 2 7. 3 Level 1with changes recognized in profit or lossEquity investments measured at fair value and FATPL 1 , 9 2 7. 0 1 , 9 27. 0 Level 3with changes recognized in profit or lossOther non-current assetsDerivative instruments - hedgingHeAc9.69.6Level 2Other financial assetsFAAC66.166.1Level 2Current assetsTrade receivablesFAAC1,108.71,108.7Level 2Trading financial assetsFATPL870.0870.0Level 1Cash and cash equivalentsFAAC1,768.31,768.3Level 2Other current assetsDerivative instruments - hedgingHeAc35.535.5Level 2Derivative instruments - otherFATPL1 7.41 7.4Level 2Other financial assetsFAAC38.038.0Level 2FINANCIAL LIABILITIESNon-current liabilitiesFinancial liabilitiesFLAC8,714.78,379.3Level 2Other non-current liabilitiesDerivative instruments - hedgingHeAc4.14.1Level 2Derivative instruments - otherFLTPL88.788.7Level 2Other non-current liabilitiesFLAC1,545.21,545.2Level 2Current liabilitiesFinancial liabilitiesOther financial liabilitiesFLAC1,654.61,675.9Level 2Trade payablesFLAC8 5 7.48 5 7.4Level 2Other current liabilitiesDerivative instruments - hedgingHeAc113.5113.5Level 2Derivative instruments - otherFLTPL69.869.8Level 2Other current liabilitiesFLAC73.773.7Level 2As of December 31, 2021Category Carrying amount Fair value Hierarchy of according to fair valuesIN EUR MILLIONIFRS 9FINANCIAL ASSETSNon-current assetsOther equity investmentsEquity investments measured at fair value and FATOCI 15,523.2 15,523.2 Level 1with changes recognized in equityEquity investments measured at fair value and FATOCI 266.0 266.0 Level 3with changes recognized in equityEquity investments measured at fair value and FATPL 481.4 481.4 Level 1with changes recognized in profit or lossEquity investments measured at fair value and FATPL 1,904.3 1,904.3 Level 3with changes recognized in profit or lossOther non-current assetsDerivative instruments - hedgingHeAc1.21.2Level 2Derivative instruments - otherFATPL0.50.5Level 2Other financial assetsFAAC83.983.9Level 2Current assetsTrade receivablesFAAC1,019.71,019.7Level 2Trading financial assetsFATPL2,086.02,086.0Level 1Cash and cash equivalentsFAAC1,331.61,331.6Level 2Other current assetsDerivative instruments - hedgingHeAc7 7. 87 7. 8Level 2Derivative instruments - otherFATPL7.77.7Level 2Other financial assetsFAAC14.814.8Level 2FINANCIAL LIABILITIESNon-current liabilitiesFinancial liabilitiesFLAC6,616.26,910.3Level 2Other non current liabilitiesDerivative instruments - otherFLTPL182.7182.7Level 2Other non current liabilities FLAC 1,067.0 1,067.0 Level 2Current liabilitiesFinancial liabilitiesOther financial liabilitiesFLAC1,037.51,038.7Level 2Trade payablesFLAC865.8865.8Level 2Other current liabilitiesDerivative instruments - hedgingHeAc5.35.3Level 2Derivative instruments - otherFLTPL31.831.8Level 2Other current liabilitiesFLAC34.034.0Level 2There were no significant transfers between the different levels during 2022.Measurement techniquesThe group\u2019s financial instruments very largely belong to classification levels 1 and 2. The financial assets measured at level 3 fair value are not significant compared to the other asset classes (12.88% as of December 31, 2022 and 9.52% as of December 31, 2021).The techniques used to measure the fair value of level 2 financial instruments are as follows:The exchangeable or convertible bonds issued by the group are considered to be hybrid instruments, i.e. instruments including a bond component and an embedded derivative. At the date of issue, the fair value of the bond component is estimated based on the prevailing market interest rate for similar non-exchangeable or non-convertible bonds, taking into account the risk associated with GBL (credit spread). At each reporting date, the value of the bond component is recalculated, taking into account the change in the risk-free rate and GBL\u2019s credit spread, and the difference in relation to the price of the exchangeable or convertible bond observed on the Luxembourg Stock Exchange\u2019s Euro MTF market is taken as the new value of the derivative component. The change in this value in relation to the previous reporting date is recognized in profit or loss.The fair value of derivative instruments not associated with exchangeable or convertible bonds is taken from a model that uses observable data, in other words the quotes on the reporting date provided by third-parties operating on the financial markets. These valuations are adjusted for the counterparties\u2019 credit risk and the credit risk specific to Imerys or GBL. Accordingly, if the market value of the derivative is positive (derivative asset), its fair value incorporates the likelihood of the counterparty defaulting (Credit Value Adjustment or CVA). If the derivative\u2019s market value is negative (derivative liability), its fair value factors in the likelihood of Imerys or GBL defaulting (Debit Value Adjustment or DVA). These adjustments are measured based on the spreads of the bonds in circulation on the secondary market, as issued by Imerys, GBL and their counterparts.The techniques used to measure the fair value of level 3 financial instruments are as follows:Level 3 financial instruments are valued on a quarterly basis at their fair value in line with the International Private Equity and Venture Valuation Guidelines. Recent investments are valued at their acquisition cost, provided that these valuations are considered as the best estimates of fair value. Investments in level 3 funds are revalued at their fair value, as determined by the fund managers, based on their investment portfolio.Analysis of financial instruments by category \u2013 income statementThe tables hereafter present the income and expenses before income taxes recognized in the income statement by categories of financial instruments. These tables analyze the product and expense lines containing financial instruments according to categories presented in columns. These distinguish, on the one hand, the categories applied by default to any item excluding hedge accounting and, on the other hand, the categories applied to any item falling within the scope of hedge accounting.The IFRS 9 categories of amortized cost and fair value through profit or loss apply to the majority of non-hedge accounting items. Hedge accounting items are classified according to their fair value or cash \ufb02ow hedging qualifications, distinguishing the values of hedged items and hedging instruments in columns and the types of risks hedged in rows.In addition, in order to ensure reconciliation between IFRS 9 classes and financial statements, this table includes a column containing the following non-IFRS 9 items: share-based payments (IFRS 2), mining assets (IFRS 6), inventories (IAS 2), income tax assets and liabilities (IAS 12), property, plant and equipment (IAS 16), finance lease liabilities (IFRS 16), defined benefit and short-term employee benefits assets and liabilities (IAS 19), grants(IAS 20), provisions (IAS 37), intangible assets and prepaid expenses (IAS 38), stripping assets (IFRIC 20) and duties and taxes (IFRIC 21). The logic of classification of financial instruments in assets and liabilities is applied in transversally to their changes in income statement. For example, revenue is included in the amortized cost category, as its counterparties in trade receivables or cash and cash equivalents fall under this category on the asset side.2022Non-hedge accounting Hedge accountingIFRS 9 Categories Fair value Cash flowsAmortized Fair value Fair value Out of Hedged Hedging Hedged Hedging Totalcostthrough through IFRS 9 iteminstrumentiteminstrumentprofit or equityscopeIN EUR MILLIONlossNet dividends from investments--322.3-----322.3Other operating income (expenses) from investing (74.3) - - - - - - - (74.3)activitiesFinancial income (expenses) (490.0) 94.6 - - - - - - (395.4)from investing activitiesOf which: Financial 168.7 119.0 - - - - - - 2 87.7incomeFinancial expenses(658.7) (24.4) - - - - - - (683.1)PROFIT (LOSS) FROM INVESTING ACTIVITIES (564.3) 94.6 322.3 - - - - - (147.4)- CONTINUING OPERATIONSTurnover8,108.7------(0.1)8,108.6Raw materials and consumables(2,322.4)--199.9---100.4(2,022.1)Other operating income (expenses) from operating (1,791.1) - - 18.1 - - - - (1,773.0)activitiesFinancial income (expenses) (520.6) 5.8 - (11.0) - - - - (525.8)from operating activitiesOf which: Financial 40.9 5.8 - - - - - - 46.7incomeFinancial expenses(561.5) - - (11.0) - - - - (572.5)PROFIT (LOSS) FROM CONSOLIDATED 3,474.7 5.8 - 2 0 7.0 - - - 100.3 3,787.8OPERATING ACTIVITIES - CONTINUING OPERATIONS2021Non-hedge accounting Hedge accountingIFRS 9 Categories Fair value Cash flowsAmortized Fair value Fair value Out of Hedged Hedging Hedged Hedging Totalcostthrough through IFRS 9 iteminstrumentiteminstrumentprofit or equityscopeIN EUR MILLIONlossNet dividends from investments - - 363.1 - - - - - 363.1Other operating income (expenses) from investing (54.8) - - - - - - - (54.8)activitiesFinancial income (expenses) from 249.7 (140.2) - - - - - - 109.6investing activitiesOf which: Financial 372.0 18.4 - - - - - - 390.4incomeFinancial expenses(122.3) (158.6) - - - - - - (280.9)PROFIT (LOSS) FROM INVESTING ACTIVITIES 195.0 (140.2) 363.1 - - - - - 417.9- CONTINUING OPERATIONSTurnover5,808.1-----432.22.76,243.0Raw materials and consumables(1,456.5)--119.1--(184.3)38.6(1,483.1)Other operating income (expenses) from operating (1,494.5) - - 16.6 - - - - (1,477.9)activitiesFinancial income (expenses) from (436.1) 2.7 - (10.3) - - - - (443.7)operating activitiesOf which: Financial 33.7 2.8 - - - - - - 36.5incomeFinancial expenses(469.7) (0.1) - (10.3) - - - - (480.1)PROFIT (LOSS) FROM CONSOLIDATED OPERATING 2,421.0 2.7 - 125.4 - - 2 47. 9 41.3 2,838.4ACTIVITIES - CONTINUING OPERATIONS", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-176-3": { "value": "Note 17Cash, cash equivalents and financial liabilities1 7. 2 Financial liabilitiesIN EUR MILLION 2022 2021NON\ue61eCURRENT FINANCIAL LIABILITIES 8,714.7 6,616.2Bonds (GBL) 1,985.2 1,488.7Convertible bonds (GBL)499.7499.7Exchangeable bonds (GBL)479.6444.9Bonds (Imerys)1,705.31,703.0Bank borrowings (Webhelp)1,738.11,723.2Bank borrowings (Canyon)225.7158.5Bank borrowings (Affidea)572.3-Bank borrowings (Sanoptis)602.0-Bank borrowings (GBL Capital) 89.7 124.4Lease liabilities 738.8 390.7Other non-current financial liabilities 78.283.3CURRENT FINANCIAL LIABILITIES 1,654.6 1,037.5Exchangeable bonds (GBL) 4 4 7.4 748.1Bank borrowings (GBL) 535.3 -Bank borrowings (Imerys)4 37. 6149.5Lease liabilities168.9100.2Other current financial liabilities65.439.7Bonds issued by GBLOn August 30, 2022, GBL placed a EUR 500 million institutional bond, with a 7-year maturity and a coupon of 3.125%. The carrying amount of this debt is EUR 494 million as of December 31, 2022.On January 21, 2021, GBL placed a EUR 500 million institutional bond, with a 10-year maturity and a coupon of 0.125%. The carrying amount of this debt is EUR 494 million as of December 31, 2022.On June 19, 2018, GBL placed a EUR 500 million institutional bond, with a 7-year maturity and a coupon of 1.875%. The carrying amount of this debt is EUR 498 million as of December 31, 2022.During the first semester of 2017, GBL issued an institutional bond of EUR 500 million, with a coupon of 1.375% and maturing on May 23, 2024. The carrying amount of this debt is EUR 499 million as of December 31, 2022.These issuances are intended to cover the group\u2019s general corporate purposes and lengthen the weighted average maturity of the gross debt.Bonds convertible into GBL shares (GBL)On March 23, 2021, GBL announced the placement by its fully-owned subsidiary Sagerpar SA (the \u201cIssuer\u201d) of EUR 500 million of bonds convertible into existing ordinary shares of GBL (the \u201cShares\u201d). The bonds are fully guaranteed by GBL (the \u201cGuarantor\u201d). This issue initially relates to approximately 4.3 million treasury shares.The bonds do not bear interests and had at placement a maturity of 5 years (April 1st, 2026), subject to early redemption. The bonds have been issued at an issue price of 101.25% of their principal amount and, unless previously redeemed, converted or purchased and cancelled, the bonds will be redeemed in cash at their principal amount at maturity (subject to the Issuer\u2019s share redemption option), which corresponds to an annual yield to maturity of - 0.25%. The initial conversion price of the bonds has been set at EUR 117.4928. The effective interest rate (including transaction costs allocated to the debt) stands at 0.02%.The Issuer will have the option to redeem all, but not some only, of the bonds for the time being outstanding at their principal amount, at any time on or after April 16, 2024 provided that the volume-weighted average price of one Share on Euronext Brussels shall have exceeded 130% of the conversion price on each of not less than 20 trading days in any period of 30 consecutive trading days. The Issuer will have a share redemption option to deliver Shares and, as the case may be, an additional amount in cash upon redemption of the Bonds on the maturity date.Bondholders may request the conversion of their bonds at any time since April 1, 2021 until (and including) the 45th Brussels business day (included) prior to the maturity date, subject to the Issuer\u2019s option to satisfy the conversion rights in cash, shares or a combination thereof. If the Issuer elects to satisfy conversion rights in Shares, it intends to deliver existing Shares which the Issuer holds on behalf of the Guarantor as treasury shares.The bonds are admitted to trading on the open market (Freiverkher) of the Frankfurt Stock Exchange. The carrying amount of these bonds (excluding the option) is EUR 500 million as of December 31, 2022. The option is assessed at fair value on the reporting date (EUR 7 million as of December 31, 2022, shown under \u201cOther current financial liabilities\u201d).Bonds exchangeable into Pernod Ricard shares (GBL)On November 29, 2022, GBL (the \u201cIssuer\u201d) issued bonds exchangeable into existing shares of Pernod Ricard SA (\u201cPernod Ricard\u201d) for an amount of EUR 500 million. The bonds initially related to 2.0 million Pernod Ricard shares representing approximately 1% of its share capital. The bonds have, at their issuance, a maturity of 3 years (November 29, 2025), except in case of early redemption, exchange or purchase and cancellation. The bonds carry a coupon of 2.125% per annum. The bonds were issued at an issue price of 100% of their principal amount and, unless previously redeemed, exchanged, or purchased and cancelled, will be redeemed at their principal amount at maturity on November 29, 2025.The Issuer will have the option to redeem all, but not only some, of the bonds, at their principal amount plus accrued and unpaid interest until the relevant date fixed for redemption (i) at any time on or after the date falling 2 years and 21 days after the Issue Date, provided that the value of the exchange property (being initially only Pernod Ricard shares) per bond attributable to EUR 100,000 in principal amount of bonds shall have exceeded EUR 130,000 on each of not less than 20 trading days in any period of 30 consecutive trading days; (ii) at any time, if 20% or less of the principal amount of the bonds originally issued remain outstanding; or (iii) in the event of an offer or scheme relating to the predominant equity share capital comprised in the exchange property, where the consideration as a result of such offer or scheme consists wholly of cash, all as described in the terms and conditions of the bonds.Bondholders may request the exchange of their bonds for exchange property at any time from January 9, 2023 until 40 Brussels business days before the maturity date, subject to the option of GBL to satisfy exchange rights in cash, exchange property or a combination thereof.The bonds are admitted to trading on the open market (Freiverkher) of the Frankfurt Stock Exchange. The carrying amount of these bonds (excluding the option) is EUR 480 million as of December 31, 2022. The option is assessed at fair value on the reporting date (EUR 30 million as of December 31, 2022, shown under \u201cOther current financial liabilities\u201d).Bonds exchangeable into GEA shares (GBL)On October 1, 2020, GBL has announced the completion of an offering by its fully-owned subsidiary Oliver Capital S\u00e0rl (the \u201cIssuer\u201d) of EUR 450 million of bonds exchangeable into existing registered shares of GEA Group AG (\u201cGEA\u201d) guaranteed by GBL. This issuance initially related to approximately 11.3 million GEA shares representing approximately 6.2% of its share capital. The bonds had, at their issuance, a maturity of 3 years and 3 months (December 29, 2023) except in case of an early redemption and do not bear interest. The bonds have been issued at an issue price of 102.0% of their principal amount and will be redeemed at their principal amount at maturity. The effective interest rate (including transaction costs allocated to the debt) stands at 0.6%.The Issuer have the option to redeem all, but not only some, of the bonds, at any time since October 6, 2022 at their principal amount, provided that the value of the underlying shares per bond attributable to EUR 100,000 in principal amount of bonds shall have exceeded EUR 130,000 on each of not less than 20 trading days in any period of 30 consecutive trading days. The Issuer has a share redemption option to deliver underlying shares and, as the case may be, an additional amount in cash upon its redemption of the bonds, both on the maturity date and upon early redemption.Bondholders may request the exchange of their bonds for exchange property (being initially only GEA shares) at any time from November 16, 2020 until 40 Brussels business days before the maturity date, subject to the option of the Issuer to satisfy exchange rights in cash, exchange property or a combination thereof.The bonds are admitted to trading on the Open Market (Freiverkher) of the Frankfurt Stock Exchange. The carrying amount of these bonds (excluding the option) is EUR 447 million as of December 31, 2022. The option is assessed at fair value on the reporting date (EUR 35 million as of December 31, 2021, shown under \u201cOther current financial liabilities\u201d).Bonds exchangeable into Holcim shares (GBL)The bonds exchangeable into Holcim shares matured on December 30, 2022. They were redeemed in full in cash.Bank debts (GBL)During the second half of 2022, GBL entered into forward sales contracts with prepayment for 13.2 million Holcim shares, maturing in May 2023, and received EUR 538 million in cash. As of December 31, 2022, the carrying amount of this debt is EUR 535 million and the value of the derivative attached to these transactions, recorded under \u201cOther current liabilities\u201d, amounts to EUR 77 million.Bonds (Imerys)Imerys further underscored its commitment in its sustainable development policy by tying its financing strategy to its environmental ambition. Therefore, on May 14, 2021, Imerys completed an issue of bonds indexed to its sustainable development objectives (Sustainability-Linked Bonds) for a principal amount of EUR 300 million. These bonds, due to mature on July 15, 2031, bear an annual coupon of 1.00% and are admitted to trading on the regulated market of the Luxembourg Stock Exchange.Issued in accordance with the Sustainability-Linked Bond Principles as published by the International Capital Market Association (ICMA), these instruments are indexed to a target to reduce greenhouse gas emissions by 22.9% in 2025 and 36.0% in 2030 in relation to the revenue (tCO2e/million euros) considering 2018 as the reference year, as approved by the Science Based Target initiative (SBTi). This includes Scope 1 emissions (direct emissions from sources owned or controlled by Imerys) and Scope 2 emissions (indirect emissions from the production of electricity, heat or steam imported or purchased by Imerys). Failure to meet these targets by December 31, 2025 and/or December 31, 2030 could result in the payment of penalties equal to 25 basis points of the principal amount for the 2025 target and/or 50 basis points of the principal amount for the 2030 target. At December 31, 2022, Imerys had reduced the metric tons of CO2 emitted per million euros of revenue by 31.0% compared with 2018 levels (23.0% compared with 2018 levels on December 31, 2021).The details of the bond issued by Imerys as of December 31, 2022 are mentioned below :Nominal value in Nominal interest Effective interest Listed/Unlisted Maturity Fair value Carrying amountcurrency raterateIN MILLION IN EUR MILLION IN EUR MILLIONEUR 500.0 2.00% 2.13% Listed 12/10/2024 486.4 499.1EUR 300.0 1.88% 1.92% Listed 03/31/2028 269.0 303.2EUR300.01.00%1.07%Listed07/15/2031208.3298.6EUR600.01.50%1.63%Listed01/15/2027549.2604.4TOTAL 1,512.9 1,705.3The bond issues as of December 31, 2021 are detailed below:Nominal value in Nominal interest Effective interest Listed/Unlisted Maturity Fair value Carrying amountcurrency raterateIN MILLION IN EUR MILLION IN EUR MILLIONEUR500.02.00%2.13%Listed12/10/2024524.9498.4EUR300.01.88%1.92%Listed03/31/2028326.5303.0EUR300.01.00%1.07%Listed07/15/2031294.8298.3EUR600.01.50%1.63%Listed01/15/20276 3 7. 1603.3TOTAL 1,783.3 1,703.0Bank debts (Imerys)Those debts coming from Imerys include as of December 31, 2022, EUR 434 million of short-term borrowings and EUR 4 million of bank overdrafts (EUR 119 million and EUR 30 million respectively as of December 31, 2021).Bank debts (Webhelp)Those bank debts coming from Webhelp mainly include the \u201csenior credit agreement\u201d concluded in 2019 and its extension for the financing of the acquisition of OneLink concluded on July 30, 2021:As of December 31, 2022 Nominal value in Nominal interest Effective interest Listed/Unlisted Maturity Fair value Carrying amountcurrency raterateIN MILLION IN EUR MILLION IN EUR MILLIONEUR1,020.03.00%4.91%Unlisted11/18/20261,020.01,007.0GBP125.04.00%7.80%Unlisted11/18/2026140.9139.0EUR285.63.75%5.60%Unlisted11/18/2026285.6281.0USD350.04.50%8.27%Unlisted11/18/2026323.2317.0TOTAL 1,769.7 1,74 4.0As of December 31, 2021 Nominal value in Nominal interest Effective interest Listed/Unlisted Maturity Fair value Carrying amountcurrency raterateIN MILLION IN EUR MILLION IN EUR MILLIONEUR1,020.03.00%3.39%Unlisted11/18/20261,020.01,004.0GBP125.04.00%4.48%Unlisted11/18/2026148.8146.5EUR285.63.75%4.33%Unlisted11/18/2026285.6279.4USD350.04.50%5.18%Unlisted11/18/2026309.0301.9TOTAL 1,763.4 1,731.8Bank debts (Canyon)This item includes long-term bank loans of Canyon.Bank loans (Affidea)This item includes Affidea\u2019s long-term bank debt. It is mainly composed of a bank loan of EUR 600 million, bearing a nominal interest rate of 5.00% and maturing on July 22, 2029. Its carrying amount is EUR 567 million at December 31, 2022.Bank loans (Sanoptis\ue61aThis item includes the long-term bank debt of Sanoptis.Bank loans (GBL Capital)This caption includes the different bank loans of the operational subsidiaries of ECP III.Lease liabilitiesThese liabilities mature in 2023 for a total of EUR 169 million, between 2024 and 2028 for EUR 464 million and EUR 275 million thereafter.Other current financial liabilitiesThis item primarily includes Webhelp\u2019s current portion of long-term debt.Undrawn credit linesAs of December 31, 2022, the group had undrawn credit lines with various financial institutions totaling EUR 4,336 million (EUR 3,672 million as of December 31, 2021). These credit facilities were available mainly to GBL, Imerys and Webhelp in the amounts of EUR 2,450 million, EUR 1,010 million and EUR 357 million respectively (EUR 2,150 million, EUR 1,160 million and EUR 362 million respectively as of December 31, 2021).With regards to GBL, all credit lines mature over the 2027\u20132028 period. Committed credit lines do not have financial covenants, meaning that, under its credit contracts, GBL has no obligations in terms of compliance with financial ratios.17.3 Change of financial liabilitiesThe table below mentions the reconciliation in 2022 and 2021 between the financial debts included in the consolidated balance sheet and the amounts from the consolidated statement of cash \ufb02ows:As of January 1, Cash flow Acquisitions/sales Impact of Other As of 2022variationof subsidiaries exchange rates movementsDecember 31, IN EUR MILLIONchange2022Financial liabilities - Non-current liabilities6,616.21,185.11,260.632.7(379.9)8,714.7Financial liabilities - Current liabilities1,037.5(35.6) 50.2 (9.0) 611.5 1,654.6TOTAL7, 6 5 3 .7 1,149.5 1,310.8 23.8 231.6 10,369.3As of January 1, Cash flow Acquisitions/sales Impact of Other movements As of 2021variationof subsidiaries exchange rates December 31, IN EUR MILLIONchange2021Financial liabilities - Non-current liabilities 5,624.5 1,901.5 45.9 69.9 (1,025.8) 6,616.2Financial liabilities - Current liabilities 394.0 (526.3) 12.1 (8.9) 1,166.5 1,037.5TOTAL6,018.5 1,375.2 58.1 61.1 140.7 7, 6 5 3 .7The other movements in 2022 and 2021 stemmed mainly from the reclassification between non-current liabilities and current liabilities and the recognition of lease liabilities. The change in cash shown in the table above is reconciled with the consolidated statement of cash \ufb02ows as follows:As of December 31, As of December 31, IN EUR MILLION20222021Cash flow variation 1,149.5 1,375.2Of which: proceeds from financial liabilities 2,205.6 2,233.1repayments of financial liabilities(1,056.1)(857.9)17.4 Residual contractual maturities of financial liabilitiesIN EUR MILLION 2023 2024-2028 2029 and moreAs of December 31, 2022 Principal Interests Principal Interests Principal InterestsNon-current financial liabilities - 252.6 5,953.8 955.8 2,760.9 158.6Other non-current financial liabilities - - 1,545.2 - - -Non-current derivative financial - - 92.8 - - -instrumentsCurrent financial liabilities1,654.640.9----Trade payables8 5 7.4-----Current derivative financial instruments183.3-----Other current financial liabilities73.7-----TOTAL 2,769.1 293.5 7,591.8 955.8 2,760.9 158.6IN EUR MILLION 2022 2023-2027 2028 and moreAs of December 31, 2021PrincipalInterestsPrincipalInterestsPrincipalInterestsNon-current financial liabilities-115.25,308.1455.11,308.1103.1Other non-current financial liabilities--1,067.0---Non-current derivative financial - - 182.7 - - -instrumentsCurrent financial liabilities 1,037.5 4.2 - - - -Trade payables865.8-----Current derivative financial instruments3 7. 2-----Other current financial liabilities34.0-----TOTAL 1,974.4 119.4 6,557.8 455.1 1,308.1 103.1", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-177-3": { "value": "1 7. 1 Cash and cash equivalentsIN EUR MILLION 2022 2021Current accounts1,249.01,069.9Term deposits473.0241.7Treasury bonds and treasury notes46.220.0TOTAL 1,768.3 1,331.6Of which: Holding544.0302.4Imerys620.25 7 7. 2Webhelp340.0375.3Canyon25.034.0Affidea63.0-Sanoptis88.0-GBL Capital and SIM 88.0 42.8As of December 31, 2022 and 2021, cash was completely held in current accounts, fixed-term deposits and treasury notes with various financial institutions.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-178-4": { "value": "1 7. 2 Financial liabilitiesIN EUR MILLION 2022 2021NON\ue61eCURRENT FINANCIAL LIABILITIES 8,714.7 6,616.2Bonds (GBL) 1,985.2 1,488.7Convertible bonds (GBL)499.7499.7Exchangeable bonds (GBL)479.6444.9Bonds (Imerys)1,705.31,703.0Bank borrowings (Webhelp)1,738.11,723.2Bank borrowings (Canyon)225.7158.5Bank borrowings (Affidea)572.3-Bank borrowings (Sanoptis)602.0-Bank borrowings (GBL Capital) 89.7 124.4Lease liabilities 738.8 390.7Other non-current financial liabilities 78.283.3CURRENT FINANCIAL LIABILITIES 1,654.6 1,037.5Exchangeable bonds (GBL) 4 4 7.4 748.1Bank borrowings (GBL) 535.3 -Bank borrowings (Imerys)4 37. 6149.5Lease liabilities168.9100.2Other current financial liabilities65.439.7Bonds issued by GBLOn August 30, 2022, GBL placed a EUR 500 million institutional bond, with a 7-year maturity and a coupon of 3.125%. The carrying amount of this debt is EUR 494 million as of December 31, 2022.On January 21, 2021, GBL placed a EUR 500 million institutional bond, with a 10-year maturity and a coupon of 0.125%. The carrying amount of this debt is EUR 494 million as of December 31, 2022.On June 19, 2018, GBL placed a EUR 500 million institutional bond, with a 7-year maturity and a coupon of 1.875%. The carrying amount of this debt is EUR 498 million as of December 31, 2022.During the first semester of 2017, GBL issued an institutional bond of EUR 500 million, with a coupon of 1.375% and maturing on May 23, 2024. The carrying amount of this debt is EUR 499 million as of December 31, 2022.These issuances are intended to cover the group\u2019s general corporate purposes and lengthen the weighted average maturity of the gross debt.Bonds convertible into GBL shares (GBL)On March 23, 2021, GBL announced the placement by its fully-owned subsidiary Sagerpar SA (the \u201cIssuer\u201d) of EUR 500 million of bonds convertible into existing ordinary shares of GBL (the \u201cShares\u201d). The bonds are fully guaranteed by GBL (the \u201cGuarantor\u201d). This issue initially relates to approximately 4.3 million treasury shares.The bonds do not bear interests and had at placement a maturity of 5 years (April 1st, 2026), subject to early redemption. The bonds have been issued at an issue price of 101.25% of their principal amount and, unless previously redeemed, converted or purchased and cancelled, the bonds will be redeemed in cash at their principal amount at maturity (subject to the Issuer\u2019s share redemption option), which corresponds to an annual yield to maturity of - 0.25%. The initial conversion price of the bonds has been set at EUR 117.4928. The effective interest rate (including transaction costs allocated to the debt) stands at 0.02%.The Issuer will have the option to redeem all, but not some only, of the bonds for the time being outstanding at their principal amount, at any time on or after April 16, 2024 provided that the volume-weighted average price of one Share on Euronext Brussels shall have exceeded 130% of the conversion price on each of not less than 20 trading days in any period of 30 consecutive trading days. The Issuer will have a share redemption option to deliver Shares and, as the case may be, an additional amount in cash upon redemption of the Bonds on the maturity date.Bondholders may request the conversion of their bonds at any time since April 1, 2021 until (and including) the 45th Brussels business day (included) prior to the maturity date, subject to the Issuer\u2019s option to satisfy the conversion rights in cash, shares or a combination thereof. If the Issuer elects to satisfy conversion rights in Shares, it intends to deliver existing Shares which the Issuer holds on behalf of the Guarantor as treasury shares.The bonds are admitted to trading on the open market (Freiverkher) of the Frankfurt Stock Exchange. The carrying amount of these bonds (excluding the option) is EUR 500 million as of December 31, 2022. The option is assessed at fair value on the reporting date (EUR 7 million as of December 31, 2022, shown under \u201cOther current financial liabilities\u201d).Bonds exchangeable into Pernod Ricard shares (GBL)On November 29, 2022, GBL (the \u201cIssuer\u201d) issued bonds exchangeable into existing shares of Pernod Ricard SA (\u201cPernod Ricard\u201d) for an amount of EUR 500 million. The bonds initially related to 2.0 million Pernod Ricard shares representing approximately 1% of its share capital. The bonds have, at their issuance, a maturity of 3 years (November 29, 2025), except in case of early redemption, exchange or purchase and cancellation. The bonds carry a coupon of 2.125% per annum. The bonds were issued at an issue price of 100% of their principal amount and, unless previously redeemed, exchanged, or purchased and cancelled, will be redeemed at their principal amount at maturity on November 29, 2025.The Issuer will have the option to redeem all, but not only some, of the bonds, at their principal amount plus accrued and unpaid interest until the relevant date fixed for redemption (i) at any time on or after the date falling 2 years and 21 days after the Issue Date, provided that the value of the exchange property (being initially only Pernod Ricard shares) per bond attributable to EUR 100,000 in principal amount of bonds shall have exceeded EUR 130,000 on each of not less than 20 trading days in any period of 30 consecutive trading days; (ii) at any time, if 20% or less of the principal amount of the bonds originally issued remain outstanding; or (iii) in the event of an offer or scheme relating to the predominant equity share capital comprised in the exchange property, where the consideration as a result of such offer or scheme consists wholly of cash, all as described in the terms and conditions of the bonds.Bondholders may request the exchange of their bonds for exchange property at any time from January 9, 2023 until 40 Brussels business days before the maturity date, subject to the option of GBL to satisfy exchange rights in cash, exchange property or a combination thereof.The bonds are admitted to trading on the open market (Freiverkher) of the Frankfurt Stock Exchange. The carrying amount of these bonds (excluding the option) is EUR 480 million as of December 31, 2022. The option is assessed at fair value on the reporting date (EUR 30 million as of December 31, 2022, shown under \u201cOther current financial liabilities\u201d).Bonds exchangeable into GEA shares (GBL)On October 1, 2020, GBL has announced the completion of an offering by its fully-owned subsidiary Oliver Capital S\u00e0rl (the \u201cIssuer\u201d) of EUR 450 million of bonds exchangeable into existing registered shares of GEA Group AG (\u201cGEA\u201d) guaranteed by GBL. This issuance initially related to approximately 11.3 million GEA shares representing approximately 6.2% of its share capital. The bonds had, at their issuance, a maturity of 3 years and 3 months (December 29, 2023) except in case of an early redemption and do not bear interest. The bonds have been issued at an issue price of 102.0% of their principal amount and will be redeemed at their principal amount at maturity. The effective interest rate (including transaction costs allocated to the debt) stands at 0.6%.The Issuer have the option to redeem all, but not only some, of the bonds, at any time since October 6, 2022 at their principal amount, provided that the value of the underlying shares per bond attributable to EUR 100,000 in principal amount of bonds shall have exceeded EUR 130,000 on each of not less than 20 trading days in any period of 30 consecutive trading days. The Issuer has a share redemption option to deliver underlying shares and, as the case may be, an additional amount in cash upon its redemption of the bonds, both on the maturity date and upon early redemption.Bondholders may request the exchange of their bonds for exchange property (being initially only GEA shares) at any time from November 16, 2020 until 40 Brussels business days before the maturity date, subject to the option of the Issuer to satisfy exchange rights in cash, exchange property or a combination thereof.The bonds are admitted to trading on the Open Market (Freiverkher) of the Frankfurt Stock Exchange. The carrying amount of these bonds (excluding the option) is EUR 447 million as of December 31, 2022. The option is assessed at fair value on the reporting date (EUR 35 million as of December 31, 2021, shown under \u201cOther current financial liabilities\u201d).Bonds exchangeable into Holcim shares (GBL)The bonds exchangeable into Holcim shares matured on December 30, 2022. They were redeemed in full in cash.Bank debts (GBL)During the second half of 2022, GBL entered into forward sales contracts with prepayment for 13.2 million Holcim shares, maturing in May 2023, and received EUR 538 million in cash. As of December 31, 2022, the carrying amount of this debt is EUR 535 million and the value of the derivative attached to these transactions, recorded under \u201cOther current liabilities\u201d, amounts to EUR 77 million.Bonds (Imerys)Imerys further underscored its commitment in its sustainable development policy by tying its financing strategy to its environmental ambition. Therefore, on May 14, 2021, Imerys completed an issue of bonds indexed to its sustainable development objectives (Sustainability-Linked Bonds) for a principal amount of EUR 300 million. These bonds, due to mature on July 15, 2031, bear an annual coupon of 1.00% and are admitted to trading on the regulated market of the Luxembourg Stock Exchange.Issued in accordance with the Sustainability-Linked Bond Principles as published by the International Capital Market Association (ICMA), these instruments are indexed to a target to reduce greenhouse gas emissions by 22.9% in 2025 and 36.0% in 2030 in relation to the revenue (tCO2e/million euros) considering 2018 as the reference year, as approved by the Science Based Target initiative (SBTi). This includes Scope 1 emissions (direct emissions from sources owned or controlled by Imerys) and Scope 2 emissions (indirect emissions from the production of electricity, heat or steam imported or purchased by Imerys). Failure to meet these targets by December 31, 2025 and/or December 31, 2030 could result in the payment of penalties equal to 25 basis points of the principal amount for the 2025 target and/or 50 basis points of the principal amount for the 2030 target. At December 31, 2022, Imerys had reduced the metric tons of CO2 emitted per million euros of revenue by 31.0% compared with 2018 levels (23.0% compared with 2018 levels on December 31, 2021).The details of the bond issued by Imerys as of December 31, 2022 are mentioned below :Nominal value in Nominal interest Effective interest Listed/Unlisted Maturity Fair value Carrying amountcurrency raterateIN MILLION IN EUR MILLION IN EUR MILLIONEUR 500.0 2.00% 2.13% Listed 12/10/2024 486.4 499.1EUR 300.0 1.88% 1.92% Listed 03/31/2028 269.0 303.2EUR300.01.00%1.07%Listed07/15/2031208.3298.6EUR600.01.50%1.63%Listed01/15/2027549.2604.4TOTAL 1,512.9 1,705.3The bond issues as of December 31, 2021 are detailed below:Nominal value in Nominal interest Effective interest Listed/Unlisted Maturity Fair value Carrying amountcurrency raterateIN MILLION IN EUR MILLION IN EUR MILLIONEUR500.02.00%2.13%Listed12/10/2024524.9498.4EUR300.01.88%1.92%Listed03/31/2028326.5303.0EUR300.01.00%1.07%Listed07/15/2031294.8298.3EUR600.01.50%1.63%Listed01/15/20276 3 7. 1603.3TOTAL 1,783.3 1,703.0Bank debts (Imerys)Those debts coming from Imerys include as of December 31, 2022, EUR 434 million of short-term borrowings and EUR 4 million of bank overdrafts (EUR 119 million and EUR 30 million respectively as of December 31, 2021).Bank debts (Webhelp)Those bank debts coming from Webhelp mainly include the \u201csenior credit agreement\u201d concluded in 2019 and its extension for the financing of the acquisition of OneLink concluded on July 30, 2021:As of December 31, 2022 Nominal value in Nominal interest Effective interest Listed/Unlisted Maturity Fair value Carrying amountcurrency raterateIN MILLION IN EUR MILLION IN EUR MILLIONEUR1,020.03.00%4.91%Unlisted11/18/20261,020.01,007.0GBP125.04.00%7.80%Unlisted11/18/2026140.9139.0EUR285.63.75%5.60%Unlisted11/18/2026285.6281.0USD350.04.50%8.27%Unlisted11/18/2026323.2317.0TOTAL 1,769.7 1,74 4.0As of December 31, 2021 Nominal value in Nominal interest Effective interest Listed/Unlisted Maturity Fair value Carrying amountcurrency raterateIN MILLION IN EUR MILLION IN EUR MILLIONEUR1,020.03.00%3.39%Unlisted11/18/20261,020.01,004.0GBP125.04.00%4.48%Unlisted11/18/2026148.8146.5EUR285.63.75%4.33%Unlisted11/18/2026285.6279.4USD350.04.50%5.18%Unlisted11/18/2026309.0301.9TOTAL 1,763.4 1,731.8Bank debts (Canyon)This item includes long-term bank loans of Canyon.Bank loans (Affidea)This item includes Affidea\u2019s long-term bank debt. It is mainly composed of a bank loan of EUR 600 million, bearing a nominal interest rate of 5.00% and maturing on July 22, 2029. Its carrying amount is EUR 567 million at December 31, 2022.Bank loans (Sanoptis\ue61aThis item includes the long-term bank debt of Sanoptis.Bank loans (GBL Capital)This caption includes the different bank loans of the operational subsidiaries of ECP III.Lease liabilitiesThese liabilities mature in 2023 for a total of EUR 169 million, between 2024 and 2028 for EUR 464 million and EUR 275 million thereafter.Other current financial liabilitiesThis item primarily includes Webhelp\u2019s current portion of long-term debt.Undrawn credit linesAs of December 31, 2022, the group had undrawn credit lines with various financial institutions totaling EUR 4,336 million (EUR 3,672 million as of December 31, 2021). These credit facilities were available mainly to GBL, Imerys and Webhelp in the amounts of EUR 2,450 million, EUR 1,010 million and EUR 357 million respectively (EUR 2,150 million, EUR 1,160 million and EUR 362 million respectively as of December 31, 2021).With regards to GBL, all credit lines mature over the 2027\u20132028 period. Committed credit lines do not have financial covenants, meaning that, under its credit contracts, GBL has no obligations in terms of compliance with financial ratios.17.3 Change of financial liabilitiesThe table below mentions the reconciliation in 2022 and 2021 between the financial debts included in the consolidated balance sheet and the amounts from the consolidated statement of cash \ufb02ows:As of January 1, Cash flow Acquisitions/sales Impact of Other As of 2022variationof subsidiaries exchange rates movementsDecember 31, IN EUR MILLIONchange2022Financial liabilities - Non-current liabilities6,616.21,185.11,260.632.7(379.9)8,714.7Financial liabilities - Current liabilities1,037.5(35.6) 50.2 (9.0) 611.5 1,654.6TOTAL7, 6 5 3 .7 1,149.5 1,310.8 23.8 231.6 10,369.3As of January 1, Cash flow Acquisitions/sales Impact of Other movements As of 2021variationof subsidiaries exchange rates December 31, IN EUR MILLIONchange2021Financial liabilities - Non-current liabilities 5,624.5 1,901.5 45.9 69.9 (1,025.8) 6,616.2Financial liabilities - Current liabilities 394.0 (526.3) 12.1 (8.9) 1,166.5 1,037.5TOTAL6,018.5 1,375.2 58.1 61.1 140.7 7, 6 5 3 .7The other movements in 2022 and 2021 stemmed mainly from the reclassification between non-current liabilities and current liabilities and the recognition of lease liabilities. The change in cash shown in the table above is reconciled with the consolidated statement of cash \ufb02ows as follows:As of December 31, As of December 31, IN EUR MILLION20222021Cash flow variation 1,149.5 1,375.2Of which: proceeds from financial liabilities 2,205.6 2,233.1repayments of financial liabilities(1,056.1)(857.9)17.4 Residual contractual maturities of financial liabilitiesIN EUR MILLION 2023 2024-2028 2029 and moreAs of December 31, 2022 Principal Interests Principal Interests Principal InterestsNon-current financial liabilities - 252.6 5,953.8 955.8 2,760.9 158.6Other non-current financial liabilities - - 1,545.2 - - -Non-current derivative financial - - 92.8 - - -instrumentsCurrent financial liabilities1,654.640.9----Trade payables8 5 7.4-----Current derivative financial instruments183.3-----Other current financial liabilities73.7-----TOTAL 2,769.1 293.5 7,591.8 955.8 2,760.9 158.6IN EUR MILLION 2022 2023-2027 2028 and moreAs of December 31, 2021PrincipalInterestsPrincipalInterestsPrincipalInterestsNon-current financial liabilities-115.25,308.1455.11,308.1103.1Other non-current financial liabilities--1,067.0---Non-current derivative financial - - 182.7 - - -instrumentsCurrent financial liabilities 1,037.5 4.2 - - - -Trade payables865.8-----Current derivative financial instruments3 7. 2-----Other current financial liabilities34.0-----TOTAL 1,974.4 119.4 6,557.8 455.1 1,308.1 103.1", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-185-5": { "value": "17.4 Residual contractual maturities of financial liabilitiesIN EUR MILLION 2023 2024-2028 2029 and moreAs of December 31, 2022 Principal Interests Principal Interests Principal InterestsNon-current financial liabilities - 252.6 5,953.8 955.8 2,760.9 158.6Other non-current financial liabilities - - 1,545.2 - - -Non-current derivative financial - - 92.8 - - -instrumentsCurrent financial liabilities1,654.640.9----Trade payables8 5 7.4-----Current derivative financial instruments183.3-----Other current financial liabilities73.7-----TOTAL 2,769.1 293.5 7,591.8 955.8 2,760.9 158.6IN EUR MILLION 2022 2023-2027 2028 and moreAs of December 31, 2021PrincipalInterestsPrincipalInterestsPrincipalInterestsNon-current financial liabilities-115.25,308.1455.11,308.1103.1Other non-current financial liabilities--1,067.0---Non-current derivative financial - - 182.7 - - -instrumentsCurrent financial liabilities 1,037.5 4.2 - - - -Trade payables865.8-----Current derivative financial instruments3 7. 2-----Other current financial liabilities34.0-----TOTAL 1,974.4 119.4 6,557.8 455.1 1,308.1 103.1", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__5__6": { "value": "402000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "s7_notes__5__7": { "value": "2.75", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "pp-value-186-7": { "value": "Note 18Other current assetsIN EUR MILLION 2022 2021Current financial assets 90.9 100.4Derivative financial instruments held for trading1 7.47.7Derivative financial instruments - Hedging35.57 7. 8Other 38.0 14.8Current non-financial assets498.7420.9Taxes on result to be recovered110.796.6Other taxes and VAT to be recovered201.6194.0Deferred expenses85.150.8Other 101.2 79.6TOTAL589.5521.3Of which: Holding44.021.3Imerys235.6314.7Webhelp 179.4 144.1Canyon45.72 7.0Affidea26.8-Sanoptis29.2-GBL Capital and SIM28.814.1", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-186-8": { "value": "Note 18Other current assetsIN EUR MILLION 2022 2021Current financial assets 90.9 100.4Derivative financial instruments held for trading1 7.47.7Derivative financial instruments - Hedging35.57 7. 8Other 38.0 14.8Current non-financial assets498.7420.9Taxes on result to be recovered110.796.6Other taxes and VAT to be recovered201.6194.0Deferred expenses85.150.8Other 101.2 79.6TOTAL589.5521.3Of which: Holding44.021.3Imerys235.6314.7Webhelp 179.4 144.1Canyon45.72 7.0Affidea26.8-Sanoptis29.2-GBL Capital and SIM28.814.1Note 23Other current liabilitiesIN EUR MILLION 2022 2021Current financial liabilities 2 5 7. 0 71.1Derivative financial instruments held for trading 69.8 31.8Derivative financial instruments - Hedging113.55.3Other 73.734.0Current non-financial liabilities1,006.1896.2Social security liabilities344.9371.4Tax liabilities other than those related to income tax 168.6 154.9Other 492.6369.9TOTAL 1,263.1 9 6 7. 4Of which: Holding 153.6 49.5Imerys373.3418.1Webhelp518.04 4 7. 8Canyon 33.2 31.7Affidea129.5-Sanoptis26.1-GBL Capital and SIM29.420.4The other current non-financial liabilities mainly include a Webhelp debt corresponding to funds received by the group on behalf of their clients (EUR 176 million) and the debt on fixed assets at Imerys\u2019 level for EUR 91 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-187-4": { "value": "Note 19Share capital and dividends19.1 Shares issued and outstanding and treasury sharesNumber of issued shares Of which treasury sharesAs of December 31, 2020161,358,287(8,749,816)Change(5,003,287)805,714As of December 31, 2021 156,355,000 (7,944,102)Change (3,355,000) (4,278,768)AS OF DECEMBER 31, 2022 153,000,000 (12,222,870)Treasury sharesAs of December 31, 2022, the group held 12,222,870 treasury shares, or 7.99% of the issued capital, the acquisition cost of which is deducted from shareholders\u2019 equity; 4,255,580 and 30,613 of which are used to hedge the convertible bond and the stock option plans granted between 2007 and 2012 (see note 27).The Extraordinary General Meeting of April 26, 2022 approved the cancellation of 3,355,000 own shares acquired by GBL. The capital is therefore represented by 153,000,000 shares.In 2022, GBL acquired and sold/cancelled respectively 8,657,745 and 4,378,977 shares (to compare with respectively 5,057,804 and 5,863,518 in 2021) for an overall net amount of EUR 644 million.Information on acquisitions of treasury shares by GBL or its subsidiaries has been published on a weekly basis on the GBL website.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-189-3": { "value": "Note 20ProvisionsProduct guarantees Environment Legal, social and TotalIN EUR MILLIONregulatory risksAs of December 31, 20203.4265.5191.9460.8Additions3.521.135.560.1Uses(2.4)(8.6)(15.2)(26.3)Reversals(0.9)(6.1)(12.3)(19.3)Impact of discounting-2.60.42.9Changes in group structure/Business combinations6.20.212.218.6Foreign currency translation adjustments0.110.48.819.3Other(0.0)(16.1)(2.1)(18.2)As of December 31, 20219.7268.9219.34 9 7.9Additions4.223.542.870.5Uses(6.0)(13.8)(22.9)(42.8)Reversals(1.2)(0.9)(14.7)(16.8)Impact of discounting-2.10.82.9Changes in group structure/Business combinations-(9.1)14.15.0Foreign currency translation adjustments0.1(0.1)8.48.4Other(1.2)(9.8)(32.4)(43.4)AS OF DECEMBER 31, 20225.6260.7215.3481.6Of which current provisions4.811.352.568.6Of which non-current provisions0.8249.3163.0413.1The group\u2019s provisions totaled EUR 482 million as of December 31, 2022 (EUR 498 million in 2021). They mainly relate to Imerys (EUR 423 million in 2022 and EUR 467 million in 2021).The probability of settlement and the amount of the obligations are estimated by the group, that generally calls upon in-house company experts to approve the key assumptions, taking into account the anticipated effects, regulatory changes where applicable, and independent counsel regarding material disputes and claims. The resulting estimates are subject to change depending on the uncertainties specific to each dispute. Independent counsel handles allegations of personal or financial damage implicating the civil liability of the group and potential breaches of contractual obligations or regulations on social, real estate and environmental issues. The provisions set aside for these risks are included in the EUR 215 million of provisions for legal, social and regulatory risks in the table of changes mentioned above. This includes in particular the balance of the provision set aside to resolve the litigation involving Imerys\u2019 talc operations in the US, the materiality of which justifies a specific development.On February 13, 2019, the Group\u2019s three North American talc subsidiaries (the \u201cNorth American Talc Subsidiaries\u201d) decided to file for the protection, with immediate effect, of the special legal process of Chapter 11 under US bankruptcy law in order to permanently resolve the potential liabilities related to their historic commercial talc operations in the United States. Under Chapter 11, the Group remains the legal owner of the share capital of the North American Talc Subsidiaries, but their businesses are under the judicial control of the relevant US Delaware federal courts, which oversees the continuing operations of the entities concerned as well as the conclusion and execution of a business reorganization plan that these entities have sought to negotiate with representatives of existing and future potential claimants (the \u201cRepresentatives of the Claimants\u201d) in talc related litigation brought against them. The Chapter 11 process also suspends all ongoing and future litigation proceedings and prevents any further claims being brought against these entities relating to past and current talc operations in the US. Given effective control of the North American Talc Subsidiaries was transferred on February 13, 2019 to the court to repay creditors, the assets and liabilities held by the North American Talc Subsidiaries were removed from the scope of consolidation of the group\u2019s financial statements from this date forward, which led to an additional expense of EUR - 6 million. Negotiations between the North American Talc Subsidiaries, which were joined by Imerys Talc Italy (the \u201cTalc Subsidiaries Involved\u201d), the group and the Representatives of the Claimants led to the agreement on May 15, 2020 of a joint reorganization, which was filed on the same day with the competent Federal Court for the District of Delaware. The plan provides that once the necessary approvals have been obtained, the Talc Subsidiaries Involved will emerge from the Chapter 11 process and the group will be released from all existing and future talc-related liabilities arising out of their past operations, as such liabilities will be channeled into a dedicated trust to be established. Following the approval by the Bankruptcy Court of the disclosure statement of the plan (the \u201cDisclosure Statement\u201d) in January 2021, the plan was then submitted to the vote by the creditors and claimants against the Talc Subsidiaries Involved. Following a challenge to the votes cast in favor of approving the Plan, the Bankruptcy Court decided on October 13, 2021 that certain votes should not be counted in the final vote. This decision took the Plan\u2019s approval rate to just under the required majority, under the applicable regulations, of 75% of votes. The North American Talc Subsidiaries, the Representatives of the Claimants, and other stakeholders in the Chapter 11 process therefore initiated a mediation process, which is still underway, approved by the Bankruptcy Court and extended its duration several times. The purpose of this mediation is to obtain a revised plan that could achieve the required 75% majority approval vote. The key remaining disputed issues in the Chapter 11 process involve (i) monetization of the rights to insurance coverage and contractual indemnity enjoyed by the North American Talc Subsidiaries and (ii) allocation of the North American Talc Subsidiaries\u2019 assets, including current and future potential settlement proceeds with third parties, among claimants alleging different injuries. These issues are not related to the terms and conditions of the settlement with the Group as embedded in the plan announced in May 2020, which continues to be supported by the Representatives of the Claimants. Once the relevant stakeholders reach an agreed revised, a new Disclosure Statement must be submitted for the approval of the Imerys\u2019 and Canyon\u2019s provisions to hedge product guarantees amount to EUR 6 million and have a probable maturity ranging from 2023 to 2027.Bankruptcy Court before a new solicitation of claimants\u2019 votes on the Revised Plan is undertaken by the Talc Subsidiaries Involved. Subject to approval of the revised plan at the required 75% voting threshold, it will then undergo a confirmation procedure before the Bankruptcy Court to be followed by a final approval process before the competent Federal Court.Imerys Talc Italy has been named in a few talc related lawsuits in the United States. Upon the grant of the required majority vote on the revised plan, Imerys Talc Italy also intends to file for Chapter 11 protection before the final confirmation of the revised plan and join the revised plan in order to benefit from the same comprehensive and permanent resolution of historic talc-related liabilities as the North American Talc Subsidiaries. Imerys Talc Italy\u2019s business will remain part of the Group throughout and after the closing of the Chapter 11 proceedings. In accordance with the plan, the North American Talc Subsidiaries sold their assets to Magris Resources, a Canadian investment fund, for USD 223 million on February 17, 2021. Under the terms and conditions of the settlement with the group as embedded in the plan, the group\u2019s contribution consists of (i) a cash payment of USD 75 million, (ii) certain other commitments outlined in the plan. These commitments primarily include certain insurance assets, financing of minor unsecured trade claims (USD 5 million) and certain potential excess administrative costs of the Chapter 11 process incurred by the Talc Subsidiaries Involved up to a maximum of USD 15 million. In view of the USD 223 million sale price obtained for the assets of the North American talc subsidiaries, the group\u2019s contribution to the revised plan provided for in (i) and (ii) above would be limited to the minimum amount of USD 75 million. Based on the progress of the ongoing mediations and negotiations towards a revised plan and in their current state at the date of closing of GBL\u2019s 2022 annual financial results, the group, with the support of independent experts, has reviewed and confirmed its previous estimate of the risk related to the resolution of this Chapter 11 proceeding as well as the forecasted financial impacts for the group. As of December 31, 2022, the amount of the provision recorded in the accounts, which amounts to USD 114 million or EUR 106 million, is considered sufficient to cover the expected financial impact of the revised plan on the group.Finally, the group (overwhelmingly Imerys) establishes provisions to hedge the environmental risks resulting from its industrial activity and provisions for the rehabilitation of mining sites at the end of their operating lifetimes. These provisions totaled EUR 261 million as of December 31, 2022 (EUR 269 million in 2021). The corresponding obligations are expected to mature between 2023 and 2027 for EUR 66 million, between 2028 and 2037 for EUR 103 million and as from 2038 for EUR 92 million.Note 21Retirement benefits and other post-employment benefits21.1 Defined contribution plansIn this type of retirement plan, whose future level is not guaranteed to the beneficiaries, the employer commits to pay regular contributions to the third parties (retirement funds, insurance companies or financial institutions) on a mandatory basis (statutory or regulatory provisions) or an optional basis (supplementary retirement plan voluntarily provided by the company).The amounts are paid during the year in which they are due. The total amount of contributions paid for defined contribution plans is EUR 31 million in 2022 (EUR 34 million in 2021). These plans are mostly granted to Imerys employees.21.2 Defined benefit plansCharacteristics of defined benefit plansIn this type of plan, the group guarantees to the beneficiaries the level of the benefit that will be paid in the future. The beneficiaries of these plans are employees who are acquiring entitlements in exchange for services rendered to the group (active beneficiaries), employees who are no longer acquiring entitlements in exchange for services rendered to the group and former employees outside the group (deferred beneficiaries), as well as former retired employees (retired beneficiaries).The valuation of retirement benefit obligations and other employee benefits is carried out by independent actuaries. These plans may be financed by insurance companies (group insurance), retirement funds or independent entities. Two plans accounted for 72.1 % of the group\u2019s total commitment as of December 31, 2022. These are the UK plan\u2013the Imerys UK Pension Scheme (Imerys UK) and the US plan\u2013the Imerys USA Retirement Growth Account Plan (Imerys USA).The table below sets out their main characteristics:Imerys UK Imerys USAEligibilityHiring limit date12/31/200403/31/2010Retirement age6565Description of the benefitsTerms of paymentAnnuity (1)Capital (2)Revaluation based on the consumer price indexYesNoEnd date of cumulated rights03/31/2015 12/31/2014Regulatory frameworkMinimum employer funding obligationYes (3)Yes (3)Minimum beneficiary contribution obligationYesNoGovernanceTrustees representing the employerYesYesTrustees representing beneficiariesYesNoIndependent trusteesYesNoResponsibility of trusteesDefinition of the investment strategyYes YesNegotiation of deficit refinancing with the employerYes-Administrative management of benefit paymentsYesYesThe duration of these two plans is 8 years for Imerys UK and 9 years for Imerys USA (respectively 9 years and 10 years as of December 31, 2021).Management of risks associated with employees benefitsDescription of risksThe main issue related to the financial management of employee benefits is the control of the funding ratio of obligations, i.e. the ratio between the value of plan assets and the value of the obligations. The funding ratio of obligations may be deteriorated by a decorrelation between a change in value (generally negative) of plan assets and a change in value (generally positive) of obligations. The value of plan assets may be reduced by deteriorating the fair value of investments. The value of obligations may rise for all plans after a drop in discount rates or benefits paid as life annuities, either due to an increase in the in\ufb02ation rates used to remeasure the obligations of certain plans, or due to an increase in the life expectancy of beneficiaries.(1) Annuity calculated based on number of years of service provided, annual salary on retirement and average of three last annual salaries(2) Principal at a guaranteed interest rate (Cash Balance Plan)(3) The employer is obliged to fund each unit of service provided at 100% on the basis of a funding evaluationRisk managementThe strategy to control the obligation funding level consists firstly of optimizing the value of the plan assets. Investment strategies are therefore devised to deliver a steady return while also taking advantage of opportunities with limited or moderate risks levels. The choice of investments is specific to each plan and factors in the duration of the plan as well as minimum funding regulatory constraints.Since 2011, Imerys has pursued a specific strategy to control the funding ratio of obligations in the UK in particular, which defines plan asset investments to match the obligation. The strategy, known as Liability Driven Investment (LDI), controls the funding ratio of the obligation by pegging cash in\ufb02ows to cash out\ufb02ows over the duration of the obligation. In practice, it involves structuring the portfolio of plan assets so that the cash in\ufb02ows generated by the return on investments match the cash out\ufb02ows generated by the payment of benefits. It hedges the risk of an increase in the obligation due to a drop in discount rates or an increase in in\ufb02ation rates by covering a portion of the value of the regularly revised obligation.Funding of employee benefitsThe group funds the majority of employee benefits with investments unavailable to third parties in trusts or insurance contracts legally separate from the group. These investments, classified as plan assets, stood at EUR 940 million as of December 31, 2022 (EUR 1,282 million as of December 31, 2021). Imerys also has reimbursement rights, in other words investments held directly by the group, which came to EUR 0 million as of December 31, 2022 (EUR 6 million as of December 31, 2021). The obligation funding ratio therefore stood at 85.3% as of December 31, 2022 (70.4% as of December 31, 2021).A provision of EUR 172 million was recognized as of December 31, 2022 for the funded and unfunded plan deficit (EUR 533 million as of December 31, 2021), as the following table shows:IN EUR MILLION 2022 2021Obligations funded by plan assets(969.4)(1,369.8)Obligations funded by reimbursement rights(0.5)(28.2)Fair value of plan assets939.51,282.3Restrictions on recognized assets(10.9)-Fair value of reimbursement rights0.26.2FUNDING SURPLUS (DEFICIT) (41.2) (109.5)Unfunded obligations(130.9)(423.1)ASSETS/(PROVISION) (172.0) (532.6)Of which: Non-current liabilities(189.1)(559.4)Non-current assets1 7. 126.8Fair value of plan assetsThe assets held by the group to fund employee benefits generated real interest of EUR - 333 million in 2022 (EUR 29 million in 2021), as presented in the table below. In accordance with current regulations, only a normative share of this return was credited to profit or loss in 2022, amounting to EUR 22 million (EUR 15 million in 2021), calculated based on the discount rate used on the obligations. The surplus real return above the normative return was credited to shareholders\u2019 equity in the amount of EUR - 355 million in 2022 (EUR 14 million in 2021).IN EUR MILLION 2022 2021Balance as of January 11,282.31,222.5Employer's contributions19.422.4Participants' contributions1.3-Benefits paid(74.5)(67.6)Foreign currency translation adjustments(23.3)80.0Real return on assets(333.0)28.9Normative return (profit or loss)22.4 14.7Adjustment to the real return (shareholders' equity) (355.4) 14.2Changes in group structure/Business combinations 74.8 -Other movements(7.4)(3.9)BALANCE AS OF DECEMBER 31 939.5 1,282.3Distribution of plan assetsIN % 2022 2021Shares12%7%Listed12% 7%Unlisted0% -Bonds68%79%Listed 66% 79%Unlisted 2% -Real estate2%-Other19%14%TOTAL 100% 100%Plan obligations \u2013 funded, unfunded and partially funded plansIN EUR MILLION 2022 2021Balance as of January 1 1,821.1 1,661.9Current service costs for the period24.4233.5Interest expense26.019.0Actuarial losses (gains) from:(412.8)(96.3)changes to demographic assumptions4.0 (33.2)changes to financial assumptions(448.0) (51.8)experience adjustments31.3 (11.4)Benefits paid(83.7)(75.7)Changes in group structure/Business combinations45.50.4Foreign currency translation adjustments (19.7) 89.5Other movements(300.0)(11.1)BALANCE AS OF DECEMBER 31 1,100.8 1,821.1Amounts relating to the plan recognized in comprehensive incomeIN EUR MILLION 2022 2021Current service costs for the period 24.4 233.5Interest expense 26.019.0Normative return on the assets of defined benefit plans(22.4)(14.7)Amounts recognized in profit or loss28.12 37.7Surplus real return on assets above their normative return355.4(14.2)Actuarial losses (gains) from post-employment benefits due to:(412.8)(96.3)changes to demographic assumptions4.0 (33.2)changes to financial assumptions(448.0) (51.8)experience adjustments 31.3 (11.4)Restrictions on recognized assets 10.9 -Amounts recognized in shareholders' equity - (credit)/debit(46.5)(110.5)TOTAL(18.4) 1 27. 3Changes in the statement of financial positionThe change in the amounts recognized in the statement of financial position is explained in the following table:IN EUR MILLION 2022 2021Amounts recognized as of January 1532.6433.3Net expense recognized in profit or loss28.12 3 7.7Contributions paid(29.9)(30.5)Actuarial (gains)/losses and ceiling on assets recognized in shareholders' equity(46.5)(110.5)Changes in group structure/Business combinations/Foreign currency translation adjustments and other (312.3) 2.4AMOUNTS RECOGNIZED AS OF DECEMBER 31 172.0 532.6Of which: Holding1.45.6Imerys144.1232.9Webhelp 14.4 293.6Canyon 0.2 0.3Affidea11.1-Sanoptis1.5-GBL Capital and SIM(0.7)0.2During the financial year 2022, a net credit amount of EUR 39 million related to actuarial gains and losses and the ceiling on recognized assets was charged directly to comprehensive income, i.e. EUR 46 million gross less EUR 8 million in related taxes (a net credit amount of EUR 85 million as of December 31, 2021, i.e. EUR 110 million gross less EUR 25 million in related taxes).EstimatesThe actuarial assumptions used to value the defined benefit plans are presented below:IN % 2022 2021Discount rate0.2% - 12.0%0.9% - 2.2%Average salary increase rate2.0% - 36.0%2.6% - 6.0%Inflation rate 1.2% - 36.0% 2.0% - 3.4%More specifically for the two monetary zones where the largest commitments are located (the United Kingdom and the United States), the actuarial assumptions were as follows in 2022:United United StatesIN %KingdomDiscount rate4.8%4.8%Average salary increase rate2.8%2.8%Inflation rate3.2%3.2%Among these estimates, it is the discount rate that has the most significant impact on the group\u2019s financial statements.The following table presents the impact of a reasonably estimated change in discount rates following a possible decrease (lower case) or increase (higher case) in the assumption applied to the financial statements as of December 31, 2022 (actual 2022). The impact of these changes is measured on three aggregates (obligation, net interest and current service cost) in the two monetary zones in which the most significant obligations have been undertaken (the United Kingdom and the United States). The reasonably estimated change in discount rates has been set at 50 basis points, based on the weighted average change in discount rates in the United Kingdom and the United States over the last five years.IN EUR MILLION Low Simulation Central/Base scenario High SimulationUnited KingdomDiscount rate4.3%4.8%5.3%Obligation at the reporting date626.3585.3548.4 (1)Net interest in 2023 profit or loss(0.9)0.93.0 (2)Current service costs in 2023 profit or loss---United StatesDiscount rate4.3%4.8%5.3%Obligation at the reporting date217.1208.9201.4 (1)Net interest in 2023 profit or loss(3.3)(3.3)(3.3) (2)Current service costs in 2023 profit or loss(0.7)(0.7)(0.7)At constant scope of consolidation and all other things being equal, the amount of the contributions to the various defined retirement benefit plans is estimated at EUR 10 million for 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-189-4": { "value": "Note 20ProvisionsProduct guarantees Environment Legal, social and TotalIN EUR MILLIONregulatory risksAs of December 31, 20203.4265.5191.9460.8Additions3.521.135.560.1Uses(2.4)(8.6)(15.2)(26.3)Reversals(0.9)(6.1)(12.3)(19.3)Impact of discounting-2.60.42.9Changes in group structure/Business combinations6.20.212.218.6Foreign currency translation adjustments0.110.48.819.3Other(0.0)(16.1)(2.1)(18.2)As of December 31, 20219.7268.9219.34 9 7.9Additions4.223.542.870.5Uses(6.0)(13.8)(22.9)(42.8)Reversals(1.2)(0.9)(14.7)(16.8)Impact of discounting-2.10.82.9Changes in group structure/Business combinations-(9.1)14.15.0Foreign currency translation adjustments0.1(0.1)8.48.4Other(1.2)(9.8)(32.4)(43.4)AS OF DECEMBER 31, 20225.6260.7215.3481.6Of which current provisions4.811.352.568.6Of which non-current provisions0.8249.3163.0413.1The group\u2019s provisions totaled EUR 482 million as of December 31, 2022 (EUR 498 million in 2021). They mainly relate to Imerys (EUR 423 million in 2022 and EUR 467 million in 2021).The probability of settlement and the amount of the obligations are estimated by the group, that generally calls upon in-house company experts to approve the key assumptions, taking into account the anticipated effects, regulatory changes where applicable, and independent counsel regarding material disputes and claims. The resulting estimates are subject to change depending on the uncertainties specific to each dispute. Independent counsel handles allegations of personal or financial damage implicating the civil liability of the group and potential breaches of contractual obligations or regulations on social, real estate and environmental issues. The provisions set aside for these risks are included in the EUR 215 million of provisions for legal, social and regulatory risks in the table of changes mentioned above. This includes in particular the balance of the provision set aside to resolve the litigation involving Imerys\u2019 talc operations in the US, the materiality of which justifies a specific development.On February 13, 2019, the Group\u2019s three North American talc subsidiaries (the \u201cNorth American Talc Subsidiaries\u201d) decided to file for the protection, with immediate effect, of the special legal process of Chapter 11 under US bankruptcy law in order to permanently resolve the potential liabilities related to their historic commercial talc operations in the United States. Under Chapter 11, the Group remains the legal owner of the share capital of the North American Talc Subsidiaries, but their businesses are under the judicial control of the relevant US Delaware federal courts, which oversees the continuing operations of the entities concerned as well as the conclusion and execution of a business reorganization plan that these entities have sought to negotiate with representatives of existing and future potential claimants (the \u201cRepresentatives of the Claimants\u201d) in talc related litigation brought against them. The Chapter 11 process also suspends all ongoing and future litigation proceedings and prevents any further claims being brought against these entities relating to past and current talc operations in the US. Given effective control of the North American Talc Subsidiaries was transferred on February 13, 2019 to the court to repay creditors, the assets and liabilities held by the North American Talc Subsidiaries were removed from the scope of consolidation of the group\u2019s financial statements from this date forward, which led to an additional expense of EUR - 6 million. Negotiations between the North American Talc Subsidiaries, which were joined by Imerys Talc Italy (the \u201cTalc Subsidiaries Involved\u201d), the group and the Representatives of the Claimants led to the agreement on May 15, 2020 of a joint reorganization, which was filed on the same day with the competent Federal Court for the District of Delaware. The plan provides that once the necessary approvals have been obtained, the Talc Subsidiaries Involved will emerge from the Chapter 11 process and the group will be released from all existing and future talc-related liabilities arising out of their past operations, as such liabilities will be channeled into a dedicated trust to be established. Following the approval by the Bankruptcy Court of the disclosure statement of the plan (the \u201cDisclosure Statement\u201d) in January 2021, the plan was then submitted to the vote by the creditors and claimants against the Talc Subsidiaries Involved. Following a challenge to the votes cast in favor of approving the Plan, the Bankruptcy Court decided on October 13, 2021 that certain votes should not be counted in the final vote. This decision took the Plan\u2019s approval rate to just under the required majority, under the applicable regulations, of 75% of votes. The North American Talc Subsidiaries, the Representatives of the Claimants, and other stakeholders in the Chapter 11 process therefore initiated a mediation process, which is still underway, approved by the Bankruptcy Court and extended its duration several times. The purpose of this mediation is to obtain a revised plan that could achieve the required 75% majority approval vote. The key remaining disputed issues in the Chapter 11 process involve (i) monetization of the rights to insurance coverage and contractual indemnity enjoyed by the North American Talc Subsidiaries and (ii) allocation of the North American Talc Subsidiaries\u2019 assets, including current and future potential settlement proceeds with third parties, among claimants alleging different injuries. These issues are not related to the terms and conditions of the settlement with the Group as embedded in the plan announced in May 2020, which continues to be supported by the Representatives of the Claimants. Once the relevant stakeholders reach an agreed revised, a new Disclosure Statement must be submitted for the approval of the Imerys\u2019 and Canyon\u2019s provisions to hedge product guarantees amount to EUR 6 million and have a probable maturity ranging from 2023 to 2027.Bankruptcy Court before a new solicitation of claimants\u2019 votes on the Revised Plan is undertaken by the Talc Subsidiaries Involved. Subject to approval of the revised plan at the required 75% voting threshold, it will then undergo a confirmation procedure before the Bankruptcy Court to be followed by a final approval process before the competent Federal Court.Imerys Talc Italy has been named in a few talc related lawsuits in the United States. Upon the grant of the required majority vote on the revised plan, Imerys Talc Italy also intends to file for Chapter 11 protection before the final confirmation of the revised plan and join the revised plan in order to benefit from the same comprehensive and permanent resolution of historic talc-related liabilities as the North American Talc Subsidiaries. Imerys Talc Italy\u2019s business will remain part of the Group throughout and after the closing of the Chapter 11 proceedings. In accordance with the plan, the North American Talc Subsidiaries sold their assets to Magris Resources, a Canadian investment fund, for USD 223 million on February 17, 2021. Under the terms and conditions of the settlement with the group as embedded in the plan, the group\u2019s contribution consists of (i) a cash payment of USD 75 million, (ii) certain other commitments outlined in the plan. These commitments primarily include certain insurance assets, financing of minor unsecured trade claims (USD 5 million) and certain potential excess administrative costs of the Chapter 11 process incurred by the Talc Subsidiaries Involved up to a maximum of USD 15 million. In view of the USD 223 million sale price obtained for the assets of the North American talc subsidiaries, the group\u2019s contribution to the revised plan provided for in (i) and (ii) above would be limited to the minimum amount of USD 75 million. Based on the progress of the ongoing mediations and negotiations towards a revised plan and in their current state at the date of closing of GBL\u2019s 2022 annual financial results, the group, with the support of independent experts, has reviewed and confirmed its previous estimate of the risk related to the resolution of this Chapter 11 proceeding as well as the forecasted financial impacts for the group. As of December 31, 2022, the amount of the provision recorded in the accounts, which amounts to USD 114 million or EUR 106 million, is considered sufficient to cover the expected financial impact of the revised plan on the group.Finally, the group (overwhelmingly Imerys) establishes provisions to hedge the environmental risks resulting from its industrial activity and provisions for the rehabilitation of mining sites at the end of their operating lifetimes. These provisions totaled EUR 261 million as of December 31, 2022 (EUR 269 million in 2021). The corresponding obligations are expected to mature between 2023 and 2027 for EUR 66 million, between 2028 and 2037 for EUR 103 million and as from 2038 for EUR 92 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-193-5": { "value": "Finally, the group (overwhelmingly Imerys) establishes provisions to hedge the environmental risks resulting from its industrial activity and provisions for the rehabilitation of mining sites at the end of their operating lifetimes. These provisions totaled EUR 261 million as of December 31, 2022 (EUR 269 million in 2021). The corresponding obligations are expected to mature between 2023 and 2027 for EUR 66 million, between 2028 and 2037 for EUR 103 million and as from 2038 for EUR 92 million.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForStrippingCostsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-194-3": { "value": "Note 21Retirement benefits and other post-employment benefits21.1 Defined contribution plansIn this type of retirement plan, whose future level is not guaranteed to the beneficiaries, the employer commits to pay regular contributions to the third parties (retirement funds, insurance companies or financial institutions) on a mandatory basis (statutory or regulatory provisions) or an optional basis (supplementary retirement plan voluntarily provided by the company).The amounts are paid during the year in which they are due. The total amount of contributions paid for defined contribution plans is EUR 31 million in 2022 (EUR 34 million in 2021). These plans are mostly granted to Imerys employees.21.2 Defined benefit plansCharacteristics of defined benefit plansIn this type of plan, the group guarantees to the beneficiaries the level of the benefit that will be paid in the future. The beneficiaries of these plans are employees who are acquiring entitlements in exchange for services rendered to the group (active beneficiaries), employees who are no longer acquiring entitlements in exchange for services rendered to the group and former employees outside the group (deferred beneficiaries), as well as former retired employees (retired beneficiaries).The valuation of retirement benefit obligations and other employee benefits is carried out by independent actuaries. These plans may be financed by insurance companies (group insurance), retirement funds or independent entities. Two plans accounted for 72.1 % of the group\u2019s total commitment as of December 31, 2022. These are the UK plan\u2013the Imerys UK Pension Scheme (Imerys UK) and the US plan\u2013the Imerys USA Retirement Growth Account Plan (Imerys USA).The table below sets out their main characteristics:Imerys UK Imerys USAEligibilityHiring limit date12/31/200403/31/2010Retirement age6565Description of the benefitsTerms of paymentAnnuity (1)Capital (2)Revaluation based on the consumer price indexYesNoEnd date of cumulated rights03/31/2015 12/31/2014Regulatory frameworkMinimum employer funding obligationYes (3)Yes (3)Minimum beneficiary contribution obligationYesNoGovernanceTrustees representing the employerYesYesTrustees representing beneficiariesYesNoIndependent trusteesYesNoResponsibility of trusteesDefinition of the investment strategyYes YesNegotiation of deficit refinancing with the employerYes-Administrative management of benefit paymentsYesYesThe duration of these two plans is 8 years for Imerys UK and 9 years for Imerys USA (respectively 9 years and 10 years as of December 31, 2021).Management of risks associated with employees benefitsDescription of risksThe main issue related to the financial management of employee benefits is the control of the funding ratio of obligations, i.e. the ratio between the value of plan assets and the value of the obligations. The funding ratio of obligations may be deteriorated by a decorrelation between a change in value (generally negative) of plan assets and a change in value (generally positive) of obligations. The value of plan assets may be reduced by deteriorating the fair value of investments. The value of obligations may rise for all plans after a drop in discount rates or benefits paid as life annuities, either due to an increase in the in\ufb02ation rates used to remeasure the obligations of certain plans, or due to an increase in the life expectancy of beneficiaries.(1) Annuity calculated based on number of years of service provided, annual salary on retirement and average of three last annual salaries(2) Principal at a guaranteed interest rate (Cash Balance Plan)(3) The employer is obliged to fund each unit of service provided at 100% on the basis of a funding evaluationRisk managementThe strategy to control the obligation funding level consists firstly of optimizing the value of the plan assets. Investment strategies are therefore devised to deliver a steady return while also taking advantage of opportunities with limited or moderate risks levels. The choice of investments is specific to each plan and factors in the duration of the plan as well as minimum funding regulatory constraints.Since 2011, Imerys has pursued a specific strategy to control the funding ratio of obligations in the UK in particular, which defines plan asset investments to match the obligation. The strategy, known as Liability Driven Investment (LDI), controls the funding ratio of the obligation by pegging cash in\ufb02ows to cash out\ufb02ows over the duration of the obligation. In practice, it involves structuring the portfolio of plan assets so that the cash in\ufb02ows generated by the return on investments match the cash out\ufb02ows generated by the payment of benefits. It hedges the risk of an increase in the obligation due to a drop in discount rates or an increase in in\ufb02ation rates by covering a portion of the value of the regularly revised obligation.Funding of employee benefitsThe group funds the majority of employee benefits with investments unavailable to third parties in trusts or insurance contracts legally separate from the group. These investments, classified as plan assets, stood at EUR 940 million as of December 31, 2022 (EUR 1,282 million as of December 31, 2021). Imerys also has reimbursement rights, in other words investments held directly by the group, which came to EUR 0 million as of December 31, 2022 (EUR 6 million as of December 31, 2021). The obligation funding ratio therefore stood at 85.3% as of December 31, 2022 (70.4% as of December 31, 2021).A provision of EUR 172 million was recognized as of December 31, 2022 for the funded and unfunded plan deficit (EUR 533 million as of December 31, 2021), as the following table shows:IN EUR MILLION 2022 2021Obligations funded by plan assets(969.4)(1,369.8)Obligations funded by reimbursement rights(0.5)(28.2)Fair value of plan assets939.51,282.3Restrictions on recognized assets(10.9)-Fair value of reimbursement rights0.26.2FUNDING SURPLUS (DEFICIT) (41.2) (109.5)Unfunded obligations(130.9)(423.1)ASSETS/(PROVISION) (172.0) (532.6)Of which: Non-current liabilities(189.1)(559.4)Non-current assets1 7. 126.8Fair value of plan assetsThe assets held by the group to fund employee benefits generated real interest of EUR - 333 million in 2022 (EUR 29 million in 2021), as presented in the table below. In accordance with current regulations, only a normative share of this return was credited to profit or loss in 2022, amounting to EUR 22 million (EUR 15 million in 2021), calculated based on the discount rate used on the obligations. The surplus real return above the normative return was credited to shareholders\u2019 equity in the amount of EUR - 355 million in 2022 (EUR 14 million in 2021).IN EUR MILLION 2022 2021Balance as of January 11,282.31,222.5Employer's contributions19.422.4Participants' contributions1.3-Benefits paid(74.5)(67.6)Foreign currency translation adjustments(23.3)80.0Real return on assets(333.0)28.9Normative return (profit or loss)22.4 14.7Adjustment to the real return (shareholders' equity) (355.4) 14.2Changes in group structure/Business combinations 74.8 -Other movements(7.4)(3.9)BALANCE AS OF DECEMBER 31 939.5 1,282.3Distribution of plan assetsIN % 2022 2021Shares12%7%Listed12% 7%Unlisted0% -Bonds68%79%Listed 66% 79%Unlisted 2% -Real estate2%-Other19%14%TOTAL 100% 100%Plan obligations \u2013 funded, unfunded and partially funded plansIN EUR MILLION 2022 2021Balance as of January 1 1,821.1 1,661.9Current service costs for the period24.4233.5Interest expense26.019.0Actuarial losses (gains) from:(412.8)(96.3)changes to demographic assumptions4.0 (33.2)changes to financial assumptions(448.0) (51.8)experience adjustments31.3 (11.4)Benefits paid(83.7)(75.7)Changes in group structure/Business combinations45.50.4Foreign currency translation adjustments (19.7) 89.5Other movements(300.0)(11.1)BALANCE AS OF DECEMBER 31 1,100.8 1,821.1Amounts relating to the plan recognized in comprehensive incomeIN EUR MILLION 2022 2021Current service costs for the period 24.4 233.5Interest expense 26.019.0Normative return on the assets of defined benefit plans(22.4)(14.7)Amounts recognized in profit or loss28.12 37.7Surplus real return on assets above their normative return355.4(14.2)Actuarial losses (gains) from post-employment benefits due to:(412.8)(96.3)changes to demographic assumptions4.0 (33.2)changes to financial assumptions(448.0) (51.8)experience adjustments 31.3 (11.4)Restrictions on recognized assets 10.9 -Amounts recognized in shareholders' equity - (credit)/debit(46.5)(110.5)TOTAL(18.4) 1 27. 3Changes in the statement of financial positionThe change in the amounts recognized in the statement of financial position is explained in the following table:IN EUR MILLION 2022 2021Amounts recognized as of January 1532.6433.3Net expense recognized in profit or loss28.12 3 7.7Contributions paid(29.9)(30.5)Actuarial (gains)/losses and ceiling on assets recognized in shareholders' equity(46.5)(110.5)Changes in group structure/Business combinations/Foreign currency translation adjustments and other (312.3) 2.4AMOUNTS RECOGNIZED AS OF DECEMBER 31 172.0 532.6Of which: Holding1.45.6Imerys144.1232.9Webhelp 14.4 293.6Canyon 0.2 0.3Affidea11.1-Sanoptis1.5-GBL Capital and SIM(0.7)0.2During the financial year 2022, a net credit amount of EUR 39 million related to actuarial gains and losses and the ceiling on recognized assets was charged directly to comprehensive income, i.e. EUR 46 million gross less EUR 8 million in related taxes (a net credit amount of EUR 85 million as of December 31, 2021, i.e. EUR 110 million gross less EUR 25 million in related taxes).EstimatesThe actuarial assumptions used to value the defined benefit plans are presented below:IN % 2022 2021Discount rate0.2% - 12.0%0.9% - 2.2%Average salary increase rate2.0% - 36.0%2.6% - 6.0%Inflation rate 1.2% - 36.0% 2.0% - 3.4%More specifically for the two monetary zones where the largest commitments are located (the United Kingdom and the United States), the actuarial assumptions were as follows in 2022:United United StatesIN %KingdomDiscount rate4.8%4.8%Average salary increase rate2.8%2.8%Inflation rate3.2%3.2%Among these estimates, it is the discount rate that has the most significant impact on the group\u2019s financial statements.The following table presents the impact of a reasonably estimated change in discount rates following a possible decrease (lower case) or increase (higher case) in the assumption applied to the financial statements as of December 31, 2022 (actual 2022). The impact of these changes is measured on three aggregates (obligation, net interest and current service cost) in the two monetary zones in which the most significant obligations have been undertaken (the United Kingdom and the United States). The reasonably estimated change in discount rates has been set at 50 basis points, based on the weighted average change in discount rates in the United Kingdom and the United States over the last five years.IN EUR MILLION Low Simulation Central/Base scenario High SimulationUnited KingdomDiscount rate4.3%4.8%5.3%Obligation at the reporting date626.3585.3548.4 (1)Net interest in 2023 profit or loss(0.9)0.93.0 (2)Current service costs in 2023 profit or loss---United StatesDiscount rate4.3%4.8%5.3%Obligation at the reporting date217.1208.9201.4 (1)Net interest in 2023 profit or loss(3.3)(3.3)(3.3) (2)Current service costs in 2023 profit or loss(0.7)(0.7)(0.7)At constant scope of consolidation and all other things being equal, the amount of the contributions to the various defined retirement benefit plans is estimated at EUR 10 million for 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-199-5": { "value": "The debt valuation for the founders (EUR 1,113 million included under \u201cNon-current financial liabilities\u201d), the changes in value of which are recorded under \u201cFinancial income and expenses from operating activities\u201d is, as contractually defined, based on equity value estimates at possible exercise date, computed based on (i) EBITDA projections, (ii) a characteristic multiple of Webhelp\u2019s activity and (iii) the group\u2019s projected net debt. Expected future cash \ufb02ows are discounted at a constant discount rate taking into account the liquidity windows during which the options can be exercised.The debt towards members of the staff (EUR 563 million), the changes in value of which are recorded under \u201cOther operating income and expenses from operating activities\u201d, includes: \u2013 the amount owed to the related employees, in the event of their departure before the exercise periods of the put options they hold, based on the redemption price determined. This part of the debt is included under \u201cNon-current financial liabilities\u201d; \u2013 the assessment of the additional amounts that these employees will receive in the event of the exercise of their put options, as defined contractually, which is based on: - a determined equity value at possible exercise date, computed based on (i) EBITDA projections, (ii) a fixed unchanged multiple or a characteristic multiple of Webhelp\u2019s activity and (iii) the group\u2019s projected net debt; - an additional estimated retrocession, which will depend on the level of EBIDTA taken into account when exercising the put options.Note 22Other non-current liabilitiesIN EUR MILLION 2022 2021Non-current financial liabilities1,638.01,249.7Debt on minority shareholders1,512.61,065.4Derivative financial instruments held for trading88.7182.7Derivative financial instruments - Hedging4.1-Other 32.6 1.5Non-current non-financial liabilities 486.8 89.7Debts on minority shareholders445.3-Liabilities related to cash-settled share-based payments8.519.0Other 33.070.7TOTAL 2,124.8 1,339.4Of which: Holding45.4168.8Imerys 24.1 72.4Webhelp1,732.11,089.4Canyon--Affidea28.4-Sanoptis262.2-GBL Capital and SIM 32.6 8.7The 2 founders and some members of the staff of the Webhelp group are minority shareholders of Webhelp and hold put options towards Sapiens S\u00e0rl (sub-subsidiary of GBL and dedicated investment vehicle of the Webhelp group) on all their shares, which can be exercised at certain predefined periods.Consequently, a debt on minority shareholders has been recognized on the balance sheet and is valued at amortized cost. As of December 31, 2022, it amounts to EUR 1,675 million (EUR 1,348 million as of December 31, 2021). (1)This part of the debt, included under \u201cNon-current non-financial liabilities\u201d, subject to a service condition, is recognized over the vesting period. The related expected future cash \ufb02ows are discounted at a constant discount rate taking into account the liquidity windows during which their put options can be exercised.In terms of sensitivity, a 10% increase/decrease in EBITDA would, all things being equal, have an estimated impact of EUR 281 million and EUR - 256 million on the value of the debt.Note 23Other current liabilitiesIN EUR MILLION 2022 2021Current financial liabilities 2 5 7. 0 71.1Derivative financial instruments held for trading 69.8 31.8Derivative financial instruments - Hedging113.55.3Other 73.734.0Current non-financial liabilities1,006.1896.2Social security liabilities344.9371.4Tax liabilities other than those related to income tax 168.6 154.9Other 492.6369.9TOTAL 1,263.1 9 6 7. 4Of which: Holding 153.6 49.5Imerys373.3418.1Webhelp518.04 4 7. 8Canyon 33.2 31.7Affidea129.5-Sanoptis26.1-GBL Capital and SIM29.420.4The other current non-financial liabilities mainly include a Webhelp debt corresponding to funds received by the group on behalf of their clients (EUR 176 million) and the debt on fixed assets at Imerys\u2019 level for EUR 91 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-199-6": { "value": "The debt valuation for the founders (EUR 1,113 million included under \u201cNon-current financial liabilities\u201d), the changes in value of which are recorded under \u201cFinancial income and expenses from operating activities\u201d is, as contractually defined, based on equity value estimates at possible exercise date, computed based on (i) EBITDA projections, (ii) a characteristic multiple of Webhelp\u2019s activity and (iii) the group\u2019s projected net debt. Expected future cash \ufb02ows are discounted at a constant discount rate taking into account the liquidity windows during which the options can be exercised.The debt towards members of the staff (EUR 563 million), the changes in value of which are recorded under \u201cOther operating income and expenses from operating activities\u201d, includes: \u2013 the amount owed to the related employees, in the event of their departure before the exercise periods of the put options they hold, based on the redemption price determined. This part of the debt is included under \u201cNon-current financial liabilities\u201d; \u2013 the assessment of the additional amounts that these employees will receive in the event of the exercise of their put options, as defined contractually, which is based on: - a determined equity value at possible exercise date, computed based on (i) EBITDA projections, (ii) a fixed unchanged multiple or a characteristic multiple of Webhelp\u2019s activity and (iii) the group\u2019s projected net debt; - an additional estimated retrocession, which will depend on the level of EBIDTA taken into account when exercising the put options.Note 22Other non-current liabilitiesIN EUR MILLION 2022 2021Non-current financial liabilities1,638.01,249.7Debt on minority shareholders1,512.61,065.4Derivative financial instruments held for trading88.7182.7Derivative financial instruments - Hedging4.1-Other 32.6 1.5Non-current non-financial liabilities 486.8 89.7Debts on minority shareholders445.3-Liabilities related to cash-settled share-based payments8.519.0Other 33.070.7TOTAL 2,124.8 1,339.4Of which: Holding45.4168.8Imerys 24.1 72.4Webhelp1,732.11,089.4Canyon--Affidea28.4-Sanoptis262.2-GBL Capital and SIM 32.6 8.7The 2 founders and some members of the staff of the Webhelp group are minority shareholders of Webhelp and hold put options towards Sapiens S\u00e0rl (sub-subsidiary of GBL and dedicated investment vehicle of the Webhelp group) on all their shares, which can be exercised at certain predefined periods.Consequently, a debt on minority shareholders has been recognized on the balance sheet and is valued at amortized cost. As of December 31, 2022, it amounts to EUR 1,675 million (EUR 1,348 million as of December 31, 2021). (1)This part of the debt, included under \u201cNon-current non-financial liabilities\u201d, subject to a service condition, is recognized over the vesting period. The related expected future cash \ufb02ows are discounted at a constant discount rate taking into account the liquidity windows during which their put options can be exercised.In terms of sensitivity, a 10% increase/decrease in EBITDA would, all things being equal, have an estimated impact of EUR 281 million and EUR - 256 million on the value of the debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-199-7": { "value": "The debt valuation for the founders (EUR 1,113 million included under \u201cNon-current financial liabilities\u201d), the changes in value of which are recorded under \u201cFinancial income and expenses from operating activities\u201d is, as contractually defined, based on equity value estimates at possible exercise date, computed based on (i) EBITDA projections, (ii) a characteristic multiple of Webhelp\u2019s activity and (iii) the group\u2019s projected net debt. Expected future cash \ufb02ows are discounted at a constant discount rate taking into account the liquidity windows during which the options can be exercised.The debt towards members of the staff (EUR 563 million), the changes in value of which are recorded under \u201cOther operating income and expenses from operating activities\u201d, includes: \u2013 the amount owed to the related employees, in the event of their departure before the exercise periods of the put options they hold, based on the redemption price determined. This part of the debt is included under \u201cNon-current financial liabilities\u201d; \u2013 the assessment of the additional amounts that these employees will receive in the event of the exercise of their put options, as defined contractually, which is based on: - a determined equity value at possible exercise date, computed based on (i) EBITDA projections, (ii) a fixed unchanged multiple or a characteristic multiple of Webhelp\u2019s activity and (iii) the group\u2019s projected net debt; - an additional estimated retrocession, which will depend on the level of EBIDTA taken into account when exercising the put options.Note 22Other non-current liabilitiesIN EUR MILLION 2022 2021Non-current financial liabilities1,638.01,249.7Debt on minority shareholders1,512.61,065.4Derivative financial instruments held for trading88.7182.7Derivative financial instruments - Hedging4.1-Other 32.6 1.5Non-current non-financial liabilities 486.8 89.7Debts on minority shareholders445.3-Liabilities related to cash-settled share-based payments8.519.0Other 33.070.7TOTAL 2,124.8 1,339.4Of which: Holding45.4168.8Imerys 24.1 72.4Webhelp1,732.11,089.4Canyon--Affidea28.4-Sanoptis262.2-GBL Capital and SIM 32.6 8.7The 2 founders and some members of the staff of the Webhelp group are minority shareholders of Webhelp and hold put options towards Sapiens S\u00e0rl (sub-subsidiary of GBL and dedicated investment vehicle of the Webhelp group) on all their shares, which can be exercised at certain predefined periods.Consequently, a debt on minority shareholders has been recognized on the balance sheet and is valued at amortized cost. As of December 31, 2022, it amounts to EUR 1,675 million (EUR 1,348 million as of December 31, 2021). (1)This part of the debt, included under \u201cNon-current non-financial liabilities\u201d, subject to a service condition, is recognized over the vesting period. The related expected future cash \ufb02ows are discounted at a constant discount rate taking into account the liquidity windows during which their put options can be exercised.In terms of sensitivity, a 10% increase/decrease in EBITDA would, all things being equal, have an estimated impact of EUR 281 million and EUR - 256 million on the value of the debt.Note 23Other current liabilitiesIN EUR MILLION 2022 2021Current financial liabilities 2 5 7. 0 71.1Derivative financial instruments held for trading 69.8 31.8Derivative financial instruments - Hedging113.55.3Other 73.734.0Current non-financial liabilities1,006.1896.2Social security liabilities344.9371.4Tax liabilities other than those related to income tax 168.6 154.9Other 492.6369.9TOTAL 1,263.1 9 6 7. 4Of which: Holding 153.6 49.5Imerys373.3418.1Webhelp518.04 4 7. 8Canyon 33.2 31.7Affidea129.5-Sanoptis26.1-GBL Capital and SIM29.420.4The other current non-financial liabilities mainly include a Webhelp debt corresponding to funds received by the group on behalf of their clients (EUR 176 million) and the debt on fixed assets at Imerys\u2019 level for EUR 91 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-203-6": { "value": "Note 23Other current liabilitiesIN EUR MILLION 2022 2021Current financial liabilities 2 5 7. 0 71.1Derivative financial instruments held for trading 69.8 31.8Derivative financial instruments - Hedging113.55.3Other 73.734.0Current non-financial liabilities1,006.1896.2Social security liabilities344.9371.4Tax liabilities other than those related to income tax 168.6 154.9Other 492.6369.9TOTAL 1,263.1 9 6 7. 4Of which: Holding 153.6 49.5Imerys373.3418.1Webhelp518.04 4 7. 8Canyon 33.2 31.7Affidea129.5-Sanoptis26.1-GBL Capital and SIM29.420.4The other current non-financial liabilities mainly include a Webhelp debt corresponding to funds received by the group on behalf of their clients (EUR 176 million) and the debt on fixed assets at Imerys\u2019 level for EUR 91 million.Note 26Derivative financial instruments26.1 Fair values of short-term and long-term derivative financial instrumentsThe fair values of the derivative financial instruments held as of December 31, 2022 and 2021 are shown in the following table:IN EUR MILLION 2022 2021ASSETS 62.5 8 7. 3Of which non-current assets9.6 1.7Of which current assets52.9 85.5Composed of:Forwards, futures and currency swaps \u2013 Derivative instruments held for trading1 7. 38.3Forwards, futures and currency swaps \u2013 Hedging38.713.3Futures and commodities options \u2013 Derivative instruments held for trading--Futures and commodities options \u2013 Hedging 6.5 65.7LIABILITIES (276.1) (219.9)Of which non-current liabilities (92.8) (182.7)Of which current liabilities (183.3) (37.2)Composed of:Forwards, futures and currency swaps \u2013 Derivative instruments held for trading(0.3)(6.5)Forwards, futures and currency swaps \u2013 Hedging(15.0)(2.2)Futures and commodities options \u2013 Hedging(25.9)(3.2)Forwards on shares \u2013 Hedging(76.7)-Call and put options on shares \u2013 Derivative instruments held for trading(158.2)(208.0)NET POSITION (213.7) (132.6)Forwards, futures and currency swaps40.712.9Forwards on shares(76.7)-Futures and commodities options(19.4)62.5Call and put options on shares (158.2) (208.0)The following table shows the maturity of the cash \ufb02ow hedge derivatives for the reporting periods ended December 31, 2022 and 2021:IN EUR MILLION Total Within the year 2 to 5 years Over 5 yearsForwards, futures and currency swaps23.718.35.4-Futures and commodities options(19.4)(19.4)--Forwards on shares(76.7)(76.7)--TOTAL AS OF DECEMBER 31, 2022 (72.4) (77.8) 5.4 -Forwards, futures and currency swaps11.111.00.1-Futures and commodities options62.562.5--TOTAL AS OF DECEMBER 31, 2021 73.6 73.5 0.1 -26.2 Change in fair value of derivative instrumentsThe following table shows the changes in the fair value of hedging derivative instruments between two closing dates:IN EUR MILLION 2022 2021Derivative instruments - hedgingAs of January 1 \u2013 net derivatives position 73.6(4.4)Increase (decrease) recognized in profit or loss(1.7)-Increase (decrease) recognized in shareholders' equity(154.7)60.9Changes in group structure/Business combinations/Other10.41 7. 1AS OF DECEMBER 31 \u2013 NET DERIVATIVES POSITION (72.4) 73.6The following table shows the changes in the fair value of derivative instruments held for trading between two closing dates:IN EUR MILLION 2022 2021Derivative financial instruments held for tradingAs of January 1 \u2013 net derivatives position (206.2) (17.6)Increase (decrease) recognized in profit or loss 98.7 (133.6)Increase recognized in shareholders' equity--Changes in group structure/Business combinations/Other(33.6)(55.0)AS OF DECEMBER 31 \u2013 NET DERIVATIVES POSITION (141.2) (206.2)26.3 Notional underlying amounts of derivative financial instrumentsIN EUR MILLION 2022 2021ASSETS 2,140.4 663.3Composed of:Forwards, futures and currency swaps 2,063.7 661.9Futures and commodities options76.71.4LIABILITIES 4,043.6 3,530.7Composed of:Forwards, futures and currency swaps1,715.91,234.1Forwards on shares5 37. 6-Futures and commodities options21.714.4Call and put options on shares1,768.42,282.226.4 Maturity of notional underlying amounts of derivative financial instrumentsIN EUR MILLION Total Within the year 2 to 5 years Over 5 yearsForwards, futures and currency swaps3,779.63 , 0 6 7.91 0 7.1604.6Forwards on shares5 37. 65 3 7. 6--Futures and commodities options98.498.4--Call and put options on shares1,768.4689.61,078.8-TOTAL AS OF DECEMBER 31, 2022 6,184.0 4,393.5 1,185.9 604.6Forwards, futures and currency swaps1,896.01,810.086.0-Futures and commodities options15.815.8--Call and put options on shares2,282.21,298.0984.3-TOTAL AS OF DECEMBER 31, 2021 4,194.0 3,123.8 1,070.3 -Note 29Financial instrumentsFair valueTo re\ufb02ect the importance of inputs used when measuring at fair value, the group classifies these valuations according to a hierarchy composed of the following levels: \u2013 level 1: listed prices (non-adjusted) on active markets for identical assets or liabilities; \u2013 level 2: inputs, other than the listed prices included in level 1, that are observable for the asset or liability concerned, either directly (i.e. prices) or indirectly (i.e. derived from prices); and \u2013 level 3: inputs related to the asset or liability that are not based on observable market data (non-observable inputs).Analysis of financial instruments by category \u2013 balance sheetsThe tables below show a comparison of the book value and the fair value of the financial instruments as of December 31, 2022 and as of December 31, 2021, as well as the fair value hierarchy.The category, according to IFRS 9, uses the following abbreviations: \u2013 FATOCI: Financial Assets measured at fair value through Other Comprehensive Income \u2013 FATPL: Financial Assets measured at fair value through Profit or Loss \u2013 FLTPL: Financial Liabilities measured at fair value through Profit or Loss \u2013 FAAC: Financial Assets measured at Amortized Cost \u2013 FLAC: Financial Liabilities measured at Amortized Cost \u2013 HeAc: Hedge Accounting.As of December 31, 2022Category Carrying amount Fair value Hierarchy of according to fair valuesIN EUR MILLIONIFRS 9FINANCIAL ASSETSNon-current assetsOther equity investmentsEquity investments measured at fair value and FATOCI 10,837.2 10,837.2 Level 1with changes recognized in equityEquity investments measured at fair value and FATOCI 273.0 273.0 Level 3with changes recognized in equityEquity investments measured at fair value and FATPL 1 2 7. 3 1 2 7. 3 Level 1with changes recognized in profit or lossEquity investments measured at fair value and FATPL 1 , 9 2 7. 0 1 , 9 27. 0 Level 3with changes recognized in profit or lossOther non-current assetsDerivative instruments - hedgingHeAc9.69.6Level 2Other financial assetsFAAC66.166.1Level 2Current assetsTrade receivablesFAAC1,108.71,108.7Level 2Trading financial assetsFATPL870.0870.0Level 1Cash and cash equivalentsFAAC1,768.31,768.3Level 2Other current assetsDerivative instruments - hedgingHeAc35.535.5Level 2Derivative instruments - otherFATPL1 7.41 7.4Level 2Other financial assetsFAAC38.038.0Level 2FINANCIAL LIABILITIESNon-current liabilitiesFinancial liabilitiesFLAC8,714.78,379.3Level 2Other non-current liabilitiesDerivative instruments - hedgingHeAc4.14.1Level 2Derivative instruments - otherFLTPL88.788.7Level 2Other non-current liabilitiesFLAC1,545.21,545.2Level 2Current liabilitiesFinancial liabilitiesOther financial liabilitiesFLAC1,654.61,675.9Level 2Trade payablesFLAC8 5 7.48 5 7.4Level 2Other current liabilitiesDerivative instruments - hedgingHeAc113.5113.5Level 2Derivative instruments - otherFLTPL69.869.8Level 2Other current liabilitiesFLAC73.773.7Level 2As of December 31, 2021Category Carrying amount Fair value Hierarchy of according to fair valuesIN EUR MILLIONIFRS 9FINANCIAL ASSETSNon-current assetsOther equity investmentsEquity investments measured at fair value and FATOCI 15,523.2 15,523.2 Level 1with changes recognized in equityEquity investments measured at fair value and FATOCI 266.0 266.0 Level 3with changes recognized in equityEquity investments measured at fair value and FATPL 481.4 481.4 Level 1with changes recognized in profit or lossEquity investments measured at fair value and FATPL 1,904.3 1,904.3 Level 3with changes recognized in profit or lossOther non-current assetsDerivative instruments - hedgingHeAc1.21.2Level 2Derivative instruments - otherFATPL0.50.5Level 2Other financial assetsFAAC83.983.9Level 2Current assetsTrade receivablesFAAC1,019.71,019.7Level 2Trading financial assetsFATPL2,086.02,086.0Level 1Cash and cash equivalentsFAAC1,331.61,331.6Level 2Other current assetsDerivative instruments - hedgingHeAc7 7. 87 7. 8Level 2Derivative instruments - otherFATPL7.77.7Level 2Other financial assetsFAAC14.814.8Level 2FINANCIAL LIABILITIESNon-current liabilitiesFinancial liabilitiesFLAC6,616.26,910.3Level 2Other non current liabilitiesDerivative instruments - otherFLTPL182.7182.7Level 2Other non current liabilities FLAC 1,067.0 1,067.0 Level 2Current liabilitiesFinancial liabilitiesOther financial liabilitiesFLAC1,037.51,038.7Level 2Trade payablesFLAC865.8865.8Level 2Other current liabilitiesDerivative instruments - hedgingHeAc5.35.3Level 2Derivative instruments - otherFLTPL31.831.8Level 2Other current liabilitiesFLAC34.034.0Level 2There were no significant transfers between the different levels during 2022.Measurement techniquesThe group\u2019s financial instruments very largely belong to classification levels 1 and 2. The financial assets measured at level 3 fair value are not significant compared to the other asset classes (12.88% as of December 31, 2022 and 9.52% as of December 31, 2021).The techniques used to measure the fair value of level 2 financial instruments are as follows:The exchangeable or convertible bonds issued by the group are considered to be hybrid instruments, i.e. instruments including a bond component and an embedded derivative. At the date of issue, the fair value of the bond component is estimated based on the prevailing market interest rate for similar non-exchangeable or non-convertible bonds, taking into account the risk associated with GBL (credit spread). At each reporting date, the value of the bond component is recalculated, taking into account the change in the risk-free rate and GBL\u2019s credit spread, and the difference in relation to the price of the exchangeable or convertible bond observed on the Luxembourg Stock Exchange\u2019s Euro MTF market is taken as the new value of the derivative component. The change in this value in relation to the previous reporting date is recognized in profit or loss.The fair value of derivative instruments not associated with exchangeable or convertible bonds is taken from a model that uses observable data, in other words the quotes on the reporting date provided by third-parties operating on the financial markets. These valuations are adjusted for the counterparties\u2019 credit risk and the credit risk specific to Imerys or GBL. Accordingly, if the market value of the derivative is positive (derivative asset), its fair value incorporates the likelihood of the counterparty defaulting (Credit Value Adjustment or CVA). If the derivative\u2019s market value is negative (derivative liability), its fair value factors in the likelihood of Imerys or GBL defaulting (Debit Value Adjustment or DVA). These adjustments are measured based on the spreads of the bonds in circulation on the secondary market, as issued by Imerys, GBL and their counterparts.The techniques used to measure the fair value of level 3 financial instruments are as follows:Level 3 financial instruments are valued on a quarterly basis at their fair value in line with the International Private Equity and Venture Valuation Guidelines. Recent investments are valued at their acquisition cost, provided that these valuations are considered as the best estimates of fair value. Investments in level 3 funds are revalued at their fair value, as determined by the fund managers, based on their investment portfolio.Analysis of financial instruments by category \u2013 income statementThe tables hereafter present the income and expenses before income taxes recognized in the income statement by categories of financial instruments. These tables analyze the product and expense lines containing financial instruments according to categories presented in columns. These distinguish, on the one hand, the categories applied by default to any item excluding hedge accounting and, on the other hand, the categories applied to any item falling within the scope of hedge accounting.The IFRS 9 categories of amortized cost and fair value through profit or loss apply to the majority of non-hedge accounting items. Hedge accounting items are classified according to their fair value or cash \ufb02ow hedging qualifications, distinguishing the values of hedged items and hedging instruments in columns and the types of risks hedged in rows.In addition, in order to ensure reconciliation between IFRS 9 classes and financial statements, this table includes a column containing the following non-IFRS 9 items: share-based payments (IFRS 2), mining assets (IFRS 6), inventories (IAS 2), income tax assets and liabilities (IAS 12), property, plant and equipment (IAS 16), finance lease liabilities (IFRS 16), defined benefit and short-term employee benefits assets and liabilities (IAS 19), grants(IAS 20), provisions (IAS 37), intangible assets and prepaid expenses (IAS 38), stripping assets (IFRIC 20) and duties and taxes (IFRIC 21). The logic of classification of financial instruments in assets and liabilities is applied in transversally to their changes in income statement. For example, revenue is included in the amortized cost category, as its counterparties in trade receivables or cash and cash equivalents fall under this category on the asset side.2022Non-hedge accounting Hedge accountingIFRS 9 Categories Fair value Cash flowsAmortized Fair value Fair value Out of Hedged Hedging Hedged Hedging Totalcostthrough through IFRS 9 iteminstrumentiteminstrumentprofit or equityscopeIN EUR MILLIONlossNet dividends from investments--322.3-----322.3Other operating income (expenses) from investing (74.3) - - - - - - - (74.3)activitiesFinancial income (expenses) (490.0) 94.6 - - - - - - (395.4)from investing activitiesOf which: Financial 168.7 119.0 - - - - - - 2 87.7incomeFinancial expenses(658.7) (24.4) - - - - - - (683.1)PROFIT (LOSS) FROM INVESTING ACTIVITIES (564.3) 94.6 322.3 - - - - - (147.4)- CONTINUING OPERATIONSTurnover8,108.7------(0.1)8,108.6Raw materials and consumables(2,322.4)--199.9---100.4(2,022.1)Other operating income (expenses) from operating (1,791.1) - - 18.1 - - - - (1,773.0)activitiesFinancial income (expenses) (520.6) 5.8 - (11.0) - - - - (525.8)from operating activitiesOf which: Financial 40.9 5.8 - - - - - - 46.7incomeFinancial expenses(561.5) - - (11.0) - - - - (572.5)PROFIT (LOSS) FROM CONSOLIDATED 3,474.7 5.8 - 2 0 7.0 - - - 100.3 3,787.8OPERATING ACTIVITIES - CONTINUING OPERATIONS2021Non-hedge accounting Hedge accountingIFRS 9 Categories Fair value Cash flowsAmortized Fair value Fair value Out of Hedged Hedging Hedged Hedging Totalcostthrough through IFRS 9 iteminstrumentiteminstrumentprofit or equityscopeIN EUR MILLIONlossNet dividends from investments - - 363.1 - - - - - 363.1Other operating income (expenses) from investing (54.8) - - - - - - - (54.8)activitiesFinancial income (expenses) from 249.7 (140.2) - - - - - - 109.6investing activitiesOf which: Financial 372.0 18.4 - - - - - - 390.4incomeFinancial expenses(122.3) (158.6) - - - - - - (280.9)PROFIT (LOSS) FROM INVESTING ACTIVITIES 195.0 (140.2) 363.1 - - - - - 417.9- CONTINUING OPERATIONSTurnover5,808.1-----432.22.76,243.0Raw materials and consumables(1,456.5)--119.1--(184.3)38.6(1,483.1)Other operating income (expenses) from operating (1,494.5) - - 16.6 - - - - (1,477.9)activitiesFinancial income (expenses) from (436.1) 2.7 - (10.3) - - - - (443.7)operating activitiesOf which: Financial 33.7 2.8 - - - - - - 36.5incomeFinancial expenses(469.7) (0.1) - (10.3) - - - - (480.1)PROFIT (LOSS) FROM CONSOLIDATED OPERATING 2,421.0 2.7 - 125.4 - - 2 47. 9 41.3 2,838.4ACTIVITIES - CONTINUING OPERATIONS", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-203-7": { "value": "Note 23Other current liabilitiesIN EUR MILLION 2022 2021Current financial liabilities 2 5 7. 0 71.1Derivative financial instruments held for trading 69.8 31.8Derivative financial instruments - Hedging113.55.3Other 73.734.0Current non-financial liabilities1,006.1896.2Social security liabilities344.9371.4Tax liabilities other than those related to income tax 168.6 154.9Other 492.6369.9TOTAL 1,263.1 9 6 7. 4Of which: Holding 153.6 49.5Imerys373.3418.1Webhelp518.04 4 7. 8Canyon 33.2 31.7Affidea129.5-Sanoptis26.1-GBL Capital and SIM29.420.4The other current non-financial liabilities mainly include a Webhelp debt corresponding to funds received by the group on behalf of their clients (EUR 176 million) and the debt on fixed assets at Imerys\u2019 level for EUR 91 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-204-2": { "value": "Note 24Assets and liabilities associated with assets held for sale and discontinued operationsOn July 28, 2022, Imerys received an offer to purchase substantially all of its High Temperature Solutions business line. Imerys, having taken note of the offer of the potential buyer and having observed that this activity could be sold immediately, in its current state, within one year, concluded that it constituted a group to be sold. Depreciation and amortization ceased to be recognized as of the date of receipt of the offer to purchase. In addition, as the business is a separate major line of business, it has been classified as a discontinued operation. The sale of the business to the US investment fund Platinum Equity was completed on January 31, 2023 (see note 33). The cash proceeds received amount to EUR 708 million. The translation reserve associated with the activity, amounting to EUR - 154 million as of December 31, 2022, will be reclassified in the income statement for its amount as of the date of the loss of control. The contributions of the activity have been presented in separate line items in the consolidated income statement and their details in the income statement and the consolidated statement of cash \ufb02ows are provided in the tables below:IN EUR MILLION 2022 2021Turnover 891.0 718.2Raw materials and consumables (425.7) (325.1)Employee expenses (148.6) (138.4)Depreciation/amortization of property, plant, equipment and intangible assets(13.8)(21.6)Other operating income (expenses) from operating activities (183.8)(138.9)Gains (losses) on disposals, impairments and reversals of non-current assets from operating activities(0.4)(0.4)Financial income (expenses) from operating activities (2.7)0.6Profit (loss) before tax from consolidated operating activities - continuing operations116.094.4Income taxes (38.7)(26.8)Profit (loss) from consolidated operating activities - discontinued operations7 7. 36 7. 5IN EUR MILLION December 31, 2022 December 31, 2021Net cash from (used in) operating activities 94.4 125.7Net cash from (used in) investing activities23.9(37.2)Net cash from (used in) financing activities(35.1)9.7NET VARIATION IN CASH AND CASH EQUIVALENTS 83.2 98.2Furthermore, on September 9, 2022, Imerys received an offer to purchase a group of mining and industrial assets serving the paper market in America, Europe and Asia in its Performance Minerals business group. Imerys, having undertaken a review of the potential buyer\u2019s offer and having observed that the assets could be disposed of immediately, in their current condition and within one year, their assets and associated liabilities were designated as assets (and liabilities related to assets) held for sale on the date of receipt of the offer. Depreciation ceased to be recorded at that date. The following table presents details of the assets (and liabilities related to assets) isolated from the rest of the continuing operations in the statement of financial position. The share of the goodwill of the Performance Minerals activity allocated to the divested activity amounts to EUR 110 million. This amount has been written down by EUR 108 million in order to limit the carrying amount of the assets (and asset-related liabilities) of the activity to their fair value net of costs to sell. This impairment loss was recognized in the income statement as \u201cGains (losses) on disposals, impairments and reversals of non-current assets from operating activities\u201d. The translation reserve associated with the business, amounting to EUR -220 million as of December 31, 2022, will be reclassified to the income statement for its amount as of the date of loss of control.The assets and liabilities associated with the assets held for sale of these two Imerys activities include the following items:IN EUR MILLION December 31, 2022 December 31, 2021Assets held for sale 1,376.2 63.1Non-current assets 725.144.6Current assets651.118.5Liabilities associated with assets held for sale 468.9 13.5Non-current liabilities 220.52.0Current liabilities 248.411.4", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-204-3": { "value": "Note 24Assets and liabilities associated with assets held for sale and discontinued operationsOn July 28, 2022, Imerys received an offer to purchase substantially all of its High Temperature Solutions business line. Imerys, having taken note of the offer of the potential buyer and having observed that this activity could be sold immediately, in its current state, within one year, concluded that it constituted a group to be sold. Depreciation and amortization ceased to be recognized as of the date of receipt of the offer to purchase. In addition, as the business is a separate major line of business, it has been classified as a discontinued operation. The sale of the business to the US investment fund Platinum Equity was completed on January 31, 2023 (see note 33). The cash proceeds received amount to EUR 708 million. The translation reserve associated with the activity, amounting to EUR - 154 million as of December 31, 2022, will be reclassified in the income statement for its amount as of the date of the loss of control. The contributions of the activity have been presented in separate line items in the consolidated income statement and their details in the income statement and the consolidated statement of cash \ufb02ows are provided in the tables below:IN EUR MILLION 2022 2021Turnover 891.0 718.2Raw materials and consumables (425.7) (325.1)Employee expenses (148.6) (138.4)Depreciation/amortization of property, plant, equipment and intangible assets(13.8)(21.6)Other operating income (expenses) from operating activities (183.8)(138.9)Gains (losses) on disposals, impairments and reversals of non-current assets from operating activities(0.4)(0.4)Financial income (expenses) from operating activities (2.7)0.6Profit (loss) before tax from consolidated operating activities - continuing operations116.094.4Income taxes (38.7)(26.8)Profit (loss) from consolidated operating activities - discontinued operations7 7. 36 7. 5IN EUR MILLION December 31, 2022 December 31, 2021Net cash from (used in) operating activities 94.4 125.7Net cash from (used in) investing activities23.9(37.2)Net cash from (used in) financing activities(35.1)9.7NET VARIATION IN CASH AND CASH EQUIVALENTS 83.2 98.2Furthermore, on September 9, 2022, Imerys received an offer to purchase a group of mining and industrial assets serving the paper market in America, Europe and Asia in its Performance Minerals business group. Imerys, having undertaken a review of the potential buyer\u2019s offer and having observed that the assets could be disposed of immediately, in their current condition and within one year, their assets and associated liabilities were designated as assets (and liabilities related to assets) held for sale on the date of receipt of the offer. Depreciation ceased to be recorded at that date. The following table presents details of the assets (and liabilities related to assets) isolated from the rest of the continuing operations in the statement of financial position. The share of the goodwill of the Performance Minerals activity allocated to the divested activity amounts to EUR 110 million. This amount has been written down by EUR 108 million in order to limit the carrying amount of the assets (and asset-related liabilities) of the activity to their fair value net of costs to sell. This impairment loss was recognized in the income statement as \u201cGains (losses) on disposals, impairments and reversals of non-current assets from operating activities\u201d. The translation reserve associated with the business, amounting to EUR -220 million as of December 31, 2022, will be reclassified to the income statement for its amount as of the date of loss of control.The assets and liabilities associated with the assets held for sale of these two Imerys activities include the following items:IN EUR MILLION December 31, 2022 December 31, 2021Assets held for sale 1,376.2 63.1Non-current assets 725.144.6Current assets651.118.5Liabilities associated with assets held for sale 468.9 13.5Non-current liabilities 220.52.0Current liabilities 248.411.4", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-204-4": { "value": "Note 24Assets and liabilities associated with assets held for sale and discontinued operationsOn July 28, 2022, Imerys received an offer to purchase substantially all of its High Temperature Solutions business line. Imerys, having taken note of the offer of the potential buyer and having observed that this activity could be sold immediately, in its current state, within one year, concluded that it constituted a group to be sold. Depreciation and amortization ceased to be recognized as of the date of receipt of the offer to purchase. In addition, as the business is a separate major line of business, it has been classified as a discontinued operation. The sale of the business to the US investment fund Platinum Equity was completed on January 31, 2023 (see note 33). The cash proceeds received amount to EUR 708 million. The translation reserve associated with the activity, amounting to EUR - 154 million as of December 31, 2022, will be reclassified in the income statement for its amount as of the date of the loss of control. The contributions of the activity have been presented in separate line items in the consolidated income statement and their details in the income statement and the consolidated statement of cash \ufb02ows are provided in the tables below:IN EUR MILLION 2022 2021Turnover 891.0 718.2Raw materials and consumables (425.7) (325.1)Employee expenses (148.6) (138.4)Depreciation/amortization of property, plant, equipment and intangible assets(13.8)(21.6)Other operating income (expenses) from operating activities (183.8)(138.9)Gains (losses) on disposals, impairments and reversals of non-current assets from operating activities(0.4)(0.4)Financial income (expenses) from operating activities (2.7)0.6Profit (loss) before tax from consolidated operating activities - continuing operations116.094.4Income taxes (38.7)(26.8)Profit (loss) from consolidated operating activities - discontinued operations7 7. 36 7. 5IN EUR MILLION December 31, 2022 December 31, 2021Net cash from (used in) operating activities 94.4 125.7Net cash from (used in) investing activities23.9(37.2)Net cash from (used in) financing activities(35.1)9.7NET VARIATION IN CASH AND CASH EQUIVALENTS 83.2 98.2Furthermore, on September 9, 2022, Imerys received an offer to purchase a group of mining and industrial assets serving the paper market in America, Europe and Asia in its Performance Minerals business group. Imerys, having undertaken a review of the potential buyer\u2019s offer and having observed that the assets could be disposed of immediately, in their current condition and within one year, their assets and associated liabilities were designated as assets (and liabilities related to assets) held for sale on the date of receipt of the offer. Depreciation ceased to be recorded at that date. The following table presents details of the assets (and liabilities related to assets) isolated from the rest of the continuing operations in the statement of financial position. The share of the goodwill of the Performance Minerals activity allocated to the divested activity amounts to EUR 110 million. This amount has been written down by EUR 108 million in order to limit the carrying amount of the assets (and asset-related liabilities) of the activity to their fair value net of costs to sell. This impairment loss was recognized in the income statement as \u201cGains (losses) on disposals, impairments and reversals of non-current assets from operating activities\u201d. The translation reserve associated with the business, amounting to EUR -220 million as of December 31, 2022, will be reclassified to the income statement for its amount as of the date of loss of control.The assets and liabilities associated with the assets held for sale of these two Imerys activities include the following items:IN EUR MILLION December 31, 2022 December 31, 2021Assets held for sale 1,376.2 63.1Non-current assets 725.144.6Current assets651.118.5Liabilities associated with assets held for sale 468.9 13.5Non-current liabilities 220.52.0Current liabilities 248.411.4", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-206-2": { "value": "Note 25Financial risks management and sensitivity analysisConsidering the specific nature of each of the entities consolidated in the group\u2019s financial statements and their widely differing activities (financial for GBL and operational for Imerys, Webhelp, Canyon, Affidea and Sanoptis), each entity manages risks independently.The main risks identified at group level are the foreign exchange risk, the stock exchange risk, the interest rate risk, the energy price risk, the market liquidity risk, the conversion of financial statements risk and the credit risk (mainly for Webhelp and Imerys).Foreign exchange risk is defined as the risk whereby a cash \ufb02ow labeled in foreign currency may be subject to a deterioration caused by an unfavorable change in its counterpart in functional currency. The group is exposed to foreign exchange risk through:(i) The impact it can have on the value of its portfolio through investments quoted in foreign currencies (accounted for as other equity investments and trading assets), as well as through dividend \ufb02ows it receives. As of December 31, 2022, GBL was primarily exposed to CHF, USD and NOK, to a lesser extent. A 10% appreciation/depreciation in the Euro versus its end-of-year rate for all currencies used by the group would have had an impact of EUR - 449 million and EUR 449 million on shareholders\u2019 equity and EUR - 121 million and EUR 121 million on the annual income statement. These calculations only concern statements of financial position owned by the group and does not take into account the impact of the appreciation/depreciation of these currencies on the market price of the underlying assets.(ii) The impact on the underlying elements of its net financial debt, i.e. before foreign exchange rates derivatives as of December 31, 2022. A 10% downward or upward variation of the Euro against other foreign currencies would generate a variation of EUR 142 million and EUR - 133 million on net financial debt. A 10% decrease/increase in foreign currency exchange rates on the portfolio of derivative instruments held as of December 31, 2022 for highly probable future transactions of purchases and sales in foreign currencies would have an impact on equity (effective portion of derivative instruments qualified as cash \ufb02ow hedges) of EUR 2 million and EUR - 1 million respectively and on the income statement (ineffective portion of derivative instruments qualified as cash \ufb02ow hedges of cash and derivative instruments not eligible for hedge accounting) of EUR 0 million and EUR 0 million.The transactions performed by the group are accounted for, wherever possible, in the functional currency of the entity that carries out the transaction. When it is not possible to record a transaction in the functional currency of the entity, the transactional currency risk may be hedged on an individual basis using forwards, swaps or options. The corresponding instruments qualify as cash \ufb02ow hedges.Stock exchange risk is defined as the risk whereby the portfolio of the group (other equity investments and trading assets) may be in\ufb02uenced by an unfavorable change of market prices. The group is exposed, due to the very nature of its activities, to market \ufb02uctuations of its portfolio. The volatility of the financial markets, moreover, can have an impact on the share price of GBL. As of December 31, 2022, a 10% appreciation/depreciation in the market price of all portfolio investments in listed companies as well as on the derivative instruments (options, exchangeable and convertible bonds) would have an impact of EUR 1,056 million and EUR - 1,056 million on shareholders\u2019 equity and of EUR -28 million and EUR 28 million on the annual income statement.Interest rate risk is defined as the risk whereby the interest \ufb02ow related to financial liabilities, on the one hand, and gross cash, on the other hand, may be deteriorated by an unfavorable change of interest rates. Regarding financial liabilities, a modification of interest rates has a limited impact on GBL\u2019s profit (loss) because the vast majority of its financial liabilities is issued at fixed interest rates. As regards cash, GBL has chosen to continue to give priority to liquidity while limiting counterparty risk. Cash is therefore invested on a very short-term basis so that it can be mobilized at any time to contribute to the group\u2019s \ufb02exibility and security in the event of investment or the materialization of external risks. Imerys\u2019 strategy focuses on obtaining finances mainly in euros, which is the most accessible fixed-rate financial resource. Medium-term fixed-rate bond issues can be converted to \ufb02oating rates using interest rate swaps. Given the expected trend in interest rates in 2022, the group has fixed the interest rate for part of its future financial debt on various terms. At Webhelp\u2019s level, the interest rate risk relates mainly to its variable rate bank debt, which was taken out at the time of GBL\u2019s majority investment in November 2019 and extended in July 2021 as part of the acquisition of OneLink. At the end of 2022, the group put in place interest rate hedges to transform part of its variable-rate debt into fixed-rate debt. At Canyon, Affidea and Sanoptis, bank debt is also at variable rates, and in order to protect itself against rising interest rates, those companies entered into interest rate hedging instruments in 2022. In terms of sensitivity, a decrease or increase of interest rates (Euribor, SONIA and SOFR) of 0.5% would respectively have an impact on the net financial debt of the group of EUR - 8 million and EUR 8 million.Energy price risk is the risk whereby the cash out\ufb02ow due in relation to energy purchases may be subject to a deterioration by a rise in its market price. Imerys is exposed to the price risk of energy used in the production cycle of its activities, mainly natural gas, electricity and, to a lesser extent, coal. To manage energy price risk, Imerys sources its energy from a variety of geographical locations and sources. The group aims at impacting the increase in energy onto the selling price of its products. Energy price risk is hedged using forward and option contracts, instruments that qualify as cash \ufb02ow hedges. In terms of sensitivity, a 10% decrease or increase of natural gas and Brent prices on the portfolio of derivative instruments held at December 31, 2022 with respect to highly probable future purchases of natural gas and Brent would have an impact on equity (effective portion of cash \ufb02ow hedges) of EUR - 4 million and EUR 4 million respectively, and on the income statement (ineffective portion of cash \ufb02ow hedges and non-hedge derivative instruments) of EUR 0 million and EUR 0 million.Market liquidity risk is the risk whereby the group would not be in a position to meet the repayment obligations of its financial liabilities due to the non-renewal of a non-confirmed financial resource (short-term negotiable securities, bank facility and accrued interests, or other debt and facilities). Group cash \ufb02ow forecasts between the drawdown date and the repayment date of these debts must allow the group to honor its repayments at maturity. The debt schedule of debts is presented in note 17.Conversion risk of financial statements is a form of foreign exchange risk whereby the value in euros of the financial statements of a foreign operation may be subject to a deterioration due to an unfavorable change in the foreign exchange rate of the functional currency of that business. The group, mainly through Imerys, hedges part of its net investments in foreign operations by granting loans specifically allocated to financing the operations in the long term and by controlling the proportion of its financial debt stated in foreign currencies. The exchange rate differences generated by the loans and borrowings qualified as hedges of net investments in foreign operations are recognized in equity so as to neutralize, to a certain extent, the translation gains or losses on hedged net investments. In terms of sensitivity, a 10% decrease or increase in foreign exchange rates on the portfolio of foreign exchange swaps held at December 31, 2022 with respect to hedges of net investments in foreign operations would have an impact on equity (effective portion of hedges of net investments in foreign operations) of EUR - 55 million and EUR 45 million respectively, and on the income statement (ineffective portion of hedges of net investments in foreign operations and non-hedge derivative instruments) of EUR 0 million and EUR 0 million.Credit risk is the risk that a group debtor (mainly Imerys and Webhelp) does not reimburse their debt at the agreed due date. This risk mainly affects trade receivables. Credit risk is monitored at entity level by analyzing the breakdown of receivables by maturity. Generally due between 30 and 90 days, the group\u2019s receivables are not covered by any material financing component. Group entities may hedge credit risk through credit insurance contracts or warranties (see note 15).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-206-3": { "value": "Note 25Financial risks management and sensitivity analysisConsidering the specific nature of each of the entities consolidated in the group\u2019s financial statements and their widely differing activities (financial for GBL and operational for Imerys, Webhelp, Canyon, Affidea and Sanoptis), each entity manages risks independently.The main risks identified at group level are the foreign exchange risk, the stock exchange risk, the interest rate risk, the energy price risk, the market liquidity risk, the conversion of financial statements risk and the credit risk (mainly for Webhelp and Imerys).Foreign exchange risk is defined as the risk whereby a cash \ufb02ow labeled in foreign currency may be subject to a deterioration caused by an unfavorable change in its counterpart in functional currency. The group is exposed to foreign exchange risk through:(i) The impact it can have on the value of its portfolio through investments quoted in foreign currencies (accounted for as other equity investments and trading assets), as well as through dividend \ufb02ows it receives. As of December 31, 2022, GBL was primarily exposed to CHF, USD and NOK, to a lesser extent. A 10% appreciation/depreciation in the Euro versus its end-of-year rate for all currencies used by the group would have had an impact of EUR - 449 million and EUR 449 million on shareholders\u2019 equity and EUR - 121 million and EUR 121 million on the annual income statement. These calculations only concern statements of financial position owned by the group and does not take into account the impact of the appreciation/depreciation of these currencies on the market price of the underlying assets.(ii) The impact on the underlying elements of its net financial debt, i.e. before foreign exchange rates derivatives as of December 31, 2022. A 10% downward or upward variation of the Euro against other foreign currencies would generate a variation of EUR 142 million and EUR - 133 million on net financial debt. A 10% decrease/increase in foreign currency exchange rates on the portfolio of derivative instruments held as of December 31, 2022 for highly probable future transactions of purchases and sales in foreign currencies would have an impact on equity (effective portion of derivative instruments qualified as cash \ufb02ow hedges) of EUR 2 million and EUR - 1 million respectively and on the income statement (ineffective portion of derivative instruments qualified as cash \ufb02ow hedges of cash and derivative instruments not eligible for hedge accounting) of EUR 0 million and EUR 0 million.The transactions performed by the group are accounted for, wherever possible, in the functional currency of the entity that carries out the transaction. When it is not possible to record a transaction in the functional currency of the entity, the transactional currency risk may be hedged on an individual basis using forwards, swaps or options. The corresponding instruments qualify as cash \ufb02ow hedges.Stock exchange risk is defined as the risk whereby the portfolio of the group (other equity investments and trading assets) may be in\ufb02uenced by an unfavorable change of market prices. The group is exposed, due to the very nature of its activities, to market \ufb02uctuations of its portfolio. The volatility of the financial markets, moreover, can have an impact on the share price of GBL. As of December 31, 2022, a 10% appreciation/depreciation in the market price of all portfolio investments in listed companies as well as on the derivative instruments (options, exchangeable and convertible bonds) would have an impact of EUR 1,056 million and EUR - 1,056 million on shareholders\u2019 equity and of EUR -28 million and EUR 28 million on the annual income statement.Interest rate risk is defined as the risk whereby the interest \ufb02ow related to financial liabilities, on the one hand, and gross cash, on the other hand, may be deteriorated by an unfavorable change of interest rates. Regarding financial liabilities, a modification of interest rates has a limited impact on GBL\u2019s profit (loss) because the vast majority of its financial liabilities is issued at fixed interest rates. As regards cash, GBL has chosen to continue to give priority to liquidity while limiting counterparty risk. Cash is therefore invested on a very short-term basis so that it can be mobilized at any time to contribute to the group\u2019s \ufb02exibility and security in the event of investment or the materialization of external risks. Imerys\u2019 strategy focuses on obtaining finances mainly in euros, which is the most accessible fixed-rate financial resource. Medium-term fixed-rate bond issues can be converted to \ufb02oating rates using interest rate swaps. Given the expected trend in interest rates in 2022, the group has fixed the interest rate for part of its future financial debt on various terms. At Webhelp\u2019s level, the interest rate risk relates mainly to its variable rate bank debt, which was taken out at the time of GBL\u2019s majority investment in November 2019 and extended in July 2021 as part of the acquisition of OneLink. At the end of 2022, the group put in place interest rate hedges to transform part of its variable-rate debt into fixed-rate debt. At Canyon, Affidea and Sanoptis, bank debt is also at variable rates, and in order to protect itself against rising interest rates, those companies entered into interest rate hedging instruments in 2022. In terms of sensitivity, a decrease or increase of interest rates (Euribor, SONIA and SOFR) of 0.5% would respectively have an impact on the net financial debt of the group of EUR - 8 million and EUR 8 million.Energy price risk is the risk whereby the cash out\ufb02ow due in relation to energy purchases may be subject to a deterioration by a rise in its market price. Imerys is exposed to the price risk of energy used in the production cycle of its activities, mainly natural gas, electricity and, to a lesser extent, coal. To manage energy price risk, Imerys sources its energy from a variety of geographical locations and sources. The group aims at impacting the increase in energy onto the selling price of its products. Energy price risk is hedged using forward and option contracts, instruments that qualify as cash \ufb02ow hedges. In terms of sensitivity, a 10% decrease or increase of natural gas and Brent prices on the portfolio of derivative instruments held at December 31, 2022 with respect to highly probable future purchases of natural gas and Brent would have an impact on equity (effective portion of cash \ufb02ow hedges) of EUR - 4 million and EUR 4 million respectively, and on the income statement (ineffective portion of cash \ufb02ow hedges and non-hedge derivative instruments) of EUR 0 million and EUR 0 million.Market liquidity risk is the risk whereby the group would not be in a position to meet the repayment obligations of its financial liabilities due to the non-renewal of a non-confirmed financial resource (short-term negotiable securities, bank facility and accrued interests, or other debt and facilities). Group cash \ufb02ow forecasts between the drawdown date and the repayment date of these debts must allow the group to honor its repayments at maturity. The debt schedule of debts is presented in note 17.Conversion risk of financial statements is a form of foreign exchange risk whereby the value in euros of the financial statements of a foreign operation may be subject to a deterioration due to an unfavorable change in the foreign exchange rate of the functional currency of that business. The group, mainly through Imerys, hedges part of its net investments in foreign operations by granting loans specifically allocated to financing the operations in the long term and by controlling the proportion of its financial debt stated in foreign currencies. The exchange rate differences generated by the loans and borrowings qualified as hedges of net investments in foreign operations are recognized in equity so as to neutralize, to a certain extent, the translation gains or losses on hedged net investments. In terms of sensitivity, a 10% decrease or increase in foreign exchange rates on the portfolio of foreign exchange swaps held at December 31, 2022 with respect to hedges of net investments in foreign operations would have an impact on equity (effective portion of hedges of net investments in foreign operations) of EUR - 55 million and EUR 45 million respectively, and on the income statement (ineffective portion of hedges of net investments in foreign operations and non-hedge derivative instruments) of EUR 0 million and EUR 0 million.Credit risk is the risk that a group debtor (mainly Imerys and Webhelp) does not reimburse their debt at the agreed due date. This risk mainly affects trade receivables. Credit risk is monitored at entity level by analyzing the breakdown of receivables by maturity. Generally due between 30 and 90 days, the group\u2019s receivables are not covered by any material financing component. Group entities may hedge credit risk through credit insurance contracts or warranties (see note 15).", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-208-4": { "value": "Market liquidity risk is the risk whereby the group would not be in a position to meet the repayment obligations of its financial liabilities due to the non-renewal of a non-confirmed financial resource (short-term negotiable securities, bank facility and accrued interests, or other debt and facilities). Group cash \ufb02ow forecasts between the drawdown date and the repayment date of these debts must allow the group to honor its repayments at maturity. The debt schedule of debts is presented in note 17.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-210-4": { "value": "Credit risk is the risk that a group debtor (mainly Imerys and Webhelp) does not reimburse their debt at the agreed due date. This risk mainly affects trade receivables. Credit risk is monitored at entity level by analyzing the breakdown of receivables by maturity. Generally due between 30 and 90 days, the group\u2019s receivables are not covered by any material financing component. Group entities may hedge credit risk through credit insurance contracts or warranties (see note 15).", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-211-6": { "value": "Note 26Derivative financial instruments26.1 Fair values of short-term and long-term derivative financial instrumentsThe fair values of the derivative financial instruments held as of December 31, 2022 and 2021 are shown in the following table:IN EUR MILLION 2022 2021ASSETS 62.5 8 7. 3Of which non-current assets9.6 1.7Of which current assets52.9 85.5Composed of:Forwards, futures and currency swaps \u2013 Derivative instruments held for trading1 7. 38.3Forwards, futures and currency swaps \u2013 Hedging38.713.3Futures and commodities options \u2013 Derivative instruments held for trading--Futures and commodities options \u2013 Hedging 6.5 65.7LIABILITIES (276.1) (219.9)Of which non-current liabilities (92.8) (182.7)Of which current liabilities (183.3) (37.2)Composed of:Forwards, futures and currency swaps \u2013 Derivative instruments held for trading(0.3)(6.5)Forwards, futures and currency swaps \u2013 Hedging(15.0)(2.2)Futures and commodities options \u2013 Hedging(25.9)(3.2)Forwards on shares \u2013 Hedging(76.7)-Call and put options on shares \u2013 Derivative instruments held for trading(158.2)(208.0)NET POSITION (213.7) (132.6)Forwards, futures and currency swaps40.712.9Forwards on shares(76.7)-Futures and commodities options(19.4)62.5Call and put options on shares (158.2) (208.0)The following table shows the maturity of the cash \ufb02ow hedge derivatives for the reporting periods ended December 31, 2022 and 2021:IN EUR MILLION Total Within the year 2 to 5 years Over 5 yearsForwards, futures and currency swaps23.718.35.4-Futures and commodities options(19.4)(19.4)--Forwards on shares(76.7)(76.7)--TOTAL AS OF DECEMBER 31, 2022 (72.4) (77.8) 5.4 -Forwards, futures and currency swaps11.111.00.1-Futures and commodities options62.562.5--TOTAL AS OF DECEMBER 31, 2021 73.6 73.5 0.1 -26.2 Change in fair value of derivative instrumentsThe following table shows the changes in the fair value of hedging derivative instruments between two closing dates:IN EUR MILLION 2022 2021Derivative instruments - hedgingAs of January 1 \u2013 net derivatives position 73.6(4.4)Increase (decrease) recognized in profit or loss(1.7)-Increase (decrease) recognized in shareholders' equity(154.7)60.9Changes in group structure/Business combinations/Other10.41 7. 1AS OF DECEMBER 31 \u2013 NET DERIVATIVES POSITION (72.4) 73.6The following table shows the changes in the fair value of derivative instruments held for trading between two closing dates:IN EUR MILLION 2022 2021Derivative financial instruments held for tradingAs of January 1 \u2013 net derivatives position (206.2) (17.6)Increase (decrease) recognized in profit or loss 98.7 (133.6)Increase recognized in shareholders' equity--Changes in group structure/Business combinations/Other(33.6)(55.0)AS OF DECEMBER 31 \u2013 NET DERIVATIVES POSITION (141.2) (206.2)26.3 Notional underlying amounts of derivative financial instrumentsIN EUR MILLION 2022 2021ASSETS 2,140.4 663.3Composed of:Forwards, futures and currency swaps 2,063.7 661.9Futures and commodities options76.71.4LIABILITIES 4,043.6 3,530.7Composed of:Forwards, futures and currency swaps1,715.91,234.1Forwards on shares5 37. 6-Futures and commodities options21.714.4Call and put options on shares1,768.42,282.226.4 Maturity of notional underlying amounts of derivative financial instrumentsIN EUR MILLION Total Within the year 2 to 5 years Over 5 yearsForwards, futures and currency swaps3,779.63 , 0 6 7.91 0 7.1604.6Forwards on shares5 37. 65 3 7. 6--Futures and commodities options98.498.4--Call and put options on shares1,768.4689.61,078.8-TOTAL AS OF DECEMBER 31, 2022 6,184.0 4,393.5 1,185.9 604.6Forwards, futures and currency swaps1,896.01,810.086.0-Futures and commodities options15.815.8--Call and put options on shares2,282.21,298.0984.3-TOTAL AS OF DECEMBER 31, 2021 4,194.0 3,123.8 1,070.3 -", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-213-2": { "value": "Note 27Stock optionsGBLCash-settled plansGBL issued since 2013 several incentive plans concerning the shares of a sub-subsidiaries of the group. These options were granted to the staff and the Executive Management of GBL. These options give the right to the beneficiary to acquire a share for an exercise price, corresponding with the value of the underlying share at the moment of the granting of the options. These options can be exercised during a period of time.The options will be settled in cash or in shares. These plans are treated as cash-settled plans. The characteristics of the plans not yet fully exercised or expired are included in the table below:FINPAR VIII FINPAR VII FINPAR VI FINPAR V FINPAR FINPAR III FINPAR II URDAC LTI TWO S.A. (1) (2)S.R.L.S.R.L.S.R.L.S.R.L.IV S.A.S.A.S.A.S.A.Issue date May 9, November 22, December 15, June 12, May 10, May 7, May 8, May 5, April 29, 202220212020202020192018201720152014Number of accepted 1,819,341 1,273,215 346,359 335,729 303,380 337,146 348,424 257,206 223,256optionsExercise price (in EUR)10.0010.0010.0010.0010.0010.0010.0010.0010.00Vesting date May 9, November 22, December 15, June 12, May 10, May 7, May 8, May 5, April 29, 202520242023202320222021202020182017Expiry date May 8, November 21, December 14, June 11, May 9, May 6, May 7, May 4, April 28, 203220312030203020292028202720252024Valuation assumptions Valuation methodIntrinsic Intrinsic Intrinsic Intrinsic Intrinsic Intrinsic Intrinsic Monte CarloMonte CarlovaluevaluevaluevaluevaluevaluevalueImplicit volatility of the 16.25% 15.93% n.r. n.r. n.r. n.r. n.r. n.r. n.r.underlyings- 18.08%- 29.74%Fair value per unit 0.00 0.00 8.80 13.45 0.00 0.00 0.00 11.60 21.59(in EUR)Debt accounted for 0.7 0.5 2.6 4.2 0.0 0.0 0.0 0.1 0.1(in EUR million)The table of changes is shown below:2022 2021Number Exercise price Number Exercise price \ue61fIN EUR\ue61e \ue61fEN EUR\ue61eAs of January 1 1,678,790 10.00 1,344,694 10.00Exercised by:Executive Management - 10.00 - 10.00Employees(400) 10.00 (10,038) 10.00Granted to:Executive Management675,000 10.00 86,400 10.00Employees2,417,556 10.00 2 57,7 3 4 10.00As of December 314,770,94610.001,678,79010.00Plan LTI Two3,249 10.003,24910.00Plan URDAC 6,328 10.00 6,728 10.00Plan FINPAR II 348,424 10.00 348,424 10.00Plan FINPAR III337,146 10.00337,14610.00Plan FINPAR IV303,180 10.00303,18010.00Plan FINPAR V334,649 10.00334,64910.00Plan FINPAR VI345,414 10.00345,41410.00Plan FINPAR VII1,273,215 10.00--Plan FINPAR VIII1,819,341 10.00--In 2022, the total cost for the group with respect to the stock option plans was recorded in operating expenses and amounted to EUR - 8 million (EUR 15 million in 2021), of which EUR - 1 million for the Executive Management (EUR 4 million in 2021). At the end of 2022, 29.92% of the options were vested, but only 0.20% were exercisable.(1) Of which Type A and Type B options(2) Of which Type A and Type B optionsEquity-settled plansGBL has issued six incentive plans from 2007 to 2012 based on GBL shares for its Executive Management and staff. These plans are treated as equity- settled plans. The characteristics of the plans outstanding and not fully exercised as of December 31, 2022 are shown in the following table:GBL PLAN 2008CharacteristicsNumber of options on issuing153,984Initial exercise price (in EUR)7 7.4 0Vesting date January 1, 2012Expiry dateApril 9, 2018 April 9, 2023GBL PLAN 2008Black & Scholes valuation assumptions (according to an independent expert) when the plans are launchedExpected volatility25.6%Expected dividend growth8.0%Risk-free rate4.9%Fair value per unit (in EUR)21.82The table of changes is shown below:2022 2021Number Exercise price Number Exercise price (IN EUR) (IN EUR)As of January 1 52,426 81.17 161,541 84.83Exercised by:Executive Management- - - -Employees(21,813) 86.46 (109,115) 86.58As of December 3130,6137 7.4 052,42681.172007 plan- 91.9018,93291.902008 plan30,613 7 7.4 030,6137 7.4 02011 plan- 65.04-65.042012 plan - 50.68 2,881 50.68ImerysImerys has put in place an incentive plan for the group\u2019s executives and some of the managers and employees that entails the granting of options on Imerys shares. Each option entitles the holder to subscribe shares at a predetermined fixed price. The right to exercise the options is generally acquired three years after the date of the granting and the options have a maximum life of ten years.Changes in options granted are shown in the following table:Number Exercise priceIN EURAs of December 31, 2020162,11348.24Granted during the period--Expired during the period(84,893)(52.40)Exercised during the period--AS OF DECEMBER 31, 2021 77,220 43.62Exercisable as of December 31, 202177,220As of December 31, 202177,22043.62Granted during the period--Expired during the period (77,220) (43.62)Exercised during the period--AS OF DECEMBER 31, 2022 - -Exercisable as of December 31, 2022 - -The number of options on Imerys shares is as follows:2022 2021PLAN Maturity Exercise price Number Number IN EURApril 20122022 43.62 -77,220TOTAL - 77,220In addition, Imerys grants stock option plans, which, if exercised, result in the subscription of shares newly issued for this as well as free shares acquired in the market. In 2022, Imerys granted 432,950 free performance bonus shares (482,200 in 2021). As of December 31, 2022, the total employee expenses recognized in the Imerys group\u2019s financial statements with respect to stock option and bonus share plans for the year amounted to EUR 14 million (EUR 9 million in 2021).Number of free Maturity Turnover rate Average Performance Fair value Total cost per 2022 cost of 2021 cost of sharesdividend rateconditionsplanplansplansIN EUR IN EUR MILLION IN EUR MILLION IN EUR MILLION2018 265,200 3 years 40.20% 3.00% 52.40% 6 7,1 1 (5.6) - 1.62019 427,500 3 years 33.80% 3.00% 55.00% 35,75 (5.6) (0.2) (1.0)2020154,1503 years9.80%3.10%94.20%36,71(4.8)(1.4)(1.7)2020457,7003 years6.00%3.10%94.20%26,75(10.8)(4.1)(3.9)2021482,2003 years6.90%3.20%92.40%38,85(16.1)(5.7)(3.6)2022432,9503 years10.00%3.30%89.70%2 7, 3 6(9.6)(2.1)-COST OF PLANS RECOGNIZED IN EMPLOYEE EXPENSES (13.5) (8.6)Settlement in equity instruments(13.5)(8.6)WebhelpFinally, Webhelp\u2019s stock option plan for Courcelles Lux S.C.A ended in 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-216-2": { "value": "Note 28Earnings per share28.1 Earnings per share (group\u2019s share)IN EUR MILLION 2022 2021BasicConsolidated income for the period (including discontinued operations)(584.7)278.8Consolidated income for the period (excluding discontinued operations)(627.2)241.7DilutedConsolidated income for the period (including discontinued operations)(614.2)312.9Consolidated income for the period (excluding discontinued operations)(656.7)275.928.2 Number of shares 2022 2021Issued shares at beginning of year 156,355,000 161,358,287Treasury shares at beginning of year(7,944,102)(8,749,816)Weighted changes during the period(1,693,739)(451,329)Weighted average number of shares used to determine basic earnings per share146,717,159152,157,142Impact of financial instruments with a diluting effect:Convertible bonds4,255,5804,255,580Stock options (Note 27)-52,426Weighted average number of shares used to determine diluted earnings per share150,972,739156,465,14828.3 Summary of earnings per shareIN EUR PER SHARE 2022 2021Basic (3.99)1.83Continuing operations(4.28)1.59Discontinued operations0.290.24Diluted (4.07)1.83Continuing operations(4.35)1.59Discontinued operations0.280.24", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-218-9": { "value": "Note 29Financial instrumentsFair valueTo re\ufb02ect the importance of inputs used when measuring at fair value, the group classifies these valuations according to a hierarchy composed of the following levels: \u2013 level 1: listed prices (non-adjusted) on active markets for identical assets or liabilities; \u2013 level 2: inputs, other than the listed prices included in level 1, that are observable for the asset or liability concerned, either directly (i.e. prices) or indirectly (i.e. derived from prices); and \u2013 level 3: inputs related to the asset or liability that are not based on observable market data (non-observable inputs).Analysis of financial instruments by category \u2013 balance sheetsThe tables below show a comparison of the book value and the fair value of the financial instruments as of December 31, 2022 and as of December 31, 2021, as well as the fair value hierarchy.The category, according to IFRS 9, uses the following abbreviations: \u2013 FATOCI: Financial Assets measured at fair value through Other Comprehensive Income \u2013 FATPL: Financial Assets measured at fair value through Profit or Loss \u2013 FLTPL: Financial Liabilities measured at fair value through Profit or Loss \u2013 FAAC: Financial Assets measured at Amortized Cost \u2013 FLAC: Financial Liabilities measured at Amortized Cost \u2013 HeAc: Hedge Accounting.As of December 31, 2022Category Carrying amount Fair value Hierarchy of according to fair valuesIN EUR MILLIONIFRS 9FINANCIAL ASSETSNon-current assetsOther equity investmentsEquity investments measured at fair value and FATOCI 10,837.2 10,837.2 Level 1with changes recognized in equityEquity investments measured at fair value and FATOCI 273.0 273.0 Level 3with changes recognized in equityEquity investments measured at fair value and FATPL 1 2 7. 3 1 2 7. 3 Level 1with changes recognized in profit or lossEquity investments measured at fair value and FATPL 1 , 9 2 7. 0 1 , 9 27. 0 Level 3with changes recognized in profit or lossOther non-current assetsDerivative instruments - hedgingHeAc9.69.6Level 2Other financial assetsFAAC66.166.1Level 2Current assetsTrade receivablesFAAC1,108.71,108.7Level 2Trading financial assetsFATPL870.0870.0Level 1Cash and cash equivalentsFAAC1,768.31,768.3Level 2Other current assetsDerivative instruments - hedgingHeAc35.535.5Level 2Derivative instruments - otherFATPL1 7.41 7.4Level 2Other financial assetsFAAC38.038.0Level 2FINANCIAL LIABILITIESNon-current liabilitiesFinancial liabilitiesFLAC8,714.78,379.3Level 2Other non-current liabilitiesDerivative instruments - hedgingHeAc4.14.1Level 2Derivative instruments - otherFLTPL88.788.7Level 2Other non-current liabilitiesFLAC1,545.21,545.2Level 2Current liabilitiesFinancial liabilitiesOther financial liabilitiesFLAC1,654.61,675.9Level 2Trade payablesFLAC8 5 7.48 5 7.4Level 2Other current liabilitiesDerivative instruments - hedgingHeAc113.5113.5Level 2Derivative instruments - otherFLTPL69.869.8Level 2Other current liabilitiesFLAC73.773.7Level 2As of December 31, 2021Category Carrying amount Fair value Hierarchy of according to fair valuesIN EUR MILLIONIFRS 9FINANCIAL ASSETSNon-current assetsOther equity investmentsEquity investments measured at fair value and FATOCI 15,523.2 15,523.2 Level 1with changes recognized in equityEquity investments measured at fair value and FATOCI 266.0 266.0 Level 3with changes recognized in equityEquity investments measured at fair value and FATPL 481.4 481.4 Level 1with changes recognized in profit or lossEquity investments measured at fair value and FATPL 1,904.3 1,904.3 Level 3with changes recognized in profit or lossOther non-current assetsDerivative instruments - hedgingHeAc1.21.2Level 2Derivative instruments - otherFATPL0.50.5Level 2Other financial assetsFAAC83.983.9Level 2Current assetsTrade receivablesFAAC1,019.71,019.7Level 2Trading financial assetsFATPL2,086.02,086.0Level 1Cash and cash equivalentsFAAC1,331.61,331.6Level 2Other current assetsDerivative instruments - hedgingHeAc7 7. 87 7. 8Level 2Derivative instruments - otherFATPL7.77.7Level 2Other financial assetsFAAC14.814.8Level 2FINANCIAL LIABILITIESNon-current liabilitiesFinancial liabilitiesFLAC6,616.26,910.3Level 2Other non current liabilitiesDerivative instruments - otherFLTPL182.7182.7Level 2Other non current liabilities FLAC 1,067.0 1,067.0 Level 2Current liabilitiesFinancial liabilitiesOther financial liabilitiesFLAC1,037.51,038.7Level 2Trade payablesFLAC865.8865.8Level 2Other current liabilitiesDerivative instruments - hedgingHeAc5.35.3Level 2Derivative instruments - otherFLTPL31.831.8Level 2Other current liabilitiesFLAC34.034.0Level 2There were no significant transfers between the different levels during 2022.Measurement techniquesThe group\u2019s financial instruments very largely belong to classification levels 1 and 2. The financial assets measured at level 3 fair value are not significant compared to the other asset classes (12.88% as of December 31, 2022 and 9.52% as of December 31, 2021).The techniques used to measure the fair value of level 2 financial instruments are as follows:The exchangeable or convertible bonds issued by the group are considered to be hybrid instruments, i.e. instruments including a bond component and an embedded derivative. At the date of issue, the fair value of the bond component is estimated based on the prevailing market interest rate for similar non-exchangeable or non-convertible bonds, taking into account the risk associated with GBL (credit spread). At each reporting date, the value of the bond component is recalculated, taking into account the change in the risk-free rate and GBL\u2019s credit spread, and the difference in relation to the price of the exchangeable or convertible bond observed on the Luxembourg Stock Exchange\u2019s Euro MTF market is taken as the new value of the derivative component. The change in this value in relation to the previous reporting date is recognized in profit or loss.The fair value of derivative instruments not associated with exchangeable or convertible bonds is taken from a model that uses observable data, in other words the quotes on the reporting date provided by third-parties operating on the financial markets. These valuations are adjusted for the counterparties\u2019 credit risk and the credit risk specific to Imerys or GBL. Accordingly, if the market value of the derivative is positive (derivative asset), its fair value incorporates the likelihood of the counterparty defaulting (Credit Value Adjustment or CVA). If the derivative\u2019s market value is negative (derivative liability), its fair value factors in the likelihood of Imerys or GBL defaulting (Debit Value Adjustment or DVA). These adjustments are measured based on the spreads of the bonds in circulation on the secondary market, as issued by Imerys, GBL and their counterparts.The techniques used to measure the fair value of level 3 financial instruments are as follows:Level 3 financial instruments are valued on a quarterly basis at their fair value in line with the International Private Equity and Venture Valuation Guidelines. Recent investments are valued at their acquisition cost, provided that these valuations are considered as the best estimates of fair value. Investments in level 3 funds are revalued at their fair value, as determined by the fund managers, based on their investment portfolio.Analysis of financial instruments by category \u2013 income statementThe tables hereafter present the income and expenses before income taxes recognized in the income statement by categories of financial instruments. These tables analyze the product and expense lines containing financial instruments according to categories presented in columns. These distinguish, on the one hand, the categories applied by default to any item excluding hedge accounting and, on the other hand, the categories applied to any item falling within the scope of hedge accounting.The IFRS 9 categories of amortized cost and fair value through profit or loss apply to the majority of non-hedge accounting items. Hedge accounting items are classified according to their fair value or cash \ufb02ow hedging qualifications, distinguishing the values of hedged items and hedging instruments in columns and the types of risks hedged in rows.In addition, in order to ensure reconciliation between IFRS 9 classes and financial statements, this table includes a column containing the following non-IFRS 9 items: share-based payments (IFRS 2), mining assets (IFRS 6), inventories (IAS 2), income tax assets and liabilities (IAS 12), property, plant and equipment (IAS 16), finance lease liabilities (IFRS 16), defined benefit and short-term employee benefits assets and liabilities (IAS 19), grants(IAS 20), provisions (IAS 37), intangible assets and prepaid expenses (IAS 38), stripping assets (IFRIC 20) and duties and taxes (IFRIC 21). The logic of classification of financial instruments in assets and liabilities is applied in transversally to their changes in income statement. For example, revenue is included in the amortized cost category, as its counterparties in trade receivables or cash and cash equivalents fall under this category on the asset side.2022Non-hedge accounting Hedge accountingIFRS 9 Categories Fair value Cash flowsAmortized Fair value Fair value Out of Hedged Hedging Hedged Hedging Totalcostthrough through IFRS 9 iteminstrumentiteminstrumentprofit or equityscopeIN EUR MILLIONlossNet dividends from investments--322.3-----322.3Other operating income (expenses) from investing (74.3) - - - - - - - (74.3)activitiesFinancial income (expenses) (490.0) 94.6 - - - - - - (395.4)from investing activitiesOf which: Financial 168.7 119.0 - - - - - - 2 87.7incomeFinancial expenses(658.7) (24.4) - - - - - - (683.1)PROFIT (LOSS) FROM INVESTING ACTIVITIES (564.3) 94.6 322.3 - - - - - (147.4)- CONTINUING OPERATIONSTurnover8,108.7------(0.1)8,108.6Raw materials and consumables(2,322.4)--199.9---100.4(2,022.1)Other operating income (expenses) from operating (1,791.1) - - 18.1 - - - - (1,773.0)activitiesFinancial income (expenses) (520.6) 5.8 - (11.0) - - - - (525.8)from operating activitiesOf which: Financial 40.9 5.8 - - - - - - 46.7incomeFinancial expenses(561.5) - - (11.0) - - - - (572.5)PROFIT (LOSS) FROM CONSOLIDATED 3,474.7 5.8 - 2 0 7.0 - - - 100.3 3,787.8OPERATING ACTIVITIES - CONTINUING OPERATIONS2021Non-hedge accounting Hedge accountingIFRS 9 Categories Fair value Cash flowsAmortized Fair value Fair value Out of Hedged Hedging Hedged Hedging Totalcostthrough through IFRS 9 iteminstrumentiteminstrumentprofit or equityscopeIN EUR MILLIONlossNet dividends from investments - - 363.1 - - - - - 363.1Other operating income (expenses) from investing (54.8) - - - - - - - (54.8)activitiesFinancial income (expenses) from 249.7 (140.2) - - - - - - 109.6investing activitiesOf which: Financial 372.0 18.4 - - - - - - 390.4incomeFinancial expenses(122.3) (158.6) - - - - - - (280.9)PROFIT (LOSS) FROM INVESTING ACTIVITIES 195.0 (140.2) 363.1 - - - - - 417.9- CONTINUING OPERATIONSTurnover5,808.1-----432.22.76,243.0Raw materials and consumables(1,456.5)--119.1--(184.3)38.6(1,483.1)Other operating income (expenses) from operating (1,494.5) - - 16.6 - - - - (1,477.9)activitiesFinancial income (expenses) from (436.1) 2.7 - (10.3) - - - - (443.7)operating activitiesOf which: Financial 33.7 2.8 - - - - - - 36.5incomeFinancial expenses(469.7) (0.1) - (10.3) - - - - (480.1)PROFIT (LOSS) FROM CONSOLIDATED OPERATING 2,421.0 2.7 - 125.4 - - 2 47. 9 41.3 2,838.4ACTIVITIES - CONTINUING OPERATIONS", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-218-11": { "value": "Note 29Financial instrumentsFair valueTo re\ufb02ect the importance of inputs used when measuring at fair value, the group classifies these valuations according to a hierarchy composed of the following levels: \u2013 level 1: listed prices (non-adjusted) on active markets for identical assets or liabilities; \u2013 level 2: inputs, other than the listed prices included in level 1, that are observable for the asset or liability concerned, either directly (i.e. prices) or indirectly (i.e. derived from prices); and \u2013 level 3: inputs related to the asset or liability that are not based on observable market data (non-observable inputs).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-226-6": { "value": "Note 30Subsidiaries in which GBL holds significant non-controlling interestsThe tables below present concise financial information about each of the subsidiaries in which GBL holds significant non-controlling interests, without taking intragroup eliminations into account.Imerys Webhelp Canyon Sanoptis Subsidiaries that 2022are not individually IN EUR MILLIONmaterialOwnership percentage held by 45.0% 38.7% 50.4% 16.5%non-controlling interestsVoting rights held by non-controlling 31.9% 38.7% 50.4% 3 7. 0 %interestsNon-current assets4 , 3 5 7.43,505.6751.71,846.8Current assets3,513.6990.6483.9176.7Non-current liabilities 2,465.6 3,879.3 3 67. 1 1,100.2Current liabilities 2,020.0 792.1 123.2 7 7. 5Non-controlling interests4 7. 51.0-5.0Equity (group\u2019s share)3 , 3 3 7.9(176.2)745.2841.1Non-controlling interests (including 1,550.4 1.0 362.4 140.5 45.7 2,100.0those of the subsidiary)Turnover4,281.62,485.3644.9180.1Net result of the period attributable to 130.4 (388.2) 11.0 (20.7)the shareholders of GBL (group\u2019s share)Net result of the period attributable to 124.0 1 7. 2 11.8 (4.1) 3.2 152.2the non-controlling interestsNet result of the period (including 254.4 (371.0) 22.8 (24.8)non-controlling interests)Other comprehensive income attributable to the shareholders of GBL 7. 9 26.9 (0.2) 2.2(group\u2019s share)Other comprehensive income attributable to the non-controlling 15.9 1 7. 2 (0.2) 0.4 0.2 33.5interestsTotal of other comprehensive income 23.8 44.1 (0.4) 2.6(including non-controlling interests)Total comprehensive income attributable to the shareholders of GBL 138.2 (361.3) 10.8 (18.5)(group\u2019s share)Total comprehensive income attributable to the non-controlling 139.9 34.4 11.7 (3.6) 3.4 185.7interestsTotal comprehensive income (including 278.2 (326.9) 22.4 (22.2)non-controlling interests)Dividends paid to the non-controlling 71.9 - - -interestsNet cash flows from operating activities440.7276.3(111.9)7 7. 9Net cash flows from investing activities(311.3)(301.4)7. 2(187.9)Net cash flows from financing activities76.2(0.5)96.0188.2Impact of exchange differences on funds held and impact of changes in scope of (3.0) (9.5) - 9.7consolidationIncrease/decrease of cash and cash 202.6 (35.2) (8.7) 88.0equivalentsDue to the existence of put options contracts that the founders and managers of Webhelp, minority shareholders, hold in all of their shares towards GBL, the non-controlling interests recorded on the acquisition of Webhelp have been reclassified as debts on minority shareholders (see note 22). Contracts of the same type and a reclassification of the same order were recorded on Sanoptis.Imerys Webhelp Canyon Subsidiaries that are 2021not individually IN EUR MILLIONmaterialOwnership percentage held by non-controlling 45.2% 41.2% 46.7%interestsVoting rights held by non-controlling interests32.6%40.8%46.7%Non-current assets4,990.33,285.5764.6Current assets2,425.8916.7303.2Non-current liabilities2,726.53,448.33 0 7.6Current liabilities1 ,4 4 7.7694.598.3Non-controlling interests48.51.1-Equity (group\u2019s share) 3,193.5 58.4 662.0Non-controlling interests (including those of 1,490.9 1.1 308.0 56.7 1,856.8the subsidiary)Turnover4,382.92,080.6344.8Net result of the period attributable to the 131.6 (466.4) (15.3)shareholders of GBL (group\u2019s share)Net result of the period attributable to the 118.0 28.7 (6.5) 15.8 156.0non-controlling interestsNet result of the period (including non-controlling 249.7 (437.8) (21.7)interests)Other comprehensive income attributable to the 98.0 1.9 1.7shareholders of GBL (group\u2019s share)Other comprehensive income attributable to 72.5 1.2 1.5 0.1 75.3the non-controlling interestsTotal of other comprehensive income (including 170.5 3.2 3.2non-controlling interests)Total comprehensive income attributable to the 229.7 (464.5) (13.6)shareholders of GBL (group\u2019s share)Total comprehensive income attributable to 190.5 29.9 (5.0) 15.9 231.3the non-controlling interestsTotal comprehensive income (including 420.1 (434.6) (18.6)non-controlling interests)Dividends paid to the non-controlling interests53.4--Net cash flows from operating activities 540.0 233.5 (103.4)Net cash flows from investing activities (306.7) (593.3) (68.4)Net cash flows from financing activities(312.0)425.1205.7Impact of exchange differences on funds held and 7. 3 (4.1) -impact of changes in scope of consolidationIncrease/decrease of cash and cash equivalents(71.3)61.233.9", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-228-2": { "value": "Note 31Contingent assets and liabilities, rights and commitmentsIn relation to GBLInvestment/subscription commitmentsFollowing GBL\u2019s commitment to GBL Capital, the uncalled subscribed capital totaled EUR 846 million as of December 31, 2022 (EUR 742 million at the end of 2021).Foreign dividends/double international taxationThe group has taken certain measures in order to preserve its interests in matters of double taxation on its foreign dividends.GBL\u2019s consolidated subsidiariesOperating lease commitmentsThe remaining off-balance sheet items are limited to contracts outside the scope of IFRS 16 on leases, notably mining leases and commitments to purchase services associated with leases (EUR 4 million as of December 31, 2022).Other commitments given and receivedThese commitments given and received solely concern Imerys, Webhelp, GBL Capital and Sienna Investment Managers.Other commitments given primarily relate to: \u2013 Imerys\u2019 site rehabilitation, in the amount of EUR 68 million (EUR 67 million in 2021); \u2013 operating activities, i.e. firm purchase commitments given by Imerys within the framework of contracts for the purchase of goods, services, energy or transport (EUR 113 million compared with EUR 209 million in 2021); \u2013 cash, i.e. corresponding to letters of credit and guarantees, mortgages and pledges obtained by Imerys and Webhelp from financial institutions to guarantee operating cash \ufb02ow needs for their clients (EUR 63 million compared with EUR 68 million in 2021); and \u2013 other obligations (EUR 192 million compared with EUR 218 million in 2021).Commitments received totaled EUR 470 million as of December 31, 2022 (EUR 364 million as of December 31, 2021).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-228-3": { "value": "Note 31Contingent assets and liabilities, rights and commitmentsIn relation to GBLInvestment/subscription commitmentsFollowing GBL\u2019s commitment to GBL Capital, the uncalled subscribed capital totaled EUR 846 million as of December 31, 2022 (EUR 742 million at the end of 2021).Foreign dividends/double international taxationThe group has taken certain measures in order to preserve its interests in matters of double taxation on its foreign dividends.GBL\u2019s consolidated subsidiariesOperating lease commitmentsThe remaining off-balance sheet items are limited to contracts outside the scope of IFRS 16 on leases, notably mining leases and commitments to purchase services associated with leases (EUR 4 million as of December 31, 2022).Other commitments given and receivedThese commitments given and received solely concern Imerys, Webhelp, GBL Capital and Sienna Investment Managers.Other commitments given primarily relate to: \u2013 Imerys\u2019 site rehabilitation, in the amount of EUR 68 million (EUR 67 million in 2021); \u2013 operating activities, i.e. firm purchase commitments given by Imerys within the framework of contracts for the purchase of goods, services, energy or transport (EUR 113 million compared with EUR 209 million in 2021); \u2013 cash, i.e. corresponding to letters of credit and guarantees, mortgages and pledges obtained by Imerys and Webhelp from financial institutions to guarantee operating cash \ufb02ow needs for their clients (EUR 63 million compared with EUR 68 million in 2021); and \u2013 other obligations (EUR 192 million compared with EUR 218 million in 2021).Commitments received totaled EUR 470 million as of December 31, 2022 (EUR 364 million as of December 31, 2021).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-228-4": { "value": "Note 31Contingent assets and liabilities, rights and commitmentsIn relation to GBLInvestment/subscription commitmentsFollowing GBL\u2019s commitment to GBL Capital, the uncalled subscribed capital totaled EUR 846 million as of December 31, 2022 (EUR 742 million at the end of 2021).Foreign dividends/double international taxationThe group has taken certain measures in order to preserve its interests in matters of double taxation on its foreign dividends.GBL\u2019s consolidated subsidiariesOperating lease commitmentsThe remaining off-balance sheet items are limited to contracts outside the scope of IFRS 16 on leases, notably mining leases and commitments to purchase services associated with leases (EUR 4 million as of December 31, 2022).Other commitments given and receivedThese commitments given and received solely concern Imerys, Webhelp, GBL Capital and Sienna Investment Managers.Other commitments given primarily relate to: \u2013 Imerys\u2019 site rehabilitation, in the amount of EUR 68 million (EUR 67 million in 2021); \u2013 operating activities, i.e. firm purchase commitments given by Imerys within the framework of contracts for the purchase of goods, services, energy or transport (EUR 113 million compared with EUR 209 million in 2021); \u2013 cash, i.e. corresponding to letters of credit and guarantees, mortgages and pledges obtained by Imerys and Webhelp from financial institutions to guarantee operating cash \ufb02ow needs for their clients (EUR 63 million compared with EUR 68 million in 2021); and \u2013 other obligations (EUR 192 million compared with EUR 218 million in 2021).Commitments received totaled EUR 470 million as of December 31, 2022 (EUR 364 million as of December 31, 2021).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-231-2": { "value": "Note 32Transactions with related partiesExternal related parties to GBLGBL\u2019s related parties are the Canadian group Power Corporation of Canada and the Belgian group Fr\u00e8re. These groups are for GBL the ultimate Pargesa SA is as such a related party of GBL. There is no contract between GBL and Pargesa SA.As of December 31, 2022 and 2021, there were no transactions with these related parties, except for the provision of services to the Fr\u00e8re and Power Corporation of Canada groups for an amount of EUR 1 million as of December 31, 2022 (EUR 0 million as of December 31, 2021).Directors\u2019 remunerationsThe remunerations paid to the Directors are shown in the table below:IN EUR MILLION 2022 2021Remunerations, charges and short-term benefits 3.33.0Post-employment benefits0.50.6Costs related to cash-settled share-based payments(1.1)3.8Other0.10.2TOTAL 2.7 7. 6group heads. Pargesa SA which controls GBL. Through their joint venture Parjointco SA, they exercise joint control over the Swiss group", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-231-4": { "value": "Note 32Transactions with related partiesExternal related parties to GBLGBL\u2019s related parties are the Canadian group Power Corporation of Canada and the Belgian group Fr\u00e8re. These groups are for GBL the ultimate Pargesa SA is as such a related party of GBL. There is no contract between GBL and Pargesa SA.As of December 31, 2022 and 2021, there were no transactions with these related parties, except for the provision of services to the Fr\u00e8re and Power Corporation of Canada groups for an amount of EUR 1 million as of December 31, 2022 (EUR 0 million as of December 31, 2021).group heads. Pargesa SA which controls GBL. Through their joint venture Parjointco SA, they exercise joint control over the Swiss group", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-232-3": { "value": "GBL\u2019s related parties are the Canadian group Power Corporation of Canada and the Belgian group Fr\u00e8re. These groups are for GBL the ultimate group heads. ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f118270": { "value": " Pargesa SA ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-234-3": { "value": "Directors\u2019 remunerationsThe remunerations paid to the Directors are shown in the table below:IN EUR MILLION 2022 2021Remunerations, charges and short-term benefits 3.33.0Post-employment benefits0.50.6Costs related to cash-settled share-based payments(1.1)3.8Other0.10.2TOTAL 2.7 7. 6", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-240-2": { "value": "Note 34Statutory Auditor\u2019s feesGBL\u2019s consolidated and statutory financial statements for this year have been audited and approved without qualifications by the Statutory Auditor PwC Reviseurs d\u2019Entreprises.In accordance with article 3:65 of the Code on companies and associations, the fees for the services provided by the Statutory Auditor PwC Reviseur d\u2019Entreprises and its network were as follows:IN EUR 2022 2021Audit assignment5,244,0001,846,068of which GBL91,00091,000Other attest assignments 271,286 143,220Tax consultancy assignments 672,482 1,459,064Other assignments not related to the audit assignment384,579394,447TOTAL 6,572,347 3,842,799Of which: Holding 970,158 786,230Imerys3,508,9661,421,174Webhelp1,516,7591,001,643Canyon13,000103,100Affidea10,350-Sanoptis--GBL Capital and SIM553,114530,652", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f124712": { "value": "Groupe Bruxelles Lambert ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f124728": { "value": "24, avenue Marnix - 1000 Brussels", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f124729": { "value": "24, avenue Marnix - 1000 Brussels", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f124738": { "value": "Belgium ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-243-2": { "value": " a limited liability company under Belgian law,", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-246-2": { "value": "The Company\u2019s object is: \u2013 to carry out for itself or on behalf of third parties all real estate, financial and portfolio management transactions; to this end, it may create companies or bodies, take stakes therein, carry out all financing, consignment, loan, pledge or deposit transactions; \u2013 to carry out all studies and provide technical, legal, accounting, financial, commercial, administrative or management assistance on behalf of companies or bodies in which it holds a direct or indirect interest, or on behalf of third parties; \u2013 to insure for itself or on behalf of third parties any transport or transit companies.The Company may be interested by contribution or merger in any existing or future companies or bodies whose object is similar, analogous or related to its own or which would be of such a nature as to confer on it any advantage in terms of achieving its object.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f129780": { "value": "- Belgium", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300KV0ZEHT2KVU152", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }