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"value": "Notes to the Consolidated Financial Statements 1. Reporting entity ViohalcoS.A.(hereafter referred to as \u201cthe Company\u201d or \u201cViohalco S.A.\u201d) is a Belgian Limited Liability Company. The Company\u2019s corporate registration number is 0534.941.439 and its registered office is located at30 Avenue Marnix, 1000 Brussels,Belgium. The Company\u2019s Consolidated Financial Statements include those of the Company and its subsidiaries (together referred to as\u201cViohalco\u201d). Viohalco S.A. is the holding company and holds participations in approximately 100 subsidiaries, two of which are listed, one on Euronext Brussels and the other on Athens Stock Exchange. With production facilities in Greece, Bulgaria, Romania, North Macedonia and the United Kingdom, Viohalco companies specialise in the manufacture of steel, copper and aluminium products. In addition, Viohalco owns substantial real estate properties in Greece.Its shares are traded on Euronext Brussels (trading ticker \u201cVIO\u201d) and has since February 2014 its secondary listing on the Athens Stock exchange (trading ticker \u201c\u0392\u0399\u039f\u201d). The Company\u2019s electronic address is www.viohalco.com, where the Consolidated Financial Statements have been posted. 2. Basis of accounting Statement of compliance The Consolidated Financial Statements for the year ended 31 December 2022 have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union and authorized by the Company\u2019s Board of Directors on 9 March 2023. Details of the Viohalco\u2019s accounting policies are included in Note 5. Basis of measurement The Consolidated Financial Statements have been prepared in accordance with the historical cost principle, with the exception of the following assets and liabilities, which are measured on an alternative basis on each reporting date. 1. Derivative financial instruments (fair value) ; 2. Other Investments - Equity instruments (fair value) ; 3. Net defined benefit liability (present value of the obligation) ; 4. Provisions (present value of the expected future cash flows). The Company has prepared the Consolidated Financial Statements on the basis that it will continue to operate as a going concern. 3. Functional currency and presentation currency The functional and presentation currency of the parent Company is Euro. All amounts in the Consolidated Financial Statements are rounded to the nearest thousand, unless otherwise indicated. As such, due to rounding, figures shown as totals in certain tables may not be arithmetic aggregations of the figures that precede them. 4. Use of estimates and judgements Preparing Financial Statements in line with IFRS requires that Management makes judgements, estimates and assumptions that affect the application of Viohalco\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. The actual results may differ from these estimates. Management\u2019s estimates and judgements are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. Information about judgements, assumptions and estimation uncertainties that have significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year is included in the following notes: \u2022 Note 7.D \u2013 Revenue recognition; \u2022 Note 11.C.a \u2013 Measurement of defined benefit obligations: key actuarial assumptions; \u2022 Note 13.C \u2013 Recognition of deferred tax assets: availability of future taxable profits against which carried forward tax losses can be used; \u2022 Note 15.B - Recoverability of overdue receivable from a former customer in the Middle-East ; \u2022 Note 17.E - Impairment loss on Property, plant and equipment; \u2022 Note 18.F \u2013 Impairment loss test: key assumptions underlying recoverable amounts; \u2022 Note 19.B \u2013 Measurement of fair value of Investment property; \u2022 Note 30.C.1 \u2013 Measurement of Expected Credit Losses allowance for trade receivables and contract assets: key assumptions in determining loss rates. 5. Significant accounting policies The accounting principles described below have been consistently applied to all periods presented in these Consolidated Financial Statements and have also been consistently applied by Viohalco and its companies (subsidiaries and equity accounted investees). 5.1. Basis of Consolidation (a) Business combinations Acquisition of subsidiaries is accounted for using the acquisition method on the acquisition date, i.e. the date on which control is transferred to Viohalco. To assess control, Viohalco takes into account substantive potential voting rights. Viohalco and its companies measure goodwill on the acquisition date as follows: \u2022 the fair value of the consideration paid, plus \u2022 the value of any non-controlling interests in the acquired subsidiary, less \u2022 the fair value of identifiable assets and liabilities assumed. Any goodwill that arises is tested annually for impairment loss. Any gain on a bargain purchase is immediately recognized in the Consolidated Statement of Profit or Loss. Any expenses directly linked with acquisition are directly posted in the Consolidated Statement of Profit or Loss. Any contingent consideration is recognized at its fair value on the acquisition date. (b) Subsidiaries Subsidiaries are entities controlled by Viohalco. Viohalco controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of the subsidiaries are included in the consolidated financial statements from the date on which control commences, until the date on which control ceases. (c) Non-controlling interests NCI are measured at fair value or at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisition. This measurement is done on an acquisition by acquisition basis. Changes in Viohalco\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. (d) Loss of control When Viohalco and its companies lose control over a subsidiary, they derecognise the assets and liabilities of the subsidiary and any related NCI and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. (e) Interests in equity-accounted investees Associates are those entities in which Viohalco has significant influence, but not control or joint control, over the financial and operating policies. This is generally the case where Viohalco holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost. Investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. Joint operations: Viohalco recognises its direct right to the assets, liabilities, revenues and expenses of joint operations and its share of any jointly held or incurred assets, liabilities, revenues and expenses. These have been incorporated in the financial statements under the appropriate headings. Joint ventures: A joint venture is an arrangement in which Viohalco has joint control, whereby Viohalco has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated balance sheet. (f) Equity methodUnder the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise Viohalco\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and Viohalco\u2019s share of movements in other comprehensive income of the investee in other comprehensive income, until the date on which significant influence or joint control ceases.Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. When Viohalco\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, Viohalco does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. (g) Transactions eliminated on consolidation Intra group balances and transactions and any unrealised income and expenses arising from intra group transactions are eliminated. Unrealized gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of Viohalco\u2019s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. 5.2. Foreign currency (a) Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies of Viohalco\u2019s companies at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Foreign currency gains and losses are recognized and classified in the consolidated statement of profit or loss based on the nature of the related item of the consolidated statement of financial position. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences arising from the translation of the following items are recognised in OCI: - qualifying cash flow hedges to the extent that the hedges are effective; - an investment in equity securities designated as at FVOCI. (b) Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into Euro at the exchange rates of the reporting date. The income and expenses of foreign operations are translated into Euro at the exchange rates at the date of the transactions. The average rate for the period is deemed to be an appropriate rate. Foreign currency differences are recognised in OCI and accumulated in the translation reserve, except to the extent that the translation difference is allocated to NCI. 5.3. Revenue Viohalco recognizes revenue from the following major sources: - Sale of customized products and revenue from projects; - Sale of standard products; - Rendering of services. Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. Viohalco recognizes revenue when it transfers control of a product or service to a customer. Consideration can vary because of trade discounts, volume rebates, returns or other similar items. Depending on the type of variable consideration the most appropriate method for measuring this variable consideration is used. Sales of customized products and revenue from projects Regarding contracts for projects and for customized products produced for the exclusive use of certain customers and with no alternative use, there is an enforceable right to payment for performance completed to date if the contract is terminated by the customer or another party for reasons other than Viohalco\u2019s subsidiaries\u2019 failure to perform as promised. Hence, it is concluded that the client controls all of the work in progress, as the goods are being produced. Therefore, for such contracts revenue is recognised progressively based on the most appropriate output or input method, to measure progress towards completion. The most common methods used are the following: - For performance obligations related to production of customized products, depending on the type of contract concerned, the methods to measure progress is estimated based on: i. Production time elapsed, i.e. the ratio between the actual time spent on the production and the total number of scheduled production time. This method is used for submarine cables produced in long continuous lengths, since the production of such products normally lasts for significant period of time and, as a result, the related performance obligations are satisfied as production time elapses. ii. The quantity of manufactured and tested products compared with the total quantity to be produced according to the contract. This method is used for customized land cables, steel pipes and aluminium products, since the production is performed in batches and as a result the performance obligations related are satisfied as certain batches of agreed quantities have been produced. - For installation phases of cables segment\u2019s turnkey projects, the method to measure progress is based on appraisal of results achieved or milestones reached, based to clearly defined technical milestones, such as transport or meters of cables installed. When milestones are being used as a method to measure progress, these milestones faithfully depict the performance. Sales of standard products For products which are not considered customized, customers do not take control of the product until production is completed, therefore revenue is recognised at a point of time, when the control of the goods sold has been transferred. The timing of the transfer of control usually occurs when the goods have been shipped to the customers\u2019 location, unless otherwise specified in the terms of the contract. The terms defined on the contracts with customers are according to Incoterms. Revenue recognised at a point in time is invoiced either simultaneously with its recognition, or within a short time period from its recognition. A receivable is recognised when the control is transferred to the customer, as this represents the point in time at which the right to consideration becomes unconditional. Rendering of services Revenue is recognised using the stage-of-completion method. The total consideration in the service contracts is allocated to all performance obligations in the contract based on their stand-alone selling prices. The stand-alone selling prices are determined based on the list prices at which Viohalco sells the services in separate transactions. Contract assets and contract liabilities The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances (contract liabilities). These contract assets and contract liabilities are presented on the Consolidated Statement of Financial Position in the lines \u2018Contract assets\u2019 and \u2018Contract liabilities,\u2019 respectively. For products and services for which revenue is recognised over time, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either upon achievement of contractual milestones, or at the final delivery and acceptance of the manufactured items. Generally, billing occurs subsequent to revenue recognition for customized products and services performed over time resulting in contract assets. However, when advances from customers are received before revenue is recognized, a contract liability is recognized. Contract costs Viohalco\u2019s subsidiaries recognize the incremental costs of obtaining contracts with customers and the costs incurred in fulfilling contracts with customers that are directly associated with the contract as an asset, if those costs are expected to be recoverable and record them in the line \u201cContract costs\u201d in the Consolidated Statements of Financial Position. Incremental costs of obtaining contracts are costs incurred to obtain a contract with a customer that would not have been incurred if the contract had not been obtained. Fulfilment costs are only capitalized if they generate or enhance resources that will be used to satisfy performance obligations in the future. Assets arising from contract costs are amortized using either the straight-line method over a period based on the estimated contract duration or based on the portion of revenue recognised during the execution of the related contract. Incremental costs of obtaining contracts are recognised as an expense when incurred, if the amortisation period of the assets would be one year or less. 5.4. Employee benefits (a) Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if Viohalco and its companies have a present legal or constructive obligation to pay this amount, as a result of past service provided by the employee and the obligation can be estimated reliably. (b) Defined contribution plans Defined-contribution plans are plans for the period after the employee has ceased to work during which Viohalco and its companies pay a defined amount to a third legal entity without any other obligation. The accrued cost of defined-contribution programs is recorded as an expense in the period that it concerns. (c) Defined benefit plans Viohalco and its companies\u2019 net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The discount rate is based on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid. The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method, while benefits are attributed over the last 16 years before retirement of each employee. Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, are recognised immediately in OCI. Viohalco and its companies determine the net interest expense on the net defined benefit liability for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability, taking into account any changes in the net defined benefit liability during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognised in profit or loss. When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognised immediately in profit or loss. Viohalco and its companies recognise gains and losses on the settlement of a defined benefit plan when the settlement occurs. (d) Termination benefits Termination benefits are expensed at the earlier of when Viohalco and its companies can no longer withdraw the offer of those benefits and when they recognise costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted. 5.5. Government Grants Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received and Viohalco\u2019s companies will comply with all attached conditions. Government grants relating to costs are deferred and recognized in the statement of profit or loss over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred government grants and are credited to the statement of profit or loss (line \u201cother income\u201d) on a straight line basis over the expected useful lives of the related assets. 5.6. Finance income and finance cost Viohalco and its companies finance income and finance costs mainly include: \u2022 interest income; \u2022 interest expense; \u2022 dividend income; \u2022 Foreign currency gains and losses from loans and deposits. Interest income or expense is recognised using the effective interest method. The \u2018effective interest rate\u2019 is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: \u2022 the gross carrying amount of the financial asset; or \u2022 the amortised cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset or to the amortised cost of the financial liability. Dividend income is recognised in profit or loss on the date on which Viohalco\u2019s right to receive payment is established. 5.7. Income tax Income tax expense comprises current and deferred tax. It is recognised in profit or loss except to the extent that it relates to a business combination, or to items recognised directly in equity or in OCI. A. Current tax Current tax comprised the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset only if certain criteria are met. B. Deferred tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: \u2022 Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; \u2022 Temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that Viohalco and its companies are able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2022 Taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that is probable that future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that is has become probable that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurements of deferred tax reflect the tax consequences that would follow from the manner in which Viohalco and its companies expect, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. 5.8. Inventories Inventories are stated at the lower of cost and net realisable value. The cost is determined by applying the method of weighted average cost and includes the production and conversion cost and all direct expenses required to bring inventories at their current condition. The net realisable value is estimated based on the inventory\u2019s current sales price, in the ordinary course of business activities, less any possible selling expenses, whenever such a case occurs. The write-down of inventories to net realisable value and any reversals are recognized in \u2018cost of sales\u2019 in the period in which the write-downs occur. 5.9. Property, plant and equipment A. Recognition and measurement Property, plant and equipment are presented at their acquisition cost less accumulated depreciation and impairment.The acquisition cost includes all expenses that are directly associated with the asset\u2019s acquisition or self-construction. The cost of self-constructed fixed assets includes the cost of direct labour, materials and any other cost that is required for the fixed asset to be ready for use as well as any borrowing costs. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to Viohalco and its companies.Repair and maintenance costs are recorded in the Consolidated Statement of Profit or Loss when these are incurred. On the sale of property, plant and equipment, any difference that may arise between the price that is received and the carrying value thereof is recorded through profit or loss in the category \u2019Other operating income/expenses\u2019. Borrowing costs related to the construction of qualifying assets are capitalised during the period required for the construction to be completed. B. Depreciation Depreciation is calculated to write off the cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives and is generally recognised in profit or loss. Land is not depreciated. The component approach is followed if the cost of an asset comprises different major components of that asset with different useful lives. Buildings 10-33 years Plants 50 years Machinery 2-35 years Furniture and other equipment 2-8 years Transport means 4-15 years Computers are included in the category \"Furniture and other equipment\". Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. C. Reclassification to investment property When the use of a property changes from owner-occupied to investment property, the property is reclassified to investment property. The item is reclassified at its net book value at the date of reclassification which becomes its deemed cost for subsequent accounting purposes. D. Reclassification to assets held for sale Non-current assets and disposal groups are reclassified as held for sale when their carrying amount will be recovered principally through a sale transaction rather than continuing use. 5.10. Intangible assets and goodwill A. Recognition and measurement Goodwill: Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Research and development: Expenditure on research activities is recognised in profit and loss as incurred. Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercial feasible, future economic benefits are probable and Viohalco\u2019s companies intend and have sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortisation and any accumulated impairment losses. Software programs: Software licenses are recorded at their acquisition cost less accumulated amortisation. These assets are amortised on the straight line method over their estimated useful lives, which ranges between 3 to 5 years. Expenses that are associated with the software\u2019s maintenance are recognised in profit or loss in the year in which they are incurred. Other intangible assets: Other intangible assets, including customer relationships, patents and trademarks, that are acquired by Viohalco and its companies and have finite useful lives are measured at cost less accumulated amortisation and any accumulated impairment losses. Other intangible assets having indefinite useful lives are measured at cost less accumulated impairment losses. B. Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. C. Amortisation and useful lives Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives and is recognised in profit or loss. Goodwill and other intangible assets with indefinite useful lives are not amortised. The estimated useful lives for the current and comparative periods are as follows: \u2022 Trademarks and licenses 10 \u2013 15 years \u2022 Software programs 3 \u2013 5 years Some intangible assets included in \u201cTrademarks and licences\u201d have indefinite useful lives and are therefore not amortised, but subject to an impairment testing. See Note 19 for detailed information. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. 5.11. Investment property Investment property, which includes land, buildings and right of use assets, is owned by Viohalco and its subsidiaries for the collection of rents and is not used for owner purposes. Investment property is presented at cost less depreciation. When the carrying amounts of investment property exceed their recoverable value, the difference (impairment loss) is directly recorded in profit and loss as an expense. The reversal of impairment losses is also recognised in profit and loss as income. Land is not depreciated. The buildings are depreciated by applying the straight-line method. The expected useful life of buildings is 18-33 years. Management exercises judgement to determine whether a property qualifies as investment property or not. The criteria related to this judgement are as follows: \u2022 Whether a property generates cash flows derived from rentals and capital appreciation largely independently of the other assets held by Viohalco; \u2022 Whether a property does not generate cash flows from the production or supply of goods or services or the use of property for administrative purposes that are attributable not only to property, but also to other assets used in the production or supply process; \u2022 Whether a building that is vacant will be held to be leased out or for capital appreciation; \u2022 Whether a property that is being constructed or developed for future use as investment property; \u2022 Whether Viohalco holds land for a currently undetermined future use. 5.12. Assets held for sale Non-current assets or disposal groups comprising assets and liabilities are classified as held-for-sale, if it is highly probable that they will be recovered primarily through sale rather than through continuing use. Such assets or disposal groups are generally measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill and then to the remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets or employee benefits which continue to be measured in accordance Viohalco and its companies\u2019 other accounting policies. Impairment losses on initial classification as held-for-sale and subsequent gains and losses on remeasurement are recognised in profit or loss. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortised or depreciated and any equity-accounted investee is no longer equity accounted. 5.13. Impairment A. Non-derivative financial assets Financial instruments and contract assets Viohalco recognises loss allowances for ECLs on: \u2022 financial assets measured at amortised cost; \u2022 contract assets; \u2022 lease receivables. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs, except for cash and cash equivalents (12-month expected credit loss). Viohalco considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations in full, without recourse by Viohalco companies to actions such as realizing security (if any is held). Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which Viohalco companies are exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that Viohalco expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. Impairment losses related to trade and other receivables, including contract assets, are presented separately in the statement of profit or loss. Write-off The gross carrying amount of a financial asset is written off when Viohalco has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For all customers, Viohalco individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. Viohalco expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with Viohalco\u2019s procedures for recovery of amounts due. B. Non-financial assets At each reporting date, Viohalco and its companies review the carrying amounts of its non-financial assets (other than inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.Goodwill and intangible assets with indefinite useful life is tested annually for impairment loss. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Viohalco companies, also, include in their review of the recoverable amounts assumptions related to the consequences of climate change. An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognised in profit or loss under \u2019Other expenses\u2018. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. 5.14. Leases From 1 January 2019, at inception of a contract, Viohalco assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Viohalco companies use the definition of a lease in IFRS 16. Accounting for lease contracts as a lessee Viohalco companies lease various offices, warehouses, machinery and cars. Rental contracts are usually made for fixed periods of 1 to 5 years, with some exceptions like lease of specialized machinery, ports, gas cylinders and land which are leased for longer periods. Viohalco recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, comprising the following: \u2022 the amount of the initial measurement of lease liability; \u2022 any lease payments made at or before the commencement date less any lease incentives received; \u2022 any initial direct costs; and \u2022 restoration costs. Subsequently, the right-of-use asset is measured at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2022 variable lease payment that are based on an index or a rate; \u2022 amounts expected to be payable by the lessee under residual value guarantees; \u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. Lease payments are discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate of the component that entered into the lease agreement. Generally, Viohalco uses its incremental borrowing rate as the discount rate. This is the rate that the lessee, i.e. each subsidiary of Viohalco, would have to pay on the commencement date of the lease for a loan of a similar term, and with similar security, to obtain an asset of similar value to the right-of-use asset in similar economic environment. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is remeasured if there is a modification that is not accounted for as a separate lease; when there is a change in future lease payments arising from a change in an index or rate; a change in the estimate of the amount expected to be payable under a residual value guarantee; and changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. Lease liabilities and right-of-use assets are presented separately in the statement of financial position. Right-of-use assets that meet the definition of investment property are presented within \u2018Investment property\u2019. Viohalco has elected not to separate non-lease components from lease components. Payments associated with leases of 12 months or less and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Low-value assets comprise IT-equipment and small items of office furniture. Viohalco applies judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether Viohalco is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognised. Viohalco has elected to present interest paid related to lease liabilities in the Consolidated Statement of Cash Flows, within the line \u2019Interest charges & related expenses paid\u2018 in operating activities. Accounting for lease contracts as a lessor Leases in which Viohalco companies do not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income is recognised as revenue on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income, over the term of the lease. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognised as expense over the lease term on the same basis as lease income. 5.15. Financial instruments (a) Recognition and initial measurement Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when Viohalco becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. (b) Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI \u2013 debt investment; FVOCI \u2013 equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless Viohalco changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, Viohalco may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets (except derivatives to which cash flow hedging is applied) not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. On initial recognition, Viohalco may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL, if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets \u2013 Business model assessment: Viohalco makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with Viohalco companies\u2019continuing recognition of the assets. Financial assets \u2013 Assessment whether contractual cash flows are solely payments of principal and interest: For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, Viohalco considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, Viohalco considers: \u2022 contingent events that would change the amount or timing of cash flows; \u2022 terms that may adjust the contractual coupon rate, including variable-rate features; \u2022 prepayment and extension features; and \u2022 terms that limit the claim to cash flows from specified assets (e.g. non-recourse features). Financial assets \u2013 Subsequent measurement and gains and losses: Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recog-nised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Financial liabilities \u2013 Classification, subsequent measurement and gains and losses: Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. (c) Derecognition Financial assets Viohalco derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which Viohalco neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Viohalco enters into transactions whereby it transfers assets recognised in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised. Financial liabilities Viohalco derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. Viohalco also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. (d) Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, Viohalco currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. (e) Derivatives and hedge accounting Viohalco has elected not to adopt the provisions of IFRS 9 regarding the hedge accounting and will continue applying IAS 39. Viohalco\u2019s companies hold derivative financial instruments designated as fair value or cash flow hedges. Derivatives are used to cover risks arising from fluctuations in prices of metals, foreign exchange rates, interest rates on borrowings and energy prices (natural gas). Derivatives are initially measured at fair value; any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value and changes therein are generally recognised in profit or loss, unless the instrument qualifies for cash flow hedge accounting. Gain or losses from derivatives are classified as operating or financing expense according to the classification of the hedged item. Fair value hedge Derivatives are designated as fair value hedges when the exposure to changes in the fair value of a recognized financial asset or liability is hedged. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in the Consolidated Statement of Profit or Loss, along with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. Cash flow hedge The effective portion of changes in the fair value of derivatives designated as cash flow hedges is recognised in the \u2019Hedging reserve\u2018. Any ineffective proportion is recognized immediately in profit or loss. The amounts recorded in \u201cHedging Reserve\u201d are reclassified to the consolidated statement of profit or loss in the same period or periods during which the hedged forecast cash flows affect profit or loss or the hedged item affects profit or loss. When a hedge item is sold or when the hedging proportion no longer meets the hedge accounting criteria, hedge accounting is discontinued prospectively, the amounts recorded in \u2018Hedging reserve\u2019 remain as a reserve and are reclassified to the consolidated statement of profit or loss when the hedged asset affects profits or losses. In the case of a hedge on a forecast future transaction which is no longer expected to be realized, the amounts recorded in \u2018Hedging reserve\u2019 are reclassified to the consolidated statement of profit or loss. Viohalco\u2019s companies examine the effectiveness of the cash flow hedge at inception (prospectively) by comparing the critical terms of the hedging instrument with the critical terms of the hedged item, and then at every reporting date (retrospectively), the effectiveness of the cash flow hedge by applying the dollar offset method on a cumulative basis is examined. 5.16. Cash & cash equivalents Cash and cash equivalents comprise cash on hand and deposits held at call with financial institutions and short-term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. 5.17. Share capital Shareholder\u2019s equity is composed of ordinary shares. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity. Income tax relating to transaction costs of an equity transaction is accounted in equity (see note 5.7). 5.18. Provisions Provisions are measured by discounting the expected future cash flows at a pre-tax rate. The discount rate used for the determination of present value reflects current market assessments of the time value of money and the risks specific to the obligation. Provisions are recognised when: (a) There is a present legal or constructive obligation as a result of past events. (b) Payment is probable to settle the obligation. (c) The amount of the payment in question can be reliably estimated. More specifically: Provisions for pending court rulings are recognised when it is more likely than not, that a present obligation from this litigation exists, and payment is probable. Assurance warranty provisions are recognised when the product is sold and according to historical experience (probability that sold products will need to be replaced). The initial estimate of warranty-related costs is revised annually. Restructuring provisions are recognised only when Viohalco has a constructive obligation, which is when a detailed formal plan identifies the business or part of the business concerned, the location and number of employees affected, a detailed estimate of the associated costs and an appropriate timeline, and the employees affected have been notified of the plan\u2019s main features or when the company has already started to implement the plan. A provision for onerous contracts is measured at the present value of the lower of the expected cost of terminating a contract and the expected net cost of continuing with the contract. Before the provision is established, Viohalco recognises any impairment loss on the associated assets with the contract. 5.19. Earnings per Share Viohalco presents basic and diluted earnings per share. Basic earnings per share are calculated by dividing the net profit/ loss attributable to holders of the Company\u2019s ordinary shares by the average weighted number of outstanding ordinary shares during each period. Diluted earnings per share are determined by adjusting the profit or loss attributable to holders of ordinary shares and the average weighted number of outstanding ordinary shares by the effect of all diluted eventual ordinary shares consisting of convertible notes and shares with options granted to the staff. 5.20. Operating profit Operating profit is the result generated from the continuing principal revenue-producing activities of Viohalco as well as other income and expenses related to operating activities. Operating profit excludes net finance costs, share of profit of equity-accounted investees and income taxes. 5.21. Fair value measurement \u2018Fair value\u2019 is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which Viohalco has access at that date. The fair value of a liability reflects its non-performance risk. A number of Viohalco\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When one is available, Viohalco measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as \u2018active\u2019 if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then Viohalco uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. If an asset or a liability measured at fair value has a bid price and an ask price, then Viohalco measures assets and long positions at a bid price and liabilities and short positions at an ask price. The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price \u2013 i.e. the fair value of the consideration given or received. If Viohalco determines that the fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by a quoted price in an active market for an identical asset or liability, nor based on a valuation technique for which any unobservable inputs are judged to be insignificant in relation to the measurement, then the financial instrument is initially measured at fair value, adjusted to defer the difference between the fair value on initial recognition and the transaction price. Subsequently, that difference is recognised in profit or loss on an appropriate basis over the life of the instrument but no later than when the valuation is wholly supported by observable market data or the transaction is closed out. 5.22. CO2 Emission rights Emission rights are accounted for under the net liability method, based on which Viohalco companies recognize a liability for emissions during the calendar year. Viohalco companies estimate the free allowances allocated and the emissions produced during the year. When emissions exceed free allowances, the companies recognize the future liability based on the net deficit and the budget estimate for the EUA price during the year. The projected deficit is covered at market prices by purchasing EUAs either on a forward or spot basis. The total cost of all forward and spot purchases represents the realized liability during the year. 5.23. New standards, amendment to standards and interpretations of IFRS\u2019s A number of new or amended standards became applicable for the current financial year and subsequent years. Viohalco has applied all of the new standards, interpretations and amendments to existing standards that were mandatory for the first time in the fiscal year beginning 1 January 2022 and none of the new or amended standards and interpretations has had material impact on recognition and measurement in the Consolidated Financial Statements. Standards and Interpretations effective for the current financial year IFRS 16 (Amendment) \u2018Covid-19-Related Rent Concessions\u2019 The amendment extends the application period of the practical expedient in relation to rent concessions by one year to cover rental concessions that reduce leases due only on or before 30 June 2022. IAS 16 (Amendment) \u2018Property, Plant and Equipment \u2013 Proceeds before Intended Use The amendment prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also requires entities to separately disclose the amounts of proceeds and costs relating to such items produced that are not an output of the entity\u2019s ordinary activities. IAS 37 (Amendment) \u2018Onerous Contracts \u2013 Cost of Fulfilling a Contract\u2019 The amendment clarifies that \u2018costs to fulfil a contract\u2019 comprise the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts. The amendment also clarifies that, before a separate provision for an onerous contract is established, an entity recognises any impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to that contract. IFRS 3 (Amendment) \u2018Reference to the Conceptual Framework\u2019 The amendment updated the standard to refer to the 2018 Conceptual Framework for Financial Reporting, in order to determine what constitutes an asset or a liability in a business combination. In addition, an exception was added for some types of liabilities and contingent liabilities acquired in a business combination. Finally, it is clarified that the acquirer should not recognise contingent assets, as defined in IAS 37, at the acquisition date. Annual Improvements to IFRS Standards 2018\u20132020 IFRS 9 \u2018Financial instruments\u2019 The amendment addresses which fees should be included in the 10% test for derecognition of financial liabilities. Costs or fees could be paid to either third parties or the lender. Under the amendment, costs or fees paid to third parties will not be included in the 10% test. IFRS 16 \u2018Leases\u2019 The amendment removed the illustration of payments from the lessor relating to leasehold improvements in Illustrative Example 13 of the standard in order to remove any potential confusion about the treatment of lease incentives. Standards and Interpretations effective for subsequent periods IAS 1 (Amendments) \u2018Presentation of Financial Statements\u2019 and IFRS Practice Statement 2 \u2018Disclosure of Accounting policies\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments require companies to disclose their material accounting policy information and provide guidance on how to apply the concept of materiality to accounting policy disclosures. IAS 8 (Amendments) \u2018Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. I\u0391S 12 (Amendments) \u2018Deferred tax related to Assets and Liabilities arising from a Single Transaction\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments require companies to recognise deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. This will typically apply to transactions such as leases for the lessee and decommissioning obligations. IFRS 17 (Amendment) \u2018Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendment is a transition option relating to comparative information about financial assets presented on initial application of IFRS 17. The amendment is aimed at helping entities to avoid temporary accounting mismatches between financial assets and insurance contract liabilities, and therefore improve the usefulness of comparative information for users of financial statements. IAS 1 \u2018Presentation of Financial Statements\u2019 (Amendments) (effective for annual periods beginning on or after 1 January 2024) \u2022 2020 Amendment \u2018Classification of liabilities as current or non-current\u2019 The amendment clarifies that liabilities are classified as either current or non-current depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date. The amendment also clarifies what IAS 1 means when it refers to the \u2018settlement\u2019 of a liability. The amendment has not yet been endorsed by the EU. \u2022 2022 Amendments \u2018Non-current liabilities with covenants\u2019 The new amendments clarify that if the right to defer settlement is subject to the entity complying with specified conditions (covenants), this amendment will only apply to conditions that exist when compliance is measured on or before the reporting date. Additionally, the amendments aim to improve the information an entity provides when its right to defer settlement of a liability is subject to co mpliance with covenants within twelve months after the reporting period. The 2022 amendments changed the effective date of the 2020 amendments. As a result, the 2020 and 2022 amendments are effective for annual reporting periods beginning on or after 1 January 2024 and should be applied retrospectively in accordance with IAS 8. As a result of aligning the effective dates, the 2022 amendments override the 2020 amendments when they both become effective in 2024. The amendments have not yet been endorsed by the EU. IFRS 16 (Amendment) \u2018Lease Liability in a Sale and Leaseback\u2019 (effective for annual periods beginning on or after 1 January 2024) The amendment clarifies how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted. An entity applies the requirements retrospectively back to sale and leaseback transactions that were entered into after the date when the entity initially applied IFRS 16. The amendment has not yet been endorsed by the EU. 6. Operating segments A. Basis for the division into segments For management purposes, Viohalco is split into seven major strategic reportable segments devided in two divisions, which operate in different industries: Industrial Division \u2022 Aluminium segment; \u2022 Copper segment; \u2022 Cables segment; \u2022 Steel pipes segment; \u2022 Steel segment; \u2022 Other activities segment. Real Estate Division \u2022 Real estate segment. These segments offer different products and services, and are managed separately because they require different technology and marketing strategies. Such structural organization is determined by the nature of risks and returns associated with each business segment. It is based on the management structure, as well as the internal reporting system. It represents the basis on which Viohalco reports its segmental information. The segment analysis presented in these consolidated financial statements reflects operations analysed by the business. This is the way the chief operating decision maker of Viohalco regularly reviews its\u2019 operating results in order to allocate resources to segments and in assessing their performance. For the purposes of segmental reporting, all Viohalco companies, except those operating as trading companies, have been assigned to a specific reportable segment. Regarding the trading companies of Viohalco, their profit or loss and balance sheet figures have been allocated to the reportable segments, according to the nature of their transactions. A brief description of the segments is as follows: Aluminium: ElvalHalcor through its aluminium rolling division (Elval), its subsidiaries Symetal S.A., Elval Colour S.A. and Vepal S.A. along with Bridgnorth Aluminium and Etem Extrusions deliver a wide variety of products from aluminium coils and sheets for general applications and aluminium foil for household use, to special products, such as, rolled and extruded aluminium products for shipbuilding, automotive and construction industries, and lithographic coils. Copper: ElvalHalcor through its copper tubes division (Halcor) and its subsidiary Sofia Med S.A. produce a wide range of copper and copper alloy products that span from copper and brass tubes, copper strips, sheets and plates, to copper bus bars and rods. Cables: Hellenic Cables companies consist one of the largest cable producers in Europe, manufacturing power, telecommunication and submarine cables, as well as enamelled wires and compounds. Steel Pipes: Corinth Pipeworks engages in the production of steel pipes for the transportation of natural gas, oil and water networks, as well as steel hollow sections which are used in construction projects. Steel: Sidenor Steel Industry, Stomana Industry and their subsidiaries manufacture long, flat and downstream steel products. Real estate: Viohalco derives value from the real estate assets of its subsidiaries by developing and managing large-scale commercial and industrial properties. Other Activities: Other activities mainly encompass expenses incurred by the parent (holding) company, along with the results of companies which operate in the Technology, R&D&I and resource recovery segments. None of these activities met the quantitative thresholds for reportable segments in 2022 or 2021. B. Information about reportable segments The information disclosed in the tables below is derived directly from the internal financial reporting system used by the executive management (i.e. chief operating decision maker) to monitor and evaluate the performance of the operating segments separately. The following tables illustrate the information about the reportable segments profit or loss, assets and liabilities as at 31 December 2022 and 2021. Revenue and operating profit per segment for 2022 were as follows: Industrial Division Steel Other Total Real Amounts in EUR thousands Aluminium Copper Cables Pipes Steel activities Industrial Estate Consolidated Total revenue per segment 3,520,975 2,496,410 1,702,484 685,416 2,427,924 317,588 11,150,797 42,530 11,193,327 Inter-company revenue -1,208,377 -685,361 -807,117 -228,180 -1,036,417 -230,020 -4,195,471 -12,121 -4,207,592 Revenue from external customers 2,312,598 1,811,050 895,367 457,236 1,391,507 87,568 6,955,326 30,409 6,985,735 Gross profit 291,031 125,564 119,816 30,021 172,868 21,040 760,340 11,445 771,784 Operating result (EBIT) 210,998 63,439 89,049 15,654 113,462 1,225 493,826 3,424 497,250 Finance income 494 393 2,351 1,408 718 734 6,098 2,309 8,407 Finance cost -34,263 -17,380 -27,871 -13,053 -26,849 -2,670 -122,086 -7,641 -129,727 Share of profit/ loss (-) of equity-accounted investees, net of tax 1,374 -6,814 0 4,131 223 0 -1,086 -279 -1,365 Profit/Loss (-) before income tax expense 178,602 39,637 63,529 8,140 87,554 -710 376,752 -2,188 374,564 Income tax expense (-) -36,403 -9,216 -13,357 3,437 -17,236 1,760 -71,015 -1,160 -72,175 Net Profit/Loss (-) 142,200 30,421 50,172 11,577 70,318 1,049 305,737 -3,348 302,389 Other information per segment for 2022 is as follows: Industrial Division Steel Other Total Real Amounts in EUR thousands Aluminium Copper Cables Pipes Steel activities Industrial Estate Consolidated Equity accounted investees 9,725 249 0 15,963 1,244 806 27,987 8,651 36,638 Other assets 1,920,193 767,245 1,032,034 596,115 988,932 151,474 5,455,992 537,565 5,993,557 Segment assets 1,929,917 767,494 1,032,034 612,077 990,176 152,280 5,483,979 546,217 6,030,196 Segment liabilities 1,131,288 546,413 863,719 479,323 725,735 92,265 3,838,742 235,559 4,074,301 Capital expenditure 188,238 15,755 70,945 7,731 29,701 4,496 316,866 40,361 357,227 Depreciation and amortization -61,302 -17,969 -18,894 -9,195 -30,948 -4,939 -143,247 -9,278 -152,525 Revenue and operating profit per segment for 2021 were as follows: Industrial Division Steel Other Total Real Amounts in EUR thousands Aluminium Copper Cables Pipes Steel activities Industrial Estate Consolidated Total revenue per segment 2,595,628 2,193,360 1,528,529 249,301 1,801,307 246,009 8,614,134 30,813 8,644,947 Inter-company revenue -917,710 -629,585 -771,359 -24,234 -733,525 -181,875 -3,258,288 -12,147 -3,270,435 Revenue from external customers 1,677,918 1,563,775 757,170 225,067 1,067,782 64,134 5,355,846 18,667 5,374,512 Gross profit 147,873 125,054 94,442 15,157 181,255 23,310 587,091 3,555 590,645 Operating result (EBIT) 79,234 77,672 67,629 -8,305 134,716 4,307 355,253 19,144 374,396 Finance income 238 433 220 16 419 400 1,726 645 2,371 Finance cost -21,096 -15,057 -22,094 -7,504 -26,510 -1,894 -94,156 -4,097 -98,253 Share of profit/ loss (-) of equity-accounted investees, net of tax 1,180 -4,069 0 386 318 0 -2,185 -344 -2,530 Profit/Loss (-) before income tax expense 59,556 58,979 45,754 -15,407 108,943 2,813 260,637 15,347 275,984 Income tax expense (-) -10,762 -9,052 -7,788 -451 -20,053 -7,490 -55,597 -399 -55,996 Net Profit/Loss (-) 48,793 49,927 37,966 -15,859 88,891 -4,678 205,041 14,948 219,989 Other information per segment for 2021 is as follows: Industrial Division Steel Other Total Real Amounts in EUR thousands Aluminium Copper Cables Pipes Steel activities Industrial Estate Consolidated Equity accounted investees 8,862 12,072 1,732 11,216 4,808 0 38,691 5,681 44,372 Other assets 1,585,081 775,230 775,950 363,552 975,740 171,046 4,646,598 547,450 5,194,049 Segment assets 1,593,943 787,302 777,682 374,768 980,548 171,046 4,685,289 553,131 5,238,420 Segment liabilities 987,696 558,339 658,508 256,574 782,036 82,348 3,325,502 257,324 3,582,826 Capital expenditure 165,634 15,131 34,992 9,551 27,039 1,671 254,017 12,008 266,026 Depreciation and amortization -60,607 -16,846 -17,310 -8,938 -25,994 -4,303 -133,998 -8,777 -142,775 C. Geographic information Viohalco\u2019s segments are managed on a worldwide basis, but operate manufacturing facilities and sales offices are located primarily in Greece, Germany, United Kingdom, France, Bulgaria, Romania, Serbia, North Macedonia and U.S.A. The geographic information below analyses the consolidated non-current assets by the Company\u2019s country of domicile and other countries. In presenting the geographic information, segment assets were based on the geographic location of the assets. In Europe, assets\u2019 information for Greece and Belgium is reported separately. Property, plant and equipment Balance at 31 December Amounts in EUR thousands 2022 2021 Belgium 1,293 1,368 Greece 1,742,991 1,611,432 Other 486,752 476,306 Total 2,231,036 2,089,107 Intangible assets and goodwill Balance at 31 December Amounts in EUR thousands 2022 2021 Belgium 3 11 Greece 37,819 35,029 Other 5,555 7,044 Total 43,376 42,083 Investment property Balance at 31 December Amounts in EUR thousands 2022 2021 Greece 310,948 280,091 Other 5,076 785 Total 316,024 280,876Right of use assets Balance at 31 December Amounts in EUR thousands 2022 2021 Belgium 154 188 Greece 29,082 29,968 Other 6,042 4,133 Total 35,279 34,2887. RevenueRevenue is derived from contracts with customers and investment property rental income. For the year ended 31 December Amounts in EUR thousands 2022 2021 Rental income from investment property 21,050 11,472 Revenue from contracts with customers 6,964,685 5,363,040 Total 6,985,735 5,374,512A. Disaggregation of revenueIn the following table, revenue from contracts with customers is disaggregated by primary geographical market and timing of revenue recognition. The table includes a reconciliation with the Viohalco's reportable segments (see Note 6). For the year ended 31 December 2022 Industrial Division Steel Other Total Real Amounts in EUR thousands Aluminium Copper Cables Pipes Steel activities Industrial Estate Consolidated Primary geographical markets Greece 176,535 92,022 330,909 34,129 359,965 32,034 1,025,594 9,358 1,034,952 European Union 1,434,210 1,188,903 296,312 128,142 838,513 26,821 3,912,901 0 3,912,901 Other European countries 332,962 297,199 148,061 28,706 189,252 3,999 1,000,178 0 1,000,178 Asia 72,479 99,404 103,062 6,785 1,386 23,648 306,763 0 306,763 America 280,283 99,674 9,555 253,255 599 238 643,603 0 643,603 Africa 15,508 27,235 7,278 720 1,793 162 52,696 0 52,696 Oceania 622 6,613 191 5,500 0 666 13,592 0 13,592 Total 2,312,598 1,811,050 895,367 457,236 1,391,507 87,568 6,955,326 9,358 6,964,685 Timing of revenue recognition Revenue recognised at a point in time 2,311,106 1,807,887 606,185 81,366 1,371,178 54,200 6,231,923 1,592 6,233,515 Products transferred over time 0 0 289,182 375,870 0 27 665,079 0 665,079 Services transferred over time 1,492 3,163 0 20,329 33,341 58,325 7,766 66,091 Total 2,312,598 1,811,050 895,367 457,236 1,391,507 87,568 6,955,326 9,358 6,964,685 For the year ended 31 December 2021 Industrial Division Steel Other Total Real Amounts in EUR thousands Aluminium Copper Cables Pipes Steel activities Industrial Estate Consolidated Primary geographical markets Greece 136,303 67,146 258,470 18,098 271,705 21,461 773,182 7,194 780,377 European Union 1,069,081 985,368 290,276 132,662 591,180 20,014 3,088,581 3,088,581 Other European countries 170,422 294,133 112,412 16,685 197,076 2,813 793,541 0 793,541 Asia 76,669 91,197 84,657 40,030 3,016 18,737 314,305 0 314,305 America 211,308 82,563 8,683 16,792 804 429 320,579 0 320,579 Africa 13,892 38,485 2,673 800 4,001 39 59,890 0 59,890 Oceania 243 4,883 0 0 0 640 5,767 0 5,767 Total 1,677,918 1,563,775 757,170 225,067 1,067,782 64,134 5,355,846 7,194 5,363,040 Timing of revenue recognition Revenue recognised at a point in time 1,677,184 1,560,158 483,591 82,834 1,057,423 44,980 4,906,170 1,768 4,907,938 Products transferred over time 0 0 273,579 142,234 0 58 415,871 0 415,871 Services transferred over time 733 3,617 0 0 10,358 19,096 33,804 5,426 39,231 Total 1,677,918 1,563,775 757,170 225,067 1,067,782 64,134 5,355,846 7,194 5,363,040 Viohalco\u2019s consolidated revenue for 2022 amounted to EUR 6,986 million, increased by 30% compared to previous year (2021: 5,375 million), driven by increased sales prices. Revenue expected to be recognised in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the reporting date amounts to EUR 525.6 million, from which EUR 463.4 million is expected to be recognised during 2023 and the remaining EUR 62.2 million is expected to be recognized during the periods from 2024 and onwards, based on the time schedules included in the open contracts on 31 December 2022, which have original expected durations of more than one year and revenue recognition started during 2022 or prior periods. B. Contract balances Contract assets primarily relate to the rights to consideration for work completed but not billed at the reporting date on customized products or energy projects. Contract assets are transferred to receivables when the rights become unconditional. This usually occurs when Viohalco companies issue an invoice to the customer (unless the invoice is issued in advance). Contract liabilities primarily relate to the advance consideration received from customers for construction of customized products or energy projects for which revenue is recognized over time. Contract assets mainly relate to cables and steel pipes segments, where amounts are billed as work progresses in accordance with agreed-upon contractual terms, either upon achievement of contractual milestones, or at the final delivery and acceptance of the products. The following table provides information about contract assets and contract liabilities. As at Amounts in EUR thousands 31 December 2022 31 December 2021 Contract assets 199,839 101,371 Contract liabilities -133,837 -61,371 Total 66,002 40,000 The movement in the contract assets and the contract liabilities balances during the period is described in the following table: Amounts in EUR thousands Contract assets Contract liabilities Balance at 1 January 2022 101,371 61,371 Increases due to unbilled receivables and changes in measure of progress 168,430 0 Revenue recognised relating to downpayments and deferred income balances as at the beginning of the period 0 -49,699 Transfers from contract assets recognised at the beginning of the period to receivables -69,525 0 New downpayments and deferred income outstanding at year end 0 122,901 Impairment allowance -12 0 Reversal of impairment allowance 127 0 Write-offs -287 0 Loss of Control/Disposal of subsidiary 0 -9 Reclassifications 189 0 Reclassification to assets held for sale 0 -727 Foreign exchange differences -454 0 Balance as at 31 December 2022 199,839 133,837 Amounts in EUR thousands Contract assets Contract liabilities Balance at 1 January 2021 68,517 54,021 Increases due to unbilled receivables and changes in measure of progress 91,311 0 Revenue recognised relating to downpayments and deferred income balances as at the beginning of the period 0 -32,480 Transfers from contract assets recognised at the beginning of the period to receivables -58,283 0 New downpayments and deferred income outstanding at year end 0 39,934 Impairment allowance -175 0 Reversal of impairment allowance 0 0 Other movements 0 -96 Foreign exchange differences 0 -9 Balance at 31 December 2021 101,371 61,371 Contract assets increased by EUR 98.5 million compared previous year, due to the growth in project-related activities of cables segment and the timing of invoicing of specific ongoing projects for which the production started of steel pipes segment, during the second half of the year. Contract liabilities, primarily, relate to the advance consideration received from customers. Contract liabilities, which are expected to be settled within more than one year are classified as non-current liabilities (EUR 9,889 thousand as of 31 December 2022). Contract liabilities increased by EUR 72.4 million compared to 31 December 2021, mainly due to the downpayments received close to year\u2019s end for the execution of energy projects in steel pipes segment. C. Contract costs Viohalco companies\u2019 recognized contracts costs, expect that fees, commissions and other costs associated with obtaining contracts for energy projects are recoverable. Therefore, as at 31 December 2022, Viohalco has recorded as contract costs an amount of EUR 236 thousand, out of which an amount of EUR 222 thousand is classified as non-current assets. During the year, amortization of contract costs amounted EUR 153 thousand. D. Significant judgements in revenue recognition In recognizing revenue, Viohalco companies make judgements regarding the timing of satisfaction of performance obligations, the identification of distinct performance obligations, as well as the transaction price and the amounts allocated to performance obligations. The most significant of these estimates are described below: - Contracts including multiple performance obligations are mainly identified in cables segment for turnkey projects and for customized products in cables, steel pipes and aluminium segments, as described in Note 5.3. In such cases, the total transaction price is allocated to these performance obligations on the basis of the relative standalone selling prices of the promised goods and services. If these goods and services are not sold separately, a cost plus margin approach is used to estimate the standalone selling price. - Some contracts with customers involve a variable transaction cost as they include a volume or trade discount based on the total sales to the customer within a time period. In such case revenue is recognized based on the anticipated sales to the customer throughout the year, as these sales are realized and new orders are received and up to an extent it is highly probable that a significant reversal of cumulative revenue recognized will not be needed. - A significant portion of contracts with customers, include transportation service. Transportation is considered as a separate performance obligation, if the customer can benefit from the offered transportation service and the promise to transport the goods to the customer is separately identifiable from the production of these customized products. Revenue for orders of standardized products is recognized at a specific point in time and transportation is not considered a separate performance obligation. 8. Other income and expenses A. Other Income For the year ended 31 December Amounts in EUR thousands Note 2022 2021 Government grants/subsidies 1,524 5,650 Amortization of grants received 28 3,411 2,886 Rental income 854 647 Income from fees, commissions and costs recharged 4,758 1,357 Damage Compensation 941 834 Gain on sale of PP&E and intangible assets 432 451 Gain on sale of investment property 340 476 Reversal of provisions 29 142 142 Reversal of impairment loss of PP&E and investment property 14,342 27,280 Other 2,956 3,699 Total other income 29,699 43,422 B. Other Expenses For the year ended 31 December Amounts in EUR thousands Note 2022 2021 Impairment loss of PP&E and investment property 20,431 11,705 Write-off of PP&E and intangible assets 3,429 1,927 Impairment loss of associates/ Joint Ventures 9,260 0 Loss on sale of PP&E 28 622 Damages incurred 1,027 355 Employee benefits 12 0 358 Provisions on antidumping duties 0 12,842 Penalties 274 413 Depreciation and amortisation 148 2,087 Loss from business combinations 2,146 21 Other provisions 0 149 Other 3,495 3,523 Total other expense 40,238 34,003 Net other income/ expense (-) -10,539 9,419 Net Other income/expenses for the year ended 31 December 2022 amounted to a loss of EUR 10.5 million compared to gain of EUR 9.4 million during 2021, due to the following factors: - During 2022, the Joint Venture of Elvalhalcor, Nedzink, faced significant delays in the full operation of new equipment which led to loss of sales. Additionally, the challenging economic conditions prevailing worldwide, with increased benchmark interest rates and increased energy costs, deteriorated 2022 results more than initially expected. As a consequence, the annual impairment test performed for the participation to the Joint Venture, indicated the recognition of an impairment loss of EUR 9.2 million. - During 2022, the following corporate transactions took place, resulting in a loss of EUR 2.1 million: \u2022 In June 2022, Sidenor, Viohalco\u2019s subsidiary in steel segment, sold the percentage held (34%) in AWM SPA, resulting to a loss of EUR 1.3 million. \u2022 In August 2022, CPW America, Viohalco\u2019s subsidiary in steel pipes segment, disposed the interest held (19.4%) in Bellville Tube Company, recording a loss of EUR 156 thousand (see also note 20). \u2022 In December 2022, Viohalco lose the control in the participation to Mettalourgia Attikis, due to management restructuring. As a result, a loss of EUR 647 thousand was recognized. - During 2022, an impairment loss of EUR 6.09 million - on net basis - for own used property and investment property was recognized (2021: reversal of impairment loss EUR 15.7 million), due to changes in the fair value of real estate portfolio. Impairment loss and reversal of impairment loss are described in notes 17 and 19. - During 2022, the US Department of Commerce (DoC) published its final results in the administrative proceedings conducted by the DoC for the period from April 19, 2019 through April 30, 2020 (\u201cPOR\u201d) in connection with an antidumping (\u201cAD\u201d) order on large diameter welded pipe (LDWP) from Greece. As a result, the DoC determined for the POR an antidumping duty rate of 41.04 percent based on total adverse facts available (AFA) for mandatory respondent Corinth Pipeworks S.A., Viohalco\u2019s subsidiary in steel pipes segment. Corinth Pipeworks filed an appeal before the U.S. Court of International Trade against the decision of the DoC while continuing to actively work with the DoC in order to reverse the final determination. The one-off charge related to the abovementioned case amounts to EUR 12.8 million (USD 14 million plus interest) and is included in \u2018Provisions on antidumping duties\u2019 line for the year 2021, as it relates to sales performed in previous years. C. Expenses by nature For the year ended 31 December Amounts in EUR thousands Note 2022 2021 Cost of inventories recognized as an expense 4,926,058 3,812,652 Employee benefits 12 441,393 368,796 Energy 306,333 178,289 Depreciation and amortisation 152,377 140,688 Amortization of contract costs 153 156 Taxes and duties 24,309 19,097 Insurance expenses 39,500 25,559 Rental fees 9,936 5,303 Transportation costs (goods and materials) 213,800 147,833 Promotion and advertising 8,473 4,879 Third party fees and benefits 257,207 186,804 Other provisions 70 155 Gains (-)/losses from derivatives -42,036 10,843 Storage and packing 15,533 11,224 Commissions 14,303 13,820 Foreign exchange gains(-)/losses 9,245 451 Maintenance expenses 61,857 50,394 Royalties 3,007 2,371 Consumption of production tools 15,045 12,824 Other expenses 17,218 14,701 Total 6,473,779 5,006,838 The key drivers of variation of operating expenses during 2022 are the following: - The increase in sales volumes and metal prices during 2022, affected cost of sales and related operating expenses (transportation cost for goods and materials, insurance expenses, storage and packing, maintenance expenses) which have increased proportionally. - The increase in Energy reflects the global increase in energy cost that began within 2021. - The increase in \u201c\u03a4hird party fees and benefits\u201d is attributed mainly to project-related services offered by cables and steel pipes segments during 2022 compared to prior year by subcontractors. In 2022 steel pipes segment used subcontractors for coating services in the context of assigned projects, while the installation services in the context of turnkey contracts executed by subsidiaries in the cables segment during 2022 were significantly higher compared to 2021. The aggregate amount of research and development expenditure recognized as an expense during 2022 amounts to EUR 17.6 million (2021: EUR 13.3 million). 9. Net finance costFor the year ended 31 December Amounts in EUR thousands 2022 2021 Income Interest income 548 557 Foreign exchange gains 1,979 950 Dividend income 260 220 Gain from derivatives 5,620 644 Finance income 8,407 2,371 Expense Interest expense and related costs 123,801 94,574 Interest on leases 1,915 2,076 Foreign exchange losses 3,282 1,604 Losses from derivatives 729 0 Finance cost 129,727 98,253 Net finance income/cost (-) -121,320 -95,882 Interest expenses and related costs increased by 30.9% compared to 2021 as a result of the higher working capital needs and higher interest rates due the increase in EURIBOR rates, especially during the second half of the year. In order to be secured from interest rates volatility, Viohalco subsidiaries entered into interest rates swaps contracts. The result and valuation of these derivatives amounted to gain EUR 4.9 million -on a net basis. 10. Earnings per shareConsidering that there are neither share options, nor convertible bonds, basic and diluted earnings per share are identical and have been based on the following profit attributable to the ordinary shareholders and weighted-average numbers of ordinary shares outstanding. A. Profit/loss (-) attributable to the owners of the companyFor the year ended 31 December Amounts in EUR thousands 2022 2021 Profit/loss (-) attributable to the owners of the Company 266,133 194,994 B. Weighted-average number of ordinary shares outstanding In thousands of shares 2022 2021 Issued ordinary shares at 1 January 259,190 259,190 Effect of shares issued related to the mergers 0 0 Weighted average number of ordinary shares at 31 December 259,190 259,190 The number of equity shares in 2022 remains equal to 2021, as no shares were issued during the year. C. Earnings per shareThe basic and diluted earnings per share are as follows: Earnings per share (in EUR per share) 2022 2021 Basic and diluted 1.02680.7523 11. Employee benefits Amounts in EUR thousands Note 2022 2021 Net defined benefit liability 24,357 24,183 Liability for social security contributions 27 15,437 12,465 Total employee benefit liabilities 39,794 36,648 Non-current 24,357 24,183 Current 15,437 12,465 For details on the related employee benefit expenses, see Note 12. A. Post-employment plans The following post-employment plans exist: Defined contribution plans All employees of Viohalco companies are insured for their main pension by the respective social insurance organizations as required by the local legislation. Once the contributions have been paid, Viohalco companies have no further payment obligations. The regular contributions constitute net periodic costs for the year in which they are due, and as such are included in employee benefit expenses. Defined benefit plans The employees of Viohalco\u2019s companies in some countries, mainly in Greece and Bulgaria, are entitled to receive a lump sum when they retire. This lump sum is determined in accordance with the years of service and the salary at the retirement date. This obligation meets the definition of defined benefit plans and charges the accumulated benefits through profit or loss in each period with a corresponding increase of the retirement liability. Benefits paid to pensioners during each period are charged against this liability. Viohalco\u2019s companies\u2019 liability for personnel benefits as of 31 December 2022 and 2021 is EUR 24,357 thousand and EUR 24,183 thousand respectively. These plans are unfunded. B. Movement in net defined benefit liability The following table shows the reconciliation from the opening balance to the closing balances for net defined benefit liability and its components. Amounts in EUR thousands 2022 2021 Balance at 1 January 24,183 21,913 Included in profit or loss Current service cost 2,688 2,118 Past service cost 1,129 230 Termination loss 2,710 5,152 Interest cost/income (-) 71 58 6,598 7,558 Included in OCI Remeasurement loss/gain (-) Actuarial loss/gain (-) arising from: - Demographic assumptions 306 -46 - Financial assumptions -3,385 764 - Experience adjustments 661 345 -2,418 1,063 Other Benefits paid -3,747 -6,344 Reclassification to Held for sale -175 0 Loss of Control/Disposal of subsidiary -94 0 Foreign exchange differences 8 -6 -4,007 -6,350 Balance at 31 December 24,357 24,183 During the financial year 2022, Viohalco and its companies paid EUR 3.7 million (2021: EUR 6.3 million) in benefits in respect of employees who left during the year. An additional cost that arose due to these payments was recognized (termination loss of EUR 2.7 million \u2013 2021: EUR 5.2 million). More specifically, in the cases of dismissal, voluntary withdrawals with benefit payment and retirement, the additional cost is the difference between the benefit paid and the amount recorded in the defined benefit liability for the respective employees. C. Defined benefit obligation (a) Actuarial assumptions The following were the weighted average principal actuarial assumptions at the reporting date: 2022 2021 Discount rate 3.69% 0.31% Price inflation 2.72% 2.06% Future salary growth 3.37% 2.66% Plan duration (in years) 5 6 Assumptions regarding future mortality have been based on Swiss mortality table EVK2000. (b) Sensitivity analysis The sensitivity analysis for each significant actuarial assumption which was reasonably possible, at the end of the reporting period, shows how the defined benefit obligation (DBO) would have been affected by those changes as follows: 2022 2021 Sensitivity 1 (discount rate plus 0.5%) - % Difference in DBO -2.40% -2.95% Sensitivity 2 (discount rate minus 0.5%) - % Difference in DBO 2.52% 3.14% Sensitivity 3 (salary growth rate plus 0.5%) - % Difference in DBO 2.36% 2.84% Sensitivity 4 (salary growth rate minus 0.5%) - % Difference in DBO -2.15% -2.70% The above sensitivity analysis is based on a change in one assumption while all other assumptions remain constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the pension liability recognized on the statement of financial position. The methods and the formula of the assumptions used for the defined analysis have not changed compared to the previous year. The expected maturity analysis of undiscounted pension benefits is as follows: Amounts in EUR thousands 2022 2021 Less than a year 6,899 5,654 Between 1 and 2 years 1,547 1,432 Between 2 and 5 years 7,158 5,574 Over 5 years 16,588 13,195 Total 32,193 25,855 12. Employee benefit expenses Amounts in EUR thousands Note 2022 2021 Wages and salaries 338,564 283,576 Social security contributions 63,798 53,920 Defined contribution plans 1,273 1,152 Defined benefit plans 11 6,598 7,558 Other employee benefits 33,256 25,286 Total 443,489 371,492 Employee benefits have been allocated as follows: Amounts in EUR thousands Note 2022 2021 Cost of goods sold 8 317,369 258,985 Selling and distribution expenses 8 53,073 47,935 Administrative expenses 8 70,951 61,875 Other expenses 8 0 358 Capitalised employee benefits in projects under construction 2,095 2,338 Total 443,489 371,492 The number of employees, as well as their profile and gender, employed by Viohalco companies is presented in the following tables: 2022 18 - 30 30-50 51+ Total Male 1,103 5,147 2,779 9,029 Female 247 1,081 405 1,733 Total 1,350 6,228 3,184 10,762 Office employees & professionals Workers Management Total Number of Employees 2,756 6,966 1,040 10,762 2021 18 - 30 30-50 51+ Total Male 986 4,715 2,518 8,219 Female 227 965 371 1,563 Total 1,213 5,680 2,889 9,782 Office employees & professionals Workers Management Total Number of Employees 2,689 6,187 906 9,782 13. Income tax expense A. Amounts recognised in profit or loss Amounts in EUR thousands 2022 2021 Current tax -73,474 -46,550 Deferred tax 1,299 -9,446 Income tax expense (-) -72,175 -55,996 B. Amounts recognised in OCI 2022 Amounts in EUR thousands Before tax Related tax Net of tax Amounts recognized in the OCI Remeasurements of defined benefit liability 2,418 -536 1,881 Equity investments in FVOCI - net change in fair value -1,061 -8 -1,069 Foreign currency translation differences -5,530 0 -5,530 Gain / Loss (-) of changes in fair value of cash flow hedging - effective portion 37,233 -8,763 28,470 Gain / Loss (-) of changes in fair value of cash flow hedging - reclassified to profit or loss -2,059 858 -1,201 Share of other comprehensive income of equity-accounted investees -2 0 -2 Total 30,998 -8,449 22,549 2021 Amounts in EUR thousands Before tax Related tax Net of tax Amounts recognized in the OCI Remeasurements of defined benefit liability -1,063 239 -823 Equity investments in FVOCI - net change in fair value 702 -17 684 Foreign currency translation differences 7,731 0 7,731 Gain / Loss (-) of changes in fair value of cash flow hedging - effective portion 4,839 -462 4,377 Gain / Loss (-) of changes in fair value of cash flow hedging - reclassified to profit or loss -1,713 15 -1,699 Total 10,495 -225 10,270 C. Reconciliation of effective tax rate Amounts in EUR thousands 2022 2021 Profit/loss (-) before income tax expense 374,564 275,984 Tax calculated at parent company's statutory income tax rate (2022 & 2021: 25.0%) -93,641 -68,996 Effect of different tax rates in jurisdictions that Viohalco companies operate 18,772 17,017 Tax calculated at weighted average income tax rate (2022: 20.0% & 2021: 18.8%) -74,869 -51,979 Adjustments for: Non-deductible expenses for tax purposes -11,091 -9,936 Tax-exempt income 2,987 4,770 Tax incentives 1,602 769 Recognition of previously unrecognised tax losses, thin capitalization allowance or temporary differences of a prior period 5,703 2,012 Current-year losses for which no deferred tax asset is recognised -1,453 -1,681 Tax-exempt reserves recognition 1,732 660 Withholding tax on international dividends -53 -57 Change in tax rate or composition of new tax -135 5,035 Derecognition of previously recognised deferred tax assets 0 -4,874 Prior year income tax adjustments 3,402 -714 Income tax expense reported in the statement of profit or loss (-) at the effective tax rate 19% -72,175 -55,996 The corporate income tax rate in Belgium according to the applicable tax legislation is 25%. The profit is taxed at the applicable rate corresponding to the country in which each company is domiciled. According to the Greek law 4799/2021, enacted in May 2021, the corporate income tax rate for legal entities in Greece, where most of Viohalco subsidiaries are located, for the fiscal year 2021 and onwards is set at 22%. The consolidated effective tax rate for 2022 was 19% (2021: 20%) due to the following reasons: - The recognition of previously unrecognised deferred tax asset on prior years\u2019 tax losses carried forward, as the current assessment regarding the recoverability of available tax losses to offset future taxable income in steel pipes segment led to the recognition of deferred tax asset of EUR 4.6 million. - Based on applicable Greek tax legislation, research and development (R&D) expenditure, including the tax depreciation costs of equipment and instruments used in R&D activities, may be deducted from gross income of a company with increased deduction rates. Viohalco subsidiaries in Greece made use of the above tax provisions and the estimate regarding the related tax benefit is presented in the line \u201cTax incentives\u201d. - During 2022, Viohalco subsidiaries in aluminium segment recognized tax exempt reserves, according to the Greek Investment Incentives Law 4399/16. D. Movement in deferred tax balances 2022 Net balance at 31 December Change in tax rate Change Loss of Net Recognised Foreign recognised in tax rate Control/ Deferred Deferred balance at in profit Recognised exchange in profit recognised Disposal of tax tax Amounts in EUR thousands 1 January or loss in OCI differences or loss in OCI subsidiary Net assets liabilities Property, plant & equipment -108,365 -4,176 0 438 -244 0 -442 -112,789 264 -113,054 Right of use asset 5 -440 0 0 0 0 -45 -480 104 -584 Intangible assets -354 -501 0 0 0 0 -4 -859 1,394 -2,253 Investment property -2,598 189 0 0 0 0 0 -2,410 90 -2,500 Other investments 1,471 -271 0 0 0 0 -2,117 -917 143 -1,060 Derivatives -1,233 -1,008 -7,879 11 20 -26 0 -10,115 29 -10,144 Inventories -58 2,533 0 0 0 0 -56 2,419 2,419 0 Loans and borrowings -1,117 775 0 0 0 0 0 -342 602 -944 Employee benefits 4,014 842 -536 -1 0 0 -51 4,267 4,346 -79 Provisions / Accruals 6,468 -12 0 182 0 0 -360 6,278 6,278 0 Contract with customers -11,757 -5,760 0 0 0 0 0 -17,517 1,111 -18,628 Contract liabilities -9 0 0 0 0 0 0 -9 0 -9 Other items 3,099 -1,621 0 -18 0 0 -67 1,392 2,220 -828 Thin capitalisation 24,229 -633 0 0 0 0 0 23,596 23,596 0 Tax losses carried forward 2,083 11,518 0 -66 90 0 0 13,625 13,625 0 Tax assets/liabilities (-) before set-off -84,122 1,433 -8,415 546 -135 -26 -3,143 -93,860 56,221 -150,082 Set-off tax -46,593 46,593 Net tax assets/liabilities (-) -93,860 9,628 -103,488 2021 Net balance at 31 December Change in tax rate Change Loss of Net Recognised Foreign recognised in tax rate Control/ Deferred Deferred balance at in profit Recognised exchange in profit recognised Disposal of tax tax Amounts in EUR thousands 1 January or loss in OCI differences or loss in OCI subsidiary Net assets liabilities Property, plant & equipment -109,294 -5,500 0 -404 6,832 0 0 -108,365 281 -108,646 Right of use asset 97 -27 0 0 -65 0 0 5 424 -419 Intangible assets 1,159 -1,628 0 0 115 0 0 -354 1,820 -2,174 Investment property -606 -2,189 0 0 196 0 0 -2,598 89 -2,688 Other investments 875 607 -4 0 7 -13 0 1,471 1,550 -79 Derivatives -1,074 377 -390 -19 -70 -58 0 -1,233 462 -1,695 Inventories -350 176 0 0 116 0 0 -58 192 -249 Loans and borrowings -1,564 308 0 0 139 0 0 -1,117 216 -1,333 Employee benefits 4,284 -181 45 -1 -327 195 0 4,014 4,126 -111 Provisions / Accruals 4,016 2,724 0 -4 -268 0 0 6,468 6,468 0 Contract with customers -12,625 -40 0 -10 918 0 0 -11,757 1,335 -13,092 Contract liabilities -9 0 0 0 1 0 0 -9 0 -9 Other items 4,269 -992 0 -3 -183 0 7 3,099 4,274 -1,175 Thin capitalisation 30,499 -3,879 0 -2 -2,389 0 0 24,229 24,229 0 Tax losses carried forward 6,272 -4,236 0 36 12 0 0 2,083 2,085 -2 Tax assets/liabilities (-) before set-off -74,051 -14,481 -349 -406 5,035 123 7 -84,122 47,552 -131,673 Set-off tax -34,410 34,410 Net tax assets/liabilities (-) -84,122 13,141 -97,263 Deferred tax assets relating to tax losses carried forward are recognised only if it is probable that they can be offset against future taxable profits. At each balance sheet date, Viohalco and its subsidiaries assess whether the realization of future tax benefits is sufficiently probable based on approved business plans. On 31 December 2022, the accumulated tax losses carried forward available for future use amounted to EUR 105.9 million (31 December 2021 EUR 80 million). Viohalco companies have recognised cumulatively a deferred tax asset of EUR 13.6 million (31 December 2021: EUR 2 million) on tax losses because management considered it probable that future taxable profits would be available against which such losses can be used. EUR 11.6 million relate to Viohalco subsidiaries located in Greece and the rest EUR 2.0 million to subsidiaries in other jurisdictions. This deferred tax asset corresponds to losses equal to EUR 58.8 million (31 December 2021: EUR 9 million). Based on these estimates regarding future taxable profits, deferred tax assets have not been recognised in respect of tax losses carried forward for an amount of EUR 47 million (EUR 70 million in 2021). Out of these, tax losses equal to EUR 22.6 million expire in 2023 and 2024, while the rest expire between 2025 and 2027. According to the provisions of articles 49 and 72 of the Greek Law 4172/2013 concerning thin capitalization, net interest expense is deductible from current year\u2019s tax profits, if it is equal or less than 30% of EBITDA and any excess can be settled with future tax profits without time limitations. Based on the current approved business plans, the balance of the respective tax asset was equal to EUR 23.6 million, as at 31 December 2021 (31 December 2020: EUR 24.2 million). 14. Inventories Amounts in EUR thousands 2022 2021 Merchandise 38,602 40,633 Finished goods 543,856 431,583 Semi-finished goods 408,358 282,538 By-products & scrap 123,039 83,955 Work in progress 33,333 34,684 Raw and auxiliary materials, consumables and packaging materials 766,911 596,448 Total 1,914,098 1,469,840 The amount of inventories recognised as expense during 2022 and included in \u2019Cost of sales\u2018 was EUR 4.9 billion (2021: EUR 3.8 billion). Inventories with a carrying amount of EUR 220 million are pledged as security for borrowings received by Viohalco\u2019s companies (See Note 26). No significant inventory adjustments to NRV were performed during 2022. 15. Trade and other receivables Amounts in EUR thousands Note 2022 2021 Current Assets Trade receivables 483,202 474,345 Less: Impairment losses -57,285 -53,964 Net trade receivables 425,917 420,381 Advance payments 10,891 16,478 Cheques and notes receivables & cheques overdue 47,857 40,967 Receivables from related parties 37 48,843 41,570 VAT and other tax receivables 64,669 62,298 Receivables from dividends of equity-accounting investees 37 144 334 Other debtors 88,688 54,856 Less: Impairment losses -11,926 -13,348 Net other receivables 249,165 203,155 Total current assets 675,083 623,536 Non-current assets Non-current receivables from related parties 37 12 5,746 Other non-current receivables 6,881 1,568 Total non current assets 6,893 7,314 Total receivables 681,976 630,850 Viohalco and its companies have not concentrated their credit risk in relation to receivables from customers, since they have a wide range number of customers. A. Transfer of trade receivables The carrying amount of receivables includes amounts that are subject to factoring arrangements. Viohalco and its subsidiaries, enter into factoring agreements (with recourse) to sell trade receivables for cash proceeds. These trade receivables are not being derecognised from the statement of financial position, because substantially all the risks and rewards are still retained by Viohalco - primarily credit risk. The amount received on transfer by the factor is recognised as a secured bank loan. The following table presents the carrying amount of trade receivables at the year-end that have been transferred, but have not been derecognised and the associated liabilities. Amounts in EUR thousands 2022 2021 Carrying amount of trade receivables transferred to banks 60,300 44,219 Carrying amount of associated liabilities 41,244 27,257 The fair value of trade receivables transferred approximates their carrying amount. As at 31 December 2022 and 2021, Viohalco companies had not used the total amount of credit line provided by the factoring companies. Related loans are included in the line \u2019Secured bank loans\u2018 in Note 26 \u2019Loans and Borrowings\u2019. B. Credit and market risks and impairment losses During 2010, the subsidiary Corinth Pipeworks SA initiated in Greece and Dubai legal actions against a former customer in the Middle-East regarding the recovery of an overdue receivable of USD 24.8 million (EUR 23.3 million on 31 December 2022), plus legal interest. Following a series of court proceedings, the Dubai Court of Cassation issued its final judgment, during 2017, and ruled to reject any counterclaim of the former customer and to confirm the amount due to Corinth Pipeworks. In order to recover this long overdue balance, Corinth Pipeworks has initiated the enforcement procedures against the assets of the former customer that are located within any of the countries, where the Court of Cassation judgment issued against the former customer is enforceable (i.e. UAE and various other countries in the Middle East). There were no other substantial developments during 2022. Corinth Pipeworks had recorded in the past an impairment loss for the whole outstanding amount, i.e. USD 24.8 million. However, the subsidiary will continue any and all actions required to collect the full amount of that receivable. Information about Viohalco companies\u2019 exposure to credit and market risks, and impairment losses for trade and other receivables is included in Note 30. 16. Cash and cash equivalents Amounts in EUR thousands 2022 2021 Cash in hand and at banks 98 6,848 Short-term bank deposits 412,546 496,419 Total 412,644 503,267 Short term deposits have duration of less than 90 days and are available for use. 17. Property, plant and equipment A. Reconciliation of carrying amount Machinery Furniture Land, plants & & transportation & other PP&E under Amounts in EUR thousands other buildings equipment equipment construction Total Cost Balance as at 1 January 2022 1,065,978 2,917,527 79,398 214,763 4,277,666 Effect of movement in exchange rates -473 -9,715 5 -430 -10,613 Additions 46,636 25,408 5,927 219,588 297,558 Disposals -1,315 -5,507 -592 -369 -7,783 Transfer to/from investment property -53 0 0 0 -53 Reclassification to assets held for sale -5,861 -18,710 -1,550 -2,924 -29,045 Reclassifications 40,959 226,796 1,798 -259,421 10,132 Write offs -583 -19,477 -729 -554 -21,343 Loss of control / Disposal of subsidiary -10 -1,312 -97 0 -1,419 Balance as at 31 December 2022 1,145,277 3,115,012 84,159 170,654 4,515,102 Accumulated depreciation & impairment losses Balance as at 1 January 2022 -391,222 -1,726,929 -65,426 -4,983 -2,188,560 Effect of movement in exchange rates 214 6,671 -8 0 6,878 Depreciation -26,048 -98,193 -5,400 0 -129,641 Disposals 625 4,968 487 0 6,080 Write offs 5 17,284 711 0 17,999 Reversal of previously recognized impairment loss 10,722 258 0 0 10,980 Transfer to/from investment property 9 0 0 0 9 Impairment loss -3,974 -2,971 0 0 -6,944 Reclassification to assets held for sale 2,723 7,454 961 0 11,137 Reclassifications 0 -13,408 0 0 -13,408 Loss of control / Disposal of subsidiary 10 1,298 97 0 1,405 Balance as at 31 December 2022 -406,935 -1,803,569 -68,580 -4,983 -2,284,066 Carrying amount as at 31 December 2022 738,342 1,311,443 15,580 165,671 2,231,036 Machinery Furniture Land, plants & & transportation & other PP&E under Amounts in EUR thousands other buildings equipment equipment construction Total Cost Balance as at 1 January 2021 1,007,315 2,793,597 76,081 154,824 4,031,817 Effect of movement in exchange rates 1,129 10,230 -25 330 11,663 Additions 31,301 26,990 4,129 186,746 249,167 Disposals -2,710 -3,732 -188 -475 -7,105 Transfer to /from investment property -210 0 0 0 -210 Reclassifications 29,420 94,977 1,237 -126,597 -962 Write offs -267 -4,535 -1,836 -66 -6,705 Balance as at 31 December 2021 1,065,978 2,917,527 79,398 214,763 4,277,666 Accumulated depreciation & impairment losses Balance as at 1 January 2021 -378,847 -1,631,552 -62,340 -4,983 -2,077,721 Effect of movement in exchange rates -374 -6,543 13 0 -6,905 Depreciation -22,990 -92,682 -5,015 0 -120,686 Disposals 1,582 2,633 137 0 4,352 Write offs 267 2,706 1,804 0 4,777 Reversal of previously recognized impairment loss 11,226 258 0 0 11,484 Impairment loss -2,087 -664 -2 0 -2,753 Reclassifications 1 -1,085 -23 0 -1,107 Balance as at 31 December 2021 -391,222 -1,726,929 -65,426 -4,983 -2,188,560 Carrying amount as at 31 December 2021 674,756 1,190,598 13,971 209,781 2,089,107 The net amount of EUR 3.3 million in \u2018Reclassifications\u2019 movement mainly concerns assets under construction reclassified to intangible assets and inventories as well as reclassifications from right of use assets. B. SecurityProperty, plant & equipment with a carrying amount of EUR 1,377 million are mortgaged as security for borrowings received by Viohalco\u2019s companies (see Note 26). C. Property, plant and equipment under constructionThe most important additions in property, plant and equipment under construction as of 31 December 2022 concern the following: \u2022 the expansion of the new cold rolling mill at Oinofyta aluminium rolling plant; \u2022 the new lacquering line and new infrustructeres in Oinofyta aluminium rolling plant of ElvalHalcor,\u2022 machinery upgrades in Bridgnorth aluminium plant; \u2022 the revamping of press in ElvalHalcor\u2019s copper tube plant;\u2022 the operational investments in copper alloys extrusion division of ElvalHalcor and the copper rolling division (Sofia Med); \u2022 the ongoing investments in the cables plant in Corinth; \u2022 a capital expenditure of EUR 6.0 million to support the construction of a submarine cables factory in the USA \u2022 certain productivity and capacity improvement investments in Thisvi\u2019s plant of steel pipes segment; \u2022 steel segment\u2019s operational investments related to plants\u2019 machinery upgrade. They also include the Meltshop filters upgrade, energy efficiency projects and IT automations in Bulgaria.Capitalized borrowing costs related to property, plant and equipment under construction amount to EUR 0.6 million (2021: EUR 0.9 million), which have been calculated using an average capitalization rate of 3.7% (2021: 3.7%). Additions in assets under construction also include capitalized employee benefits equal to EUR 2,095 thousand (2021: EUR 2,338 thousand). D. Transfer to and from investment propertyDuring 2022, Property plant and plant and equipment amounting of EUR 44 thousands were transferred to investment property. E. Impairment loss of property, plant and equipmentOn 31 December 2022, an impairment test was performed for each Cash Generating Unit (further CGU) for which indications of impairment loss existed as at 31 December 2022 concerning subsidiaries from steel and steel pipes segments. The identified indications of impairment concerned the losses incurred by certain CGUs over the last years. For the calculation of recoverable amount per CGU, cash f low projections based on a period of f ive years were used. The results of this test concluded that the property, plant and equipment used by these CGUs were not impaired at 31 December 2022, since the recoverable amount of each CGU exceeded the respective carrying amount. In addition, impairment losses of EUR 6.9 million where recognised mainly in the aluminium (EUR 2.7 million) and copper segments (EUR 2 million) for specific fixed assets that indications of impairment were existed. The recoverable amount of related assets amounted EUR 881 thousands.During 2022, machinery equipment with NBV equal to EUR 3.3 million (2021: EUR 1.9 million) were written off since they are no longer used by Viohalco companies and they are not expected to bring economic benefits in the future since these assets became obsolete. In addition, impairment tests were performed on real estate assets where indications of impairment exist, either owner occupied or held as investment property. The tests were carried out in order to address the risk of negative changes in the fair value of properties and respond if necessary. Valuation techniques and the results relating to investment properties are outlined in note 19. F. Reversal of impairment loss of property, plant and equipment A test has also been performed for CGUs, for which indications for reversal of previously recorded impairment loss existed at 31 December 2022. These indications concerned the improvement of expected performance of certain CGUs over the following years. However, the result of the test was that no impairment loss should be reversed in 2022. In addition, previously recognized impairment losses of EUR 11 million were reversed (recoverable amount EUR 29 million) and included in the line \u201cOther Income\u201d of the consolidated statement of profit or loss, related to Investment property that has been transferred to PP&E in the previous years. Valuation technique applied was \u201cIncome Approach\u201d. Valuation techniques and the results relating to investment properties are outlined in note 19. For segmental classification purposes, reversal of impairment losses reported in real estate segment. G. Reclassification to assets held for sale Assets amounting to EUR 17.9 million have been reclassified to Assets held for sale in the context of Etem Commercial disposal agreement (see note 22). 18. Goodwill and intangible assets A. Reconciliation of carrying amount Development Trademarks Amounts in EUR thousands Goodwill costs and licenses Software Other Total Cost Balance as at 1 January 2022 1,500 1,317 37,622 55,216 2,915 98,570 Effect of movement in exchange rates 0 0 1 -4 -3 -6 Additions 0 0 1,867 4,402 99 6,368 Disposals 0 0 0 -67 0 -67 Write-offs 0 0 0 -25 0 -25 Loss of Control/Disposal of subsidiary 0 0 0 -8 0 -8 Reclassifications to Held for Sale 0 -884 -307 -789 0 -1,979 Reclassifications 0 103 386 1,894 127 2,510 Balance as at 31 December 2022 1,500 537 39,569 60,619 3,138 105,363 Accumulated amortization and impairment loss Balance as at 1 January 2022 -1,500 -626 -11,823 -41,626 -912 -56,487 Effect of movement in exchange rates 0 0 0 6 1 7 Amortization 0 -96 -2,484 -4,026 -111 -6,717 Disposals 0 0 0 67 0 67 Write-offs 0 0 0 25 0 25 Loss of Control/Disposal of subsidiary 0 0 0 8 0 8 Reclassifications to Held for Sale 0 217 303 591 0 1,111 Balance as at 31 December 2022 -1,500 -505 -14,004 -44,956 -1,022 -61,986 Carrying amount as at 31 December 2022 0 32 25,565 15,663 2,117 43,376 Development Trademarks Amounts in EUR thousands Goodwill costs and licenses Software Other Total Cost Balance as at 1 January 2021 1,500 2,097 34,400 49,000 2,818 89,814 Effect of movement in exchange rates 0 -1 0 -95 -5 -101 Additions 0 0 1,581 4,289 102 5,972 Disposals 0 0 -1 -10 0 -11 Write-offs 0 0 -3 -183 0 -186 Reclassifications 0 -779 1,645 2,216 0 3,082 Balance as at 31 December 2021 1,500 1,317 37,622 55,216 2,915 98,570 Accumulated amortization and impairment loss Balance as at 1 January 2021 -1,500 -1,097 -9,612 -37,200 -860 -50,269 Effect of movement in exchange rates 0 1 0 68 2 70 Amortization for the period 0 -137 -2,215 -4,269 -53 -6,673 Disposals 0 0 1 10 0 11 Write-offs 0 0 3 183 0 186 Impairment loss 0 0 0 -79 0 -79 Reclassifications 0 608 0 -341 0 267 Balance as at 31 December 2021 -1,500 -626 -11,823 -41,626 -912 -56,487 Carrying amount as at 31 December 2021 0 691 25,799 13,589 2,004 42,083 B. Amortisation The amortization of trademarks and licenses with finite useful lives, software programs and other intangible assets is allocated to the cost of inventory and is included in \u2019Cost of sales\u2018 when inventory is sold, as trademarks and licenses and software programs are mainly used directly for the production of products and they are considered as production overheads. The amortization of intangible assets not used for production is allocated to administrative expenses. C. Reclassifications Reclassifications mainly relate to intangible assets recorded initially in projects under construction (in property, plant and equipment) and upon the completion of the project, they are transferred to the column which describes their nature. D. Goodwill No additional Goodwill has been recognized during 2022. E. Intangible assets with indefinite useful lives All intangible assets have finite useful life (see Note 5.10), except for the following assets, included in trademarks and licenses category: i. Intangible assets recognized for the CGU \u201cFulgor\u201d a. Trade Name \u201cFulgor\u201d (carrying amount of EUR 1.4 million as at 31 December 2022) It relates to the sector of medium voltage submarine cables and terrestrial high voltage cables that Fulgor was operating prior to its acquisition by Hellenic Cables in 2011 and which has revealed significant economic benefits. Based on the analysis of relevant factors (e.g. knowledge, no longstanding engagement with a wide range of clientele, future development of the sector), the useful life of the brand was considered indefinite. b. License of Port use in Soussaki, Corinth (carrying amount of EUR 8.3 million as at 31 December 2022) Fulgor holds a license for permanent and exclusive use of a port located in the premises of the factory in Soussaki, Corinth. The port is necessary for the production and transportation of submarine cables of medium and high voltage. Since the acquisition of the subsidiary, significant investments for the upgrade and expansion of production capacity of medium and high-voltage submarine cables took place. The useful life of the asset is considered indefinite since the right of use of these port facilities is for an indefinite period. ii. Intangible assets recognized for the CGU \u201cReynolds\u201d (carrying amount of EUR 1.7 million as at 31 December 2022). Upon the completion of the acquisition of Reynolds Cuivre by Genecos, an intangible asset related to the brand name \u201cReynolds\u201d was recognized, as significant economic benefits are expected from its use. Based on the analysis of relevant factors (e.g. knowledge of the relevant market, wide range of clientele, expected future developments), the useful life of the brand was considered indefinite. F. Impairment testing (a) Intangible assets recognized for the CGU \u201cFulgor\u201d As these intangible assets do not generate independent cash inflows, it was considered appropriate to carry out the impairment test on the basis of the Cash Generating Unit (CGU) of Fulgor submarine cables production plant, which incorporates these assets. To evaluate the value in use, cash flow projections based on estimates by management covering a five-year period (2023 \u2013 2027) were used. These estimates take into consideration the contracts already signed, as well as contracts estimated to be awarded in Greece and abroad. The submarine cables CGU operates as a project-based business. Therefore, assumptions related to revenue and profitability growth are based on the contracts already signed, as well as those estimated to be undertaken in the forthcoming period. The main assumptions regarding the operations of submarine cables CGU and the projects to be executed within the five-year period are: \u2022 Progressively high-capacity utilization of Corinth plant owned by Fulgor, as the one observed during the last 3 years, based on contracts already awarded and those expected given the tendering activity. Given the existing backlog and the growth of renewables business around the world, which is a significant driver in the attractive outlook for the offshore power generation market, the continuously high level of activity is expected to be retained throughout the period 2023-2027. \u2022 Capital expenditure of approx. EUR 189 million in the following 5 years, to cover estimated production and capacity needs. Capital expenditure reflects investments for maintenance as well as organic growth. For the terminal period, investments are set equal to depreciation. \u2022 The compound annual growth rate of revenue from offshore business for the five-year period is set to ca. 24% attributable to the assignment of new projects mainly in Greece, North Europe and the USA. \u2022 The EBITDA margin per offshore project is assumed in the range of 15%-25% of revenue. Estimated profitability per project varies due to different types of cables required, technical specifications, geographic region and the project\u2019s timeframe. \u2022 The compound annual growth rate of fixed operating expenses is assumed equal to ca. 4.8% for the five-year period. Cash flows after the first five years were calculated using an estimated long term growth rate of 1.52%, which mainly reflects management's estimates for the world economy as well as long-term growth prospects of the offshore cable sector. The pre-tax rate used to discount these cash flows was 12.02%, based on the following assumptions: \u2022 The risk-free rate was based on AAA European bond yields. \u2022 The country risk calculations were based on the expected future sales mix and the fact that the business unit is based in Greece. \u2022 The market risk premium was assumed equal to 6.21%., i.e., higher than the one used in last year\u2019s impairment test, as market conditions have worsened. Commodity prices for copper and aluminium are intrinsically part of the impairment test assumptions; the metal price hedging activities undertaken, though, and the customized nature of the products sold by Fulgor, suggest that the value of the business unit is not significantly affected by fluctuations in commodity prices. Hence, a neutral result from metal price fluctuations is assumed in the context of the impairment test. The results of this test indicated that the recoverable amount on 31 December 2022 exceeds the carrying amount of the CGU (equal to EUR 283 million) by EUR 688 million. A sensitivity analysis was carried out on the key assumptions of the model (discount rates and growth in perpetuity), to examine the adequacy of the above headroom. Sensitivity analysis results indicated that the recoverable amount comfortably exceeds the carrying value of the CGU. Assumptions may change as follows, so as the recoverable amount equals the carrying amount: Change in rates (percentage points change) required for the recoverable amount Assumptions used to equal the carrying amount Discount rate 12.02 % + 14.5 ppc Terminal growth 1.52 % - 118.0 ppc (b) Intangible assets recognized for the CGU \u201cReynolds\u201d The recoverable amount of the CGU that includes this intangible asset (Reynolds Cuivre S.A.) was estimated based on the present value of the future cash flows expected to be derived from the CGU (value in use). Cash flows after the first five years were calculated using an estimated growth rate of 1%, which reflects management's estimates for the growth prospects for the market. The after-tax rate used to discount these cash flows is 8.3% for the five year period and for the terminal value and was based on the following: \u2022 Risk free rate at 2.09%. \u2022 The market risk premium (including the country risk for operating in France) was determined at 6.90% Average annual revenue growth rate for the five-year period is 0.2% ; and the average annual operating expenses decrease ; percentage is 0.6%. Average capex equal to EUR 170 thousand. The results of this test indicated that the recoverable amount as at 31 December 2022 exceeds the carrying value of the CGU amounting to EUR 10.0 million by EUR 1.9 million. A sensitivity analysis was carried out on the key assumptions of the model (discount rates and growth in perpetuity), so as to examine the adequacy of the headroom. The result of the sensitivity analysis indicated that the recoverable amount still exceeds the carrying value of the CGU. Results of the sensitivity analysis for the impairment testing: Change in rates (percentage points change) required for the recoverable amount Assumptions used to equal the carrying amount Discount rate 8.3% +0.9ppc Terminal growth 1.0% -1.2ppc 19. Investment property A. Reconciliation of carrying amount Amounts in EUR thousands 2022 2021 Balance as at 1 January 280,876 270,413 Acquisitions 53,301 10,887 Disposals -609 -753 Write offs -85 0 (Impairment losses) / Reversal of impairment losses -10,125 6,922 Modifications 280 95 Transfers to property, plant and equipment 0 -1 Transfers from property, plant and equipment 44 210 Depreciation -7,658 -6,898 Balance as at 31 December 316,024 280,876 Gross carrying amount 376,519 324,684 Accumulated depreciation and impairment losses -60,495 -43,807 Net carrying amount as at 31 December 316,024 280,876 Investment property comprises of a number of commercial and industrial properties that are either leased to third parties currently or will be in the foreseeable future. Each of these leases is indexed to consumer prices. During 2022, Viohalco invested an amount of EUR 53 million (EUR 11 million in 2021) for the acquisition and improvement of investment properties. More specifically, 21 new real estate assets were added to the portfolio during the period, all located in Greece, 3 through acquisition and 18 through SCI with contribution in kind. B. Measurement of fair value \u2013Impairment loss and subsequent reversal On December 31st 2022, an impairment test was performed on all real estate assets (individual assets), either owner occupied or held as investment property. The tests were carried out in order to address the risk of negative changes in the fair value of properties and respond if necessary. The results relating to owner occupied properties are outlined in note 17. For investment property assets, an impairment loss of EUR 13.5 million was recorded and included in the line \u2019Other expense\u2018 of the consolidated statement of profit or loss. Impairment losses relate primarily to land and buildings, and the recoverable amount was based on its fair value less costs of disposal. The fair value of these properties was determined by external, independent property valuers, having appropriate recognized professional qualifications and recent experience in the location and category of the properties being valued. Valuation techniques are described in detail in the next paragraph. For segmental classification purposes, the impairment loss (recoverable amount EUR 81 million) was reported in real estate segment. Asset valuations were also used to identify if previously recognized impairment losses could be reversed. As a result, EUR 3.4 million were reversed and included in the line \u2019Other Income\u2018 of the consolidated statement of profit or loss. The recoverable amount of these assets as at 31 December 2022 was EUR 240 million and they relate to the real estate segment. The accumulated impairment losses carried forward as at 31 December 2022, amounts to EUR 40.3 million (31 December 2021: EUR 30.2 million). The fair value of all properties reported in the line \u2019Investment property\u2018, as at 31 December 2022, is EUR 390 million (31 December 2021: EUR 355 million). Valuation techniques and significant unobservable inputs (Level 2 & 3) The fair value measurement for investment property has been categorized as a Level 2 and 3 regarding fair value hierarchy, based on the inputs to the valuation techniques used. Valuations methods used to determine the fair value of these properties were reflecting the highest and best possible use. - For buildings currently rented or expected to be rented out in the foreseeable future for which no observable prices were available, the income approach (either Discounted Cash Flow or Direct capitalization) method was used. DCF method considered the present value of net cash flows to be generated from each property, taking into account expected rental growth rate, void periods, occupancy rate, lease incentive costs such as rent-free periods and other costs not paid by tenants. The expected net cash flows are discounted using risk-adjusted discount rates that ranged between 8.70 % - 12.50 %. Among other factors, the discount rate estimation considers the quality of each building, its location, tenant credit quality, lease terms and the expected market return. The estimated fair value would decrease if either the expected market rental growth was lower or the risk-adjusted discount rates were higher. Direct capitalization uses an All-Risk Yield in order for the current annual estimated rental value to be capitalized. ARY ranged between 4.00% - 12.50% and offers a holistic assessment of the property market's general condition. - For buildings, which were under construction and which are intended to be used as investment property in the future, the residual method was primarily used. The fair value determined by this method reflects the value of the property in its current condition. - For all the properties, the comparative method (market approach) was used. According to this method the valuer estimates the market value of the subject asset by comparing the factors that mostly affect it. Such factors can be location, size, quality of construction etc. This method is based on estimation of the market price and what has been paid for similar properties under similar economic conditions. Each property is valued at a price at which similar ones in the area have recently sold with a subjective differential added (or subtracted) to adjust for the unique characteristics of the property that make it different from the benchmark properties, such as location, size, accessibility etc. The specific valuation technique has been classified as Level 2, regarding the fair value measurement hierarchy. 20. Equity-accounted investees A. Reconciliation of carrying amount of associates and joint ventures Amounts in EUR thousands 2022 2021 Balance as at 1 January 44,372 38,089 Share of profit / loss (-) net of tax -1,365 -2,530 OCI profit (loss) for the period -2 1 Dividends received -655 -886 Additions 0 225 Share capital increase 7,500 8,800 Impairment -9,260 0 Disposals -6,001 0 Reclassification 856 0 Effects on movement in exchange rates 1,194 671 Balance as at 31 December 36,638 44,372 B. Financial information per associate and joint venture The following tables present financial information per associate. The disclosed financial information reflects amounts in the financial statements of the relevant associates. 2022 Profit or loss Total Principal Non- Non- from compre- Direct Ultimate place of Carrying Current Current Current Current continuing hensive ownership ownership Company business Segment Associate/JV Value Assets Assets Liabilities Liabilities Revenue operations income interest interest ETEM GESTAMP AUTOMOTIVE SA Bulgaria Aluminium Joint Venture 8,864 13,662 22,921 8,100 15,399 58,423 1,569 1,637 49.00% 49.00% DOMOPLEX LTD Cyprus Steel Associate 1,244 4,188 1,996 3,049 532 6,779 497 497 45.00% 45.00% AO TMK-CPW Russia Steel Pipes Associate 15,963 69,910 5,252 87 42,498 95,246 7,287 7,287 49.00% 39.09% HC ISITMA \u0391.S. Turkey Copper Joint Venture 249 8,933 1,562 1,047 1,928 24,632 2,328 2,268 50.00% 42.39% U.E.H.E.M GmbH Germany Aluminium Associate 860 14,896 20 0 13,216 69,383 1,235 1,235 49.00% 41.54% NEDZINK B.V. Netherlands Copper Joint Venture 0 39,419 46,970 38,693 43,777 100,161 -13,762 -13,762 50.00% 42.39% THE GRID SA Greece Real estate Joint Venture 8,651 5,300 32,952 19,624 1,681 0 -908 -908 50.00% 40.55% Metallourgia Attikis Greece Other Associate 806 1,747 266 96 315 2,085 267 269 50.00% 50.00% 36,6382021 Profit or loss Total Principal Non- Non- from compre- Direct Ultimate place of Carrying Current Current Current Current continuing hensive ownership ownership Company business Segment Associate/JV Value Assets Assets Liabilities Liabilities Revenue operations income interest interest ETEM GESTAMP AUTOMOTIVE SA Bulgaria Aluminium Joint Venture 8,095 9,465 16,390 230 14,177 41,028 1,335 1,340 49.00% 49.00% DOMOPLEX LTD Cyprus Steel Associate 1,165 3,756 2,186 547 2,966 6,811 806 806 45.00% 45.00% AO TMK-CPW Russia Steel Pipes Associate 11,216 64,836 5,004 23 46,926 70,009 1,910 1,910 49.00% 39.09% BELLVILLE TUBE USA Steel Pipes Associate 1,732 422 13,744 3,418 3,988 20,238 -2,837 -2,837 19.40% 15.48% AWM SPA Italy Steel Associate 3,643 8,701 8,281 3,928 5,301 5,142 -698 -698 34.00% 34.00% HC ISITMA \u0391.S. Turkey Copper Joint Venture 231 338 146 46 92 572 54 500 50.00% 42.39% U.E.H.E.M GmbH Germany Aluminium Associate 767 9,317 26 0 7,834 53,775 1,074 1,074 49.00% 41.54% NEDZINK B.V. Netherlands Copper Joint Venture 11,841 31,325 49,598 43,186 28,940 86,636 -8,192 -8,192 50.00% 42.39% THE GRID SA Greece Real estate Joint Venture 5,681 2,403 28,605 19,600 47 0 -688 -688 50.00% 43.64% 44,372 DisposalIn June 2022, Viohalco subsidiary, Sidenor sold the percentage held (34%) at AWM SPA, resulting at a loss of EUR 1.3 million. ReclassificationIn December 2022, Viohalco\u2019s control in the participation to Mettalourgia Attikis was lost due to management restructuring while the participation held was 50%. The company will be accounted as an Equity accounted investee from 31.12.2022. ImpairmentThe annual impairment test performed for the participation to Nedzink, the Joint Venture of Elvalhalcor (Copper segment), indicated the recognition of an impairment loss of EUR 9.2 million onwards. DisposalIn 2021, Viohalco through CPW America - held a 19.4% interest in Bellville Tube Company and accounted for the investment as an associate. In August 2022, Viohalco disposed its interest in Bellville Tube Company for proceeds of USD 3.3 million, receivable in monthly instalments. The disposal price was according to the initial purchase agreement, which prescribed that CPW America had the option, during the period 2022-2025 to require Bellville Tube Company to redeem all, but not less than all, of the shares of Bellville Tube Company then held by CPW America. The aggregate purchase price for the redeemed shares was set equal to USD 3.3 million, i.e., the amount initially disbursed for the purchase of the interest in Bellville Tube Company. This transaction has resulted in the derecognition of the related options previously recognised on the statement of financial position and the recognition of a gain in profit or loss, calculated as follows: Amounts in EUR thousand Disposal price 3,241 Less: Carrying amount of investment on the date of disposal (2,358) Carrying amount of options on the date of disposal (1,040) Loss recognised from disposal of associate (156) Since AO TMK-CPW is based on Russia, there are restrictions on the ability of the associate to transfer funds to the Company and its subsidiaries in the form of cash dividends, due to the counter sanctions set by the Russian Federation. Russian legislation put in place since May 2022 restrict the payments of amounts in excess of ca. EUR 150,000 to EU residents as a response to the EU imposed sanctions against Russia. Although these restrictions are stated to be temporary, to avoid any potential loss of income, Humbel Ltd (the owner of 49% of the shares in the AO TMK-CPW) has asked AO TMK-CPW to postpone the payment of any dividends, until further notice. Therefore, during 2022, there were no transactions between AO TMK-CPW and the Viohalco Companies. There are no other restrictions on the ability of associates to transfer funds to the Company or its subsidiaries in the form of cash dividends, or to repay loans or advances made by the Company. Aforementioned financial information is presented considering the following: (a) There are no other restrictions on the ability of joint ventures or associates to transfer funds to the entity in the form of cash dividends, or to repay loans or advances made by the entity. (b) The financial statements of joint ventures or associates are used in applying the equity method and as of the same date with that of Viohalco. (c) There are no unrecognized share of losses of a joint venture or associate, both for the reporting period and cumulatively. C. Description of associates and joint ventures UEHEM (UACJ ELVAL HEAT EXCHANGER MATERIALS GmbH) is a joint establishment between ElvalHalcor and UACJ Corp. It markets aluminium products to manufacturers of automotive heat exchangers in Europe. HC ISITMA is a joint venture between ElvalHalcor and Cantas AS. It is active in the manufacture of pre-insulated copper tubes in Turkey. Bellville Tube manufactures steel tubular products for the local US market. AO TMK-CPW is a joint stock company between Corinth Pipeworks and AO TMK, the largest manufacturer of steel pipes in Russia and one of the top three globally. AO TMK-CPW has its production facilities in Polevskoy, Russia, where it manufactures pipes and hollow structural sections. AWM is developing, designing and manufacturing high-technology machines for the processing of reinforcement steel such as standard and special mesh welding machines, high-speed wire straightening and cutting machines, lattice girder machines, cold rolling lines, automatic mesh cutting and bending machines and special machines for production of tunnel reinforcement. Domoplex is a Cyprus-based company active in the manufacturing and trading of welded wire mesh for the reinforcement of concrete. NedZink B.V. is a Netherlands based company focusing on high quality zinc applications. Gestamp Etem Automotive Bulgaria S.A. is a joint venture between Gestamp and Etem Bulgaria S.A. that focus on the commercialisation and processing of aluminium extruded profiles for the automotive industry. THE GRID S.A. is a joint venture between Noval Property REIC and Brook Lane Capital that operates in Real Estate development sector. Metallourgia Attikis SA is a Greek based company focusing on the production and trading of pipes, sanitary ware, faucets and heating radiators. 21. Other investments Viohalco designates the investments shown below as equity securities at FVOCI, as they represent investments that Viohalco intends to hold for the long term strategic purposes. The movement of equity securities, as well as their analysis, is presented below: Amounts in EUR thousands 2022 2021 Balance as at 1 January 8,457 8,324 Additions 1,060 77 Disposals 0 -637 Change in fair value through OCI -1,061 702 Reclassifications -50 0 Other changes 0 -8 Balance as at 31 December 8,405 8,457 Amounts in EUR thousands 2022 2021 Listed securities - Greek equity instruments 243 125 - International equity instruments 3,356 4,417 - Mutual funds 0 Unlisted securities - Greek equity instruments 3,667 2,951 - International equity instruments 849 849 - Mutual funds 269 94 - Other 20 20 Total 8,405 8,457 22. Assets held for sale The following assets and liabilities were reclassified 2022 at their fair value as held for sale as at 31 December 2022: Amounts in EUR thousands 2022 2021 Property Plant & Equipment 18,272 372 Intangible assets 617 0 Other non current assets 4,189 0 Inventories 26,295 0 Trade and other receivables 15,057 0 Cash & Cash equivalents 3,434 0 Total Assets Held for Sale 67,865 372 Non current liabilities 175 0 Non current Loans & borrowings 571 0 Trade and other payables 13,609 0 Current Loans & borrowings 3,665 0 Total Liabilities directly associated with Assets Held for Sale 18,020 0 thOn December 27, 2022 the strategic agreement for the absorption of Etem Commercial by Cosmos Aluminium was signed between Viohalco subsidiary ElvalHalcor and Cosmos Aluminium Shareholders. After the completion of the transaction, ElvalHalcor will hold a minority interest of 15% on the share capital of Cosmos Aluminium. The associated assets and liabilities were consequently presented as held for sale in the financial statements. Impairment assessment performed between historical book value and fair value less costs to sell and no indication of impairment were existed. 23. Derivatives The following table sets out the carrying amount of derivatives: Amounts in EUR thousands 2022 2021 Non-current assets Interest rate swap contracts 17,242 0 Forwards 3,624 0 Commodity Swaps 18,056 0 Options 0 944 Total 38,922 944 Current assets Interest rate swap contracts 3,649 0 Forwards 10,427 760 Future contracts 2,380 7,670 Commodity Swaps 10,692 7,847 Total 27,149 16,277 Non-current liabilities Forwards 4 0 Interest rate swap contracts 0 382 Commodity Swaps 1,245 3,205 Total 1,249 3,587 Current liabilities Forwards 10,155 2,501 Future contracts 4,628 5,062 Commodity Swaps 3,672 0 Total 18,455 7,563 The significant increase in open derivatives positionsin commodity swaps, compared to 31.12.2021, reflects the excessive market volatility in energy markets during 2022. Variable rate loans and borrowings expose Viohalco companies to a rate volatility risk (cash flow risk). During 2022, Viohalco subsidiaries entered into interest rates swaps contracts in order to be hedged by interest rate fluctuations, by transforming the variable interest rate of the loan into a fixed one, thus reducing such volatility risk. Interest rate swap contracts involve exchanging, on specified dates cash amounts equal to the difference between a contracted fixed interest rate calculated on a principal and a variable rate calculated on the same principal. By carefully choosing the variable rate and the principal of the swap, one actually transforms a floating rate loan into a fixed rate one. During 2021, Viohalco subsidiaries started using Commodity Swaps referenced on the Title Transfer Facility (TTF) prices to hedge the risk of fluctuations in natural gas prices from market conditions. The significant increase in open positions, compared previous year, reflects the excessive market volatility in energy markets during 2022. Hedge accounting Viohalco\u2019s companies hold derivative financial instruments for cash flow and fair value hedges. The abovementioned derivative financial instruments cover risks from: - Changes in the prices of metals; - Fluctuations of foreign exchange rates; - Changes in loan interest rates; - Fluctuations of energy prices (natural gas). The maturity and the nominal value of derivatives held by Viohalco\u2019s companies match the maturity and nominal value of the underlying assets / liabilities (hedged items). Derivatives held by Viohalco\u2019s companies concern mainly: - Future contracts to hedge the risk from the change of the price of metals listed in LME (London Metal Exchange) and used in production of Viohalco\u2019s companies (i.e. mainly copper, aluminium and zinc). Such hedges are designated as cash flow hedges. - FX Forward and FX swaps to hedge the risk from the change in exchange rate of US Dollar and British Pound (i.e. currencies to which Viohalco\u2019s companies are mainly exposed). Such hedges are either designated as fair value or cash flow hedges depending on the item hedged. FX Forwards and FX swaps when used for hedging FX risk on outstanding receivables and suppliers denominated in foreign currency these instruments are designated under fair value hedging. FX forwards when used for hedging FX risk on the forecasted sales of goods or purchase of materials executed in foreign currency FX forward is hedging instruments designated under the cash flow method. - Variable rate loans and borrowings expose Viohalco companies to an interest rate volatility risk (cash flow risk). In order to hedge it, interest rate swaps are used to effectively transform the variable interest rate of the loan into a fixed one, thus reducing such volatility risk. Interest rate swap contracts involve exchanging, on specified dates cash amounts equal to the difference between a contracted fixed interest rate calculated on a principal and a variable rate calculated on the same principal. By carefully choosing the variable rate and the principal of the swap, one actually transforms a floating rate loan into a fixed rate one. - Commodity Swaps referenced on the Title Transfer Facility (TTF) prices to hedge the risk of fluctuations in natural gas prices from market conditions. Derivatives are recognised when Viohalco\u2019s companies enter into the transaction in order either to hedge the fair value of receivables, liabilities or commitments (fair value hedges) or highly probable transactions (cash flow hedges). The change in fair value recognized in equity under cash flow hedging as at 31 December 2022 will be recycled to the consolidated statement of profit or loss during the next years, as some of the hedged events are expected to occur (the forecasted transactions will take place or the hedged items will affect profit or loss statement) within 2023 and some others at a later stage. Viohalco companies\u2019 results from the hedging activities recorded in the statement of profit or loss are presented for metal future contracts,foreign exchange contracts and the energy contracts in the \u2019Revenue\u2018 and the \u2019Cost of sales\u2018 while for interest rate swaps in the \u2019Finance income/ expenses\u2019. The amounts recognized in the consolidated statement of profit or loss are the following: Amounts in EUR thousands 2022 2021 Gain / loss (-) on future contracts 20,714 -5,105 Gain / loss (-) on FX forward contracts 6,769 -3,754 Gain / loss (-) on interest rate swap contracts 4,891 0 Gain / loss (-) on commodity swap contracts 21,887 1,251 54,261 -7,608 Profit or loss related to derivatives used for cash flow hedging recognized in other comprehensive income (Hedging reserve) as at 31 December 2022 and it will be recycled to profit or loss during the next financial years. 24. Capital and reserves A. Share capital and share premium The share capital of the Company amounts to EUR 141,894 thousand divided into 259,189,761 shares without nominal value. Holders of shares are entitled to one vote per share at the general meetings of the Company. Share premium of the Company amounts to EUR 457,571 thousand. B. Translation reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. C. Nature and purpose of other reserves (a) Statutory reserve Pursuant to the Belgian tax legislation, the companies are obliged, from their fiscal year profits, to form 5% as a legal reserve until it reaches 10% of their paid share capital. The distribution of the legal reserve is prohibited. Pursuant to Greek company law, the companies are obliged to allocate each year at least 5% of its annual net profits to its statutory reserve, until this reserve equals at least 1/3 of the company\u2019s share capital. The distribution of the statutory reserve is prohibited but it can be used to offset losses. (b) Hedging reserve The effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss as the hedged cash flows affect profit or loss. (c) Other fair value reserve The cumulative net change in the fair value of the equity securities until the assets are derecognized (and therefore transferred to retained earnings). (d) Special reserves This category relates to reserves formed by the application of the provisions of certain developmental laws which were granting tax benefits to companies that invested their retained earnings rather than distribute them to the shareholders. More specifically, the aforementioned reserves include profits that have already been taxed or have been permanently exempted from income tax, after the lapse of a specified period beginning from the completion of the investments they concern. (e) Tax exempt reserves This category relates to reserves formed by the application of the provisions of certain tax laws and are exempt from income tax, provided that they are not distributed to the shareholders. In case these reserves are distributed, they will be taxed using the tax rate applying at such time. D. Reconciliation of other reserves Statutory Hedging Other Fair Value Special Tax exempt Other Amounts in EUR thousands reserves reserves reserve reserves reserves reserves Total Balance as at 1 January 2022 45,018 4,662 2,061 81,540 297,428 9,728 440,437 Other comprehensive income 0 22,923 -1,061 0 0 0 21,862 Capitalization of reserves 150 0 0 207 0 0 357 Reclassification 0 0 0 0 0 0 0 Transfer of reserves and other movements 5,408 -650 -1 -3,697 -15,035 -176 -14,152 Loss of Control/Disposal of subsidiary -207 0 0 0 -194 -72 -473 Acquisition of NCI 238 -192 -1 3 126 0 173 Change in ownership interests 64 110 0 -133 -89 143 95 Balance as at 31 December 2022 50,671 26,853 997 77,920 282,235 9,622 448,298 Statutory Hedging Other Fair Value Special Tax exempt Other Amounts in EUR thousands reserves reserves reserve reserves reserves reserves Total Balance as at 1 January 2021 42,039 2,483 1,359 81,496 296,785 11,942 436,104 Other comprehensive income 0 2,282 704 0 0 -1 2,985 Capitalization of reserves 2,719 0 0 153 527 -2,248 1,150 Acquisition of NCI 196 3 -2 2 132 0 331 Change in ownership interests 64 -105 0 -111 -16 35 -133 Balance as at 31 December 2021 45,018 4,662 2,061 81,540 297,428 9,728 440,437 Transactions that took place in 2022 are explained in note 31. 25. Capital management Viohalco and its companies\u2019 policy consists in maintaining a strong capital structure, so as to keep the confidence of investors, creditors and the market and enable the future development of their activities. The Board of Directors monitors the return on capital which is defined as net results divided by total equity less non-controlling interests. The Board of Directors also monitors the level of dividends distributed to holders of ordinary shares. The Board of Directors tries to maintain an equilibrium between higher returns that would be feasible through higher borrowing levels and the advantages and security offered by a strong and robust capital structure. In this context, the Board of Directors monitors, the Return on Capital Employed (ROCE) index, otherwise the Return on Invested Capital (ROIC) index, which is defined as adjusted Earnings before Interest and Tax (a-EBIT) divided by total adjusted Capital Employed, (i.e. equity and net debt). The Board of Directors seeks opportunities and examines feasibility to leverage Viohalco\u2019s companies with relatively high ROCE (in every case higher than the cost of debt) and deleverage companies that go through a relatively low ROCE performance period. 26. Loans and borrowings A. Overview Amounts in EUR thousands 31 December 2022 31 December 2021 Non-current liabilities Secured bank loans 157,520 119,994 Unsecured bank loans 65,735 69,524 Secured bond issues 629,035 455,719 Unsecured bond issues 619,010 648,856 Loans and borrowings \u2013 Long term 1,471,299 1,294,093 Lease Liabilities \u2013 Long term 29,449 34,639 Total Long-term debt 1,500,748 1,328,732 Current liabilities Secured bank loans 168,815 183,484 Unsecured bank loans 533,362 459,179 Current portion of secured bank loans 43,537 63,553 Current portion of unsecured bank loans 16,928 15,473 Current portion of secured bond issues 63,599 82,388 Current portion of unsecured bond issues 131,924 44,068 Loans and borrowings \u2013 Short term 958,166 848,145 Lease Liabilities \u2013 Short term 10,932 10,696 Total Short term debt 969,097 858,841 Total loans and borrowings 2,469,845 2,187,573 Information about the Viohalco companies\u2019 exposure to interest rate, foreign currency and liquidity risk is included in Note 30. The maturities of non-current loans are as follows: Amounts in EUR thousands 2022 2021 Between 1 and 2 years 224,059 251,691 Between 2 and 5 years 486,889 575,669 Over 5 years 789,801 501,372 Total 1,500,748 1,328,732 The effective weighted average interest rates of the main categories of loans and borrowings at the reporting date are as follows: 2022 Carrying amount Interest rate Bank loans (non-current)-EUR 278,133 3.78% Bank loans (current)-EUR 630,773 4.31% Bank loans (current)-USD 6,507 6.90% Bank loans (current)-GBP 57,010 6.12% Bond issues-EUR 1,443,568 3.99% 2021 Carrying amount Interest rate Bank loans (non-current)-EUR 260,465 2.46% Bank loans (current)-EUR 574,039 3.39% Bank loans (current)-USD 10,110 4.50% Bank loans (current)-GBP 36,372 3.17% Bond issues-EUR 1,231,031 2.94% The majority of Viohalco companies\u2019 loans are Euro denominated. During 2022, Viohalco subsidiaries obtained new bank loans amounting to EUR 857 million and repaid bank loans of EUR 570 million maturing within the year. The new loans were mainly bond loans and drawdowns from existing revolving credit facilities for project financing, or new loans with similar terms and conditions. More specifically, during 2022 the main events relating to Viohalco companies\u2019 financing are the following: Aluminium and Copper segments ElvalHalcor signed: \u2022 with EIB an EUR 75 million loan, 10 years maturity financing the aluminum rolling plant investment program at Oinofyta. \u2022 with Erste Group Bank AG an EUR 18.6 million loan, 8.5 years maturity again financing the aluminum rolling plant investment program at Oinofyta. \u2022 with three Greek banks common bond loans of EUR 15, EUR 20 and EUR 20 million, of 2, 5 and 7 years maturity respectively, to cover capex and working capital needs. Cables and Steel Pipes segments Cables segment issued three bond loans of total value EUR 27 million. \u2022 Fulgor signed with a Greek bank a bond loan of EUR 5 million with a 5-year maturity. \u2022 Hellenic Cables signed with a major Greek bank a bond loan of EUR 7 million, 7 years maturity, to cover capital expenditure needs. \u2022 Hellenic Cables signed with a major Greek bank a long-term bond loan of EUR 15 million, 7 years maturity, to cover constant working capital needs Steel Pipes segment issued one bond loan of total value EUR 7 million. \u2022 Corinth Pipeworks entered to an agreement with a major Greek bank for a long-term bond loan of EUR 7 million with 7 years maturity. In addition, Fulgor has agreed with a major Greek bank for a bond loan of EUR 19 million with a 7 years maturity. On 31 December 2022, an equal amount was received by the bank as \u2018bridge finance\u2019 and presented as short-term loan. The bond loan agreement is expected to be signed during the first months of 2023, upon the conclusion of the relevant negotiations. Steel segment \u2022 At the end of 2022 Steel Group subsidiaries (Sidenor & Sovel) finalized debt refinancing of EUR 318 million, through syndicated bond loans with a tenor of 8 years issued by four major Greek banks. Real Estate segment \u2022 Noval Properties has signed in February an agreement with a major Greek bank, for a long-term bond loan of EUR 69 million to refinance Bridge Financing Loans related with specific developments and cover future investments plans. The tenor of the Loan is 12 years from signing. No other significant events, related with the financing of subsidiaries occurred during the period. Short term facilities are predominately revolving credit facilities and factoring with recourse for funding working capital needs and project financing facilities for specific ongoing projects. Viohalco subsidiaries have never in the past experienced any issues in financing their activities, renewing their working capital lines or refinancing long-term loans. Management expects that any mandatory repayments of banking loans will be made from operating cash flows or from other unutilized committed credit facilities. Under the terms of the loan agreements, certain Viohalco subsidiaries must comply with conditions (including financial covenants) and such compliance is tested on an annual basis for the majority of the loans. Management has considered the measures that need to be taken to mitigate the risk relating to potential breaches and expects that in the event that these covenants are breached, waivers will be granted, which have been provided in the past when requested. The average interest rate of the outstanding bank loans as at 31 December 2022 was 4.1% (3% as at 31 December 2021). Property, plant and equipment and inventories of some subsidiaries carry mortgages and liens for a total amount of EUR 1,597 million, as collaterals for long term loans and syndicated loans.In addition, for certain Viohalco companies\u2019 loans, there are change of control clauses that provide lenders early redemption rights.The majority of Viohalco companies\u2019 loans are Euro denominated. B. Reconciliation of movements of liabilities to cash flows from financing activities Amounts in EUR thousands Loans and Borrowings Leases Total Balance at 1 January 2022 2,142,238 45,334 2,187,573 Changes from financing cash flows Proceeds from loans and borrowings 856,508 0 856,508 Repayment of borrowings & lease liabilities -570,259 -11,630 -581,890 Total changes from financing cash flows 286,248 -11,630 274,618 Other changes New leases 0 10,195 10,195 Interest expense 86,229 1,915 88,144 Interest paid* -79,500 -1,846 -81,347 Capitalised borrowing costs 600 0 600 Terminations/Modifications 253 -2,807 -2,554 Loss of Control/Disposal of subsidiary -3,439 -801 -4,240 Division spin off 4 0 4 Effect of changes in foreign exchange rate -3,168 21 -3,147 Total other changes 978 6,676 7,655 Balance at 31 December 2022 2,429,465 40,380 2,469,845 Amounts in EUR thousands Loans and Borrowings Leases Total Balance at 1 January 2021 1,747,933 52,211 1,800,144 Changes from financing cash flows Proceeds from loans and borrowings 896,672 0 896,672 Repayment of borrowings & lease liabilities -514,171 -11,562 -525,733 Total changes from financing cash flows 382,501 -11,562 370,940 Other changes New leases 0 5,146 5,146 Interest expense 70,576 2,076 72,651 Interest paid* -62,521 -2,061 -64,582 Capitalised borrowing costs 862 0 862 Terminations/Modifications 674 -483 191 Effect of changes in foreign exchange rate 2,214 7 2,159 Total other changes 11,805 4,685 16,489 Balance at 31 December 2021 2,142,238 45,334 2,187,573 * Interest paid reported in Cash Flow Statement, includes bank charges and other finance costs. 27. Trade and other payables Amounts in EUR thousands Note 2022 2021 Suppliers 733,232 670,552 Notes payable 284,065 271,177 Cheques payable 151 0 Social security funds 11 15,437 12,465 Amounts due to related parties 37 3,301 4,806 Sundry creditors 20,051 17,828 Accrued expenses 112,505 105,895 Taxes-duties 29,211 28,697 Total 1,197,953 1,111,420 Non-current balance of trade and other payables 17,073 17,615 Current balance of trade and other payables 1,180,881 1,093,804 Balance as at 31 December 1,197,953 1,111,420 The increase in trade and other payables is mainly attributed to increase in metal prices and the increase in \u201cNotes payable\u201d which concerns structured payable arrangements related to purchases of primary raw materials, such as copper, steel etc. whose payment periods can be longer than usual for such supplies. 28. Grants Amounts in EUR thousands Note 2022 2021 Balance as at 1 January 33,985 35,817 New grants received during the year 1,739 1,529 New grants for which receipt is pending 0 Transfer of grants to results -5 -51 Transfer of grants to receivables/paybales 119 -427 Amortisation of grants 8 -3,411 -2,886 Foreign exchange differences 27 3 Balance as at 31 December 32,454 33,985 Government grants have been received for investments in property, plant and equipment. All conditions attached to the grants received by Viohalco\u2019s companies were met as at 31 December 2022. 29. Provisions Non-current Amounts in EUR thousands Note Pending court rulings Other provisions Total Balance as at 1 January 2022 25 1,800 1,825 Additional provisions of the fiscal year 44 0 44 Provisions reversed 8 0 -142 -142 Balance as at 31 December 2022 69 1,658 1,727 Amounts in EUR thousands Pending court rulings Other provisions Total Balance as at 1 January 2021 25 1,814 1,839 Additional provisions of the fiscal year 0 151 151 Reclassifications 0 -24 -24 Provisions reversed 8 0 -140 -140 Balance as at 31 December 2021 25 1,800 1,825 Current Amounts in EUR thousands Pending court rulings Other provisions Total Balance as at 1 January 2022 13,858 162 14,020 Foreign exchange differences 833 0 833 Additional provisions of the fiscal year 691 0 691 Provisions used -139 0 -139 Balance as at 31 December 2022 15,243 162 15,405 Amounts in EUR thousands Pending court rulings Other provisions Total Balance as at 1 January 2021 348 304 652 Foreign exchange differences 573 0 573 Additional provisions of the fiscal year 12,995 0 12,995 Reclassifications 0 -111 -111 Provisions reversed 8 0 -1 -1 Provisions used -58 -30 -88 Balance as at 31 December 2021 13,858 162 14,020 During 2022, the US Department of Commerce (DoC) published its final results in the administrative proceedings conducted by the DoC for the period from April 19, 2019 through April 30, 2020 (\u201cPOR\u201d) in connection with an antidumping (\u201cAD\u201d) order on large diameter welded pipe (LDWP) from Greece. As a result, the DoC determined for the POR an antidumping duty rate of 41.04% based on total adverse facts available (AFA) for mandatory respondent Corinth Pipeworks S.A., Viohalco\u2019s subsidiary in steel pipes segment. Corinth Pipeworks filed an appeal before the U.S. Court of International Trade against the decision of the DoC while continuing to actively work with the DoC in order to reverse the final determination. The one-off charge related to the above mentioned case amounts to EUR 12.8 million (USD 14 million plus interest) for the year 2021. \u03a4he charge for 2022 relates to interest charged on the outstanding amount for the year and is included in the line \u2018Finance costs\u2019. 30. Financial instruments A. Accounting classifications and fair values The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including the levels in the fair value hierarchy. 31 December 2022 Amounts in EUR thousands Carrying amount First Level Second Level Third Level Total Other investments 8,405 3,597 2 4,806 8,405 Derivative financial assets 66,071 2,380 63,691 0 66,071 74,476 5,977 63,693 4,806 74,476 Derivative financial liabilities -19,704 -4,705 -14,999 0 -19,704 54,772 1,273 48,693 4,806 54,772 31 December 2021 Amounts in EUR thousands Carrying amount First Level Second Level Third Level Total Other investments 8,457 4,543 0 3,915 8,457 Derivative financial assets 17,221 14,343 1,934 944 17,221 25,679 18,886 1,934 4,859 25,679 Derivative financial liabilities -11,149 -8,316 -2,833 0 -11,149 14,529 10,570 -899 4,859 14,529 The various levels are as follows: - Level 1: Quoted prices (unadjusted) in an active market for identical assets and liabilities; - Level 2: Inputs that are observable either directly or indirectly; - Level 3: Unobservable inputs for assets and liabilities. The fair value of the following financial assets and liabilities measured at amortised cost approximate their carrying amount: - Trade and other receivables; - Cash and cash equivalents; - Trade and other payables; - Loans and borrowings; - Lease liabilities. Specifically, the carrying amount of loans and borrowings is considered as a good approximation of their fair value as 86% of consolidated Loans and borrowings concern floating-rate debt, which are a very good approximation of current market rates. The following table shows reconciliation between opening and closing balances for Level 3 financial assets: Amounts in EUR thousands Balance as at 1 January 2022 3,915 Additions 942 Impairment loss (-)/ Reversal of impairment loss -50 Balance as at 31 December 2022 4,806 Balance as at 1 January 2021 3,846 Additions 77 Disposals -8 Balance as at 31 December 2021 3,915 B. Measurement of fair values (a) Valuation techniques and significant unobservable inputs The fair values of financial assets that are traded in active markets (stock markets e.g. derivatives, shares, bonds, mutual funds) are set according to the published prices that are valid on the reporting date. The fair values of financial assets that are not traded in active markets are set through the use of valuation techniques and standards that are based on market data on the reporting date. The fair values of financial liabilities, for the purpose of being recorded in financial statements, are estimated based on the present value of the future cash flows that arise from specific contracts using the current interest rate that is available for Viohalco and its companies for the use of similar financial-credit means. Inputs that do not meet the respective criteria and cannot be classified in Level 1 but are observable, either directly or indirectly, fall under Level 2. Over-the-counter derivative financial instruments based on prices obtained from brokers are classified in this level. The financial assets, such as unlisted shares that are not traded in an active market whose measurement is based on the Viohalco\u2019s companies\u2019 forecasts for the issuer\u2019s future profitability are classified under Level 3. The following table shows the valuation techniques used in measuring fair values, as well as the significant unobservable inputs used: Inter-relationship between Significant key unobservable Type Valuation technique unobservable inputs inputs and fair value measurement Derivatives Market value: Price as traded in active market Not applicable Not applicable Market comparison technique: The fair values are Broker quotes Not applicable based on broker quotes. Similar contracts are traded in an active market and the quotes reflect the actual transactions in similar instruments Equity securities traded Market value: Price as traded in active market Not applicable Not applicable in active markets Equity securities not Discounted cash flows: The fair value of shares - Risk-free rate: 2.1% The estimated fair value would increase traded in active markets not traded in an active market is defined based on - Market risk premium: 6.21% (decrease) if: the estimates of Viohalco and its companies for - Expected tax expense rate: 22% \u2022 the estimated risk-free rate, market risk the future profitability of the issuer after taking into - WACC for the most significant premium and WACC were lower (higher) account the expected growth rate of its operations, investment: 8-9.5% \u2022 the estimated cash flows were higher (lower) as well as the discounted interest rate \u2022 the expected income tax rate was lower (higher) (b) Transfers between Levels 1 and 2 There were no transfers from Level 2 to Level 1 or from Level 1 to Level 2 in 2022 or in 2021. C. Financial risk management Viohalco and its companies are exposed to credit, liquidity and market risk due to the use of financial instruments. This Note sets forth information on their exposure to each one of the above risks, the policies and procedures applied to risk measurement. More quantitative particulars on these disclosures are included throughout the Consolidated Financial Statements. The risk management policies are applied to identify and analyze the risks facing Viohalco and its companies, set risk-taking limits and apply relevant control systems. Risk management procedures are reviewed regularly and changes are implemented if the need arise. The implementation of risk management policies and procedures is monitored by the Internal Audit function, which performs ordinary and extraordinary audits relating to the implementation of procedures, whereas the results of such audits are notified to the Board of Directors. C.1. Credit risk Credit risk is the risk of the financial loss to Viohalco and its companies, if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the companies\u2019 receivables from customers, contract assets and bank deposits. The carrying amount of financial assets represents the maximum credit exposure. Amounts in EUR thousands Note 2022 2021 Trade & other receivables 15 681,976 630,850 Contract assets 7 199,839 101,371 Less: Other down payments 15 -10,891 -16,478 Tax assets 15 -64,669 -62,298 Other non-financial assets -51,296 -28,012 754,960 625,433 Other investments 21 8,405 8,457 Cash and cash equivalents 16 412,644 503,267 Derivatives 23 66,071 17,221 487,120 528,945 Total 1,242,080 1,154,378 (a) Trade and other receivables Viohalco\u2019s companies have established a credit policy under which each customer\u2019s creditworthiness is examined on an individual basis before the determination of the payment terms offered. Credit limits are set for each customer and are regularly reviewed and, readjusted, if necessary. As a rule, customer credit limits are in accordance with of the credit insurance limits offered by the insurance companies where Viohalco companies\u2019 rceivables are insured. When monitoring the credit risk,customers are grouped according to their credit characteristics, and their payment history. Trade and other receivables mainly include wholesale customers of Viohalco\u2019s companies. Any customers characterized as being \u201chigh risk\u201d are monitored closely subsequent sales have zero payment terms. Depending on the customer credit rating and its status, Viohalco\u2019s companies require tangible or other security (e.g. letters of guarantee) in order to secure its receivables. Viohalco\u2019s companies record an impairment loss that represents its expected credit losses in respect of trade and other receivables. At 31 December, the maximum exposure to credit risk for trade and other receivables and contract assets by geographic region was as follows: Amounts in EUR thousands 2022 2021 Greece 305,237 184,545 Other EU member states 239,576 261,941 Other European countries 82,312 77,343 Asia 28,451 57,020 America 93,314 36,440 Africa 5,689 7,665 Oceania 381 479 Total 754,960 625,433 The ageing of trade and other receivables and contract assets that were not impaired was as follows: Amounts in EUR thousands 2022 2021 Neither past due nor impaired 680,307 556,236 Overdue - Up to 6 months 65,161 59,022 - Over 6 months 9,492 10,175 Total 754,960 625,433 Based on management assessment,the amounts that are past due up to 6 months and over 6 months are still collectible in full, based on historical payment behaviour and extensive analysis of customer credit risk. Viohalco companies insure a significant portion of their receivables and at 31 December 2022, 76% of the receivables balances were credit insured. The movement in impairment of trade and other receivables and contract assets is as follows: 2022 2021Trade & other Contract Trade & other Contract Amounts in EUR thousands receivables assets Total receivables assets Total Balance as at 1 January 67,313 318 67,630 71,693 143 71,836 Impairment loss recognized 5,003 12 5,015 2,999 175 3,173 Amounts written off -1,011 0 -1,011 -8,454 0 -8,454 Impairment loss reversed -720 -127 -847 -476 0 -476 Loss of Control/Disposal of subsidiary -297 0 -297 0 0 0 Foreign exchange differences 1,260 0 1,260 1,776 0 1,776 Reclassification to assets held for sale -2,275 0 -2,275 0 0 0 Reclassification -62 0 -62 -225 0 -225 Balance as at 31 December 69,212 203 69,414 67,313 318 67,630The allowance for expected credit losses for trade receivables and contract assets are calculated at individual level when there is an indication of impairment. For receivables and contract assets without any indication of impairment the expected credit losses are based on the historical data combined with forward-looking macroeconomic factors affecting credit risk, such as country risk and industry related risks. Expected loss rates are updated at every reporting date. The rising inflation and interest rates were also taken into consideration when calculating expected credit losses for the current year, without any significant impact on the impairment loss recognized. In 2022, the impairment loss recognized concerned mainly clients in steel, aluminium and copper segment while amounts that have been impaired mainly in other segment were written off. On the contrary, a reversal of impairment loss was recorded, as a result of the improvement of the expected loss rates of major clients in the other segments. The following collateral exists for securing non-insured receivables from customers and contract assets: Amounts in EUR thousands 2022 2021 Cash collateral 2,019 1,076 Letter of credit 15,781 10,674 Collateral on property 1,850 2,037 Payables which can be offset by receivables 12,825 11,441 Other 2,597 3,253 Total 35,073 28,480 (b) Cash and cash equivalentsViohalco and its subsidiaries held cash and cash equivalents of EUR 413 million at 31 December 2022 (2021: EUR 503 million). The cash and cash equivalents are held with bank and financial institution counterparties, which are rated from A3 to B2 based on ratings of Moody\u2019s. Impairment on cash and cash equivalents has been measured on a 12-month expected loss basis and reflects the short maturities of the exposures. Viohalco considers that its cash and cash equivalents have low credit risk based on the credit assessment performed. C.2. Liquidity risk Liquidity risk is the risk that Viohalco companies will encounter difficulties in meeting their fianancial obligations in a timely manner. To manage liquidity risk they ensure, that sufficient liquidity is available, to meet their liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to their reputation. Viohalco companies maintain sufficient undrawn credit limits to meet all their scheduled financial obligations as well as most unexpected ones. Exposure to liquidity risk Financial liabilities and derivatives based on contractual maturity are broken down as follows: 2022 Contractual cash flows Amounts in EUR thousands Carrying Amount < 1year 1-2 years 2-5 years > 5 years Total Liabilities Bank loans 985,897 770,598 60,369 139,488 46,723 1,017,179 Bond issues 1,443,568 242,446 205,474 450,409 781,333 1,679,662 Lease liabilities 40,380 13,265 9,762 9,655 22,616 55,299 Derivatives 19,704 18,455 4 1,245 0 19,704 Contract liabilities 133,837 133,825 69 0 0 133,894 Trade and other payables 1,153,305 1,138,266 4,136 9,770 1,133 1,153,305 3,776,691 2,316,855 279,815 610,567 851,806 4,059,042 2021 Contractual cash flows Amounts in EUR thousands Carrying Amount < 1year 1-2 years 2-5 years > 5 years Total Liabilities Bank loans 911,208 731,748 50,791 123,419 21,725 927,683 Bond issues 1,231,031 150,965 226,495 490,837 522,835 1,391,132 Lease liabilities 45,335 11,728 10,245 9,083 15,589 46,644 Derivatives 11,149 7,563 3,205 0 382 11,149 Contract liabilities 61,371 61,448 0 0 0 61,448 Trade and other payables 1,111,420 1,092,676 6,497 3,184 9,063 1,111,420 3,371,513 2,056,128 297,232 626,524 569,593 3,549,477 Viohalco companies\u2019 loans are subject to termination clauses based on financial ratios, such as \u2018Total liabilities / Total equity`, \u2018Net debt / Total sales` and \u2018Current assets / Current liabilities`, that need to be maintained above or below certain predetermined levels. These ratios are monitored regularly in order to avoid breaches that may lead to loans becoming due before contractual maturity, causing liquidity pressures. C.3. Market risk Market risk is the risk that changes in market prices \u2013 such as commodity prices, foreign exchange rates and interest rates - will affect Viohalco and its companies income or the value of their financial instruments. Viohalco\u2019s companies use derivatives to manage market risk. Generally, Viohalco companies apply hedge accounting to manage volatility in their returns (P&L). (a) Currency risk Viohalco and its companies are exposed to currency risk in relation to the sales and purchases carried out and the loans issued in a currency other than the functional currency of Viohalco and its companies, which is mainly EUR. The most important currencies in which these transactions are held are EUR, USD and GBP. Over time, Viohalco\u2019s companies hedge the greatest part of their exposure to foreign currencies. Viohalco\u2019s companies enter mainly into forward contracts with external counterparties so as to deal with currency risk. These contracts mainly expire within the next 12 months from the reporting date. If necessary, such contracts are renewed upon expiry. FX risk may also be covered \u201cnaturally\u201d by taking out loans in the respective currencies if loan interest is denominated in the same currency as that of cash flows coming from operating activities. The capital investments of Viohalco companies are not hedgedas they have been made mainly in Euro. The summary quantitative data about Viohalco and its companies\u2019 exposure to currency risk as reported is as follows. 2022 Amounts in EUR thousands USD GBP BGN RSD RON Other Total at risk EUR Total Trade and other receivables 71,765 41,341 30,289 1,407 32,736 8,718 186,256 495,720 681,976 Contract assets 35,167 0 0 0 0 0 35,167 164,672 199,839 Loans and borrowings -7,627 -61,008 -4,978 -23 -5,973 -1,639 -81,248 -2,388,598 -2,469,845 Trade and other payables -168,822 -27,303 -57,798 -405 -22,192 -1,202 -277,722 -920,231 -1,197,953 Contract Iiabilities -44,506 0 -2,068 0 -260 0 -46,834 -87,002 -133,837 Cash & cash equivalents 25,368 2,818 7,404 629 1,815 847 38,882 373,762 412,644 -88,653 -44,152 -27,152 1,608 6,127 6,724 -145,498 -2,361,678 -2,507,176 Derivatives for risk hedging (Nominal Value) -109,001 -16,333 0 0 0 0 -125,334 22,316 -103,018 Exposure -197,655 -60,485 -27,152 1,608 6,127 6,724 -270,833 -2,339,362 -2,610,195 2021 Amounts in EUR thousands USD GBP BGN RSD RON Other Total at risk EUR Total Trade and other receivables 70,522 24,868 33,598 5,661 32,395 10,245 177,288 453,562 630,850 Contract assets 0 0 0 0 0 0 0 101,371 101,371 Loans and borrowings -14,441 -36,467 -1,718 -31 -6,930 -7,315 -66,901 -2,120,672 -2,187,573 Trade and other payables -110,971 -23,080 -55,155 -556 -17,045 -947 -207,754 -903,666 -1,111,420 Contract Iiabilities -719 0 -1,511 -49 -1,001 -4,848 -8,129 -53,243 -61,371 Cash & cash equivalents 28,422 5,488 5,131 462 3,243 308 43,054 460,213 503,267 -27,188 -29,191 -19,655 5,486 10,662 -2,557 -62,442 -2,062,434 -2,124,876 Derivatives for risk hedging (Nominal Value) -61,934 -26,026 0 0 0 0 -87,960 0 -87,960 Exposure -89,122 -55,217 -19,655 5,486 10,662 -2,557 -150,402 -2,062,434 -2,212,836 \u201cDerivatives for risk hedging\u201d includes also derivatives that relate to highly probable transactions, which have not been yet recognized as assets or liabilities in the consolidated statement of financial position. Euro denominated amounts are included for totals\u2019 reconciliation purposes. The following exchange rates have been applied during the year. Average exchange rate Year end spot rate 2022 2021 2022 2021 USD 1.05 1.18 1.07 1.13 GBP 0.85 0.86 0.89 0.84 BGN 1.96 1.96 1.96 1.96 RSD 117.46 117.57 117.32 117.58 RO\u039d 4.93 4.92 4.95 4.95 Viohalco is primarily exposed to changes of Euro against US dollar, pound sterling, Serbian Dinar and RON. A reasonably possible strengthening (weakening) of Euro against these currencies as at 31 December would have affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases. The Bulgarian currency LEV is not analysed below due to its fixed currency rate at 1.96 BGN/EUR. Profit or loss Equity, net of tax Amounts in EUR thousands EUR Strengthening EUR Weakening EUR Strengthening EUR Weakening 2022 USD (10% movement) 15,795 -15,795 24,406 -24,406 GBP (10% movement) 5,401 -5,401 6,675 -6,675 RSD (10% movement) -125 125 -125 125 RON (10% movement) -478 478 -478 478 2021 USD (10% movement) 8,920 -8,920 13,751 -13,751 GBP (10% movement) 6,337 -6,337 8,367 -8,367 RSD (10% movement) -428 428 -428 428 RON (10% movement) -832 832 -832 832 (b) Interest rate risk Viohalco Subsidiaries have adopted a flexible policy of ensuring that a portion of their Medium and LT debt obligations are on a fixed rate basis. This is achieved through a combination of issuing medium term, fixed rate bond loans and using interest rate swaps to hedge a portion of their floating rate medium and LT loans. The interest rate profile of Viohalco companies\u2019 interest-bearing financial instruments, as reported is as follows. Nominal amount Amounts in EUR thousands 2022 2021 Fixed-rate instruments Financial liabilities -339,913 -326,704 Variable-rate instruments Financial liabilities -2,129,932 -1,860,868 Interest rate swaps (nominal value) -123,800 0 2,006,132 1,860,868 Fixed-rate instruments Viohalco does not account for any fixed-rate financial assets or financial liabilities at fair value through profit or loss. Viohalco currently uses derivatives (interest rate swaps) as hedging instruments under a cash flow hedge accounting model. Sensitivity analysis for variable-rate instruments A reasonably possible change of 0.25% in interest rates of variable-rate instruments at the reporting date would have increased/ decreased (-) profit or loss by the amount shown below. This analysis assumes that all other variables, in particular foreign currency exchange rate, remain constant. Variable rate Profit or loss Amounts in EUR thousands 0.25% increase 0.25% decrease 2022 Financial liabilities 3,535 -3,537 Cash flow sensitivity (net) 3,535 -3,537 2021 Financial liabilities -449 452 Cash flow sensitivity (net) -449 452 (c) Cash flow hedges The following table indicates the periods in which the cash flows associated with cash flow hedges are expected to occur: Carrying amount 1-6 6-12 More than 31 December Amounts in EUR thousands at 31 December 2022 months months 1 year 2022 Interest rate Swaps Assets 17,524 1,670 1,979 13,874 17,524 Forwards Assets 13,294 3,862 5,808 3,624 13,294 Liabilities 10,132 5,608 4,520 4 10,132 Future contracts Assets 2,380 1,129 1,251 0 2,380 Liabilities 4,628 4,448 180 0 4,628 Commodity Swaps Assets 28,748 4,173 6,519 18,056 28,748 Liabilities 4,917 1,871 1,801 1,245 4,917 81,624 22,762 22,060 36,803 81,624 Carrying amount 1-6 6-12 More than 31 December Amounts in EUR thousands at 31 December 2021 months months 1 year 2021 Interest rate Swaps Liabilities 382 382 0 0 382 Forwards Assets 760 732 28 0 760 Liabilities 2,071 2,035 36 0 2,071 Future contracts Assets 7,670 7,564 107 0 7,670 Liabilities 5,062 5,077 -14 0 5,062 Commodity Swaps Assets 6,663 3,087 3,576 0 6,663 Liabilities 3,205 0 0 3,205 3,205 25,813 18,876 3,732 3,205 25,813 The table below provides information about the items designated as cash flow hedging instruments during the year and also as at 31 December 2022 and the reconciliation of hedging reserve. Based on their nature, hedging instruments are included in Derivatives assets and Derivatives liabilities in consolidated statement of financial position. 2022 Changes in the value of Amount the hedging reclassified Change Effect of Balance 1 instrument from hedging Other in movement Balance 31 Nominal Carrying amount January recognised reserve to move- accounting in exchange December Amounts in EUR thousands Amount Assets Liabilities 2022 in OCI profit or loss ments policy rates 2022 Forward foreign exchange contracts 187,291 13,294 -10,132 -1,311 2,773 1,462 -100 0 337 3,161 Future contracts 53,123 2,380 -4,628 2,608 -11,734 3,188 230 0 2 -5,706 Interest rate swap contracts 203,800 17,524 0 -382 15,701 -47 0 2,252 0 17,524 Commodity swap contracts 51,239 28,748 -4,917 3,458 30,494 -6,663 0 0 0 27,289 495,452 61,946 -19,678 4,373 37,233 -2,059 130 2,252 339 42,268 2021 Changes in the value of Amount the hedging reclassified Effect of Balance 1 instrument from hedging movement Balance 31 Nominal Carrying amount January recognised reserve to Other in exchange December Amounts in EUR thousands Amount Assets Liabilities 2021 in OCI profit or loss movements rates 2021 Forward foreign exchange contracts 101,239 760 -2,071 1,103 -1,461 -1,079 0 127 -1,311 Future contracts 86,383 7,670 -5,062 605 2,843 -634 -230 25 2,608 Interest rate swap contracts 21,300 0 -382 -1,026 0 0 644 0 -382 Commodity swap contracts 28,886 6,663 -3,205 0 3,458 0 0 0 3,458 237,807 15,093 -10,720 682 4,839 -1,713 414 152 4,373 (d) Commodity price risk The commodity markets experience continuous price fluctuations. Viohalco companies minimize their exposure to commodity price volatility by using hedging instruments, when possible. Viohalco companies are exposed to the fluctuation of aluminium, copper, zinc, lead and nickel. In order to minimize the effect of the metal price fluctuations on their results, companies use back to back matching of purchases and sales or derivative instruments (future contracts). As at 31 December 2022, the derivative net balance of future contracts per commodity as reported in the statement of financial position is: Amounts in EUR thousands 2022 2021 Aluminium -2,307 975 Copper 98 1,658 Lead -39 -25 Nickel 0 0 Total -2,248 2,608 In addition, during 2021, Viohalco subsidiaries started using Commodity Swaps referenced on the Title Transfer Facility (TTF) prices to hedge the risk of fluctuations in natural gas prices from market conditions. As at 31 December 2022, the derivative net balance these contracts as reported in the statement of financial position is EUR 23.8 million. These hedges are designated in a cash flow hedge accounting relationship. C.4. Risks Related to Climate change Viohalco companies recognize the importance of transparency regarding climate-related risks and opportunities to maintain trust of stakeholders and allow investors to better understand the potential impact transition and physical risks and opportunities emanating from climate change. To that end, Viohalco has pledged to assess the potential severity of the risks and the possible benefits of the opportunities with the aim to take all necessary measures to mitigate negative impacts and maximize the positive ones, and to adopt the Task Force on Climate-related Financial Disclosures (TCFD) framework to transparently communicate all climate-related risks and opportunities. For this purpose, Viohalco subsidiaries performed an assessment of climate-related risks and opportunities that covered all industrial and real estate assets. The detailed results of this assessment are reported at segmental level in the Non-Financial Disclosure, accompanying the Annual Report. Moving to a low-carbon economy requires certain measures to be considered and implemented. Through the analysis, for each business segment, the most material climate related transition and physical risks and opportunities over the short, medium and long-term, have been identified. The transition risks assessed relate to policy, legal, technology and market changes to address climate change mitigation and adaptation. Policy actions around climate change continue to evolve, technological improvements or innovations that support the transition to a lower-carbon and energy efficient economic system can have a significant impact on organizations, while significant changes in market such as decrease in demand for specific goods or services or decreased revenues related to changes in customer behavior are some examples of the implications that can impact the operating model and the financial planning of Viohalco subsidiaries. On the other hand, extreme weather events and longer-term shifts in climate patterns such as limited water availability and extreme heat or sea level rise may have multiple impacts and possible financial implications for Viohalco companies. The abovementioned risks and opportunities have been identified and classified on a scale of low, medium, and high, based on the actual and potential impacts on the Viohalco companies\u2019 business model, assets and operations, as well as financial impacts on the business performance. The financial impacts have being considered to the accounting estimates to the extent that they can be currently evaluated. Moreover, challenges associated with climate related commitments have been considered, and Viohalco companies have not identified any additional issues that may have a material effect on their financial statements. C.5. Business and Operational Risk ManagementViohalco subsidiaries follow closely and on a continuous basis the developments in the international and domestic environment and timely adapt their business strategy and risk management policies to minimize the impact of the macroeconomic conditions on their operations. There were no changes in Viohalco companies\u2019 business and operational risk management objectives and policies during 2022. Impact of Ukraine conflict The Ukraine conflict, which began in February 2022, in addition to the human toll, is increasingly affecting global financial markets and exacerbating ongoing economic challenges, including issues such as rising inflation, global supply-chain disruption and energy crisis. The direct exposure to Ukraine and Russia is very limited and business consequences were not material so far, while the same is expected for the foreseeable future. Sales to these markets represent an insignificant portion of total turnover and any loss in revenue can be fully offset by demand in other markets. In terms of financing, Viohalco companies have no exposure to Russian banks. Regarding the impact in energy prices, Viohalco companies have already taken mitigating actions to reduce any business impact related to energy cost, while they are monitoring the situation closely in order to secure efficiency their operations.31. Subsidiaries Viohalco\u2019s subsidiaries and the percentages of financial interest held by the parent company at the end of the reporting period are as follows: Subsidiary companies Country Financial interest 2022 Financial interest 2021 AEIFOROS S.A. GREECE 98.11% 98.11% AEIFOROS BULGARIA S.A. BULGARIA 98.11% 98.11% ALURAME SPA ITALY 91.59% 91.59% ANOXAL S.A. GREECE 84.78% 84.78% A\u039d\u0391\u039c\u0395\u03a4 DOO SERBIA 97.54% 97.54% A\u039d\u0391\u039c\u0395\u03a4 S.A. GREECE 97.54% 97.54% A\u039d\u03a4\u0399\u039c\u0395\u03a4 S.A. GREECE 100.00% 100.00% A\u03a4\u03a4\u0399\u039aI S.A. GREECE 75.00% 75.00% BASE METALS S.A. TURKEY 69.15% 69.15% BRIDGNORTH LTD U.K 100.00% 75.00% CABLEL WIRES S.A. GREECE 84.78% 84.78% CENERGY HOLDINGS S.A. BELGIUM 79.78% 79.78% HELLENIC CABLES AMERICA CO. USA 79.78% 79.78% CLUJ INTERNATIONAL TRADE SRL ROMANIA - 91.59% CORINTH PIPEWORKS S.A. GREECE 79.78% 79.78% Subsidiary companies Country Financial interest 2022 Financial interest 2021 CPW AMERICA Co USA 79.78% 79.78% CPW SOLAR S.A. GREECE 79.78% - CPW WIND S.A. GREECE 79.78% - DE LAIRE LTD CYPRUS 79.78% 79.78% DIO PERNIK EOOD BULGARIA 98.11% 98.11% DIA.VI.PE.THI.V S.A. GREECE 91.54% 91.54% DOJRAN STEEL LLCOP NORTH MACEDONIA 92.56% 100.00% EANEP ALMYROU SA GREECE 92.56% - ELVAL COLOUR S.A. GREECE 84.78% 84.78% ELVAL COLOUR IBERICA S.A. SPAIN 84.78% 84.78% ELVALHALCOR S.A. GREECE 84.78% 84.78% ELVIOK S.A. GREECE 84.78% 84.78% EL\u039a\u0395\u039c\u0395 S.A. GREECE 84.40% 84.40% EPIRUS METALWORKS S.A. GREECE 84.78% 84.78% ERGOSTEEL S.A. GREECE 89.12% 89.12% ERLIKON S.A. GREECE 100.00% 100.00% ETEM ALBANIA S.A. ALBANIA 84.78% 88.79% ETEM BULGARIA S.A. BULGARIA 100.00% 100.00% ETEM BG S.A. BULGARIA 84.78% 88.79% ETEM GESTAMP EXTRUSIONS S.A. BULGARIA 51.00% 51.00% E\u03a4\u0395\u039c COMMERCIAL S.A. GREECE 84.78% 87.82% ETEM SCG SERBIA 84.78% 88.79% E\u03a4\u0395\u039c SYSTEMS LLC UCRAINE 84.78% 88.79% E\u03a4\u0395\u039c SYSTEMS SRL ROMANIA 84.78% 88.79% E\u03a4IL S.A. GREECE 100.00% 100.00% FLOCOS S.A. GREECE 100.00% 100.00% FULGOR S.A. GREECE 79.78% 79.78% GENECOS S.A. FRANCE 91.59% 91.59% HELLENIC CABLES S.A. GREECE 79.78% 79.78% HELLENIC CABLES TRADING CO. USA 79.78% 79.78% HUMBEL LTD CYPRUS 79.78% 79.78% ICME ECAB S.A. ROMANIA 79.76% 79.76% INOS BALCAN DOO SERBIA 97.54% 97.54% INTERNATIONAL TRADE S.A. BELGIUM 91.59% 91.59% JOSTDEX LIMITED CYPRUS 100.00% 100.00% LESCO ROMANIA S.A. ROMANIA 51.86% 51.86% LESCO EOOD BULGARIA 79.78% 79.78% METAL AGENCIES LTD U.K 91.59% 91.59% METALCO S.A. BULGARIA 100.00% 100.00% METALIGN S.A. BULGARIA 100.00% 100.00% METALLOURGIA ATTIKIS S.A. GREECE - 50.00% METALLOURGIA ATTIKIS PROPERTY S.A. GREECE - 50.00% NOVAL PROPERTY REIC GREECE 81.09% 87.29% NOVOMETAL DOO NORTH MACEDONIA 97.54% 97.54% PORT SVISHTOV WEST S.A. BULGARIA 73.09% 73.09% PRAKSIS S.A. GREECE 61.00% 61.00% PRAKSIS BG S.A. BULGARIA 61.00% 61.00% REYNOLDS CUIVRE S.A. FRANCE 91.59% 91.59% ROULOC S.A. GREECE 84.78% 84.78% SIDEBALK STEEL DOO SERBIA 100.00% 100.00% SIDENOR INDUSTRIAL S.A. GREECE 100.00% 100.00% SIDERAL SHRK ALBANIA 99.92% 99.92% SIDEROM STEEL SRL ROMANIA 100.00% 100.00% SOFIA MED AD BULGARIA 86.37% 86.37% SOVEL S.A. GREECE 92.56% 92.95% SPARROWS POINT PROPERTIES HOLDING S.A. USA 79.78% - SPARROWS POINT PROPERTIES S.A. USA 79.78% - STEELMET CYPRUS LTD CYPRUS 89.12% 89.12% STEELMET PROPERTIES S.A. GREECE 89.12% 89.12% STEELMET ROMANIA S.A. ROMANIA 91.59% 91.59% STEELMET S. A. GREECE 89.12% 89.12% Subsidiary companies Country Financial interest 2022 Financial interest 2021 STEELMET FINANCIAL SERVICES S.A. GREECE 100.00% - STOMANA INDUSTRY S.A. BULGARIA 100.00% 100.00% STOMANA ENGINEERING S.A. BULGARIA 100.00% 100.00% SYMETAL S.A. GREECE 84.78% 84.78% TECHOR S.A. GREECE 84.78% 84.78% TECHOR ROMANIA S.A. ROMANIA 84.78% 84.78% TEPROMKC AG GERMANY 91.59% 91.59% TERRA MIDDLE EAST AG GERMANY 91.59% 91.59% T\u0395\u039a\u0391 SYSTEMS S.A. GREECE 100.00% 85.72% T\u0395\u039a\u0391 ENGINEERING S.A. GREECE 100.00% - VEPAL S.A. GREECE 84.78% 84.78% VIENER S.A. GREECE 93.70% 93.70% VIEXAL S.A. GREECE 95.94% 95.94% VIOMAL S.A. GREECE 63.58% 63.58% VITRUVIT S.A. GREECE 99.75% 99.75% WARSAW TUBULARS TRADING SP.ZO POLAND 79.78% 79.78% The ultimate controlling entity is Viohalco S.A. for all the above entities. Viohalco does exercise control, by holding the majority of the voting rights, directly and/or indirectly and these entities are reported as subsidiary companies. The percentages reported on the above table represent the financial interest held directly and indirectly by Viohalco. For example, if Viohalco holds 70% of company A and company A holds 70% of company B, then in the table above it will be presented that Viohalco holds 49% of financial interest in company B. Transactions that took place in 2022 Acquisition of NCI \u2022 On March 17th, 2022, Viohalco\u2019s Board of directors approved the acquisition of 25% non-controlling interest in subsidiary Bridgnorth Aluminium in consideration of GBP 11 million. As a result, Viohalco\u2019s participation in Bridgnorth Aluminium amounts to 100%. th\u2022 On June 14, Viohalco acquired the remaining 14.28% of Teka Systems shares, in consideration of EUR 4 million. Afterthe transaction Viohalco participation in the company amounts to 100%. Mergers & Absorptions st\u2022 On December 31, 2022, Viohalco subsidiary Metallourgia Attikis Properties absorbed by Noval Property REIC. st\u2022 On December 31, 2022, Noval Property REIC absorbed Mesogeiakes Epixeiriseis S.A. New subsidiaries establishment th\u2022 On November 30, 2022 new subsidiary Steelmet Financial Services S.A. was established after the spin-off of theMetalign Greek Branch. st\u2022 On July 21, 2022 new subsidiary TEKA Engineering SA was established after the spin-off of the industrial and machinery constructions segment from Teka Systems SA. \u2022 During 2022, they were established two new subsidiaries in the USA, Sparrows Point Properties Holdings LLC andSparrows Point Properties LLC., to support the construction of a submarine cables factory in the USA. \u2022 During 2022, they were established two new subsidiaries in Greece, CPW Solar SA & CPW Wind SA to support futureinvestment plans, without a final decision yet in place.th\u2022 On February 24, 2022, new subsidiary in the Steel segment was established named EANEP Almyrou. Loss of control st\u2022 On December 31, 2022, Viohalco\u2019s control in the participation to Mettalourgia Attikis was lost due to managementrestructuring while the participation held was 50%. The company will be accounted as an Equity accounted investeefrom 31.12.2022 (note 20). Other major transactions th\u2022 On December 14, 2022, was completed the disposal of Viohalco participation (20%) at Etem Commercial S.A. toElvalHalcor S.A. th\u2022 On June 27, 2022, Noval Property proceeded with a share capital increase with contributions in kind, resulting inincrease of non-controlling interest by 6.25%. 32. Joint operationsViohalco\u2019s subsidiary Hellenic Cables has a 62.48% interest in a joint arrangement called VO Cablel VOF, which was set up as a partnership together with Van Oord. The scope of this joint operation scheme is to supply and install sea and land cables for the Hollandse Kust (South) Alpha project and Hollandse Kust (South) Beta project. The principal place of business of the joint operation is in the Netherlands. Hellenic Cables has a 50.77% interest in a joint arrangement called DEME Offshore NL - Hellenic Cables V.O.F., which was set up as a partnership together with Tideway. The scope of this joint operation scheme is to execute a turnkey contract for the supply and installation of submarine cables for the connection of the Seamade offshore wind project to the Belgian grid. The principal place of business of the joint operation is in Belgium. Viohalco\u2019s subsidiary Fulgor has a 10% interest in a joint arrangement called Fulgor \u2013 JDN Consortium, which was set up as a partnership together with Jan De Nul. The scope of this joint operation scheme is to execute a turnkey contract for the installation of submarine cables for the interconnection Crete-Peloponnese in Greece. The principal place of business of this joint operation is in Greece. The above joint operations were formed during prior years. Fulgor has a 70.27% interest in a joint arrangement called Fulgor \u2013 Asso.subsea Ltd Consortium, which was set up as a partnership together with Asso.subsea Ltd. The scope of this joint operation scheme is to execute a turnkey contract for the design, manufacturing, supply and installation of the 150 kV submarine cable system connecting the under construction 330 MW Kafireas II Wind Farm to Greece\u2019s mainland grid. The principal place of business of this joint operation is in Greece. The agreements in relation to the VO Cablel VOF, Fulgor \u2013 JDN Consortium and DEME Offshore NL - Hellenic Cables V.O.F. require unanimous consent from all parties for all relevant activities. The two partners have direct rights to the assets of the partnership and are jointly and severally liable for the liabilities incurred by the partnership. These entities are therefore classified as joint operations and the Group recognises its direct right to the jointly held assets, liabilities, revenues and expenses as described in note 5. 33. Non-controlling interestsThe following table summarises the information relating to each of the subsidiaries that have material NCI (at sub-group level in the cases of Cenergy, ElvalHalcor, Sidenor) before any intra-group elimination. 2022 Intragroup Amounts in EUR thousands Cenergy ElvalHalcor Sidenor Bridgnorth Other eliminations Total NCI percentage 20.22% 15.22% 0.00% 0.00% Non-current assets 608,231 1,074,173 304,720 0 Current assets 1,078,163 1,311,383 405,716 0 Non-current liabilities 193,139 869,136 340,482 0 Current liabilities 1,163,975 664,151 272,987 0 Net Assets 329,280 852,268 96,967 0 Attributable to NCI by the companies 38 13,977 48,102 0 Net attributable to the equity holders & NCI of Viohalco 329,241 838,292 48,865 0 Attributable to NCI by parent Company 66,573 127,588 0 0 Carrying amount of NCI 66,611 141,565 48,102 0 65,413 -46,580 275,111 Revenue 1,426,008 3,714,755 970,915 0 Profit / Loss (-) 58,774 158,059 45,834 0 Other comprehensive income 3,306 25,167 762 0 Total comprehensive income 62,081 183,226 46,596 0 Attributable to NCI by the companies 3 2,563 10,636 0 Net attributable to the equity holders & NCI of Viohalco 62,077 180,663 35,960 0 Attributable to NCI by Viohalco 12,552 27,497 0 0 Total OCI of NCI 12,555 30,060 10,636 0 507 -12,814 40,944 Cash flows from operating activities -97,191 18,874 44,107 0 Cash flows from investing activities -71,745 -175,110 -16,984 0 Cash flows from financing activities 206,602 100,288 -33,773 0 Net increase/ decrease (-) in cash and cash equivalents 37,667 -55,949 -6,651 0 2021 Intragroup Amounts in EUR thousands Cenergy ElvalHalcor Sidenor Bridgnorth Other eliminations Total NCI percentage 20.22% 15.22% 0.00% 25.00% Non-current assets 549,423 975,185 303,121 77,487 Current assets 646,185 1,107,514 399,056 149,518 Non-current liabilities 244,017 748,752 251,366 6,427 Current liabilities 684,392 647,843 400,441 111,108 Net Assets 267,199 686,104 50,371 109,470 Attributable to NCI by the companies 35 16,724 37,467 0 Net attributable to the equity holders & NCI of Viohalco 267,164 669,380 12,904 109,470 Attributable to NCI by parent Company 54,021 101,880 0 27,368 Carrying amount of NCI 54,056 118,604 37,467 27,368 43,535 -40,060 240,969 Revenue 1,054,203 2,889,696 726,333 322,697 Profit / Loss (-) 20,915 152,622 56,896 -5,829 Other comprehensive income 514 2,508 -170 6,913 Total comprehensive income 21,429 155,130 56,727 1,084 Attributable to NCI by the companies 1 2,560 12,658 0 Net attributable to the equity holders & NCI of Viohalco 21,428 152,569 44,069 1,084 Attributable to NCI by Viohalco 4,333 23,221 0 271 Total OCI of NCI 4,334 25,781 12,658 271 3,825 -20,189 26,681 Cash flows from operating activities 112,514 24,577 33,603 -30,468 Cash flows from investing activities -43,757 -169,242 -14,629 -8,261 Cash flows from financing activities -20,494 202,003 1,389 41,392 Net increase/ decrease (-) in cash and cash equivalents 48,263 57,339 20,364 2,663 On March 17th, 2022, Viohalco\u2019s Board of directors approved the acquisition of 25% non-controlling interest in subsidiary Bridgnorth Aluminium in consideration of GBP 11 million. As a result, Viohalco\u2019s participation in Bridgnorth Aluminium amounts to 100%. 34. Leases A. Leases as lessee (a) Amounts recognised in the Statement of Financial Position The Consolidated Statement of Financial Position shows the following amounts relating to leases: Right of Use Assets Amounts in EUR thousands 31 December 2022 31 December 2021 Land 518 345 Buildings 5,523 4,091 Machinery 16,608 18,786 Transportation equipment 12,371 10,744 Other equipment 259 323 Total Right-of-use assets 35,279 34,288 Lease liabilities Amounts in EUR thousands 31 December 2022 31 December 2021 Current lease liabilities 10,932 10,696 Non-current lease liabilities 29,449 34,639 Total lease liabilities 40,380 45,335 Additions to the right-of-use assets during 2022 were EUR 10,195 thousands (2021: EUR 6,276 thousands). (b) Amounts recognised in the Statement of profit or loss The statement of profit or loss includes the following amounts relating to leases: Amounts in EUR thousands 2022 2021 Depreciation charge of right-of-use assets Plots 53 37 Buildings 1,151 911 Machinery 2,722 2,926 Transportation means 4,459 4,509 Other equipment 124 135 Total 8,509 8,518 Interest expense (included in finance cost) 1,915 2,076 Variable rental fees 1,234 730 Low value rental fees 547 461 Short term rental fees 8,155 4,111 Total 11,851 7,378 B. Leases as lessor Viohalco and its companies in the real estate development sector lease out their investment properties (See note 19). (a) Future minimum lease collections At 31 December, the future minimum lease payments under non-cancellable leases were as follows. Amounts in EUR thousands 2022 2021 Less than one year 18,731 16,658 Between one and two years 17,968 14,942 Between two and three years 17,016 14,551 Between three and four years 15,915 14,321 Between four and five years 15,094 12,955 More than five years 76,623 79,110 Total 161,346 152,537 (b) Amounts recognized in profit or loss The figures below are related to investment property that has been recognised in the statement of profit or loss. Operating expenses relate mainly to maintenance cost. Amounts in EUR thousands 2022 2021 Rental income from investment property 21,050 11,472 Direct operating expenses that do not generate rental income -62 -61 35. Commitments A. Purchase commitments The below mentioned commitments relate to contracts that Viohalco\u2019s subsidiaries have entered into, according to their investment plans and are expected to be concluded during the next 3 years. Amounts in EUR thousands 2022 2021 Property, plant and equipment 27,265 20,383 Investment property 25,606 953 Intangible Assets 24 58 B. Guarantees Amounts in EUR thousands 2022 2021 Liabilities Guarantees to secure liabilities to suppliers 46,276 35,172 Guarantees for securing the good performance of contracts with customers 505,164 238,306 Guarantees for securing the good performance of contracts with suppliers 3,129 2,141 36. Contingent liabilities A. Litigations & administrative reviews Regarding Corinth Pipeworks\u2019 exports of large diameter welded pipe (LDWP) to the US for the periods April 2020 - April 2021 and April 2021 - April 2022, additional administrative reviews from the US Department of Commerce (DoC) are expected. \u039do provision has been recorded in respect to these administrative reviews due to the following facts: \u2022 For the period April 2020 - April 2021 there were no sales to the US subject to antidumping duties; thus, no additional charge is expected for that period. \u2022 For the period April 2021 - April 2022 sales to the US subject to antidumping duties were not material. The outcome of such administrative review is considered as highly volatile and hard to predict, thus the amount of any arising liability cannot be reasonably estimated. B. Contigent tax liabilities The tax filings of the subsidiaries are routinely subjected to audit by tax authorities in most of the jurisdictions in which Viohalco and its companies conduct business. These audits may result in assessments of additional taxes. Viohalco and its subsidiaries provide for additional tax in relation to the outcome of such tax assessments, to the extent that a liability is probable and estimable. Viohalco companies believe that their accruals for tax liabilities are adequate for all open tax years based on their assessment of underlying factors, including interpretations of tax law and prior experience. 37. Related parties A. Equity-accounted investees and other related parties The following transactions have been made with equity-accounted investees and other related parties. Amounts in EUR thousands 2022 2021 Sale of goods/ services Associates 127,262 96,281 Joint ventures 54,484 34,516 181,746 130,798 Sale of fixed assets Joint ventures 47 198 47 198 Purchases of goods / services Associates 11,857 10,639 Joint ventures 3,527 2,335 15,384 12,974 Purchase of fixed assets Associates 2,152 13,351 Joint ventures 0 26 2,152 13,377 Closing balances that arise from sales/purchases of goods, services, fixed assets, etc.: Amounts in EUR thousands 2022 2021 Receivables from related parties Associates 35,452 37,625 Joint ventures 13,548 10,025 48,999 47,651 Contract assets to related parties Associates 96 90 Joint ventures 6 42 103 132 Liabilities to related parties Associates 3,102 3,543 Joint ventures 198 1,263 3,301 4,806 Contract liabilities to related parties Joint ventures 86 8 86 8 The outstanding balances from related parties are secured and the settlement of those balances is expected to be performed in cash during the following year, since the balances concern only short-term receivables and payables. Receivables from joint ventures include EUR 4.5 million (2021: EUR 5.7 million) as short term loan to Nedzink B.V. Services to and from related parties as well as sales and purchases of goods are carried out in accordance with the price lists applying to non-related parties. During 2022, properties of EUR 1,416 thousands and services of EUR 205 thousands (2021: EUR 180 thousands) acquired from entities that are controlled by members of the key management personnel. B. Key management personnel compensation The table below provides an overview of the transactions with Board members and executive management: Amounts in EUR thousands 2022 2021 Compensation to BoD members and executives 5,626 5,430 The compensation to directors and executive management in the table above are fixed compensation. No variable compensation, post-employment benefits or share based benefits were paid in 2022 and in 2021. 38. Auditor\u2019s feesThe Company\u2019s statutory auditor (PwC Reviseurs d\u2019Entreprises SRL/ Bedrijfsrevisoren BV) and a number of other member firms of the auditor\u2019s network, received fees for the following services: For year ended 31 December Amounts in EUR thousands 2022 2021 Statutory Auditor Audit 328 336 Audit related services 32 30 Tax related services 3 73 Other related services 19 0 382 439 Statutory Auditor Network Audit 1,076 952 Tax related services 189 201 Other services 110 232 1,375 1,385 Total 1,757 1,824 39. Subsequent eventsthOn March 9, 2023, Viohalco Board of Directors decided to propose to the Ordinary General Shareholders\u2019 meeting to be held on May 30th, 2023, the approval of a gross dividend of EUR 0.12 per share. The corporate transaction for the Strategic Cooperation Agreement, through the merger with absorption of Etem by Cosmos Aluminium (Note 22), is expected to be finalized within April 2023.No other subsequent events for which disclosure is required in the Consolidated Financial Statements have occurred since 31 December 2022. ",
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"value": "Viohalco S.A. is the holding company and holds participations in approximately 100 subsidiaries, two of which are listed, one on Euronext Brussels and the other on Athens Stock Exchange. With production facilities in Greece, Bulgaria, Romania, North Macedonia and the United Kingdom, Viohalco companies specialise in the manufacture of steel, copper and aluminium products. In addition, Viohalco owns substantial real estate properties in Greece.37. Related parties A. Equity-accounted investees and other related parties The following transactions have been made with equity-accounted investees and other related parties. Amounts in EUR thousands 2022 2021 Sale of goods/ services Associates 127,262 96,281 Joint ventures 54,484 34,516 181,746 130,798 Sale of fixed assets Joint ventures 47 198 47 198 Purchases of goods / services Associates 11,857 10,639 Joint ventures 3,527 2,335 15,384 12,974 Purchase of fixed assets Associates 2,152 13,351 Joint ventures 0 26 2,152 13,377 Closing balances that arise from sales/purchases of goods, services, fixed assets, etc.: Amounts in EUR thousands 2022 2021 Receivables from related parties Associates 35,452 37,625 Joint ventures 13,548 10,025 48,999 47,651 Contract assets to related parties Associates 96 90 Joint ventures 6 42 103 132 Liabilities to related parties Associates 3,102 3,543 Joint ventures 198 1,263 3,301 4,806 Contract liabilities to related parties Joint ventures 86 8 86 8 The outstanding balances from related parties are secured and the settlement of those balances is expected to be performed in cash during the following year, since the balances concern only short-term receivables and payables. Receivables from joint ventures include EUR 4.5 million (2021: EUR 5.7 million) as short term loan to Nedzink B.V. Services to and from related parties as well as sales and purchases of goods are carried out in accordance with the price lists applying to non-related parties. During 2022, properties of EUR 1,416 thousands and services of EUR 205 thousands (2021: EUR 180 thousands) acquired from entities that are controlled by members of the key management personnel. B. Key management personnel compensation The table below provides an overview of the transactions with Board members and executive management: Amounts in EUR thousands 2022 2021 Compensation to BoD members and executives 5,626 5,430 The compensation to directors and executive management in the table above are fixed compensation. No variable compensation, post-employment benefits or share based benefits were paid in 2022 and in 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-15-2": {
"value": "2. Basis of accounting Statement of compliance The Consolidated Financial Statements for the year ended 31 December 2022 have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union and authorized by the Company\u2019s Board of Directors on 9 March 2023. Details of the Viohalco\u2019s accounting policies are included in Note 5. Basis of measurement The Consolidated Financial Statements have been prepared in accordance with the historical cost principle, with the exception of the following assets and liabilities, which are measured on an alternative basis on each reporting date. 1. Derivative financial instruments (fair value) ; 2. Other Investments - Equity instruments (fair value) ; 3. Net defined benefit liability (present value of the obligation) ; 4. Provisions (present value of the expected future cash flows). The Company has prepared the Consolidated Financial Statements on the basis that it will continue to operate as a going concern. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-15-3": {
"value": "2. Basis of accounting Statement of compliance The Consolidated Financial Statements for the year ended 31 December 2022 have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union and authorized by the Company\u2019s Board of Directors on 9 March 2023. Details of the Viohalco\u2019s accounting policies are included in Note 5. Basis of measurement The Consolidated Financial Statements have been prepared in accordance with the historical cost principle, with the exception of the following assets and liabilities, which are measured on an alternative basis on each reporting date. 1. Derivative financial instruments (fair value) ; 2. Other Investments - Equity instruments (fair value) ; 3. Net defined benefit liability (present value of the obligation) ; 4. Provisions (present value of the expected future cash flows). The Company has prepared the Consolidated Financial Statements on the basis that it will continue to operate as a going concern. 3. Functional currency and presentation currency The functional and presentation currency of the parent Company is Euro. All amounts in the Consolidated Financial Statements are rounded to the nearest thousand, unless otherwise indicated. As such, due to rounding, figures shown as totals in certain tables may not be arithmetic aggregations of the figures that precede them. 4. Use of estimates and judgements Preparing Financial Statements in line with IFRS requires that Management makes judgements, estimates and assumptions that affect the application of Viohalco\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. The actual results may differ from these estimates. Management\u2019s estimates and judgements are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. Information about judgements, assumptions and estimation uncertainties that have significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year is included in the following notes: \u2022 Note 7.D \u2013 Revenue recognition; \u2022 Note 11.C.a \u2013 Measurement of defined benefit obligations: key actuarial assumptions; \u2022 Note 13.C \u2013 Recognition of deferred tax assets: availability of future taxable profits against which carried forward tax losses can be used; \u2022 Note 15.B - Recoverability of overdue receivable from a former customer in the Middle-East ; \u2022 Note 17.E - Impairment loss on Property, plant and equipment; \u2022 Note 18.F \u2013 Impairment loss test: key assumptions underlying recoverable amounts; \u2022 Note 19.B \u2013 Measurement of fair value of Investment property; \u2022 Note 30.C.1 \u2013 Measurement of Expected Credit Losses allowance for trade receivables and contract assets: key assumptions in determining loss rates. 5. Significant accounting policies The accounting principles described below have been consistently applied to all periods presented in these Consolidated Financial Statements and have also been consistently applied by Viohalco and its companies (subsidiaries and equity accounted investees). 5.1. Basis of Consolidation (a) Business combinations Acquisition of subsidiaries is accounted for using the acquisition method on the acquisition date, i.e. the date on which control is transferred to Viohalco. To assess control, Viohalco takes into account substantive potential voting rights. Viohalco and its companies measure goodwill on the acquisition date as follows: \u2022 the fair value of the consideration paid, plus \u2022 the value of any non-controlling interests in the acquired subsidiary, less \u2022 the fair value of identifiable assets and liabilities assumed. Any goodwill that arises is tested annually for impairment loss. Any gain on a bargain purchase is immediately recognized in the Consolidated Statement of Profit or Loss. Any expenses directly linked with acquisition are directly posted in the Consolidated Statement of Profit or Loss. Any contingent consideration is recognized at its fair value on the acquisition date. (b) Subsidiaries Subsidiaries are entities controlled by Viohalco. Viohalco controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of the subsidiaries are included in the consolidated financial statements from the date on which control commences, until the date on which control ceases. (c) Non-controlling interests NCI are measured at fair value or at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisition. This measurement is done on an acquisition by acquisition basis. Changes in Viohalco\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. (d) Loss of control When Viohalco and its companies lose control over a subsidiary, they derecognise the assets and liabilities of the subsidiary and any related NCI and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. (e) Interests in equity-accounted investees Associates are those entities in which Viohalco has significant influence, but not control or joint control, over the financial and operating policies. This is generally the case where Viohalco holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost. Investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. Joint operations: Viohalco recognises its direct right to the assets, liabilities, revenues and expenses of joint operations and its share of any jointly held or incurred assets, liabilities, revenues and expenses. These have been incorporated in the financial statements under the appropriate headings. Joint ventures: A joint venture is an arrangement in which Viohalco has joint control, whereby Viohalco has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated balance sheet. (f) Equity methodUnder the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise Viohalco\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and Viohalco\u2019s share of movements in other comprehensive income of the investee in other comprehensive income, until the date on which significant influence or joint control ceases.Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. When Viohalco\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, Viohalco does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. (g) Transactions eliminated on consolidation Intra group balances and transactions and any unrealised income and expenses arising from intra group transactions are eliminated. Unrealized gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of Viohalco\u2019s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. 5.2. Foreign currency (a) Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies of Viohalco\u2019s companies at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Foreign currency gains and losses are recognized and classified in the consolidated statement of profit or loss based on the nature of the related item of the consolidated statement of financial position. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences arising from the translation of the following items are recognised in OCI: - qualifying cash flow hedges to the extent that the hedges are effective; - an investment in equity securities designated as at FVOCI. (b) Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into Euro at the exchange rates of the reporting date. The income and expenses of foreign operations are translated into Euro at the exchange rates at the date of the transactions. The average rate for the period is deemed to be an appropriate rate. Foreign currency differences are recognised in OCI and accumulated in the translation reserve, except to the extent that the translation difference is allocated to NCI. 5.3. Revenue Viohalco recognizes revenue from the following major sources: - Sale of customized products and revenue from projects; - Sale of standard products; - Rendering of services. Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. Viohalco recognizes revenue when it transfers control of a product or service to a customer. Consideration can vary because of trade discounts, volume rebates, returns or other similar items. Depending on the type of variable consideration the most appropriate method for measuring this variable consideration is used. Sales of customized products and revenue from projects Regarding contracts for projects and for customized products produced for the exclusive use of certain customers and with no alternative use, there is an enforceable right to payment for performance completed to date if the contract is terminated by the customer or another party for reasons other than Viohalco\u2019s subsidiaries\u2019 failure to perform as promised. Hence, it is concluded that the client controls all of the work in progress, as the goods are being produced. Therefore, for such contracts revenue is recognised progressively based on the most appropriate output or input method, to measure progress towards completion. The most common methods used are the following: - For performance obligations related to production of customized products, depending on the type of contract concerned, the methods to measure progress is estimated based on: i. Production time elapsed, i.e. the ratio between the actual time spent on the production and the total number of scheduled production time. This method is used for submarine cables produced in long continuous lengths, since the production of such products normally lasts for significant period of time and, as a result, the related performance obligations are satisfied as production time elapses. ii. The quantity of manufactured and tested products compared with the total quantity to be produced according to the contract. This method is used for customized land cables, steel pipes and aluminium products, since the production is performed in batches and as a result the performance obligations related are satisfied as certain batches of agreed quantities have been produced. - For installation phases of cables segment\u2019s turnkey projects, the method to measure progress is based on appraisal of results achieved or milestones reached, based to clearly defined technical milestones, such as transport or meters of cables installed. When milestones are being used as a method to measure progress, these milestones faithfully depict the performance. Sales of standard products For products which are not considered customized, customers do not take control of the product until production is completed, therefore revenue is recognised at a point of time, when the control of the goods sold has been transferred. The timing of the transfer of control usually occurs when the goods have been shipped to the customers\u2019 location, unless otherwise specified in the terms of the contract. The terms defined on the contracts with customers are according to Incoterms. Revenue recognised at a point in time is invoiced either simultaneously with its recognition, or within a short time period from its recognition. A receivable is recognised when the control is transferred to the customer, as this represents the point in time at which the right to consideration becomes unconditional. Rendering of services Revenue is recognised using the stage-of-completion method. The total consideration in the service contracts is allocated to all performance obligations in the contract based on their stand-alone selling prices. The stand-alone selling prices are determined based on the list prices at which Viohalco sells the services in separate transactions. Contract assets and contract liabilities The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances (contract liabilities). These contract assets and contract liabilities are presented on the Consolidated Statement of Financial Position in the lines \u2018Contract assets\u2019 and \u2018Contract liabilities,\u2019 respectively. For products and services for which revenue is recognised over time, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either upon achievement of contractual milestones, or at the final delivery and acceptance of the manufactured items. Generally, billing occurs subsequent to revenue recognition for customized products and services performed over time resulting in contract assets. However, when advances from customers are received before revenue is recognized, a contract liability is recognized. Contract costs Viohalco\u2019s subsidiaries recognize the incremental costs of obtaining contracts with customers and the costs incurred in fulfilling contracts with customers that are directly associated with the contract as an asset, if those costs are expected to be recoverable and record them in the line \u201cContract costs\u201d in the Consolidated Statements of Financial Position. Incremental costs of obtaining contracts are costs incurred to obtain a contract with a customer that would not have been incurred if the contract had not been obtained. Fulfilment costs are only capitalized if they generate or enhance resources that will be used to satisfy performance obligations in the future. Assets arising from contract costs are amortized using either the straight-line method over a period based on the estimated contract duration or based on the portion of revenue recognised during the execution of the related contract. Incremental costs of obtaining contracts are recognised as an expense when incurred, if the amortisation period of the assets would be one year or less. 5.4. Employee benefits (a) Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if Viohalco and its companies have a present legal or constructive obligation to pay this amount, as a result of past service provided by the employee and the obligation can be estimated reliably. (b) Defined contribution plans Defined-contribution plans are plans for the period after the employee has ceased to work during which Viohalco and its companies pay a defined amount to a third legal entity without any other obligation. The accrued cost of defined-contribution programs is recorded as an expense in the period that it concerns. (c) Defined benefit plans Viohalco and its companies\u2019 net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The discount rate is based on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid. The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method, while benefits are attributed over the last 16 years before retirement of each employee. Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, are recognised immediately in OCI. Viohalco and its companies determine the net interest expense on the net defined benefit liability for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability, taking into account any changes in the net defined benefit liability during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognised in profit or loss. When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognised immediately in profit or loss. Viohalco and its companies recognise gains and losses on the settlement of a defined benefit plan when the settlement occurs. (d) Termination benefits Termination benefits are expensed at the earlier of when Viohalco and its companies can no longer withdraw the offer of those benefits and when they recognise costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted. 5.5. Government Grants Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received and Viohalco\u2019s companies will comply with all attached conditions. Government grants relating to costs are deferred and recognized in the statement of profit or loss over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred government grants and are credited to the statement of profit or loss (line \u201cother income\u201d) on a straight line basis over the expected useful lives of the related assets. 5.6. Finance income and finance cost Viohalco and its companies finance income and finance costs mainly include: \u2022 interest income; \u2022 interest expense; \u2022 dividend income; \u2022 Foreign currency gains and losses from loans and deposits. Interest income or expense is recognised using the effective interest method. The \u2018effective interest rate\u2019 is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: \u2022 the gross carrying amount of the financial asset; or \u2022 the amortised cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset or to the amortised cost of the financial liability. Dividend income is recognised in profit or loss on the date on which Viohalco\u2019s right to receive payment is established. 5.7. Income tax Income tax expense comprises current and deferred tax. It is recognised in profit or loss except to the extent that it relates to a business combination, or to items recognised directly in equity or in OCI. A. Current tax Current tax comprised the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset only if certain criteria are met. B. Deferred tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: \u2022 Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; \u2022 Temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that Viohalco and its companies are able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2022 Taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that is probable that future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that is has become probable that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurements of deferred tax reflect the tax consequences that would follow from the manner in which Viohalco and its companies expect, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. 5.8. Inventories Inventories are stated at the lower of cost and net realisable value. The cost is determined by applying the method of weighted average cost and includes the production and conversion cost and all direct expenses required to bring inventories at their current condition. The net realisable value is estimated based on the inventory\u2019s current sales price, in the ordinary course of business activities, less any possible selling expenses, whenever such a case occurs. The write-down of inventories to net realisable value and any reversals are recognized in \u2018cost of sales\u2019 in the period in which the write-downs occur. 5.9. Property, plant and equipment A. Recognition and measurement Property, plant and equipment are presented at their acquisition cost less accumulated depreciation and impairment.The acquisition cost includes all expenses that are directly associated with the asset\u2019s acquisition or self-construction. The cost of self-constructed fixed assets includes the cost of direct labour, materials and any other cost that is required for the fixed asset to be ready for use as well as any borrowing costs. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to Viohalco and its companies.Repair and maintenance costs are recorded in the Consolidated Statement of Profit or Loss when these are incurred. On the sale of property, plant and equipment, any difference that may arise between the price that is received and the carrying value thereof is recorded through profit or loss in the category \u2019Other operating income/expenses\u2019. Borrowing costs related to the construction of qualifying assets are capitalised during the period required for the construction to be completed. B. Depreciation Depreciation is calculated to write off the cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives and is generally recognised in profit or loss. Land is not depreciated. The component approach is followed if the cost of an asset comprises different major components of that asset with different useful lives. Buildings 10-33 years Plants 50 years Machinery 2-35 years Furniture and other equipment 2-8 years Transport means 4-15 years Computers are included in the category \"Furniture and other equipment\". Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. C. Reclassification to investment property When the use of a property changes from owner-occupied to investment property, the property is reclassified to investment property. The item is reclassified at its net book value at the date of reclassification which becomes its deemed cost for subsequent accounting purposes. D. Reclassification to assets held for sale Non-current assets and disposal groups are reclassified as held for sale when their carrying amount will be recovered principally through a sale transaction rather than continuing use. 5.10. Intangible assets and goodwill A. Recognition and measurement Goodwill: Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Research and development: Expenditure on research activities is recognised in profit and loss as incurred. Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercial feasible, future economic benefits are probable and Viohalco\u2019s companies intend and have sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortisation and any accumulated impairment losses. Software programs: Software licenses are recorded at their acquisition cost less accumulated amortisation. These assets are amortised on the straight line method over their estimated useful lives, which ranges between 3 to 5 years. Expenses that are associated with the software\u2019s maintenance are recognised in profit or loss in the year in which they are incurred. Other intangible assets: Other intangible assets, including customer relationships, patents and trademarks, that are acquired by Viohalco and its companies and have finite useful lives are measured at cost less accumulated amortisation and any accumulated impairment losses. Other intangible assets having indefinite useful lives are measured at cost less accumulated impairment losses. B. Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. C. Amortisation and useful lives Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives and is recognised in profit or loss. Goodwill and other intangible assets with indefinite useful lives are not amortised. The estimated useful lives for the current and comparative periods are as follows: \u2022 Trademarks and licenses 10 \u2013 15 years \u2022 Software programs 3 \u2013 5 years Some intangible assets included in \u201cTrademarks and licences\u201d have indefinite useful lives and are therefore not amortised, but subject to an impairment testing. See Note 19 for detailed information. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. 5.11. Investment property Investment property, which includes land, buildings and right of use assets, is owned by Viohalco and its subsidiaries for the collection of rents and is not used for owner purposes. Investment property is presented at cost less depreciation. When the carrying amounts of investment property exceed their recoverable value, the difference (impairment loss) is directly recorded in profit and loss as an expense. The reversal of impairment losses is also recognised in profit and loss as income. Land is not depreciated. The buildings are depreciated by applying the straight-line method. The expected useful life of buildings is 18-33 years. Management exercises judgement to determine whether a property qualifies as investment property or not. The criteria related to this judgement are as follows: \u2022 Whether a property generates cash flows derived from rentals and capital appreciation largely independently of the other assets held by Viohalco; \u2022 Whether a property does not generate cash flows from the production or supply of goods or services or the use of property for administrative purposes that are attributable not only to property, but also to other assets used in the production or supply process; \u2022 Whether a building that is vacant will be held to be leased out or for capital appreciation; \u2022 Whether a property that is being constructed or developed for future use as investment property; \u2022 Whether Viohalco holds land for a currently undetermined future use. 5.12. Assets held for sale Non-current assets or disposal groups comprising assets and liabilities are classified as held-for-sale, if it is highly probable that they will be recovered primarily through sale rather than through continuing use. Such assets or disposal groups are generally measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill and then to the remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets or employee benefits which continue to be measured in accordance Viohalco and its companies\u2019 other accounting policies. Impairment losses on initial classification as held-for-sale and subsequent gains and losses on remeasurement are recognised in profit or loss. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortised or depreciated and any equity-accounted investee is no longer equity accounted. 5.13. Impairment A. Non-derivative financial assets Financial instruments and contract assets Viohalco recognises loss allowances for ECLs on: \u2022 financial assets measured at amortised cost; \u2022 contract assets; \u2022 lease receivables. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs, except for cash and cash equivalents (12-month expected credit loss). Viohalco considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations in full, without recourse by Viohalco companies to actions such as realizing security (if any is held). Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which Viohalco companies are exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that Viohalco expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. Impairment losses related to trade and other receivables, including contract assets, are presented separately in the statement of profit or loss. Write-off The gross carrying amount of a financial asset is written off when Viohalco has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For all customers, Viohalco individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. Viohalco expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with Viohalco\u2019s procedures for recovery of amounts due. B. Non-financial assets At each reporting date, Viohalco and its companies review the carrying amounts of its non-financial assets (other than inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.Goodwill and intangible assets with indefinite useful life is tested annually for impairment loss. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Viohalco companies, also, include in their review of the recoverable amounts assumptions related to the consequences of climate change. An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognised in profit or loss under \u2019Other expenses\u2018. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. 5.14. Leases From 1 January 2019, at inception of a contract, Viohalco assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Viohalco companies use the definition of a lease in IFRS 16. Accounting for lease contracts as a lessee Viohalco companies lease various offices, warehouses, machinery and cars. Rental contracts are usually made for fixed periods of 1 to 5 years, with some exceptions like lease of specialized machinery, ports, gas cylinders and land which are leased for longer periods. Viohalco recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, comprising the following: \u2022 the amount of the initial measurement of lease liability; \u2022 any lease payments made at or before the commencement date less any lease incentives received; \u2022 any initial direct costs; and \u2022 restoration costs. Subsequently, the right-of-use asset is measured at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2022 variable lease payment that are based on an index or a rate; \u2022 amounts expected to be payable by the lessee under residual value guarantees; \u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. Lease payments are discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate of the component that entered into the lease agreement. Generally, Viohalco uses its incremental borrowing rate as the discount rate. This is the rate that the lessee, i.e. each subsidiary of Viohalco, would have to pay on the commencement date of the lease for a loan of a similar term, and with similar security, to obtain an asset of similar value to the right-of-use asset in similar economic environment. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is remeasured if there is a modification that is not accounted for as a separate lease; when there is a change in future lease payments arising from a change in an index or rate; a change in the estimate of the amount expected to be payable under a residual value guarantee; and changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. Lease liabilities and right-of-use assets are presented separately in the statement of financial position. Right-of-use assets that meet the definition of investment property are presented within \u2018Investment property\u2019. Viohalco has elected not to separate non-lease components from lease components. Payments associated with leases of 12 months or less and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Low-value assets comprise IT-equipment and small items of office furniture. Viohalco applies judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether Viohalco is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognised. Viohalco has elected to present interest paid related to lease liabilities in the Consolidated Statement of Cash Flows, within the line \u2019Interest charges & related expenses paid\u2018 in operating activities. Accounting for lease contracts as a lessor Leases in which Viohalco companies do not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income is recognised as revenue on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income, over the term of the lease. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognised as expense over the lease term on the same basis as lease income. 5.15. Financial instruments (a) Recognition and initial measurement Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when Viohalco becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. (b) Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI \u2013 debt investment; FVOCI \u2013 equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless Viohalco changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, Viohalco may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets (except derivatives to which cash flow hedging is applied) not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. On initial recognition, Viohalco may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL, if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets \u2013 Business model assessment: Viohalco makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with Viohalco companies\u2019continuing recognition of the assets. Financial assets \u2013 Assessment whether contractual cash flows are solely payments of principal and interest: For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, Viohalco considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, Viohalco considers: \u2022 contingent events that would change the amount or timing of cash flows; \u2022 terms that may adjust the contractual coupon rate, including variable-rate features; \u2022 prepayment and extension features; and \u2022 terms that limit the claim to cash flows from specified assets (e.g. non-recourse features). Financial assets \u2013 Subsequent measurement and gains and losses: Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recog-nised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Financial liabilities \u2013 Classification, subsequent measurement and gains and losses: Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. (c) Derecognition Financial assets Viohalco derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which Viohalco neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Viohalco enters into transactions whereby it transfers assets recognised in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised. Financial liabilities Viohalco derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. Viohalco also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. (d) Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, Viohalco currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. (e) Derivatives and hedge accounting Viohalco has elected not to adopt the provisions of IFRS 9 regarding the hedge accounting and will continue applying IAS 39. Viohalco\u2019s companies hold derivative financial instruments designated as fair value or cash flow hedges. Derivatives are used to cover risks arising from fluctuations in prices of metals, foreign exchange rates, interest rates on borrowings and energy prices (natural gas). Derivatives are initially measured at fair value; any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value and changes therein are generally recognised in profit or loss, unless the instrument qualifies for cash flow hedge accounting. Gain or losses from derivatives are classified as operating or financing expense according to the classification of the hedged item. Fair value hedge Derivatives are designated as fair value hedges when the exposure to changes in the fair value of a recognized financial asset or liability is hedged. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in the Consolidated Statement of Profit or Loss, along with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. Cash flow hedge The effective portion of changes in the fair value of derivatives designated as cash flow hedges is recognised in the \u2019Hedging reserve\u2018. Any ineffective proportion is recognized immediately in profit or loss. The amounts recorded in \u201cHedging Reserve\u201d are reclassified to the consolidated statement of profit or loss in the same period or periods during which the hedged forecast cash flows affect profit or loss or the hedged item affects profit or loss. When a hedge item is sold or when the hedging proportion no longer meets the hedge accounting criteria, hedge accounting is discontinued prospectively, the amounts recorded in \u2018Hedging reserve\u2019 remain as a reserve and are reclassified to the consolidated statement of profit or loss when the hedged asset affects profits or losses. In the case of a hedge on a forecast future transaction which is no longer expected to be realized, the amounts recorded in \u2018Hedging reserve\u2019 are reclassified to the consolidated statement of profit or loss. Viohalco\u2019s companies examine the effectiveness of the cash flow hedge at inception (prospectively) by comparing the critical terms of the hedging instrument with the critical terms of the hedged item, and then at every reporting date (retrospectively), the effectiveness of the cash flow hedge by applying the dollar offset method on a cumulative basis is examined. 5.16. Cash & cash equivalents Cash and cash equivalents comprise cash on hand and deposits held at call with financial institutions and short-term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. 5.17. Share capital Shareholder\u2019s equity is composed of ordinary shares. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity. Income tax relating to transaction costs of an equity transaction is accounted in equity (see note 5.7). 5.18. Provisions Provisions are measured by discounting the expected future cash flows at a pre-tax rate. The discount rate used for the determination of present value reflects current market assessments of the time value of money and the risks specific to the obligation. Provisions are recognised when: (a) There is a present legal or constructive obligation as a result of past events. (b) Payment is probable to settle the obligation. (c) The amount of the payment in question can be reliably estimated. More specifically: Provisions for pending court rulings are recognised when it is more likely than not, that a present obligation from this litigation exists, and payment is probable. Assurance warranty provisions are recognised when the product is sold and according to historical experience (probability that sold products will need to be replaced). The initial estimate of warranty-related costs is revised annually. Restructuring provisions are recognised only when Viohalco has a constructive obligation, which is when a detailed formal plan identifies the business or part of the business concerned, the location and number of employees affected, a detailed estimate of the associated costs and an appropriate timeline, and the employees affected have been notified of the plan\u2019s main features or when the company has already started to implement the plan. A provision for onerous contracts is measured at the present value of the lower of the expected cost of terminating a contract and the expected net cost of continuing with the contract. Before the provision is established, Viohalco recognises any impairment loss on the associated assets with the contract. 5.19. Earnings per Share Viohalco presents basic and diluted earnings per share. Basic earnings per share are calculated by dividing the net profit/ loss attributable to holders of the Company\u2019s ordinary shares by the average weighted number of outstanding ordinary shares during each period. Diluted earnings per share are determined by adjusting the profit or loss attributable to holders of ordinary shares and the average weighted number of outstanding ordinary shares by the effect of all diluted eventual ordinary shares consisting of convertible notes and shares with options granted to the staff. 5.20. Operating profit Operating profit is the result generated from the continuing principal revenue-producing activities of Viohalco as well as other income and expenses related to operating activities. Operating profit excludes net finance costs, share of profit of equity-accounted investees and income taxes. 5.21. Fair value measurement \u2018Fair value\u2019 is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which Viohalco has access at that date. The fair value of a liability reflects its non-performance risk. A number of Viohalco\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When one is available, Viohalco measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as \u2018active\u2019 if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then Viohalco uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. If an asset or a liability measured at fair value has a bid price and an ask price, then Viohalco measures assets and long positions at a bid price and liabilities and short positions at an ask price. The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price \u2013 i.e. the fair value of the consideration given or received. If Viohalco determines that the fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by a quoted price in an active market for an identical asset or liability, nor based on a valuation technique for which any unobservable inputs are judged to be insignificant in relation to the measurement, then the financial instrument is initially measured at fair value, adjusted to defer the difference between the fair value on initial recognition and the transaction price. Subsequently, that difference is recognised in profit or loss on an appropriate basis over the life of the instrument but no later than when the valuation is wholly supported by observable market data or the transaction is closed out. 5.22. CO2 Emission rights Emission rights are accounted for under the net liability method, based on which Viohalco companies recognize a liability for emissions during the calendar year. Viohalco companies estimate the free allowances allocated and the emissions produced during the year. When emissions exceed free allowances, the companies recognize the future liability based on the net deficit and the budget estimate for the EUA price during the year. The projected deficit is covered at market prices by purchasing EUAs either on a forward or spot basis. The total cost of all forward and spot purchases represents the realized liability during the year. 5.23. New standards, amendment to standards and interpretations of IFRS\u2019s A number of new or amended standards became applicable for the current financial year and subsequent years. Viohalco has applied all of the new standards, interpretations and amendments to existing standards that were mandatory for the first time in the fiscal year beginning 1 January 2022 and none of the new or amended standards and interpretations has had material impact on recognition and measurement in the Consolidated Financial Statements. Standards and Interpretations effective for the current financial year IFRS 16 (Amendment) \u2018Covid-19-Related Rent Concessions\u2019 The amendment extends the application period of the practical expedient in relation to rent concessions by one year to cover rental concessions that reduce leases due only on or before 30 June 2022. IAS 16 (Amendment) \u2018Property, Plant and Equipment \u2013 Proceeds before Intended Use The amendment prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also requires entities to separately disclose the amounts of proceeds and costs relating to such items produced that are not an output of the entity\u2019s ordinary activities. IAS 37 (Amendment) \u2018Onerous Contracts \u2013 Cost of Fulfilling a Contract\u2019 The amendment clarifies that \u2018costs to fulfil a contract\u2019 comprise the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts. The amendment also clarifies that, before a separate provision for an onerous contract is established, an entity recognises any impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to that contract. IFRS 3 (Amendment) \u2018Reference to the Conceptual Framework\u2019 The amendment updated the standard to refer to the 2018 Conceptual Framework for Financial Reporting, in order to determine what constitutes an asset or a liability in a business combination. In addition, an exception was added for some types of liabilities and contingent liabilities acquired in a business combination. Finally, it is clarified that the acquirer should not recognise contingent assets, as defined in IAS 37, at the acquisition date. Annual Improvements to IFRS Standards 2018\u20132020 IFRS 9 \u2018Financial instruments\u2019 The amendment addresses which fees should be included in the 10% test for derecognition of financial liabilities. Costs or fees could be paid to either third parties or the lender. Under the amendment, costs or fees paid to third parties will not be included in the 10% test. IFRS 16 \u2018Leases\u2019 The amendment removed the illustration of payments from the lessor relating to leasehold improvements in Illustrative Example 13 of the standard in order to remove any potential confusion about the treatment of lease incentives. Standards and Interpretations effective for subsequent periods IAS 1 (Amendments) \u2018Presentation of Financial Statements\u2019 and IFRS Practice Statement 2 \u2018Disclosure of Accounting policies\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments require companies to disclose their material accounting policy information and provide guidance on how to apply the concept of materiality to accounting policy disclosures. IAS 8 (Amendments) \u2018Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. I\u0391S 12 (Amendments) \u2018Deferred tax related to Assets and Liabilities arising from a Single Transaction\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments require companies to recognise deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. This will typically apply to transactions such as leases for the lessee and decommissioning obligations. IFRS 17 (Amendment) \u2018Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendment is a transition option relating to comparative information about financial assets presented on initial application of IFRS 17. The amendment is aimed at helping entities to avoid temporary accounting mismatches between financial assets and insurance contract liabilities, and therefore improve the usefulness of comparative information for users of financial statements. IAS 1 \u2018Presentation of Financial Statements\u2019 (Amendments) (effective for annual periods beginning on or after 1 January 2024) \u2022 2020 Amendment \u2018Classification of liabilities as current or non-current\u2019 The amendment clarifies that liabilities are classified as either current or non-current depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date. The amendment also clarifies what IAS 1 means when it refers to the \u2018settlement\u2019 of a liability. The amendment has not yet been endorsed by the EU. \u2022 2022 Amendments \u2018Non-current liabilities with covenants\u2019 The new amendments clarify that if the right to defer settlement is subject to the entity complying with specified conditions (covenants), this amendment will only apply to conditions that exist when compliance is measured on or before the reporting date. Additionally, the amendments aim to improve the information an entity provides when its right to defer settlement of a liability is subject to co mpliance with covenants within twelve months after the reporting period. The 2022 amendments changed the effective date of the 2020 amendments. As a result, the 2020 and 2022 amendments are effective for annual reporting periods beginning on or after 1 January 2024 and should be applied retrospectively in accordance with IAS 8. As a result of aligning the effective dates, the 2022 amendments override the 2020 amendments when they both become effective in 2024. The amendments have not yet been endorsed by the EU. IFRS 16 (Amendment) \u2018Lease Liability in a Sale and Leaseback\u2019 (effective for annual periods beginning on or after 1 January 2024) The amendment clarifies how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted. An entity applies the requirements retrospectively back to sale and leaseback transactions that were entered into after the date when the entity initially applied IFRS 16. The amendment has not yet been endorsed by the EU. ",
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"value": "The Consolidated Financial Statements for the year ended 31 December 2022 have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union and authorized by the Company\u2019s Board of Directors on 9 March 2023. ",
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"value": "The Consolidated Financial Statements for the year ended 31 December 2022 have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union and authorized by the Company\u2019s Board of Directors on 9 March 2023. ",
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"value": "The Consolidated Financial Statements for the year ended 31 December 2022 have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union and authorized by the Company\u2019s Board of Directors on 9 March 2023. 39. Subsequent eventsthOn March 9, 2023, Viohalco Board of Directors decided to propose to the Ordinary General Shareholders\u2019 meeting to be held on May 30th, 2023, the approval of a gross dividend of EUR 0.12 per share. The corporate transaction for the Strategic Cooperation Agreement, through the merger with absorption of Etem by Cosmos Aluminium (Note 22), is expected to be finalized within April 2023.No other subsequent events for which disclosure is required in the Consolidated Financial Statements have occurred since 31 December 2022. ",
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"value": "The Company has prepared the Consolidated Financial Statements on the basis that it will continue to operate as a going concern. ",
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"value": "3. Functional currency and presentation currency The functional and presentation currency of the parent Company is Euro. All amounts in the Consolidated Financial Statements are rounded to the nearest thousand, unless otherwise indicated. As such, due to rounding, figures shown as totals in certain tables may not be arithmetic aggregations of the figures that precede them. ",
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"value": "4. Use of estimates and judgements Preparing Financial Statements in line with IFRS requires that Management makes judgements, estimates and assumptions that affect the application of Viohalco\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. The actual results may differ from these estimates. Management\u2019s estimates and judgements are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. Information about judgements, assumptions and estimation uncertainties that have significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year is included in the following notes: \u2022 Note 7.D \u2013 Revenue recognition; \u2022 Note 11.C.a \u2013 Measurement of defined benefit obligations: key actuarial assumptions; \u2022 Note 13.C \u2013 Recognition of deferred tax assets: availability of future taxable profits against which carried forward tax losses can be used; \u2022 Note 15.B - Recoverability of overdue receivable from a former customer in the Middle-East ; \u2022 Note 17.E - Impairment loss on Property, plant and equipment; \u2022 Note 18.F \u2013 Impairment loss test: key assumptions underlying recoverable amounts; \u2022 Note 19.B \u2013 Measurement of fair value of Investment property; \u2022 Note 30.C.1 \u2013 Measurement of Expected Credit Losses allowance for trade receivables and contract assets: key assumptions in determining loss rates. B. Depreciation Depreciation is calculated to write off the cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives and is generally recognised in profit or loss. Land is not depreciated. The component approach is followed if the cost of an asset comprises different major components of that asset with different useful lives. Buildings 10-33 years Plants 50 years Machinery 2-35 years Furniture and other equipment 2-8 years Transport means 4-15 years Computers are included in the category \"Furniture and other equipment\". Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. C. Amortisation and useful lives Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives and is recognised in profit or loss. Goodwill and other intangible assets with indefinite useful lives are not amortised. The estimated useful lives for the current and comparative periods are as follows: \u2022 Trademarks and licenses 10 \u2013 15 years \u2022 Software programs 3 \u2013 5 years Some intangible assets included in \u201cTrademarks and licences\u201d have indefinite useful lives and are therefore not amortised, but subject to an impairment testing. See Note 19 for detailed information. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. D. Significant judgements in revenue recognition In recognizing revenue, Viohalco companies make judgements regarding the timing of satisfaction of performance obligations, the identification of distinct performance obligations, as well as the transaction price and the amounts allocated to performance obligations. The most significant of these estimates are described below: - Contracts including multiple performance obligations are mainly identified in cables segment for turnkey projects and for customized products in cables, steel pipes and aluminium segments, as described in Note 5.3. In such cases, the total transaction price is allocated to these performance obligations on the basis of the relative standalone selling prices of the promised goods and services. If these goods and services are not sold separately, a cost plus margin approach is used to estimate the standalone selling price. - Some contracts with customers involve a variable transaction cost as they include a volume or trade discount based on the total sales to the customer within a time period. In such case revenue is recognized based on the anticipated sales to the customer throughout the year, as these sales are realized and new orders are received and up to an extent it is highly probable that a significant reversal of cumulative revenue recognized will not be needed. - A significant portion of contracts with customers, include transportation service. Transportation is considered as a separate performance obligation, if the customer can benefit from the offered transportation service and the promise to transport the goods to the customer is separately identifiable from the production of these customized products. Revenue for orders of standardized products is recognized at a specific point in time and transportation is not considered a separate performance obligation. C. Defined benefit obligation (a) Actuarial assumptions The following were the weighted average principal actuarial assumptions at the reporting date: 2022 2021 Discount rate 3.69% 0.31% Price inflation 2.72% 2.06% Future salary growth 3.37% 2.66% Plan duration (in years) 5 6 Assumptions regarding future mortality have been based on Swiss mortality table EVK2000. Deferred tax assets relating to tax losses carried forward are recognised only if it is probable that they can be offset against future taxable profits. At each balance sheet date, Viohalco and its subsidiaries assess whether the realization of future tax benefits is sufficiently probable based on approved business plans. On 31 December 2022, the accumulated tax losses carried forward available for future use amounted to EUR 105.9 million (31 December 2021 EUR 80 million). Viohalco companies have recognised cumulatively a deferred tax asset of EUR 13.6 million (31 December 2021: EUR 2 million) on tax losses because management considered it probable that future taxable profits would be available against which such losses can be used. EUR 11.6 million relate to Viohalco subsidiaries located in Greece and the rest EUR 2.0 million to subsidiaries in other jurisdictions. This deferred tax asset corresponds to losses equal to EUR 58.8 million (31 December 2021: EUR 9 million). Based on these estimates regarding future taxable profits, deferred tax assets have not been recognised in respect of tax losses carried forward for an amount of EUR 47 million (EUR 70 million in 2021). Out of these, tax losses equal to EUR 22.6 million expire in 2023 and 2024, while the rest expire between 2025 and 2027. According to the provisions of articles 49 and 72 of the Greek Law 4172/2013 concerning thin capitalization, net interest expense is deductible from current year\u2019s tax profits, if it is equal or less than 30% of EBITDA and any excess can be settled with future tax profits without time limitations. Based on the current approved business plans, the balance of the respective tax asset was equal to EUR 23.6 million, as at 31 December 2021 (31 December 2020: EUR 24.2 million). B. Credit and market risks and impairment losses During 2010, the subsidiary Corinth Pipeworks SA initiated in Greece and Dubai legal actions against a former customer in the Middle-East regarding the recovery of an overdue receivable of USD 24.8 million (EUR 23.3 million on 31 December 2022), plus legal interest. Following a series of court proceedings, the Dubai Court of Cassation issued its final judgment, during 2017, and ruled to reject any counterclaim of the former customer and to confirm the amount due to Corinth Pipeworks. In order to recover this long overdue balance, Corinth Pipeworks has initiated the enforcement procedures against the assets of the former customer that are located within any of the countries, where the Court of Cassation judgment issued against the former customer is enforceable (i.e. UAE and various other countries in the Middle East). There were no other substantial developments during 2022. Corinth Pipeworks had recorded in the past an impairment loss for the whole outstanding amount, i.e. USD 24.8 million. However, the subsidiary will continue any and all actions required to collect the full amount of that receivable. Information about Viohalco companies\u2019 exposure to credit and market risks, and impairment losses for trade and other receivables is included in Note 30. F. Impairment testing (a) Intangible assets recognized for the CGU \u201cFulgor\u201d As these intangible assets do not generate independent cash inflows, it was considered appropriate to carry out the impairment test on the basis of the Cash Generating Unit (CGU) of Fulgor submarine cables production plant, which incorporates these assets. To evaluate the value in use, cash flow projections based on estimates by management covering a five-year period (2023 \u2013 2027) were used. These estimates take into consideration the contracts already signed, as well as contracts estimated to be awarded in Greece and abroad. The submarine cables CGU operates as a project-based business. Therefore, assumptions related to revenue and profitability growth are based on the contracts already signed, as well as those estimated to be undertaken in the forthcoming period. The main assumptions regarding the operations of submarine cables CGU and the projects to be executed within the five-year period are: \u2022 Progressively high-capacity utilization of Corinth plant owned by Fulgor, as the one observed during the last 3 years, based on contracts already awarded and those expected given the tendering activity. Given the existing backlog and the growth of renewables business around the world, which is a significant driver in the attractive outlook for the offshore power generation market, the continuously high level of activity is expected to be retained throughout the period 2023-2027. \u2022 Capital expenditure of approx. EUR 189 million in the following 5 years, to cover estimated production and capacity needs. Capital expenditure reflects investments for maintenance as well as organic growth. For the terminal period, investments are set equal to depreciation. \u2022 The compound annual growth rate of revenue from offshore business for the five-year period is set to ca. 24% attributable to the assignment of new projects mainly in Greece, North Europe and the USA. \u2022 The EBITDA margin per offshore project is assumed in the range of 15%-25% of revenue. Estimated profitability per project varies due to different types of cables required, technical specifications, geographic region and the project\u2019s timeframe. \u2022 The compound annual growth rate of fixed operating expenses is assumed equal to ca. 4.8% for the five-year period. Cash flows after the first five years were calculated using an estimated long term growth rate of 1.52%, which mainly reflects management's estimates for the world economy as well as long-term growth prospects of the offshore cable sector. The pre-tax rate used to discount these cash flows was 12.02%, based on the following assumptions: \u2022 The risk-free rate was based on AAA European bond yields. \u2022 The country risk calculations were based on the expected future sales mix and the fact that the business unit is based in Greece. \u2022 The market risk premium was assumed equal to 6.21%., i.e., higher than the one used in last year\u2019s impairment test, as market conditions have worsened. Commodity prices for copper and aluminium are intrinsically part of the impairment test assumptions; the metal price hedging activities undertaken, though, and the customized nature of the products sold by Fulgor, suggest that the value of the business unit is not significantly affected by fluctuations in commodity prices. Hence, a neutral result from metal price fluctuations is assumed in the context of the impairment test. The results of this test indicated that the recoverable amount on 31 December 2022 exceeds the carrying amount of the CGU (equal to EUR 283 million) by EUR 688 million. A sensitivity analysis was carried out on the key assumptions of the model (discount rates and growth in perpetuity), to examine the adequacy of the above headroom. Sensitivity analysis results indicated that the recoverable amount comfortably exceeds the carrying value of the CGU. Assumptions may change as follows, so as the recoverable amount equals the carrying amount: Change in rates (percentage points change) required for the recoverable amount Assumptions used to equal the carrying amount Discount rate 12.02 % + 14.5 ppc Terminal growth 1.52 % - 118.0 ppc (b) Intangible assets recognized for the CGU \u201cReynolds\u201d The recoverable amount of the CGU that includes this intangible asset (Reynolds Cuivre S.A.) was estimated based on the present value of the future cash flows expected to be derived from the CGU (value in use). Cash flows after the first five years were calculated using an estimated growth rate of 1%, which reflects management's estimates for the growth prospects for the market. The after-tax rate used to discount these cash flows is 8.3% for the five year period and for the terminal value and was based on the following: \u2022 Risk free rate at 2.09%. \u2022 The market risk premium (including the country risk for operating in France) was determined at 6.90% Average annual revenue growth rate for the five-year period is 0.2% ; and the average annual operating expenses decrease ; percentage is 0.6%. Average capex equal to EUR 170 thousand. The results of this test indicated that the recoverable amount as at 31 December 2022 exceeds the carrying value of the CGU amounting to EUR 10.0 million by EUR 1.9 million. A sensitivity analysis was carried out on the key assumptions of the model (discount rates and growth in perpetuity), so as to examine the adequacy of the headroom. The result of the sensitivity analysis indicated that the recoverable amount still exceeds the carrying value of the CGU. Results of the sensitivity analysis for the impairment testing: Change in rates (percentage points change) required for the recoverable amount Assumptions used to equal the carrying amount Discount rate 8.3% +0.9ppc Terminal growth 1.0% -1.2ppc (a) Trade and other receivables Viohalco\u2019s companies have established a credit policy under which each customer\u2019s creditworthiness is examined on an individual basis before the determination of the payment terms offered. Credit limits are set for each customer and are regularly reviewed and, readjusted, if necessary. As a rule, customer credit limits are in accordance with of the credit insurance limits offered by the insurance companies where Viohalco companies\u2019 rceivables are insured. When monitoring the credit risk,customers are grouped according to their credit characteristics, and their payment history. Trade and other receivables mainly include wholesale customers of Viohalco\u2019s companies. Any customers characterized as being \u201chigh risk\u201d are monitored closely subsequent sales have zero payment terms. Depending on the customer credit rating and its status, Viohalco\u2019s companies require tangible or other security (e.g. letters of guarantee) in order to secure its receivables. Viohalco\u2019s companies record an impairment loss that represents its expected credit losses in respect of trade and other receivables. At 31 December, the maximum exposure to credit risk for trade and other receivables and contract assets by geographic region was as follows: Amounts in EUR thousands 2022 2021 Greece 305,237 184,545 Other EU member states 239,576 261,941 Other European countries 82,312 77,343 Asia 28,451 57,020 America 93,314 36,440 Africa 5,689 7,665 Oceania 381 479 Total 754,960 625,433 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-21-3": {
"value": "4. Use of estimates and judgements Preparing Financial Statements in line with IFRS requires that Management makes judgements, estimates and assumptions that affect the application of Viohalco\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. The actual results may differ from these estimates. Management\u2019s estimates and judgements are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. Information about judgements, assumptions and estimation uncertainties that have significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year is included in the following notes: \u2022 Note 7.D \u2013 Revenue recognition; \u2022 Note 11.C.a \u2013 Measurement of defined benefit obligations: key actuarial assumptions; \u2022 Note 13.C \u2013 Recognition of deferred tax assets: availability of future taxable profits against which carried forward tax losses can be used; \u2022 Note 15.B - Recoverability of overdue receivable from a former customer in the Middle-East ; \u2022 Note 17.E - Impairment loss on Property, plant and equipment; \u2022 Note 18.F \u2013 Impairment loss test: key assumptions underlying recoverable amounts; \u2022 Note 19.B \u2013 Measurement of fair value of Investment property; \u2022 Note 30.C.1 \u2013 Measurement of Expected Credit Losses allowance for trade receivables and contract assets: key assumptions in determining loss rates. B. Depreciation Depreciation is calculated to write off the cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives and is generally recognised in profit or loss. Land is not depreciated. The component approach is followed if the cost of an asset comprises different major components of that asset with different useful lives. Buildings 10-33 years Plants 50 years Machinery 2-35 years Furniture and other equipment 2-8 years Transport means 4-15 years Computers are included in the category \"Furniture and other equipment\". Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. C. Amortisation and useful lives Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives and is recognised in profit or loss. Goodwill and other intangible assets with indefinite useful lives are not amortised. The estimated useful lives for the current and comparative periods are as follows: \u2022 Trademarks and licenses 10 \u2013 15 years \u2022 Software programs 3 \u2013 5 years Some intangible assets included in \u201cTrademarks and licences\u201d have indefinite useful lives and are therefore not amortised, but subject to an impairment testing. See Note 19 for detailed information. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. D. Significant judgements in revenue recognition In recognizing revenue, Viohalco companies make judgements regarding the timing of satisfaction of performance obligations, the identification of distinct performance obligations, as well as the transaction price and the amounts allocated to performance obligations. The most significant of these estimates are described below: - Contracts including multiple performance obligations are mainly identified in cables segment for turnkey projects and for customized products in cables, steel pipes and aluminium segments, as described in Note 5.3. In such cases, the total transaction price is allocated to these performance obligations on the basis of the relative standalone selling prices of the promised goods and services. If these goods and services are not sold separately, a cost plus margin approach is used to estimate the standalone selling price. - Some contracts with customers involve a variable transaction cost as they include a volume or trade discount based on the total sales to the customer within a time period. In such case revenue is recognized based on the anticipated sales to the customer throughout the year, as these sales are realized and new orders are received and up to an extent it is highly probable that a significant reversal of cumulative revenue recognized will not be needed. - A significant portion of contracts with customers, include transportation service. Transportation is considered as a separate performance obligation, if the customer can benefit from the offered transportation service and the promise to transport the goods to the customer is separately identifiable from the production of these customized products. Revenue for orders of standardized products is recognized at a specific point in time and transportation is not considered a separate performance obligation. C. Defined benefit obligation (a) Actuarial assumptions The following were the weighted average principal actuarial assumptions at the reporting date: 2022 2021 Discount rate 3.69% 0.31% Price inflation 2.72% 2.06% Future salary growth 3.37% 2.66% Plan duration (in years) 5 6 Assumptions regarding future mortality have been based on Swiss mortality table EVK2000. Deferred tax assets relating to tax losses carried forward are recognised only if it is probable that they can be offset against future taxable profits. At each balance sheet date, Viohalco and its subsidiaries assess whether the realization of future tax benefits is sufficiently probable based on approved business plans. On 31 December 2022, the accumulated tax losses carried forward available for future use amounted to EUR 105.9 million (31 December 2021 EUR 80 million). Viohalco companies have recognised cumulatively a deferred tax asset of EUR 13.6 million (31 December 2021: EUR 2 million) on tax losses because management considered it probable that future taxable profits would be available against which such losses can be used. EUR 11.6 million relate to Viohalco subsidiaries located in Greece and the rest EUR 2.0 million to subsidiaries in other jurisdictions. This deferred tax asset corresponds to losses equal to EUR 58.8 million (31 December 2021: EUR 9 million). Based on these estimates regarding future taxable profits, deferred tax assets have not been recognised in respect of tax losses carried forward for an amount of EUR 47 million (EUR 70 million in 2021). Out of these, tax losses equal to EUR 22.6 million expire in 2023 and 2024, while the rest expire between 2025 and 2027. According to the provisions of articles 49 and 72 of the Greek Law 4172/2013 concerning thin capitalization, net interest expense is deductible from current year\u2019s tax profits, if it is equal or less than 30% of EBITDA and any excess can be settled with future tax profits without time limitations. Based on the current approved business plans, the balance of the respective tax asset was equal to EUR 23.6 million, as at 31 December 2021 (31 December 2020: EUR 24.2 million). B. Credit and market risks and impairment losses During 2010, the subsidiary Corinth Pipeworks SA initiated in Greece and Dubai legal actions against a former customer in the Middle-East regarding the recovery of an overdue receivable of USD 24.8 million (EUR 23.3 million on 31 December 2022), plus legal interest. Following a series of court proceedings, the Dubai Court of Cassation issued its final judgment, during 2017, and ruled to reject any counterclaim of the former customer and to confirm the amount due to Corinth Pipeworks. In order to recover this long overdue balance, Corinth Pipeworks has initiated the enforcement procedures against the assets of the former customer that are located within any of the countries, where the Court of Cassation judgment issued against the former customer is enforceable (i.e. UAE and various other countries in the Middle East). There were no other substantial developments during 2022. Corinth Pipeworks had recorded in the past an impairment loss for the whole outstanding amount, i.e. USD 24.8 million. However, the subsidiary will continue any and all actions required to collect the full amount of that receivable. Information about Viohalco companies\u2019 exposure to credit and market risks, and impairment losses for trade and other receivables is included in Note 30. F. Impairment testing (a) Intangible assets recognized for the CGU \u201cFulgor\u201d As these intangible assets do not generate independent cash inflows, it was considered appropriate to carry out the impairment test on the basis of the Cash Generating Unit (CGU) of Fulgor submarine cables production plant, which incorporates these assets. To evaluate the value in use, cash flow projections based on estimates by management covering a five-year period (2023 \u2013 2027) were used. These estimates take into consideration the contracts already signed, as well as contracts estimated to be awarded in Greece and abroad. The submarine cables CGU operates as a project-based business. Therefore, assumptions related to revenue and profitability growth are based on the contracts already signed, as well as those estimated to be undertaken in the forthcoming period. The main assumptions regarding the operations of submarine cables CGU and the projects to be executed within the five-year period are: \u2022 Progressively high-capacity utilization of Corinth plant owned by Fulgor, as the one observed during the last 3 years, based on contracts already awarded and those expected given the tendering activity. Given the existing backlog and the growth of renewables business around the world, which is a significant driver in the attractive outlook for the offshore power generation market, the continuously high level of activity is expected to be retained throughout the period 2023-2027. \u2022 Capital expenditure of approx. EUR 189 million in the following 5 years, to cover estimated production and capacity needs. Capital expenditure reflects investments for maintenance as well as organic growth. For the terminal period, investments are set equal to depreciation. \u2022 The compound annual growth rate of revenue from offshore business for the five-year period is set to ca. 24% attributable to the assignment of new projects mainly in Greece, North Europe and the USA. \u2022 The EBITDA margin per offshore project is assumed in the range of 15%-25% of revenue. Estimated profitability per project varies due to different types of cables required, technical specifications, geographic region and the project\u2019s timeframe. \u2022 The compound annual growth rate of fixed operating expenses is assumed equal to ca. 4.8% for the five-year period. Cash flows after the first five years were calculated using an estimated long term growth rate of 1.52%, which mainly reflects management's estimates for the world economy as well as long-term growth prospects of the offshore cable sector. The pre-tax rate used to discount these cash flows was 12.02%, based on the following assumptions: \u2022 The risk-free rate was based on AAA European bond yields. \u2022 The country risk calculations were based on the expected future sales mix and the fact that the business unit is based in Greece. \u2022 The market risk premium was assumed equal to 6.21%., i.e., higher than the one used in last year\u2019s impairment test, as market conditions have worsened. Commodity prices for copper and aluminium are intrinsically part of the impairment test assumptions; the metal price hedging activities undertaken, though, and the customized nature of the products sold by Fulgor, suggest that the value of the business unit is not significantly affected by fluctuations in commodity prices. Hence, a neutral result from metal price fluctuations is assumed in the context of the impairment test. The results of this test indicated that the recoverable amount on 31 December 2022 exceeds the carrying amount of the CGU (equal to EUR 283 million) by EUR 688 million. A sensitivity analysis was carried out on the key assumptions of the model (discount rates and growth in perpetuity), to examine the adequacy of the above headroom. Sensitivity analysis results indicated that the recoverable amount comfortably exceeds the carrying value of the CGU. Assumptions may change as follows, so as the recoverable amount equals the carrying amount: Change in rates (percentage points change) required for the recoverable amount Assumptions used to equal the carrying amount Discount rate 12.02 % + 14.5 ppc Terminal growth 1.52 % - 118.0 ppc (b) Intangible assets recognized for the CGU \u201cReynolds\u201d The recoverable amount of the CGU that includes this intangible asset (Reynolds Cuivre S.A.) was estimated based on the present value of the future cash flows expected to be derived from the CGU (value in use). Cash flows after the first five years were calculated using an estimated growth rate of 1%, which reflects management's estimates for the growth prospects for the market. The after-tax rate used to discount these cash flows is 8.3% for the five year period and for the terminal value and was based on the following: \u2022 Risk free rate at 2.09%. \u2022 The market risk premium (including the country risk for operating in France) was determined at 6.90% Average annual revenue growth rate for the five-year period is 0.2% ; and the average annual operating expenses decrease ; percentage is 0.6%. Average capex equal to EUR 170 thousand. The results of this test indicated that the recoverable amount as at 31 December 2022 exceeds the carrying value of the CGU amounting to EUR 10.0 million by EUR 1.9 million. A sensitivity analysis was carried out on the key assumptions of the model (discount rates and growth in perpetuity), so as to examine the adequacy of the headroom. The result of the sensitivity analysis indicated that the recoverable amount still exceeds the carrying value of the CGU. Results of the sensitivity analysis for the impairment testing: Change in rates (percentage points change) required for the recoverable amount Assumptions used to equal the carrying amount Discount rate 8.3% +0.9ppc Terminal growth 1.0% -1.2ppc (a) Trade and other receivables Viohalco\u2019s companies have established a credit policy under which each customer\u2019s creditworthiness is examined on an individual basis before the determination of the payment terms offered. Credit limits are set for each customer and are regularly reviewed and, readjusted, if necessary. As a rule, customer credit limits are in accordance with of the credit insurance limits offered by the insurance companies where Viohalco companies\u2019 rceivables are insured. When monitoring the credit risk,customers are grouped according to their credit characteristics, and their payment history. Trade and other receivables mainly include wholesale customers of Viohalco\u2019s companies. Any customers characterized as being \u201chigh risk\u201d are monitored closely subsequent sales have zero payment terms. Depending on the customer credit rating and its status, Viohalco\u2019s companies require tangible or other security (e.g. letters of guarantee) in order to secure its receivables. Viohalco\u2019s companies record an impairment loss that represents its expected credit losses in respect of trade and other receivables. At 31 December, the maximum exposure to credit risk for trade and other receivables and contract assets by geographic region was as follows: Amounts in EUR thousands 2022 2021 Greece 305,237 184,545 Other EU member states 239,576 261,941 Other European countries 82,312 77,343 Asia 28,451 57,020 America 93,314 36,440 Africa 5,689 7,665 Oceania 381 479 Total 754,960 625,433 ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-21-4": {
"value": "4. Use of estimates and judgements Preparing Financial Statements in line with IFRS requires that Management makes judgements, estimates and assumptions that affect the application of Viohalco\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. The actual results may differ from these estimates. Management\u2019s estimates and judgements are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. Information about judgements, assumptions and estimation uncertainties that have significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year is included in the following notes: \u2022 Note 7.D \u2013 Revenue recognition; \u2022 Note 11.C.a \u2013 Measurement of defined benefit obligations: key actuarial assumptions; \u2022 Note 13.C \u2013 Recognition of deferred tax assets: availability of future taxable profits against which carried forward tax losses can be used; \u2022 Note 15.B - Recoverability of overdue receivable from a former customer in the Middle-East ; \u2022 Note 17.E - Impairment loss on Property, plant and equipment; \u2022 Note 18.F \u2013 Impairment loss test: key assumptions underlying recoverable amounts; \u2022 Note 19.B \u2013 Measurement of fair value of Investment property; \u2022 Note 30.C.1 \u2013 Measurement of Expected Credit Losses allowance for trade receivables and contract assets: key assumptions in determining loss rates. D. Significant judgements in revenue recognition In recognizing revenue, Viohalco companies make judgements regarding the timing of satisfaction of performance obligations, the identification of distinct performance obligations, as well as the transaction price and the amounts allocated to performance obligations. The most significant of these estimates are described below: - Contracts including multiple performance obligations are mainly identified in cables segment for turnkey projects and for customized products in cables, steel pipes and aluminium segments, as described in Note 5.3. In such cases, the total transaction price is allocated to these performance obligations on the basis of the relative standalone selling prices of the promised goods and services. If these goods and services are not sold separately, a cost plus margin approach is used to estimate the standalone selling price. - Some contracts with customers involve a variable transaction cost as they include a volume or trade discount based on the total sales to the customer within a time period. In such case revenue is recognized based on the anticipated sales to the customer throughout the year, as these sales are realized and new orders are received and up to an extent it is highly probable that a significant reversal of cumulative revenue recognized will not be needed. - A significant portion of contracts with customers, include transportation service. Transportation is considered as a separate performance obligation, if the customer can benefit from the offered transportation service and the promise to transport the goods to the customer is separately identifiable from the production of these customized products. Revenue for orders of standardized products is recognized at a specific point in time and transportation is not considered a separate performance obligation. C. Defined benefit obligation (a) Actuarial assumptions The following were the weighted average principal actuarial assumptions at the reporting date: 2022 2021 Discount rate 3.69% 0.31% Price inflation 2.72% 2.06% Future salary growth 3.37% 2.66% Plan duration (in years) 5 6 Assumptions regarding future mortality have been based on Swiss mortality table EVK2000. Deferred tax assets relating to tax losses carried forward are recognised only if it is probable that they can be offset against future taxable profits. At each balance sheet date, Viohalco and its subsidiaries assess whether the realization of future tax benefits is sufficiently probable based on approved business plans. On 31 December 2022, the accumulated tax losses carried forward available for future use amounted to EUR 105.9 million (31 December 2021 EUR 80 million). Viohalco companies have recognised cumulatively a deferred tax asset of EUR 13.6 million (31 December 2021: EUR 2 million) on tax losses because management considered it probable that future taxable profits would be available against which such losses can be used. EUR 11.6 million relate to Viohalco subsidiaries located in Greece and the rest EUR 2.0 million to subsidiaries in other jurisdictions. This deferred tax asset corresponds to losses equal to EUR 58.8 million (31 December 2021: EUR 9 million). Based on these estimates regarding future taxable profits, deferred tax assets have not been recognised in respect of tax losses carried forward for an amount of EUR 47 million (EUR 70 million in 2021). Out of these, tax losses equal to EUR 22.6 million expire in 2023 and 2024, while the rest expire between 2025 and 2027. According to the provisions of articles 49 and 72 of the Greek Law 4172/2013 concerning thin capitalization, net interest expense is deductible from current year\u2019s tax profits, if it is equal or less than 30% of EBITDA and any excess can be settled with future tax profits without time limitations. Based on the current approved business plans, the balance of the respective tax asset was equal to EUR 23.6 million, as at 31 December 2021 (31 December 2020: EUR 24.2 million). B. Credit and market risks and impairment losses During 2010, the subsidiary Corinth Pipeworks SA initiated in Greece and Dubai legal actions against a former customer in the Middle-East regarding the recovery of an overdue receivable of USD 24.8 million (EUR 23.3 million on 31 December 2022), plus legal interest. Following a series of court proceedings, the Dubai Court of Cassation issued its final judgment, during 2017, and ruled to reject any counterclaim of the former customer and to confirm the amount due to Corinth Pipeworks. In order to recover this long overdue balance, Corinth Pipeworks has initiated the enforcement procedures against the assets of the former customer that are located within any of the countries, where the Court of Cassation judgment issued against the former customer is enforceable (i.e. UAE and various other countries in the Middle East). There were no other substantial developments during 2022. Corinth Pipeworks had recorded in the past an impairment loss for the whole outstanding amount, i.e. USD 24.8 million. However, the subsidiary will continue any and all actions required to collect the full amount of that receivable. Information about Viohalco companies\u2019 exposure to credit and market risks, and impairment losses for trade and other receivables is included in Note 30. F. Impairment testing (a) Intangible assets recognized for the CGU \u201cFulgor\u201d As these intangible assets do not generate independent cash inflows, it was considered appropriate to carry out the impairment test on the basis of the Cash Generating Unit (CGU) of Fulgor submarine cables production plant, which incorporates these assets. To evaluate the value in use, cash flow projections based on estimates by management covering a five-year period (2023 \u2013 2027) were used. These estimates take into consideration the contracts already signed, as well as contracts estimated to be awarded in Greece and abroad. The submarine cables CGU operates as a project-based business. Therefore, assumptions related to revenue and profitability growth are based on the contracts already signed, as well as those estimated to be undertaken in the forthcoming period. The main assumptions regarding the operations of submarine cables CGU and the projects to be executed within the five-year period are: \u2022 Progressively high-capacity utilization of Corinth plant owned by Fulgor, as the one observed during the last 3 years, based on contracts already awarded and those expected given the tendering activity. Given the existing backlog and the growth of renewables business around the world, which is a significant driver in the attractive outlook for the offshore power generation market, the continuously high level of activity is expected to be retained throughout the period 2023-2027. \u2022 Capital expenditure of approx. EUR 189 million in the following 5 years, to cover estimated production and capacity needs. Capital expenditure reflects investments for maintenance as well as organic growth. For the terminal period, investments are set equal to depreciation. \u2022 The compound annual growth rate of revenue from offshore business for the five-year period is set to ca. 24% attributable to the assignment of new projects mainly in Greece, North Europe and the USA. \u2022 The EBITDA margin per offshore project is assumed in the range of 15%-25% of revenue. Estimated profitability per project varies due to different types of cables required, technical specifications, geographic region and the project\u2019s timeframe. \u2022 The compound annual growth rate of fixed operating expenses is assumed equal to ca. 4.8% for the five-year period. Cash flows after the first five years were calculated using an estimated long term growth rate of 1.52%, which mainly reflects management's estimates for the world economy as well as long-term growth prospects of the offshore cable sector. The pre-tax rate used to discount these cash flows was 12.02%, based on the following assumptions: \u2022 The risk-free rate was based on AAA European bond yields. \u2022 The country risk calculations were based on the expected future sales mix and the fact that the business unit is based in Greece. \u2022 The market risk premium was assumed equal to 6.21%., i.e., higher than the one used in last year\u2019s impairment test, as market conditions have worsened. Commodity prices for copper and aluminium are intrinsically part of the impairment test assumptions; the metal price hedging activities undertaken, though, and the customized nature of the products sold by Fulgor, suggest that the value of the business unit is not significantly affected by fluctuations in commodity prices. Hence, a neutral result from metal price fluctuations is assumed in the context of the impairment test. The results of this test indicated that the recoverable amount on 31 December 2022 exceeds the carrying amount of the CGU (equal to EUR 283 million) by EUR 688 million. A sensitivity analysis was carried out on the key assumptions of the model (discount rates and growth in perpetuity), to examine the adequacy of the above headroom. Sensitivity analysis results indicated that the recoverable amount comfortably exceeds the carrying value of the CGU. Assumptions may change as follows, so as the recoverable amount equals the carrying amount: Change in rates (percentage points change) required for the recoverable amount Assumptions used to equal the carrying amount Discount rate 12.02 % + 14.5 ppc Terminal growth 1.52 % - 118.0 ppc (b) Intangible assets recognized for the CGU \u201cReynolds\u201d The recoverable amount of the CGU that includes this intangible asset (Reynolds Cuivre S.A.) was estimated based on the present value of the future cash flows expected to be derived from the CGU (value in use). Cash flows after the first five years were calculated using an estimated growth rate of 1%, which reflects management's estimates for the growth prospects for the market. The after-tax rate used to discount these cash flows is 8.3% for the five year period and for the terminal value and was based on the following: \u2022 Risk free rate at 2.09%. \u2022 The market risk premium (including the country risk for operating in France) was determined at 6.90% Average annual revenue growth rate for the five-year period is 0.2% ; and the average annual operating expenses decrease ; percentage is 0.6%. Average capex equal to EUR 170 thousand. The results of this test indicated that the recoverable amount as at 31 December 2022 exceeds the carrying value of the CGU amounting to EUR 10.0 million by EUR 1.9 million. A sensitivity analysis was carried out on the key assumptions of the model (discount rates and growth in perpetuity), so as to examine the adequacy of the headroom. The result of the sensitivity analysis indicated that the recoverable amount still exceeds the carrying value of the CGU. Results of the sensitivity analysis for the impairment testing: Change in rates (percentage points change) required for the recoverable amount Assumptions used to equal the carrying amount Discount rate 8.3% +0.9ppc Terminal growth 1.0% -1.2ppc (a) Trade and other receivables Viohalco\u2019s companies have established a credit policy under which each customer\u2019s creditworthiness is examined on an individual basis before the determination of the payment terms offered. Credit limits are set for each customer and are regularly reviewed and, readjusted, if necessary. As a rule, customer credit limits are in accordance with of the credit insurance limits offered by the insurance companies where Viohalco companies\u2019 rceivables are insured. When monitoring the credit risk,customers are grouped according to their credit characteristics, and their payment history. Trade and other receivables mainly include wholesale customers of Viohalco\u2019s companies. Any customers characterized as being \u201chigh risk\u201d are monitored closely subsequent sales have zero payment terms. Depending on the customer credit rating and its status, Viohalco\u2019s companies require tangible or other security (e.g. letters of guarantee) in order to secure its receivables. Viohalco\u2019s companies record an impairment loss that represents its expected credit losses in respect of trade and other receivables. At 31 December, the maximum exposure to credit risk for trade and other receivables and contract assets by geographic region was as follows: Amounts in EUR thousands 2022 2021 Greece 305,237 184,545 Other EU member states 239,576 261,941 Other European countries 82,312 77,343 Asia 28,451 57,020 America 93,314 36,440 Africa 5,689 7,665 Oceania 381 479 Total 754,960 625,433 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-24-2": {
"value": "5.1. Basis of Consolidation (a) Business combinations Acquisition of subsidiaries is accounted for using the acquisition method on the acquisition date, i.e. the date on which control is transferred to Viohalco. To assess control, Viohalco takes into account substantive potential voting rights. Viohalco and its companies measure goodwill on the acquisition date as follows: \u2022 the fair value of the consideration paid, plus \u2022 the value of any non-controlling interests in the acquired subsidiary, less \u2022 the fair value of identifiable assets and liabilities assumed. Any goodwill that arises is tested annually for impairment loss. Any gain on a bargain purchase is immediately recognized in the Consolidated Statement of Profit or Loss. Any expenses directly linked with acquisition are directly posted in the Consolidated Statement of Profit or Loss. Any contingent consideration is recognized at its fair value on the acquisition date. (b) Subsidiaries Subsidiaries are entities controlled by Viohalco. Viohalco controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of the subsidiaries are included in the consolidated financial statements from the date on which control commences, until the date on which control ceases. (c) Non-controlling interests NCI are measured at fair value or at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisition. This measurement is done on an acquisition by acquisition basis. Changes in Viohalco\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. (d) Loss of control When Viohalco and its companies lose control over a subsidiary, they derecognise the assets and liabilities of the subsidiary and any related NCI and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. (e) Interests in equity-accounted investees Associates are those entities in which Viohalco has significant influence, but not control or joint control, over the financial and operating policies. This is generally the case where Viohalco holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost. Investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. Joint operations: Viohalco recognises its direct right to the assets, liabilities, revenues and expenses of joint operations and its share of any jointly held or incurred assets, liabilities, revenues and expenses. These have been incorporated in the financial statements under the appropriate headings. Joint ventures: A joint venture is an arrangement in which Viohalco has joint control, whereby Viohalco has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated balance sheet. (f) Equity methodUnder the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise Viohalco\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and Viohalco\u2019s share of movements in other comprehensive income of the investee in other comprehensive income, until the date on which significant influence or joint control ceases.Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. When Viohalco\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, Viohalco does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. (g) Transactions eliminated on consolidation Intra group balances and transactions and any unrealised income and expenses arising from intra group transactions are eliminated. Unrealized gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of Viohalco\u2019s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-25-4": {
"value": "(a) Business combinations Acquisition of subsidiaries is accounted for using the acquisition method on the acquisition date, i.e. the date on which control is transferred to Viohalco. To assess control, Viohalco takes into account substantive potential voting rights. Viohalco and its companies measure goodwill on the acquisition date as follows: \u2022 the fair value of the consideration paid, plus \u2022 the value of any non-controlling interests in the acquired subsidiary, less \u2022 the fair value of identifiable assets and liabilities assumed. Any goodwill that arises is tested annually for impairment loss. Any gain on a bargain purchase is immediately recognized in the Consolidated Statement of Profit or Loss. Any expenses directly linked with acquisition are directly posted in the Consolidated Statement of Profit or Loss. Any contingent consideration is recognized at its fair value on the acquisition date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-25-5": {
"value": "(a) Business combinations Acquisition of subsidiaries is accounted for using the acquisition method on the acquisition date, i.e. the date on which control is transferred to Viohalco. To assess control, Viohalco takes into account substantive potential voting rights. Viohalco and its companies measure goodwill on the acquisition date as follows: \u2022 the fair value of the consideration paid, plus \u2022 the value of any non-controlling interests in the acquired subsidiary, less \u2022 the fair value of identifiable assets and liabilities assumed. Any goodwill that arises is tested annually for impairment loss. Any gain on a bargain purchase is immediately recognized in the Consolidated Statement of Profit or Loss. Any expenses directly linked with acquisition are directly posted in the Consolidated Statement of Profit or Loss. Any contingent consideration is recognized at its fair value on the acquisition date. Goodwill and intangible assets with indefinite useful life is tested annually for impairment loss. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Viohalco companies, also, include in their review of the recoverable amounts assumptions related to the consequences of climate change. An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognised in profit or loss under \u2019Other expenses\u2018. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-25-6": {
"value": "(a) Business combinations Acquisition of subsidiaries is accounted for using the acquisition method on the acquisition date, i.e. the date on which control is transferred to Viohalco. To assess control, Viohalco takes into account substantive potential voting rights. Viohalco and its companies measure goodwill on the acquisition date as follows: \u2022 the fair value of the consideration paid, plus \u2022 the value of any non-controlling interests in the acquired subsidiary, less \u2022 the fair value of identifiable assets and liabilities assumed. Any goodwill that arises is tested annually for impairment loss. Any gain on a bargain purchase is immediately recognized in the Consolidated Statement of Profit or Loss. Any expenses directly linked with acquisition are directly posted in the Consolidated Statement of Profit or Loss. Any contingent consideration is recognized at its fair value on the acquisition date. Goodwill and intangible assets with indefinite useful life is tested annually for impairment loss. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Viohalco companies, also, include in their review of the recoverable amounts assumptions related to the consequences of climate change. An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognised in profit or loss under \u2019Other expenses\u2018. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-25-7": {
"value": "(a) Business combinations Acquisition of subsidiaries is accounted for using the acquisition method on the acquisition date, i.e. the date on which control is transferred to Viohalco. To assess control, Viohalco takes into account substantive potential voting rights. Viohalco and its companies measure goodwill on the acquisition date as follows: \u2022 the fair value of the consideration paid, plus \u2022 the value of any non-controlling interests in the acquired subsidiary, less \u2022 the fair value of identifiable assets and liabilities assumed. Any goodwill that arises is tested annually for impairment loss. Any gain on a bargain purchase is immediately recognized in the Consolidated Statement of Profit or Loss. Any expenses directly linked with acquisition are directly posted in the Consolidated Statement of Profit or Loss. Any contingent consideration is recognized at its fair value on the acquisition date. 5.10. Intangible assets and goodwill A. Recognition and measurement Goodwill: Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Research and development: Expenditure on research activities is recognised in profit and loss as incurred. Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercial feasible, future economic benefits are probable and Viohalco\u2019s companies intend and have sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortisation and any accumulated impairment losses. Software programs: Software licenses are recorded at their acquisition cost less accumulated amortisation. These assets are amortised on the straight line method over their estimated useful lives, which ranges between 3 to 5 years. Expenses that are associated with the software\u2019s maintenance are recognised in profit or loss in the year in which they are incurred. Other intangible assets: Other intangible assets, including customer relationships, patents and trademarks, that are acquired by Viohalco and its companies and have finite useful lives are measured at cost less accumulated amortisation and any accumulated impairment losses. Other intangible assets having indefinite useful lives are measured at cost less accumulated impairment losses. B. Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. C. Amortisation and useful lives Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives and is recognised in profit or loss. Goodwill and other intangible assets with indefinite useful lives are not amortised. The estimated useful lives for the current and comparative periods are as follows: \u2022 Trademarks and licenses 10 \u2013 15 years \u2022 Software programs 3 \u2013 5 years Some intangible assets included in \u201cTrademarks and licences\u201d have indefinite useful lives and are therefore not amortised, but subject to an impairment testing. See Note 19 for detailed information. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Goodwill and intangible assets with indefinite useful life is tested annually for impairment loss. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Viohalco companies, also, include in their review of the recoverable amounts assumptions related to the consequences of climate change. An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognised in profit or loss under \u2019Other expenses\u2018. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-26-4": {
"value": "(b) Subsidiaries Subsidiaries are entities controlled by Viohalco. Viohalco controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of the subsidiaries are included in the consolidated financial statements from the date on which control commences, until the date on which control ceases. Changes in Viohalco\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. (d) Loss of control When Viohalco and its companies lose control over a subsidiary, they derecognise the assets and liabilities of the subsidiary and any related NCI and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-27-4": {
"value": "(c) Non-controlling interests NCI are measured at fair value or at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisition. This measurement is done on an acquisition by acquisition basis. Changes in Viohalco\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-30-4": {
"value": "(e) Interests in equity-accounted investees Associates are those entities in which Viohalco has significant influence, but not control or joint control, over the financial and operating policies. This is generally the case where Viohalco holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-32-4": {
"value": "Joint operations: Viohalco recognises its direct right to the assets, liabilities, revenues and expenses of joint operations and its share of any jointly held or incurred assets, liabilities, revenues and expenses. These have been incorporated in the financial statements under the appropriate headings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-33-4": {
"value": "Joint ventures: A joint venture is an arrangement in which Viohalco has joint control, whereby Viohalco has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated balance sheet. (f) Equity methodUnder the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise Viohalco\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and Viohalco\u2019s share of movements in other comprehensive income of the investee in other comprehensive income, until the date on which significant influence or joint control ceases.Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. When Viohalco\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, Viohalco does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-33-5": {
"value": "Joint ventures: A joint venture is an arrangement in which Viohalco has joint control, whereby Viohalco has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated balance sheet. (f) Equity methodUnder the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise Viohalco\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and Viohalco\u2019s share of movements in other comprehensive income of the investee in other comprehensive income, until the date on which significant influence or joint control ceases.Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. When Viohalco\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, Viohalco does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-6": {
"value": "Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. Dividend income is recognised in profit or loss on the date on which Viohalco\u2019s right to receive payment is established. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-40-3": {
"value": "5.2. Foreign currency (a) Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies of Viohalco\u2019s companies at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Foreign currency gains and losses are recognized and classified in the consolidated statement of profit or loss based on the nature of the related item of the consolidated statement of financial position. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences arising from the translation of the following items are recognised in OCI: - qualifying cash flow hedges to the extent that the hedges are effective; - an investment in equity securities designated as at FVOCI. (b) Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into Euro at the exchange rates of the reporting date. The income and expenses of foreign operations are translated into Euro at the exchange rates at the date of the transactions. The average rate for the period is deemed to be an appropriate rate. Foreign currency differences are recognised in OCI and accumulated in the translation reserve, except to the extent that the translation difference is allocated to NCI. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-41-3": {
"value": "5.3. Revenue Viohalco recognizes revenue from the following major sources: - Sale of customized products and revenue from projects; - Sale of standard products; - Rendering of services. Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. Viohalco recognizes revenue when it transfers control of a product or service to a customer. Consideration can vary because of trade discounts, volume rebates, returns or other similar items. Depending on the type of variable consideration the most appropriate method for measuring this variable consideration is used. Sales of customized products and revenue from projects Regarding contracts for projects and for customized products produced for the exclusive use of certain customers and with no alternative use, there is an enforceable right to payment for performance completed to date if the contract is terminated by the customer or another party for reasons other than Viohalco\u2019s subsidiaries\u2019 failure to perform as promised. Hence, it is concluded that the client controls all of the work in progress, as the goods are being produced. Therefore, for such contracts revenue is recognised progressively based on the most appropriate output or input method, to measure progress towards completion. The most common methods used are the following: - For performance obligations related to production of customized products, depending on the type of contract concerned, the methods to measure progress is estimated based on: i. Production time elapsed, i.e. the ratio between the actual time spent on the production and the total number of scheduled production time. This method is used for submarine cables produced in long continuous lengths, since the production of such products normally lasts for significant period of time and, as a result, the related performance obligations are satisfied as production time elapses. ii. The quantity of manufactured and tested products compared with the total quantity to be produced according to the contract. This method is used for customized land cables, steel pipes and aluminium products, since the production is performed in batches and as a result the performance obligations related are satisfied as certain batches of agreed quantities have been produced. - For installation phases of cables segment\u2019s turnkey projects, the method to measure progress is based on appraisal of results achieved or milestones reached, based to clearly defined technical milestones, such as transport or meters of cables installed. When milestones are being used as a method to measure progress, these milestones faithfully depict the performance. Sales of standard products For products which are not considered customized, customers do not take control of the product until production is completed, therefore revenue is recognised at a point of time, when the control of the goods sold has been transferred. The timing of the transfer of control usually occurs when the goods have been shipped to the customers\u2019 location, unless otherwise specified in the terms of the contract. The terms defined on the contracts with customers are according to Incoterms. Revenue recognised at a point in time is invoiced either simultaneously with its recognition, or within a short time period from its recognition. A receivable is recognised when the control is transferred to the customer, as this represents the point in time at which the right to consideration becomes unconditional. Rendering of services Revenue is recognised using the stage-of-completion method. The total consideration in the service contracts is allocated to all performance obligations in the contract based on their stand-alone selling prices. The stand-alone selling prices are determined based on the list prices at which Viohalco sells the services in separate transactions. Contract assets and contract liabilities The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances (contract liabilities). These contract assets and contract liabilities are presented on the Consolidated Statement of Financial Position in the lines \u2018Contract assets\u2019 and \u2018Contract liabilities,\u2019 respectively. For products and services for which revenue is recognised over time, amounts are billed as work progresses in accordance with agreed-upon contractual terms, either upon achievement of contractual milestones, or at the final delivery and acceptance of the manufactured items. Generally, billing occurs subsequent to revenue recognition for customized products and services performed over time resulting in contract assets. However, when advances from customers are received before revenue is recognized, a contract liability is recognized. Contract costs Viohalco\u2019s subsidiaries recognize the incremental costs of obtaining contracts with customers and the costs incurred in fulfilling contracts with customers that are directly associated with the contract as an asset, if those costs are expected to be recoverable and record them in the line \u201cContract costs\u201d in the Consolidated Statements of Financial Position. Incremental costs of obtaining contracts are costs incurred to obtain a contract with a customer that would not have been incurred if the contract had not been obtained. Fulfilment costs are only capitalized if they generate or enhance resources that will be used to satisfy performance obligations in the future. Assets arising from contract costs are amortized using either the straight-line method over a period based on the estimated contract duration or based on the portion of revenue recognised during the execution of the related contract. Incremental costs of obtaining contracts are recognised as an expense when incurred, if the amortisation period of the assets would be one year or less. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-43-4": {
"value": "Consideration can vary because of trade discounts, volume rebates, returns or other similar items. Depending on the type of variable consideration the most appropriate method for measuring this variable consideration is used. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-45-4": {
"value": "Contract costs Viohalco\u2019s subsidiaries recognize the incremental costs of obtaining contracts with customers and the costs incurred in fulfilling contracts with customers that are directly associated with the contract as an asset, if those costs are expected to be recoverable and record them in the line \u201cContract costs\u201d in the Consolidated Statements of Financial Position. Incremental costs of obtaining contracts are costs incurred to obtain a contract with a customer that would not have been incurred if the contract had not been obtained. Fulfilment costs are only capitalized if they generate or enhance resources that will be used to satisfy performance obligations in the future. Assets arising from contract costs are amortized using either the straight-line method over a period based on the estimated contract duration or based on the portion of revenue recognised during the execution of the related contract. Incremental costs of obtaining contracts are recognised as an expense when incurred, if the amortisation period of the assets would be one year or less. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-47-3": {
"value": "5.4. Employee benefits (a) Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if Viohalco and its companies have a present legal or constructive obligation to pay this amount, as a result of past service provided by the employee and the obligation can be estimated reliably. (b) Defined contribution plans Defined-contribution plans are plans for the period after the employee has ceased to work during which Viohalco and its companies pay a defined amount to a third legal entity without any other obligation. The accrued cost of defined-contribution programs is recorded as an expense in the period that it concerns. (c) Defined benefit plans Viohalco and its companies\u2019 net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The discount rate is based on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid. The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method, while benefits are attributed over the last 16 years before retirement of each employee. Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, are recognised immediately in OCI. Viohalco and its companies determine the net interest expense on the net defined benefit liability for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability, taking into account any changes in the net defined benefit liability during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognised in profit or loss. When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognised immediately in profit or loss. Viohalco and its companies recognise gains and losses on the settlement of a defined benefit plan when the settlement occurs. (d) Termination benefits Termination benefits are expensed at the earlier of when Viohalco and its companies can no longer withdraw the offer of those benefits and when they recognise costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-47-4": {
"value": "5.4. Employee benefits (a) Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if Viohalco and its companies have a present legal or constructive obligation to pay this amount, as a result of past service provided by the employee and the obligation can be estimated reliably. (b) Defined contribution plans Defined-contribution plans are plans for the period after the employee has ceased to work during which Viohalco and its companies pay a defined amount to a third legal entity without any other obligation. The accrued cost of defined-contribution programs is recorded as an expense in the period that it concerns. (c) Defined benefit plans Viohalco and its companies\u2019 net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The discount rate is based on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid. The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method, while benefits are attributed over the last 16 years before retirement of each employee. Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, are recognised immediately in OCI. Viohalco and its companies determine the net interest expense on the net defined benefit liability for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability, taking into account any changes in the net defined benefit liability during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognised in profit or loss. When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognised immediately in profit or loss. Viohalco and its companies recognise gains and losses on the settlement of a defined benefit plan when the settlement occurs. (d) Termination benefits Termination benefits are expensed at the earlier of when Viohalco and its companies can no longer withdraw the offer of those benefits and when they recognise costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted. 5.18. Provisions Provisions are measured by discounting the expected future cash flows at a pre-tax rate. The discount rate used for the determination of present value reflects current market assessments of the time value of money and the risks specific to the obligation. Provisions are recognised when: (a) There is a present legal or constructive obligation as a result of past events. (b) Payment is probable to settle the obligation. (c) The amount of the payment in question can be reliably estimated. More specifically: Provisions for pending court rulings are recognised when it is more likely than not, that a present obligation from this litigation exists, and payment is probable. Assurance warranty provisions are recognised when the product is sold and according to historical experience (probability that sold products will need to be replaced). The initial estimate of warranty-related costs is revised annually. Restructuring provisions are recognised only when Viohalco has a constructive obligation, which is when a detailed formal plan identifies the business or part of the business concerned, the location and number of employees affected, a detailed estimate of the associated costs and an appropriate timeline, and the employees affected have been notified of the plan\u2019s main features or when the company has already started to implement the plan. A provision for onerous contracts is measured at the present value of the lower of the expected cost of terminating a contract and the expected net cost of continuing with the contract. Before the provision is established, Viohalco recognises any impairment loss on the associated assets with the contract. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-47-5": {
"value": "5.4. Employee benefits (a) Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if Viohalco and its companies have a present legal or constructive obligation to pay this amount, as a result of past service provided by the employee and the obligation can be estimated reliably. (b) Defined contribution plans Defined-contribution plans are plans for the period after the employee has ceased to work during which Viohalco and its companies pay a defined amount to a third legal entity without any other obligation. The accrued cost of defined-contribution programs is recorded as an expense in the period that it concerns. (c) Defined benefit plans Viohalco and its companies\u2019 net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The discount rate is based on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid. The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method, while benefits are attributed over the last 16 years before retirement of each employee. Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, are recognised immediately in OCI. Viohalco and its companies determine the net interest expense on the net defined benefit liability for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability, taking into account any changes in the net defined benefit liability during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognised in profit or loss. When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognised immediately in profit or loss. Viohalco and its companies recognise gains and losses on the settlement of a defined benefit plan when the settlement occurs. (d) Termination benefits Termination benefits are expensed at the earlier of when Viohalco and its companies can no longer withdraw the offer of those benefits and when they recognise costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted. 5.6. Finance income and finance cost Viohalco and its companies finance income and finance costs mainly include: \u2022 interest income; \u2022 interest expense; \u2022 dividend income; \u2022 Foreign currency gains and losses from loans and deposits. Interest income or expense is recognised using the effective interest method. The \u2018effective interest rate\u2019 is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: \u2022 the gross carrying amount of the financial asset; or \u2022 the amortised cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset or to the amortised cost of the financial liability. Dividend income is recognised in profit or loss on the date on which Viohalco\u2019s right to receive payment is established. 5.7. Income tax Income tax expense comprises current and deferred tax. It is recognised in profit or loss except to the extent that it relates to a business combination, or to items recognised directly in equity or in OCI. A. Current tax Current tax comprised the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset only if certain criteria are met. B. Deferred tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: \u2022 Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; \u2022 Temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that Viohalco and its companies are able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2022 Taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that is probable that future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that is has become probable that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurements of deferred tax reflect the tax consequences that would follow from the manner in which Viohalco and its companies expect, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. 5.8. Inventories Inventories are stated at the lower of cost and net realisable value. The cost is determined by applying the method of weighted average cost and includes the production and conversion cost and all direct expenses required to bring inventories at their current condition. The net realisable value is estimated based on the inventory\u2019s current sales price, in the ordinary course of business activities, less any possible selling expenses, whenever such a case occurs. The write-down of inventories to net realisable value and any reversals are recognized in \u2018cost of sales\u2019 in the period in which the write-downs occur. B. Depreciation Depreciation is calculated to write off the cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives and is generally recognised in profit or loss. Land is not depreciated. The component approach is followed if the cost of an asset comprises different major components of that asset with different useful lives. Buildings 10-33 years Plants 50 years Machinery 2-35 years Furniture and other equipment 2-8 years Transport means 4-15 years Computers are included in the category \"Furniture and other equipment\". Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. C. Amortisation and useful lives Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives and is recognised in profit or loss. Goodwill and other intangible assets with indefinite useful lives are not amortised. The estimated useful lives for the current and comparative periods are as follows: \u2022 Trademarks and licenses 10 \u2013 15 years \u2022 Software programs 3 \u2013 5 years Some intangible assets included in \u201cTrademarks and licences\u201d have indefinite useful lives and are therefore not amortised, but subject to an impairment testing. See Note 19 for detailed information. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. 5.11. Investment property Investment property, which includes land, buildings and right of use assets, is owned by Viohalco and its subsidiaries for the collection of rents and is not used for owner purposes. Investment property is presented at cost less depreciation. When the carrying amounts of investment property exceed their recoverable value, the difference (impairment loss) is directly recorded in profit and loss as an expense. The reversal of impairment losses is also recognised in profit and loss as income. Land is not depreciated. The buildings are depreciated by applying the straight-line method. The expected useful life of buildings is 18-33 years. Management exercises judgement to determine whether a property qualifies as investment property or not. The criteria related to this judgement are as follows: \u2022 Whether a property generates cash flows derived from rentals and capital appreciation largely independently of the other assets held by Viohalco; \u2022 Whether a property does not generate cash flows from the production or supply of goods or services or the use of property for administrative purposes that are attributable not only to property, but also to other assets used in the production or supply process; \u2022 Whether a building that is vacant will be held to be leased out or for capital appreciation; \u2022 Whether a property that is being constructed or developed for future use as investment property; \u2022 Whether Viohalco holds land for a currently undetermined future use. 5.13. Impairment A. Non-derivative financial assets Financial instruments and contract assets Viohalco recognises loss allowances for ECLs on: \u2022 financial assets measured at amortised cost; \u2022 contract assets; \u2022 lease receivables. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs, except for cash and cash equivalents (12-month expected credit loss). Viohalco considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations in full, without recourse by Viohalco companies to actions such as realizing security (if any is held). Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which Viohalco companies are exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that Viohalco expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. Impairment losses related to trade and other receivables, including contract assets, are presented separately in the statement of profit or loss. Write-off The gross carrying amount of a financial asset is written off when Viohalco has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For all customers, Viohalco individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. Viohalco expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with Viohalco\u2019s procedures for recovery of amounts due. B. Non-financial assets At each reporting date, Viohalco and its companies review the carrying amounts of its non-financial assets (other than inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.Goodwill and intangible assets with indefinite useful life is tested annually for impairment loss. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Viohalco companies, also, include in their review of the recoverable amounts assumptions related to the consequences of climate change. An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognised in profit or loss under \u2019Other expenses\u2018. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. 5.14. Leases From 1 January 2019, at inception of a contract, Viohalco assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Viohalco companies use the definition of a lease in IFRS 16. Accounting for lease contracts as a lessee Viohalco companies lease various offices, warehouses, machinery and cars. Rental contracts are usually made for fixed periods of 1 to 5 years, with some exceptions like lease of specialized machinery, ports, gas cylinders and land which are leased for longer periods. Viohalco recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, comprising the following: \u2022 the amount of the initial measurement of lease liability; \u2022 any lease payments made at or before the commencement date less any lease incentives received; \u2022 any initial direct costs; and \u2022 restoration costs. Subsequently, the right-of-use asset is measured at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2022 variable lease payment that are based on an index or a rate; \u2022 amounts expected to be payable by the lessee under residual value guarantees; \u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. Lease payments are discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate of the component that entered into the lease agreement. Generally, Viohalco uses its incremental borrowing rate as the discount rate. This is the rate that the lessee, i.e. each subsidiary of Viohalco, would have to pay on the commencement date of the lease for a loan of a similar term, and with similar security, to obtain an asset of similar value to the right-of-use asset in similar economic environment. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is remeasured if there is a modification that is not accounted for as a separate lease; when there is a change in future lease payments arising from a change in an index or rate; a change in the estimate of the amount expected to be payable under a residual value guarantee; and changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. Lease liabilities and right-of-use assets are presented separately in the statement of financial position. Right-of-use assets that meet the definition of investment property are presented within \u2018Investment property\u2019. Viohalco has elected not to separate non-lease components from lease components. Payments associated with leases of 12 months or less and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Low-value assets comprise IT-equipment and small items of office furniture. Viohalco applies judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether Viohalco is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognised. Viohalco has elected to present interest paid related to lease liabilities in the Consolidated Statement of Cash Flows, within the line \u2019Interest charges & related expenses paid\u2018 in operating activities. Accounting for lease contracts as a lessor Leases in which Viohalco companies do not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income is recognised as revenue on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income, over the term of the lease. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognised as expense over the lease term on the same basis as lease income. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-48-6": {
"value": "(c) Defined benefit plans Viohalco and its companies\u2019 net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The discount rate is based on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid. The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method, while benefits are attributed over the last 16 years before retirement of each employee. Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, are recognised immediately in OCI. Viohalco and its companies determine the net interest expense on the net defined benefit liability for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability, taking into account any changes in the net defined benefit liability during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognised in profit or loss. When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognised immediately in profit or loss. Viohalco and its companies recognise gains and losses on the settlement of a defined benefit plan when the settlement occurs. 5.15. Financial instruments (a) Recognition and initial measurement Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when Viohalco becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. (b) Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI \u2013 debt investment; FVOCI \u2013 equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless Viohalco changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, Viohalco may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets (except derivatives to which cash flow hedging is applied) not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. On initial recognition, Viohalco may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL, if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets \u2013 Business model assessment: Viohalco makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with Viohalco companies\u2019continuing recognition of the assets. Financial assets \u2013 Assessment whether contractual cash flows are solely payments of principal and interest: For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, Viohalco considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, Viohalco considers: \u2022 contingent events that would change the amount or timing of cash flows; \u2022 terms that may adjust the contractual coupon rate, including variable-rate features; \u2022 prepayment and extension features; and \u2022 terms that limit the claim to cash flows from specified assets (e.g. non-recourse features). Financial assets \u2013 Subsequent measurement and gains and losses: Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recog-nised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Financial liabilities \u2013 Classification, subsequent measurement and gains and losses: Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. (c) Derecognition Financial assets Viohalco derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which Viohalco neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Viohalco enters into transactions whereby it transfers assets recognised in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised. Financial liabilities Viohalco derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. Viohalco also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. (d) Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, Viohalco currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. (e) Derivatives and hedge accounting Viohalco has elected not to adopt the provisions of IFRS 9 regarding the hedge accounting and will continue applying IAS 39. Viohalco\u2019s companies hold derivative financial instruments designated as fair value or cash flow hedges. Derivatives are used to cover risks arising from fluctuations in prices of metals, foreign exchange rates, interest rates on borrowings and energy prices (natural gas). Derivatives are initially measured at fair value; any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value and changes therein are generally recognised in profit or loss, unless the instrument qualifies for cash flow hedge accounting. Gain or losses from derivatives are classified as operating or financing expense according to the classification of the hedged item. Fair value hedge Derivatives are designated as fair value hedges when the exposure to changes in the fair value of a recognized financial asset or liability is hedged. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in the Consolidated Statement of Profit or Loss, along with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. Cash flow hedge The effective portion of changes in the fair value of derivatives designated as cash flow hedges is recognised in the \u2019Hedging reserve\u2018. Any ineffective proportion is recognized immediately in profit or loss. The amounts recorded in \u201cHedging Reserve\u201d are reclassified to the consolidated statement of profit or loss in the same period or periods during which the hedged forecast cash flows affect profit or loss or the hedged item affects profit or loss. When a hedge item is sold or when the hedging proportion no longer meets the hedge accounting criteria, hedge accounting is discontinued prospectively, the amounts recorded in \u2018Hedging reserve\u2019 remain as a reserve and are reclassified to the consolidated statement of profit or loss when the hedged asset affects profits or losses. In the case of a hedge on a forecast future transaction which is no longer expected to be realized, the amounts recorded in \u2018Hedging reserve\u2019 are reclassified to the consolidated statement of profit or loss. Viohalco\u2019s companies examine the effectiveness of the cash flow hedge at inception (prospectively) by comparing the critical terms of the hedging instrument with the critical terms of the hedged item, and then at every reporting date (retrospectively), the effectiveness of the cash flow hedge by applying the dollar offset method on a cumulative basis is examined. 5.21. Fair value measurement \u2018Fair value\u2019 is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which Viohalco has access at that date. The fair value of a liability reflects its non-performance risk. A number of Viohalco\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When one is available, Viohalco measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as \u2018active\u2019 if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then Viohalco uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. If an asset or a liability measured at fair value has a bid price and an ask price, then Viohalco measures assets and long positions at a bid price and liabilities and short positions at an ask price. The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price \u2013 i.e. the fair value of the consideration given or received. If Viohalco determines that the fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by a quoted price in an active market for an identical asset or liability, nor based on a valuation technique for which any unobservable inputs are judged to be insignificant in relation to the measurement, then the financial instrument is initially measured at fair value, adjusted to defer the difference between the fair value on initial recognition and the transaction price. Subsequently, that difference is recognised in profit or loss on an appropriate basis over the life of the instrument but no later than when the valuation is wholly supported by observable market data or the transaction is closed out. 5.22. CO2 Emission rights Emission rights are accounted for under the net liability method, based on which Viohalco companies recognize a liability for emissions during the calendar year. Viohalco companies estimate the free allowances allocated and the emissions produced during the year. When emissions exceed free allowances, the companies recognize the future liability based on the net deficit and the budget estimate for the EUA price during the year. The projected deficit is covered at market prices by purchasing EUAs either on a forward or spot basis. The total cost of all forward and spot purchases represents the realized liability during the year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-49-6": {
"value": "(d) Termination benefits Termination benefits are expensed at the earlier of when Viohalco and its companies can no longer withdraw the offer of those benefits and when they recognise costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-50-3": {
"value": "5.5. Government Grants Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received and Viohalco\u2019s companies will comply with all attached conditions. Government grants relating to costs are deferred and recognized in the statement of profit or loss over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred government grants and are credited to the statement of profit or loss (line \u201cother income\u201d) on a straight line basis over the expected useful lives of the related assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-51-4": {
"value": "5.6. Finance income and finance cost Viohalco and its companies finance income and finance costs mainly include: \u2022 interest income; \u2022 interest expense; \u2022 dividend income; \u2022 Foreign currency gains and losses from loans and deposits. Interest income or expense is recognised using the effective interest method. The \u2018effective interest rate\u2019 is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: \u2022 the gross carrying amount of the financial asset; or \u2022 the amortised cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset or to the amortised cost of the financial liability. Dividend income is recognised in profit or loss on the date on which Viohalco\u2019s right to receive payment is established. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-51-5": {
"value": "5.6. Finance income and finance cost Viohalco and its companies finance income and finance costs mainly include: \u2022 interest income; \u2022 interest expense; \u2022 dividend income; \u2022 Foreign currency gains and losses from loans and deposits. Interest income or expense is recognised using the effective interest method. The \u2018effective interest rate\u2019 is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: \u2022 the gross carrying amount of the financial asset; or \u2022 the amortised cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset or to the amortised cost of the financial liability. Dividend income is recognised in profit or loss on the date on which Viohalco\u2019s right to receive payment is established. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-51-6": {
"value": "5.6. Finance income and finance cost Viohalco and its companies finance income and finance costs mainly include: \u2022 interest income; \u2022 interest expense; \u2022 dividend income; \u2022 Foreign currency gains and losses from loans and deposits. Interest income or expense is recognised using the effective interest method. The \u2018effective interest rate\u2019 is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: \u2022 the gross carrying amount of the financial asset; or \u2022 the amortised cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset or to the amortised cost of the financial liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-52-7": {
"value": "Interest income or expense is recognised using the effective interest method. The \u2018effective interest rate\u2019 is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: \u2022 the gross carrying amount of the financial asset; or \u2022 the amortised cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset or to the amortised cost of the financial liability. Borrowing costs related to the construction of qualifying assets are capitalised during the period required for the construction to be completed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-54-4": {
"value": "5.7. Income tax Income tax expense comprises current and deferred tax. It is recognised in profit or loss except to the extent that it relates to a business combination, or to items recognised directly in equity or in OCI. A. Current tax Current tax comprised the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset only if certain criteria are met. B. Deferred tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: \u2022 Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; \u2022 Temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that Viohalco and its companies are able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2022 Taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that is probable that future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that is has become probable that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurements of deferred tax reflect the tax consequences that would follow from the manner in which Viohalco and its companies expect, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-55-5": {
"value": "B. Deferred tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: \u2022 Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; \u2022 Temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that Viohalco and its companies are able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2022 Taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that is probable that future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that is has become probable that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. The measurements of deferred tax reflect the tax consequences that would follow from the manner in which Viohalco and its companies expect, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-56-2": {
"value": "5.8. Inventories Inventories are stated at the lower of cost and net realisable value. The cost is determined by applying the method of weighted average cost and includes the production and conversion cost and all direct expenses required to bring inventories at their current condition. The net realisable value is estimated based on the inventory\u2019s current sales price, in the ordinary course of business activities, less any possible selling expenses, whenever such a case occurs. The write-down of inventories to net realisable value and any reversals are recognized in \u2018cost of sales\u2019 in the period in which the write-downs occur. 14. Inventories Amounts in EUR thousands 2022 2021 Merchandise 38,602 40,633 Finished goods 543,856 431,583 Semi-finished goods 408,358 282,538 By-products & scrap 123,039 83,955 Work in progress 33,333 34,684 Raw and auxiliary materials, consumables and packaging materials 766,911 596,448 Total 1,914,098 1,469,840 The amount of inventories recognised as expense during 2022 and included in \u2019Cost of sales\u2018 was EUR 4.9 billion (2021: EUR 3.8 billion). Inventories with a carrying amount of EUR 220 million are pledged as security for borrowings received by Viohalco\u2019s companies (See Note 26). No significant inventory adjustments to NRV were performed during 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-56-5": {
"value": "5.8. Inventories Inventories are stated at the lower of cost and net realisable value. The cost is determined by applying the method of weighted average cost and includes the production and conversion cost and all direct expenses required to bring inventories at their current condition. The net realisable value is estimated based on the inventory\u2019s current sales price, in the ordinary course of business activities, less any possible selling expenses, whenever such a case occurs. The write-down of inventories to net realisable value and any reversals are recognized in \u2018cost of sales\u2019 in the period in which the write-downs occur. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-57-3": {
"value": "5.9. Property, plant and equipment A. Recognition and measurement Property, plant and equipment are presented at their acquisition cost less accumulated depreciation and impairment.The acquisition cost includes all expenses that are directly associated with the asset\u2019s acquisition or self-construction. The cost of self-constructed fixed assets includes the cost of direct labour, materials and any other cost that is required for the fixed asset to be ready for use as well as any borrowing costs. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to Viohalco and its companies.Repair and maintenance costs are recorded in the Consolidated Statement of Profit or Loss when these are incurred. On the sale of property, plant and equipment, any difference that may arise between the price that is received and the carrying value thereof is recorded through profit or loss in the category \u2019Other operating income/expenses\u2019. Borrowing costs related to the construction of qualifying assets are capitalised during the period required for the construction to be completed. B. Depreciation Depreciation is calculated to write off the cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives and is generally recognised in profit or loss. Land is not depreciated. The component approach is followed if the cost of an asset comprises different major components of that asset with different useful lives. Buildings 10-33 years Plants 50 years Machinery 2-35 years Furniture and other equipment 2-8 years Transport means 4-15 years Computers are included in the category \"Furniture and other equipment\". Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. C. Reclassification to investment property When the use of a property changes from owner-occupied to investment property, the property is reclassified to investment property. The item is reclassified at its net book value at the date of reclassification which becomes its deemed cost for subsequent accounting purposes. D. Reclassification to assets held for sale Non-current assets and disposal groups are reclassified as held for sale when their carrying amount will be recovered principally through a sale transaction rather than continuing use. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-60-4": {
"value": "The acquisition cost includes all expenses that are directly associated with the asset\u2019s acquisition or self-construction. The cost of self-constructed fixed assets includes the cost of direct labour, materials and any other cost that is required for the fixed asset to be ready for use as well as any borrowing costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-64-4": {
"value": "Repair and maintenance costs are recorded in the Consolidated Statement of Profit or Loss when these are incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-68-7": {
"value": "B. Depreciation Depreciation is calculated to write off the cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives and is generally recognised in profit or loss. Land is not depreciated. The component approach is followed if the cost of an asset comprises different major components of that asset with different useful lives. Buildings 10-33 years Plants 50 years Machinery 2-35 years Furniture and other equipment 2-8 years Transport means 4-15 years Computers are included in the category \"Furniture and other equipment\". Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. C. Amortisation and useful lives Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives and is recognised in profit or loss. Goodwill and other intangible assets with indefinite useful lives are not amortised. The estimated useful lives for the current and comparative periods are as follows: \u2022 Trademarks and licenses 10 \u2013 15 years \u2022 Software programs 3 \u2013 5 years Some intangible assets included in \u201cTrademarks and licences\u201d have indefinite useful lives and are therefore not amortised, but subject to an impairment testing. See Note 19 for detailed information. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Subsequently, the right-of-use asset is measured at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of the lease liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-70-4": {
"value": "D. Reclassification to assets held for sale Non-current assets and disposal groups are reclassified as held for sale when their carrying amount will be recovered principally through a sale transaction rather than continuing use. 5.12. Assets held for sale Non-current assets or disposal groups comprising assets and liabilities are classified as held-for-sale, if it is highly probable that they will be recovered primarily through sale rather than through continuing use. Such assets or disposal groups are generally measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill and then to the remaining assets and liabilities on a pro rata basis, except that no loss is allocated to inventories, financial assets or employee benefits which continue to be measured in accordance Viohalco and its companies\u2019 other accounting policies. Impairment losses on initial classification as held-for-sale and subsequent gains and losses on remeasurement are recognised in profit or loss. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortised or depreciated and any equity-accounted investee is no longer equity accounted. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-70-5": {
"value": "D. Reclassification to assets held for sale Non-current assets and disposal groups are reclassified as held for sale when their carrying amount will be recovered principally through a sale transaction rather than continuing use. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-71-4": {
"value": "5.10. Intangible assets and goodwill A. Recognition and measurement Goodwill: Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Research and development: Expenditure on research activities is recognised in profit and loss as incurred. Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercial feasible, future economic benefits are probable and Viohalco\u2019s companies intend and have sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortisation and any accumulated impairment losses. Software programs: Software licenses are recorded at their acquisition cost less accumulated amortisation. These assets are amortised on the straight line method over their estimated useful lives, which ranges between 3 to 5 years. Expenses that are associated with the software\u2019s maintenance are recognised in profit or loss in the year in which they are incurred. Other intangible assets: Other intangible assets, including customer relationships, patents and trademarks, that are acquired by Viohalco and its companies and have finite useful lives are measured at cost less accumulated amortisation and any accumulated impairment losses. Other intangible assets having indefinite useful lives are measured at cost less accumulated impairment losses. B. Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. C. Amortisation and useful lives Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives and is recognised in profit or loss. Goodwill and other intangible assets with indefinite useful lives are not amortised. The estimated useful lives for the current and comparative periods are as follows: \u2022 Trademarks and licenses 10 \u2013 15 years \u2022 Software programs 3 \u2013 5 years Some intangible assets included in \u201cTrademarks and licences\u201d have indefinite useful lives and are therefore not amortised, but subject to an impairment testing. See Note 19 for detailed information. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-72-5": {
"value": "Research and development: Expenditure on research activities is recognised in profit and loss as incurred. Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercial feasible, future economic benefits are probable and Viohalco\u2019s companies intend and have sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortisation and any accumulated impairment losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-76-4": {
"value": "5.11. Investment property Investment property, which includes land, buildings and right of use assets, is owned by Viohalco and its subsidiaries for the collection of rents and is not used for owner purposes. Investment property is presented at cost less depreciation. When the carrying amounts of investment property exceed their recoverable value, the difference (impairment loss) is directly recorded in profit and loss as an expense. The reversal of impairment losses is also recognised in profit and loss as income. Land is not depreciated. The buildings are depreciated by applying the straight-line method. The expected useful life of buildings is 18-33 years. Management exercises judgement to determine whether a property qualifies as investment property or not. The criteria related to this judgement are as follows: \u2022 Whether a property generates cash flows derived from rentals and capital appreciation largely independently of the other assets held by Viohalco; \u2022 Whether a property does not generate cash flows from the production or supply of goods or services or the use of property for administrative purposes that are attributable not only to property, but also to other assets used in the production or supply process; \u2022 Whether a building that is vacant will be held to be leased out or for capital appreciation; \u2022 Whether a property that is being constructed or developed for future use as investment property; \u2022 Whether Viohalco holds land for a currently undetermined future use. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-79-4": {
"value": "5.13. Impairment A. Non-derivative financial assets Financial instruments and contract assets Viohalco recognises loss allowances for ECLs on: \u2022 financial assets measured at amortised cost; \u2022 contract assets; \u2022 lease receivables. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs, except for cash and cash equivalents (12-month expected credit loss). Viohalco considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations in full, without recourse by Viohalco companies to actions such as realizing security (if any is held). Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which Viohalco companies are exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that Viohalco expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. Impairment losses related to trade and other receivables, including contract assets, are presented separately in the statement of profit or loss. Write-off The gross carrying amount of a financial asset is written off when Viohalco has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For all customers, Viohalco individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. Viohalco expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with Viohalco\u2019s procedures for recovery of amounts due. B. Non-financial assets At each reporting date, Viohalco and its companies review the carrying amounts of its non-financial assets (other than inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.Goodwill and intangible assets with indefinite useful life is tested annually for impairment loss. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Viohalco companies, also, include in their review of the recoverable amounts assumptions related to the consequences of climate change. An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognised in profit or loss under \u2019Other expenses\u2018. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-79-5": {
"value": "5.13. Impairment A. Non-derivative financial assets Financial instruments and contract assets Viohalco recognises loss allowances for ECLs on: \u2022 financial assets measured at amortised cost; \u2022 contract assets; \u2022 lease receivables. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs, except for cash and cash equivalents (12-month expected credit loss). Viohalco considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations in full, without recourse by Viohalco companies to actions such as realizing security (if any is held). Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which Viohalco companies are exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that Viohalco expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. Impairment losses related to trade and other receivables, including contract assets, are presented separately in the statement of profit or loss. Write-off The gross carrying amount of a financial asset is written off when Viohalco has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For all customers, Viohalco individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. Viohalco expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with Viohalco\u2019s procedures for recovery of amounts due. (b) Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI \u2013 debt investment; FVOCI \u2013 equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless Viohalco changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, Viohalco may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets (except derivatives to which cash flow hedging is applied) not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. On initial recognition, Viohalco may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL, if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets \u2013 Business model assessment: Viohalco makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with Viohalco companies\u2019continuing recognition of the assets. Financial assets \u2013 Assessment whether contractual cash flows are solely payments of principal and interest: For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, Viohalco considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, Viohalco considers: \u2022 contingent events that would change the amount or timing of cash flows; \u2022 terms that may adjust the contractual coupon rate, including variable-rate features; \u2022 prepayment and extension features; and \u2022 terms that limit the claim to cash flows from specified assets (e.g. non-recourse features). Financial assets \u2013 Subsequent measurement and gains and losses: Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recog-nised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-79-6": {
"value": "5.13. Impairment A. Non-derivative financial assets Financial instruments and contract assets Viohalco recognises loss allowances for ECLs on: \u2022 financial assets measured at amortised cost; \u2022 contract assets; \u2022 lease receivables. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs, except for cash and cash equivalents (12-month expected credit loss). Viohalco considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations in full, without recourse by Viohalco companies to actions such as realizing security (if any is held). Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which Viohalco companies are exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that Viohalco expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. Impairment losses related to trade and other receivables, including contract assets, are presented separately in the statement of profit or loss. Write-off The gross carrying amount of a financial asset is written off when Viohalco has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For all customers, Viohalco individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. Viohalco expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with Viohalco\u2019s procedures for recovery of amounts due. (a) Recognition and initial measurement Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when Viohalco becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-79-7": {
"value": "5.13. Impairment A. Non-derivative financial assets Financial instruments and contract assets Viohalco recognises loss allowances for ECLs on: \u2022 financial assets measured at amortised cost; \u2022 contract assets; \u2022 lease receivables. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs, except for cash and cash equivalents (12-month expected credit loss). Viohalco considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations in full, without recourse by Viohalco companies to actions such as realizing security (if any is held). Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which Viohalco companies are exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that Viohalco expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. Impairment losses related to trade and other receivables, including contract assets, are presented separately in the statement of profit or loss. Write-off The gross carrying amount of a financial asset is written off when Viohalco has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For all customers, Viohalco individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. Viohalco expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with Viohalco\u2019s procedures for recovery of amounts due. 5.15. Financial instruments (a) Recognition and initial measurement Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when Viohalco becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. (b) Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI \u2013 debt investment; FVOCI \u2013 equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless Viohalco changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, Viohalco may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets (except derivatives to which cash flow hedging is applied) not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. On initial recognition, Viohalco may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL, if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets \u2013 Business model assessment: Viohalco makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with Viohalco companies\u2019continuing recognition of the assets. Financial assets \u2013 Assessment whether contractual cash flows are solely payments of principal and interest: For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, Viohalco considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, Viohalco considers: \u2022 contingent events that would change the amount or timing of cash flows; \u2022 terms that may adjust the contractual coupon rate, including variable-rate features; \u2022 prepayment and extension features; and \u2022 terms that limit the claim to cash flows from specified assets (e.g. non-recourse features). Financial assets \u2013 Subsequent measurement and gains and losses: Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recog-nised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Financial liabilities \u2013 Classification, subsequent measurement and gains and losses: Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. (c) Derecognition Financial assets Viohalco derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which Viohalco neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Viohalco enters into transactions whereby it transfers assets recognised in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised. Financial liabilities Viohalco derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. Viohalco also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. (d) Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, Viohalco currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. (e) Derivatives and hedge accounting Viohalco has elected not to adopt the provisions of IFRS 9 regarding the hedge accounting and will continue applying IAS 39. Viohalco\u2019s companies hold derivative financial instruments designated as fair value or cash flow hedges. Derivatives are used to cover risks arising from fluctuations in prices of metals, foreign exchange rates, interest rates on borrowings and energy prices (natural gas). Derivatives are initially measured at fair value; any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value and changes therein are generally recognised in profit or loss, unless the instrument qualifies for cash flow hedge accounting. Gain or losses from derivatives are classified as operating or financing expense according to the classification of the hedged item. Fair value hedge Derivatives are designated as fair value hedges when the exposure to changes in the fair value of a recognized financial asset or liability is hedged. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in the Consolidated Statement of Profit or Loss, along with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. Cash flow hedge The effective portion of changes in the fair value of derivatives designated as cash flow hedges is recognised in the \u2019Hedging reserve\u2018. Any ineffective proportion is recognized immediately in profit or loss. The amounts recorded in \u201cHedging Reserve\u201d are reclassified to the consolidated statement of profit or loss in the same period or periods during which the hedged forecast cash flows affect profit or loss or the hedged item affects profit or loss. When a hedge item is sold or when the hedging proportion no longer meets the hedge accounting criteria, hedge accounting is discontinued prospectively, the amounts recorded in \u2018Hedging reserve\u2019 remain as a reserve and are reclassified to the consolidated statement of profit or loss when the hedged asset affects profits or losses. In the case of a hedge on a forecast future transaction which is no longer expected to be realized, the amounts recorded in \u2018Hedging reserve\u2019 are reclassified to the consolidated statement of profit or loss. Viohalco\u2019s companies examine the effectiveness of the cash flow hedge at inception (prospectively) by comparing the critical terms of the hedging instrument with the critical terms of the hedged item, and then at every reporting date (retrospectively), the effectiveness of the cash flow hedge by applying the dollar offset method on a cumulative basis is examined. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-79-8": {
"value": "5.13. Impairment A. Non-derivative financial assets Financial instruments and contract assets Viohalco recognises loss allowances for ECLs on: \u2022 financial assets measured at amortised cost; \u2022 contract assets; \u2022 lease receivables. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs, except for cash and cash equivalents (12-month expected credit loss). Viohalco considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations in full, without recourse by Viohalco companies to actions such as realizing security (if any is held). Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which Viohalco companies are exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that Viohalco expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. Impairment losses related to trade and other receivables, including contract assets, are presented separately in the statement of profit or loss. Write-off The gross carrying amount of a financial asset is written off when Viohalco has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For all customers, Viohalco individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. Viohalco expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with Viohalco\u2019s procedures for recovery of amounts due. (a) Recognition and initial measurement Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when Viohalco becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. (b) Classification and subsequent measurement Financial assets On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI \u2013 debt investment; FVOCI \u2013 equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless Viohalco changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, Viohalco may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets (except derivatives to which cash flow hedging is applied) not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. On initial recognition, Viohalco may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL, if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets \u2013 Business model assessment: Viohalco makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with Viohalco companies\u2019continuing recognition of the assets. Financial assets \u2013 Assessment whether contractual cash flows are solely payments of principal and interest: For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, Viohalco considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, Viohalco considers: \u2022 contingent events that would change the amount or timing of cash flows; \u2022 terms that may adjust the contractual coupon rate, including variable-rate features; \u2022 prepayment and extension features; and \u2022 terms that limit the claim to cash flows from specified assets (e.g. non-recourse features). Financial assets \u2013 Subsequent measurement and gains and losses: Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recog-nised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. (c) Derecognition Financial assets Viohalco derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which Viohalco neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Viohalco enters into transactions whereby it transfers assets recognised in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised. (d) Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, Viohalco currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. (e) Derivatives and hedge accounting Viohalco has elected not to adopt the provisions of IFRS 9 regarding the hedge accounting and will continue applying IAS 39. Viohalco\u2019s companies hold derivative financial instruments designated as fair value or cash flow hedges. Derivatives are used to cover risks arising from fluctuations in prices of metals, foreign exchange rates, interest rates on borrowings and energy prices (natural gas). Derivatives are initially measured at fair value; any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value and changes therein are generally recognised in profit or loss, unless the instrument qualifies for cash flow hedge accounting. Gain or losses from derivatives are classified as operating or financing expense according to the classification of the hedged item. Fair value hedge Derivatives are designated as fair value hedges when the exposure to changes in the fair value of a recognized financial asset or liability is hedged. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in the Consolidated Statement of Profit or Loss, along with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. Cash flow hedge The effective portion of changes in the fair value of derivatives designated as cash flow hedges is recognised in the \u2019Hedging reserve\u2018. Any ineffective proportion is recognized immediately in profit or loss. The amounts recorded in \u201cHedging Reserve\u201d are reclassified to the consolidated statement of profit or loss in the same period or periods during which the hedged forecast cash flows affect profit or loss or the hedged item affects profit or loss. When a hedge item is sold or when the hedging proportion no longer meets the hedge accounting criteria, hedge accounting is discontinued prospectively, the amounts recorded in \u2018Hedging reserve\u2019 remain as a reserve and are reclassified to the consolidated statement of profit or loss when the hedged asset affects profits or losses. In the case of a hedge on a forecast future transaction which is no longer expected to be realized, the amounts recorded in \u2018Hedging reserve\u2019 are reclassified to the consolidated statement of profit or loss. Viohalco\u2019s companies examine the effectiveness of the cash flow hedge at inception (prospectively) by comparing the critical terms of the hedging instrument with the critical terms of the hedged item, and then at every reporting date (retrospectively), the effectiveness of the cash flow hedge by applying the dollar offset method on a cumulative basis is examined. 5.17. Share capital Shareholder\u2019s equity is composed of ordinary shares. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity. Income tax relating to transaction costs of an equity transaction is accounted in equity (see note 5.7). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-80-5": {
"value": "B. Non-financial assets At each reporting date, Viohalco and its companies review the carrying amounts of its non-financial assets (other than inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.Goodwill and intangible assets with indefinite useful life is tested annually for impairment loss. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Viohalco companies, also, include in their review of the recoverable amounts assumptions related to the consequences of climate change. An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognised in profit or loss under \u2019Other expenses\u2018. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-86-4": {
"value": "5.14. Leases From 1 January 2019, at inception of a contract, Viohalco assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Viohalco companies use the definition of a lease in IFRS 16. Accounting for lease contracts as a lessee Viohalco companies lease various offices, warehouses, machinery and cars. Rental contracts are usually made for fixed periods of 1 to 5 years, with some exceptions like lease of specialized machinery, ports, gas cylinders and land which are leased for longer periods. Viohalco recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, comprising the following: \u2022 the amount of the initial measurement of lease liability; \u2022 any lease payments made at or before the commencement date less any lease incentives received; \u2022 any initial direct costs; and \u2022 restoration costs. Subsequently, the right-of-use asset is measured at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2022 variable lease payment that are based on an index or a rate; \u2022 amounts expected to be payable by the lessee under residual value guarantees; \u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. Lease payments are discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate of the component that entered into the lease agreement. Generally, Viohalco uses its incremental borrowing rate as the discount rate. This is the rate that the lessee, i.e. each subsidiary of Viohalco, would have to pay on the commencement date of the lease for a loan of a similar term, and with similar security, to obtain an asset of similar value to the right-of-use asset in similar economic environment. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is remeasured if there is a modification that is not accounted for as a separate lease; when there is a change in future lease payments arising from a change in an index or rate; a change in the estimate of the amount expected to be payable under a residual value guarantee; and changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. Lease liabilities and right-of-use assets are presented separately in the statement of financial position. Right-of-use assets that meet the definition of investment property are presented within \u2018Investment property\u2019. Viohalco has elected not to separate non-lease components from lease components. Payments associated with leases of 12 months or less and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Low-value assets comprise IT-equipment and small items of office furniture. Viohalco applies judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether Viohalco is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognised. Viohalco has elected to present interest paid related to lease liabilities in the Consolidated Statement of Cash Flows, within the line \u2019Interest charges & related expenses paid\u2018 in operating activities. Accounting for lease contracts as a lessor Leases in which Viohalco companies do not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income is recognised as revenue on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income, over the term of the lease. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognised as expense over the lease term on the same basis as lease income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-86-5": {
"value": "5.14. Leases From 1 January 2019, at inception of a contract, Viohalco assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Viohalco companies use the definition of a lease in IFRS 16. Accounting for lease contracts as a lessee Viohalco companies lease various offices, warehouses, machinery and cars. Rental contracts are usually made for fixed periods of 1 to 5 years, with some exceptions like lease of specialized machinery, ports, gas cylinders and land which are leased for longer periods. Viohalco recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, comprising the following: \u2022 the amount of the initial measurement of lease liability; \u2022 any lease payments made at or before the commencement date less any lease incentives received; \u2022 any initial direct costs; and \u2022 restoration costs. Subsequently, the right-of-use asset is measured at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2022 variable lease payment that are based on an index or a rate; \u2022 amounts expected to be payable by the lessee under residual value guarantees; \u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. Lease payments are discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate of the component that entered into the lease agreement. Generally, Viohalco uses its incremental borrowing rate as the discount rate. This is the rate that the lessee, i.e. each subsidiary of Viohalco, would have to pay on the commencement date of the lease for a loan of a similar term, and with similar security, to obtain an asset of similar value to the right-of-use asset in similar economic environment. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is remeasured if there is a modification that is not accounted for as a separate lease; when there is a change in future lease payments arising from a change in an index or rate; a change in the estimate of the amount expected to be payable under a residual value guarantee; and changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. Lease liabilities and right-of-use assets are presented separately in the statement of financial position. Right-of-use assets that meet the definition of investment property are presented within \u2018Investment property\u2019. Viohalco has elected not to separate non-lease components from lease components. Payments associated with leases of 12 months or less and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Low-value assets comprise IT-equipment and small items of office furniture. Viohalco applies judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether Viohalco is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognised. Viohalco has elected to present interest paid related to lease liabilities in the Consolidated Statement of Cash Flows, within the line \u2019Interest charges & related expenses paid\u2018 in operating activities. Accounting for lease contracts as a lessor Leases in which Viohalco companies do not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income is recognised as revenue on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income, over the term of the lease. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognised as expense over the lease term on the same basis as lease income. Financial liabilities \u2013 Classification, subsequent measurement and gains and losses: Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Financial liabilities Viohalco derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. Viohalco also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. (d) Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, Viohalco currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. (e) Derivatives and hedge accounting Viohalco has elected not to adopt the provisions of IFRS 9 regarding the hedge accounting and will continue applying IAS 39. Viohalco\u2019s companies hold derivative financial instruments designated as fair value or cash flow hedges. Derivatives are used to cover risks arising from fluctuations in prices of metals, foreign exchange rates, interest rates on borrowings and energy prices (natural gas). Derivatives are initially measured at fair value; any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value and changes therein are generally recognised in profit or loss, unless the instrument qualifies for cash flow hedge accounting. Gain or losses from derivatives are classified as operating or financing expense according to the classification of the hedged item. Fair value hedge Derivatives are designated as fair value hedges when the exposure to changes in the fair value of a recognized financial asset or liability is hedged. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in the Consolidated Statement of Profit or Loss, along with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-89-6": {
"value": "Viohalco has elected to present interest paid related to lease liabilities in the Consolidated Statement of Cash Flows, within the line \u2019Interest charges & related expenses paid\u2018 in operating activities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-94-7": {
"value": "On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI \u2013 debt investment; FVOCI \u2013 equity investment; or FVTPL. Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. (e) Derivatives and hedge accounting Viohalco has elected not to adopt the provisions of IFRS 9 regarding the hedge accounting and will continue applying IAS 39. Viohalco\u2019s companies hold derivative financial instruments designated as fair value or cash flow hedges. Derivatives are used to cover risks arising from fluctuations in prices of metals, foreign exchange rates, interest rates on borrowings and energy prices (natural gas). Derivatives are initially measured at fair value; any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value and changes therein are generally recognised in profit or loss, unless the instrument qualifies for cash flow hedge accounting. Gain or losses from derivatives are classified as operating or financing expense according to the classification of the hedged item. Fair value hedge Derivatives are designated as fair value hedges when the exposure to changes in the fair value of a recognized financial asset or liability is hedged. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in the Consolidated Statement of Profit or Loss, along with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-105-6": {
"value": "Financial liabilities \u2013 Classification, subsequent measurement and gains and losses: Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Financial liabilities Viohalco derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. Viohalco also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-105-7": {
"value": "Financial liabilities \u2013 Classification, subsequent measurement and gains and losses: Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Financial liabilities Viohalco derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. Viohalco also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-106-6": {
"value": "(c) Derecognition Financial assets Viohalco derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which Viohalco neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Viohalco enters into transactions whereby it transfers assets recognised in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised. Financial liabilities Viohalco derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. Viohalco also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-108-7": {
"value": "(d) Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, Viohalco currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-109-8": {
"value": "(e) Derivatives and hedge accounting Viohalco has elected not to adopt the provisions of IFRS 9 regarding the hedge accounting and will continue applying IAS 39. Viohalco\u2019s companies hold derivative financial instruments designated as fair value or cash flow hedges. Derivatives are used to cover risks arising from fluctuations in prices of metals, foreign exchange rates, interest rates on borrowings and energy prices (natural gas). Derivatives are initially measured at fair value; any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value and changes therein are generally recognised in profit or loss, unless the instrument qualifies for cash flow hedge accounting. Gain or losses from derivatives are classified as operating or financing expense according to the classification of the hedged item. Fair value hedge Derivatives are designated as fair value hedges when the exposure to changes in the fair value of a recognized financial asset or liability is hedged. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in the Consolidated Statement of Profit or Loss, along with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. Cash flow hedge The effective portion of changes in the fair value of derivatives designated as cash flow hedges is recognised in the \u2019Hedging reserve\u2018. Any ineffective proportion is recognized immediately in profit or loss. The amounts recorded in \u201cHedging Reserve\u201d are reclassified to the consolidated statement of profit or loss in the same period or periods during which the hedged forecast cash flows affect profit or loss or the hedged item affects profit or loss. When a hedge item is sold or when the hedging proportion no longer meets the hedge accounting criteria, hedge accounting is discontinued prospectively, the amounts recorded in \u2018Hedging reserve\u2019 remain as a reserve and are reclassified to the consolidated statement of profit or loss when the hedged asset affects profits or losses. In the case of a hedge on a forecast future transaction which is no longer expected to be realized, the amounts recorded in \u2018Hedging reserve\u2019 are reclassified to the consolidated statement of profit or loss. Viohalco\u2019s companies examine the effectiveness of the cash flow hedge at inception (prospectively) by comparing the critical terms of the hedging instrument with the critical terms of the hedged item, and then at every reporting date (retrospectively), the effectiveness of the cash flow hedge by applying the dollar offset method on a cumulative basis is examined. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-109-9": {
"value": "(e) Derivatives and hedge accounting Viohalco has elected not to adopt the provisions of IFRS 9 regarding the hedge accounting and will continue applying IAS 39. Viohalco\u2019s companies hold derivative financial instruments designated as fair value or cash flow hedges. Derivatives are used to cover risks arising from fluctuations in prices of metals, foreign exchange rates, interest rates on borrowings and energy prices (natural gas). Derivatives are initially measured at fair value; any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value and changes therein are generally recognised in profit or loss, unless the instrument qualifies for cash flow hedge accounting. Gain or losses from derivatives are classified as operating or financing expense according to the classification of the hedged item. Fair value hedge Derivatives are designated as fair value hedges when the exposure to changes in the fair value of a recognized financial asset or liability is hedged. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in the Consolidated Statement of Profit or Loss, along with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. Cash flow hedge The effective portion of changes in the fair value of derivatives designated as cash flow hedges is recognised in the \u2019Hedging reserve\u2018. Any ineffective proportion is recognized immediately in profit or loss. The amounts recorded in \u201cHedging Reserve\u201d are reclassified to the consolidated statement of profit or loss in the same period or periods during which the hedged forecast cash flows affect profit or loss or the hedged item affects profit or loss. When a hedge item is sold or when the hedging proportion no longer meets the hedge accounting criteria, hedge accounting is discontinued prospectively, the amounts recorded in \u2018Hedging reserve\u2019 remain as a reserve and are reclassified to the consolidated statement of profit or loss when the hedged asset affects profits or losses. In the case of a hedge on a forecast future transaction which is no longer expected to be realized, the amounts recorded in \u2018Hedging reserve\u2019 are reclassified to the consolidated statement of profit or loss. Viohalco\u2019s companies examine the effectiveness of the cash flow hedge at inception (prospectively) by comparing the critical terms of the hedging instrument with the critical terms of the hedged item, and then at every reporting date (retrospectively), the effectiveness of the cash flow hedge by applying the dollar offset method on a cumulative basis is examined. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-109-10": {
"value": "(e) Derivatives and hedge accounting Viohalco has elected not to adopt the provisions of IFRS 9 regarding the hedge accounting and will continue applying IAS 39. Viohalco\u2019s companies hold derivative financial instruments designated as fair value or cash flow hedges. Derivatives are used to cover risks arising from fluctuations in prices of metals, foreign exchange rates, interest rates on borrowings and energy prices (natural gas). Derivatives are initially measured at fair value; any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value and changes therein are generally recognised in profit or loss, unless the instrument qualifies for cash flow hedge accounting. Gain or losses from derivatives are classified as operating or financing expense according to the classification of the hedged item. Fair value hedge Derivatives are designated as fair value hedges when the exposure to changes in the fair value of a recognized financial asset or liability is hedged. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in the Consolidated Statement of Profit or Loss, along with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. Cash flow hedge The effective portion of changes in the fair value of derivatives designated as cash flow hedges is recognised in the \u2019Hedging reserve\u2018. Any ineffective proportion is recognized immediately in profit or loss. The amounts recorded in \u201cHedging Reserve\u201d are reclassified to the consolidated statement of profit or loss in the same period or periods during which the hedged forecast cash flows affect profit or loss or the hedged item affects profit or loss. When a hedge item is sold or when the hedging proportion no longer meets the hedge accounting criteria, hedge accounting is discontinued prospectively, the amounts recorded in \u2018Hedging reserve\u2019 remain as a reserve and are reclassified to the consolidated statement of profit or loss when the hedged asset affects profits or losses. In the case of a hedge on a forecast future transaction which is no longer expected to be realized, the amounts recorded in \u2018Hedging reserve\u2019 are reclassified to the consolidated statement of profit or loss. Viohalco\u2019s companies examine the effectiveness of the cash flow hedge at inception (prospectively) by comparing the critical terms of the hedging instrument with the critical terms of the hedged item, and then at every reporting date (retrospectively), the effectiveness of the cash flow hedge by applying the dollar offset method on a cumulative basis is examined. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-112-3": {
"value": "5.16. Cash & cash equivalents Cash and cash equivalents comprise cash on hand and deposits held at call with financial institutions and short-term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. Short term deposits have duration of less than 90 days and are available for use. ",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-113-4": {
"value": "5.17. Share capital Shareholder\u2019s equity is composed of ordinary shares. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity. Income tax relating to transaction costs of an equity transaction is accounted in equity (see note 5.7). ",
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"pp-value-116-3": {
"value": "5.19. Earnings per Share Viohalco presents basic and diluted earnings per share. Basic earnings per share are calculated by dividing the net profit/ loss attributable to holders of the Company\u2019s ordinary shares by the average weighted number of outstanding ordinary shares during each period. Diluted earnings per share are determined by adjusting the profit or loss attributable to holders of ordinary shares and the average weighted number of outstanding ordinary shares by the effect of all diluted eventual ordinary shares consisting of convertible notes and shares with options granted to the staff. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-117-2": {
"value": "5.20. Operating profit Operating profit is the result generated from the continuing principal revenue-producing activities of Viohalco as well as other income and expenses related to operating activities. Operating profit excludes net finance costs, share of profit of equity-accounted investees and income taxes. 7. RevenueRevenue is derived from contracts with customers and investment property rental income. For the year ended 31 December Amounts in EUR thousands 2022 2021 Rental income from investment property 21,050 11,472 Revenue from contracts with customers 6,964,685 5,363,040 Total 6,985,735 5,374,512A. Disaggregation of revenueIn the following table, revenue from contracts with customers is disaggregated by primary geographical market and timing of revenue recognition. The table includes a reconciliation with the Viohalco's reportable segments (see Note 6). For the year ended 31 December 2022 Industrial Division Steel Other Total Real Amounts in EUR thousands Aluminium Copper Cables Pipes Steel activities Industrial Estate Consolidated Primary geographical markets Greece 176,535 92,022 330,909 34,129 359,965 32,034 1,025,594 9,358 1,034,952 European Union 1,434,210 1,188,903 296,312 128,142 838,513 26,821 3,912,901 0 3,912,901 Other European countries 332,962 297,199 148,061 28,706 189,252 3,999 1,000,178 0 1,000,178 Asia 72,479 99,404 103,062 6,785 1,386 23,648 306,763 0 306,763 America 280,283 99,674 9,555 253,255 599 238 643,603 0 643,603 Africa 15,508 27,235 7,278 720 1,793 162 52,696 0 52,696 Oceania 622 6,613 191 5,500 0 666 13,592 0 13,592 Total 2,312,598 1,811,050 895,367 457,236 1,391,507 87,568 6,955,326 9,358 6,964,685 Timing of revenue recognition Revenue recognised at a point in time 2,311,106 1,807,887 606,185 81,366 1,371,178 54,200 6,231,923 1,592 6,233,515 Products transferred over time 0 0 289,182 375,870 0 27 665,079 0 665,079 Services transferred over time 1,492 3,163 0 20,329 33,341 58,325 7,766 66,091 Total 2,312,598 1,811,050 895,367 457,236 1,391,507 87,568 6,955,326 9,358 6,964,685 For the year ended 31 December 2021 Industrial Division Steel Other Total Real Amounts in EUR thousands Aluminium Copper Cables Pipes Steel activities Industrial Estate Consolidated Primary geographical markets Greece 136,303 67,146 258,470 18,098 271,705 21,461 773,182 7,194 780,377 European Union 1,069,081 985,368 290,276 132,662 591,180 20,014 3,088,581 3,088,581 Other European countries 170,422 294,133 112,412 16,685 197,076 2,813 793,541 0 793,541 Asia 76,669 91,197 84,657 40,030 3,016 18,737 314,305 0 314,305 America 211,308 82,563 8,683 16,792 804 429 320,579 0 320,579 Africa 13,892 38,485 2,673 800 4,001 39 59,890 0 59,890 Oceania 243 4,883 0 0 0 640 5,767 0 5,767 Total 1,677,918 1,563,775 757,170 225,067 1,067,782 64,134 5,355,846 7,194 5,363,040 Timing of revenue recognition Revenue recognised at a point in time 1,677,184 1,560,158 483,591 82,834 1,057,423 44,980 4,906,170 1,768 4,907,938 Products transferred over time 0 0 273,579 142,234 0 58 415,871 0 415,871 Services transferred over time 733 3,617 0 0 10,358 19,096 33,804 5,426 39,231 Total 1,677,918 1,563,775 757,170 225,067 1,067,782 64,134 5,355,846 7,194 5,363,040 Viohalco\u2019s consolidated revenue for 2022 amounted to EUR 6,986 million, increased by 30% compared to previous year (2021: 5,375 million), driven by increased sales prices. Revenue expected to be recognised in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the reporting date amounts to EUR 525.6 million, from which EUR 463.4 million is expected to be recognised during 2023 and the remaining EUR 62.2 million is expected to be recognized during the periods from 2024 and onwards, based on the time schedules included in the open contracts on 31 December 2022, which have original expected durations of more than one year and revenue recognition started during 2022 or prior periods. B. Contract balances Contract assets primarily relate to the rights to consideration for work completed but not billed at the reporting date on customized products or energy projects. Contract assets are transferred to receivables when the rights become unconditional. This usually occurs when Viohalco companies issue an invoice to the customer (unless the invoice is issued in advance). Contract liabilities primarily relate to the advance consideration received from customers for construction of customized products or energy projects for which revenue is recognized over time. Contract assets mainly relate to cables and steel pipes segments, where amounts are billed as work progresses in accordance with agreed-upon contractual terms, either upon achievement of contractual milestones, or at the final delivery and acceptance of the products. The following table provides information about contract assets and contract liabilities. As at Amounts in EUR thousands 31 December 2022 31 December 2021 Contract assets 199,839 101,371 Contract liabilities -133,837 -61,371 Total 66,002 40,000 The movement in the contract assets and the contract liabilities balances during the period is described in the following table: Amounts in EUR thousands Contract assets Contract liabilities Balance at 1 January 2022 101,371 61,371 Increases due to unbilled receivables and changes in measure of progress 168,430 0 Revenue recognised relating to downpayments and deferred income balances as at the beginning of the period 0 -49,699 Transfers from contract assets recognised at the beginning of the period to receivables -69,525 0 New downpayments and deferred income outstanding at year end 0 122,901 Impairment allowance -12 0 Reversal of impairment allowance 127 0 Write-offs -287 0 Loss of Control/Disposal of subsidiary 0 -9 Reclassifications 189 0 Reclassification to assets held for sale 0 -727 Foreign exchange differences -454 0 Balance as at 31 December 2022 199,839 133,837 Amounts in EUR thousands Contract assets Contract liabilities Balance at 1 January 2021 68,517 54,021 Increases due to unbilled receivables and changes in measure of progress 91,311 0 Revenue recognised relating to downpayments and deferred income balances as at the beginning of the period 0 -32,480 Transfers from contract assets recognised at the beginning of the period to receivables -58,283 0 New downpayments and deferred income outstanding at year end 0 39,934 Impairment allowance -175 0 Reversal of impairment allowance 0 0 Other movements 0 -96 Foreign exchange differences 0 -9 Balance at 31 December 2021 101,371 61,371 Contract assets increased by EUR 98.5 million compared previous year, due to the growth in project-related activities of cables segment and the timing of invoicing of specific ongoing projects for which the production started of steel pipes segment, during the second half of the year. Contract liabilities, primarily, relate to the advance consideration received from customers. Contract liabilities, which are expected to be settled within more than one year are classified as non-current liabilities (EUR 9,889 thousand as of 31 December 2022). Contract liabilities increased by EUR 72.4 million compared to 31 December 2021, mainly due to the downpayments received close to year\u2019s end for the execution of energy projects in steel pipes segment. C. Contract costs Viohalco companies\u2019 recognized contracts costs, expect that fees, commissions and other costs associated with obtaining contracts for energy projects are recoverable. Therefore, as at 31 December 2022, Viohalco has recorded as contract costs an amount of EUR 236 thousand, out of which an amount of EUR 222 thousand is classified as non-current assets. During the year, amortization of contract costs amounted EUR 153 thousand. D. Significant judgements in revenue recognition In recognizing revenue, Viohalco companies make judgements regarding the timing of satisfaction of performance obligations, the identification of distinct performance obligations, as well as the transaction price and the amounts allocated to performance obligations. The most significant of these estimates are described below: - Contracts including multiple performance obligations are mainly identified in cables segment for turnkey projects and for customized products in cables, steel pipes and aluminium segments, as described in Note 5.3. In such cases, the total transaction price is allocated to these performance obligations on the basis of the relative standalone selling prices of the promised goods and services. If these goods and services are not sold separately, a cost plus margin approach is used to estimate the standalone selling price. - Some contracts with customers involve a variable transaction cost as they include a volume or trade discount based on the total sales to the customer within a time period. In such case revenue is recognized based on the anticipated sales to the customer throughout the year, as these sales are realized and new orders are received and up to an extent it is highly probable that a significant reversal of cumulative revenue recognized will not be needed. - A significant portion of contracts with customers, include transportation service. Transportation is considered as a separate performance obligation, if the customer can benefit from the offered transportation service and the promise to transport the goods to the customer is separately identifiable from the production of these customized products. Revenue for orders of standardized products is recognized at a specific point in time and transportation is not considered a separate performance obligation. 8. Other income and expenses A. Other Income For the year ended 31 December Amounts in EUR thousands Note 2022 2021 Government grants/subsidies 1,524 5,650 Amortization of grants received 28 3,411 2,886 Rental income 854 647 Income from fees, commissions and costs recharged 4,758 1,357 Damage Compensation 941 834 Gain on sale of PP&E and intangible assets 432 451 Gain on sale of investment property 340 476 Reversal of provisions 29 142 142 Reversal of impairment loss of PP&E and investment property 14,342 27,280 Other 2,956 3,699 Total other income 29,699 43,422 B. Other Expenses For the year ended 31 December Amounts in EUR thousands Note 2022 2021 Impairment loss of PP&E and investment property 20,431 11,705 Write-off of PP&E and intangible assets 3,429 1,927 Impairment loss of associates/ Joint Ventures 9,260 0 Loss on sale of PP&E 28 622 Damages incurred 1,027 355 Employee benefits 12 0 358 Provisions on antidumping duties 0 12,842 Penalties 274 413 Depreciation and amortisation 148 2,087 Loss from business combinations 2,146 21 Other provisions 0 149 Other 3,495 3,523 Total other expense 40,238 34,003 Net other income/ expense (-) -10,539 9,419 Net Other income/expenses for the year ended 31 December 2022 amounted to a loss of EUR 10.5 million compared to gain of EUR 9.4 million during 2021, due to the following factors: - During 2022, the Joint Venture of Elvalhalcor, Nedzink, faced significant delays in the full operation of new equipment which led to loss of sales. Additionally, the challenging economic conditions prevailing worldwide, with increased benchmark interest rates and increased energy costs, deteriorated 2022 results more than initially expected. As a consequence, the annual impairment test performed for the participation to the Joint Venture, indicated the recognition of an impairment loss of EUR 9.2 million. - During 2022, the following corporate transactions took place, resulting in a loss of EUR 2.1 million: \u2022 In June 2022, Sidenor, Viohalco\u2019s subsidiary in steel segment, sold the percentage held (34%) in AWM SPA, resulting to a loss of EUR 1.3 million. \u2022 In August 2022, CPW America, Viohalco\u2019s subsidiary in steel pipes segment, disposed the interest held (19.4%) in Bellville Tube Company, recording a loss of EUR 156 thousand (see also note 20). \u2022 In December 2022, Viohalco lose the control in the participation to Mettalourgia Attikis, due to management restructuring. As a result, a loss of EUR 647 thousand was recognized. - During 2022, an impairment loss of EUR 6.09 million - on net basis - for own used property and investment property was recognized (2021: reversal of impairment loss EUR 15.7 million), due to changes in the fair value of real estate portfolio. Impairment loss and reversal of impairment loss are described in notes 17 and 19. - During 2022, the US Department of Commerce (DoC) published its final results in the administrative proceedings conducted by the DoC for the period from April 19, 2019 through April 30, 2020 (\u201cPOR\u201d) in connection with an antidumping (\u201cAD\u201d) order on large diameter welded pipe (LDWP) from Greece. As a result, the DoC determined for the POR an antidumping duty rate of 41.04 percent based on total adverse facts available (AFA) for mandatory respondent Corinth Pipeworks S.A., Viohalco\u2019s subsidiary in steel pipes segment. Corinth Pipeworks filed an appeal before the U.S. Court of International Trade against the decision of the DoC while continuing to actively work with the DoC in order to reverse the final determination. The one-off charge related to the abovementioned case amounts to EUR 12.8 million (USD 14 million plus interest) and is included in \u2018Provisions on antidumping duties\u2019 line for the year 2021, as it relates to sales performed in previous years. C. Expenses by nature For the year ended 31 December Amounts in EUR thousands Note 2022 2021 Cost of inventories recognized as an expense 4,926,058 3,812,652 Employee benefits 12 441,393 368,796 Energy 306,333 178,289 Depreciation and amortisation 152,377 140,688 Amortization of contract costs 153 156 Taxes and duties 24,309 19,097 Insurance expenses 39,500 25,559 Rental fees 9,936 5,303 Transportation costs (goods and materials) 213,800 147,833 Promotion and advertising 8,473 4,879 Third party fees and benefits 257,207 186,804 Other provisions 70 155 Gains (-)/losses from derivatives -42,036 10,843 Storage and packing 15,533 11,224 Commissions 14,303 13,820 Foreign exchange gains(-)/losses 9,245 451 Maintenance expenses 61,857 50,394 Royalties 3,007 2,371 Consumption of production tools 15,045 12,824 Other expenses 17,218 14,701 Total 6,473,779 5,006,838 The key drivers of variation of operating expenses during 2022 are the following: - The increase in sales volumes and metal prices during 2022, affected cost of sales and related operating expenses (transportation cost for goods and materials, insurance expenses, storage and packing, maintenance expenses) which have increased proportionally. - The increase in Energy reflects the global increase in energy cost that began within 2021. - The increase in \u201c\u03a4hird party fees and benefits\u201d is attributed mainly to project-related services offered by cables and steel pipes segments during 2022 compared to prior year by subcontractors. In 2022 steel pipes segment used subcontractors for coating services in the context of assigned projects, while the installation services in the context of turnkey contracts executed by subsidiaries in the cables segment during 2022 were significantly higher compared to 2021. The aggregate amount of research and development expenditure recognized as an expense during 2022 amounts to EUR 17.6 million (2021: EUR 13.3 million). 12. Employee benefit expenses Amounts in EUR thousands Note 2022 2021 Wages and salaries 338,564 283,576 Social security contributions 63,798 53,920 Defined contribution plans 1,273 1,152 Defined benefit plans 11 6,598 7,558 Other employee benefits 33,256 25,286 Total 443,489 371,492 Employee benefits have been allocated as follows: Amounts in EUR thousands Note 2022 2021 Cost of goods sold 8 317,369 258,985 Selling and distribution expenses 8 53,073 47,935 Administrative expenses 8 70,951 61,875 Other expenses 8 0 358 Capitalised employee benefits in projects under construction 2,095 2,338 Total 443,489 371,492 The number of employees, as well as their profile and gender, employed by Viohalco companies is presented in the following tables: 2022 18 - 30 30-50 51+ Total Male 1,103 5,147 2,779 9,029 Female 247 1,081 405 1,733 Total 1,350 6,228 3,184 10,762 Office employees & professionals Workers Management Total Number of Employees 2,756 6,966 1,040 10,762 2021 18 - 30 30-50 51+ Total Male 986 4,715 2,518 8,219 Female 227 965 371 1,563 Total 1,213 5,680 2,889 9,782 Office employees & professionals Workers Management Total Number of Employees 2,689 6,187 906 9,782 C.1. Credit risk Credit risk is the risk of the financial loss to Viohalco and its companies, if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the companies\u2019 receivables from customers, contract assets and bank deposits. The carrying amount of financial assets represents the maximum credit exposure. Amounts in EUR thousands Note 2022 2021 Trade & other receivables 15 681,976 630,850 Contract assets 7 199,839 101,371 Less: Other down payments 15 -10,891 -16,478 Tax assets 15 -64,669 -62,298 Other non-financial assets -51,296 -28,012 754,960 625,433 Other investments 21 8,405 8,457 Cash and cash equivalents 16 412,644 503,267 Derivatives 23 66,071 17,221 487,120 528,945 Total 1,242,080 1,154,378 (a) Trade and other receivables Viohalco\u2019s companies have established a credit policy under which each customer\u2019s creditworthiness is examined on an individual basis before the determination of the payment terms offered. Credit limits are set for each customer and are regularly reviewed and, readjusted, if necessary. As a rule, customer credit limits are in accordance with of the credit insurance limits offered by the insurance companies where Viohalco companies\u2019 rceivables are insured. When monitoring the credit risk,customers are grouped according to their credit characteristics, and their payment history. Trade and other receivables mainly include wholesale customers of Viohalco\u2019s companies. Any customers characterized as being \u201chigh risk\u201d are monitored closely subsequent sales have zero payment terms. Depending on the customer credit rating and its status, Viohalco\u2019s companies require tangible or other security (e.g. letters of guarantee) in order to secure its receivables. Viohalco\u2019s companies record an impairment loss that represents its expected credit losses in respect of trade and other receivables. At 31 December, the maximum exposure to credit risk for trade and other receivables and contract assets by geographic region was as follows: Amounts in EUR thousands 2022 2021 Greece 305,237 184,545 Other EU member states 239,576 261,941 Other European countries 82,312 77,343 Asia 28,451 57,020 America 93,314 36,440 Africa 5,689 7,665 Oceania 381 479 Total 754,960 625,433 The ageing of trade and other receivables and contract assets that were not impaired was as follows: Amounts in EUR thousands 2022 2021 Neither past due nor impaired 680,307 556,236 Overdue - Up to 6 months 65,161 59,022 - Over 6 months 9,492 10,175 Total 754,960 625,433 Based on management assessment,the amounts that are past due up to 6 months and over 6 months are still collectible in full, based on historical payment behaviour and extensive analysis of customer credit risk. Viohalco companies insure a significant portion of their receivables and at 31 December 2022, 76% of the receivables balances were credit insured. The movement in impairment of trade and other receivables and contract assets is as follows: 2022 2021Trade & other Contract Trade & other Contract Amounts in EUR thousands receivables assets Total receivables assets Total Balance as at 1 January 67,313 318 67,630 71,693 143 71,836 Impairment loss recognized 5,003 12 5,015 2,999 175 3,173 Amounts written off -1,011 0 -1,011 -8,454 0 -8,454 Impairment loss reversed -720 -127 -847 -476 0 -476 Loss of Control/Disposal of subsidiary -297 0 -297 0 0 0 Foreign exchange differences 1,260 0 1,260 1,776 0 1,776 Reclassification to assets held for sale -2,275 0 -2,275 0 0 0 Reclassification -62 0 -62 -225 0 -225 Balance as at 31 December 69,212 203 69,414 67,313 318 67,630The allowance for expected credit losses for trade receivables and contract assets are calculated at individual level when there is an indication of impairment. For receivables and contract assets without any indication of impairment the expected credit losses are based on the historical data combined with forward-looking macroeconomic factors affecting credit risk, such as country risk and industry related risks. Expected loss rates are updated at every reporting date. The rising inflation and interest rates were also taken into consideration when calculating expected credit losses for the current year, without any significant impact on the impairment loss recognized. In 2022, the impairment loss recognized concerned mainly clients in steel, aluminium and copper segment while amounts that have been impaired mainly in other segment were written off. On the contrary, a reversal of impairment loss was recorded, as a result of the improvement of the expected loss rates of major clients in the other segments. The following collateral exists for securing non-insured receivables from customers and contract assets: Amounts in EUR thousands 2022 2021 Cash collateral 2,019 1,076 Letter of credit 15,781 10,674 Collateral on property 1,850 2,037 Payables which can be offset by receivables 12,825 11,441 Other 2,597 3,253 Total 35,073 28,480 (b) Cash and cash equivalentsViohalco and its subsidiaries held cash and cash equivalents of EUR 413 million at 31 December 2022 (2021: EUR 503 million). The cash and cash equivalents are held with bank and financial institution counterparties, which are rated from A3 to B2 based on ratings of Moody\u2019s. Impairment on cash and cash equivalents has been measured on a 12-month expected loss basis and reflects the short maturities of the exposures. Viohalco considers that its cash and cash equivalents have low credit risk based on the credit assessment performed. ",
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"pp-value-117-4": {
"value": "5.20. Operating profit Operating profit is the result generated from the continuing principal revenue-producing activities of Viohalco as well as other income and expenses related to operating activities. Operating profit excludes net finance costs, share of profit of equity-accounted investees and income taxes. ",
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"pp-value-119-4": {
"value": "The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price \u2013 i.e. the fair value of the consideration given or received. If Viohalco determines that the fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by a quoted price in an active market for an identical asset or liability, nor based on a valuation technique for which any unobservable inputs are judged to be insignificant in relation to the measurement, then the financial instrument is initially measured at fair value, adjusted to defer the difference between the fair value on initial recognition and the transaction price. Subsequently, that difference is recognised in profit or loss on an appropriate basis over the life of the instrument but no later than when the valuation is wholly supported by observable market data or the transaction is closed out. ",
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"pp-value-120-4": {
"value": "5.22. CO2 Emission rights Emission rights are accounted for under the net liability method, based on which Viohalco companies recognize a liability for emissions during the calendar year. Viohalco companies estimate the free allowances allocated and the emissions produced during the year. When emissions exceed free allowances, the companies recognize the future liability based on the net deficit and the budget estimate for the EUA price during the year. The projected deficit is covered at market prices by purchasing EUAs either on a forward or spot basis. The total cost of all forward and spot purchases represents the realized liability during the year. ",
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"pp-value-121-2": {
"value": "5.23. New standards, amendment to standards and interpretations of IFRS\u2019s A number of new or amended standards became applicable for the current financial year and subsequent years. Viohalco has applied all of the new standards, interpretations and amendments to existing standards that were mandatory for the first time in the fiscal year beginning 1 January 2022 and none of the new or amended standards and interpretations has had material impact on recognition and measurement in the Consolidated Financial Statements. Standards and Interpretations effective for the current financial year IFRS 16 (Amendment) \u2018Covid-19-Related Rent Concessions\u2019 The amendment extends the application period of the practical expedient in relation to rent concessions by one year to cover rental concessions that reduce leases due only on or before 30 June 2022. IAS 16 (Amendment) \u2018Property, Plant and Equipment \u2013 Proceeds before Intended Use The amendment prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also requires entities to separately disclose the amounts of proceeds and costs relating to such items produced that are not an output of the entity\u2019s ordinary activities. IAS 37 (Amendment) \u2018Onerous Contracts \u2013 Cost of Fulfilling a Contract\u2019 The amendment clarifies that \u2018costs to fulfil a contract\u2019 comprise the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts. The amendment also clarifies that, before a separate provision for an onerous contract is established, an entity recognises any impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to that contract. IFRS 3 (Amendment) \u2018Reference to the Conceptual Framework\u2019 The amendment updated the standard to refer to the 2018 Conceptual Framework for Financial Reporting, in order to determine what constitutes an asset or a liability in a business combination. In addition, an exception was added for some types of liabilities and contingent liabilities acquired in a business combination. Finally, it is clarified that the acquirer should not recognise contingent assets, as defined in IAS 37, at the acquisition date. Annual Improvements to IFRS Standards 2018\u20132020 IFRS 9 \u2018Financial instruments\u2019 The amendment addresses which fees should be included in the 10% test for derecognition of financial liabilities. Costs or fees could be paid to either third parties or the lender. Under the amendment, costs or fees paid to third parties will not be included in the 10% test. IFRS 16 \u2018Leases\u2019 The amendment removed the illustration of payments from the lessor relating to leasehold improvements in Illustrative Example 13 of the standard in order to remove any potential confusion about the treatment of lease incentives. Standards and Interpretations effective for subsequent periods IAS 1 (Amendments) \u2018Presentation of Financial Statements\u2019 and IFRS Practice Statement 2 \u2018Disclosure of Accounting policies\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments require companies to disclose their material accounting policy information and provide guidance on how to apply the concept of materiality to accounting policy disclosures. IAS 8 (Amendments) \u2018Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. I\u0391S 12 (Amendments) \u2018Deferred tax related to Assets and Liabilities arising from a Single Transaction\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments require companies to recognise deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. This will typically apply to transactions such as leases for the lessee and decommissioning obligations. IFRS 17 (Amendment) \u2018Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendment is a transition option relating to comparative information about financial assets presented on initial application of IFRS 17. The amendment is aimed at helping entities to avoid temporary accounting mismatches between financial assets and insurance contract liabilities, and therefore improve the usefulness of comparative information for users of financial statements. IAS 1 \u2018Presentation of Financial Statements\u2019 (Amendments) (effective for annual periods beginning on or after 1 January 2024) \u2022 2020 Amendment \u2018Classification of liabilities as current or non-current\u2019 The amendment clarifies that liabilities are classified as either current or non-current depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date. The amendment also clarifies what IAS 1 means when it refers to the \u2018settlement\u2019 of a liability. The amendment has not yet been endorsed by the EU. \u2022 2022 Amendments \u2018Non-current liabilities with covenants\u2019 The new amendments clarify that if the right to defer settlement is subject to the entity complying with specified conditions (covenants), this amendment will only apply to conditions that exist when compliance is measured on or before the reporting date. Additionally, the amendments aim to improve the information an entity provides when its right to defer settlement of a liability is subject to co mpliance with covenants within twelve months after the reporting period. The 2022 amendments changed the effective date of the 2020 amendments. As a result, the 2020 and 2022 amendments are effective for annual reporting periods beginning on or after 1 January 2024 and should be applied retrospectively in accordance with IAS 8. As a result of aligning the effective dates, the 2022 amendments override the 2020 amendments when they both become effective in 2024. The amendments have not yet been endorsed by the EU. IFRS 16 (Amendment) \u2018Lease Liability in a Sale and Leaseback\u2019 (effective for annual periods beginning on or after 1 January 2024) The amendment clarifies how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted. An entity applies the requirements retrospectively back to sale and leaseback transactions that were entered into after the date when the entity initially applied IFRS 16. The amendment has not yet been endorsed by the EU. ",
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"pp-value-121-3": {
"value": "5.23. New standards, amendment to standards and interpretations of IFRS\u2019s A number of new or amended standards became applicable for the current financial year and subsequent years. Viohalco has applied all of the new standards, interpretations and amendments to existing standards that were mandatory for the first time in the fiscal year beginning 1 January 2022 and none of the new or amended standards and interpretations has had material impact on recognition and measurement in the Consolidated Financial Statements. Standards and Interpretations effective for the current financial year IFRS 16 (Amendment) \u2018Covid-19-Related Rent Concessions\u2019 The amendment extends the application period of the practical expedient in relation to rent concessions by one year to cover rental concessions that reduce leases due only on or before 30 June 2022. IAS 16 (Amendment) \u2018Property, Plant and Equipment \u2013 Proceeds before Intended Use The amendment prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also requires entities to separately disclose the amounts of proceeds and costs relating to such items produced that are not an output of the entity\u2019s ordinary activities. IAS 37 (Amendment) \u2018Onerous Contracts \u2013 Cost of Fulfilling a Contract\u2019 The amendment clarifies that \u2018costs to fulfil a contract\u2019 comprise the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts. The amendment also clarifies that, before a separate provision for an onerous contract is established, an entity recognises any impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to that contract. IFRS 3 (Amendment) \u2018Reference to the Conceptual Framework\u2019 The amendment updated the standard to refer to the 2018 Conceptual Framework for Financial Reporting, in order to determine what constitutes an asset or a liability in a business combination. In addition, an exception was added for some types of liabilities and contingent liabilities acquired in a business combination. Finally, it is clarified that the acquirer should not recognise contingent assets, as defined in IAS 37, at the acquisition date. Annual Improvements to IFRS Standards 2018\u20132020 IFRS 9 \u2018Financial instruments\u2019 The amendment addresses which fees should be included in the 10% test for derecognition of financial liabilities. Costs or fees could be paid to either third parties or the lender. Under the amendment, costs or fees paid to third parties will not be included in the 10% test. IFRS 16 \u2018Leases\u2019 The amendment removed the illustration of payments from the lessor relating to leasehold improvements in Illustrative Example 13 of the standard in order to remove any potential confusion about the treatment of lease incentives. Standards and Interpretations effective for subsequent periods IAS 1 (Amendments) \u2018Presentation of Financial Statements\u2019 and IFRS Practice Statement 2 \u2018Disclosure of Accounting policies\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments require companies to disclose their material accounting policy information and provide guidance on how to apply the concept of materiality to accounting policy disclosures. IAS 8 (Amendments) \u2018Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. I\u0391S 12 (Amendments) \u2018Deferred tax related to Assets and Liabilities arising from a Single Transaction\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments require companies to recognise deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. This will typically apply to transactions such as leases for the lessee and decommissioning obligations. IFRS 17 (Amendment) \u2018Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendment is a transition option relating to comparative information about financial assets presented on initial application of IFRS 17. The amendment is aimed at helping entities to avoid temporary accounting mismatches between financial assets and insurance contract liabilities, and therefore improve the usefulness of comparative information for users of financial statements. IAS 1 \u2018Presentation of Financial Statements\u2019 (Amendments) (effective for annual periods beginning on or after 1 January 2024) \u2022 2020 Amendment \u2018Classification of liabilities as current or non-current\u2019 The amendment clarifies that liabilities are classified as either current or non-current depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date. The amendment also clarifies what IAS 1 means when it refers to the \u2018settlement\u2019 of a liability. The amendment has not yet been endorsed by the EU. \u2022 2022 Amendments \u2018Non-current liabilities with covenants\u2019 The new amendments clarify that if the right to defer settlement is subject to the entity complying with specified conditions (covenants), this amendment will only apply to conditions that exist when compliance is measured on or before the reporting date. Additionally, the amendments aim to improve the information an entity provides when its right to defer settlement of a liability is subject to co mpliance with covenants within twelve months after the reporting period. The 2022 amendments changed the effective date of the 2020 amendments. As a result, the 2020 and 2022 amendments are effective for annual reporting periods beginning on or after 1 January 2024 and should be applied retrospectively in accordance with IAS 8. As a result of aligning the effective dates, the 2022 amendments override the 2020 amendments when they both become effective in 2024. The amendments have not yet been endorsed by the EU. IFRS 16 (Amendment) \u2018Lease Liability in a Sale and Leaseback\u2019 (effective for annual periods beginning on or after 1 January 2024) The amendment clarifies how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted. An entity applies the requirements retrospectively back to sale and leaseback transactions that were entered into after the date when the entity initially applied IFRS 16. The amendment has not yet been endorsed by the EU. ",
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"pp-value-121-4": {
"value": "5.23. New standards, amendment to standards and interpretations of IFRS\u2019s A number of new or amended standards became applicable for the current financial year and subsequent years. Viohalco has applied all of the new standards, interpretations and amendments to existing standards that were mandatory for the first time in the fiscal year beginning 1 January 2022 and none of the new or amended standards and interpretations has had material impact on recognition and measurement in the Consolidated Financial Statements. ",
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"pp-value-122-4": {
"value": "Standards and Interpretations effective for the current financial year IFRS 16 (Amendment) \u2018Covid-19-Related Rent Concessions\u2019 The amendment extends the application period of the practical expedient in relation to rent concessions by one year to cover rental concessions that reduce leases due only on or before 30 June 2022. IAS 16 (Amendment) \u2018Property, Plant and Equipment \u2013 Proceeds before Intended Use The amendment prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also requires entities to separately disclose the amounts of proceeds and costs relating to such items produced that are not an output of the entity\u2019s ordinary activities. IAS 37 (Amendment) \u2018Onerous Contracts \u2013 Cost of Fulfilling a Contract\u2019 The amendment clarifies that \u2018costs to fulfil a contract\u2019 comprise the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts. The amendment also clarifies that, before a separate provision for an onerous contract is established, an entity recognises any impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to that contract. IFRS 3 (Amendment) \u2018Reference to the Conceptual Framework\u2019 The amendment updated the standard to refer to the 2018 Conceptual Framework for Financial Reporting, in order to determine what constitutes an asset or a liability in a business combination. In addition, an exception was added for some types of liabilities and contingent liabilities acquired in a business combination. Finally, it is clarified that the acquirer should not recognise contingent assets, as defined in IAS 37, at the acquisition date. Annual Improvements to IFRS Standards 2018\u20132020 IFRS 9 \u2018Financial instruments\u2019 The amendment addresses which fees should be included in the 10% test for derecognition of financial liabilities. Costs or fees could be paid to either third parties or the lender. Under the amendment, costs or fees paid to third parties will not be included in the 10% test. IFRS 16 \u2018Leases\u2019 The amendment removed the illustration of payments from the lessor relating to leasehold improvements in Illustrative Example 13 of the standard in order to remove any potential confusion about the treatment of lease incentives. ",
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"value": "Standards and Interpretations effective for subsequent periods IAS 1 (Amendments) \u2018Presentation of Financial Statements\u2019 and IFRS Practice Statement 2 \u2018Disclosure of Accounting policies\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments require companies to disclose their material accounting policy information and provide guidance on how to apply the concept of materiality to accounting policy disclosures. IAS 8 (Amendments) \u2018Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. I\u0391S 12 (Amendments) \u2018Deferred tax related to Assets and Liabilities arising from a Single Transaction\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments require companies to recognise deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. This will typically apply to transactions such as leases for the lessee and decommissioning obligations. IFRS 17 (Amendment) \u2018Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendment is a transition option relating to comparative information about financial assets presented on initial application of IFRS 17. The amendment is aimed at helping entities to avoid temporary accounting mismatches between financial assets and insurance contract liabilities, and therefore improve the usefulness of comparative information for users of financial statements. IAS 1 \u2018Presentation of Financial Statements\u2019 (Amendments) (effective for annual periods beginning on or after 1 January 2024) \u2022 2020 Amendment \u2018Classification of liabilities as current or non-current\u2019 The amendment clarifies that liabilities are classified as either current or non-current depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date. The amendment also clarifies what IAS 1 means when it refers to the \u2018settlement\u2019 of a liability. The amendment has not yet been endorsed by the EU. \u2022 2022 Amendments \u2018Non-current liabilities with covenants\u2019 The new amendments clarify that if the right to defer settlement is subject to the entity complying with specified conditions (covenants), this amendment will only apply to conditions that exist when compliance is measured on or before the reporting date. Additionally, the amendments aim to improve the information an entity provides when its right to defer settlement of a liability is subject to co mpliance with covenants within twelve months after the reporting period. The 2022 amendments changed the effective date of the 2020 amendments. As a result, the 2020 and 2022 amendments are effective for annual reporting periods beginning on or after 1 January 2024 and should be applied retrospectively in accordance with IAS 8. As a result of aligning the effective dates, the 2022 amendments override the 2020 amendments when they both become effective in 2024. The amendments have not yet been endorsed by the EU. IFRS 16 (Amendment) \u2018Lease Liability in a Sale and Leaseback\u2019 (effective for annual periods beginning on or after 1 January 2024) The amendment clarifies how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted. An entity applies the requirements retrospectively back to sale and leaseback transactions that were entered into after the date when the entity initially applied IFRS 16. The amendment has not yet been endorsed by the EU. ",
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},
"pp-value-125-2": {
"value": "6. Operating segments A. Basis for the division into segments For management purposes, Viohalco is split into seven major strategic reportable segments devided in two divisions, which operate in different industries: Industrial Division \u2022 Aluminium segment; \u2022 Copper segment; \u2022 Cables segment; \u2022 Steel pipes segment; \u2022 Steel segment; \u2022 Other activities segment. Real Estate Division \u2022 Real estate segment. These segments offer different products and services, and are managed separately because they require different technology and marketing strategies. Such structural organization is determined by the nature of risks and returns associated with each business segment. It is based on the management structure, as well as the internal reporting system. It represents the basis on which Viohalco reports its segmental information. The segment analysis presented in these consolidated financial statements reflects operations analysed by the business. This is the way the chief operating decision maker of Viohalco regularly reviews its\u2019 operating results in order to allocate resources to segments and in assessing their performance. For the purposes of segmental reporting, all Viohalco companies, except those operating as trading companies, have been assigned to a specific reportable segment. Regarding the trading companies of Viohalco, their profit or loss and balance sheet figures have been allocated to the reportable segments, according to the nature of their transactions. A brief description of the segments is as follows: Aluminium: ElvalHalcor through its aluminium rolling division (Elval), its subsidiaries Symetal S.A., Elval Colour S.A. and Vepal S.A. along with Bridgnorth Aluminium and Etem Extrusions deliver a wide variety of products from aluminium coils and sheets for general applications and aluminium foil for household use, to special products, such as, rolled and extruded aluminium products for shipbuilding, automotive and construction industries, and lithographic coils. Copper: ElvalHalcor through its copper tubes division (Halcor) and its subsidiary Sofia Med S.A. produce a wide range of copper and copper alloy products that span from copper and brass tubes, copper strips, sheets and plates, to copper bus bars and rods. Cables: Hellenic Cables companies consist one of the largest cable producers in Europe, manufacturing power, telecommunication and submarine cables, as well as enamelled wires and compounds. Steel Pipes: Corinth Pipeworks engages in the production of steel pipes for the transportation of natural gas, oil and water networks, as well as steel hollow sections which are used in construction projects. Steel: Sidenor Steel Industry, Stomana Industry and their subsidiaries manufacture long, flat and downstream steel products. Real estate: Viohalco derives value from the real estate assets of its subsidiaries by developing and managing large-scale commercial and industrial properties. Other Activities: Other activities mainly encompass expenses incurred by the parent (holding) company, along with the results of companies which operate in the Technology, R&D&I and resource recovery segments. None of these activities met the quantitative thresholds for reportable segments in 2022 or 2021. B. Information about reportable segments The information disclosed in the tables below is derived directly from the internal financial reporting system used by the executive management (i.e. chief operating decision maker) to monitor and evaluate the performance of the operating segments separately. The following tables illustrate the information about the reportable segments profit or loss, assets and liabilities as at 31 December 2022 and 2021. Revenue and operating profit per segment for 2022 were as follows: Industrial Division Steel Other Total Real Amounts in EUR thousands Aluminium Copper Cables Pipes Steel activities Industrial Estate Consolidated Total revenue per segment 3,520,975 2,496,410 1,702,484 685,416 2,427,924 317,588 11,150,797 42,530 11,193,327 Inter-company revenue -1,208,377 -685,361 -807,117 -228,180 -1,036,417 -230,020 -4,195,471 -12,121 -4,207,592 Revenue from external customers 2,312,598 1,811,050 895,367 457,236 1,391,507 87,568 6,955,326 30,409 6,985,735 Gross profit 291,031 125,564 119,816 30,021 172,868 21,040 760,340 11,445 771,784 Operating result (EBIT) 210,998 63,439 89,049 15,654 113,462 1,225 493,826 3,424 497,250 Finance income 494 393 2,351 1,408 718 734 6,098 2,309 8,407 Finance cost -34,263 -17,380 -27,871 -13,053 -26,849 -2,670 -122,086 -7,641 -129,727 Share of profit/ loss (-) of equity-accounted investees, net of tax 1,374 -6,814 0 4,131 223 0 -1,086 -279 -1,365 Profit/Loss (-) before income tax expense 178,602 39,637 63,529 8,140 87,554 -710 376,752 -2,188 374,564 Income tax expense (-) -36,403 -9,216 -13,357 3,437 -17,236 1,760 -71,015 -1,160 -72,175 Net Profit/Loss (-) 142,200 30,421 50,172 11,577 70,318 1,049 305,737 -3,348 302,389 Other information per segment for 2022 is as follows: Industrial Division Steel Other Total Real Amounts in EUR thousands Aluminium Copper Cables Pipes Steel activities Industrial Estate Consolidated Equity accounted investees 9,725 249 0 15,963 1,244 806 27,987 8,651 36,638 Other assets 1,920,193 767,245 1,032,034 596,115 988,932 151,474 5,455,992 537,565 5,993,557 Segment assets 1,929,917 767,494 1,032,034 612,077 990,176 152,280 5,483,979 546,217 6,030,196 Segment liabilities 1,131,288 546,413 863,719 479,323 725,735 92,265 3,838,742 235,559 4,074,301 Capital expenditure 188,238 15,755 70,945 7,731 29,701 4,496 316,866 40,361 357,227 Depreciation and amortization -61,302 -17,969 -18,894 -9,195 -30,948 -4,939 -143,247 -9,278 -152,525 Revenue and operating profit per segment for 2021 were as follows: Industrial Division Steel Other Total Real Amounts in EUR thousands Aluminium Copper Cables Pipes Steel activities Industrial Estate Consolidated Total revenue per segment 2,595,628 2,193,360 1,528,529 249,301 1,801,307 246,009 8,614,134 30,813 8,644,947 Inter-company revenue -917,710 -629,585 -771,359 -24,234 -733,525 -181,875 -3,258,288 -12,147 -3,270,435 Revenue from external customers 1,677,918 1,563,775 757,170 225,067 1,067,782 64,134 5,355,846 18,667 5,374,512 Gross profit 147,873 125,054 94,442 15,157 181,255 23,310 587,091 3,555 590,645 Operating result (EBIT) 79,234 77,672 67,629 -8,305 134,716 4,307 355,253 19,144 374,396 Finance income 238 433 220 16 419 400 1,726 645 2,371 Finance cost -21,096 -15,057 -22,094 -7,504 -26,510 -1,894 -94,156 -4,097 -98,253 Share of profit/ loss (-) of equity-accounted investees, net of tax 1,180 -4,069 0 386 318 0 -2,185 -344 -2,530 Profit/Loss (-) before income tax expense 59,556 58,979 45,754 -15,407 108,943 2,813 260,637 15,347 275,984 Income tax expense (-) -10,762 -9,052 -7,788 -451 -20,053 -7,490 -55,597 -399 -55,996 Net Profit/Loss (-) 48,793 49,927 37,966 -15,859 88,891 -4,678 205,041 14,948 219,989 Other information per segment for 2021 is as follows: Industrial Division Steel Other Total Real Amounts in EUR thousands Aluminium Copper Cables Pipes Steel activities Industrial Estate Consolidated Equity accounted investees 8,862 12,072 1,732 11,216 4,808 0 38,691 5,681 44,372 Other assets 1,585,081 775,230 775,950 363,552 975,740 171,046 4,646,598 547,450 5,194,049 Segment assets 1,593,943 787,302 777,682 374,768 980,548 171,046 4,685,289 553,131 5,238,420 Segment liabilities 987,696 558,339 658,508 256,574 782,036 82,348 3,325,502 257,324 3,582,826 Capital expenditure 165,634 15,131 34,992 9,551 27,039 1,671 254,017 12,008 266,026 Depreciation and amortization -60,607 -16,846 -17,310 -8,938 -25,994 -4,303 -133,998 -8,777 -142,775 C. Geographic information Viohalco\u2019s segments are managed on a worldwide basis, but operate manufacturing facilities and sales offices are located primarily in Greece, Germany, United Kingdom, France, Bulgaria, Romania, Serbia, North Macedonia and U.S.A. The geographic information below analyses the consolidated non-current assets by the Company\u2019s country of domicile and other countries. In presenting the geographic information, segment assets were based on the geographic location of the assets. In Europe, assets\u2019 information for Greece and Belgium is reported separately. Property, plant and equipment Balance at 31 December Amounts in EUR thousands 2022 2021 Belgium 1,293 1,368 Greece 1,742,991 1,611,432 Other 486,752 476,306 Total 2,231,036 2,089,107 Intangible assets and goodwill Balance at 31 December Amounts in EUR thousands 2022 2021 Belgium 3 11 Greece 37,819 35,029 Other 5,555 7,044 Total 43,376 42,083 Investment property Balance at 31 December Amounts in EUR thousands 2022 2021 Greece 310,948 280,091 Other 5,076 785 Total 316,024 280,876Right of use assets Balance at 31 December Amounts in EUR thousands 2022 2021 Belgium 154 188 Greece 29,082 29,968 Other 6,042 4,133 Total 35,279 34,288",
"dimensions": {
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"pp-value-126-3": {
"value": "A. Basis for the division into segments For management purposes, Viohalco is split into seven major strategic reportable segments devided in two divisions, which operate in different industries: Industrial Division \u2022 Aluminium segment; \u2022 Copper segment; \u2022 Cables segment; \u2022 Steel pipes segment; \u2022 Steel segment; \u2022 Other activities segment. Real Estate Division \u2022 Real estate segment. These segments offer different products and services, and are managed separately because they require different technology and marketing strategies. Such structural organization is determined by the nature of risks and returns associated with each business segment. It is based on the management structure, as well as the internal reporting system. It represents the basis on which Viohalco reports its segmental information. The segment analysis presented in these consolidated financial statements reflects operations analysed by the business. This is the way the chief operating decision maker of Viohalco regularly reviews its\u2019 operating results in order to allocate resources to segments and in assessing their performance. For the purposes of segmental reporting, all Viohalco companies, except those operating as trading companies, have been assigned to a specific reportable segment. Regarding the trading companies of Viohalco, their profit or loss and balance sheet figures have been allocated to the reportable segments, according to the nature of their transactions. A brief description of the segments is as follows: Aluminium: ElvalHalcor through its aluminium rolling division (Elval), its subsidiaries Symetal S.A., Elval Colour S.A. and Vepal S.A. along with Bridgnorth Aluminium and Etem Extrusions deliver a wide variety of products from aluminium coils and sheets for general applications and aluminium foil for household use, to special products, such as, rolled and extruded aluminium products for shipbuilding, automotive and construction industries, and lithographic coils. Copper: ElvalHalcor through its copper tubes division (Halcor) and its subsidiary Sofia Med S.A. produce a wide range of copper and copper alloy products that span from copper and brass tubes, copper strips, sheets and plates, to copper bus bars and rods. Cables: Hellenic Cables companies consist one of the largest cable producers in Europe, manufacturing power, telecommunication and submarine cables, as well as enamelled wires and compounds. Steel Pipes: Corinth Pipeworks engages in the production of steel pipes for the transportation of natural gas, oil and water networks, as well as steel hollow sections which are used in construction projects. Steel: Sidenor Steel Industry, Stomana Industry and their subsidiaries manufacture long, flat and downstream steel products. Real estate: Viohalco derives value from the real estate assets of its subsidiaries by developing and managing large-scale commercial and industrial properties. Other Activities: Other activities mainly encompass expenses incurred by the parent (holding) company, along with the results of companies which operate in the Technology, R&D&I and resource recovery segments. None of these activities met the quantitative thresholds for reportable segments in 2022 or 2021. ",
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"pp-value-131-3": {
"value": "7. RevenueRevenue is derived from contracts with customers and investment property rental income. For the year ended 31 December Amounts in EUR thousands 2022 2021 Rental income from investment property 21,050 11,472 Revenue from contracts with customers 6,964,685 5,363,040 Total 6,985,735 5,374,512A. Disaggregation of revenueIn the following table, revenue from contracts with customers is disaggregated by primary geographical market and timing of revenue recognition. The table includes a reconciliation with the Viohalco's reportable segments (see Note 6). For the year ended 31 December 2022 Industrial Division Steel Other Total Real Amounts in EUR thousands Aluminium Copper Cables Pipes Steel activities Industrial Estate Consolidated Primary geographical markets Greece 176,535 92,022 330,909 34,129 359,965 32,034 1,025,594 9,358 1,034,952 European Union 1,434,210 1,188,903 296,312 128,142 838,513 26,821 3,912,901 0 3,912,901 Other European countries 332,962 297,199 148,061 28,706 189,252 3,999 1,000,178 0 1,000,178 Asia 72,479 99,404 103,062 6,785 1,386 23,648 306,763 0 306,763 America 280,283 99,674 9,555 253,255 599 238 643,603 0 643,603 Africa 15,508 27,235 7,278 720 1,793 162 52,696 0 52,696 Oceania 622 6,613 191 5,500 0 666 13,592 0 13,592 Total 2,312,598 1,811,050 895,367 457,236 1,391,507 87,568 6,955,326 9,358 6,964,685 Timing of revenue recognition Revenue recognised at a point in time 2,311,106 1,807,887 606,185 81,366 1,371,178 54,200 6,231,923 1,592 6,233,515 Products transferred over time 0 0 289,182 375,870 0 27 665,079 0 665,079 Services transferred over time 1,492 3,163 0 20,329 33,341 58,325 7,766 66,091 Total 2,312,598 1,811,050 895,367 457,236 1,391,507 87,568 6,955,326 9,358 6,964,685 For the year ended 31 December 2021 Industrial Division Steel Other Total Real Amounts in EUR thousands Aluminium Copper Cables Pipes Steel activities Industrial Estate Consolidated Primary geographical markets Greece 136,303 67,146 258,470 18,098 271,705 21,461 773,182 7,194 780,377 European Union 1,069,081 985,368 290,276 132,662 591,180 20,014 3,088,581 3,088,581 Other European countries 170,422 294,133 112,412 16,685 197,076 2,813 793,541 0 793,541 Asia 76,669 91,197 84,657 40,030 3,016 18,737 314,305 0 314,305 America 211,308 82,563 8,683 16,792 804 429 320,579 0 320,579 Africa 13,892 38,485 2,673 800 4,001 39 59,890 0 59,890 Oceania 243 4,883 0 0 0 640 5,767 0 5,767 Total 1,677,918 1,563,775 757,170 225,067 1,067,782 64,134 5,355,846 7,194 5,363,040 Timing of revenue recognition Revenue recognised at a point in time 1,677,184 1,560,158 483,591 82,834 1,057,423 44,980 4,906,170 1,768 4,907,938 Products transferred over time 0 0 273,579 142,234 0 58 415,871 0 415,871 Services transferred over time 733 3,617 0 0 10,358 19,096 33,804 5,426 39,231 Total 1,677,918 1,563,775 757,170 225,067 1,067,782 64,134 5,355,846 7,194 5,363,040 Viohalco\u2019s consolidated revenue for 2022 amounted to EUR 6,986 million, increased by 30% compared to previous year (2021: 5,375 million), driven by increased sales prices. Revenue expected to be recognised in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the reporting date amounts to EUR 525.6 million, from which EUR 463.4 million is expected to be recognised during 2023 and the remaining EUR 62.2 million is expected to be recognized during the periods from 2024 and onwards, based on the time schedules included in the open contracts on 31 December 2022, which have original expected durations of more than one year and revenue recognition started during 2022 or prior periods. B. Contract balances Contract assets primarily relate to the rights to consideration for work completed but not billed at the reporting date on customized products or energy projects. Contract assets are transferred to receivables when the rights become unconditional. This usually occurs when Viohalco companies issue an invoice to the customer (unless the invoice is issued in advance). Contract liabilities primarily relate to the advance consideration received from customers for construction of customized products or energy projects for which revenue is recognized over time. Contract assets mainly relate to cables and steel pipes segments, where amounts are billed as work progresses in accordance with agreed-upon contractual terms, either upon achievement of contractual milestones, or at the final delivery and acceptance of the products. The following table provides information about contract assets and contract liabilities. As at Amounts in EUR thousands 31 December 2022 31 December 2021 Contract assets 199,839 101,371 Contract liabilities -133,837 -61,371 Total 66,002 40,000 The movement in the contract assets and the contract liabilities balances during the period is described in the following table: Amounts in EUR thousands Contract assets Contract liabilities Balance at 1 January 2022 101,371 61,371 Increases due to unbilled receivables and changes in measure of progress 168,430 0 Revenue recognised relating to downpayments and deferred income balances as at the beginning of the period 0 -49,699 Transfers from contract assets recognised at the beginning of the period to receivables -69,525 0 New downpayments and deferred income outstanding at year end 0 122,901 Impairment allowance -12 0 Reversal of impairment allowance 127 0 Write-offs -287 0 Loss of Control/Disposal of subsidiary 0 -9 Reclassifications 189 0 Reclassification to assets held for sale 0 -727 Foreign exchange differences -454 0 Balance as at 31 December 2022 199,839 133,837 Amounts in EUR thousands Contract assets Contract liabilities Balance at 1 January 2021 68,517 54,021 Increases due to unbilled receivables and changes in measure of progress 91,311 0 Revenue recognised relating to downpayments and deferred income balances as at the beginning of the period 0 -32,480 Transfers from contract assets recognised at the beginning of the period to receivables -58,283 0 New downpayments and deferred income outstanding at year end 0 39,934 Impairment allowance -175 0 Reversal of impairment allowance 0 0 Other movements 0 -96 Foreign exchange differences 0 -9 Balance at 31 December 2021 101,371 61,371 Contract assets increased by EUR 98.5 million compared previous year, due to the growth in project-related activities of cables segment and the timing of invoicing of specific ongoing projects for which the production started of steel pipes segment, during the second half of the year. Contract liabilities, primarily, relate to the advance consideration received from customers. Contract liabilities, which are expected to be settled within more than one year are classified as non-current liabilities (EUR 9,889 thousand as of 31 December 2022). Contract liabilities increased by EUR 72.4 million compared to 31 December 2021, mainly due to the downpayments received close to year\u2019s end for the execution of energy projects in steel pipes segment. C. Contract costs Viohalco companies\u2019 recognized contracts costs, expect that fees, commissions and other costs associated with obtaining contracts for energy projects are recoverable. Therefore, as at 31 December 2022, Viohalco has recorded as contract costs an amount of EUR 236 thousand, out of which an amount of EUR 222 thousand is classified as non-current assets. During the year, amortization of contract costs amounted EUR 153 thousand. D. Significant judgements in revenue recognition In recognizing revenue, Viohalco companies make judgements regarding the timing of satisfaction of performance obligations, the identification of distinct performance obligations, as well as the transaction price and the amounts allocated to performance obligations. The most significant of these estimates are described below: - Contracts including multiple performance obligations are mainly identified in cables segment for turnkey projects and for customized products in cables, steel pipes and aluminium segments, as described in Note 5.3. In such cases, the total transaction price is allocated to these performance obligations on the basis of the relative standalone selling prices of the promised goods and services. If these goods and services are not sold separately, a cost plus margin approach is used to estimate the standalone selling price. - Some contracts with customers involve a variable transaction cost as they include a volume or trade discount based on the total sales to the customer within a time period. In such case revenue is recognized based on the anticipated sales to the customer throughout the year, as these sales are realized and new orders are received and up to an extent it is highly probable that a significant reversal of cumulative revenue recognized will not be needed. - A significant portion of contracts with customers, include transportation service. Transportation is considered as a separate performance obligation, if the customer can benefit from the offered transportation service and the promise to transport the goods to the customer is separately identifiable from the production of these customized products. Revenue for orders of standardized products is recognized at a specific point in time and transportation is not considered a separate performance obligation. ",
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"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-131-4": {
"value": "7. RevenueRevenue is derived from contracts with customers and investment property rental income. For the year ended 31 December Amounts in EUR thousands 2022 2021 Rental income from investment property 21,050 11,472 Revenue from contracts with customers 6,964,685 5,363,040 Total 6,985,735 5,374,512A. Disaggregation of revenueIn the following table, revenue from contracts with customers is disaggregated by primary geographical market and timing of revenue recognition. The table includes a reconciliation with the Viohalco's reportable segments (see Note 6). For the year ended 31 December 2022 Industrial Division Steel Other Total Real Amounts in EUR thousands Aluminium Copper Cables Pipes Steel activities Industrial Estate Consolidated Primary geographical markets Greece 176,535 92,022 330,909 34,129 359,965 32,034 1,025,594 9,358 1,034,952 European Union 1,434,210 1,188,903 296,312 128,142 838,513 26,821 3,912,901 0 3,912,901 Other European countries 332,962 297,199 148,061 28,706 189,252 3,999 1,000,178 0 1,000,178 Asia 72,479 99,404 103,062 6,785 1,386 23,648 306,763 0 306,763 America 280,283 99,674 9,555 253,255 599 238 643,603 0 643,603 Africa 15,508 27,235 7,278 720 1,793 162 52,696 0 52,696 Oceania 622 6,613 191 5,500 0 666 13,592 0 13,592 Total 2,312,598 1,811,050 895,367 457,236 1,391,507 87,568 6,955,326 9,358 6,964,685 Timing of revenue recognition Revenue recognised at a point in time 2,311,106 1,807,887 606,185 81,366 1,371,178 54,200 6,231,923 1,592 6,233,515 Products transferred over time 0 0 289,182 375,870 0 27 665,079 0 665,079 Services transferred over time 1,492 3,163 0 20,329 33,341 58,325 7,766 66,091 Total 2,312,598 1,811,050 895,367 457,236 1,391,507 87,568 6,955,326 9,358 6,964,685 For the year ended 31 December 2021 Industrial Division Steel Other Total Real Amounts in EUR thousands Aluminium Copper Cables Pipes Steel activities Industrial Estate Consolidated Primary geographical markets Greece 136,303 67,146 258,470 18,098 271,705 21,461 773,182 7,194 780,377 European Union 1,069,081 985,368 290,276 132,662 591,180 20,014 3,088,581 3,088,581 Other European countries 170,422 294,133 112,412 16,685 197,076 2,813 793,541 0 793,541 Asia 76,669 91,197 84,657 40,030 3,016 18,737 314,305 0 314,305 America 211,308 82,563 8,683 16,792 804 429 320,579 0 320,579 Africa 13,892 38,485 2,673 800 4,001 39 59,890 0 59,890 Oceania 243 4,883 0 0 0 640 5,767 0 5,767 Total 1,677,918 1,563,775 757,170 225,067 1,067,782 64,134 5,355,846 7,194 5,363,040 Timing of revenue recognition Revenue recognised at a point in time 1,677,184 1,560,158 483,591 82,834 1,057,423 44,980 4,906,170 1,768 4,907,938 Products transferred over time 0 0 273,579 142,234 0 58 415,871 0 415,871 Services transferred over time 733 3,617 0 0 10,358 19,096 33,804 5,426 39,231 Total 1,677,918 1,563,775 757,170 225,067 1,067,782 64,134 5,355,846 7,194 5,363,040 Viohalco\u2019s consolidated revenue for 2022 amounted to EUR 6,986 million, increased by 30% compared to previous year (2021: 5,375 million), driven by increased sales prices. Revenue expected to be recognised in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the reporting date amounts to EUR 525.6 million, from which EUR 463.4 million is expected to be recognised during 2023 and the remaining EUR 62.2 million is expected to be recognized during the periods from 2024 and onwards, based on the time schedules included in the open contracts on 31 December 2022, which have original expected durations of more than one year and revenue recognition started during 2022 or prior periods. B. Contract balances Contract assets primarily relate to the rights to consideration for work completed but not billed at the reporting date on customized products or energy projects. Contract assets are transferred to receivables when the rights become unconditional. This usually occurs when Viohalco companies issue an invoice to the customer (unless the invoice is issued in advance). Contract liabilities primarily relate to the advance consideration received from customers for construction of customized products or energy projects for which revenue is recognized over time. Contract assets mainly relate to cables and steel pipes segments, where amounts are billed as work progresses in accordance with agreed-upon contractual terms, either upon achievement of contractual milestones, or at the final delivery and acceptance of the products. The following table provides information about contract assets and contract liabilities. As at Amounts in EUR thousands 31 December 2022 31 December 2021 Contract assets 199,839 101,371 Contract liabilities -133,837 -61,371 Total 66,002 40,000 The movement in the contract assets and the contract liabilities balances during the period is described in the following table: Amounts in EUR thousands Contract assets Contract liabilities Balance at 1 January 2022 101,371 61,371 Increases due to unbilled receivables and changes in measure of progress 168,430 0 Revenue recognised relating to downpayments and deferred income balances as at the beginning of the period 0 -49,699 Transfers from contract assets recognised at the beginning of the period to receivables -69,525 0 New downpayments and deferred income outstanding at year end 0 122,901 Impairment allowance -12 0 Reversal of impairment allowance 127 0 Write-offs -287 0 Loss of Control/Disposal of subsidiary 0 -9 Reclassifications 189 0 Reclassification to assets held for sale 0 -727 Foreign exchange differences -454 0 Balance as at 31 December 2022 199,839 133,837 Amounts in EUR thousands Contract assets Contract liabilities Balance at 1 January 2021 68,517 54,021 Increases due to unbilled receivables and changes in measure of progress 91,311 0 Revenue recognised relating to downpayments and deferred income balances as at the beginning of the period 0 -32,480 Transfers from contract assets recognised at the beginning of the period to receivables -58,283 0 New downpayments and deferred income outstanding at year end 0 39,934 Impairment allowance -175 0 Reversal of impairment allowance 0 0 Other movements 0 -96 Foreign exchange differences 0 -9 Balance at 31 December 2021 101,371 61,371 Contract assets increased by EUR 98.5 million compared previous year, due to the growth in project-related activities of cables segment and the timing of invoicing of specific ongoing projects for which the production started of steel pipes segment, during the second half of the year. Contract liabilities, primarily, relate to the advance consideration received from customers. Contract liabilities, which are expected to be settled within more than one year are classified as non-current liabilities (EUR 9,889 thousand as of 31 December 2022). Contract liabilities increased by EUR 72.4 million compared to 31 December 2021, mainly due to the downpayments received close to year\u2019s end for the execution of energy projects in steel pipes segment. C. Contract costs Viohalco companies\u2019 recognized contracts costs, expect that fees, commissions and other costs associated with obtaining contracts for energy projects are recoverable. Therefore, as at 31 December 2022, Viohalco has recorded as contract costs an amount of EUR 236 thousand, out of which an amount of EUR 222 thousand is classified as non-current assets. During the year, amortization of contract costs amounted EUR 153 thousand. D. Significant judgements in revenue recognition In recognizing revenue, Viohalco companies make judgements regarding the timing of satisfaction of performance obligations, the identification of distinct performance obligations, as well as the transaction price and the amounts allocated to performance obligations. The most significant of these estimates are described below: - Contracts including multiple performance obligations are mainly identified in cables segment for turnkey projects and for customized products in cables, steel pipes and aluminium segments, as described in Note 5.3. In such cases, the total transaction price is allocated to these performance obligations on the basis of the relative standalone selling prices of the promised goods and services. If these goods and services are not sold separately, a cost plus margin approach is used to estimate the standalone selling price. - Some contracts with customers involve a variable transaction cost as they include a volume or trade discount based on the total sales to the customer within a time period. In such case revenue is recognized based on the anticipated sales to the customer throughout the year, as these sales are realized and new orders are received and up to an extent it is highly probable that a significant reversal of cumulative revenue recognized will not be needed. - A significant portion of contracts with customers, include transportation service. Transportation is considered as a separate performance obligation, if the customer can benefit from the offered transportation service and the promise to transport the goods to the customer is separately identifiable from the production of these customized products. Revenue for orders of standardized products is recognized at a specific point in time and transportation is not considered a separate performance obligation. ",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-134-5": {
"value": "B. Contract balances Contract assets primarily relate to the rights to consideration for work completed but not billed at the reporting date on customized products or energy projects. Contract assets are transferred to receivables when the rights become unconditional. This usually occurs when Viohalco companies issue an invoice to the customer (unless the invoice is issued in advance). Contract liabilities primarily relate to the advance consideration received from customers for construction of customized products or energy projects for which revenue is recognized over time. Contract assets mainly relate to cables and steel pipes segments, where amounts are billed as work progresses in accordance with agreed-upon contractual terms, either upon achievement of contractual milestones, or at the final delivery and acceptance of the products. The following table provides information about contract assets and contract liabilities. As at Amounts in EUR thousands 31 December 2022 31 December 2021 Contract assets 199,839 101,371 Contract liabilities -133,837 -61,371 Total 66,002 40,000 The movement in the contract assets and the contract liabilities balances during the period is described in the following table: Amounts in EUR thousands Contract assets Contract liabilities Balance at 1 January 2022 101,371 61,371 Increases due to unbilled receivables and changes in measure of progress 168,430 0 Revenue recognised relating to downpayments and deferred income balances as at the beginning of the period 0 -49,699 Transfers from contract assets recognised at the beginning of the period to receivables -69,525 0 New downpayments and deferred income outstanding at year end 0 122,901 Impairment allowance -12 0 Reversal of impairment allowance 127 0 Write-offs -287 0 Loss of Control/Disposal of subsidiary 0 -9 Reclassifications 189 0 Reclassification to assets held for sale 0 -727 Foreign exchange differences -454 0 Balance as at 31 December 2022 199,839 133,837 Amounts in EUR thousands Contract assets Contract liabilities Balance at 1 January 2021 68,517 54,021 Increases due to unbilled receivables and changes in measure of progress 91,311 0 Revenue recognised relating to downpayments and deferred income balances as at the beginning of the period 0 -32,480 Transfers from contract assets recognised at the beginning of the period to receivables -58,283 0 New downpayments and deferred income outstanding at year end 0 39,934 Impairment allowance -175 0 Reversal of impairment allowance 0 0 Other movements 0 -96 Foreign exchange differences 0 -9 Balance at 31 December 2021 101,371 61,371 Contract assets increased by EUR 98.5 million compared previous year, due to the growth in project-related activities of cables segment and the timing of invoicing of specific ongoing projects for which the production started of steel pipes segment, during the second half of the year. Contract liabilities, primarily, relate to the advance consideration received from customers. Contract liabilities, which are expected to be settled within more than one year are classified as non-current liabilities (EUR 9,889 thousand as of 31 December 2022). Contract liabilities increased by EUR 72.4 million compared to 31 December 2021, mainly due to the downpayments received close to year\u2019s end for the execution of energy projects in steel pipes segment. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-134-6": {
"value": "B. Contract balances Contract assets primarily relate to the rights to consideration for work completed but not billed at the reporting date on customized products or energy projects. Contract assets are transferred to receivables when the rights become unconditional. This usually occurs when Viohalco companies issue an invoice to the customer (unless the invoice is issued in advance). Contract liabilities primarily relate to the advance consideration received from customers for construction of customized products or energy projects for which revenue is recognized over time. Contract assets mainly relate to cables and steel pipes segments, where amounts are billed as work progresses in accordance with agreed-upon contractual terms, either upon achievement of contractual milestones, or at the final delivery and acceptance of the products. The following table provides information about contract assets and contract liabilities. As at Amounts in EUR thousands 31 December 2022 31 December 2021 Contract assets 199,839 101,371 Contract liabilities -133,837 -61,371 Total 66,002 40,000 The movement in the contract assets and the contract liabilities balances during the period is described in the following table: Amounts in EUR thousands Contract assets Contract liabilities Balance at 1 January 2022 101,371 61,371 Increases due to unbilled receivables and changes in measure of progress 168,430 0 Revenue recognised relating to downpayments and deferred income balances as at the beginning of the period 0 -49,699 Transfers from contract assets recognised at the beginning of the period to receivables -69,525 0 New downpayments and deferred income outstanding at year end 0 122,901 Impairment allowance -12 0 Reversal of impairment allowance 127 0 Write-offs -287 0 Loss of Control/Disposal of subsidiary 0 -9 Reclassifications 189 0 Reclassification to assets held for sale 0 -727 Foreign exchange differences -454 0 Balance as at 31 December 2022 199,839 133,837 Amounts in EUR thousands Contract assets Contract liabilities Balance at 1 January 2021 68,517 54,021 Increases due to unbilled receivables and changes in measure of progress 91,311 0 Revenue recognised relating to downpayments and deferred income balances as at the beginning of the period 0 -32,480 Transfers from contract assets recognised at the beginning of the period to receivables -58,283 0 New downpayments and deferred income outstanding at year end 0 39,934 Impairment allowance -175 0 Reversal of impairment allowance 0 0 Other movements 0 -96 Foreign exchange differences 0 -9 Balance at 31 December 2021 101,371 61,371 Contract assets increased by EUR 98.5 million compared previous year, due to the growth in project-related activities of cables segment and the timing of invoicing of specific ongoing projects for which the production started of steel pipes segment, during the second half of the year. Contract liabilities, primarily, relate to the advance consideration received from customers. Contract liabilities, which are expected to be settled within more than one year are classified as non-current liabilities (EUR 9,889 thousand as of 31 December 2022). Contract liabilities increased by EUR 72.4 million compared to 31 December 2021, mainly due to the downpayments received close to year\u2019s end for the execution of energy projects in steel pipes segment. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-139-3": {
"value": "8. Other income and expenses A. Other Income For the year ended 31 December Amounts in EUR thousands Note 2022 2021 Government grants/subsidies 1,524 5,650 Amortization of grants received 28 3,411 2,886 Rental income 854 647 Income from fees, commissions and costs recharged 4,758 1,357 Damage Compensation 941 834 Gain on sale of PP&E and intangible assets 432 451 Gain on sale of investment property 340 476 Reversal of provisions 29 142 142 Reversal of impairment loss of PP&E and investment property 14,342 27,280 Other 2,956 3,699 Total other income 29,699 43,422 B. Other Expenses For the year ended 31 December Amounts in EUR thousands Note 2022 2021 Impairment loss of PP&E and investment property 20,431 11,705 Write-off of PP&E and intangible assets 3,429 1,927 Impairment loss of associates/ Joint Ventures 9,260 0 Loss on sale of PP&E 28 622 Damages incurred 1,027 355 Employee benefits 12 0 358 Provisions on antidumping duties 0 12,842 Penalties 274 413 Depreciation and amortisation 148 2,087 Loss from business combinations 2,146 21 Other provisions 0 149 Other 3,495 3,523 Total other expense 40,238 34,003 Net other income/ expense (-) -10,539 9,419 Net Other income/expenses for the year ended 31 December 2022 amounted to a loss of EUR 10.5 million compared to gain of EUR 9.4 million during 2021, due to the following factors: - During 2022, the Joint Venture of Elvalhalcor, Nedzink, faced significant delays in the full operation of new equipment which led to loss of sales. Additionally, the challenging economic conditions prevailing worldwide, with increased benchmark interest rates and increased energy costs, deteriorated 2022 results more than initially expected. As a consequence, the annual impairment test performed for the participation to the Joint Venture, indicated the recognition of an impairment loss of EUR 9.2 million. - During 2022, the following corporate transactions took place, resulting in a loss of EUR 2.1 million: \u2022 In June 2022, Sidenor, Viohalco\u2019s subsidiary in steel segment, sold the percentage held (34%) in AWM SPA, resulting to a loss of EUR 1.3 million. \u2022 In August 2022, CPW America, Viohalco\u2019s subsidiary in steel pipes segment, disposed the interest held (19.4%) in Bellville Tube Company, recording a loss of EUR 156 thousand (see also note 20). \u2022 In December 2022, Viohalco lose the control in the participation to Mettalourgia Attikis, due to management restructuring. As a result, a loss of EUR 647 thousand was recognized. - During 2022, an impairment loss of EUR 6.09 million - on net basis - for own used property and investment property was recognized (2021: reversal of impairment loss EUR 15.7 million), due to changes in the fair value of real estate portfolio. Impairment loss and reversal of impairment loss are described in notes 17 and 19. - During 2022, the US Department of Commerce (DoC) published its final results in the administrative proceedings conducted by the DoC for the period from April 19, 2019 through April 30, 2020 (\u201cPOR\u201d) in connection with an antidumping (\u201cAD\u201d) order on large diameter welded pipe (LDWP) from Greece. As a result, the DoC determined for the POR an antidumping duty rate of 41.04 percent based on total adverse facts available (AFA) for mandatory respondent Corinth Pipeworks S.A., Viohalco\u2019s subsidiary in steel pipes segment. Corinth Pipeworks filed an appeal before the U.S. Court of International Trade against the decision of the DoC while continuing to actively work with the DoC in order to reverse the final determination. The one-off charge related to the abovementioned case amounts to EUR 12.8 million (USD 14 million plus interest) and is included in \u2018Provisions on antidumping duties\u2019 line for the year 2021, as it relates to sales performed in previous years. ",
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"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-140-4": {
"value": "A. Other Income For the year ended 31 December Amounts in EUR thousands Note 2022 2021 Government grants/subsidies 1,524 5,650 Amortization of grants received 28 3,411 2,886 Rental income 854 647 Income from fees, commissions and costs recharged 4,758 1,357 Damage Compensation 941 834 Gain on sale of PP&E and intangible assets 432 451 Gain on sale of investment property 340 476 Reversal of provisions 29 142 142 Reversal of impairment loss of PP&E and investment property 14,342 27,280 Other 2,956 3,699 Total other income 29,699 43,422 ",
"dimensions": {
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"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-141-5": {
"value": " For the year ended 31 December Amounts in EUR thousands Note 2022 2021 Government grants/subsidies 1,524 5,650 Amortization of grants received 28 3,411 2,886 Rental income 854 647 Income from fees, commissions and costs recharged 4,758 1,357 Damage Compensation 941 834 Gain on sale of PP&E and intangible assets 432 451 Gain on sale of investment property 340 476 Reversal of provisions 29 142 142 Reversal of impairment loss of PP&E and investment property 14,342 27,280 Other 2,956 3,699 Total other income 29,699 43,422 For the year ended 31 December Amounts in EUR thousands Note 2022 2021 Cost of inventories recognized as an expense 4,926,058 3,812,652 Employee benefits 12 441,393 368,796 Energy 306,333 178,289 Depreciation and amortisation 152,377 140,688 Amortization of contract costs 153 156 Taxes and duties 24,309 19,097 Insurance expenses 39,500 25,559 Rental fees 9,936 5,303 Transportation costs (goods and materials) 213,800 147,833 Promotion and advertising 8,473 4,879 Third party fees and benefits 257,207 186,804 Other provisions 70 155 Gains (-)/losses from derivatives -42,036 10,843 Storage and packing 15,533 11,224 Commissions 14,303 13,820 Foreign exchange gains(-)/losses 9,245 451 Maintenance expenses 61,857 50,394 Royalties 3,007 2,371 Consumption of production tools 15,045 12,824 Other expenses 17,218 14,701 Total 6,473,779 5,006,838 ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-142-4": {
"value": "B. Other Expenses For the year ended 31 December Amounts in EUR thousands Note 2022 2021 Impairment loss of PP&E and investment property 20,431 11,705 Write-off of PP&E and intangible assets 3,429 1,927 Impairment loss of associates/ Joint Ventures 9,260 0 Loss on sale of PP&E 28 622 Damages incurred 1,027 355 Employee benefits 12 0 358 Provisions on antidumping duties 0 12,842 Penalties 274 413 Depreciation and amortisation 148 2,087 Loss from business combinations 2,146 21 Other provisions 0 149 Other 3,495 3,523 Total other expense 40,238 34,003 Net other income/ expense (-) -10,539 9,419 Net Other income/expenses for the year ended 31 December 2022 amounted to a loss of EUR 10.5 million compared to gain of EUR 9.4 million during 2021, due to the following factors: - During 2022, the Joint Venture of Elvalhalcor, Nedzink, faced significant delays in the full operation of new equipment which led to loss of sales. Additionally, the challenging economic conditions prevailing worldwide, with increased benchmark interest rates and increased energy costs, deteriorated 2022 results more than initially expected. As a consequence, the annual impairment test performed for the participation to the Joint Venture, indicated the recognition of an impairment loss of EUR 9.2 million. - During 2022, the following corporate transactions took place, resulting in a loss of EUR 2.1 million: \u2022 In June 2022, Sidenor, Viohalco\u2019s subsidiary in steel segment, sold the percentage held (34%) in AWM SPA, resulting to a loss of EUR 1.3 million. \u2022 In August 2022, CPW America, Viohalco\u2019s subsidiary in steel pipes segment, disposed the interest held (19.4%) in Bellville Tube Company, recording a loss of EUR 156 thousand (see also note 20). \u2022 In December 2022, Viohalco lose the control in the participation to Mettalourgia Attikis, due to management restructuring. As a result, a loss of EUR 647 thousand was recognized. - During 2022, an impairment loss of EUR 6.09 million - on net basis - for own used property and investment property was recognized (2021: reversal of impairment loss EUR 15.7 million), due to changes in the fair value of real estate portfolio. Impairment loss and reversal of impairment loss are described in notes 17 and 19. - During 2022, the US Department of Commerce (DoC) published its final results in the administrative proceedings conducted by the DoC for the period from April 19, 2019 through April 30, 2020 (\u201cPOR\u201d) in connection with an antidumping (\u201cAD\u201d) order on large diameter welded pipe (LDWP) from Greece. As a result, the DoC determined for the POR an antidumping duty rate of 41.04 percent based on total adverse facts available (AFA) for mandatory respondent Corinth Pipeworks S.A., Viohalco\u2019s subsidiary in steel pipes segment. Corinth Pipeworks filed an appeal before the U.S. Court of International Trade against the decision of the DoC while continuing to actively work with the DoC in order to reverse the final determination. The one-off charge related to the abovementioned case amounts to EUR 12.8 million (USD 14 million plus interest) and is included in \u2018Provisions on antidumping duties\u2019 line for the year 2021, as it relates to sales performed in previous years. ",
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"pp-value-142-5": {
"value": "B. Other Expenses For the year ended 31 December Amounts in EUR thousands Note 2022 2021 Impairment loss of PP&E and investment property 20,431 11,705 Write-off of PP&E and intangible assets 3,429 1,927 Impairment loss of associates/ Joint Ventures 9,260 0 Loss on sale of PP&E 28 622 Damages incurred 1,027 355 Employee benefits 12 0 358 Provisions on antidumping duties 0 12,842 Penalties 274 413 Depreciation and amortisation 148 2,087 Loss from business combinations 2,146 21 Other provisions 0 149 Other 3,495 3,523 Total other expense 40,238 34,003 Net other income/ expense (-) -10,539 9,419 Net Other income/expenses for the year ended 31 December 2022 amounted to a loss of EUR 10.5 million compared to gain of EUR 9.4 million during 2021, due to the following factors: - During 2022, the Joint Venture of Elvalhalcor, Nedzink, faced significant delays in the full operation of new equipment which led to loss of sales. Additionally, the challenging economic conditions prevailing worldwide, with increased benchmark interest rates and increased energy costs, deteriorated 2022 results more than initially expected. As a consequence, the annual impairment test performed for the participation to the Joint Venture, indicated the recognition of an impairment loss of EUR 9.2 million. - During 2022, the following corporate transactions took place, resulting in a loss of EUR 2.1 million: \u2022 In June 2022, Sidenor, Viohalco\u2019s subsidiary in steel segment, sold the percentage held (34%) in AWM SPA, resulting to a loss of EUR 1.3 million. \u2022 In August 2022, CPW America, Viohalco\u2019s subsidiary in steel pipes segment, disposed the interest held (19.4%) in Bellville Tube Company, recording a loss of EUR 156 thousand (see also note 20). \u2022 In December 2022, Viohalco lose the control in the participation to Mettalourgia Attikis, due to management restructuring. As a result, a loss of EUR 647 thousand was recognized. - During 2022, an impairment loss of EUR 6.09 million - on net basis - for own used property and investment property was recognized (2021: reversal of impairment loss EUR 15.7 million), due to changes in the fair value of real estate portfolio. Impairment loss and reversal of impairment loss are described in notes 17 and 19. - During 2022, the US Department of Commerce (DoC) published its final results in the administrative proceedings conducted by the DoC for the period from April 19, 2019 through April 30, 2020 (\u201cPOR\u201d) in connection with an antidumping (\u201cAD\u201d) order on large diameter welded pipe (LDWP) from Greece. As a result, the DoC determined for the POR an antidumping duty rate of 41.04 percent based on total adverse facts available (AFA) for mandatory respondent Corinth Pipeworks S.A., Viohalco\u2019s subsidiary in steel pipes segment. Corinth Pipeworks filed an appeal before the U.S. Court of International Trade against the decision of the DoC while continuing to actively work with the DoC in order to reverse the final determination. The one-off charge related to the abovementioned case amounts to EUR 12.8 million (USD 14 million plus interest) and is included in \u2018Provisions on antidumping duties\u2019 line for the year 2021, as it relates to sales performed in previous years. C. Expenses by nature For the year ended 31 December Amounts in EUR thousands Note 2022 2021 Cost of inventories recognized as an expense 4,926,058 3,812,652 Employee benefits 12 441,393 368,796 Energy 306,333 178,289 Depreciation and amortisation 152,377 140,688 Amortization of contract costs 153 156 Taxes and duties 24,309 19,097 Insurance expenses 39,500 25,559 Rental fees 9,936 5,303 Transportation costs (goods and materials) 213,800 147,833 Promotion and advertising 8,473 4,879 Third party fees and benefits 257,207 186,804 Other provisions 70 155 Gains (-)/losses from derivatives -42,036 10,843 Storage and packing 15,533 11,224 Commissions 14,303 13,820 Foreign exchange gains(-)/losses 9,245 451 Maintenance expenses 61,857 50,394 Royalties 3,007 2,371 Consumption of production tools 15,045 12,824 Other expenses 17,218 14,701 Total 6,473,779 5,006,838 The key drivers of variation of operating expenses during 2022 are the following: - The increase in sales volumes and metal prices during 2022, affected cost of sales and related operating expenses (transportation cost for goods and materials, insurance expenses, storage and packing, maintenance expenses) which have increased proportionally. - The increase in Energy reflects the global increase in energy cost that began within 2021. - The increase in \u201c\u03a4hird party fees and benefits\u201d is attributed mainly to project-related services offered by cables and steel pipes segments during 2022 compared to prior year by subcontractors. In 2022 steel pipes segment used subcontractors for coating services in the context of assigned projects, while the installation services in the context of turnkey contracts executed by subsidiaries in the cables segment during 2022 were significantly higher compared to 2021. The aggregate amount of research and development expenditure recognized as an expense during 2022 amounts to EUR 17.6 million (2021: EUR 13.3 million). 9. Net finance costFor the year ended 31 December Amounts in EUR thousands 2022 2021 Income Interest income 548 557 Foreign exchange gains 1,979 950 Dividend income 260 220 Gain from derivatives 5,620 644 Finance income 8,407 2,371 Expense Interest expense and related costs 123,801 94,574 Interest on leases 1,915 2,076 Foreign exchange losses 3,282 1,604 Losses from derivatives 729 0 Finance cost 129,727 98,253 Net finance income/cost (-) -121,320 -95,882 Interest expenses and related costs increased by 30.9% compared to 2021 as a result of the higher working capital needs and higher interest rates due the increase in EURIBOR rates, especially during the second half of the year. In order to be secured from interest rates volatility, Viohalco subsidiaries entered into interest rates swaps contracts. The result and valuation of these derivatives amounted to gain EUR 4.9 million -on a net basis. 12. Employee benefit expenses Amounts in EUR thousands Note 2022 2021 Wages and salaries 338,564 283,576 Social security contributions 63,798 53,920 Defined contribution plans 1,273 1,152 Defined benefit plans 11 6,598 7,558 Other employee benefits 33,256 25,286 Total 443,489 371,492 Employee benefits have been allocated as follows: Amounts in EUR thousands Note 2022 2021 Cost of goods sold 8 317,369 258,985 Selling and distribution expenses 8 53,073 47,935 Administrative expenses 8 70,951 61,875 Other expenses 8 0 358 Capitalised employee benefits in projects under construction 2,095 2,338 Total 443,489 371,492 The number of employees, as well as their profile and gender, employed by Viohalco companies is presented in the following tables: 2022 18 - 30 30-50 51+ Total Male 1,103 5,147 2,779 9,029 Female 247 1,081 405 1,733 Total 1,350 6,228 3,184 10,762 Office employees & professionals Workers Management Total Number of Employees 2,756 6,966 1,040 10,762 2021 18 - 30 30-50 51+ Total Male 986 4,715 2,518 8,219 Female 227 965 371 1,563 Total 1,213 5,680 2,889 9,782 Office employees & professionals Workers Management Total Number of Employees 2,689 6,187 906 9,782 13. Income tax expense A. Amounts recognised in profit or loss Amounts in EUR thousands 2022 2021 Current tax -73,474 -46,550 Deferred tax 1,299 -9,446 Income tax expense (-) -72,175 -55,996 B. Amounts recognised in OCI 2022 Amounts in EUR thousands Before tax Related tax Net of tax Amounts recognized in the OCI Remeasurements of defined benefit liability 2,418 -536 1,881 Equity investments in FVOCI - net change in fair value -1,061 -8 -1,069 Foreign currency translation differences -5,530 0 -5,530 Gain / Loss (-) of changes in fair value of cash flow hedging - effective portion 37,233 -8,763 28,470 Gain / Loss (-) of changes in fair value of cash flow hedging - reclassified to profit or loss -2,059 858 -1,201 Share of other comprehensive income of equity-accounted investees -2 0 -2 Total 30,998 -8,449 22,549 2021 Amounts in EUR thousands Before tax Related tax Net of tax Amounts recognized in the OCI Remeasurements of defined benefit liability -1,063 239 -823 Equity investments in FVOCI - net change in fair value 702 -17 684 Foreign currency translation differences 7,731 0 7,731 Gain / Loss (-) of changes in fair value of cash flow hedging - effective portion 4,839 -462 4,377 Gain / Loss (-) of changes in fair value of cash flow hedging - reclassified to profit or loss -1,713 15 -1,699 Total 10,495 -225 10,270 C. Reconciliation of effective tax rate Amounts in EUR thousands 2022 2021 Profit/loss (-) before income tax expense 374,564 275,984 Tax calculated at parent company's statutory income tax rate (2022 & 2021: 25.0%) -93,641 -68,996 Effect of different tax rates in jurisdictions that Viohalco companies operate 18,772 17,017 Tax calculated at weighted average income tax rate (2022: 20.0% & 2021: 18.8%) -74,869 -51,979 Adjustments for: Non-deductible expenses for tax purposes -11,091 -9,936 Tax-exempt income 2,987 4,770 Tax incentives 1,602 769 Recognition of previously unrecognised tax losses, thin capitalization allowance or temporary differences of a prior period 5,703 2,012 Current-year losses for which no deferred tax asset is recognised -1,453 -1,681 Tax-exempt reserves recognition 1,732 660 Withholding tax on international dividends -53 -57 Change in tax rate or composition of new tax -135 5,035 Derecognition of previously recognised deferred tax assets 0 -4,874 Prior year income tax adjustments 3,402 -714 Income tax expense reported in the statement of profit or loss (-) at the effective tax rate 19% -72,175 -55,996 The corporate income tax rate in Belgium according to the applicable tax legislation is 25%. The profit is taxed at the applicable rate corresponding to the country in which each company is domiciled. According to the Greek law 4799/2021, enacted in May 2021, the corporate income tax rate for legal entities in Greece, where most of Viohalco subsidiaries are located, for the fiscal year 2021 and onwards is set at 22%. The consolidated effective tax rate for 2022 was 19% (2021: 20%) due to the following reasons: - The recognition of previously unrecognised deferred tax asset on prior years\u2019 tax losses carried forward, as the current assessment regarding the recoverability of available tax losses to offset future taxable income in steel pipes segment led to the recognition of deferred tax asset of EUR 4.6 million. - Based on applicable Greek tax legislation, research and development (R&D) expenditure, including the tax depreciation costs of equipment and instruments used in R&D activities, may be deducted from gross income of a company with increased deduction rates. Viohalco subsidiaries in Greece made use of the above tax provisions and the estimate regarding the related tax benefit is presented in the line \u201cTax incentives\u201d. - During 2022, Viohalco subsidiaries in aluminium segment recognized tax exempt reserves, according to the Greek Investment Incentives Law 4399/16. D. Movement in deferred tax balances 2022 Net balance at 31 December Change in tax rate Change Loss of Net Recognised Foreign recognised in tax rate Control/ Deferred Deferred balance at in profit Recognised exchange in profit recognised Disposal of tax tax Amounts in EUR thousands 1 January or loss in OCI differences or loss in OCI subsidiary Net assets liabilities Property, plant & equipment -108,365 -4,176 0 438 -244 0 -442 -112,789 264 -113,054 Right of use asset 5 -440 0 0 0 0 -45 -480 104 -584 Intangible assets -354 -501 0 0 0 0 -4 -859 1,394 -2,253 Investment property -2,598 189 0 0 0 0 0 -2,410 90 -2,500 Other investments 1,471 -271 0 0 0 0 -2,117 -917 143 -1,060 Derivatives -1,233 -1,008 -7,879 11 20 -26 0 -10,115 29 -10,144 Inventories -58 2,533 0 0 0 0 -56 2,419 2,419 0 Loans and borrowings -1,117 775 0 0 0 0 0 -342 602 -944 Employee benefits 4,014 842 -536 -1 0 0 -51 4,267 4,346 -79 Provisions / Accruals 6,468 -12 0 182 0 0 -360 6,278 6,278 0 Contract with customers -11,757 -5,760 0 0 0 0 0 -17,517 1,111 -18,628 Contract liabilities -9 0 0 0 0 0 0 -9 0 -9 Other items 3,099 -1,621 0 -18 0 0 -67 1,392 2,220 -828 Thin capitalisation 24,229 -633 0 0 0 0 0 23,596 23,596 0 Tax losses carried forward 2,083 11,518 0 -66 90 0 0 13,625 13,625 0 Tax assets/liabilities (-) before set-off -84,122 1,433 -8,415 546 -135 -26 -3,143 -93,860 56,221 -150,082 Set-off tax -46,593 46,593 Net tax assets/liabilities (-) -93,860 9,628 -103,488 2021 Net balance at 31 December Change in tax rate Change Loss of Net Recognised Foreign recognised in tax rate Control/ Deferred Deferred balance at in profit Recognised exchange in profit recognised Disposal of tax tax Amounts in EUR thousands 1 January or loss in OCI differences or loss in OCI subsidiary Net assets liabilities Property, plant & equipment -109,294 -5,500 0 -404 6,832 0 0 -108,365 281 -108,646 Right of use asset 97 -27 0 0 -65 0 0 5 424 -419 Intangible assets 1,159 -1,628 0 0 115 0 0 -354 1,820 -2,174 Investment property -606 -2,189 0 0 196 0 0 -2,598 89 -2,688 Other investments 875 607 -4 0 7 -13 0 1,471 1,550 -79 Derivatives -1,074 377 -390 -19 -70 -58 0 -1,233 462 -1,695 Inventories -350 176 0 0 116 0 0 -58 192 -249 Loans and borrowings -1,564 308 0 0 139 0 0 -1,117 216 -1,333 Employee benefits 4,284 -181 45 -1 -327 195 0 4,014 4,126 -111 Provisions / Accruals 4,016 2,724 0 -4 -268 0 0 6,468 6,468 0 Contract with customers -12,625 -40 0 -10 918 0 0 -11,757 1,335 -13,092 Contract liabilities -9 0 0 0 1 0 0 -9 0 -9 Other items 4,269 -992 0 -3 -183 0 7 3,099 4,274 -1,175 Thin capitalisation 30,499 -3,879 0 -2 -2,389 0 0 24,229 24,229 0 Tax losses carried forward 6,272 -4,236 0 36 12 0 0 2,083 2,085 -2 Tax assets/liabilities (-) before set-off -74,051 -14,481 -349 -406 5,035 123 7 -84,122 47,552 -131,673 Set-off tax -34,410 34,410 Net tax assets/liabilities (-) -84,122 13,141 -97,263 Deferred tax assets relating to tax losses carried forward are recognised only if it is probable that they can be offset against future taxable profits. At each balance sheet date, Viohalco and its subsidiaries assess whether the realization of future tax benefits is sufficiently probable based on approved business plans. On 31 December 2022, the accumulated tax losses carried forward available for future use amounted to EUR 105.9 million (31 December 2021 EUR 80 million). Viohalco companies have recognised cumulatively a deferred tax asset of EUR 13.6 million (31 December 2021: EUR 2 million) on tax losses because management considered it probable that future taxable profits would be available against which such losses can be used. EUR 11.6 million relate to Viohalco subsidiaries located in Greece and the rest EUR 2.0 million to subsidiaries in other jurisdictions. This deferred tax asset corresponds to losses equal to EUR 58.8 million (31 December 2021: EUR 9 million). Based on these estimates regarding future taxable profits, deferred tax assets have not been recognised in respect of tax losses carried forward for an amount of EUR 47 million (EUR 70 million in 2021). Out of these, tax losses equal to EUR 22.6 million expire in 2023 and 2024, while the rest expire between 2025 and 2027. According to the provisions of articles 49 and 72 of the Greek Law 4172/2013 concerning thin capitalization, net interest expense is deductible from current year\u2019s tax profits, if it is equal or less than 30% of EBITDA and any excess can be settled with future tax profits without time limitations. Based on the current approved business plans, the balance of the respective tax asset was equal to EUR 23.6 million, as at 31 December 2021 (31 December 2020: EUR 24.2 million). (b) Amounts recognised in the Statement of profit or loss The statement of profit or loss includes the following amounts relating to leases: Amounts in EUR thousands 2022 2021 Depreciation charge of right-of-use assets Plots 53 37 Buildings 1,151 911 Machinery 2,722 2,926 Transportation means 4,459 4,509 Other equipment 124 135 Total 8,509 8,518 Interest expense (included in finance cost) 1,915 2,076 Variable rental fees 1,234 730 Low value rental fees 547 461 Short term rental fees 8,155 4,111 Total 11,851 7,378 B. Leases as lessor Viohalco and its companies in the real estate development sector lease out their investment properties (See note 19). (a) Future minimum lease collections At 31 December, the future minimum lease payments under non-cancellable leases were as follows. Amounts in EUR thousands 2022 2021 Less than one year 18,731 16,658 Between one and two years 17,968 14,942 Between two and three years 17,016 14,551 Between three and four years 15,915 14,321 Between four and five years 15,094 12,955 More than five years 76,623 79,110 Total 161,346 152,537 (b) Amounts recognized in profit or loss The figures below are related to investment property that has been recognised in the statement of profit or loss. Operating expenses relate mainly to maintenance cost. Amounts in EUR thousands 2022 2021 Rental income from investment property 21,050 11,472 Direct operating expenses that do not generate rental income -62 -61 ",
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"pp-value-144-4": {
"value": "C. Expenses by nature For the year ended 31 December Amounts in EUR thousands Note 2022 2021 Cost of inventories recognized as an expense 4,926,058 3,812,652 Employee benefits 12 441,393 368,796 Energy 306,333 178,289 Depreciation and amortisation 152,377 140,688 Amortization of contract costs 153 156 Taxes and duties 24,309 19,097 Insurance expenses 39,500 25,559 Rental fees 9,936 5,303 Transportation costs (goods and materials) 213,800 147,833 Promotion and advertising 8,473 4,879 Third party fees and benefits 257,207 186,804 Other provisions 70 155 Gains (-)/losses from derivatives -42,036 10,843 Storage and packing 15,533 11,224 Commissions 14,303 13,820 Foreign exchange gains(-)/losses 9,245 451 Maintenance expenses 61,857 50,394 Royalties 3,007 2,371 Consumption of production tools 15,045 12,824 Other expenses 17,218 14,701 Total 6,473,779 5,006,838 The key drivers of variation of operating expenses during 2022 are the following: - The increase in sales volumes and metal prices during 2022, affected cost of sales and related operating expenses (transportation cost for goods and materials, insurance expenses, storage and packing, maintenance expenses) which have increased proportionally. - The increase in Energy reflects the global increase in energy cost that began within 2021. - The increase in \u201c\u03a4hird party fees and benefits\u201d is attributed mainly to project-related services offered by cables and steel pipes segments during 2022 compared to prior year by subcontractors. In 2022 steel pipes segment used subcontractors for coating services in the context of assigned projects, while the installation services in the context of turnkey contracts executed by subsidiaries in the cables segment during 2022 were significantly higher compared to 2021. The aggregate amount of research and development expenditure recognized as an expense during 2022 amounts to EUR 17.6 million (2021: EUR 13.3 million). ",
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"pp-value-144-5": {
"value": "C. Expenses by nature For the year ended 31 December Amounts in EUR thousands Note 2022 2021 Cost of inventories recognized as an expense 4,926,058 3,812,652 Employee benefits 12 441,393 368,796 Energy 306,333 178,289 Depreciation and amortisation 152,377 140,688 Amortization of contract costs 153 156 Taxes and duties 24,309 19,097 Insurance expenses 39,500 25,559 Rental fees 9,936 5,303 Transportation costs (goods and materials) 213,800 147,833 Promotion and advertising 8,473 4,879 Third party fees and benefits 257,207 186,804 Other provisions 70 155 Gains (-)/losses from derivatives -42,036 10,843 Storage and packing 15,533 11,224 Commissions 14,303 13,820 Foreign exchange gains(-)/losses 9,245 451 Maintenance expenses 61,857 50,394 Royalties 3,007 2,371 Consumption of production tools 15,045 12,824 Other expenses 17,218 14,701 Total 6,473,779 5,006,838 The key drivers of variation of operating expenses during 2022 are the following: - The increase in sales volumes and metal prices during 2022, affected cost of sales and related operating expenses (transportation cost for goods and materials, insurance expenses, storage and packing, maintenance expenses) which have increased proportionally. - The increase in Energy reflects the global increase in energy cost that began within 2021. - The increase in \u201c\u03a4hird party fees and benefits\u201d is attributed mainly to project-related services offered by cables and steel pipes segments during 2022 compared to prior year by subcontractors. In 2022 steel pipes segment used subcontractors for coating services in the context of assigned projects, while the installation services in the context of turnkey contracts executed by subsidiaries in the cables segment during 2022 were significantly higher compared to 2021. The aggregate amount of research and development expenditure recognized as an expense during 2022 amounts to EUR 17.6 million (2021: EUR 13.3 million). ",
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"pp-value-145-7": {
"value": " For the year ended 31 December Amounts in EUR thousands Note 2022 2021 Cost of inventories recognized as an expense 4,926,058 3,812,652 Employee benefits 12 441,393 368,796 Energy 306,333 178,289 Depreciation and amortisation 152,377 140,688 Amortization of contract costs 153 156 Taxes and duties 24,309 19,097 Insurance expenses 39,500 25,559 Rental fees 9,936 5,303 Transportation costs (goods and materials) 213,800 147,833 Promotion and advertising 8,473 4,879 Third party fees and benefits 257,207 186,804 Other provisions 70 155 Gains (-)/losses from derivatives -42,036 10,843 Storage and packing 15,533 11,224 Commissions 14,303 13,820 Foreign exchange gains(-)/losses 9,245 451 Maintenance expenses 61,857 50,394 Royalties 3,007 2,371 Consumption of production tools 15,045 12,824 Other expenses 17,218 14,701 Total 6,473,779 5,006,838 A. Reconciliation of carrying amount Machinery Furniture Land, plants & & transportation & other PP&E under Amounts in EUR thousands other buildings equipment equipment construction Total Cost Balance as at 1 January 2022 1,065,978 2,917,527 79,398 214,763 4,277,666 Effect of movement in exchange rates -473 -9,715 5 -430 -10,613 Additions 46,636 25,408 5,927 219,588 297,558 Disposals -1,315 -5,507 -592 -369 -7,783 Transfer to/from investment property -53 0 0 0 -53 Reclassification to assets held for sale -5,861 -18,710 -1,550 -2,924 -29,045 Reclassifications 40,959 226,796 1,798 -259,421 10,132 Write offs -583 -19,477 -729 -554 -21,343 Loss of control / Disposal of subsidiary -10 -1,312 -97 0 -1,419 Balance as at 31 December 2022 1,145,277 3,115,012 84,159 170,654 4,515,102 Accumulated depreciation & impairment losses Balance as at 1 January 2022 -391,222 -1,726,929 -65,426 -4,983 -2,188,560 Effect of movement in exchange rates 214 6,671 -8 0 6,878 Depreciation -26,048 -98,193 -5,400 0 -129,641 Disposals 625 4,968 487 0 6,080 Write offs 5 17,284 711 0 17,999 Reversal of previously recognized impairment loss 10,722 258 0 0 10,980 Transfer to/from investment property 9 0 0 0 9 Impairment loss -3,974 -2,971 0 0 -6,944 Reclassification to assets held for sale 2,723 7,454 961 0 11,137 Reclassifications 0 -13,408 0 0 -13,408 Loss of control / Disposal of subsidiary 10 1,298 97 0 1,405 Balance as at 31 December 2022 -406,935 -1,803,569 -68,580 -4,983 -2,284,066 Carrying amount as at 31 December 2022 738,342 1,311,443 15,580 165,671 2,231,036 Machinery Furniture Land, plants & & transportation & other PP&E under Amounts in EUR thousands other buildings equipment equipment construction Total Cost Balance as at 1 January 2021 1,007,315 2,793,597 76,081 154,824 4,031,817 Effect of movement in exchange rates 1,129 10,230 -25 330 11,663 Additions 31,301 26,990 4,129 186,746 249,167 Disposals -2,710 -3,732 -188 -475 -7,105 Transfer to /from investment property -210 0 0 0 -210 Reclassifications 29,420 94,977 1,237 -126,597 -962 Write offs -267 -4,535 -1,836 -66 -6,705 Balance as at 31 December 2021 1,065,978 2,917,527 79,398 214,763 4,277,666 Accumulated depreciation & impairment losses Balance as at 1 January 2021 -378,847 -1,631,552 -62,340 -4,983 -2,077,721 Effect of movement in exchange rates -374 -6,543 13 0 -6,905 Depreciation -22,990 -92,682 -5,015 0 -120,686 Disposals 1,582 2,633 137 0 4,352 Write offs 267 2,706 1,804 0 4,777 Reversal of previously recognized impairment loss 11,226 258 0 0 11,484 Impairment loss -2,087 -664 -2 0 -2,753 Reclassifications 1 -1,085 -23 0 -1,107 Balance as at 31 December 2021 -391,222 -1,726,929 -65,426 -4,983 -2,188,560 Carrying amount as at 31 December 2021 674,756 1,190,598 13,971 209,781 2,089,107 The net amount of EUR 3.3 million in \u2018Reclassifications\u2019 movement mainly concerns assets under construction reclassified to intangible assets and inventories as well as reclassifications from right of use assets. B. SecurityProperty, plant & equipment with a carrying amount of EUR 1,377 million are mortgaged as security for borrowings received by Viohalco\u2019s companies (see Note 26). A. Reconciliation of carrying amount Development Trademarks Amounts in EUR thousands Goodwill costs and licenses Software Other Total Cost Balance as at 1 January 2022 1,500 1,317 37,622 55,216 2,915 98,570 Effect of movement in exchange rates 0 0 1 -4 -3 -6 Additions 0 0 1,867 4,402 99 6,368 Disposals 0 0 0 -67 0 -67 Write-offs 0 0 0 -25 0 -25 Loss of Control/Disposal of subsidiary 0 0 0 -8 0 -8 Reclassifications to Held for Sale 0 -884 -307 -789 0 -1,979 Reclassifications 0 103 386 1,894 127 2,510 Balance as at 31 December 2022 1,500 537 39,569 60,619 3,138 105,363 Accumulated amortization and impairment loss Balance as at 1 January 2022 -1,500 -626 -11,823 -41,626 -912 -56,487 Effect of movement in exchange rates 0 0 0 6 1 7 Amortization 0 -96 -2,484 -4,026 -111 -6,717 Disposals 0 0 0 67 0 67 Write-offs 0 0 0 25 0 25 Loss of Control/Disposal of subsidiary 0 0 0 8 0 8 Reclassifications to Held for Sale 0 217 303 591 0 1,111 Balance as at 31 December 2022 -1,500 -505 -14,004 -44,956 -1,022 -61,986 Carrying amount as at 31 December 2022 0 32 25,565 15,663 2,117 43,376 Development Trademarks Amounts in EUR thousands Goodwill costs and licenses Software Other Total Cost Balance as at 1 January 2021 1,500 2,097 34,400 49,000 2,818 89,814 Effect of movement in exchange rates 0 -1 0 -95 -5 -101 Additions 0 0 1,581 4,289 102 5,972 Disposals 0 0 -1 -10 0 -11 Write-offs 0 0 -3 -183 0 -186 Reclassifications 0 -779 1,645 2,216 0 3,082 Balance as at 31 December 2021 1,500 1,317 37,622 55,216 2,915 98,570 Accumulated amortization and impairment loss Balance as at 1 January 2021 -1,500 -1,097 -9,612 -37,200 -860 -50,269 Effect of movement in exchange rates 0 1 0 68 2 70 Amortization for the period 0 -137 -2,215 -4,269 -53 -6,673 Disposals 0 0 1 10 0 11 Write-offs 0 0 3 183 0 186 Impairment loss 0 0 0 -79 0 -79 Reclassifications 0 608 0 -341 0 267 Balance as at 31 December 2021 -1,500 -626 -11,823 -41,626 -912 -56,487 Carrying amount as at 31 December 2021 0 691 25,799 13,589 2,004 42,083 B. Amortisation The amortization of trademarks and licenses with finite useful lives, software programs and other intangible assets is allocated to the cost of inventory and is included in \u2019Cost of sales\u2018 when inventory is sold, as trademarks and licenses and software programs are mainly used directly for the production of products and they are considered as production overheads. The amortization of intangible assets not used for production is allocated to administrative expenses. (b) Amounts recognised in the Statement of profit or loss The statement of profit or loss includes the following amounts relating to leases: Amounts in EUR thousands 2022 2021 Depreciation charge of right-of-use assets Plots 53 37 Buildings 1,151 911 Machinery 2,722 2,926 Transportation means 4,459 4,509 Other equipment 124 135 Total 8,509 8,518 Interest expense (included in finance cost) 1,915 2,076 Variable rental fees 1,234 730 Low value rental fees 547 461 Short term rental fees 8,155 4,111 Total 11,851 7,378 B. Leases as lessor Viohalco and its companies in the real estate development sector lease out their investment properties (See note 19). (a) Future minimum lease collections At 31 December, the future minimum lease payments under non-cancellable leases were as follows. Amounts in EUR thousands 2022 2021 Less than one year 18,731 16,658 Between one and two years 17,968 14,942 Between two and three years 17,016 14,551 Between three and four years 15,915 14,321 Between four and five years 15,094 12,955 More than five years 76,623 79,110 Total 161,346 152,537 (b) Amounts recognized in profit or loss The figures below are related to investment property that has been recognised in the statement of profit or loss. Operating expenses relate mainly to maintenance cost. Amounts in EUR thousands 2022 2021 Rental income from investment property 21,050 11,472 Direct operating expenses that do not generate rental income -62 -61 ",
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"pp-value-147-6": {
"value": "The aggregate amount of research and development expenditure recognized as an expense during 2022 amounts to EUR 17.6 million (2021: EUR 13.3 million). ",
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"pp-value-148-3": {
"value": "9. Net finance costFor the year ended 31 December Amounts in EUR thousands 2022 2021 Income Interest income 548 557 Foreign exchange gains 1,979 950 Dividend income 260 220 Gain from derivatives 5,620 644 Finance income 8,407 2,371 Expense Interest expense and related costs 123,801 94,574 Interest on leases 1,915 2,076 Foreign exchange losses 3,282 1,604 Losses from derivatives 729 0 Finance cost 129,727 98,253 Net finance income/cost (-) -121,320 -95,882 Interest expenses and related costs increased by 30.9% compared to 2021 as a result of the higher working capital needs and higher interest rates due the increase in EURIBOR rates, especially during the second half of the year. In order to be secured from interest rates volatility, Viohalco subsidiaries entered into interest rates swaps contracts. The result and valuation of these derivatives amounted to gain EUR 4.9 million -on a net basis. ",
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"pp-value-148-4": {
"value": "9. Net finance costFor the year ended 31 December Amounts in EUR thousands 2022 2021 Income Interest income 548 557 Foreign exchange gains 1,979 950 Dividend income 260 220 Gain from derivatives 5,620 644 Finance income 8,407 2,371 Expense Interest expense and related costs 123,801 94,574 Interest on leases 1,915 2,076 Foreign exchange losses 3,282 1,604 Losses from derivatives 729 0 Finance cost 129,727 98,253 Net finance income/cost (-) -121,320 -95,882 Interest expenses and related costs increased by 30.9% compared to 2021 as a result of the higher working capital needs and higher interest rates due the increase in EURIBOR rates, especially during the second half of the year. In order to be secured from interest rates volatility, Viohalco subsidiaries entered into interest rates swaps contracts. The result and valuation of these derivatives amounted to gain EUR 4.9 million -on a net basis. ",
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"pp-value-148-5": {
"value": "9. Net finance costFor the year ended 31 December Amounts in EUR thousands 2022 2021 Income Interest income 548 557 Foreign exchange gains 1,979 950 Dividend income 260 220 Gain from derivatives 5,620 644 Finance income 8,407 2,371 Expense Interest expense and related costs 123,801 94,574 Interest on leases 1,915 2,076 Foreign exchange losses 3,282 1,604 Losses from derivatives 729 0 Finance cost 129,727 98,253 Net finance income/cost (-) -121,320 -95,882 Interest expenses and related costs increased by 30.9% compared to 2021 as a result of the higher working capital needs and higher interest rates due the increase in EURIBOR rates, especially during the second half of the year. In order to be secured from interest rates volatility, Viohalco subsidiaries entered into interest rates swaps contracts. The result and valuation of these derivatives amounted to gain EUR 4.9 million -on a net basis. ",
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"pp-value-148-6": {
"value": "9. Net finance costFor the year ended 31 December Amounts in EUR thousands 2022 2021 Income Interest income 548 557 Foreign exchange gains 1,979 950 Dividend income 260 220 Gain from derivatives 5,620 644 Finance income 8,407 2,371 Expense Interest expense and related costs 123,801 94,574 Interest on leases 1,915 2,076 Foreign exchange losses 3,282 1,604 Losses from derivatives 729 0 Finance cost 129,727 98,253 Net finance income/cost (-) -121,320 -95,882 Interest expenses and related costs increased by 30.9% compared to 2021 as a result of the higher working capital needs and higher interest rates due the increase in EURIBOR rates, especially during the second half of the year. In order to be secured from interest rates volatility, Viohalco subsidiaries entered into interest rates swaps contracts. The result and valuation of these derivatives amounted to gain EUR 4.9 million -on a net basis. ",
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"pp-value-148-7": {
"value": "9. Net finance costFor the year ended 31 December Amounts in EUR thousands 2022 2021 Income Interest income 548 557 Foreign exchange gains 1,979 950 Dividend income 260 220 Gain from derivatives 5,620 644 Finance income 8,407 2,371 Expense Interest expense and related costs 123,801 94,574 Interest on leases 1,915 2,076 Foreign exchange losses 3,282 1,604 Losses from derivatives 729 0 Finance cost 129,727 98,253 Net finance income/cost (-) -121,320 -95,882 Interest expenses and related costs increased by 30.9% compared to 2021 as a result of the higher working capital needs and higher interest rates due the increase in EURIBOR rates, especially during the second half of the year. In order to be secured from interest rates volatility, Viohalco subsidiaries entered into interest rates swaps contracts. The result and valuation of these derivatives amounted to gain EUR 4.9 million -on a net basis. ",
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"pp-value-148-8": {
"value": "9. Net finance costFor the year ended 31 December Amounts in EUR thousands 2022 2021 Income Interest income 548 557 Foreign exchange gains 1,979 950 Dividend income 260 220 Gain from derivatives 5,620 644 Finance income 8,407 2,371 Expense Interest expense and related costs 123,801 94,574 Interest on leases 1,915 2,076 Foreign exchange losses 3,282 1,604 Losses from derivatives 729 0 Finance cost 129,727 98,253 Net finance income/cost (-) -121,320 -95,882 Interest expenses and related costs increased by 30.9% compared to 2021 as a result of the higher working capital needs and higher interest rates due the increase in EURIBOR rates, especially during the second half of the year. In order to be secured from interest rates volatility, Viohalco subsidiaries entered into interest rates swaps contracts. The result and valuation of these derivatives amounted to gain EUR 4.9 million -on a net basis. ",
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"pp-value-149-9": {
"value": "For the year ended 31 December Amounts in EUR thousands 2022 2021 Income Interest income 548 557 Foreign exchange gains 1,979 950 Dividend income 260 220 Gain from derivatives 5,620 644 Finance income 8,407 2,371 Expense Interest expense and related costs 123,801 94,574 Interest on leases 1,915 2,076 Foreign exchange losses 3,282 1,604 Losses from derivatives 729 0 Finance cost 129,727 98,253 Net finance income/cost (-) -121,320 -95,882 ",
"dimensions": {
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"language": "en",
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"pp-value-149-10": {
"value": "For the year ended 31 December Amounts in EUR thousands 2022 2021 Income Interest income 548 557 Foreign exchange gains 1,979 950 Dividend income 260 220 Gain from derivatives 5,620 644 Finance income 8,407 2,371 Expense Interest expense and related costs 123,801 94,574 Interest on leases 1,915 2,076 Foreign exchange losses 3,282 1,604 Losses from derivatives 729 0 Finance cost 129,727 98,253 Net finance income/cost (-) -121,320 -95,882 Amounts in EUR thousands 2022 2021 Balance as at 1 January 44,372 38,089 Share of profit / loss (-) net of tax -1,365 -2,530 OCI profit (loss) for the period -2 1 Dividends received -655 -886 Additions 0 225 Share capital increase 7,500 8,800 Impairment -9,260 0 Disposals -6,001 0 Reclassification 856 0 Effects on movement in exchange rates 1,194 671 Balance as at 31 December 36,638 44,372 Since AO TMK-CPW is based on Russia, there are restrictions on the ability of the associate to transfer funds to the Company and its subsidiaries in the form of cash dividends, due to the counter sanctions set by the Russian Federation. Russian legislation put in place since May 2022 restrict the payments of amounts in excess of ca. EUR 150,000 to EU residents as a response to the EU imposed sanctions against Russia. Although these restrictions are stated to be temporary, to avoid any potential loss of income, Humbel Ltd (the owner of 49% of the shares in the AO TMK-CPW) has asked AO TMK-CPW to postpone the payment of any dividends, until further notice. Therefore, during 2022, there were no transactions between AO TMK-CPW and the Viohalco Companies. thOn March 9, 2023, Viohalco Board of Directors decided to propose to the Ordinary General Shareholders\u2019 meeting to be held on May 30th, 2023, the approval of a gross dividend of EUR 0.12 per share. ",
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"pp-value-151-2": {
"value": "10. Earnings per shareConsidering that there are neither share options, nor convertible bonds, basic and diluted earnings per share are identical and have been based on the following profit attributable to the ordinary shareholders and weighted-average numbers of ordinary shares outstanding. A. Profit/loss (-) attributable to the owners of the companyFor the year ended 31 December Amounts in EUR thousands 2022 2021 Profit/loss (-) attributable to the owners of the Company 266,133 194,994 B. Weighted-average number of ordinary shares outstanding In thousands of shares 2022 2021 Issued ordinary shares at 1 January 259,190 259,190 Effect of shares issued related to the mergers 0 0 Weighted average number of ordinary shares at 31 December 259,190 259,190 The number of equity shares in 2022 remains equal to 2021, as no shares were issued during the year. C. Earnings per shareThe basic and diluted earnings per share are as follows: Earnings per share (in EUR per share) 2022 2021 Basic and diluted 1.02680.7523 ",
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"pp-value-152-2": {
"value": "11. Employee benefits Amounts in EUR thousands Note 2022 2021 Net defined benefit liability 24,357 24,183 Liability for social security contributions 27 15,437 12,465 Total employee benefit liabilities 39,794 36,648 Non-current 24,357 24,183 Current 15,437 12,465 For details on the related employee benefit expenses, see Note 12. A. Post-employment plans The following post-employment plans exist: Defined contribution plans All employees of Viohalco companies are insured for their main pension by the respective social insurance organizations as required by the local legislation. Once the contributions have been paid, Viohalco companies have no further payment obligations. The regular contributions constitute net periodic costs for the year in which they are due, and as such are included in employee benefit expenses. Defined benefit plans The employees of Viohalco\u2019s companies in some countries, mainly in Greece and Bulgaria, are entitled to receive a lump sum when they retire. This lump sum is determined in accordance with the years of service and the salary at the retirement date. This obligation meets the definition of defined benefit plans and charges the accumulated benefits through profit or loss in each period with a corresponding increase of the retirement liability. Benefits paid to pensioners during each period are charged against this liability. Viohalco\u2019s companies\u2019 liability for personnel benefits as of 31 December 2022 and 2021 is EUR 24,357 thousand and EUR 24,183 thousand respectively. These plans are unfunded. B. Movement in net defined benefit liability The following table shows the reconciliation from the opening balance to the closing balances for net defined benefit liability and its components. Amounts in EUR thousands 2022 2021 Balance at 1 January 24,183 21,913 Included in profit or loss Current service cost 2,688 2,118 Past service cost 1,129 230 Termination loss 2,710 5,152 Interest cost/income (-) 71 58 6,598 7,558 Included in OCI Remeasurement loss/gain (-) Actuarial loss/gain (-) arising from: - Demographic assumptions 306 -46 - Financial assumptions -3,385 764 - Experience adjustments 661 345 -2,418 1,063 Other Benefits paid -3,747 -6,344 Reclassification to Held for sale -175 0 Loss of Control/Disposal of subsidiary -94 0 Foreign exchange differences 8 -6 -4,007 -6,350 Balance at 31 December 24,357 24,183 During the financial year 2022, Viohalco and its companies paid EUR 3.7 million (2021: EUR 6.3 million) in benefits in respect of employees who left during the year. An additional cost that arose due to these payments was recognized (termination loss of EUR 2.7 million \u2013 2021: EUR 5.2 million). More specifically, in the cases of dismissal, voluntary withdrawals with benefit payment and retirement, the additional cost is the difference between the benefit paid and the amount recorded in the defined benefit liability for the respective employees. C. Defined benefit obligation (a) Actuarial assumptions The following were the weighted average principal actuarial assumptions at the reporting date: 2022 2021 Discount rate 3.69% 0.31% Price inflation 2.72% 2.06% Future salary growth 3.37% 2.66% Plan duration (in years) 5 6 Assumptions regarding future mortality have been based on Swiss mortality table EVK2000. (b) Sensitivity analysis The sensitivity analysis for each significant actuarial assumption which was reasonably possible, at the end of the reporting period, shows how the defined benefit obligation (DBO) would have been affected by those changes as follows: 2022 2021 Sensitivity 1 (discount rate plus 0.5%) - % Difference in DBO -2.40% -2.95% Sensitivity 2 (discount rate minus 0.5%) - % Difference in DBO 2.52% 3.14% Sensitivity 3 (salary growth rate plus 0.5%) - % Difference in DBO 2.36% 2.84% Sensitivity 4 (salary growth rate minus 0.5%) - % Difference in DBO -2.15% -2.70% The above sensitivity analysis is based on a change in one assumption while all other assumptions remain constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the pension liability recognized on the statement of financial position. The methods and the formula of the assumptions used for the defined analysis have not changed compared to the previous year. The expected maturity analysis of undiscounted pension benefits is as follows: Amounts in EUR thousands 2022 2021 Less than a year 6,899 5,654 Between 1 and 2 years 1,547 1,432 Between 2 and 5 years 7,158 5,574 Over 5 years 16,588 13,195 Total 32,193 25,855 12. Employee benefit expenses Amounts in EUR thousands Note 2022 2021 Wages and salaries 338,564 283,576 Social security contributions 63,798 53,920 Defined contribution plans 1,273 1,152 Defined benefit plans 11 6,598 7,558 Other employee benefits 33,256 25,286 Total 443,489 371,492 Employee benefits have been allocated as follows: Amounts in EUR thousands Note 2022 2021 Cost of goods sold 8 317,369 258,985 Selling and distribution expenses 8 53,073 47,935 Administrative expenses 8 70,951 61,875 Other expenses 8 0 358 Capitalised employee benefits in projects under construction 2,095 2,338 Total 443,489 371,492 The number of employees, as well as their profile and gender, employed by Viohalco companies is presented in the following tables: 2022 18 - 30 30-50 51+ Total Male 1,103 5,147 2,779 9,029 Female 247 1,081 405 1,733 Total 1,350 6,228 3,184 10,762 Office employees & professionals Workers Management Total Number of Employees 2,756 6,966 1,040 10,762 2021 18 - 30 30-50 51+ Total Male 986 4,715 2,518 8,219 Female 227 965 371 1,563 Total 1,213 5,680 2,889 9,782 Office employees & professionals Workers Management Total Number of Employees 2,689 6,187 906 9,782 ",
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"pp-value-152-3": {
"value": "11. Employee benefits Amounts in EUR thousands Note 2022 2021 Net defined benefit liability 24,357 24,183 Liability for social security contributions 27 15,437 12,465 Total employee benefit liabilities 39,794 36,648 Non-current 24,357 24,183 Current 15,437 12,465 For details on the related employee benefit expenses, see Note 12. A. Post-employment plans The following post-employment plans exist: Defined contribution plans All employees of Viohalco companies are insured for their main pension by the respective social insurance organizations as required by the local legislation. Once the contributions have been paid, Viohalco companies have no further payment obligations. The regular contributions constitute net periodic costs for the year in which they are due, and as such are included in employee benefit expenses. Defined benefit plans The employees of Viohalco\u2019s companies in some countries, mainly in Greece and Bulgaria, are entitled to receive a lump sum when they retire. This lump sum is determined in accordance with the years of service and the salary at the retirement date. This obligation meets the definition of defined benefit plans and charges the accumulated benefits through profit or loss in each period with a corresponding increase of the retirement liability. Benefits paid to pensioners during each period are charged against this liability. Viohalco\u2019s companies\u2019 liability for personnel benefits as of 31 December 2022 and 2021 is EUR 24,357 thousand and EUR 24,183 thousand respectively. These plans are unfunded. B. Movement in net defined benefit liability The following table shows the reconciliation from the opening balance to the closing balances for net defined benefit liability and its components. Amounts in EUR thousands 2022 2021 Balance at 1 January 24,183 21,913 Included in profit or loss Current service cost 2,688 2,118 Past service cost 1,129 230 Termination loss 2,710 5,152 Interest cost/income (-) 71 58 6,598 7,558 Included in OCI Remeasurement loss/gain (-) Actuarial loss/gain (-) arising from: - Demographic assumptions 306 -46 - Financial assumptions -3,385 764 - Experience adjustments 661 345 -2,418 1,063 Other Benefits paid -3,747 -6,344 Reclassification to Held for sale -175 0 Loss of Control/Disposal of subsidiary -94 0 Foreign exchange differences 8 -6 -4,007 -6,350 Balance at 31 December 24,357 24,183 During the financial year 2022, Viohalco and its companies paid EUR 3.7 million (2021: EUR 6.3 million) in benefits in respect of employees who left during the year. An additional cost that arose due to these payments was recognized (termination loss of EUR 2.7 million \u2013 2021: EUR 5.2 million). More specifically, in the cases of dismissal, voluntary withdrawals with benefit payment and retirement, the additional cost is the difference between the benefit paid and the amount recorded in the defined benefit liability for the respective employees. C. Defined benefit obligation (a) Actuarial assumptions The following were the weighted average principal actuarial assumptions at the reporting date: 2022 2021 Discount rate 3.69% 0.31% Price inflation 2.72% 2.06% Future salary growth 3.37% 2.66% Plan duration (in years) 5 6 Assumptions regarding future mortality have been based on Swiss mortality table EVK2000. (b) Sensitivity analysis The sensitivity analysis for each significant actuarial assumption which was reasonably possible, at the end of the reporting period, shows how the defined benefit obligation (DBO) would have been affected by those changes as follows: 2022 2021 Sensitivity 1 (discount rate plus 0.5%) - % Difference in DBO -2.40% -2.95% Sensitivity 2 (discount rate minus 0.5%) - % Difference in DBO 2.52% 3.14% Sensitivity 3 (salary growth rate plus 0.5%) - % Difference in DBO 2.36% 2.84% Sensitivity 4 (salary growth rate minus 0.5%) - % Difference in DBO -2.15% -2.70% The above sensitivity analysis is based on a change in one assumption while all other assumptions remain constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the pension liability recognized on the statement of financial position. The methods and the formula of the assumptions used for the defined analysis have not changed compared to the previous year. The expected maturity analysis of undiscounted pension benefits is as follows: Amounts in EUR thousands 2022 2021 Less than a year 6,899 5,654 Between 1 and 2 years 1,547 1,432 Between 2 and 5 years 7,158 5,574 Over 5 years 16,588 13,195 Total 32,193 25,855 12. Employee benefit expenses Amounts in EUR thousands Note 2022 2021 Wages and salaries 338,564 283,576 Social security contributions 63,798 53,920 Defined contribution plans 1,273 1,152 Defined benefit plans 11 6,598 7,558 Other employee benefits 33,256 25,286 Total 443,489 371,492 Employee benefits have been allocated as follows: Amounts in EUR thousands Note 2022 2021 Cost of goods sold 8 317,369 258,985 Selling and distribution expenses 8 53,073 47,935 Administrative expenses 8 70,951 61,875 Other expenses 8 0 358 Capitalised employee benefits in projects under construction 2,095 2,338 Total 443,489 371,492 The number of employees, as well as their profile and gender, employed by Viohalco companies is presented in the following tables: 2022 18 - 30 30-50 51+ Total Male 1,103 5,147 2,779 9,029 Female 247 1,081 405 1,733 Total 1,350 6,228 3,184 10,762 Office employees & professionals Workers Management Total Number of Employees 2,756 6,966 1,040 10,762 2021 18 - 30 30-50 51+ Total Male 986 4,715 2,518 8,219 Female 227 965 371 1,563 Total 1,213 5,680 2,889 9,782 Office employees & professionals Workers Management Total Number of Employees 2,689 6,187 906 9,782 29. Provisions Non-current Amounts in EUR thousands Note Pending court rulings Other provisions Total Balance as at 1 January 2022 25 1,800 1,825 Additional provisions of the fiscal year 44 0 44 Provisions reversed 8 0 -142 -142 Balance as at 31 December 2022 69 1,658 1,727 Amounts in EUR thousands Pending court rulings Other provisions Total Balance as at 1 January 2021 25 1,814 1,839 Additional provisions of the fiscal year 0 151 151 Reclassifications 0 -24 -24 Provisions reversed 8 0 -140 -140 Balance as at 31 December 2021 25 1,800 1,825 Current Amounts in EUR thousands Pending court rulings Other provisions Total Balance as at 1 January 2022 13,858 162 14,020 Foreign exchange differences 833 0 833 Additional provisions of the fiscal year 691 0 691 Provisions used -139 0 -139 Balance as at 31 December 2022 15,243 162 15,405 Amounts in EUR thousands Pending court rulings Other provisions Total Balance as at 1 January 2021 348 304 652 Foreign exchange differences 573 0 573 Additional provisions of the fiscal year 12,995 0 12,995 Reclassifications 0 -111 -111 Provisions reversed 8 0 -1 -1 Provisions used -58 -30 -88 Balance as at 31 December 2021 13,858 162 14,020 During 2022, the US Department of Commerce (DoC) published its final results in the administrative proceedings conducted by the DoC for the period from April 19, 2019 through April 30, 2020 (\u201cPOR\u201d) in connection with an antidumping (\u201cAD\u201d) order on large diameter welded pipe (LDWP) from Greece. As a result, the DoC determined for the POR an antidumping duty rate of 41.04% based on total adverse facts available (AFA) for mandatory respondent Corinth Pipeworks S.A., Viohalco\u2019s subsidiary in steel pipes segment. Corinth Pipeworks filed an appeal before the U.S. Court of International Trade against the decision of the DoC while continuing to actively work with the DoC in order to reverse the final determination. The one-off charge related to the above mentioned case amounts to EUR 12.8 million (USD 14 million plus interest) for the year 2021. \u03a4he charge for 2022 relates to interest charged on the outstanding amount for the year and is included in the line \u2018Finance costs\u2019. ",
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"pp-value-158-6": {
"value": "The number of employees, as well as their profile and gender, employed by Viohalco companies is presented in the following tables: 2022 18 - 30 30-50 51+ Total Male 1,103 5,147 2,779 9,029 Female 247 1,081 405 1,733 Total 1,350 6,228 3,184 10,762 Office employees & professionals Workers Management Total Number of Employees 2,756 6,966 1,040 10,762 2021 18 - 30 30-50 51+ Total Male 986 4,715 2,518 8,219 Female 227 965 371 1,563 Total 1,213 5,680 2,889 9,782 Office employees & professionals Workers Management Total Number of Employees 2,689 6,187 906 9,782 ",
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"pp-value-159-3": {
"value": "13. Income tax expense A. Amounts recognised in profit or loss Amounts in EUR thousands 2022 2021 Current tax -73,474 -46,550 Deferred tax 1,299 -9,446 Income tax expense (-) -72,175 -55,996 B. Amounts recognised in OCI 2022 Amounts in EUR thousands Before tax Related tax Net of tax Amounts recognized in the OCI Remeasurements of defined benefit liability 2,418 -536 1,881 Equity investments in FVOCI - net change in fair value -1,061 -8 -1,069 Foreign currency translation differences -5,530 0 -5,530 Gain / Loss (-) of changes in fair value of cash flow hedging - effective portion 37,233 -8,763 28,470 Gain / Loss (-) of changes in fair value of cash flow hedging - reclassified to profit or loss -2,059 858 -1,201 Share of other comprehensive income of equity-accounted investees -2 0 -2 Total 30,998 -8,449 22,549 2021 Amounts in EUR thousands Before tax Related tax Net of tax Amounts recognized in the OCI Remeasurements of defined benefit liability -1,063 239 -823 Equity investments in FVOCI - net change in fair value 702 -17 684 Foreign currency translation differences 7,731 0 7,731 Gain / Loss (-) of changes in fair value of cash flow hedging - effective portion 4,839 -462 4,377 Gain / Loss (-) of changes in fair value of cash flow hedging - reclassified to profit or loss -1,713 15 -1,699 Total 10,495 -225 10,270 C. Reconciliation of effective tax rate Amounts in EUR thousands 2022 2021 Profit/loss (-) before income tax expense 374,564 275,984 Tax calculated at parent company's statutory income tax rate (2022 & 2021: 25.0%) -93,641 -68,996 Effect of different tax rates in jurisdictions that Viohalco companies operate 18,772 17,017 Tax calculated at weighted average income tax rate (2022: 20.0% & 2021: 18.8%) -74,869 -51,979 Adjustments for: Non-deductible expenses for tax purposes -11,091 -9,936 Tax-exempt income 2,987 4,770 Tax incentives 1,602 769 Recognition of previously unrecognised tax losses, thin capitalization allowance or temporary differences of a prior period 5,703 2,012 Current-year losses for which no deferred tax asset is recognised -1,453 -1,681 Tax-exempt reserves recognition 1,732 660 Withholding tax on international dividends -53 -57 Change in tax rate or composition of new tax -135 5,035 Derecognition of previously recognised deferred tax assets 0 -4,874 Prior year income tax adjustments 3,402 -714 Income tax expense reported in the statement of profit or loss (-) at the effective tax rate 19% -72,175 -55,996 The corporate income tax rate in Belgium according to the applicable tax legislation is 25%. The profit is taxed at the applicable rate corresponding to the country in which each company is domiciled. According to the Greek law 4799/2021, enacted in May 2021, the corporate income tax rate for legal entities in Greece, where most of Viohalco subsidiaries are located, for the fiscal year 2021 and onwards is set at 22%. The consolidated effective tax rate for 2022 was 19% (2021: 20%) due to the following reasons: - The recognition of previously unrecognised deferred tax asset on prior years\u2019 tax losses carried forward, as the current assessment regarding the recoverability of available tax losses to offset future taxable income in steel pipes segment led to the recognition of deferred tax asset of EUR 4.6 million. - Based on applicable Greek tax legislation, research and development (R&D) expenditure, including the tax depreciation costs of equipment and instruments used in R&D activities, may be deducted from gross income of a company with increased deduction rates. Viohalco subsidiaries in Greece made use of the above tax provisions and the estimate regarding the related tax benefit is presented in the line \u201cTax incentives\u201d. - During 2022, Viohalco subsidiaries in aluminium segment recognized tax exempt reserves, according to the Greek Investment Incentives Law 4399/16. D. Movement in deferred tax balances 2022 Net balance at 31 December Change in tax rate Change Loss of Net Recognised Foreign recognised in tax rate Control/ Deferred Deferred balance at in profit Recognised exchange in profit recognised Disposal of tax tax Amounts in EUR thousands 1 January or loss in OCI differences or loss in OCI subsidiary Net assets liabilities Property, plant & equipment -108,365 -4,176 0 438 -244 0 -442 -112,789 264 -113,054 Right of use asset 5 -440 0 0 0 0 -45 -480 104 -584 Intangible assets -354 -501 0 0 0 0 -4 -859 1,394 -2,253 Investment property -2,598 189 0 0 0 0 0 -2,410 90 -2,500 Other investments 1,471 -271 0 0 0 0 -2,117 -917 143 -1,060 Derivatives -1,233 -1,008 -7,879 11 20 -26 0 -10,115 29 -10,144 Inventories -58 2,533 0 0 0 0 -56 2,419 2,419 0 Loans and borrowings -1,117 775 0 0 0 0 0 -342 602 -944 Employee benefits 4,014 842 -536 -1 0 0 -51 4,267 4,346 -79 Provisions / Accruals 6,468 -12 0 182 0 0 -360 6,278 6,278 0 Contract with customers -11,757 -5,760 0 0 0 0 0 -17,517 1,111 -18,628 Contract liabilities -9 0 0 0 0 0 0 -9 0 -9 Other items 3,099 -1,621 0 -18 0 0 -67 1,392 2,220 -828 Thin capitalisation 24,229 -633 0 0 0 0 0 23,596 23,596 0 Tax losses carried forward 2,083 11,518 0 -66 90 0 0 13,625 13,625 0 Tax assets/liabilities (-) before set-off -84,122 1,433 -8,415 546 -135 -26 -3,143 -93,860 56,221 -150,082 Set-off tax -46,593 46,593 Net tax assets/liabilities (-) -93,860 9,628 -103,488 2021 Net balance at 31 December Change in tax rate Change Loss of Net Recognised Foreign recognised in tax rate Control/ Deferred Deferred balance at in profit Recognised exchange in profit recognised Disposal of tax tax Amounts in EUR thousands 1 January or loss in OCI differences or loss in OCI subsidiary Net assets liabilities Property, plant & equipment -109,294 -5,500 0 -404 6,832 0 0 -108,365 281 -108,646 Right of use asset 97 -27 0 0 -65 0 0 5 424 -419 Intangible assets 1,159 -1,628 0 0 115 0 0 -354 1,820 -2,174 Investment property -606 -2,189 0 0 196 0 0 -2,598 89 -2,688 Other investments 875 607 -4 0 7 -13 0 1,471 1,550 -79 Derivatives -1,074 377 -390 -19 -70 -58 0 -1,233 462 -1,695 Inventories -350 176 0 0 116 0 0 -58 192 -249 Loans and borrowings -1,564 308 0 0 139 0 0 -1,117 216 -1,333 Employee benefits 4,284 -181 45 -1 -327 195 0 4,014 4,126 -111 Provisions / Accruals 4,016 2,724 0 -4 -268 0 0 6,468 6,468 0 Contract with customers -12,625 -40 0 -10 918 0 0 -11,757 1,335 -13,092 Contract liabilities -9 0 0 0 1 0 0 -9 0 -9 Other items 4,269 -992 0 -3 -183 0 7 3,099 4,274 -1,175 Thin capitalisation 30,499 -3,879 0 -2 -2,389 0 0 24,229 24,229 0 Tax losses carried forward 6,272 -4,236 0 36 12 0 0 2,083 2,085 -2 Tax assets/liabilities (-) before set-off -74,051 -14,481 -349 -406 5,035 123 7 -84,122 47,552 -131,673 Set-off tax -34,410 34,410 Net tax assets/liabilities (-) -84,122 13,141 -97,263 Deferred tax assets relating to tax losses carried forward are recognised only if it is probable that they can be offset against future taxable profits. At each balance sheet date, Viohalco and its subsidiaries assess whether the realization of future tax benefits is sufficiently probable based on approved business plans. On 31 December 2022, the accumulated tax losses carried forward available for future use amounted to EUR 105.9 million (31 December 2021 EUR 80 million). Viohalco companies have recognised cumulatively a deferred tax asset of EUR 13.6 million (31 December 2021: EUR 2 million) on tax losses because management considered it probable that future taxable profits would be available against which such losses can be used. EUR 11.6 million relate to Viohalco subsidiaries located in Greece and the rest EUR 2.0 million to subsidiaries in other jurisdictions. This deferred tax asset corresponds to losses equal to EUR 58.8 million (31 December 2021: EUR 9 million). Based on these estimates regarding future taxable profits, deferred tax assets have not been recognised in respect of tax losses carried forward for an amount of EUR 47 million (EUR 70 million in 2021). Out of these, tax losses equal to EUR 22.6 million expire in 2023 and 2024, while the rest expire between 2025 and 2027. According to the provisions of articles 49 and 72 of the Greek Law 4172/2013 concerning thin capitalization, net interest expense is deductible from current year\u2019s tax profits, if it is equal or less than 30% of EBITDA and any excess can be settled with future tax profits without time limitations. Based on the current approved business plans, the balance of the respective tax asset was equal to EUR 23.6 million, as at 31 December 2021 (31 December 2020: EUR 24.2 million). ",
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"pp-value-159-4": {
"value": "13. Income tax expense A. Amounts recognised in profit or loss Amounts in EUR thousands 2022 2021 Current tax -73,474 -46,550 Deferred tax 1,299 -9,446 Income tax expense (-) -72,175 -55,996 B. Amounts recognised in OCI 2022 Amounts in EUR thousands Before tax Related tax Net of tax Amounts recognized in the OCI Remeasurements of defined benefit liability 2,418 -536 1,881 Equity investments in FVOCI - net change in fair value -1,061 -8 -1,069 Foreign currency translation differences -5,530 0 -5,530 Gain / Loss (-) of changes in fair value of cash flow hedging - effective portion 37,233 -8,763 28,470 Gain / Loss (-) of changes in fair value of cash flow hedging - reclassified to profit or loss -2,059 858 -1,201 Share of other comprehensive income of equity-accounted investees -2 0 -2 Total 30,998 -8,449 22,549 2021 Amounts in EUR thousands Before tax Related tax Net of tax Amounts recognized in the OCI Remeasurements of defined benefit liability -1,063 239 -823 Equity investments in FVOCI - net change in fair value 702 -17 684 Foreign currency translation differences 7,731 0 7,731 Gain / Loss (-) of changes in fair value of cash flow hedging - effective portion 4,839 -462 4,377 Gain / Loss (-) of changes in fair value of cash flow hedging - reclassified to profit or loss -1,713 15 -1,699 Total 10,495 -225 10,270 C. Reconciliation of effective tax rate Amounts in EUR thousands 2022 2021 Profit/loss (-) before income tax expense 374,564 275,984 Tax calculated at parent company's statutory income tax rate (2022 & 2021: 25.0%) -93,641 -68,996 Effect of different tax rates in jurisdictions that Viohalco companies operate 18,772 17,017 Tax calculated at weighted average income tax rate (2022: 20.0% & 2021: 18.8%) -74,869 -51,979 Adjustments for: Non-deductible expenses for tax purposes -11,091 -9,936 Tax-exempt income 2,987 4,770 Tax incentives 1,602 769 Recognition of previously unrecognised tax losses, thin capitalization allowance or temporary differences of a prior period 5,703 2,012 Current-year losses for which no deferred tax asset is recognised -1,453 -1,681 Tax-exempt reserves recognition 1,732 660 Withholding tax on international dividends -53 -57 Change in tax rate or composition of new tax -135 5,035 Derecognition of previously recognised deferred tax assets 0 -4,874 Prior year income tax adjustments 3,402 -714 Income tax expense reported in the statement of profit or loss (-) at the effective tax rate 19% -72,175 -55,996 The corporate income tax rate in Belgium according to the applicable tax legislation is 25%. The profit is taxed at the applicable rate corresponding to the country in which each company is domiciled. According to the Greek law 4799/2021, enacted in May 2021, the corporate income tax rate for legal entities in Greece, where most of Viohalco subsidiaries are located, for the fiscal year 2021 and onwards is set at 22%. The consolidated effective tax rate for 2022 was 19% (2021: 20%) due to the following reasons: - The recognition of previously unrecognised deferred tax asset on prior years\u2019 tax losses carried forward, as the current assessment regarding the recoverability of available tax losses to offset future taxable income in steel pipes segment led to the recognition of deferred tax asset of EUR 4.6 million. - Based on applicable Greek tax legislation, research and development (R&D) expenditure, including the tax depreciation costs of equipment and instruments used in R&D activities, may be deducted from gross income of a company with increased deduction rates. Viohalco subsidiaries in Greece made use of the above tax provisions and the estimate regarding the related tax benefit is presented in the line \u201cTax incentives\u201d. - During 2022, Viohalco subsidiaries in aluminium segment recognized tax exempt reserves, according to the Greek Investment Incentives Law 4399/16. D. Movement in deferred tax balances 2022 Net balance at 31 December Change in tax rate Change Loss of Net Recognised Foreign recognised in tax rate Control/ Deferred Deferred balance at in profit Recognised exchange in profit recognised Disposal of tax tax Amounts in EUR thousands 1 January or loss in OCI differences or loss in OCI subsidiary Net assets liabilities Property, plant & equipment -108,365 -4,176 0 438 -244 0 -442 -112,789 264 -113,054 Right of use asset 5 -440 0 0 0 0 -45 -480 104 -584 Intangible assets -354 -501 0 0 0 0 -4 -859 1,394 -2,253 Investment property -2,598 189 0 0 0 0 0 -2,410 90 -2,500 Other investments 1,471 -271 0 0 0 0 -2,117 -917 143 -1,060 Derivatives -1,233 -1,008 -7,879 11 20 -26 0 -10,115 29 -10,144 Inventories -58 2,533 0 0 0 0 -56 2,419 2,419 0 Loans and borrowings -1,117 775 0 0 0 0 0 -342 602 -944 Employee benefits 4,014 842 -536 -1 0 0 -51 4,267 4,346 -79 Provisions / Accruals 6,468 -12 0 182 0 0 -360 6,278 6,278 0 Contract with customers -11,757 -5,760 0 0 0 0 0 -17,517 1,111 -18,628 Contract liabilities -9 0 0 0 0 0 0 -9 0 -9 Other items 3,099 -1,621 0 -18 0 0 -67 1,392 2,220 -828 Thin capitalisation 24,229 -633 0 0 0 0 0 23,596 23,596 0 Tax losses carried forward 2,083 11,518 0 -66 90 0 0 13,625 13,625 0 Tax assets/liabilities (-) before set-off -84,122 1,433 -8,415 546 -135 -26 -3,143 -93,860 56,221 -150,082 Set-off tax -46,593 46,593 Net tax assets/liabilities (-) -93,860 9,628 -103,488 2021 Net balance at 31 December Change in tax rate Change Loss of Net Recognised Foreign recognised in tax rate Control/ Deferred Deferred balance at in profit Recognised exchange in profit recognised Disposal of tax tax Amounts in EUR thousands 1 January or loss in OCI differences or loss in OCI subsidiary Net assets liabilities Property, plant & equipment -109,294 -5,500 0 -404 6,832 0 0 -108,365 281 -108,646 Right of use asset 97 -27 0 0 -65 0 0 5 424 -419 Intangible assets 1,159 -1,628 0 0 115 0 0 -354 1,820 -2,174 Investment property -606 -2,189 0 0 196 0 0 -2,598 89 -2,688 Other investments 875 607 -4 0 7 -13 0 1,471 1,550 -79 Derivatives -1,074 377 -390 -19 -70 -58 0 -1,233 462 -1,695 Inventories -350 176 0 0 116 0 0 -58 192 -249 Loans and borrowings -1,564 308 0 0 139 0 0 -1,117 216 -1,333 Employee benefits 4,284 -181 45 -1 -327 195 0 4,014 4,126 -111 Provisions / Accruals 4,016 2,724 0 -4 -268 0 0 6,468 6,468 0 Contract with customers -12,625 -40 0 -10 918 0 0 -11,757 1,335 -13,092 Contract liabilities -9 0 0 0 1 0 0 -9 0 -9 Other items 4,269 -992 0 -3 -183 0 7 3,099 4,274 -1,175 Thin capitalisation 30,499 -3,879 0 -2 -2,389 0 0 24,229 24,229 0 Tax losses carried forward 6,272 -4,236 0 36 12 0 0 2,083 2,085 -2 Tax assets/liabilities (-) before set-off -74,051 -14,481 -349 -406 5,035 123 7 -84,122 47,552 -131,673 Set-off tax -34,410 34,410 Net tax assets/liabilities (-) -84,122 13,141 -97,263 Deferred tax assets relating to tax losses carried forward are recognised only if it is probable that they can be offset against future taxable profits. At each balance sheet date, Viohalco and its subsidiaries assess whether the realization of future tax benefits is sufficiently probable based on approved business plans. On 31 December 2022, the accumulated tax losses carried forward available for future use amounted to EUR 105.9 million (31 December 2021 EUR 80 million). Viohalco companies have recognised cumulatively a deferred tax asset of EUR 13.6 million (31 December 2021: EUR 2 million) on tax losses because management considered it probable that future taxable profits would be available against which such losses can be used. EUR 11.6 million relate to Viohalco subsidiaries located in Greece and the rest EUR 2.0 million to subsidiaries in other jurisdictions. This deferred tax asset corresponds to losses equal to EUR 58.8 million (31 December 2021: EUR 9 million). Based on these estimates regarding future taxable profits, deferred tax assets have not been recognised in respect of tax losses carried forward for an amount of EUR 47 million (EUR 70 million in 2021). Out of these, tax losses equal to EUR 22.6 million expire in 2023 and 2024, while the rest expire between 2025 and 2027. According to the provisions of articles 49 and 72 of the Greek Law 4172/2013 concerning thin capitalization, net interest expense is deductible from current year\u2019s tax profits, if it is equal or less than 30% of EBITDA and any excess can be settled with future tax profits without time limitations. Based on the current approved business plans, the balance of the respective tax asset was equal to EUR 23.6 million, as at 31 December 2021 (31 December 2020: EUR 24.2 million). ",
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"pp-value-166-3": {
"value": "Inventories with a carrying amount of EUR 220 million are pledged as security for borrowings received by Viohalco\u2019s companies (See Note 26). No significant inventory adjustments to NRV were performed during 2022. B. SecurityProperty, plant & equipment with a carrying amount of EUR 1,377 million are mortgaged as security for borrowings received by Viohalco\u2019s companies (see Note 26). Property, plant and equipment and inventories of some subsidiaries carry mortgages and liens for a total amount of EUR 1,597 million, as collaterals for long term loans and syndicated loans.In 2022, the impairment loss recognized concerned mainly clients in steel, aluminium and copper segment while amounts that have been impaired mainly in other segment were written off. On the contrary, a reversal of impairment loss was recorded, as a result of the improvement of the expected loss rates of major clients in the other segments. The following collateral exists for securing non-insured receivables from customers and contract assets: Amounts in EUR thousands 2022 2021 Cash collateral 2,019 1,076 Letter of credit 15,781 10,674 Collateral on property 1,850 2,037 Payables which can be offset by receivables 12,825 11,441 Other 2,597 3,253 Total 35,073 28,480 ",
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"pp-value-167-2": {
"value": "15. Trade and other receivables Amounts in EUR thousands Note 2022 2021 Current Assets Trade receivables 483,202 474,345 Less: Impairment losses -57,285 -53,964 Net trade receivables 425,917 420,381 Advance payments 10,891 16,478 Cheques and notes receivables & cheques overdue 47,857 40,967 Receivables from related parties 37 48,843 41,570 VAT and other tax receivables 64,669 62,298 Receivables from dividends of equity-accounting investees 37 144 334 Other debtors 88,688 54,856 Less: Impairment losses -11,926 -13,348 Net other receivables 249,165 203,155 Total current assets 675,083 623,536 Non-current assets Non-current receivables from related parties 37 12 5,746 Other non-current receivables 6,881 1,568 Total non current assets 6,893 7,314 Total receivables 681,976 630,850 Viohalco and its companies have not concentrated their credit risk in relation to receivables from customers, since they have a wide range number of customers. A. Transfer of trade receivables The carrying amount of receivables includes amounts that are subject to factoring arrangements. Viohalco and its subsidiaries, enter into factoring agreements (with recourse) to sell trade receivables for cash proceeds. These trade receivables are not being derecognised from the statement of financial position, because substantially all the risks and rewards are still retained by Viohalco - primarily credit risk. The amount received on transfer by the factor is recognised as a secured bank loan. The following table presents the carrying amount of trade receivables at the year-end that have been transferred, but have not been derecognised and the associated liabilities. Amounts in EUR thousands 2022 2021 Carrying amount of trade receivables transferred to banks 60,300 44,219 Carrying amount of associated liabilities 41,244 27,257 The fair value of trade receivables transferred approximates their carrying amount. As at 31 December 2022 and 2021, Viohalco companies had not used the total amount of credit line provided by the factoring companies. Related loans are included in the line \u2019Secured bank loans\u2018 in Note 26 \u2019Loans and Borrowings\u2019. B. Credit and market risks and impairment losses During 2010, the subsidiary Corinth Pipeworks SA initiated in Greece and Dubai legal actions against a former customer in the Middle-East regarding the recovery of an overdue receivable of USD 24.8 million (EUR 23.3 million on 31 December 2022), plus legal interest. Following a series of court proceedings, the Dubai Court of Cassation issued its final judgment, during 2017, and ruled to reject any counterclaim of the former customer and to confirm the amount due to Corinth Pipeworks. In order to recover this long overdue balance, Corinth Pipeworks has initiated the enforcement procedures against the assets of the former customer that are located within any of the countries, where the Court of Cassation judgment issued against the former customer is enforceable (i.e. UAE and various other countries in the Middle East). There were no other substantial developments during 2022. Corinth Pipeworks had recorded in the past an impairment loss for the whole outstanding amount, i.e. USD 24.8 million. However, the subsidiary will continue any and all actions required to collect the full amount of that receivable. Information about Viohalco companies\u2019 exposure to credit and market risks, and impairment losses for trade and other receivables is included in Note 30. ",
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"pp-value-167-3": {
"value": "15. Trade and other receivables Amounts in EUR thousands Note 2022 2021 Current Assets Trade receivables 483,202 474,345 Less: Impairment losses -57,285 -53,964 Net trade receivables 425,917 420,381 Advance payments 10,891 16,478 Cheques and notes receivables & cheques overdue 47,857 40,967 Receivables from related parties 37 48,843 41,570 VAT and other tax receivables 64,669 62,298 Receivables from dividends of equity-accounting investees 37 144 334 Other debtors 88,688 54,856 Less: Impairment losses -11,926 -13,348 Net other receivables 249,165 203,155 Total current assets 675,083 623,536 Non-current assets Non-current receivables from related parties 37 12 5,746 Other non-current receivables 6,881 1,568 Total non current assets 6,893 7,314 Total receivables 681,976 630,850 Viohalco and its companies have not concentrated their credit risk in relation to receivables from customers, since they have a wide range number of customers. A. Transfer of trade receivables The carrying amount of receivables includes amounts that are subject to factoring arrangements. Viohalco and its subsidiaries, enter into factoring agreements (with recourse) to sell trade receivables for cash proceeds. These trade receivables are not being derecognised from the statement of financial position, because substantially all the risks and rewards are still retained by Viohalco - primarily credit risk. The amount received on transfer by the factor is recognised as a secured bank loan. The following table presents the carrying amount of trade receivables at the year-end that have been transferred, but have not been derecognised and the associated liabilities. Amounts in EUR thousands 2022 2021 Carrying amount of trade receivables transferred to banks 60,300 44,219 Carrying amount of associated liabilities 41,244 27,257 The fair value of trade receivables transferred approximates their carrying amount. As at 31 December 2022 and 2021, Viohalco companies had not used the total amount of credit line provided by the factoring companies. Related loans are included in the line \u2019Secured bank loans\u2018 in Note 26 \u2019Loans and Borrowings\u2019. B. Credit and market risks and impairment losses During 2010, the subsidiary Corinth Pipeworks SA initiated in Greece and Dubai legal actions against a former customer in the Middle-East regarding the recovery of an overdue receivable of USD 24.8 million (EUR 23.3 million on 31 December 2022), plus legal interest. Following a series of court proceedings, the Dubai Court of Cassation issued its final judgment, during 2017, and ruled to reject any counterclaim of the former customer and to confirm the amount due to Corinth Pipeworks. In order to recover this long overdue balance, Corinth Pipeworks has initiated the enforcement procedures against the assets of the former customer that are located within any of the countries, where the Court of Cassation judgment issued against the former customer is enforceable (i.e. UAE and various other countries in the Middle East). There were no other substantial developments during 2022. Corinth Pipeworks had recorded in the past an impairment loss for the whole outstanding amount, i.e. USD 24.8 million. However, the subsidiary will continue any and all actions required to collect the full amount of that receivable. Information about Viohalco companies\u2019 exposure to credit and market risks, and impairment losses for trade and other receivables is included in Note 30. 16. Cash and cash equivalents Amounts in EUR thousands 2022 2021 Cash in hand and at banks 98 6,848 Short-term bank deposits 412,546 496,419 Total 412,644 503,267 Short term deposits have duration of less than 90 days and are available for use. 21. Other investments Viohalco designates the investments shown below as equity securities at FVOCI, as they represent investments that Viohalco intends to hold for the long term strategic purposes. The movement of equity securities, as well as their analysis, is presented below: Amounts in EUR thousands 2022 2021 Balance as at 1 January 8,457 8,324 Additions 1,060 77 Disposals 0 -637 Change in fair value through OCI -1,061 702 Reclassifications -50 0 Other changes 0 -8 Balance as at 31 December 8,405 8,457 Amounts in EUR thousands 2022 2021 Listed securities - Greek equity instruments 243 125 - International equity instruments 3,356 4,417 - Mutual funds 0 Unlisted securities - Greek equity instruments 3,667 2,951 - International equity instruments 849 849 - Mutual funds 269 94 - Other 20 20 Total 8,405 8,457 23. Derivatives The following table sets out the carrying amount of derivatives: Amounts in EUR thousands 2022 2021 Non-current assets Interest rate swap contracts 17,242 0 Forwards 3,624 0 Commodity Swaps 18,056 0 Options 0 944 Total 38,922 944 Current assets Interest rate swap contracts 3,649 0 Forwards 10,427 760 Future contracts 2,380 7,670 Commodity Swaps 10,692 7,847 Total 27,149 16,277 Non-current liabilities Forwards 4 0 Interest rate swap contracts 0 382 Commodity Swaps 1,245 3,205 Total 1,249 3,587 Current liabilities Forwards 10,155 2,501 Future contracts 4,628 5,062 Commodity Swaps 3,672 0 Total 18,455 7,563 The significant increase in open derivatives positionsin commodity swaps, compared to 31.12.2021, reflects the excessive market volatility in energy markets during 2022. Variable rate loans and borrowings expose Viohalco companies to a rate volatility risk (cash flow risk). During 2022, Viohalco subsidiaries entered into interest rates swaps contracts in order to be hedged by interest rate fluctuations, by transforming the variable interest rate of the loan into a fixed one, thus reducing such volatility risk. Interest rate swap contracts involve exchanging, on specified dates cash amounts equal to the difference between a contracted fixed interest rate calculated on a principal and a variable rate calculated on the same principal. By carefully choosing the variable rate and the principal of the swap, one actually transforms a floating rate loan into a fixed rate one. During 2021, Viohalco subsidiaries started using Commodity Swaps referenced on the Title Transfer Facility (TTF) prices to hedge the risk of fluctuations in natural gas prices from market conditions. The significant increase in open positions, compared previous year, reflects the excessive market volatility in energy markets during 2022. Hedge accounting Viohalco\u2019s companies hold derivative financial instruments for cash flow and fair value hedges. The abovementioned derivative financial instruments cover risks from: - Changes in the prices of metals; - Fluctuations of foreign exchange rates; - Changes in loan interest rates; - Fluctuations of energy prices (natural gas). The maturity and the nominal value of derivatives held by Viohalco\u2019s companies match the maturity and nominal value of the underlying assets / liabilities (hedged items). Derivatives held by Viohalco\u2019s companies concern mainly: - Future contracts to hedge the risk from the change of the price of metals listed in LME (London Metal Exchange) and used in production of Viohalco\u2019s companies (i.e. mainly copper, aluminium and zinc). Such hedges are designated as cash flow hedges. - FX Forward and FX swaps to hedge the risk from the change in exchange rate of US Dollar and British Pound (i.e. currencies to which Viohalco\u2019s companies are mainly exposed). Such hedges are either designated as fair value or cash flow hedges depending on the item hedged. FX Forwards and FX swaps when used for hedging FX risk on outstanding receivables and suppliers denominated in foreign currency these instruments are designated under fair value hedging. FX forwards when used for hedging FX risk on the forecasted sales of goods or purchase of materials executed in foreign currency FX forward is hedging instruments designated under the cash flow method. - Variable rate loans and borrowings expose Viohalco companies to an interest rate volatility risk (cash flow risk). In order to hedge it, interest rate swaps are used to effectively transform the variable interest rate of the loan into a fixed one, thus reducing such volatility risk. Interest rate swap contracts involve exchanging, on specified dates cash amounts equal to the difference between a contracted fixed interest rate calculated on a principal and a variable rate calculated on the same principal. By carefully choosing the variable rate and the principal of the swap, one actually transforms a floating rate loan into a fixed rate one. - Commodity Swaps referenced on the Title Transfer Facility (TTF) prices to hedge the risk of fluctuations in natural gas prices from market conditions. Derivatives are recognised when Viohalco\u2019s companies enter into the transaction in order either to hedge the fair value of receivables, liabilities or commitments (fair value hedges) or highly probable transactions (cash flow hedges). The change in fair value recognized in equity under cash flow hedging as at 31 December 2022 will be recycled to the consolidated statement of profit or loss during the next years, as some of the hedged events are expected to occur (the forecasted transactions will take place or the hedged items will affect profit or loss statement) within 2023 and some others at a later stage. Viohalco companies\u2019 results from the hedging activities recorded in the statement of profit or loss are presented for metal future contracts,foreign exchange contracts and the energy contracts in the \u2019Revenue\u2018 and the \u2019Cost of sales\u2018 while for interest rate swaps in the \u2019Finance income/ expenses\u2019. The amounts recognized in the consolidated statement of profit or loss are the following: Amounts in EUR thousands 2022 2021 Gain / loss (-) on future contracts 20,714 -5,105 Gain / loss (-) on FX forward contracts 6,769 -3,754 Gain / loss (-) on interest rate swap contracts 4,891 0 Gain / loss (-) on commodity swap contracts 21,887 1,251 54,261 -7,608 Profit or loss related to derivatives used for cash flow hedging recognized in other comprehensive income (Hedging reserve) as at 31 December 2022 and it will be recycled to profit or loss during the next financial years. 26. Loans and borrowings A. Overview Amounts in EUR thousands 31 December 2022 31 December 2021 Non-current liabilities Secured bank loans 157,520 119,994 Unsecured bank loans 65,735 69,524 Secured bond issues 629,035 455,719 Unsecured bond issues 619,010 648,856 Loans and borrowings \u2013 Long term 1,471,299 1,294,093 Lease Liabilities \u2013 Long term 29,449 34,639 Total Long-term debt 1,500,748 1,328,732 Current liabilities Secured bank loans 168,815 183,484 Unsecured bank loans 533,362 459,179 Current portion of secured bank loans 43,537 63,553 Current portion of unsecured bank loans 16,928 15,473 Current portion of secured bond issues 63,599 82,388 Current portion of unsecured bond issues 131,924 44,068 Loans and borrowings \u2013 Short term 958,166 848,145 Lease Liabilities \u2013 Short term 10,932 10,696 Total Short term debt 969,097 858,841 Total loans and borrowings 2,469,845 2,187,573 Information about the Viohalco companies\u2019 exposure to interest rate, foreign currency and liquidity risk is included in Note 30. The maturities of non-current loans are as follows: Amounts in EUR thousands 2022 2021 Between 1 and 2 years 224,059 251,691 Between 2 and 5 years 486,889 575,669 Over 5 years 789,801 501,372 Total 1,500,748 1,328,732 The effective weighted average interest rates of the main categories of loans and borrowings at the reporting date are as follows: 2022 Carrying amount Interest rate Bank loans (non-current)-EUR 278,133 3.78% Bank loans (current)-EUR 630,773 4.31% Bank loans (current)-USD 6,507 6.90% Bank loans (current)-GBP 57,010 6.12% Bond issues-EUR 1,443,568 3.99% 2021 Carrying amount Interest rate Bank loans (non-current)-EUR 260,465 2.46% Bank loans (current)-EUR 574,039 3.39% Bank loans (current)-USD 10,110 4.50% Bank loans (current)-GBP 36,372 3.17% Bond issues-EUR 1,231,031 2.94% The majority of Viohalco companies\u2019 loans are Euro denominated. During 2022, Viohalco subsidiaries obtained new bank loans amounting to EUR 857 million and repaid bank loans of EUR 570 million maturing within the year. The new loans were mainly bond loans and drawdowns from existing revolving credit facilities for project financing, or new loans with similar terms and conditions. More specifically, during 2022 the main events relating to Viohalco companies\u2019 financing are the following: Aluminium and Copper segments ElvalHalcor signed: \u2022 with EIB an EUR 75 million loan, 10 years maturity financing the aluminum rolling plant investment program at Oinofyta. \u2022 with Erste Group Bank AG an EUR 18.6 million loan, 8.5 years maturity again financing the aluminum rolling plant investment program at Oinofyta. \u2022 with three Greek banks common bond loans of EUR 15, EUR 20 and EUR 20 million, of 2, 5 and 7 years maturity respectively, to cover capex and working capital needs. Cables and Steel Pipes segments Cables segment issued three bond loans of total value EUR 27 million. \u2022 Fulgor signed with a Greek bank a bond loan of EUR 5 million with a 5-year maturity. \u2022 Hellenic Cables signed with a major Greek bank a bond loan of EUR 7 million, 7 years maturity, to cover capital expenditure needs. \u2022 Hellenic Cables signed with a major Greek bank a long-term bond loan of EUR 15 million, 7 years maturity, to cover constant working capital needs Steel Pipes segment issued one bond loan of total value EUR 7 million. \u2022 Corinth Pipeworks entered to an agreement with a major Greek bank for a long-term bond loan of EUR 7 million with 7 years maturity. In addition, Fulgor has agreed with a major Greek bank for a bond loan of EUR 19 million with a 7 years maturity. On 31 December 2022, an equal amount was received by the bank as \u2018bridge finance\u2019 and presented as short-term loan. The bond loan agreement is expected to be signed during the first months of 2023, upon the conclusion of the relevant negotiations. Steel segment \u2022 At the end of 2022 Steel Group subsidiaries (Sidenor & Sovel) finalized debt refinancing of EUR 318 million, through syndicated bond loans with a tenor of 8 years issued by four major Greek banks. Real Estate segment \u2022 Noval Properties has signed in February an agreement with a major Greek bank, for a long-term bond loan of EUR 69 million to refinance Bridge Financing Loans related with specific developments and cover future investments plans. The tenor of the Loan is 12 years from signing. No other significant events, related with the financing of subsidiaries occurred during the period. Short term facilities are predominately revolving credit facilities and factoring with recourse for funding working capital needs and project financing facilities for specific ongoing projects. Viohalco subsidiaries have never in the past experienced any issues in financing their activities, renewing their working capital lines or refinancing long-term loans. Management expects that any mandatory repayments of banking loans will be made from operating cash flows or from other unutilized committed credit facilities. Under the terms of the loan agreements, certain Viohalco subsidiaries must comply with conditions (including financial covenants) and such compliance is tested on an annual basis for the majority of the loans. Management has considered the measures that need to be taken to mitigate the risk relating to potential breaches and expects that in the event that these covenants are breached, waivers will be granted, which have been provided in the past when requested. The average interest rate of the outstanding bank loans as at 31 December 2022 was 4.1% (3% as at 31 December 2021). Property, plant and equipment and inventories of some subsidiaries carry mortgages and liens for a total amount of EUR 1,597 million, as collaterals for long term loans and syndicated loans.In addition, for certain Viohalco companies\u2019 loans, there are change of control clauses that provide lenders early redemption rights.The majority of Viohalco companies\u2019 loans are Euro denominated. B. Reconciliation of movements of liabilities to cash flows from financing activities Amounts in EUR thousands Loans and Borrowings Leases Total Balance at 1 January 2022 2,142,238 45,334 2,187,573 Changes from financing cash flows Proceeds from loans and borrowings 856,508 0 856,508 Repayment of borrowings & lease liabilities -570,259 -11,630 -581,890 Total changes from financing cash flows 286,248 -11,630 274,618 Other changes New leases 0 10,195 10,195 Interest expense 86,229 1,915 88,144 Interest paid* -79,500 -1,846 -81,347 Capitalised borrowing costs 600 0 600 Terminations/Modifications 253 -2,807 -2,554 Loss of Control/Disposal of subsidiary -3,439 -801 -4,240 Division spin off 4 0 4 Effect of changes in foreign exchange rate -3,168 21 -3,147 Total other changes 978 6,676 7,655 Balance at 31 December 2022 2,429,465 40,380 2,469,845 Amounts in EUR thousands Loans and Borrowings Leases Total Balance at 1 January 2021 1,747,933 52,211 1,800,144 Changes from financing cash flows Proceeds from loans and borrowings 896,672 0 896,672 Repayment of borrowings & lease liabilities -514,171 -11,562 -525,733 Total changes from financing cash flows 382,501 -11,562 370,940 Other changes New leases 0 5,146 5,146 Interest expense 70,576 2,076 72,651 Interest paid* -62,521 -2,061 -64,582 Capitalised borrowing costs 862 0 862 Terminations/Modifications 674 -483 191 Effect of changes in foreign exchange rate 2,214 7 2,159 Total other changes 11,805 4,685 16,489 Balance at 31 December 2021 2,142,238 45,334 2,187,573 * Interest paid reported in Cash Flow Statement, includes bank charges and other finance costs. 27. Trade and other payables Amounts in EUR thousands Note 2022 2021 Suppliers 733,232 670,552 Notes payable 284,065 271,177 Cheques payable 151 0 Social security funds 11 15,437 12,465 Amounts due to related parties 37 3,301 4,806 Sundry creditors 20,051 17,828 Accrued expenses 112,505 105,895 Taxes-duties 29,211 28,697 Total 1,197,953 1,111,420 Non-current balance of trade and other payables 17,073 17,615 Current balance of trade and other payables 1,180,881 1,093,804 Balance as at 31 December 1,197,953 1,111,420 The increase in trade and other payables is mainly attributed to increase in metal prices and the increase in \u201cNotes payable\u201d which concerns structured payable arrangements related to purchases of primary raw materials, such as copper, steel etc. whose payment periods can be longer than usual for such supplies. 30. Financial instruments A. Accounting classifications and fair values The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including the levels in the fair value hierarchy. 31 December 2022 Amounts in EUR thousands Carrying amount First Level Second Level Third Level Total Other investments 8,405 3,597 2 4,806 8,405 Derivative financial assets 66,071 2,380 63,691 0 66,071 74,476 5,977 63,693 4,806 74,476 Derivative financial liabilities -19,704 -4,705 -14,999 0 -19,704 54,772 1,273 48,693 4,806 54,772 31 December 2021 Amounts in EUR thousands Carrying amount First Level Second Level Third Level Total Other investments 8,457 4,543 0 3,915 8,457 Derivative financial assets 17,221 14,343 1,934 944 17,221 25,679 18,886 1,934 4,859 25,679 Derivative financial liabilities -11,149 -8,316 -2,833 0 -11,149 14,529 10,570 -899 4,859 14,529 The various levels are as follows: - Level 1: Quoted prices (unadjusted) in an active market for identical assets and liabilities; - Level 2: Inputs that are observable either directly or indirectly; - Level 3: Unobservable inputs for assets and liabilities. The fair value of the following financial assets and liabilities measured at amortised cost approximate their carrying amount: - Trade and other receivables; - Cash and cash equivalents; - Trade and other payables; - Loans and borrowings; - Lease liabilities. Specifically, the carrying amount of loans and borrowings is considered as a good approximation of their fair value as 86% of consolidated Loans and borrowings concern floating-rate debt, which are a very good approximation of current market rates. The following table shows reconciliation between opening and closing balances for Level 3 financial assets: Amounts in EUR thousands Balance as at 1 January 2022 3,915 Additions 942 Impairment loss (-)/ Reversal of impairment loss -50 Balance as at 31 December 2022 4,806 Balance as at 1 January 2021 3,846 Additions 77 Disposals -8 Balance as at 31 December 2021 3,915 B. Measurement of fair values (a) Valuation techniques and significant unobservable inputs The fair values of financial assets that are traded in active markets (stock markets e.g. derivatives, shares, bonds, mutual funds) are set according to the published prices that are valid on the reporting date. The fair values of financial assets that are not traded in active markets are set through the use of valuation techniques and standards that are based on market data on the reporting date. The fair values of financial liabilities, for the purpose of being recorded in financial statements, are estimated based on the present value of the future cash flows that arise from specific contracts using the current interest rate that is available for Viohalco and its companies for the use of similar financial-credit means. Inputs that do not meet the respective criteria and cannot be classified in Level 1 but are observable, either directly or indirectly, fall under Level 2. Over-the-counter derivative financial instruments based on prices obtained from brokers are classified in this level. The financial assets, such as unlisted shares that are not traded in an active market whose measurement is based on the Viohalco\u2019s companies\u2019 forecasts for the issuer\u2019s future profitability are classified under Level 3. The following table shows the valuation techniques used in measuring fair values, as well as the significant unobservable inputs used: Inter-relationship between Significant key unobservable Type Valuation technique unobservable inputs inputs and fair value measurement Derivatives Market value: Price as traded in active market Not applicable Not applicable Market comparison technique: The fair values are Broker quotes Not applicable based on broker quotes. Similar contracts are traded in an active market and the quotes reflect the actual transactions in similar instruments Equity securities traded Market value: Price as traded in active market Not applicable Not applicable in active markets Equity securities not Discounted cash flows: The fair value of shares - Risk-free rate: 2.1% The estimated fair value would increase traded in active markets not traded in an active market is defined based on - Market risk premium: 6.21% (decrease) if: the estimates of Viohalco and its companies for - Expected tax expense rate: 22% \u2022 the estimated risk-free rate, market risk the future profitability of the issuer after taking into - WACC for the most significant premium and WACC were lower (higher) account the expected growth rate of its operations, investment: 8-9.5% \u2022 the estimated cash flows were higher (lower) as well as the discounted interest rate \u2022 the expected income tax rate was lower (higher) (b) Transfers between Levels 1 and 2 There were no transfers from Level 2 to Level 1 or from Level 1 to Level 2 in 2022 or in 2021. C. Financial risk management Viohalco and its companies are exposed to credit, liquidity and market risk due to the use of financial instruments. This Note sets forth information on their exposure to each one of the above risks, the policies and procedures applied to risk measurement. More quantitative particulars on these disclosures are included throughout the Consolidated Financial Statements. The risk management policies are applied to identify and analyze the risks facing Viohalco and its companies, set risk-taking limits and apply relevant control systems. Risk management procedures are reviewed regularly and changes are implemented if the need arise. The implementation of risk management policies and procedures is monitored by the Internal Audit function, which performs ordinary and extraordinary audits relating to the implementation of procedures, whereas the results of such audits are notified to the Board of Directors. C.1. Credit risk Credit risk is the risk of the financial loss to Viohalco and its companies, if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the companies\u2019 receivables from customers, contract assets and bank deposits. The carrying amount of financial assets represents the maximum credit exposure. Amounts in EUR thousands Note 2022 2021 Trade & other receivables 15 681,976 630,850 Contract assets 7 199,839 101,371 Less: Other down payments 15 -10,891 -16,478 Tax assets 15 -64,669 -62,298 Other non-financial assets -51,296 -28,012 754,960 625,433 Other investments 21 8,405 8,457 Cash and cash equivalents 16 412,644 503,267 Derivatives 23 66,071 17,221 487,120 528,945 Total 1,242,080 1,154,378 (a) Trade and other receivables Viohalco\u2019s companies have established a credit policy under which each customer\u2019s creditworthiness is examined on an individual basis before the determination of the payment terms offered. Credit limits are set for each customer and are regularly reviewed and, readjusted, if necessary. As a rule, customer credit limits are in accordance with of the credit insurance limits offered by the insurance companies where Viohalco companies\u2019 rceivables are insured. When monitoring the credit risk,customers are grouped according to their credit characteristics, and their payment history. Trade and other receivables mainly include wholesale customers of Viohalco\u2019s companies. Any customers characterized as being \u201chigh risk\u201d are monitored closely subsequent sales have zero payment terms. Depending on the customer credit rating and its status, Viohalco\u2019s companies require tangible or other security (e.g. letters of guarantee) in order to secure its receivables. Viohalco\u2019s companies record an impairment loss that represents its expected credit losses in respect of trade and other receivables. At 31 December, the maximum exposure to credit risk for trade and other receivables and contract assets by geographic region was as follows: Amounts in EUR thousands 2022 2021 Greece 305,237 184,545 Other EU member states 239,576 261,941 Other European countries 82,312 77,343 Asia 28,451 57,020 America 93,314 36,440 Africa 5,689 7,665 Oceania 381 479 Total 754,960 625,433 The ageing of trade and other receivables and contract assets that were not impaired was as follows: Amounts in EUR thousands 2022 2021 Neither past due nor impaired 680,307 556,236 Overdue - Up to 6 months 65,161 59,022 - Over 6 months 9,492 10,175 Total 754,960 625,433 Based on management assessment,the amounts that are past due up to 6 months and over 6 months are still collectible in full, based on historical payment behaviour and extensive analysis of customer credit risk. Viohalco companies insure a significant portion of their receivables and at 31 December 2022, 76% of the receivables balances were credit insured. The movement in impairment of trade and other receivables and contract assets is as follows: 2022 2021Trade & other Contract Trade & other Contract Amounts in EUR thousands receivables assets Total receivables assets Total Balance as at 1 January 67,313 318 67,630 71,693 143 71,836 Impairment loss recognized 5,003 12 5,015 2,999 175 3,173 Amounts written off -1,011 0 -1,011 -8,454 0 -8,454 Impairment loss reversed -720 -127 -847 -476 0 -476 Loss of Control/Disposal of subsidiary -297 0 -297 0 0 0 Foreign exchange differences 1,260 0 1,260 1,776 0 1,776 Reclassification to assets held for sale -2,275 0 -2,275 0 0 0 Reclassification -62 0 -62 -225 0 -225 Balance as at 31 December 69,212 203 69,414 67,313 318 67,630The allowance for expected credit losses for trade receivables and contract assets are calculated at individual level when there is an indication of impairment. For receivables and contract assets without any indication of impairment the expected credit losses are based on the historical data combined with forward-looking macroeconomic factors affecting credit risk, such as country risk and industry related risks. Expected loss rates are updated at every reporting date. The rising inflation and interest rates were also taken into consideration when calculating expected credit losses for the current year, without any significant impact on the impairment loss recognized. In 2022, the impairment loss recognized concerned mainly clients in steel, aluminium and copper segment while amounts that have been impaired mainly in other segment were written off. On the contrary, a reversal of impairment loss was recorded, as a result of the improvement of the expected loss rates of major clients in the other segments. The following collateral exists for securing non-insured receivables from customers and contract assets: Amounts in EUR thousands 2022 2021 Cash collateral 2,019 1,076 Letter of credit 15,781 10,674 Collateral on property 1,850 2,037 Payables which can be offset by receivables 12,825 11,441 Other 2,597 3,253 Total 35,073 28,480 (b) Cash and cash equivalentsViohalco and its subsidiaries held cash and cash equivalents of EUR 413 million at 31 December 2022 (2021: EUR 503 million). The cash and cash equivalents are held with bank and financial institution counterparties, which are rated from A3 to B2 based on ratings of Moody\u2019s. Impairment on cash and cash equivalents has been measured on a 12-month expected loss basis and reflects the short maturities of the exposures. Viohalco considers that its cash and cash equivalents have low credit risk based on the credit assessment performed. C.2. Liquidity risk Liquidity risk is the risk that Viohalco companies will encounter difficulties in meeting their fianancial obligations in a timely manner. To manage liquidity risk they ensure, that sufficient liquidity is available, to meet their liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to their reputation. Viohalco companies maintain sufficient undrawn credit limits to meet all their scheduled financial obligations as well as most unexpected ones. Exposure to liquidity risk Financial liabilities and derivatives based on contractual maturity are broken down as follows: 2022 Contractual cash flows Amounts in EUR thousands Carrying Amount < 1year 1-2 years 2-5 years > 5 years Total Liabilities Bank loans 985,897 770,598 60,369 139,488 46,723 1,017,179 Bond issues 1,443,568 242,446 205,474 450,409 781,333 1,679,662 Lease liabilities 40,380 13,265 9,762 9,655 22,616 55,299 Derivatives 19,704 18,455 4 1,245 0 19,704 Contract liabilities 133,837 133,825 69 0 0 133,894 Trade and other payables 1,153,305 1,138,266 4,136 9,770 1,133 1,153,305 3,776,691 2,316,855 279,815 610,567 851,806 4,059,042 2021 Contractual cash flows Amounts in EUR thousands Carrying Amount < 1year 1-2 years 2-5 years > 5 years Total Liabilities Bank loans 911,208 731,748 50,791 123,419 21,725 927,683 Bond issues 1,231,031 150,965 226,495 490,837 522,835 1,391,132 Lease liabilities 45,335 11,728 10,245 9,083 15,589 46,644 Derivatives 11,149 7,563 3,205 0 382 11,149 Contract liabilities 61,371 61,448 0 0 0 61,448 Trade and other payables 1,111,420 1,092,676 6,497 3,184 9,063 1,111,420 3,371,513 2,056,128 297,232 626,524 569,593 3,549,477 Viohalco companies\u2019 loans are subject to termination clauses based on financial ratios, such as \u2018Total liabilities / Total equity`, \u2018Net debt / Total sales` and \u2018Current assets / Current liabilities`, that need to be maintained above or below certain predetermined levels. These ratios are monitored regularly in order to avoid breaches that may lead to loans becoming due before contractual maturity, causing liquidity pressures. C.3. Market risk Market risk is the risk that changes in market prices \u2013 such as commodity prices, foreign exchange rates and interest rates - will affect Viohalco and its companies income or the value of their financial instruments. Viohalco\u2019s companies use derivatives to manage market risk. Generally, Viohalco companies apply hedge accounting to manage volatility in their returns (P&L). (a) Currency risk Viohalco and its companies are exposed to currency risk in relation to the sales and purchases carried out and the loans issued in a currency other than the functional currency of Viohalco and its companies, which is mainly EUR. The most important currencies in which these transactions are held are EUR, USD and GBP. Over time, Viohalco\u2019s companies hedge the greatest part of their exposure to foreign currencies. Viohalco\u2019s companies enter mainly into forward contracts with external counterparties so as to deal with currency risk. These contracts mainly expire within the next 12 months from the reporting date. If necessary, such contracts are renewed upon expiry. FX risk may also be covered \u201cnaturally\u201d by taking out loans in the respective currencies if loan interest is denominated in the same currency as that of cash flows coming from operating activities. The capital investments of Viohalco companies are not hedgedas they have been made mainly in Euro. The summary quantitative data about Viohalco and its companies\u2019 exposure to currency risk as reported is as follows. 2022 Amounts in EUR thousands USD GBP BGN RSD RON Other Total at risk EUR Total Trade and other receivables 71,765 41,341 30,289 1,407 32,736 8,718 186,256 495,720 681,976 Contract assets 35,167 0 0 0 0 0 35,167 164,672 199,839 Loans and borrowings -7,627 -61,008 -4,978 -23 -5,973 -1,639 -81,248 -2,388,598 -2,469,845 Trade and other payables -168,822 -27,303 -57,798 -405 -22,192 -1,202 -277,722 -920,231 -1,197,953 Contract Iiabilities -44,506 0 -2,068 0 -260 0 -46,834 -87,002 -133,837 Cash & cash equivalents 25,368 2,818 7,404 629 1,815 847 38,882 373,762 412,644 -88,653 -44,152 -27,152 1,608 6,127 6,724 -145,498 -2,361,678 -2,507,176 Derivatives for risk hedging (Nominal Value) -109,001 -16,333 0 0 0 0 -125,334 22,316 -103,018 Exposure -197,655 -60,485 -27,152 1,608 6,127 6,724 -270,833 -2,339,362 -2,610,195 2021 Amounts in EUR thousands USD GBP BGN RSD RON Other Total at risk EUR Total Trade and other receivables 70,522 24,868 33,598 5,661 32,395 10,245 177,288 453,562 630,850 Contract assets 0 0 0 0 0 0 0 101,371 101,371 Loans and borrowings -14,441 -36,467 -1,718 -31 -6,930 -7,315 -66,901 -2,120,672 -2,187,573 Trade and other payables -110,971 -23,080 -55,155 -556 -17,045 -947 -207,754 -903,666 -1,111,420 Contract Iiabilities -719 0 -1,511 -49 -1,001 -4,848 -8,129 -53,243 -61,371 Cash & cash equivalents 28,422 5,488 5,131 462 3,243 308 43,054 460,213 503,267 -27,188 -29,191 -19,655 5,486 10,662 -2,557 -62,442 -2,062,434 -2,124,876 Derivatives for risk hedging (Nominal Value) -61,934 -26,026 0 0 0 0 -87,960 0 -87,960 Exposure -89,122 -55,217 -19,655 5,486 10,662 -2,557 -150,402 -2,062,434 -2,212,836 \u201cDerivatives for risk hedging\u201d includes also derivatives that relate to highly probable transactions, which have not been yet recognized as assets or liabilities in the consolidated statement of financial position. Euro denominated amounts are included for totals\u2019 reconciliation purposes. The following exchange rates have been applied during the year. Average exchange rate Year end spot rate 2022 2021 2022 2021 USD 1.05 1.18 1.07 1.13 GBP 0.85 0.86 0.89 0.84 BGN 1.96 1.96 1.96 1.96 RSD 117.46 117.57 117.32 117.58 RO\u039d 4.93 4.92 4.95 4.95 Viohalco is primarily exposed to changes of Euro against US dollar, pound sterling, Serbian Dinar and RON. A reasonably possible strengthening (weakening) of Euro against these currencies as at 31 December would have affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases. The Bulgarian currency LEV is not analysed below due to its fixed currency rate at 1.96 BGN/EUR. Profit or loss Equity, net of tax Amounts in EUR thousands EUR Strengthening EUR Weakening EUR Strengthening EUR Weakening 2022 USD (10% movement) 15,795 -15,795 24,406 -24,406 GBP (10% movement) 5,401 -5,401 6,675 -6,675 RSD (10% movement) -125 125 -125 125 RON (10% movement) -478 478 -478 478 2021 USD (10% movement) 8,920 -8,920 13,751 -13,751 GBP (10% movement) 6,337 -6,337 8,367 -8,367 RSD (10% movement) -428 428 -428 428 RON (10% movement) -832 832 -832 832 (b) Interest rate risk Viohalco Subsidiaries have adopted a flexible policy of ensuring that a portion of their Medium and LT debt obligations are on a fixed rate basis. This is achieved through a combination of issuing medium term, fixed rate bond loans and using interest rate swaps to hedge a portion of their floating rate medium and LT loans. The interest rate profile of Viohalco companies\u2019 interest-bearing financial instruments, as reported is as follows. Nominal amount Amounts in EUR thousands 2022 2021 Fixed-rate instruments Financial liabilities -339,913 -326,704 Variable-rate instruments Financial liabilities -2,129,932 -1,860,868 Interest rate swaps (nominal value) -123,800 0 2,006,132 1,860,868 Fixed-rate instruments Viohalco does not account for any fixed-rate financial assets or financial liabilities at fair value through profit or loss. Viohalco currently uses derivatives (interest rate swaps) as hedging instruments under a cash flow hedge accounting model. Sensitivity analysis for variable-rate instruments A reasonably possible change of 0.25% in interest rates of variable-rate instruments at the reporting date would have increased/ decreased (-) profit or loss by the amount shown below. This analysis assumes that all other variables, in particular foreign currency exchange rate, remain constant. Variable rate Profit or loss Amounts in EUR thousands 0.25% increase 0.25% decrease 2022 Financial liabilities 3,535 -3,537 Cash flow sensitivity (net) 3,535 -3,537 2021 Financial liabilities -449 452 Cash flow sensitivity (net) -449 452 (c) Cash flow hedges The following table indicates the periods in which the cash flows associated with cash flow hedges are expected to occur: Carrying amount 1-6 6-12 More than 31 December Amounts in EUR thousands at 31 December 2022 months months 1 year 2022 Interest rate Swaps Assets 17,524 1,670 1,979 13,874 17,524 Forwards Assets 13,294 3,862 5,808 3,624 13,294 Liabilities 10,132 5,608 4,520 4 10,132 Future contracts Assets 2,380 1,129 1,251 0 2,380 Liabilities 4,628 4,448 180 0 4,628 Commodity Swaps Assets 28,748 4,173 6,519 18,056 28,748 Liabilities 4,917 1,871 1,801 1,245 4,917 81,624 22,762 22,060 36,803 81,624 Carrying amount 1-6 6-12 More than 31 December Amounts in EUR thousands at 31 December 2021 months months 1 year 2021 Interest rate Swaps Liabilities 382 382 0 0 382 Forwards Assets 760 732 28 0 760 Liabilities 2,071 2,035 36 0 2,071 Future contracts Assets 7,670 7,564 107 0 7,670 Liabilities 5,062 5,077 -14 0 5,062 Commodity Swaps Assets 6,663 3,087 3,576 0 6,663 Liabilities 3,205 0 0 3,205 3,205 25,813 18,876 3,732 3,205 25,813 The table below provides information about the items designated as cash flow hedging instruments during the year and also as at 31 December 2022 and the reconciliation of hedging reserve. Based on their nature, hedging instruments are included in Derivatives assets and Derivatives liabilities in consolidated statement of financial position. 2022 Changes in the value of Amount the hedging reclassified Change Effect of Balance 1 instrument from hedging Other in movement Balance 31 Nominal Carrying amount January recognised reserve to move- accounting in exchange December Amounts in EUR thousands Amount Assets Liabilities 2022 in OCI profit or loss ments policy rates 2022 Forward foreign exchange contracts 187,291 13,294 -10,132 -1,311 2,773 1,462 -100 0 337 3,161 Future contracts 53,123 2,380 -4,628 2,608 -11,734 3,188 230 0 2 -5,706 Interest rate swap contracts 203,800 17,524 0 -382 15,701 -47 0 2,252 0 17,524 Commodity swap contracts 51,239 28,748 -4,917 3,458 30,494 -6,663 0 0 0 27,289 495,452 61,946 -19,678 4,373 37,233 -2,059 130 2,252 339 42,268 2021 Changes in the value of Amount the hedging reclassified Effect of Balance 1 instrument from hedging movement Balance 31 Nominal Carrying amount January recognised reserve to Other in exchange December Amounts in EUR thousands Amount Assets Liabilities 2021 in OCI profit or loss movements rates 2021 Forward foreign exchange contracts 101,239 760 -2,071 1,103 -1,461 -1,079 0 127 -1,311 Future contracts 86,383 7,670 -5,062 605 2,843 -634 -230 25 2,608 Interest rate swap contracts 21,300 0 -382 -1,026 0 0 644 0 -382 Commodity swap contracts 28,886 6,663 -3,205 0 3,458 0 0 0 3,458 237,807 15,093 -10,720 682 4,839 -1,713 414 152 4,373 (d) Commodity price risk The commodity markets experience continuous price fluctuations. Viohalco companies minimize their exposure to commodity price volatility by using hedging instruments, when possible. Viohalco companies are exposed to the fluctuation of aluminium, copper, zinc, lead and nickel. In order to minimize the effect of the metal price fluctuations on their results, companies use back to back matching of purchases and sales or derivative instruments (future contracts). As at 31 December 2022, the derivative net balance of future contracts per commodity as reported in the statement of financial position is: Amounts in EUR thousands 2022 2021 Aluminium -2,307 975 Copper 98 1,658 Lead -39 -25 Nickel 0 0 Total -2,248 2,608 In addition, during 2021, Viohalco subsidiaries started using Commodity Swaps referenced on the Title Transfer Facility (TTF) prices to hedge the risk of fluctuations in natural gas prices from market conditions. As at 31 December 2022, the derivative net balance these contracts as reported in the statement of financial position is EUR 23.8 million. These hedges are designated in a cash flow hedge accounting relationship. C.4. Risks Related to Climate change Viohalco companies recognize the importance of transparency regarding climate-related risks and opportunities to maintain trust of stakeholders and allow investors to better understand the potential impact transition and physical risks and opportunities emanating from climate change. To that end, Viohalco has pledged to assess the potential severity of the risks and the possible benefits of the opportunities with the aim to take all necessary measures to mitigate negative impacts and maximize the positive ones, and to adopt the Task Force on Climate-related Financial Disclosures (TCFD) framework to transparently communicate all climate-related risks and opportunities. For this purpose, Viohalco subsidiaries performed an assessment of climate-related risks and opportunities that covered all industrial and real estate assets. The detailed results of this assessment are reported at segmental level in the Non-Financial Disclosure, accompanying the Annual Report. Moving to a low-carbon economy requires certain measures to be considered and implemented. Through the analysis, for each business segment, the most material climate related transition and physical risks and opportunities over the short, medium and long-term, have been identified. The transition risks assessed relate to policy, legal, technology and market changes to address climate change mitigation and adaptation. Policy actions around climate change continue to evolve, technological improvements or innovations that support the transition to a lower-carbon and energy efficient economic system can have a significant impact on organizations, while significant changes in market such as decrease in demand for specific goods or services or decreased revenues related to changes in customer behavior are some examples of the implications that can impact the operating model and the financial planning of Viohalco subsidiaries. On the other hand, extreme weather events and longer-term shifts in climate patterns such as limited water availability and extreme heat or sea level rise may have multiple impacts and possible financial implications for Viohalco companies. The abovementioned risks and opportunities have been identified and classified on a scale of low, medium, and high, based on the actual and potential impacts on the Viohalco companies\u2019 business model, assets and operations, as well as financial impacts on the business performance. The financial impacts have being considered to the accounting estimates to the extent that they can be currently evaluated. Moreover, challenges associated with climate related commitments have been considered, and Viohalco companies have not identified any additional issues that may have a material effect on their financial statements. C.5. Business and Operational Risk ManagementViohalco subsidiaries follow closely and on a continuous basis the developments in the international and domestic environment and timely adapt their business strategy and risk management policies to minimize the impact of the macroeconomic conditions on their operations. There were no changes in Viohalco companies\u2019 business and operational risk management objectives and policies during 2022. Impact of Ukraine conflict The Ukraine conflict, which began in February 2022, in addition to the human toll, is increasingly affecting global financial markets and exacerbating ongoing economic challenges, including issues such as rising inflation, global supply-chain disruption and energy crisis. The direct exposure to Ukraine and Russia is very limited and business consequences were not material so far, while the same is expected for the foreseeable future. Sales to these markets represent an insignificant portion of total turnover and any loss in revenue can be fully offset by demand in other markets. In terms of financing, Viohalco companies have no exposure to Russian banks. Regarding the impact in energy prices, Viohalco companies have already taken mitigating actions to reduce any business impact related to energy cost, while they are monitoring the situation closely in order to secure efficiency their operations.",
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"value": "A. Transfer of trade receivables The carrying amount of receivables includes amounts that are subject to factoring arrangements. Viohalco and its subsidiaries, enter into factoring agreements (with recourse) to sell trade receivables for cash proceeds. These trade receivables are not being derecognised from the statement of financial position, because substantially all the risks and rewards are still retained by Viohalco - primarily credit risk. The amount received on transfer by the factor is recognised as a secured bank loan. The following table presents the carrying amount of trade receivables at the year-end that have been transferred, but have not been derecognised and the associated liabilities. Amounts in EUR thousands 2022 2021 Carrying amount of trade receivables transferred to banks 60,300 44,219 Carrying amount of associated liabilities 41,244 27,257 The fair value of trade receivables transferred approximates their carrying amount. As at 31 December 2022 and 2021, Viohalco companies had not used the total amount of credit line provided by the factoring companies. Related loans are included in the line \u2019Secured bank loans\u2018 in Note 26 \u2019Loans and Borrowings\u2019. 27. Trade and other payables Amounts in EUR thousands Note 2022 2021 Suppliers 733,232 670,552 Notes payable 284,065 271,177 Cheques payable 151 0 Social security funds 11 15,437 12,465 Amounts due to related parties 37 3,301 4,806 Sundry creditors 20,051 17,828 Accrued expenses 112,505 105,895 Taxes-duties 29,211 28,697 Total 1,197,953 1,111,420 Non-current balance of trade and other payables 17,073 17,615 Current balance of trade and other payables 1,180,881 1,093,804 Balance as at 31 December 1,197,953 1,111,420 The increase in trade and other payables is mainly attributed to increase in metal prices and the increase in \u201cNotes payable\u201d which concerns structured payable arrangements related to purchases of primary raw materials, such as copper, steel etc. whose payment periods can be longer than usual for such supplies. ",
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"value": "B. Credit and market risks and impairment losses During 2010, the subsidiary Corinth Pipeworks SA initiated in Greece and Dubai legal actions against a former customer in the Middle-East regarding the recovery of an overdue receivable of USD 24.8 million (EUR 23.3 million on 31 December 2022), plus legal interest. Following a series of court proceedings, the Dubai Court of Cassation issued its final judgment, during 2017, and ruled to reject any counterclaim of the former customer and to confirm the amount due to Corinth Pipeworks. In order to recover this long overdue balance, Corinth Pipeworks has initiated the enforcement procedures against the assets of the former customer that are located within any of the countries, where the Court of Cassation judgment issued against the former customer is enforceable (i.e. UAE and various other countries in the Middle East). There were no other substantial developments during 2022. Corinth Pipeworks had recorded in the past an impairment loss for the whole outstanding amount, i.e. USD 24.8 million. However, the subsidiary will continue any and all actions required to collect the full amount of that receivable. Information about Viohalco companies\u2019 exposure to credit and market risks, and impairment losses for trade and other receivables is included in Note 30. C.1. Credit risk Credit risk is the risk of the financial loss to Viohalco and its companies, if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the companies\u2019 receivables from customers, contract assets and bank deposits. The carrying amount of financial assets represents the maximum credit exposure. Amounts in EUR thousands Note 2022 2021 Trade & other receivables 15 681,976 630,850 Contract assets 7 199,839 101,371 Less: Other down payments 15 -10,891 -16,478 Tax assets 15 -64,669 -62,298 Other non-financial assets -51,296 -28,012 754,960 625,433 Other investments 21 8,405 8,457 Cash and cash equivalents 16 412,644 503,267 Derivatives 23 66,071 17,221 487,120 528,945 Total 1,242,080 1,154,378 (a) Trade and other receivables Viohalco\u2019s companies have established a credit policy under which each customer\u2019s creditworthiness is examined on an individual basis before the determination of the payment terms offered. Credit limits are set for each customer and are regularly reviewed and, readjusted, if necessary. As a rule, customer credit limits are in accordance with of the credit insurance limits offered by the insurance companies where Viohalco companies\u2019 rceivables are insured. When monitoring the credit risk,customers are grouped according to their credit characteristics, and their payment history. Trade and other receivables mainly include wholesale customers of Viohalco\u2019s companies. Any customers characterized as being \u201chigh risk\u201d are monitored closely subsequent sales have zero payment terms. Depending on the customer credit rating and its status, Viohalco\u2019s companies require tangible or other security (e.g. letters of guarantee) in order to secure its receivables. Viohalco\u2019s companies record an impairment loss that represents its expected credit losses in respect of trade and other receivables. At 31 December, the maximum exposure to credit risk for trade and other receivables and contract assets by geographic region was as follows: Amounts in EUR thousands 2022 2021 Greece 305,237 184,545 Other EU member states 239,576 261,941 Other European countries 82,312 77,343 Asia 28,451 57,020 America 93,314 36,440 Africa 5,689 7,665 Oceania 381 479 Total 754,960 625,433 The ageing of trade and other receivables and contract assets that were not impaired was as follows: Amounts in EUR thousands 2022 2021 Neither past due nor impaired 680,307 556,236 Overdue - Up to 6 months 65,161 59,022 - Over 6 months 9,492 10,175 Total 754,960 625,433 Based on management assessment,the amounts that are past due up to 6 months and over 6 months are still collectible in full, based on historical payment behaviour and extensive analysis of customer credit risk. Viohalco companies insure a significant portion of their receivables and at 31 December 2022, 76% of the receivables balances were credit insured. The movement in impairment of trade and other receivables and contract assets is as follows: 2022 2021Trade & other Contract Trade & other Contract Amounts in EUR thousands receivables assets Total receivables assets Total Balance as at 1 January 67,313 318 67,630 71,693 143 71,836 Impairment loss recognized 5,003 12 5,015 2,999 175 3,173 Amounts written off -1,011 0 -1,011 -8,454 0 -8,454 Impairment loss reversed -720 -127 -847 -476 0 -476 Loss of Control/Disposal of subsidiary -297 0 -297 0 0 0 Foreign exchange differences 1,260 0 1,260 1,776 0 1,776 Reclassification to assets held for sale -2,275 0 -2,275 0 0 0 Reclassification -62 0 -62 -225 0 -225 Balance as at 31 December 69,212 203 69,414 67,313 318 67,630The allowance for expected credit losses for trade receivables and contract assets are calculated at individual level when there is an indication of impairment. For receivables and contract assets without any indication of impairment the expected credit losses are based on the historical data combined with forward-looking macroeconomic factors affecting credit risk, such as country risk and industry related risks. Expected loss rates are updated at every reporting date. The rising inflation and interest rates were also taken into consideration when calculating expected credit losses for the current year, without any significant impact on the impairment loss recognized. In 2022, the impairment loss recognized concerned mainly clients in steel, aluminium and copper segment while amounts that have been impaired mainly in other segment were written off. On the contrary, a reversal of impairment loss was recorded, as a result of the improvement of the expected loss rates of major clients in the other segments. The following collateral exists for securing non-insured receivables from customers and contract assets: Amounts in EUR thousands 2022 2021 Cash collateral 2,019 1,076 Letter of credit 15,781 10,674 Collateral on property 1,850 2,037 Payables which can be offset by receivables 12,825 11,441 Other 2,597 3,253 Total 35,073 28,480 (b) Cash and cash equivalentsViohalco and its subsidiaries held cash and cash equivalents of EUR 413 million at 31 December 2022 (2021: EUR 503 million). The cash and cash equivalents are held with bank and financial institution counterparties, which are rated from A3 to B2 based on ratings of Moody\u2019s. Impairment on cash and cash equivalents has been measured on a 12-month expected loss basis and reflects the short maturities of the exposures. Viohalco considers that its cash and cash equivalents have low credit risk based on the credit assessment performed. ",
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"value": "16. Cash and cash equivalents Amounts in EUR thousands 2022 2021 Cash in hand and at banks 98 6,848 Short-term bank deposits 412,546 496,419 Total 412,644 503,267 Short term deposits have duration of less than 90 days and are available for use. ",
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"value": "16. Cash and cash equivalents Amounts in EUR thousands 2022 2021 Cash in hand and at banks 98 6,848 Short-term bank deposits 412,546 496,419 Total 412,644 503,267 Short term deposits have duration of less than 90 days and are available for use. B. Reconciliation of movements of liabilities to cash flows from financing activities Amounts in EUR thousands Loans and Borrowings Leases Total Balance at 1 January 2022 2,142,238 45,334 2,187,573 Changes from financing cash flows Proceeds from loans and borrowings 856,508 0 856,508 Repayment of borrowings & lease liabilities -570,259 -11,630 -581,890 Total changes from financing cash flows 286,248 -11,630 274,618 Other changes New leases 0 10,195 10,195 Interest expense 86,229 1,915 88,144 Interest paid* -79,500 -1,846 -81,347 Capitalised borrowing costs 600 0 600 Terminations/Modifications 253 -2,807 -2,554 Loss of Control/Disposal of subsidiary -3,439 -801 -4,240 Division spin off 4 0 4 Effect of changes in foreign exchange rate -3,168 21 -3,147 Total other changes 978 6,676 7,655 Balance at 31 December 2022 2,429,465 40,380 2,469,845 Amounts in EUR thousands Loans and Borrowings Leases Total Balance at 1 January 2021 1,747,933 52,211 1,800,144 Changes from financing cash flows Proceeds from loans and borrowings 896,672 0 896,672 Repayment of borrowings & lease liabilities -514,171 -11,562 -525,733 Total changes from financing cash flows 382,501 -11,562 370,940 Other changes New leases 0 5,146 5,146 Interest expense 70,576 2,076 72,651 Interest paid* -62,521 -2,061 -64,582 Capitalised borrowing costs 862 0 862 Terminations/Modifications 674 -483 191 Effect of changes in foreign exchange rate 2,214 7 2,159 Total other changes 11,805 4,685 16,489 Balance at 31 December 2021 2,142,238 45,334 2,187,573 * Interest paid reported in Cash Flow Statement, includes bank charges and other finance costs. ",
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"value": "17. Property, plant and equipment A. Reconciliation of carrying amount Machinery Furniture Land, plants & & transportation & other PP&E under Amounts in EUR thousands other buildings equipment equipment construction Total Cost Balance as at 1 January 2022 1,065,978 2,917,527 79,398 214,763 4,277,666 Effect of movement in exchange rates -473 -9,715 5 -430 -10,613 Additions 46,636 25,408 5,927 219,588 297,558 Disposals -1,315 -5,507 -592 -369 -7,783 Transfer to/from investment property -53 0 0 0 -53 Reclassification to assets held for sale -5,861 -18,710 -1,550 -2,924 -29,045 Reclassifications 40,959 226,796 1,798 -259,421 10,132 Write offs -583 -19,477 -729 -554 -21,343 Loss of control / Disposal of subsidiary -10 -1,312 -97 0 -1,419 Balance as at 31 December 2022 1,145,277 3,115,012 84,159 170,654 4,515,102 Accumulated depreciation & impairment losses Balance as at 1 January 2022 -391,222 -1,726,929 -65,426 -4,983 -2,188,560 Effect of movement in exchange rates 214 6,671 -8 0 6,878 Depreciation -26,048 -98,193 -5,400 0 -129,641 Disposals 625 4,968 487 0 6,080 Write offs 5 17,284 711 0 17,999 Reversal of previously recognized impairment loss 10,722 258 0 0 10,980 Transfer to/from investment property 9 0 0 0 9 Impairment loss -3,974 -2,971 0 0 -6,944 Reclassification to assets held for sale 2,723 7,454 961 0 11,137 Reclassifications 0 -13,408 0 0 -13,408 Loss of control / Disposal of subsidiary 10 1,298 97 0 1,405 Balance as at 31 December 2022 -406,935 -1,803,569 -68,580 -4,983 -2,284,066 Carrying amount as at 31 December 2022 738,342 1,311,443 15,580 165,671 2,231,036 Machinery Furniture Land, plants & & transportation & other PP&E under Amounts in EUR thousands other buildings equipment equipment construction Total Cost Balance as at 1 January 2021 1,007,315 2,793,597 76,081 154,824 4,031,817 Effect of movement in exchange rates 1,129 10,230 -25 330 11,663 Additions 31,301 26,990 4,129 186,746 249,167 Disposals -2,710 -3,732 -188 -475 -7,105 Transfer to /from investment property -210 0 0 0 -210 Reclassifications 29,420 94,977 1,237 -126,597 -962 Write offs -267 -4,535 -1,836 -66 -6,705 Balance as at 31 December 2021 1,065,978 2,917,527 79,398 214,763 4,277,666 Accumulated depreciation & impairment losses Balance as at 1 January 2021 -378,847 -1,631,552 -62,340 -4,983 -2,077,721 Effect of movement in exchange rates -374 -6,543 13 0 -6,905 Depreciation -22,990 -92,682 -5,015 0 -120,686 Disposals 1,582 2,633 137 0 4,352 Write offs 267 2,706 1,804 0 4,777 Reversal of previously recognized impairment loss 11,226 258 0 0 11,484 Impairment loss -2,087 -664 -2 0 -2,753 Reclassifications 1 -1,085 -23 0 -1,107 Balance as at 31 December 2021 -391,222 -1,726,929 -65,426 -4,983 -2,188,560 Carrying amount as at 31 December 2021 674,756 1,190,598 13,971 209,781 2,089,107 The net amount of EUR 3.3 million in \u2018Reclassifications\u2019 movement mainly concerns assets under construction reclassified to intangible assets and inventories as well as reclassifications from right of use assets. B. SecurityProperty, plant & equipment with a carrying amount of EUR 1,377 million are mortgaged as security for borrowings received by Viohalco\u2019s companies (see Note 26). C. Property, plant and equipment under constructionThe most important additions in property, plant and equipment under construction as of 31 December 2022 concern the following: \u2022 the expansion of the new cold rolling mill at Oinofyta aluminium rolling plant; \u2022 the new lacquering line and new infrustructeres in Oinofyta aluminium rolling plant of ElvalHalcor,\u2022 machinery upgrades in Bridgnorth aluminium plant; \u2022 the revamping of press in ElvalHalcor\u2019s copper tube plant;\u2022 the operational investments in copper alloys extrusion division of ElvalHalcor and the copper rolling division (Sofia Med); \u2022 the ongoing investments in the cables plant in Corinth; \u2022 a capital expenditure of EUR 6.0 million to support the construction of a submarine cables factory in the USA \u2022 certain productivity and capacity improvement investments in Thisvi\u2019s plant of steel pipes segment; \u2022 steel segment\u2019s operational investments related to plants\u2019 machinery upgrade. They also include the Meltshop filters upgrade, energy efficiency projects and IT automations in Bulgaria.Capitalized borrowing costs related to property, plant and equipment under construction amount to EUR 0.6 million (2021: EUR 0.9 million), which have been calculated using an average capitalization rate of 3.7% (2021: 3.7%). Additions in assets under construction also include capitalized employee benefits equal to EUR 2,095 thousand (2021: EUR 2,338 thousand). D. Transfer to and from investment propertyDuring 2022, Property plant and plant and equipment amounting of EUR 44 thousands were transferred to investment property. E. Impairment loss of property, plant and equipmentOn 31 December 2022, an impairment test was performed for each Cash Generating Unit (further CGU) for which indications of impairment loss existed as at 31 December 2022 concerning subsidiaries from steel and steel pipes segments. The identified indications of impairment concerned the losses incurred by certain CGUs over the last years. For the calculation of recoverable amount per CGU, cash f low projections based on a period of f ive years were used. The results of this test concluded that the property, plant and equipment used by these CGUs were not impaired at 31 December 2022, since the recoverable amount of each CGU exceeded the respective carrying amount. In addition, impairment losses of EUR 6.9 million where recognised mainly in the aluminium (EUR 2.7 million) and copper segments (EUR 2 million) for specific fixed assets that indications of impairment were existed. The recoverable amount of related assets amounted EUR 881 thousands.During 2022, machinery equipment with NBV equal to EUR 3.3 million (2021: EUR 1.9 million) were written off since they are no longer used by Viohalco companies and they are not expected to bring economic benefits in the future since these assets became obsolete. In addition, impairment tests were performed on real estate assets where indications of impairment exist, either owner occupied or held as investment property. The tests were carried out in order to address the risk of negative changes in the fair value of properties and respond if necessary. Valuation techniques and the results relating to investment properties are outlined in note 19. F. Reversal of impairment loss of property, plant and equipment A test has also been performed for CGUs, for which indications for reversal of previously recorded impairment loss existed at 31 December 2022. These indications concerned the improvement of expected performance of certain CGUs over the following years. However, the result of the test was that no impairment loss should be reversed in 2022. In addition, previously recognized impairment losses of EUR 11 million were reversed (recoverable amount EUR 29 million) and included in the line \u201cOther Income\u201d of the consolidated statement of profit or loss, related to Investment property that has been transferred to PP&E in the previous years. Valuation technique applied was \u201cIncome Approach\u201d. Valuation techniques and the results relating to investment properties are outlined in note 19. For segmental classification purposes, reversal of impairment losses reported in real estate segment. G. Reclassification to assets held for sale Assets amounting to EUR 17.9 million have been reclassified to Assets held for sale in the context of Etem Commercial disposal agreement (see note 22). ",
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"pp-value-174-4": {
"value": "A. Reconciliation of carrying amount Machinery Furniture Land, plants & & transportation & other PP&E under Amounts in EUR thousands other buildings equipment equipment construction Total Cost Balance as at 1 January 2022 1,065,978 2,917,527 79,398 214,763 4,277,666 Effect of movement in exchange rates -473 -9,715 5 -430 -10,613 Additions 46,636 25,408 5,927 219,588 297,558 Disposals -1,315 -5,507 -592 -369 -7,783 Transfer to/from investment property -53 0 0 0 -53 Reclassification to assets held for sale -5,861 -18,710 -1,550 -2,924 -29,045 Reclassifications 40,959 226,796 1,798 -259,421 10,132 Write offs -583 -19,477 -729 -554 -21,343 Loss of control / Disposal of subsidiary -10 -1,312 -97 0 -1,419 Balance as at 31 December 2022 1,145,277 3,115,012 84,159 170,654 4,515,102 Accumulated depreciation & impairment losses Balance as at 1 January 2022 -391,222 -1,726,929 -65,426 -4,983 -2,188,560 Effect of movement in exchange rates 214 6,671 -8 0 6,878 Depreciation -26,048 -98,193 -5,400 0 -129,641 Disposals 625 4,968 487 0 6,080 Write offs 5 17,284 711 0 17,999 Reversal of previously recognized impairment loss 10,722 258 0 0 10,980 Transfer to/from investment property 9 0 0 0 9 Impairment loss -3,974 -2,971 0 0 -6,944 Reclassification to assets held for sale 2,723 7,454 961 0 11,137 Reclassifications 0 -13,408 0 0 -13,408 Loss of control / Disposal of subsidiary 10 1,298 97 0 1,405 Balance as at 31 December 2022 -406,935 -1,803,569 -68,580 -4,983 -2,284,066 Carrying amount as at 31 December 2022 738,342 1,311,443 15,580 165,671 2,231,036 Machinery Furniture Land, plants & & transportation & other PP&E under Amounts in EUR thousands other buildings equipment equipment construction Total Cost Balance as at 1 January 2021 1,007,315 2,793,597 76,081 154,824 4,031,817 Effect of movement in exchange rates 1,129 10,230 -25 330 11,663 Additions 31,301 26,990 4,129 186,746 249,167 Disposals -2,710 -3,732 -188 -475 -7,105 Transfer to /from investment property -210 0 0 0 -210 Reclassifications 29,420 94,977 1,237 -126,597 -962 Write offs -267 -4,535 -1,836 -66 -6,705 Balance as at 31 December 2021 1,065,978 2,917,527 79,398 214,763 4,277,666 Accumulated depreciation & impairment losses Balance as at 1 January 2021 -378,847 -1,631,552 -62,340 -4,983 -2,077,721 Effect of movement in exchange rates -374 -6,543 13 0 -6,905 Depreciation -22,990 -92,682 -5,015 0 -120,686 Disposals 1,582 2,633 137 0 4,352 Write offs 267 2,706 1,804 0 4,777 Reversal of previously recognized impairment loss 11,226 258 0 0 11,484 Impairment loss -2,087 -664 -2 0 -2,753 Reclassifications 1 -1,085 -23 0 -1,107 Balance as at 31 December 2021 -391,222 -1,726,929 -65,426 -4,983 -2,188,560 Carrying amount as at 31 December 2021 674,756 1,190,598 13,971 209,781 2,089,107 The net amount of EUR 3.3 million in \u2018Reclassifications\u2019 movement mainly concerns assets under construction reclassified to intangible assets and inventories as well as reclassifications from right of use assets. E. Impairment loss of property, plant and equipmentOn 31 December 2022, an impairment test was performed for each Cash Generating Unit (further CGU) for which indications of impairment loss existed as at 31 December 2022 concerning subsidiaries from steel and steel pipes segments. The identified indications of impairment concerned the losses incurred by certain CGUs over the last years. For the calculation of recoverable amount per CGU, cash f low projections based on a period of f ive years were used. The results of this test concluded that the property, plant and equipment used by these CGUs were not impaired at 31 December 2022, since the recoverable amount of each CGU exceeded the respective carrying amount. In addition, impairment losses of EUR 6.9 million where recognised mainly in the aluminium (EUR 2.7 million) and copper segments (EUR 2 million) for specific fixed assets that indications of impairment were existed. The recoverable amount of related assets amounted EUR 881 thousands.During 2022, machinery equipment with NBV equal to EUR 3.3 million (2021: EUR 1.9 million) were written off since they are no longer used by Viohalco companies and they are not expected to bring economic benefits in the future since these assets became obsolete. In addition, impairment tests were performed on real estate assets where indications of impairment exist, either owner occupied or held as investment property. The tests were carried out in order to address the risk of negative changes in the fair value of properties and respond if necessary. Valuation techniques and the results relating to investment properties are outlined in note 19. F. Reversal of impairment loss of property, plant and equipment A test has also been performed for CGUs, for which indications for reversal of previously recorded impairment loss existed at 31 December 2022. These indications concerned the improvement of expected performance of certain CGUs over the following years. However, the result of the test was that no impairment loss should be reversed in 2022. In addition, previously recognized impairment losses of EUR 11 million were reversed (recoverable amount EUR 29 million) and included in the line \u201cOther Income\u201d of the consolidated statement of profit or loss, related to Investment property that has been transferred to PP&E in the previous years. Valuation technique applied was \u201cIncome Approach\u201d. Valuation techniques and the results relating to investment properties are outlined in note 19. For segmental classification purposes, reversal of impairment losses reported in real estate segment. A. Reconciliation of carrying amount Development Trademarks Amounts in EUR thousands Goodwill costs and licenses Software Other Total Cost Balance as at 1 January 2022 1,500 1,317 37,622 55,216 2,915 98,570 Effect of movement in exchange rates 0 0 1 -4 -3 -6 Additions 0 0 1,867 4,402 99 6,368 Disposals 0 0 0 -67 0 -67 Write-offs 0 0 0 -25 0 -25 Loss of Control/Disposal of subsidiary 0 0 0 -8 0 -8 Reclassifications to Held for Sale 0 -884 -307 -789 0 -1,979 Reclassifications 0 103 386 1,894 127 2,510 Balance as at 31 December 2022 1,500 537 39,569 60,619 3,138 105,363 Accumulated amortization and impairment loss Balance as at 1 January 2022 -1,500 -626 -11,823 -41,626 -912 -56,487 Effect of movement in exchange rates 0 0 0 6 1 7 Amortization 0 -96 -2,484 -4,026 -111 -6,717 Disposals 0 0 0 67 0 67 Write-offs 0 0 0 25 0 25 Loss of Control/Disposal of subsidiary 0 0 0 8 0 8 Reclassifications to Held for Sale 0 217 303 591 0 1,111 Balance as at 31 December 2022 -1,500 -505 -14,004 -44,956 -1,022 -61,986 Carrying amount as at 31 December 2022 0 32 25,565 15,663 2,117 43,376 Development Trademarks Amounts in EUR thousands Goodwill costs and licenses Software Other Total Cost Balance as at 1 January 2021 1,500 2,097 34,400 49,000 2,818 89,814 Effect of movement in exchange rates 0 -1 0 -95 -5 -101 Additions 0 0 1,581 4,289 102 5,972 Disposals 0 0 -1 -10 0 -11 Write-offs 0 0 -3 -183 0 -186 Reclassifications 0 -779 1,645 2,216 0 3,082 Balance as at 31 December 2021 1,500 1,317 37,622 55,216 2,915 98,570 Accumulated amortization and impairment loss Balance as at 1 January 2021 -1,500 -1,097 -9,612 -37,200 -860 -50,269 Effect of movement in exchange rates 0 1 0 68 2 70 Amortization for the period 0 -137 -2,215 -4,269 -53 -6,673 Disposals 0 0 1 10 0 11 Write-offs 0 0 3 183 0 186 Impairment loss 0 0 0 -79 0 -79 Reclassifications 0 608 0 -341 0 267 Balance as at 31 December 2021 -1,500 -626 -11,823 -41,626 -912 -56,487 Carrying amount as at 31 December 2021 0 691 25,799 13,589 2,004 42,083 F. Impairment testing (a) Intangible assets recognized for the CGU \u201cFulgor\u201d As these intangible assets do not generate independent cash inflows, it was considered appropriate to carry out the impairment test on the basis of the Cash Generating Unit (CGU) of Fulgor submarine cables production plant, which incorporates these assets. To evaluate the value in use, cash flow projections based on estimates by management covering a five-year period (2023 \u2013 2027) were used. These estimates take into consideration the contracts already signed, as well as contracts estimated to be awarded in Greece and abroad. The submarine cables CGU operates as a project-based business. Therefore, assumptions related to revenue and profitability growth are based on the contracts already signed, as well as those estimated to be undertaken in the forthcoming period. The main assumptions regarding the operations of submarine cables CGU and the projects to be executed within the five-year period are: \u2022 Progressively high-capacity utilization of Corinth plant owned by Fulgor, as the one observed during the last 3 years, based on contracts already awarded and those expected given the tendering activity. Given the existing backlog and the growth of renewables business around the world, which is a significant driver in the attractive outlook for the offshore power generation market, the continuously high level of activity is expected to be retained throughout the period 2023-2027. \u2022 Capital expenditure of approx. EUR 189 million in the following 5 years, to cover estimated production and capacity needs. Capital expenditure reflects investments for maintenance as well as organic growth. For the terminal period, investments are set equal to depreciation. \u2022 The compound annual growth rate of revenue from offshore business for the five-year period is set to ca. 24% attributable to the assignment of new projects mainly in Greece, North Europe and the USA. \u2022 The EBITDA margin per offshore project is assumed in the range of 15%-25% of revenue. Estimated profitability per project varies due to different types of cables required, technical specifications, geographic region and the project\u2019s timeframe. \u2022 The compound annual growth rate of fixed operating expenses is assumed equal to ca. 4.8% for the five-year period. Cash flows after the first five years were calculated using an estimated long term growth rate of 1.52%, which mainly reflects management's estimates for the world economy as well as long-term growth prospects of the offshore cable sector. The pre-tax rate used to discount these cash flows was 12.02%, based on the following assumptions: \u2022 The risk-free rate was based on AAA European bond yields. \u2022 The country risk calculations were based on the expected future sales mix and the fact that the business unit is based in Greece. \u2022 The market risk premium was assumed equal to 6.21%., i.e., higher than the one used in last year\u2019s impairment test, as market conditions have worsened. Commodity prices for copper and aluminium are intrinsically part of the impairment test assumptions; the metal price hedging activities undertaken, though, and the customized nature of the products sold by Fulgor, suggest that the value of the business unit is not significantly affected by fluctuations in commodity prices. Hence, a neutral result from metal price fluctuations is assumed in the context of the impairment test. The results of this test indicated that the recoverable amount on 31 December 2022 exceeds the carrying amount of the CGU (equal to EUR 283 million) by EUR 688 million. A sensitivity analysis was carried out on the key assumptions of the model (discount rates and growth in perpetuity), to examine the adequacy of the above headroom. Sensitivity analysis results indicated that the recoverable amount comfortably exceeds the carrying value of the CGU. Assumptions may change as follows, so as the recoverable amount equals the carrying amount: Change in rates (percentage points change) required for the recoverable amount Assumptions used to equal the carrying amount Discount rate 12.02 % + 14.5 ppc Terminal growth 1.52 % - 118.0 ppc (b) Intangible assets recognized for the CGU \u201cReynolds\u201d The recoverable amount of the CGU that includes this intangible asset (Reynolds Cuivre S.A.) was estimated based on the present value of the future cash flows expected to be derived from the CGU (value in use). Cash flows after the first five years were calculated using an estimated growth rate of 1%, which reflects management's estimates for the growth prospects for the market. The after-tax rate used to discount these cash flows is 8.3% for the five year period and for the terminal value and was based on the following: \u2022 Risk free rate at 2.09%. \u2022 The market risk premium (including the country risk for operating in France) was determined at 6.90% Average annual revenue growth rate for the five-year period is 0.2% ; and the average annual operating expenses decrease ; percentage is 0.6%. Average capex equal to EUR 170 thousand. The results of this test indicated that the recoverable amount as at 31 December 2022 exceeds the carrying value of the CGU amounting to EUR 10.0 million by EUR 1.9 million. A sensitivity analysis was carried out on the key assumptions of the model (discount rates and growth in perpetuity), so as to examine the adequacy of the headroom. The result of the sensitivity analysis indicated that the recoverable amount still exceeds the carrying value of the CGU. Results of the sensitivity analysis for the impairment testing: Change in rates (percentage points change) required for the recoverable amount Assumptions used to equal the carrying amount Discount rate 8.3% +0.9ppc Terminal growth 1.0% -1.2ppc A. Reconciliation of carrying amount Amounts in EUR thousands 2022 2021 Balance as at 1 January 280,876 270,413 Acquisitions 53,301 10,887 Disposals -609 -753 Write offs -85 0 (Impairment losses) / Reversal of impairment losses -10,125 6,922 Modifications 280 95 Transfers to property, plant and equipment 0 -1 Transfers from property, plant and equipment 44 210 Depreciation -7,658 -6,898 Balance as at 31 December 316,024 280,876 Gross carrying amount 376,519 324,684 Accumulated depreciation and impairment losses -60,495 -43,807 Net carrying amount as at 31 December 316,024 280,876 Investment property comprises of a number of commercial and industrial properties that are either leased to third parties currently or will be in the foreseeable future. Each of these leases is indexed to consumer prices. During 2022, Viohalco invested an amount of EUR 53 million (EUR 11 million in 2021) for the acquisition and improvement of investment properties. More specifically, 21 new real estate assets were added to the portfolio during the period, all located in Greece, 3 through acquisition and 18 through SCI with contribution in kind. B. Measurement of fair value \u2013Impairment loss and subsequent reversal On December 31st 2022, an impairment test was performed on all real estate assets (individual assets), either owner occupied or held as investment property. The tests were carried out in order to address the risk of negative changes in the fair value of properties and respond if necessary. The results relating to owner occupied properties are outlined in note 17. For investment property assets, an impairment loss of EUR 13.5 million was recorded and included in the line \u2019Other expense\u2018 of the consolidated statement of profit or loss. Impairment losses relate primarily to land and buildings, and the recoverable amount was based on its fair value less costs of disposal. The fair value of these properties was determined by external, independent property valuers, having appropriate recognized professional qualifications and recent experience in the location and category of the properties being valued. Valuation techniques are described in detail in the next paragraph. For segmental classification purposes, the impairment loss (recoverable amount EUR 81 million) was reported in real estate segment. Asset valuations were also used to identify if previously recognized impairment losses could be reversed. As a result, EUR 3.4 million were reversed and included in the line \u2019Other Income\u2018 of the consolidated statement of profit or loss. The recoverable amount of these assets as at 31 December 2022 was EUR 240 million and they relate to the real estate segment. The accumulated impairment losses carried forward as at 31 December 2022, amounts to EUR 40.3 million (31 December 2021: EUR 30.2 million). The fair value of all properties reported in the line \u2019Investment property\u2018, as at 31 December 2022, is EUR 390 million (31 December 2021: EUR 355 million). Valuation techniques and significant unobservable inputs (Level 2 & 3) The fair value measurement for investment property has been categorized as a Level 2 and 3 regarding fair value hierarchy, based on the inputs to the valuation techniques used. Valuations methods used to determine the fair value of these properties were reflecting the highest and best possible use. - For buildings currently rented or expected to be rented out in the foreseeable future for which no observable prices were available, the income approach (either Discounted Cash Flow or Direct capitalization) method was used. DCF method considered the present value of net cash flows to be generated from each property, taking into account expected rental growth rate, void periods, occupancy rate, lease incentive costs such as rent-free periods and other costs not paid by tenants. The expected net cash flows are discounted using risk-adjusted discount rates that ranged between 8.70 % - 12.50 %. Among other factors, the discount rate estimation considers the quality of each building, its location, tenant credit quality, lease terms and the expected market return. The estimated fair value would decrease if either the expected market rental growth was lower or the risk-adjusted discount rates were higher. Direct capitalization uses an All-Risk Yield in order for the current annual estimated rental value to be capitalized. ARY ranged between 4.00% - 12.50% and offers a holistic assessment of the property market's general condition. - For buildings, which were under construction and which are intended to be used as investment property in the future, the residual method was primarily used. The fair value determined by this method reflects the value of the property in its current condition. - For all the properties, the comparative method (market approach) was used. According to this method the valuer estimates the market value of the subject asset by comparing the factors that mostly affect it. Such factors can be location, size, quality of construction etc. This method is based on estimation of the market price and what has been paid for similar properties under similar economic conditions. Each property is valued at a price at which similar ones in the area have recently sold with a subjective differential added (or subtracted) to adjust for the unique characteristics of the property that make it different from the benchmark properties, such as location, size, accessibility etc. The specific valuation technique has been classified as Level 2, regarding the fair value measurement hierarchy. ",
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"pp-value-177-3": {
"value": "C. Property, plant and equipment under constructionThe most important additions in property, plant and equipment under construction as of 31 December 2022 concern the following: \u2022 the expansion of the new cold rolling mill at Oinofyta aluminium rolling plant; \u2022 the new lacquering line and new infrustructeres in Oinofyta aluminium rolling plant of ElvalHalcor,\u2022 machinery upgrades in Bridgnorth aluminium plant; \u2022 the revamping of press in ElvalHalcor\u2019s copper tube plant;\u2022 the operational investments in copper alloys extrusion division of ElvalHalcor and the copper rolling division (Sofia Med); \u2022 the ongoing investments in the cables plant in Corinth; \u2022 a capital expenditure of EUR 6.0 million to support the construction of a submarine cables factory in the USA \u2022 certain productivity and capacity improvement investments in Thisvi\u2019s plant of steel pipes segment; \u2022 steel segment\u2019s operational investments related to plants\u2019 machinery upgrade. They also include the Meltshop filters upgrade, energy efficiency projects and IT automations in Bulgaria.Capitalized borrowing costs related to property, plant and equipment under construction amount to EUR 0.6 million (2021: EUR 0.9 million), which have been calculated using an average capitalization rate of 3.7% (2021: 3.7%). Additions in assets under construction also include capitalized employee benefits equal to EUR 2,095 thousand (2021: EUR 2,338 thousand). ",
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"pp-value-181-3": {
"value": "G. Reclassification to assets held for sale Assets amounting to EUR 17.9 million have been reclassified to Assets held for sale in the context of Etem Commercial disposal agreement (see note 22). ",
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"pp-value-182-2": {
"value": "18. Goodwill and intangible assets A. Reconciliation of carrying amount Development Trademarks Amounts in EUR thousands Goodwill costs and licenses Software Other Total Cost Balance as at 1 January 2022 1,500 1,317 37,622 55,216 2,915 98,570 Effect of movement in exchange rates 0 0 1 -4 -3 -6 Additions 0 0 1,867 4,402 99 6,368 Disposals 0 0 0 -67 0 -67 Write-offs 0 0 0 -25 0 -25 Loss of Control/Disposal of subsidiary 0 0 0 -8 0 -8 Reclassifications to Held for Sale 0 -884 -307 -789 0 -1,979 Reclassifications 0 103 386 1,894 127 2,510 Balance as at 31 December 2022 1,500 537 39,569 60,619 3,138 105,363 Accumulated amortization and impairment loss Balance as at 1 January 2022 -1,500 -626 -11,823 -41,626 -912 -56,487 Effect of movement in exchange rates 0 0 0 6 1 7 Amortization 0 -96 -2,484 -4,026 -111 -6,717 Disposals 0 0 0 67 0 67 Write-offs 0 0 0 25 0 25 Loss of Control/Disposal of subsidiary 0 0 0 8 0 8 Reclassifications to Held for Sale 0 217 303 591 0 1,111 Balance as at 31 December 2022 -1,500 -505 -14,004 -44,956 -1,022 -61,986 Carrying amount as at 31 December 2022 0 32 25,565 15,663 2,117 43,376 Development Trademarks Amounts in EUR thousands Goodwill costs and licenses Software Other Total Cost Balance as at 1 January 2021 1,500 2,097 34,400 49,000 2,818 89,814 Effect of movement in exchange rates 0 -1 0 -95 -5 -101 Additions 0 0 1,581 4,289 102 5,972 Disposals 0 0 -1 -10 0 -11 Write-offs 0 0 -3 -183 0 -186 Reclassifications 0 -779 1,645 2,216 0 3,082 Balance as at 31 December 2021 1,500 1,317 37,622 55,216 2,915 98,570 Accumulated amortization and impairment loss Balance as at 1 January 2021 -1,500 -1,097 -9,612 -37,200 -860 -50,269 Effect of movement in exchange rates 0 1 0 68 2 70 Amortization for the period 0 -137 -2,215 -4,269 -53 -6,673 Disposals 0 0 1 10 0 11 Write-offs 0 0 3 183 0 186 Impairment loss 0 0 0 -79 0 -79 Reclassifications 0 608 0 -341 0 267 Balance as at 31 December 2021 -1,500 -626 -11,823 -41,626 -912 -56,487 Carrying amount as at 31 December 2021 0 691 25,799 13,589 2,004 42,083 B. Amortisation The amortization of trademarks and licenses with finite useful lives, software programs and other intangible assets is allocated to the cost of inventory and is included in \u2019Cost of sales\u2018 when inventory is sold, as trademarks and licenses and software programs are mainly used directly for the production of products and they are considered as production overheads. The amortization of intangible assets not used for production is allocated to administrative expenses. C. Reclassifications Reclassifications mainly relate to intangible assets recorded initially in projects under construction (in property, plant and equipment) and upon the completion of the project, they are transferred to the column which describes their nature. D. Goodwill No additional Goodwill has been recognized during 2022. E. Intangible assets with indefinite useful lives All intangible assets have finite useful life (see Note 5.10), except for the following assets, included in trademarks and licenses category: i. Intangible assets recognized for the CGU \u201cFulgor\u201d a. Trade Name \u201cFulgor\u201d (carrying amount of EUR 1.4 million as at 31 December 2022) It relates to the sector of medium voltage submarine cables and terrestrial high voltage cables that Fulgor was operating prior to its acquisition by Hellenic Cables in 2011 and which has revealed significant economic benefits. Based on the analysis of relevant factors (e.g. knowledge, no longstanding engagement with a wide range of clientele, future development of the sector), the useful life of the brand was considered indefinite. b. License of Port use in Soussaki, Corinth (carrying amount of EUR 8.3 million as at 31 December 2022) Fulgor holds a license for permanent and exclusive use of a port located in the premises of the factory in Soussaki, Corinth. The port is necessary for the production and transportation of submarine cables of medium and high voltage. Since the acquisition of the subsidiary, significant investments for the upgrade and expansion of production capacity of medium and high-voltage submarine cables took place. The useful life of the asset is considered indefinite since the right of use of these port facilities is for an indefinite period. ii. Intangible assets recognized for the CGU \u201cReynolds\u201d (carrying amount of EUR 1.7 million as at 31 December 2022). Upon the completion of the acquisition of Reynolds Cuivre by Genecos, an intangible asset related to the brand name \u201cReynolds\u201d was recognized, as significant economic benefits are expected from its use. Based on the analysis of relevant factors (e.g. knowledge of the relevant market, wide range of clientele, expected future developments), the useful life of the brand was considered indefinite. F. Impairment testing (a) Intangible assets recognized for the CGU \u201cFulgor\u201d As these intangible assets do not generate independent cash inflows, it was considered appropriate to carry out the impairment test on the basis of the Cash Generating Unit (CGU) of Fulgor submarine cables production plant, which incorporates these assets. To evaluate the value in use, cash flow projections based on estimates by management covering a five-year period (2023 \u2013 2027) were used. These estimates take into consideration the contracts already signed, as well as contracts estimated to be awarded in Greece and abroad. The submarine cables CGU operates as a project-based business. Therefore, assumptions related to revenue and profitability growth are based on the contracts already signed, as well as those estimated to be undertaken in the forthcoming period. The main assumptions regarding the operations of submarine cables CGU and the projects to be executed within the five-year period are: \u2022 Progressively high-capacity utilization of Corinth plant owned by Fulgor, as the one observed during the last 3 years, based on contracts already awarded and those expected given the tendering activity. Given the existing backlog and the growth of renewables business around the world, which is a significant driver in the attractive outlook for the offshore power generation market, the continuously high level of activity is expected to be retained throughout the period 2023-2027. \u2022 Capital expenditure of approx. EUR 189 million in the following 5 years, to cover estimated production and capacity needs. Capital expenditure reflects investments for maintenance as well as organic growth. For the terminal period, investments are set equal to depreciation. \u2022 The compound annual growth rate of revenue from offshore business for the five-year period is set to ca. 24% attributable to the assignment of new projects mainly in Greece, North Europe and the USA. \u2022 The EBITDA margin per offshore project is assumed in the range of 15%-25% of revenue. Estimated profitability per project varies due to different types of cables required, technical specifications, geographic region and the project\u2019s timeframe. \u2022 The compound annual growth rate of fixed operating expenses is assumed equal to ca. 4.8% for the five-year period. Cash flows after the first five years were calculated using an estimated long term growth rate of 1.52%, which mainly reflects management's estimates for the world economy as well as long-term growth prospects of the offshore cable sector. The pre-tax rate used to discount these cash flows was 12.02%, based on the following assumptions: \u2022 The risk-free rate was based on AAA European bond yields. \u2022 The country risk calculations were based on the expected future sales mix and the fact that the business unit is based in Greece. \u2022 The market risk premium was assumed equal to 6.21%., i.e., higher than the one used in last year\u2019s impairment test, as market conditions have worsened. Commodity prices for copper and aluminium are intrinsically part of the impairment test assumptions; the metal price hedging activities undertaken, though, and the customized nature of the products sold by Fulgor, suggest that the value of the business unit is not significantly affected by fluctuations in commodity prices. Hence, a neutral result from metal price fluctuations is assumed in the context of the impairment test. The results of this test indicated that the recoverable amount on 31 December 2022 exceeds the carrying amount of the CGU (equal to EUR 283 million) by EUR 688 million. A sensitivity analysis was carried out on the key assumptions of the model (discount rates and growth in perpetuity), to examine the adequacy of the above headroom. Sensitivity analysis results indicated that the recoverable amount comfortably exceeds the carrying value of the CGU. Assumptions may change as follows, so as the recoverable amount equals the carrying amount: Change in rates (percentage points change) required for the recoverable amount Assumptions used to equal the carrying amount Discount rate 12.02 % + 14.5 ppc Terminal growth 1.52 % - 118.0 ppc (b) Intangible assets recognized for the CGU \u201cReynolds\u201d The recoverable amount of the CGU that includes this intangible asset (Reynolds Cuivre S.A.) was estimated based on the present value of the future cash flows expected to be derived from the CGU (value in use). Cash flows after the first five years were calculated using an estimated growth rate of 1%, which reflects management's estimates for the growth prospects for the market. The after-tax rate used to discount these cash flows is 8.3% for the five year period and for the terminal value and was based on the following: \u2022 Risk free rate at 2.09%. \u2022 The market risk premium (including the country risk for operating in France) was determined at 6.90% Average annual revenue growth rate for the five-year period is 0.2% ; and the average annual operating expenses decrease ; percentage is 0.6%. Average capex equal to EUR 170 thousand. The results of this test indicated that the recoverable amount as at 31 December 2022 exceeds the carrying value of the CGU amounting to EUR 10.0 million by EUR 1.9 million. A sensitivity analysis was carried out on the key assumptions of the model (discount rates and growth in perpetuity), so as to examine the adequacy of the headroom. The result of the sensitivity analysis indicated that the recoverable amount still exceeds the carrying value of the CGU. Results of the sensitivity analysis for the impairment testing: Change in rates (percentage points change) required for the recoverable amount Assumptions used to equal the carrying amount Discount rate 8.3% +0.9ppc Terminal growth 1.0% -1.2ppc ",
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"pp-value-182-3": {
"value": "18. Goodwill and intangible assets A. Reconciliation of carrying amount Development Trademarks Amounts in EUR thousands Goodwill costs and licenses Software Other Total Cost Balance as at 1 January 2022 1,500 1,317 37,622 55,216 2,915 98,570 Effect of movement in exchange rates 0 0 1 -4 -3 -6 Additions 0 0 1,867 4,402 99 6,368 Disposals 0 0 0 -67 0 -67 Write-offs 0 0 0 -25 0 -25 Loss of Control/Disposal of subsidiary 0 0 0 -8 0 -8 Reclassifications to Held for Sale 0 -884 -307 -789 0 -1,979 Reclassifications 0 103 386 1,894 127 2,510 Balance as at 31 December 2022 1,500 537 39,569 60,619 3,138 105,363 Accumulated amortization and impairment loss Balance as at 1 January 2022 -1,500 -626 -11,823 -41,626 -912 -56,487 Effect of movement in exchange rates 0 0 0 6 1 7 Amortization 0 -96 -2,484 -4,026 -111 -6,717 Disposals 0 0 0 67 0 67 Write-offs 0 0 0 25 0 25 Loss of Control/Disposal of subsidiary 0 0 0 8 0 8 Reclassifications to Held for Sale 0 217 303 591 0 1,111 Balance as at 31 December 2022 -1,500 -505 -14,004 -44,956 -1,022 -61,986 Carrying amount as at 31 December 2022 0 32 25,565 15,663 2,117 43,376 Development Trademarks Amounts in EUR thousands Goodwill costs and licenses Software Other Total Cost Balance as at 1 January 2021 1,500 2,097 34,400 49,000 2,818 89,814 Effect of movement in exchange rates 0 -1 0 -95 -5 -101 Additions 0 0 1,581 4,289 102 5,972 Disposals 0 0 -1 -10 0 -11 Write-offs 0 0 -3 -183 0 -186 Reclassifications 0 -779 1,645 2,216 0 3,082 Balance as at 31 December 2021 1,500 1,317 37,622 55,216 2,915 98,570 Accumulated amortization and impairment loss Balance as at 1 January 2021 -1,500 -1,097 -9,612 -37,200 -860 -50,269 Effect of movement in exchange rates 0 1 0 68 2 70 Amortization for the period 0 -137 -2,215 -4,269 -53 -6,673 Disposals 0 0 1 10 0 11 Write-offs 0 0 3 183 0 186 Impairment loss 0 0 0 -79 0 -79 Reclassifications 0 608 0 -341 0 267 Balance as at 31 December 2021 -1,500 -626 -11,823 -41,626 -912 -56,487 Carrying amount as at 31 December 2021 0 691 25,799 13,589 2,004 42,083 B. Amortisation The amortization of trademarks and licenses with finite useful lives, software programs and other intangible assets is allocated to the cost of inventory and is included in \u2019Cost of sales\u2018 when inventory is sold, as trademarks and licenses and software programs are mainly used directly for the production of products and they are considered as production overheads. The amortization of intangible assets not used for production is allocated to administrative expenses. C. Reclassifications Reclassifications mainly relate to intangible assets recorded initially in projects under construction (in property, plant and equipment) and upon the completion of the project, they are transferred to the column which describes their nature. D. Goodwill No additional Goodwill has been recognized during 2022. E. Intangible assets with indefinite useful lives All intangible assets have finite useful life (see Note 5.10), except for the following assets, included in trademarks and licenses category: i. Intangible assets recognized for the CGU \u201cFulgor\u201d a. Trade Name \u201cFulgor\u201d (carrying amount of EUR 1.4 million as at 31 December 2022) It relates to the sector of medium voltage submarine cables and terrestrial high voltage cables that Fulgor was operating prior to its acquisition by Hellenic Cables in 2011 and which has revealed significant economic benefits. Based on the analysis of relevant factors (e.g. knowledge, no longstanding engagement with a wide range of clientele, future development of the sector), the useful life of the brand was considered indefinite. b. License of Port use in Soussaki, Corinth (carrying amount of EUR 8.3 million as at 31 December 2022) Fulgor holds a license for permanent and exclusive use of a port located in the premises of the factory in Soussaki, Corinth. The port is necessary for the production and transportation of submarine cables of medium and high voltage. Since the acquisition of the subsidiary, significant investments for the upgrade and expansion of production capacity of medium and high-voltage submarine cables took place. The useful life of the asset is considered indefinite since the right of use of these port facilities is for an indefinite period. ii. Intangible assets recognized for the CGU \u201cReynolds\u201d (carrying amount of EUR 1.7 million as at 31 December 2022). Upon the completion of the acquisition of Reynolds Cuivre by Genecos, an intangible asset related to the brand name \u201cReynolds\u201d was recognized, as significant economic benefits are expected from its use. Based on the analysis of relevant factors (e.g. knowledge of the relevant market, wide range of clientele, expected future developments), the useful life of the brand was considered indefinite. F. Impairment testing (a) Intangible assets recognized for the CGU \u201cFulgor\u201d As these intangible assets do not generate independent cash inflows, it was considered appropriate to carry out the impairment test on the basis of the Cash Generating Unit (CGU) of Fulgor submarine cables production plant, which incorporates these assets. To evaluate the value in use, cash flow projections based on estimates by management covering a five-year period (2023 \u2013 2027) were used. These estimates take into consideration the contracts already signed, as well as contracts estimated to be awarded in Greece and abroad. The submarine cables CGU operates as a project-based business. Therefore, assumptions related to revenue and profitability growth are based on the contracts already signed, as well as those estimated to be undertaken in the forthcoming period. The main assumptions regarding the operations of submarine cables CGU and the projects to be executed within the five-year period are: \u2022 Progressively high-capacity utilization of Corinth plant owned by Fulgor, as the one observed during the last 3 years, based on contracts already awarded and those expected given the tendering activity. Given the existing backlog and the growth of renewables business around the world, which is a significant driver in the attractive outlook for the offshore power generation market, the continuously high level of activity is expected to be retained throughout the period 2023-2027. \u2022 Capital expenditure of approx. EUR 189 million in the following 5 years, to cover estimated production and capacity needs. Capital expenditure reflects investments for maintenance as well as organic growth. For the terminal period, investments are set equal to depreciation. \u2022 The compound annual growth rate of revenue from offshore business for the five-year period is set to ca. 24% attributable to the assignment of new projects mainly in Greece, North Europe and the USA. \u2022 The EBITDA margin per offshore project is assumed in the range of 15%-25% of revenue. Estimated profitability per project varies due to different types of cables required, technical specifications, geographic region and the project\u2019s timeframe. \u2022 The compound annual growth rate of fixed operating expenses is assumed equal to ca. 4.8% for the five-year period. Cash flows after the first five years were calculated using an estimated long term growth rate of 1.52%, which mainly reflects management's estimates for the world economy as well as long-term growth prospects of the offshore cable sector. The pre-tax rate used to discount these cash flows was 12.02%, based on the following assumptions: \u2022 The risk-free rate was based on AAA European bond yields. \u2022 The country risk calculations were based on the expected future sales mix and the fact that the business unit is based in Greece. \u2022 The market risk premium was assumed equal to 6.21%., i.e., higher than the one used in last year\u2019s impairment test, as market conditions have worsened. Commodity prices for copper and aluminium are intrinsically part of the impairment test assumptions; the metal price hedging activities undertaken, though, and the customized nature of the products sold by Fulgor, suggest that the value of the business unit is not significantly affected by fluctuations in commodity prices. Hence, a neutral result from metal price fluctuations is assumed in the context of the impairment test. The results of this test indicated that the recoverable amount on 31 December 2022 exceeds the carrying amount of the CGU (equal to EUR 283 million) by EUR 688 million. A sensitivity analysis was carried out on the key assumptions of the model (discount rates and growth in perpetuity), to examine the adequacy of the above headroom. Sensitivity analysis results indicated that the recoverable amount comfortably exceeds the carrying value of the CGU. Assumptions may change as follows, so as the recoverable amount equals the carrying amount: Change in rates (percentage points change) required for the recoverable amount Assumptions used to equal the carrying amount Discount rate 12.02 % + 14.5 ppc Terminal growth 1.52 % - 118.0 ppc (b) Intangible assets recognized for the CGU \u201cReynolds\u201d The recoverable amount of the CGU that includes this intangible asset (Reynolds Cuivre S.A.) was estimated based on the present value of the future cash flows expected to be derived from the CGU (value in use). Cash flows after the first five years were calculated using an estimated growth rate of 1%, which reflects management's estimates for the growth prospects for the market. The after-tax rate used to discount these cash flows is 8.3% for the five year period and for the terminal value and was based on the following: \u2022 Risk free rate at 2.09%. \u2022 The market risk premium (including the country risk for operating in France) was determined at 6.90% Average annual revenue growth rate for the five-year period is 0.2% ; and the average annual operating expenses decrease ; percentage is 0.6%. Average capex equal to EUR 170 thousand. The results of this test indicated that the recoverable amount as at 31 December 2022 exceeds the carrying value of the CGU amounting to EUR 10.0 million by EUR 1.9 million. A sensitivity analysis was carried out on the key assumptions of the model (discount rates and growth in perpetuity), so as to examine the adequacy of the headroom. The result of the sensitivity analysis indicated that the recoverable amount still exceeds the carrying value of the CGU. Results of the sensitivity analysis for the impairment testing: Change in rates (percentage points change) required for the recoverable amount Assumptions used to equal the carrying amount Discount rate 8.3% +0.9ppc Terminal growth 1.0% -1.2ppc ",
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"pp-value-189-2": {
"value": "19. Investment property A. Reconciliation of carrying amount Amounts in EUR thousands 2022 2021 Balance as at 1 January 280,876 270,413 Acquisitions 53,301 10,887 Disposals -609 -753 Write offs -85 0 (Impairment losses) / Reversal of impairment losses -10,125 6,922 Modifications 280 95 Transfers to property, plant and equipment 0 -1 Transfers from property, plant and equipment 44 210 Depreciation -7,658 -6,898 Balance as at 31 December 316,024 280,876 Gross carrying amount 376,519 324,684 Accumulated depreciation and impairment losses -60,495 -43,807 Net carrying amount as at 31 December 316,024 280,876 Investment property comprises of a number of commercial and industrial properties that are either leased to third parties currently or will be in the foreseeable future. Each of these leases is indexed to consumer prices. During 2022, Viohalco invested an amount of EUR 53 million (EUR 11 million in 2021) for the acquisition and improvement of investment properties. More specifically, 21 new real estate assets were added to the portfolio during the period, all located in Greece, 3 through acquisition and 18 through SCI with contribution in kind. B. Measurement of fair value \u2013Impairment loss and subsequent reversal On December 31st 2022, an impairment test was performed on all real estate assets (individual assets), either owner occupied or held as investment property. The tests were carried out in order to address the risk of negative changes in the fair value of properties and respond if necessary. The results relating to owner occupied properties are outlined in note 17. For investment property assets, an impairment loss of EUR 13.5 million was recorded and included in the line \u2019Other expense\u2018 of the consolidated statement of profit or loss. Impairment losses relate primarily to land and buildings, and the recoverable amount was based on its fair value less costs of disposal. The fair value of these properties was determined by external, independent property valuers, having appropriate recognized professional qualifications and recent experience in the location and category of the properties being valued. Valuation techniques are described in detail in the next paragraph. For segmental classification purposes, the impairment loss (recoverable amount EUR 81 million) was reported in real estate segment. Asset valuations were also used to identify if previously recognized impairment losses could be reversed. As a result, EUR 3.4 million were reversed and included in the line \u2019Other Income\u2018 of the consolidated statement of profit or loss. The recoverable amount of these assets as at 31 December 2022 was EUR 240 million and they relate to the real estate segment. The accumulated impairment losses carried forward as at 31 December 2022, amounts to EUR 40.3 million (31 December 2021: EUR 30.2 million). The fair value of all properties reported in the line \u2019Investment property\u2018, as at 31 December 2022, is EUR 390 million (31 December 2021: EUR 355 million). Valuation techniques and significant unobservable inputs (Level 2 & 3) The fair value measurement for investment property has been categorized as a Level 2 and 3 regarding fair value hierarchy, based on the inputs to the valuation techniques used. Valuations methods used to determine the fair value of these properties were reflecting the highest and best possible use. - For buildings currently rented or expected to be rented out in the foreseeable future for which no observable prices were available, the income approach (either Discounted Cash Flow or Direct capitalization) method was used. DCF method considered the present value of net cash flows to be generated from each property, taking into account expected rental growth rate, void periods, occupancy rate, lease incentive costs such as rent-free periods and other costs not paid by tenants. The expected net cash flows are discounted using risk-adjusted discount rates that ranged between 8.70 % - 12.50 %. Among other factors, the discount rate estimation considers the quality of each building, its location, tenant credit quality, lease terms and the expected market return. The estimated fair value would decrease if either the expected market rental growth was lower or the risk-adjusted discount rates were higher. Direct capitalization uses an All-Risk Yield in order for the current annual estimated rental value to be capitalized. ARY ranged between 4.00% - 12.50% and offers a holistic assessment of the property market's general condition. - For buildings, which were under construction and which are intended to be used as investment property in the future, the residual method was primarily used. The fair value determined by this method reflects the value of the property in its current condition. - For all the properties, the comparative method (market approach) was used. According to this method the valuer estimates the market value of the subject asset by comparing the factors that mostly affect it. Such factors can be location, size, quality of construction etc. This method is based on estimation of the market price and what has been paid for similar properties under similar economic conditions. Each property is valued at a price at which similar ones in the area have recently sold with a subjective differential added (or subtracted) to adjust for the unique characteristics of the property that make it different from the benchmark properties, such as location, size, accessibility etc. The specific valuation technique has been classified as Level 2, regarding the fair value measurement hierarchy. ",
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"pp-value-191-4": {
"value": "B. Measurement of fair value \u2013Impairment loss and subsequent reversal On December 31st 2022, an impairment test was performed on all real estate assets (individual assets), either owner occupied or held as investment property. The tests were carried out in order to address the risk of negative changes in the fair value of properties and respond if necessary. The results relating to owner occupied properties are outlined in note 17. For investment property assets, an impairment loss of EUR 13.5 million was recorded and included in the line \u2019Other expense\u2018 of the consolidated statement of profit or loss. Impairment losses relate primarily to land and buildings, and the recoverable amount was based on its fair value less costs of disposal. The fair value of these properties was determined by external, independent property valuers, having appropriate recognized professional qualifications and recent experience in the location and category of the properties being valued. Valuation techniques are described in detail in the next paragraph. For segmental classification purposes, the impairment loss (recoverable amount EUR 81 million) was reported in real estate segment. Asset valuations were also used to identify if previously recognized impairment losses could be reversed. As a result, EUR 3.4 million were reversed and included in the line \u2019Other Income\u2018 of the consolidated statement of profit or loss. The recoverable amount of these assets as at 31 December 2022 was EUR 240 million and they relate to the real estate segment. The accumulated impairment losses carried forward as at 31 December 2022, amounts to EUR 40.3 million (31 December 2021: EUR 30.2 million). The fair value of all properties reported in the line \u2019Investment property\u2018, as at 31 December 2022, is EUR 390 million (31 December 2021: EUR 355 million). Valuation techniques and significant unobservable inputs (Level 2 & 3) The fair value measurement for investment property has been categorized as a Level 2 and 3 regarding fair value hierarchy, based on the inputs to the valuation techniques used. Valuations methods used to determine the fair value of these properties were reflecting the highest and best possible use. - For buildings currently rented or expected to be rented out in the foreseeable future for which no observable prices were available, the income approach (either Discounted Cash Flow or Direct capitalization) method was used. DCF method considered the present value of net cash flows to be generated from each property, taking into account expected rental growth rate, void periods, occupancy rate, lease incentive costs such as rent-free periods and other costs not paid by tenants. The expected net cash flows are discounted using risk-adjusted discount rates that ranged between 8.70 % - 12.50 %. Among other factors, the discount rate estimation considers the quality of each building, its location, tenant credit quality, lease terms and the expected market return. The estimated fair value would decrease if either the expected market rental growth was lower or the risk-adjusted discount rates were higher. Direct capitalization uses an All-Risk Yield in order for the current annual estimated rental value to be capitalized. ARY ranged between 4.00% - 12.50% and offers a holistic assessment of the property market's general condition. - For buildings, which were under construction and which are intended to be used as investment property in the future, the residual method was primarily used. The fair value determined by this method reflects the value of the property in its current condition. - For all the properties, the comparative method (market approach) was used. According to this method the valuer estimates the market value of the subject asset by comparing the factors that mostly affect it. Such factors can be location, size, quality of construction etc. This method is based on estimation of the market price and what has been paid for similar properties under similar economic conditions. Each property is valued at a price at which similar ones in the area have recently sold with a subjective differential added (or subtracted) to adjust for the unique characteristics of the property that make it different from the benchmark properties, such as location, size, accessibility etc. The specific valuation technique has been classified as Level 2, regarding the fair value measurement hierarchy. 21. Other investments Viohalco designates the investments shown below as equity securities at FVOCI, as they represent investments that Viohalco intends to hold for the long term strategic purposes. The movement of equity securities, as well as their analysis, is presented below: Amounts in EUR thousands 2022 2021 Balance as at 1 January 8,457 8,324 Additions 1,060 77 Disposals 0 -637 Change in fair value through OCI -1,061 702 Reclassifications -50 0 Other changes 0 -8 Balance as at 31 December 8,405 8,457 Amounts in EUR thousands 2022 2021 Listed securities - Greek equity instruments 243 125 - International equity instruments 3,356 4,417 - Mutual funds 0 Unlisted securities - Greek equity instruments 3,667 2,951 - International equity instruments 849 849 - Mutual funds 269 94 - Other 20 20 Total 8,405 8,457 22. Assets held for sale The following assets and liabilities were reclassified 2022 at their fair value as held for sale as at 31 December 2022: Amounts in EUR thousands 2022 2021 Property Plant & Equipment 18,272 372 Intangible assets 617 0 Other non current assets 4,189 0 Inventories 26,295 0 Trade and other receivables 15,057 0 Cash & Cash equivalents 3,434 0 Total Assets Held for Sale 67,865 372 Non current liabilities 175 0 Non current Loans & borrowings 571 0 Trade and other payables 13,609 0 Current Loans & borrowings 3,665 0 Total Liabilities directly associated with Assets Held for Sale 18,020 0 thOn December 27, 2022 the strategic agreement for the absorption of Etem Commercial by Cosmos Aluminium was signed between Viohalco subsidiary ElvalHalcor and Cosmos Aluminium Shareholders. After the completion of the transaction, ElvalHalcor will hold a minority interest of 15% on the share capital of Cosmos Aluminium. The associated assets and liabilities were consequently presented as held for sale in the financial statements. Impairment assessment performed between historical book value and fair value less costs to sell and no indication of impairment were existed. 23. Derivatives The following table sets out the carrying amount of derivatives: Amounts in EUR thousands 2022 2021 Non-current assets Interest rate swap contracts 17,242 0 Forwards 3,624 0 Commodity Swaps 18,056 0 Options 0 944 Total 38,922 944 Current assets Interest rate swap contracts 3,649 0 Forwards 10,427 760 Future contracts 2,380 7,670 Commodity Swaps 10,692 7,847 Total 27,149 16,277 Non-current liabilities Forwards 4 0 Interest rate swap contracts 0 382 Commodity Swaps 1,245 3,205 Total 1,249 3,587 Current liabilities Forwards 10,155 2,501 Future contracts 4,628 5,062 Commodity Swaps 3,672 0 Total 18,455 7,563 The significant increase in open derivatives positionsin commodity swaps, compared to 31.12.2021, reflects the excessive market volatility in energy markets during 2022. Variable rate loans and borrowings expose Viohalco companies to a rate volatility risk (cash flow risk). During 2022, Viohalco subsidiaries entered into interest rates swaps contracts in order to be hedged by interest rate fluctuations, by transforming the variable interest rate of the loan into a fixed one, thus reducing such volatility risk. Interest rate swap contracts involve exchanging, on specified dates cash amounts equal to the difference between a contracted fixed interest rate calculated on a principal and a variable rate calculated on the same principal. By carefully choosing the variable rate and the principal of the swap, one actually transforms a floating rate loan into a fixed rate one. During 2021, Viohalco subsidiaries started using Commodity Swaps referenced on the Title Transfer Facility (TTF) prices to hedge the risk of fluctuations in natural gas prices from market conditions. The significant increase in open positions, compared previous year, reflects the excessive market volatility in energy markets during 2022. Hedge accounting Viohalco\u2019s companies hold derivative financial instruments for cash flow and fair value hedges. The abovementioned derivative financial instruments cover risks from: - Changes in the prices of metals; - Fluctuations of foreign exchange rates; - Changes in loan interest rates; - Fluctuations of energy prices (natural gas). The maturity and the nominal value of derivatives held by Viohalco\u2019s companies match the maturity and nominal value of the underlying assets / liabilities (hedged items). Derivatives held by Viohalco\u2019s companies concern mainly: - Future contracts to hedge the risk from the change of the price of metals listed in LME (London Metal Exchange) and used in production of Viohalco\u2019s companies (i.e. mainly copper, aluminium and zinc). Such hedges are designated as cash flow hedges. - FX Forward and FX swaps to hedge the risk from the change in exchange rate of US Dollar and British Pound (i.e. currencies to which Viohalco\u2019s companies are mainly exposed). Such hedges are either designated as fair value or cash flow hedges depending on the item hedged. FX Forwards and FX swaps when used for hedging FX risk on outstanding receivables and suppliers denominated in foreign currency these instruments are designated under fair value hedging. FX forwards when used for hedging FX risk on the forecasted sales of goods or purchase of materials executed in foreign currency FX forward is hedging instruments designated under the cash flow method. - Variable rate loans and borrowings expose Viohalco companies to an interest rate volatility risk (cash flow risk). In order to hedge it, interest rate swaps are used to effectively transform the variable interest rate of the loan into a fixed one, thus reducing such volatility risk. Interest rate swap contracts involve exchanging, on specified dates cash amounts equal to the difference between a contracted fixed interest rate calculated on a principal and a variable rate calculated on the same principal. By carefully choosing the variable rate and the principal of the swap, one actually transforms a floating rate loan into a fixed rate one. - Commodity Swaps referenced on the Title Transfer Facility (TTF) prices to hedge the risk of fluctuations in natural gas prices from market conditions. Derivatives are recognised when Viohalco\u2019s companies enter into the transaction in order either to hedge the fair value of receivables, liabilities or commitments (fair value hedges) or highly probable transactions (cash flow hedges). The change in fair value recognized in equity under cash flow hedging as at 31 December 2022 will be recycled to the consolidated statement of profit or loss during the next years, as some of the hedged events are expected to occur (the forecasted transactions will take place or the hedged items will affect profit or loss statement) within 2023 and some others at a later stage. Viohalco companies\u2019 results from the hedging activities recorded in the statement of profit or loss are presented for metal future contracts,foreign exchange contracts and the energy contracts in the \u2019Revenue\u2018 and the \u2019Cost of sales\u2018 while for interest rate swaps in the \u2019Finance income/ expenses\u2019. The amounts recognized in the consolidated statement of profit or loss are the following: Amounts in EUR thousands 2022 2021 Gain / loss (-) on future contracts 20,714 -5,105 Gain / loss (-) on FX forward contracts 6,769 -3,754 Gain / loss (-) on interest rate swap contracts 4,891 0 Gain / loss (-) on commodity swap contracts 21,887 1,251 54,261 -7,608 Profit or loss related to derivatives used for cash flow hedging recognized in other comprehensive income (Hedging reserve) as at 31 December 2022 and it will be recycled to profit or loss during the next financial years. A. Accounting classifications and fair values The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including the levels in the fair value hierarchy. 31 December 2022 Amounts in EUR thousands Carrying amount First Level Second Level Third Level Total Other investments 8,405 3,597 2 4,806 8,405 Derivative financial assets 66,071 2,380 63,691 0 66,071 74,476 5,977 63,693 4,806 74,476 Derivative financial liabilities -19,704 -4,705 -14,999 0 -19,704 54,772 1,273 48,693 4,806 54,772 31 December 2021 Amounts in EUR thousands Carrying amount First Level Second Level Third Level Total Other investments 8,457 4,543 0 3,915 8,457 Derivative financial assets 17,221 14,343 1,934 944 17,221 25,679 18,886 1,934 4,859 25,679 Derivative financial liabilities -11,149 -8,316 -2,833 0 -11,149 14,529 10,570 -899 4,859 14,529 The various levels are as follows: - Level 1: Quoted prices (unadjusted) in an active market for identical assets and liabilities; - Level 2: Inputs that are observable either directly or indirectly; - Level 3: Unobservable inputs for assets and liabilities. The fair value of the following financial assets and liabilities measured at amortised cost approximate their carrying amount: - Trade and other receivables; - Cash and cash equivalents; - Trade and other payables; - Loans and borrowings; - Lease liabilities. Specifically, the carrying amount of loans and borrowings is considered as a good approximation of their fair value as 86% of consolidated Loans and borrowings concern floating-rate debt, which are a very good approximation of current market rates. The following table shows reconciliation between opening and closing balances for Level 3 financial assets: Amounts in EUR thousands Balance as at 1 January 2022 3,915 Additions 942 Impairment loss (-)/ Reversal of impairment loss -50 Balance as at 31 December 2022 4,806 Balance as at 1 January 2021 3,846 Additions 77 Disposals -8 Balance as at 31 December 2021 3,915 B. Measurement of fair values (a) Valuation techniques and significant unobservable inputs The fair values of financial assets that are traded in active markets (stock markets e.g. derivatives, shares, bonds, mutual funds) are set according to the published prices that are valid on the reporting date. The fair values of financial assets that are not traded in active markets are set through the use of valuation techniques and standards that are based on market data on the reporting date. The fair values of financial liabilities, for the purpose of being recorded in financial statements, are estimated based on the present value of the future cash flows that arise from specific contracts using the current interest rate that is available for Viohalco and its companies for the use of similar financial-credit means. Inputs that do not meet the respective criteria and cannot be classified in Level 1 but are observable, either directly or indirectly, fall under Level 2. Over-the-counter derivative financial instruments based on prices obtained from brokers are classified in this level. The financial assets, such as unlisted shares that are not traded in an active market whose measurement is based on the Viohalco\u2019s companies\u2019 forecasts for the issuer\u2019s future profitability are classified under Level 3. The following table shows the valuation techniques used in measuring fair values, as well as the significant unobservable inputs used: Inter-relationship between Significant key unobservable Type Valuation technique unobservable inputs inputs and fair value measurement Derivatives Market value: Price as traded in active market Not applicable Not applicable Market comparison technique: The fair values are Broker quotes Not applicable based on broker quotes. Similar contracts are traded in an active market and the quotes reflect the actual transactions in similar instruments Equity securities traded Market value: Price as traded in active market Not applicable Not applicable in active markets Equity securities not Discounted cash flows: The fair value of shares - Risk-free rate: 2.1% The estimated fair value would increase traded in active markets not traded in an active market is defined based on - Market risk premium: 6.21% (decrease) if: the estimates of Viohalco and its companies for - Expected tax expense rate: 22% \u2022 the estimated risk-free rate, market risk the future profitability of the issuer after taking into - WACC for the most significant premium and WACC were lower (higher) account the expected growth rate of its operations, investment: 8-9.5% \u2022 the estimated cash flows were higher (lower) as well as the discounted interest rate \u2022 the expected income tax rate was lower (higher) (b) Transfers between Levels 1 and 2 There were no transfers from Level 2 to Level 1 or from Level 1 to Level 2 in 2022 or in 2021. ",
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"pp-value-193-2": {
"value": "20. Equity-accounted investees A. Reconciliation of carrying amount of associates and joint ventures Amounts in EUR thousands 2022 2021 Balance as at 1 January 44,372 38,089 Share of profit / loss (-) net of tax -1,365 -2,530 OCI profit (loss) for the period -2 1 Dividends received -655 -886 Additions 0 225 Share capital increase 7,500 8,800 Impairment -9,260 0 Disposals -6,001 0 Reclassification 856 0 Effects on movement in exchange rates 1,194 671 Balance as at 31 December 36,638 44,372 B. Financial information per associate and joint venture The following tables present financial information per associate. The disclosed financial information reflects amounts in the financial statements of the relevant associates. 2022 Profit or loss Total Principal Non- Non- from compre- Direct Ultimate place of Carrying Current Current Current Current continuing hensive ownership ownership Company business Segment Associate/JV Value Assets Assets Liabilities Liabilities Revenue operations income interest interest ETEM GESTAMP AUTOMOTIVE SA Bulgaria Aluminium Joint Venture 8,864 13,662 22,921 8,100 15,399 58,423 1,569 1,637 49.00% 49.00% DOMOPLEX LTD Cyprus Steel Associate 1,244 4,188 1,996 3,049 532 6,779 497 497 45.00% 45.00% AO TMK-CPW Russia Steel Pipes Associate 15,963 69,910 5,252 87 42,498 95,246 7,287 7,287 49.00% 39.09% HC ISITMA \u0391.S. Turkey Copper Joint Venture 249 8,933 1,562 1,047 1,928 24,632 2,328 2,268 50.00% 42.39% U.E.H.E.M GmbH Germany Aluminium Associate 860 14,896 20 0 13,216 69,383 1,235 1,235 49.00% 41.54% NEDZINK B.V. Netherlands Copper Joint Venture 0 39,419 46,970 38,693 43,777 100,161 -13,762 -13,762 50.00% 42.39% THE GRID SA Greece Real estate Joint Venture 8,651 5,300 32,952 19,624 1,681 0 -908 -908 50.00% 40.55% Metallourgia Attikis Greece Other Associate 806 1,747 266 96 315 2,085 267 269 50.00% 50.00% 36,6382021 Profit or loss Total Principal Non- Non- from compre- Direct Ultimate place of Carrying Current Current Current Current continuing hensive ownership ownership Company business Segment Associate/JV Value Assets Assets Liabilities Liabilities Revenue operations income interest interest ETEM GESTAMP AUTOMOTIVE SA Bulgaria Aluminium Joint Venture 8,095 9,465 16,390 230 14,177 41,028 1,335 1,340 49.00% 49.00% DOMOPLEX LTD Cyprus Steel Associate 1,165 3,756 2,186 547 2,966 6,811 806 806 45.00% 45.00% AO TMK-CPW Russia Steel Pipes Associate 11,216 64,836 5,004 23 46,926 70,009 1,910 1,910 49.00% 39.09% BELLVILLE TUBE USA Steel Pipes Associate 1,732 422 13,744 3,418 3,988 20,238 -2,837 -2,837 19.40% 15.48% AWM SPA Italy Steel Associate 3,643 8,701 8,281 3,928 5,301 5,142 -698 -698 34.00% 34.00% HC ISITMA \u0391.S. Turkey Copper Joint Venture 231 338 146 46 92 572 54 500 50.00% 42.39% U.E.H.E.M GmbH Germany Aluminium Associate 767 9,317 26 0 7,834 53,775 1,074 1,074 49.00% 41.54% NEDZINK B.V. Netherlands Copper Joint Venture 11,841 31,325 49,598 43,186 28,940 86,636 -8,192 -8,192 50.00% 42.39% THE GRID SA Greece Real estate Joint Venture 5,681 2,403 28,605 19,600 47 0 -688 -688 50.00% 43.64% 44,372 DisposalIn June 2022, Viohalco subsidiary, Sidenor sold the percentage held (34%) at AWM SPA, resulting at a loss of EUR 1.3 million. ReclassificationIn December 2022, Viohalco\u2019s control in the participation to Mettalourgia Attikis was lost due to management restructuring while the participation held was 50%. The company will be accounted as an Equity accounted investee from 31.12.2022. ImpairmentThe annual impairment test performed for the participation to Nedzink, the Joint Venture of Elvalhalcor (Copper segment), indicated the recognition of an impairment loss of EUR 9.2 million onwards. DisposalIn 2021, Viohalco through CPW America - held a 19.4% interest in Bellville Tube Company and accounted for the investment as an associate. In August 2022, Viohalco disposed its interest in Bellville Tube Company for proceeds of USD 3.3 million, receivable in monthly instalments. The disposal price was according to the initial purchase agreement, which prescribed that CPW America had the option, during the period 2022-2025 to require Bellville Tube Company to redeem all, but not less than all, of the shares of Bellville Tube Company then held by CPW America. The aggregate purchase price for the redeemed shares was set equal to USD 3.3 million, i.e., the amount initially disbursed for the purchase of the interest in Bellville Tube Company. This transaction has resulted in the derecognition of the related options previously recognised on the statement of financial position and the recognition of a gain in profit or loss, calculated as follows: Amounts in EUR thousand Disposal price 3,241 Less: Carrying amount of investment on the date of disposal (2,358) Carrying amount of options on the date of disposal (1,040) Loss recognised from disposal of associate (156) Since AO TMK-CPW is based on Russia, there are restrictions on the ability of the associate to transfer funds to the Company and its subsidiaries in the form of cash dividends, due to the counter sanctions set by the Russian Federation. Russian legislation put in place since May 2022 restrict the payments of amounts in excess of ca. EUR 150,000 to EU residents as a response to the EU imposed sanctions against Russia. Although these restrictions are stated to be temporary, to avoid any potential loss of income, Humbel Ltd (the owner of 49% of the shares in the AO TMK-CPW) has asked AO TMK-CPW to postpone the payment of any dividends, until further notice. Therefore, during 2022, there were no transactions between AO TMK-CPW and the Viohalco Companies. There are no other restrictions on the ability of associates to transfer funds to the Company or its subsidiaries in the form of cash dividends, or to repay loans or advances made by the Company. Aforementioned financial information is presented considering the following: (a) There are no other restrictions on the ability of joint ventures or associates to transfer funds to the entity in the form of cash dividends, or to repay loans or advances made by the entity. (b) The financial statements of joint ventures or associates are used in applying the equity method and as of the same date with that of Viohalco. (c) There are no unrecognized share of losses of a joint venture or associate, both for the reporting period and cumulatively. C. Description of associates and joint ventures UEHEM (UACJ ELVAL HEAT EXCHANGER MATERIALS GmbH) is a joint establishment between ElvalHalcor and UACJ Corp. It markets aluminium products to manufacturers of automotive heat exchangers in Europe. HC ISITMA is a joint venture between ElvalHalcor and Cantas AS. It is active in the manufacture of pre-insulated copper tubes in Turkey. Bellville Tube manufactures steel tubular products for the local US market. AO TMK-CPW is a joint stock company between Corinth Pipeworks and AO TMK, the largest manufacturer of steel pipes in Russia and one of the top three globally. AO TMK-CPW has its production facilities in Polevskoy, Russia, where it manufactures pipes and hollow structural sections. AWM is developing, designing and manufacturing high-technology machines for the processing of reinforcement steel such as standard and special mesh welding machines, high-speed wire straightening and cutting machines, lattice girder machines, cold rolling lines, automatic mesh cutting and bending machines and special machines for production of tunnel reinforcement. Domoplex is a Cyprus-based company active in the manufacturing and trading of welded wire mesh for the reinforcement of concrete. NedZink B.V. is a Netherlands based company focusing on high quality zinc applications. Gestamp Etem Automotive Bulgaria S.A. is a joint venture between Gestamp and Etem Bulgaria S.A. that focus on the commercialisation and processing of aluminium extruded profiles for the automotive industry. THE GRID S.A. is a joint venture between Noval Property REIC and Brook Lane Capital that operates in Real Estate development sector. Metallourgia Attikis SA is a Greek based company focusing on the production and trading of pipes, sanitary ware, faucets and heating radiators. ",
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"pp-value-193-3": {
"value": "20. Equity-accounted investees A. Reconciliation of carrying amount of associates and joint ventures Amounts in EUR thousands 2022 2021 Balance as at 1 January 44,372 38,089 Share of profit / loss (-) net of tax -1,365 -2,530 OCI profit (loss) for the period -2 1 Dividends received -655 -886 Additions 0 225 Share capital increase 7,500 8,800 Impairment -9,260 0 Disposals -6,001 0 Reclassification 856 0 Effects on movement in exchange rates 1,194 671 Balance as at 31 December 36,638 44,372 B. Financial information per associate and joint venture The following tables present financial information per associate. The disclosed financial information reflects amounts in the financial statements of the relevant associates. 2022 Profit or loss Total Principal Non- Non- from compre- Direct Ultimate place of Carrying Current Current Current Current continuing hensive ownership ownership Company business Segment Associate/JV Value Assets Assets Liabilities Liabilities Revenue operations income interest interest ETEM GESTAMP AUTOMOTIVE SA Bulgaria Aluminium Joint Venture 8,864 13,662 22,921 8,100 15,399 58,423 1,569 1,637 49.00% 49.00% DOMOPLEX LTD Cyprus Steel Associate 1,244 4,188 1,996 3,049 532 6,779 497 497 45.00% 45.00% AO TMK-CPW Russia Steel Pipes Associate 15,963 69,910 5,252 87 42,498 95,246 7,287 7,287 49.00% 39.09% HC ISITMA \u0391.S. Turkey Copper Joint Venture 249 8,933 1,562 1,047 1,928 24,632 2,328 2,268 50.00% 42.39% U.E.H.E.M GmbH Germany Aluminium Associate 860 14,896 20 0 13,216 69,383 1,235 1,235 49.00% 41.54% NEDZINK B.V. Netherlands Copper Joint Venture 0 39,419 46,970 38,693 43,777 100,161 -13,762 -13,762 50.00% 42.39% THE GRID SA Greece Real estate Joint Venture 8,651 5,300 32,952 19,624 1,681 0 -908 -908 50.00% 40.55% Metallourgia Attikis Greece Other Associate 806 1,747 266 96 315 2,085 267 269 50.00% 50.00% 36,6382021 Profit or loss Total Principal Non- Non- from compre- Direct Ultimate place of Carrying Current Current Current Current continuing hensive ownership ownership Company business Segment Associate/JV Value Assets Assets Liabilities Liabilities Revenue operations income interest interest ETEM GESTAMP AUTOMOTIVE SA Bulgaria Aluminium Joint Venture 8,095 9,465 16,390 230 14,177 41,028 1,335 1,340 49.00% 49.00% DOMOPLEX LTD Cyprus Steel Associate 1,165 3,756 2,186 547 2,966 6,811 806 806 45.00% 45.00% AO TMK-CPW Russia Steel Pipes Associate 11,216 64,836 5,004 23 46,926 70,009 1,910 1,910 49.00% 39.09% BELLVILLE TUBE USA Steel Pipes Associate 1,732 422 13,744 3,418 3,988 20,238 -2,837 -2,837 19.40% 15.48% AWM SPA Italy Steel Associate 3,643 8,701 8,281 3,928 5,301 5,142 -698 -698 34.00% 34.00% HC ISITMA \u0391.S. Turkey Copper Joint Venture 231 338 146 46 92 572 54 500 50.00% 42.39% U.E.H.E.M GmbH Germany Aluminium Associate 767 9,317 26 0 7,834 53,775 1,074 1,074 49.00% 41.54% NEDZINK B.V. Netherlands Copper Joint Venture 11,841 31,325 49,598 43,186 28,940 86,636 -8,192 -8,192 50.00% 42.39% THE GRID SA Greece Real estate Joint Venture 5,681 2,403 28,605 19,600 47 0 -688 -688 50.00% 43.64% 44,372 DisposalIn June 2022, Viohalco subsidiary, Sidenor sold the percentage held (34%) at AWM SPA, resulting at a loss of EUR 1.3 million. ReclassificationIn December 2022, Viohalco\u2019s control in the participation to Mettalourgia Attikis was lost due to management restructuring while the participation held was 50%. The company will be accounted as an Equity accounted investee from 31.12.2022. ImpairmentThe annual impairment test performed for the participation to Nedzink, the Joint Venture of Elvalhalcor (Copper segment), indicated the recognition of an impairment loss of EUR 9.2 million onwards. DisposalIn 2021, Viohalco through CPW America - held a 19.4% interest in Bellville Tube Company and accounted for the investment as an associate. In August 2022, Viohalco disposed its interest in Bellville Tube Company for proceeds of USD 3.3 million, receivable in monthly instalments. The disposal price was according to the initial purchase agreement, which prescribed that CPW America had the option, during the period 2022-2025 to require Bellville Tube Company to redeem all, but not less than all, of the shares of Bellville Tube Company then held by CPW America. The aggregate purchase price for the redeemed shares was set equal to USD 3.3 million, i.e., the amount initially disbursed for the purchase of the interest in Bellville Tube Company. This transaction has resulted in the derecognition of the related options previously recognised on the statement of financial position and the recognition of a gain in profit or loss, calculated as follows: Amounts in EUR thousand Disposal price 3,241 Less: Carrying amount of investment on the date of disposal (2,358) Carrying amount of options on the date of disposal (1,040) Loss recognised from disposal of associate (156) Since AO TMK-CPW is based on Russia, there are restrictions on the ability of the associate to transfer funds to the Company and its subsidiaries in the form of cash dividends, due to the counter sanctions set by the Russian Federation. Russian legislation put in place since May 2022 restrict the payments of amounts in excess of ca. EUR 150,000 to EU residents as a response to the EU imposed sanctions against Russia. Although these restrictions are stated to be temporary, to avoid any potential loss of income, Humbel Ltd (the owner of 49% of the shares in the AO TMK-CPW) has asked AO TMK-CPW to postpone the payment of any dividends, until further notice. Therefore, during 2022, there were no transactions between AO TMK-CPW and the Viohalco Companies. There are no other restrictions on the ability of associates to transfer funds to the Company or its subsidiaries in the form of cash dividends, or to repay loans or advances made by the Company. Aforementioned financial information is presented considering the following: (a) There are no other restrictions on the ability of joint ventures or associates to transfer funds to the entity in the form of cash dividends, or to repay loans or advances made by the entity. (b) The financial statements of joint ventures or associates are used in applying the equity method and as of the same date with that of Viohalco. (c) There are no unrecognized share of losses of a joint venture or associate, both for the reporting period and cumulatively. C. Description of associates and joint ventures UEHEM (UACJ ELVAL HEAT EXCHANGER MATERIALS GmbH) is a joint establishment between ElvalHalcor and UACJ Corp. It markets aluminium products to manufacturers of automotive heat exchangers in Europe. HC ISITMA is a joint venture between ElvalHalcor and Cantas AS. It is active in the manufacture of pre-insulated copper tubes in Turkey. Bellville Tube manufactures steel tubular products for the local US market. AO TMK-CPW is a joint stock company between Corinth Pipeworks and AO TMK, the largest manufacturer of steel pipes in Russia and one of the top three globally. AO TMK-CPW has its production facilities in Polevskoy, Russia, where it manufactures pipes and hollow structural sections. AWM is developing, designing and manufacturing high-technology machines for the processing of reinforcement steel such as standard and special mesh welding machines, high-speed wire straightening and cutting machines, lattice girder machines, cold rolling lines, automatic mesh cutting and bending machines and special machines for production of tunnel reinforcement. Domoplex is a Cyprus-based company active in the manufacturing and trading of welded wire mesh for the reinforcement of concrete. NedZink B.V. is a Netherlands based company focusing on high quality zinc applications. Gestamp Etem Automotive Bulgaria S.A. is a joint venture between Gestamp and Etem Bulgaria S.A. that focus on the commercialisation and processing of aluminium extruded profiles for the automotive industry. THE GRID S.A. is a joint venture between Noval Property REIC and Brook Lane Capital that operates in Real Estate development sector. Metallourgia Attikis SA is a Greek based company focusing on the production and trading of pipes, sanitary ware, faucets and heating radiators. 21. Other investments Viohalco designates the investments shown below as equity securities at FVOCI, as they represent investments that Viohalco intends to hold for the long term strategic purposes. The movement of equity securities, as well as their analysis, is presented below: Amounts in EUR thousands 2022 2021 Balance as at 1 January 8,457 8,324 Additions 1,060 77 Disposals 0 -637 Change in fair value through OCI -1,061 702 Reclassifications -50 0 Other changes 0 -8 Balance as at 31 December 8,405 8,457 Amounts in EUR thousands 2022 2021 Listed securities - Greek equity instruments 243 125 - International equity instruments 3,356 4,417 - Mutual funds 0 Unlisted securities - Greek equity instruments 3,667 2,951 - International equity instruments 849 849 - Mutual funds 269 94 - Other 20 20 Total 8,405 8,457 31. Subsidiaries Viohalco\u2019s subsidiaries and the percentages of financial interest held by the parent company at the end of the reporting period are as follows: Subsidiary companies Country Financial interest 2022 Financial interest 2021 AEIFOROS S.A. GREECE 98.11% 98.11% AEIFOROS BULGARIA S.A. BULGARIA 98.11% 98.11% ALURAME SPA ITALY 91.59% 91.59% ANOXAL S.A. GREECE 84.78% 84.78% A\u039d\u0391\u039c\u0395\u03a4 DOO SERBIA 97.54% 97.54% A\u039d\u0391\u039c\u0395\u03a4 S.A. GREECE 97.54% 97.54% A\u039d\u03a4\u0399\u039c\u0395\u03a4 S.A. GREECE 100.00% 100.00% A\u03a4\u03a4\u0399\u039aI S.A. GREECE 75.00% 75.00% BASE METALS S.A. TURKEY 69.15% 69.15% BRIDGNORTH LTD U.K 100.00% 75.00% CABLEL WIRES S.A. GREECE 84.78% 84.78% CENERGY HOLDINGS S.A. BELGIUM 79.78% 79.78% HELLENIC CABLES AMERICA CO. USA 79.78% 79.78% CLUJ INTERNATIONAL TRADE SRL ROMANIA - 91.59% CORINTH PIPEWORKS S.A. GREECE 79.78% 79.78% Subsidiary companies Country Financial interest 2022 Financial interest 2021 CPW AMERICA Co USA 79.78% 79.78% CPW SOLAR S.A. GREECE 79.78% - CPW WIND S.A. GREECE 79.78% - DE LAIRE LTD CYPRUS 79.78% 79.78% DIO PERNIK EOOD BULGARIA 98.11% 98.11% DIA.VI.PE.THI.V S.A. GREECE 91.54% 91.54% DOJRAN STEEL LLCOP NORTH MACEDONIA 92.56% 100.00% EANEP ALMYROU SA GREECE 92.56% - ELVAL COLOUR S.A. GREECE 84.78% 84.78% ELVAL COLOUR IBERICA S.A. SPAIN 84.78% 84.78% ELVALHALCOR S.A. GREECE 84.78% 84.78% ELVIOK S.A. GREECE 84.78% 84.78% EL\u039a\u0395\u039c\u0395 S.A. GREECE 84.40% 84.40% EPIRUS METALWORKS S.A. GREECE 84.78% 84.78% ERGOSTEEL S.A. GREECE 89.12% 89.12% ERLIKON S.A. GREECE 100.00% 100.00% ETEM ALBANIA S.A. ALBANIA 84.78% 88.79% ETEM BULGARIA S.A. BULGARIA 100.00% 100.00% ETEM BG S.A. BULGARIA 84.78% 88.79% ETEM GESTAMP EXTRUSIONS S.A. BULGARIA 51.00% 51.00% E\u03a4\u0395\u039c COMMERCIAL S.A. GREECE 84.78% 87.82% ETEM SCG SERBIA 84.78% 88.79% E\u03a4\u0395\u039c SYSTEMS LLC UCRAINE 84.78% 88.79% E\u03a4\u0395\u039c SYSTEMS SRL ROMANIA 84.78% 88.79% E\u03a4IL S.A. GREECE 100.00% 100.00% FLOCOS S.A. GREECE 100.00% 100.00% FULGOR S.A. GREECE 79.78% 79.78% GENECOS S.A. FRANCE 91.59% 91.59% HELLENIC CABLES S.A. GREECE 79.78% 79.78% HELLENIC CABLES TRADING CO. USA 79.78% 79.78% HUMBEL LTD CYPRUS 79.78% 79.78% ICME ECAB S.A. ROMANIA 79.76% 79.76% INOS BALCAN DOO SERBIA 97.54% 97.54% INTERNATIONAL TRADE S.A. BELGIUM 91.59% 91.59% JOSTDEX LIMITED CYPRUS 100.00% 100.00% LESCO ROMANIA S.A. ROMANIA 51.86% 51.86% LESCO EOOD BULGARIA 79.78% 79.78% METAL AGENCIES LTD U.K 91.59% 91.59% METALCO S.A. BULGARIA 100.00% 100.00% METALIGN S.A. BULGARIA 100.00% 100.00% METALLOURGIA ATTIKIS S.A. GREECE - 50.00% METALLOURGIA ATTIKIS PROPERTY S.A. GREECE - 50.00% NOVAL PROPERTY REIC GREECE 81.09% 87.29% NOVOMETAL DOO NORTH MACEDONIA 97.54% 97.54% PORT SVISHTOV WEST S.A. BULGARIA 73.09% 73.09% PRAKSIS S.A. GREECE 61.00% 61.00% PRAKSIS BG S.A. BULGARIA 61.00% 61.00% REYNOLDS CUIVRE S.A. FRANCE 91.59% 91.59% ROULOC S.A. GREECE 84.78% 84.78% SIDEBALK STEEL DOO SERBIA 100.00% 100.00% SIDENOR INDUSTRIAL S.A. GREECE 100.00% 100.00% SIDERAL SHRK ALBANIA 99.92% 99.92% SIDEROM STEEL SRL ROMANIA 100.00% 100.00% SOFIA MED AD BULGARIA 86.37% 86.37% SOVEL S.A. GREECE 92.56% 92.95% SPARROWS POINT PROPERTIES HOLDING S.A. USA 79.78% - SPARROWS POINT PROPERTIES S.A. USA 79.78% - STEELMET CYPRUS LTD CYPRUS 89.12% 89.12% STEELMET PROPERTIES S.A. GREECE 89.12% 89.12% STEELMET ROMANIA S.A. ROMANIA 91.59% 91.59% STEELMET S. A. GREECE 89.12% 89.12% Subsidiary companies Country Financial interest 2022 Financial interest 2021 STEELMET FINANCIAL SERVICES S.A. GREECE 100.00% - STOMANA INDUSTRY S.A. BULGARIA 100.00% 100.00% STOMANA ENGINEERING S.A. BULGARIA 100.00% 100.00% SYMETAL S.A. GREECE 84.78% 84.78% TECHOR S.A. GREECE 84.78% 84.78% TECHOR ROMANIA S.A. ROMANIA 84.78% 84.78% TEPROMKC AG GERMANY 91.59% 91.59% TERRA MIDDLE EAST AG GERMANY 91.59% 91.59% T\u0395\u039a\u0391 SYSTEMS S.A. GREECE 100.00% 85.72% T\u0395\u039a\u0391 ENGINEERING S.A. GREECE 100.00% - VEPAL S.A. GREECE 84.78% 84.78% VIENER S.A. GREECE 93.70% 93.70% VIEXAL S.A. GREECE 95.94% 95.94% VIOMAL S.A. GREECE 63.58% 63.58% VITRUVIT S.A. GREECE 99.75% 99.75% WARSAW TUBULARS TRADING SP.ZO POLAND 79.78% 79.78% The ultimate controlling entity is Viohalco S.A. for all the above entities. Viohalco does exercise control, by holding the majority of the voting rights, directly and/or indirectly and these entities are reported as subsidiary companies. The percentages reported on the above table represent the financial interest held directly and indirectly by Viohalco. For example, if Viohalco holds 70% of company A and company A holds 70% of company B, then in the table above it will be presented that Viohalco holds 49% of financial interest in company B. Transactions that took place in 2022 Acquisition of NCI \u2022 On March 17th, 2022, Viohalco\u2019s Board of directors approved the acquisition of 25% non-controlling interest in subsidiary Bridgnorth Aluminium in consideration of GBP 11 million. As a result, Viohalco\u2019s participation in Bridgnorth Aluminium amounts to 100%. th\u2022 On June 14, Viohalco acquired the remaining 14.28% of Teka Systems shares, in consideration of EUR 4 million. Afterthe transaction Viohalco participation in the company amounts to 100%. Mergers & Absorptions st\u2022 On December 31, 2022, Viohalco subsidiary Metallourgia Attikis Properties absorbed by Noval Property REIC. st\u2022 On December 31, 2022, Noval Property REIC absorbed Mesogeiakes Epixeiriseis S.A. New subsidiaries establishment th\u2022 On November 30, 2022 new subsidiary Steelmet Financial Services S.A. was established after the spin-off of theMetalign Greek Branch. st\u2022 On July 21, 2022 new subsidiary TEKA Engineering SA was established after the spin-off of the industrial and machinery constructions segment from Teka Systems SA. \u2022 During 2022, they were established two new subsidiaries in the USA, Sparrows Point Properties Holdings LLC andSparrows Point Properties LLC., to support the construction of a submarine cables factory in the USA. \u2022 During 2022, they were established two new subsidiaries in Greece, CPW Solar SA & CPW Wind SA to support futureinvestment plans, without a final decision yet in place.th\u2022 On February 24, 2022, new subsidiary in the Steel segment was established named EANEP Almyrou. Loss of control st\u2022 On December 31, 2022, Viohalco\u2019s control in the participation to Mettalourgia Attikis was lost due to managementrestructuring while the participation held was 50%. The company will be accounted as an Equity accounted investeefrom 31.12.2022 (note 20). Other major transactions th\u2022 On December 14, 2022, was completed the disposal of Viohalco participation (20%) at Etem Commercial S.A. toElvalHalcor S.A. th\u2022 On June 27, 2022, Noval Property proceeded with a share capital increase with contributions in kind, resulting inincrease of non-controlling interest by 6.25%. 32. Joint operationsViohalco\u2019s subsidiary Hellenic Cables has a 62.48% interest in a joint arrangement called VO Cablel VOF, which was set up as a partnership together with Van Oord. The scope of this joint operation scheme is to supply and install sea and land cables for the Hollandse Kust (South) Alpha project and Hollandse Kust (South) Beta project. The principal place of business of the joint operation is in the Netherlands. Hellenic Cables has a 50.77% interest in a joint arrangement called DEME Offshore NL - Hellenic Cables V.O.F., which was set up as a partnership together with Tideway. The scope of this joint operation scheme is to execute a turnkey contract for the supply and installation of submarine cables for the connection of the Seamade offshore wind project to the Belgian grid. The principal place of business of the joint operation is in Belgium. Viohalco\u2019s subsidiary Fulgor has a 10% interest in a joint arrangement called Fulgor \u2013 JDN Consortium, which was set up as a partnership together with Jan De Nul. The scope of this joint operation scheme is to execute a turnkey contract for the installation of submarine cables for the interconnection Crete-Peloponnese in Greece. The principal place of business of this joint operation is in Greece. The above joint operations were formed during prior years. Fulgor has a 70.27% interest in a joint arrangement called Fulgor \u2013 Asso.subsea Ltd Consortium, which was set up as a partnership together with Asso.subsea Ltd. The scope of this joint operation scheme is to execute a turnkey contract for the design, manufacturing, supply and installation of the 150 kV submarine cable system connecting the under construction 330 MW Kafireas II Wind Farm to Greece\u2019s mainland grid. The principal place of business of this joint operation is in Greece. The agreements in relation to the VO Cablel VOF, Fulgor \u2013 JDN Consortium and DEME Offshore NL - Hellenic Cables V.O.F. require unanimous consent from all parties for all relevant activities. The two partners have direct rights to the assets of the partnership and are jointly and severally liable for the liabilities incurred by the partnership. These entities are therefore classified as joint operations and the Group recognises its direct right to the jointly held assets, liabilities, revenues and expenses as described in note 5. 33. Non-controlling interestsThe following table summarises the information relating to each of the subsidiaries that have material NCI (at sub-group level in the cases of Cenergy, ElvalHalcor, Sidenor) before any intra-group elimination. 2022 Intragroup Amounts in EUR thousands Cenergy ElvalHalcor Sidenor Bridgnorth Other eliminations Total NCI percentage 20.22% 15.22% 0.00% 0.00% Non-current assets 608,231 1,074,173 304,720 0 Current assets 1,078,163 1,311,383 405,716 0 Non-current liabilities 193,139 869,136 340,482 0 Current liabilities 1,163,975 664,151 272,987 0 Net Assets 329,280 852,268 96,967 0 Attributable to NCI by the companies 38 13,977 48,102 0 Net attributable to the equity holders & NCI of Viohalco 329,241 838,292 48,865 0 Attributable to NCI by parent Company 66,573 127,588 0 0 Carrying amount of NCI 66,611 141,565 48,102 0 65,413 -46,580 275,111 Revenue 1,426,008 3,714,755 970,915 0 Profit / Loss (-) 58,774 158,059 45,834 0 Other comprehensive income 3,306 25,167 762 0 Total comprehensive income 62,081 183,226 46,596 0 Attributable to NCI by the companies 3 2,563 10,636 0 Net attributable to the equity holders & NCI of Viohalco 62,077 180,663 35,960 0 Attributable to NCI by Viohalco 12,552 27,497 0 0 Total OCI of NCI 12,555 30,060 10,636 0 507 -12,814 40,944 Cash flows from operating activities -97,191 18,874 44,107 0 Cash flows from investing activities -71,745 -175,110 -16,984 0 Cash flows from financing activities 206,602 100,288 -33,773 0 Net increase/ decrease (-) in cash and cash equivalents 37,667 -55,949 -6,651 0 2021 Intragroup Amounts in EUR thousands Cenergy ElvalHalcor Sidenor Bridgnorth Other eliminations Total NCI percentage 20.22% 15.22% 0.00% 25.00% Non-current assets 549,423 975,185 303,121 77,487 Current assets 646,185 1,107,514 399,056 149,518 Non-current liabilities 244,017 748,752 251,366 6,427 Current liabilities 684,392 647,843 400,441 111,108 Net Assets 267,199 686,104 50,371 109,470 Attributable to NCI by the companies 35 16,724 37,467 0 Net attributable to the equity holders & NCI of Viohalco 267,164 669,380 12,904 109,470 Attributable to NCI by parent Company 54,021 101,880 0 27,368 Carrying amount of NCI 54,056 118,604 37,467 27,368 43,535 -40,060 240,969 Revenue 1,054,203 2,889,696 726,333 322,697 Profit / Loss (-) 20,915 152,622 56,896 -5,829 Other comprehensive income 514 2,508 -170 6,913 Total comprehensive income 21,429 155,130 56,727 1,084 Attributable to NCI by the companies 1 2,560 12,658 0 Net attributable to the equity holders & NCI of Viohalco 21,428 152,569 44,069 1,084 Attributable to NCI by Viohalco 4,333 23,221 0 271 Total OCI of NCI 4,334 25,781 12,658 271 3,825 -20,189 26,681 Cash flows from operating activities 112,514 24,577 33,603 -30,468 Cash flows from investing activities -43,757 -169,242 -14,629 -8,261 Cash flows from financing activities -20,494 202,003 1,389 41,392 Net increase/ decrease (-) in cash and cash equivalents 48,263 57,339 20,364 2,663 On March 17th, 2022, Viohalco\u2019s Board of directors approved the acquisition of 25% non-controlling interest in subsidiary Bridgnorth Aluminium in consideration of GBP 11 million. As a result, Viohalco\u2019s participation in Bridgnorth Aluminium amounts to 100%. ",
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"value": "20. Equity-accounted investees A. Reconciliation of carrying amount of associates and joint ventures Amounts in EUR thousands 2022 2021 Balance as at 1 January 44,372 38,089 Share of profit / loss (-) net of tax -1,365 -2,530 OCI profit (loss) for the period -2 1 Dividends received -655 -886 Additions 0 225 Share capital increase 7,500 8,800 Impairment -9,260 0 Disposals -6,001 0 Reclassification 856 0 Effects on movement in exchange rates 1,194 671 Balance as at 31 December 36,638 44,372 B. Financial information per associate and joint venture The following tables present financial information per associate. The disclosed financial information reflects amounts in the financial statements of the relevant associates. 2022 Profit or loss Total Principal Non- Non- from compre- Direct Ultimate place of Carrying Current Current Current Current continuing hensive ownership ownership Company business Segment Associate/JV Value Assets Assets Liabilities Liabilities Revenue operations income interest interest ETEM GESTAMP AUTOMOTIVE SA Bulgaria Aluminium Joint Venture 8,864 13,662 22,921 8,100 15,399 58,423 1,569 1,637 49.00% 49.00% DOMOPLEX LTD Cyprus Steel Associate 1,244 4,188 1,996 3,049 532 6,779 497 497 45.00% 45.00% AO TMK-CPW Russia Steel Pipes Associate 15,963 69,910 5,252 87 42,498 95,246 7,287 7,287 49.00% 39.09% HC ISITMA \u0391.S. Turkey Copper Joint Venture 249 8,933 1,562 1,047 1,928 24,632 2,328 2,268 50.00% 42.39% U.E.H.E.M GmbH Germany Aluminium Associate 860 14,896 20 0 13,216 69,383 1,235 1,235 49.00% 41.54% NEDZINK B.V. Netherlands Copper Joint Venture 0 39,419 46,970 38,693 43,777 100,161 -13,762 -13,762 50.00% 42.39% THE GRID SA Greece Real estate Joint Venture 8,651 5,300 32,952 19,624 1,681 0 -908 -908 50.00% 40.55% Metallourgia Attikis Greece Other Associate 806 1,747 266 96 315 2,085 267 269 50.00% 50.00% 36,6382021 Profit or loss Total Principal Non- Non- from compre- Direct Ultimate place of Carrying Current Current Current Current continuing hensive ownership ownership Company business Segment Associate/JV Value Assets Assets Liabilities Liabilities Revenue operations income interest interest ETEM GESTAMP AUTOMOTIVE SA Bulgaria Aluminium Joint Venture 8,095 9,465 16,390 230 14,177 41,028 1,335 1,340 49.00% 49.00% DOMOPLEX LTD Cyprus Steel Associate 1,165 3,756 2,186 547 2,966 6,811 806 806 45.00% 45.00% AO TMK-CPW Russia Steel Pipes Associate 11,216 64,836 5,004 23 46,926 70,009 1,910 1,910 49.00% 39.09% BELLVILLE TUBE USA Steel Pipes Associate 1,732 422 13,744 3,418 3,988 20,238 -2,837 -2,837 19.40% 15.48% AWM SPA Italy Steel Associate 3,643 8,701 8,281 3,928 5,301 5,142 -698 -698 34.00% 34.00% HC ISITMA \u0391.S. Turkey Copper Joint Venture 231 338 146 46 92 572 54 500 50.00% 42.39% U.E.H.E.M GmbH Germany Aluminium Associate 767 9,317 26 0 7,834 53,775 1,074 1,074 49.00% 41.54% NEDZINK B.V. Netherlands Copper Joint Venture 11,841 31,325 49,598 43,186 28,940 86,636 -8,192 -8,192 50.00% 42.39% THE GRID SA Greece Real estate Joint Venture 5,681 2,403 28,605 19,600 47 0 -688 -688 50.00% 43.64% 44,372 DisposalIn June 2022, Viohalco subsidiary, Sidenor sold the percentage held (34%) at AWM SPA, resulting at a loss of EUR 1.3 million. ReclassificationIn December 2022, Viohalco\u2019s control in the participation to Mettalourgia Attikis was lost due to management restructuring while the participation held was 50%. The company will be accounted as an Equity accounted investee from 31.12.2022. ImpairmentThe annual impairment test performed for the participation to Nedzink, the Joint Venture of Elvalhalcor (Copper segment), indicated the recognition of an impairment loss of EUR 9.2 million onwards. DisposalIn 2021, Viohalco through CPW America - held a 19.4% interest in Bellville Tube Company and accounted for the investment as an associate. In August 2022, Viohalco disposed its interest in Bellville Tube Company for proceeds of USD 3.3 million, receivable in monthly instalments. The disposal price was according to the initial purchase agreement, which prescribed that CPW America had the option, during the period 2022-2025 to require Bellville Tube Company to redeem all, but not less than all, of the shares of Bellville Tube Company then held by CPW America. The aggregate purchase price for the redeemed shares was set equal to USD 3.3 million, i.e., the amount initially disbursed for the purchase of the interest in Bellville Tube Company. This transaction has resulted in the derecognition of the related options previously recognised on the statement of financial position and the recognition of a gain in profit or loss, calculated as follows: Amounts in EUR thousand Disposal price 3,241 Less: Carrying amount of investment on the date of disposal (2,358) Carrying amount of options on the date of disposal (1,040) Loss recognised from disposal of associate (156) Since AO TMK-CPW is based on Russia, there are restrictions on the ability of the associate to transfer funds to the Company and its subsidiaries in the form of cash dividends, due to the counter sanctions set by the Russian Federation. Russian legislation put in place since May 2022 restrict the payments of amounts in excess of ca. EUR 150,000 to EU residents as a response to the EU imposed sanctions against Russia. Although these restrictions are stated to be temporary, to avoid any potential loss of income, Humbel Ltd (the owner of 49% of the shares in the AO TMK-CPW) has asked AO TMK-CPW to postpone the payment of any dividends, until further notice. Therefore, during 2022, there were no transactions between AO TMK-CPW and the Viohalco Companies. There are no other restrictions on the ability of associates to transfer funds to the Company or its subsidiaries in the form of cash dividends, or to repay loans or advances made by the Company. Aforementioned financial information is presented considering the following: (a) There are no other restrictions on the ability of joint ventures or associates to transfer funds to the entity in the form of cash dividends, or to repay loans or advances made by the entity. (b) The financial statements of joint ventures or associates are used in applying the equity method and as of the same date with that of Viohalco. (c) There are no unrecognized share of losses of a joint venture or associate, both for the reporting period and cumulatively. C. Description of associates and joint ventures UEHEM (UACJ ELVAL HEAT EXCHANGER MATERIALS GmbH) is a joint establishment between ElvalHalcor and UACJ Corp. It markets aluminium products to manufacturers of automotive heat exchangers in Europe. HC ISITMA is a joint venture between ElvalHalcor and Cantas AS. It is active in the manufacture of pre-insulated copper tubes in Turkey. Bellville Tube manufactures steel tubular products for the local US market. AO TMK-CPW is a joint stock company between Corinth Pipeworks and AO TMK, the largest manufacturer of steel pipes in Russia and one of the top three globally. AO TMK-CPW has its production facilities in Polevskoy, Russia, where it manufactures pipes and hollow structural sections. AWM is developing, designing and manufacturing high-technology machines for the processing of reinforcement steel such as standard and special mesh welding machines, high-speed wire straightening and cutting machines, lattice girder machines, cold rolling lines, automatic mesh cutting and bending machines and special machines for production of tunnel reinforcement. Domoplex is a Cyprus-based company active in the manufacturing and trading of welded wire mesh for the reinforcement of concrete. NedZink B.V. is a Netherlands based company focusing on high quality zinc applications. Gestamp Etem Automotive Bulgaria S.A. is a joint venture between Gestamp and Etem Bulgaria S.A. that focus on the commercialisation and processing of aluminium extruded profiles for the automotive industry. THE GRID S.A. is a joint venture between Noval Property REIC and Brook Lane Capital that operates in Real Estate development sector. Metallourgia Attikis SA is a Greek based company focusing on the production and trading of pipes, sanitary ware, faucets and heating radiators. ",
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"value": "20. Equity-accounted investees A. Reconciliation of carrying amount of associates and joint ventures Amounts in EUR thousands 2022 2021 Balance as at 1 January 44,372 38,089 Share of profit / loss (-) net of tax -1,365 -2,530 OCI profit (loss) for the period -2 1 Dividends received -655 -886 Additions 0 225 Share capital increase 7,500 8,800 Impairment -9,260 0 Disposals -6,001 0 Reclassification 856 0 Effects on movement in exchange rates 1,194 671 Balance as at 31 December 36,638 44,372 B. Financial information per associate and joint venture The following tables present financial information per associate. The disclosed financial information reflects amounts in the financial statements of the relevant associates. 2022 Profit or loss Total Principal Non- Non- from compre- Direct Ultimate place of Carrying Current Current Current Current continuing hensive ownership ownership Company business Segment Associate/JV Value Assets Assets Liabilities Liabilities Revenue operations income interest interest ETEM GESTAMP AUTOMOTIVE SA Bulgaria Aluminium Joint Venture 8,864 13,662 22,921 8,100 15,399 58,423 1,569 1,637 49.00% 49.00% DOMOPLEX LTD Cyprus Steel Associate 1,244 4,188 1,996 3,049 532 6,779 497 497 45.00% 45.00% AO TMK-CPW Russia Steel Pipes Associate 15,963 69,910 5,252 87 42,498 95,246 7,287 7,287 49.00% 39.09% HC ISITMA \u0391.S. Turkey Copper Joint Venture 249 8,933 1,562 1,047 1,928 24,632 2,328 2,268 50.00% 42.39% U.E.H.E.M GmbH Germany Aluminium Associate 860 14,896 20 0 13,216 69,383 1,235 1,235 49.00% 41.54% NEDZINK B.V. Netherlands Copper Joint Venture 0 39,419 46,970 38,693 43,777 100,161 -13,762 -13,762 50.00% 42.39% THE GRID SA Greece Real estate Joint Venture 8,651 5,300 32,952 19,624 1,681 0 -908 -908 50.00% 40.55% Metallourgia Attikis Greece Other Associate 806 1,747 266 96 315 2,085 267 269 50.00% 50.00% 36,6382021 Profit or loss Total Principal Non- Non- from compre- Direct Ultimate place of Carrying Current Current Current Current continuing hensive ownership ownership Company business Segment Associate/JV Value Assets Assets Liabilities Liabilities Revenue operations income interest interest ETEM GESTAMP AUTOMOTIVE SA Bulgaria Aluminium Joint Venture 8,095 9,465 16,390 230 14,177 41,028 1,335 1,340 49.00% 49.00% DOMOPLEX LTD Cyprus Steel Associate 1,165 3,756 2,186 547 2,966 6,811 806 806 45.00% 45.00% AO TMK-CPW Russia Steel Pipes Associate 11,216 64,836 5,004 23 46,926 70,009 1,910 1,910 49.00% 39.09% BELLVILLE TUBE USA Steel Pipes Associate 1,732 422 13,744 3,418 3,988 20,238 -2,837 -2,837 19.40% 15.48% AWM SPA Italy Steel Associate 3,643 8,701 8,281 3,928 5,301 5,142 -698 -698 34.00% 34.00% HC ISITMA \u0391.S. Turkey Copper Joint Venture 231 338 146 46 92 572 54 500 50.00% 42.39% U.E.H.E.M GmbH Germany Aluminium Associate 767 9,317 26 0 7,834 53,775 1,074 1,074 49.00% 41.54% NEDZINK B.V. Netherlands Copper Joint Venture 11,841 31,325 49,598 43,186 28,940 86,636 -8,192 -8,192 50.00% 42.39% THE GRID SA Greece Real estate Joint Venture 5,681 2,403 28,605 19,600 47 0 -688 -688 50.00% 43.64% 44,372 DisposalIn June 2022, Viohalco subsidiary, Sidenor sold the percentage held (34%) at AWM SPA, resulting at a loss of EUR 1.3 million. ReclassificationIn December 2022, Viohalco\u2019s control in the participation to Mettalourgia Attikis was lost due to management restructuring while the participation held was 50%. The company will be accounted as an Equity accounted investee from 31.12.2022. ImpairmentThe annual impairment test performed for the participation to Nedzink, the Joint Venture of Elvalhalcor (Copper segment), indicated the recognition of an impairment loss of EUR 9.2 million onwards. DisposalIn 2021, Viohalco through CPW America - held a 19.4% interest in Bellville Tube Company and accounted for the investment as an associate. In August 2022, Viohalco disposed its interest in Bellville Tube Company for proceeds of USD 3.3 million, receivable in monthly instalments. The disposal price was according to the initial purchase agreement, which prescribed that CPW America had the option, during the period 2022-2025 to require Bellville Tube Company to redeem all, but not less than all, of the shares of Bellville Tube Company then held by CPW America. The aggregate purchase price for the redeemed shares was set equal to USD 3.3 million, i.e., the amount initially disbursed for the purchase of the interest in Bellville Tube Company. This transaction has resulted in the derecognition of the related options previously recognised on the statement of financial position and the recognition of a gain in profit or loss, calculated as follows: Amounts in EUR thousand Disposal price 3,241 Less: Carrying amount of investment on the date of disposal (2,358) Carrying amount of options on the date of disposal (1,040) Loss recognised from disposal of associate (156) Since AO TMK-CPW is based on Russia, there are restrictions on the ability of the associate to transfer funds to the Company and its subsidiaries in the form of cash dividends, due to the counter sanctions set by the Russian Federation. Russian legislation put in place since May 2022 restrict the payments of amounts in excess of ca. EUR 150,000 to EU residents as a response to the EU imposed sanctions against Russia. Although these restrictions are stated to be temporary, to avoid any potential loss of income, Humbel Ltd (the owner of 49% of the shares in the AO TMK-CPW) has asked AO TMK-CPW to postpone the payment of any dividends, until further notice. Therefore, during 2022, there were no transactions between AO TMK-CPW and the Viohalco Companies. There are no other restrictions on the ability of associates to transfer funds to the Company or its subsidiaries in the form of cash dividends, or to repay loans or advances made by the Company. Aforementioned financial information is presented considering the following: (a) There are no other restrictions on the ability of joint ventures or associates to transfer funds to the entity in the form of cash dividends, or to repay loans or advances made by the entity. (b) The financial statements of joint ventures or associates are used in applying the equity method and as of the same date with that of Viohalco. (c) There are no unrecognized share of losses of a joint venture or associate, both for the reporting period and cumulatively. C. Description of associates and joint ventures UEHEM (UACJ ELVAL HEAT EXCHANGER MATERIALS GmbH) is a joint establishment between ElvalHalcor and UACJ Corp. It markets aluminium products to manufacturers of automotive heat exchangers in Europe. HC ISITMA is a joint venture between ElvalHalcor and Cantas AS. It is active in the manufacture of pre-insulated copper tubes in Turkey. Bellville Tube manufactures steel tubular products for the local US market. AO TMK-CPW is a joint stock company between Corinth Pipeworks and AO TMK, the largest manufacturer of steel pipes in Russia and one of the top three globally. AO TMK-CPW has its production facilities in Polevskoy, Russia, where it manufactures pipes and hollow structural sections. AWM is developing, designing and manufacturing high-technology machines for the processing of reinforcement steel such as standard and special mesh welding machines, high-speed wire straightening and cutting machines, lattice girder machines, cold rolling lines, automatic mesh cutting and bending machines and special machines for production of tunnel reinforcement. Domoplex is a Cyprus-based company active in the manufacturing and trading of welded wire mesh for the reinforcement of concrete. NedZink B.V. is a Netherlands based company focusing on high quality zinc applications. Gestamp Etem Automotive Bulgaria S.A. is a joint venture between Gestamp and Etem Bulgaria S.A. that focus on the commercialisation and processing of aluminium extruded profiles for the automotive industry. THE GRID S.A. is a joint venture between Noval Property REIC and Brook Lane Capital that operates in Real Estate development sector. Metallourgia Attikis SA is a Greek based company focusing on the production and trading of pipes, sanitary ware, faucets and heating radiators. ",
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"value": "21. Other investments Viohalco designates the investments shown below as equity securities at FVOCI, as they represent investments that Viohalco intends to hold for the long term strategic purposes. The movement of equity securities, as well as their analysis, is presented below: Amounts in EUR thousands 2022 2021 Balance as at 1 January 8,457 8,324 Additions 1,060 77 Disposals 0 -637 Change in fair value through OCI -1,061 702 Reclassifications -50 0 Other changes 0 -8 Balance as at 31 December 8,405 8,457 Amounts in EUR thousands 2022 2021 Listed securities - Greek equity instruments 243 125 - International equity instruments 3,356 4,417 - Mutual funds 0 Unlisted securities - Greek equity instruments 3,667 2,951 - International equity instruments 849 849 - Mutual funds 269 94 - Other 20 20 Total 8,405 8,457 23. Derivatives The following table sets out the carrying amount of derivatives: Amounts in EUR thousands 2022 2021 Non-current assets Interest rate swap contracts 17,242 0 Forwards 3,624 0 Commodity Swaps 18,056 0 Options 0 944 Total 38,922 944 Current assets Interest rate swap contracts 3,649 0 Forwards 10,427 760 Future contracts 2,380 7,670 Commodity Swaps 10,692 7,847 Total 27,149 16,277 Non-current liabilities Forwards 4 0 Interest rate swap contracts 0 382 Commodity Swaps 1,245 3,205 Total 1,249 3,587 Current liabilities Forwards 10,155 2,501 Future contracts 4,628 5,062 Commodity Swaps 3,672 0 Total 18,455 7,563 The significant increase in open derivatives positionsin commodity swaps, compared to 31.12.2021, reflects the excessive market volatility in energy markets during 2022. Variable rate loans and borrowings expose Viohalco companies to a rate volatility risk (cash flow risk). During 2022, Viohalco subsidiaries entered into interest rates swaps contracts in order to be hedged by interest rate fluctuations, by transforming the variable interest rate of the loan into a fixed one, thus reducing such volatility risk. Interest rate swap contracts involve exchanging, on specified dates cash amounts equal to the difference between a contracted fixed interest rate calculated on a principal and a variable rate calculated on the same principal. By carefully choosing the variable rate and the principal of the swap, one actually transforms a floating rate loan into a fixed rate one. During 2021, Viohalco subsidiaries started using Commodity Swaps referenced on the Title Transfer Facility (TTF) prices to hedge the risk of fluctuations in natural gas prices from market conditions. The significant increase in open positions, compared previous year, reflects the excessive market volatility in energy markets during 2022. Hedge accounting Viohalco\u2019s companies hold derivative financial instruments for cash flow and fair value hedges. The abovementioned derivative financial instruments cover risks from: - Changes in the prices of metals; - Fluctuations of foreign exchange rates; - Changes in loan interest rates; - Fluctuations of energy prices (natural gas). The maturity and the nominal value of derivatives held by Viohalco\u2019s companies match the maturity and nominal value of the underlying assets / liabilities (hedged items). Derivatives held by Viohalco\u2019s companies concern mainly: - Future contracts to hedge the risk from the change of the price of metals listed in LME (London Metal Exchange) and used in production of Viohalco\u2019s companies (i.e. mainly copper, aluminium and zinc). Such hedges are designated as cash flow hedges. - FX Forward and FX swaps to hedge the risk from the change in exchange rate of US Dollar and British Pound (i.e. currencies to which Viohalco\u2019s companies are mainly exposed). Such hedges are either designated as fair value or cash flow hedges depending on the item hedged. FX Forwards and FX swaps when used for hedging FX risk on outstanding receivables and suppliers denominated in foreign currency these instruments are designated under fair value hedging. FX forwards when used for hedging FX risk on the forecasted sales of goods or purchase of materials executed in foreign currency FX forward is hedging instruments designated under the cash flow method. - Variable rate loans and borrowings expose Viohalco companies to an interest rate volatility risk (cash flow risk). In order to hedge it, interest rate swaps are used to effectively transform the variable interest rate of the loan into a fixed one, thus reducing such volatility risk. Interest rate swap contracts involve exchanging, on specified dates cash amounts equal to the difference between a contracted fixed interest rate calculated on a principal and a variable rate calculated on the same principal. By carefully choosing the variable rate and the principal of the swap, one actually transforms a floating rate loan into a fixed rate one. - Commodity Swaps referenced on the Title Transfer Facility (TTF) prices to hedge the risk of fluctuations in natural gas prices from market conditions. Derivatives are recognised when Viohalco\u2019s companies enter into the transaction in order either to hedge the fair value of receivables, liabilities or commitments (fair value hedges) or highly probable transactions (cash flow hedges). The change in fair value recognized in equity under cash flow hedging as at 31 December 2022 will be recycled to the consolidated statement of profit or loss during the next years, as some of the hedged events are expected to occur (the forecasted transactions will take place or the hedged items will affect profit or loss statement) within 2023 and some others at a later stage. Viohalco companies\u2019 results from the hedging activities recorded in the statement of profit or loss are presented for metal future contracts,foreign exchange contracts and the energy contracts in the \u2019Revenue\u2018 and the \u2019Cost of sales\u2018 while for interest rate swaps in the \u2019Finance income/ expenses\u2019. The amounts recognized in the consolidated statement of profit or loss are the following: Amounts in EUR thousands 2022 2021 Gain / loss (-) on future contracts 20,714 -5,105 Gain / loss (-) on FX forward contracts 6,769 -3,754 Gain / loss (-) on interest rate swap contracts 4,891 0 Gain / loss (-) on commodity swap contracts 21,887 1,251 54,261 -7,608 Profit or loss related to derivatives used for cash flow hedging recognized in other comprehensive income (Hedging reserve) as at 31 December 2022 and it will be recycled to profit or loss during the next financial years. A. Accounting classifications and fair values The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including the levels in the fair value hierarchy. 31 December 2022 Amounts in EUR thousands Carrying amount First Level Second Level Third Level Total Other investments 8,405 3,597 2 4,806 8,405 Derivative financial assets 66,071 2,380 63,691 0 66,071 74,476 5,977 63,693 4,806 74,476 Derivative financial liabilities -19,704 -4,705 -14,999 0 -19,704 54,772 1,273 48,693 4,806 54,772 31 December 2021 Amounts in EUR thousands Carrying amount First Level Second Level Third Level Total Other investments 8,457 4,543 0 3,915 8,457 Derivative financial assets 17,221 14,343 1,934 944 17,221 25,679 18,886 1,934 4,859 25,679 Derivative financial liabilities -11,149 -8,316 -2,833 0 -11,149 14,529 10,570 -899 4,859 14,529 The various levels are as follows: - Level 1: Quoted prices (unadjusted) in an active market for identical assets and liabilities; - Level 2: Inputs that are observable either directly or indirectly; - Level 3: Unobservable inputs for assets and liabilities. The fair value of the following financial assets and liabilities measured at amortised cost approximate their carrying amount: - Trade and other receivables; - Cash and cash equivalents; - Trade and other payables; - Loans and borrowings; - Lease liabilities. Specifically, the carrying amount of loans and borrowings is considered as a good approximation of their fair value as 86% of consolidated Loans and borrowings concern floating-rate debt, which are a very good approximation of current market rates. The following table shows reconciliation between opening and closing balances for Level 3 financial assets: Amounts in EUR thousands Balance as at 1 January 2022 3,915 Additions 942 Impairment loss (-)/ Reversal of impairment loss -50 Balance as at 31 December 2022 4,806 Balance as at 1 January 2021 3,846 Additions 77 Disposals -8 Balance as at 31 December 2021 3,915 B. Measurement of fair values (a) Valuation techniques and significant unobservable inputs The fair values of financial assets that are traded in active markets (stock markets e.g. derivatives, shares, bonds, mutual funds) are set according to the published prices that are valid on the reporting date. The fair values of financial assets that are not traded in active markets are set through the use of valuation techniques and standards that are based on market data on the reporting date. The fair values of financial liabilities, for the purpose of being recorded in financial statements, are estimated based on the present value of the future cash flows that arise from specific contracts using the current interest rate that is available for Viohalco and its companies for the use of similar financial-credit means. Inputs that do not meet the respective criteria and cannot be classified in Level 1 but are observable, either directly or indirectly, fall under Level 2. Over-the-counter derivative financial instruments based on prices obtained from brokers are classified in this level. The financial assets, such as unlisted shares that are not traded in an active market whose measurement is based on the Viohalco\u2019s companies\u2019 forecasts for the issuer\u2019s future profitability are classified under Level 3. The following table shows the valuation techniques used in measuring fair values, as well as the significant unobservable inputs used: Inter-relationship between Significant key unobservable Type Valuation technique unobservable inputs inputs and fair value measurement Derivatives Market value: Price as traded in active market Not applicable Not applicable Market comparison technique: The fair values are Broker quotes Not applicable based on broker quotes. Similar contracts are traded in an active market and the quotes reflect the actual transactions in similar instruments Equity securities traded Market value: Price as traded in active market Not applicable Not applicable in active markets Equity securities not Discounted cash flows: The fair value of shares - Risk-free rate: 2.1% The estimated fair value would increase traded in active markets not traded in an active market is defined based on - Market risk premium: 6.21% (decrease) if: the estimates of Viohalco and its companies for - Expected tax expense rate: 22% \u2022 the estimated risk-free rate, market risk the future profitability of the issuer after taking into - WACC for the most significant premium and WACC were lower (higher) account the expected growth rate of its operations, investment: 8-9.5% \u2022 the estimated cash flows were higher (lower) as well as the discounted interest rate \u2022 the expected income tax rate was lower (higher) (b) Transfers between Levels 1 and 2 There were no transfers from Level 2 to Level 1 or from Level 1 to Level 2 in 2022 or in 2021. ",
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"pp-value-200-6": {
"value": "21. Other investments Viohalco designates the investments shown below as equity securities at FVOCI, as they represent investments that Viohalco intends to hold for the long term strategic purposes. The movement of equity securities, as well as their analysis, is presented below: Amounts in EUR thousands 2022 2021 Balance as at 1 January 8,457 8,324 Additions 1,060 77 Disposals 0 -637 Change in fair value through OCI -1,061 702 Reclassifications -50 0 Other changes 0 -8 Balance as at 31 December 8,405 8,457 Amounts in EUR thousands 2022 2021 Listed securities - Greek equity instruments 243 125 - International equity instruments 3,356 4,417 - Mutual funds 0 Unlisted securities - Greek equity instruments 3,667 2,951 - International equity instruments 849 849 - Mutual funds 269 94 - Other 20 20 Total 8,405 8,457 32. Joint operationsViohalco\u2019s subsidiary Hellenic Cables has a 62.48% interest in a joint arrangement called VO Cablel VOF, which was set up as a partnership together with Van Oord. The scope of this joint operation scheme is to supply and install sea and land cables for the Hollandse Kust (South) Alpha project and Hollandse Kust (South) Beta project. The principal place of business of the joint operation is in the Netherlands. Hellenic Cables has a 50.77% interest in a joint arrangement called DEME Offshore NL - Hellenic Cables V.O.F., which was set up as a partnership together with Tideway. The scope of this joint operation scheme is to execute a turnkey contract for the supply and installation of submarine cables for the connection of the Seamade offshore wind project to the Belgian grid. The principal place of business of the joint operation is in Belgium. Viohalco\u2019s subsidiary Fulgor has a 10% interest in a joint arrangement called Fulgor \u2013 JDN Consortium, which was set up as a partnership together with Jan De Nul. The scope of this joint operation scheme is to execute a turnkey contract for the installation of submarine cables for the interconnection Crete-Peloponnese in Greece. The principal place of business of this joint operation is in Greece. The above joint operations were formed during prior years. Fulgor has a 70.27% interest in a joint arrangement called Fulgor \u2013 Asso.subsea Ltd Consortium, which was set up as a partnership together with Asso.subsea Ltd. The scope of this joint operation scheme is to execute a turnkey contract for the design, manufacturing, supply and installation of the 150 kV submarine cable system connecting the under construction 330 MW Kafireas II Wind Farm to Greece\u2019s mainland grid. The principal place of business of this joint operation is in Greece. The agreements in relation to the VO Cablel VOF, Fulgor \u2013 JDN Consortium and DEME Offshore NL - Hellenic Cables V.O.F. require unanimous consent from all parties for all relevant activities. The two partners have direct rights to the assets of the partnership and are jointly and severally liable for the liabilities incurred by the partnership. These entities are therefore classified as joint operations and the Group recognises its direct right to the jointly held assets, liabilities, revenues and expenses as described in note 5. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-201-3": {
"value": "22. Assets held for sale The following assets and liabilities were reclassified 2022 at their fair value as held for sale as at 31 December 2022: Amounts in EUR thousands 2022 2021 Property Plant & Equipment 18,272 372 Intangible assets 617 0 Other non current assets 4,189 0 Inventories 26,295 0 Trade and other receivables 15,057 0 Cash & Cash equivalents 3,434 0 Total Assets Held for Sale 67,865 372 Non current liabilities 175 0 Non current Loans & borrowings 571 0 Trade and other payables 13,609 0 Current Loans & borrowings 3,665 0 Total Liabilities directly associated with Assets Held for Sale 18,020 0 thOn December 27, 2022 the strategic agreement for the absorption of Etem Commercial by Cosmos Aluminium was signed between Viohalco subsidiary ElvalHalcor and Cosmos Aluminium Shareholders. After the completion of the transaction, ElvalHalcor will hold a minority interest of 15% on the share capital of Cosmos Aluminium. The associated assets and liabilities were consequently presented as held for sale in the financial statements. Impairment assessment performed between historical book value and fair value less costs to sell and no indication of impairment were existed. The corporate transaction for the Strategic Cooperation Agreement, through the merger with absorption of Etem by Cosmos Aluminium (Note 22), is expected to be finalized within April 2023.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-202-5": {
"value": "23. Derivatives The following table sets out the carrying amount of derivatives: Amounts in EUR thousands 2022 2021 Non-current assets Interest rate swap contracts 17,242 0 Forwards 3,624 0 Commodity Swaps 18,056 0 Options 0 944 Total 38,922 944 Current assets Interest rate swap contracts 3,649 0 Forwards 10,427 760 Future contracts 2,380 7,670 Commodity Swaps 10,692 7,847 Total 27,149 16,277 Non-current liabilities Forwards 4 0 Interest rate swap contracts 0 382 Commodity Swaps 1,245 3,205 Total 1,249 3,587 Current liabilities Forwards 10,155 2,501 Future contracts 4,628 5,062 Commodity Swaps 3,672 0 Total 18,455 7,563 The significant increase in open derivatives positionsin commodity swaps, compared to 31.12.2021, reflects the excessive market volatility in energy markets during 2022. Variable rate loans and borrowings expose Viohalco companies to a rate volatility risk (cash flow risk). During 2022, Viohalco subsidiaries entered into interest rates swaps contracts in order to be hedged by interest rate fluctuations, by transforming the variable interest rate of the loan into a fixed one, thus reducing such volatility risk. Interest rate swap contracts involve exchanging, on specified dates cash amounts equal to the difference between a contracted fixed interest rate calculated on a principal and a variable rate calculated on the same principal. By carefully choosing the variable rate and the principal of the swap, one actually transforms a floating rate loan into a fixed rate one. During 2021, Viohalco subsidiaries started using Commodity Swaps referenced on the Title Transfer Facility (TTF) prices to hedge the risk of fluctuations in natural gas prices from market conditions. The significant increase in open positions, compared previous year, reflects the excessive market volatility in energy markets during 2022. Hedge accounting Viohalco\u2019s companies hold derivative financial instruments for cash flow and fair value hedges. The abovementioned derivative financial instruments cover risks from: - Changes in the prices of metals; - Fluctuations of foreign exchange rates; - Changes in loan interest rates; - Fluctuations of energy prices (natural gas). The maturity and the nominal value of derivatives held by Viohalco\u2019s companies match the maturity and nominal value of the underlying assets / liabilities (hedged items). Derivatives held by Viohalco\u2019s companies concern mainly: - Future contracts to hedge the risk from the change of the price of metals listed in LME (London Metal Exchange) and used in production of Viohalco\u2019s companies (i.e. mainly copper, aluminium and zinc). Such hedges are designated as cash flow hedges. - FX Forward and FX swaps to hedge the risk from the change in exchange rate of US Dollar and British Pound (i.e. currencies to which Viohalco\u2019s companies are mainly exposed). Such hedges are either designated as fair value or cash flow hedges depending on the item hedged. FX Forwards and FX swaps when used for hedging FX risk on outstanding receivables and suppliers denominated in foreign currency these instruments are designated under fair value hedging. FX forwards when used for hedging FX risk on the forecasted sales of goods or purchase of materials executed in foreign currency FX forward is hedging instruments designated under the cash flow method. - Variable rate loans and borrowings expose Viohalco companies to an interest rate volatility risk (cash flow risk). In order to hedge it, interest rate swaps are used to effectively transform the variable interest rate of the loan into a fixed one, thus reducing such volatility risk. Interest rate swap contracts involve exchanging, on specified dates cash amounts equal to the difference between a contracted fixed interest rate calculated on a principal and a variable rate calculated on the same principal. By carefully choosing the variable rate and the principal of the swap, one actually transforms a floating rate loan into a fixed rate one. - Commodity Swaps referenced on the Title Transfer Facility (TTF) prices to hedge the risk of fluctuations in natural gas prices from market conditions. Derivatives are recognised when Viohalco\u2019s companies enter into the transaction in order either to hedge the fair value of receivables, liabilities or commitments (fair value hedges) or highly probable transactions (cash flow hedges). The change in fair value recognized in equity under cash flow hedging as at 31 December 2022 will be recycled to the consolidated statement of profit or loss during the next years, as some of the hedged events are expected to occur (the forecasted transactions will take place or the hedged items will affect profit or loss statement) within 2023 and some others at a later stage. Viohalco companies\u2019 results from the hedging activities recorded in the statement of profit or loss are presented for metal future contracts,foreign exchange contracts and the energy contracts in the \u2019Revenue\u2018 and the \u2019Cost of sales\u2018 while for interest rate swaps in the \u2019Finance income/ expenses\u2019. The amounts recognized in the consolidated statement of profit or loss are the following: Amounts in EUR thousands 2022 2021 Gain / loss (-) on future contracts 20,714 -5,105 Gain / loss (-) on FX forward contracts 6,769 -3,754 Gain / loss (-) on interest rate swap contracts 4,891 0 Gain / loss (-) on commodity swap contracts 21,887 1,251 54,261 -7,608 Profit or loss related to derivatives used for cash flow hedging recognized in other comprehensive income (Hedging reserve) as at 31 December 2022 and it will be recycled to profit or loss during the next financial years. ",
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"pp-value-203-6": {
"value": " Amounts in EUR thousands 2022 2021 Non-current assets Interest rate swap contracts 17,242 0 Forwards 3,624 0 Commodity Swaps 18,056 0 Options 0 944 Total 38,922 944 Current assets Interest rate swap contracts 3,649 0 Forwards 10,427 760 Future contracts 2,380 7,670 Commodity Swaps 10,692 7,847 Total 27,149 16,277 Non-current liabilities Forwards 4 0 Interest rate swap contracts 0 382 Commodity Swaps 1,245 3,205 Total 1,249 3,587 Current liabilities Forwards 10,155 2,501 Future contracts 4,628 5,062 Commodity Swaps 3,672 0 Total 18,455 7,563 Derivatives are recognised when Viohalco\u2019s companies enter into the transaction in order either to hedge the fair value of receivables, liabilities or commitments (fair value hedges) or highly probable transactions (cash flow hedges). The change in fair value recognized in equity under cash flow hedging as at 31 December 2022 will be recycled to the consolidated statement of profit or loss during the next years, as some of the hedged events are expected to occur (the forecasted transactions will take place or the hedged items will affect profit or loss statement) within 2023 and some others at a later stage. Viohalco companies\u2019 results from the hedging activities recorded in the statement of profit or loss are presented for metal future contracts,foreign exchange contracts and the energy contracts in the \u2019Revenue\u2018 and the \u2019Cost of sales\u2018 while for interest rate swaps in the \u2019Finance income/ expenses\u2019. The amounts recognized in the consolidated statement of profit or loss are the following: Amounts in EUR thousands 2022 2021 Gain / loss (-) on future contracts 20,714 -5,105 Gain / loss (-) on FX forward contracts 6,769 -3,754 Gain / loss (-) on interest rate swap contracts 4,891 0 Gain / loss (-) on commodity swap contracts 21,887 1,251 54,261 -7,608 ",
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"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-203-7": {
"value": " Amounts in EUR thousands 2022 2021 Non-current assets Interest rate swap contracts 17,242 0 Forwards 3,624 0 Commodity Swaps 18,056 0 Options 0 944 Total 38,922 944 Current assets Interest rate swap contracts 3,649 0 Forwards 10,427 760 Future contracts 2,380 7,670 Commodity Swaps 10,692 7,847 Total 27,149 16,277 Non-current liabilities Forwards 4 0 Interest rate swap contracts 0 382 Commodity Swaps 1,245 3,205 Total 1,249 3,587 Current liabilities Forwards 10,155 2,501 Future contracts 4,628 5,062 Commodity Swaps 3,672 0 Total 18,455 7,563 ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
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"pp-value-210-2": {
"value": "24. Capital and reserves A. Share capital and share premium The share capital of the Company amounts to EUR 141,894 thousand divided into 259,189,761 shares without nominal value. Holders of shares are entitled to one vote per share at the general meetings of the Company. Share premium of the Company amounts to EUR 457,571 thousand. B. Translation reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. C. Nature and purpose of other reserves (a) Statutory reserve Pursuant to the Belgian tax legislation, the companies are obliged, from their fiscal year profits, to form 5% as a legal reserve until it reaches 10% of their paid share capital. The distribution of the legal reserve is prohibited. Pursuant to Greek company law, the companies are obliged to allocate each year at least 5% of its annual net profits to its statutory reserve, until this reserve equals at least 1/3 of the company\u2019s share capital. The distribution of the statutory reserve is prohibited but it can be used to offset losses. (b) Hedging reserve The effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss as the hedged cash flows affect profit or loss. (c) Other fair value reserve The cumulative net change in the fair value of the equity securities until the assets are derecognized (and therefore transferred to retained earnings). (d) Special reserves This category relates to reserves formed by the application of the provisions of certain developmental laws which were granting tax benefits to companies that invested their retained earnings rather than distribute them to the shareholders. More specifically, the aforementioned reserves include profits that have already been taxed or have been permanently exempted from income tax, after the lapse of a specified period beginning from the completion of the investments they concern. (e) Tax exempt reserves This category relates to reserves formed by the application of the provisions of certain tax laws and are exempt from income tax, provided that they are not distributed to the shareholders. In case these reserves are distributed, they will be taxed using the tax rate applying at such time. D. Reconciliation of other reserves Statutory Hedging Other Fair Value Special Tax exempt Other Amounts in EUR thousands reserves reserves reserve reserves reserves reserves Total Balance as at 1 January 2022 45,018 4,662 2,061 81,540 297,428 9,728 440,437 Other comprehensive income 0 22,923 -1,061 0 0 0 21,862 Capitalization of reserves 150 0 0 207 0 0 357 Reclassification 0 0 0 0 0 0 0 Transfer of reserves and other movements 5,408 -650 -1 -3,697 -15,035 -176 -14,152 Loss of Control/Disposal of subsidiary -207 0 0 0 -194 -72 -473 Acquisition of NCI 238 -192 -1 3 126 0 173 Change in ownership interests 64 110 0 -133 -89 143 95 Balance as at 31 December 2022 50,671 26,853 997 77,920 282,235 9,622 448,298 Statutory Hedging Other Fair Value Special Tax exempt Other Amounts in EUR thousands reserves reserves reserve reserves reserves reserves Total Balance as at 1 January 2021 42,039 2,483 1,359 81,496 296,785 11,942 436,104 Other comprehensive income 0 2,282 704 0 0 -1 2,985 Capitalization of reserves 2,719 0 0 153 527 -2,248 1,150 Acquisition of NCI 196 3 -2 2 132 0 331 Change in ownership interests 64 -105 0 -111 -16 35 -133 Balance as at 31 December 2021 45,018 4,662 2,061 81,540 297,428 9,728 440,437 Transactions that took place in 2022 are explained in note 31. ",
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"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-211-3": {
"value": "A. Share capital and share premium The share capital of the Company amounts to EUR 141,894 thousand divided into 259,189,761 shares without nominal value. Holders of shares are entitled to one vote per share at the general meetings of the Company. Share premium of the Company amounts to EUR 457,571 thousand. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-212-3": {
"value": "B. Translation reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. C. Nature and purpose of other reserves (a) Statutory reserve Pursuant to the Belgian tax legislation, the companies are obliged, from their fiscal year profits, to form 5% as a legal reserve until it reaches 10% of their paid share capital. The distribution of the legal reserve is prohibited. Pursuant to Greek company law, the companies are obliged to allocate each year at least 5% of its annual net profits to its statutory reserve, until this reserve equals at least 1/3 of the company\u2019s share capital. The distribution of the statutory reserve is prohibited but it can be used to offset losses. (b) Hedging reserve The effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss as the hedged cash flows affect profit or loss. (c) Other fair value reserve The cumulative net change in the fair value of the equity securities until the assets are derecognized (and therefore transferred to retained earnings). (d) Special reserves This category relates to reserves formed by the application of the provisions of certain developmental laws which were granting tax benefits to companies that invested their retained earnings rather than distribute them to the shareholders. More specifically, the aforementioned reserves include profits that have already been taxed or have been permanently exempted from income tax, after the lapse of a specified period beginning from the completion of the investments they concern. (e) Tax exempt reserves This category relates to reserves formed by the application of the provisions of certain tax laws and are exempt from income tax, provided that they are not distributed to the shareholders. In case these reserves are distributed, they will be taxed using the tax rate applying at such time. D. Reconciliation of other reserves Statutory Hedging Other Fair Value Special Tax exempt Other Amounts in EUR thousands reserves reserves reserve reserves reserves reserves Total Balance as at 1 January 2022 45,018 4,662 2,061 81,540 297,428 9,728 440,437 Other comprehensive income 0 22,923 -1,061 0 0 0 21,862 Capitalization of reserves 150 0 0 207 0 0 357 Reclassification 0 0 0 0 0 0 0 Transfer of reserves and other movements 5,408 -650 -1 -3,697 -15,035 -176 -14,152 Loss of Control/Disposal of subsidiary -207 0 0 0 -194 -72 -473 Acquisition of NCI 238 -192 -1 3 126 0 173 Change in ownership interests 64 110 0 -133 -89 143 95 Balance as at 31 December 2022 50,671 26,853 997 77,920 282,235 9,622 448,298 Statutory Hedging Other Fair Value Special Tax exempt Other Amounts in EUR thousands reserves reserves reserve reserves reserves reserves Total Balance as at 1 January 2021 42,039 2,483 1,359 81,496 296,785 11,942 436,104 Other comprehensive income 0 2,282 704 0 0 -1 2,985 Capitalization of reserves 2,719 0 0 153 527 -2,248 1,150 Acquisition of NCI 196 3 -2 2 132 0 331 Change in ownership interests 64 -105 0 -111 -16 35 -133 Balance as at 31 December 2021 45,018 4,662 2,061 81,540 297,428 9,728 440,437 Transactions that took place in 2022 are explained in note 31. ",
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},
"pp-value-214-4": {
"value": "D. Reconciliation of other reserves Statutory Hedging Other Fair Value Special Tax exempt Other Amounts in EUR thousands reserves reserves reserve reserves reserves reserves Total Balance as at 1 January 2022 45,018 4,662 2,061 81,540 297,428 9,728 440,437 Other comprehensive income 0 22,923 -1,061 0 0 0 21,862 Capitalization of reserves 150 0 0 207 0 0 357 Reclassification 0 0 0 0 0 0 0 Transfer of reserves and other movements 5,408 -650 -1 -3,697 -15,035 -176 -14,152 Loss of Control/Disposal of subsidiary -207 0 0 0 -194 -72 -473 Acquisition of NCI 238 -192 -1 3 126 0 173 Change in ownership interests 64 110 0 -133 -89 143 95 Balance as at 31 December 2022 50,671 26,853 997 77,920 282,235 9,622 448,298 Statutory Hedging Other Fair Value Special Tax exempt Other Amounts in EUR thousands reserves reserves reserve reserves reserves reserves Total Balance as at 1 January 2021 42,039 2,483 1,359 81,496 296,785 11,942 436,104 Other comprehensive income 0 2,282 704 0 0 -1 2,985 Capitalization of reserves 2,719 0 0 153 527 -2,248 1,150 Acquisition of NCI 196 3 -2 2 132 0 331 Change in ownership interests 64 -105 0 -111 -16 35 -133 Balance as at 31 December 2021 45,018 4,662 2,061 81,540 297,428 9,728 440,437 Transactions that took place in 2022 are explained in note 31. 33. Non-controlling interestsThe following table summarises the information relating to each of the subsidiaries that have material NCI (at sub-group level in the cases of Cenergy, ElvalHalcor, Sidenor) before any intra-group elimination. 2022 Intragroup Amounts in EUR thousands Cenergy ElvalHalcor Sidenor Bridgnorth Other eliminations Total NCI percentage 20.22% 15.22% 0.00% 0.00% Non-current assets 608,231 1,074,173 304,720 0 Current assets 1,078,163 1,311,383 405,716 0 Non-current liabilities 193,139 869,136 340,482 0 Current liabilities 1,163,975 664,151 272,987 0 Net Assets 329,280 852,268 96,967 0 Attributable to NCI by the companies 38 13,977 48,102 0 Net attributable to the equity holders & NCI of Viohalco 329,241 838,292 48,865 0 Attributable to NCI by parent Company 66,573 127,588 0 0 Carrying amount of NCI 66,611 141,565 48,102 0 65,413 -46,580 275,111 Revenue 1,426,008 3,714,755 970,915 0 Profit / Loss (-) 58,774 158,059 45,834 0 Other comprehensive income 3,306 25,167 762 0 Total comprehensive income 62,081 183,226 46,596 0 Attributable to NCI by the companies 3 2,563 10,636 0 Net attributable to the equity holders & NCI of Viohalco 62,077 180,663 35,960 0 Attributable to NCI by Viohalco 12,552 27,497 0 0 Total OCI of NCI 12,555 30,060 10,636 0 507 -12,814 40,944 Cash flows from operating activities -97,191 18,874 44,107 0 Cash flows from investing activities -71,745 -175,110 -16,984 0 Cash flows from financing activities 206,602 100,288 -33,773 0 Net increase/ decrease (-) in cash and cash equivalents 37,667 -55,949 -6,651 0 2021 Intragroup Amounts in EUR thousands Cenergy ElvalHalcor Sidenor Bridgnorth Other eliminations Total NCI percentage 20.22% 15.22% 0.00% 25.00% Non-current assets 549,423 975,185 303,121 77,487 Current assets 646,185 1,107,514 399,056 149,518 Non-current liabilities 244,017 748,752 251,366 6,427 Current liabilities 684,392 647,843 400,441 111,108 Net Assets 267,199 686,104 50,371 109,470 Attributable to NCI by the companies 35 16,724 37,467 0 Net attributable to the equity holders & NCI of Viohalco 267,164 669,380 12,904 109,470 Attributable to NCI by parent Company 54,021 101,880 0 27,368 Carrying amount of NCI 54,056 118,604 37,467 27,368 43,535 -40,060 240,969 Revenue 1,054,203 2,889,696 726,333 322,697 Profit / Loss (-) 20,915 152,622 56,896 -5,829 Other comprehensive income 514 2,508 -170 6,913 Total comprehensive income 21,429 155,130 56,727 1,084 Attributable to NCI by the companies 1 2,560 12,658 0 Net attributable to the equity holders & NCI of Viohalco 21,428 152,569 44,069 1,084 Attributable to NCI by Viohalco 4,333 23,221 0 271 Total OCI of NCI 4,334 25,781 12,658 271 3,825 -20,189 26,681 Cash flows from operating activities 112,514 24,577 33,603 -30,468 Cash flows from investing activities -43,757 -169,242 -14,629 -8,261 Cash flows from financing activities -20,494 202,003 1,389 41,392 Net increase/ decrease (-) in cash and cash equivalents 48,263 57,339 20,364 2,663 On March 17th, 2022, Viohalco\u2019s Board of directors approved the acquisition of 25% non-controlling interest in subsidiary Bridgnorth Aluminium in consideration of GBP 11 million. As a result, Viohalco\u2019s participation in Bridgnorth Aluminium amounts to 100%. ",
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"value": "25. Capital management Viohalco and its companies\u2019 policy consists in maintaining a strong capital structure, so as to keep the confidence of investors, creditors and the market and enable the future development of their activities. The Board of Directors monitors the return on capital which is defined as net results divided by total equity less non-controlling interests. The Board of Directors also monitors the level of dividends distributed to holders of ordinary shares. The Board of Directors tries to maintain an equilibrium between higher returns that would be feasible through higher borrowing levels and the advantages and security offered by a strong and robust capital structure. In this context, the Board of Directors monitors, the Return on Capital Employed (ROCE) index, otherwise the Return on Invested Capital (ROIC) index, which is defined as adjusted Earnings before Interest and Tax (a-EBIT) divided by total adjusted Capital Employed, (i.e. equity and net debt). The Board of Directors seeks opportunities and examines feasibility to leverage Viohalco\u2019s companies with relatively high ROCE (in every case higher than the cost of debt) and deleverage companies that go through a relatively low ROCE performance period. ",
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"value": "26. Loans and borrowings A. Overview Amounts in EUR thousands 31 December 2022 31 December 2021 Non-current liabilities Secured bank loans 157,520 119,994 Unsecured bank loans 65,735 69,524 Secured bond issues 629,035 455,719 Unsecured bond issues 619,010 648,856 Loans and borrowings \u2013 Long term 1,471,299 1,294,093 Lease Liabilities \u2013 Long term 29,449 34,639 Total Long-term debt 1,500,748 1,328,732 Current liabilities Secured bank loans 168,815 183,484 Unsecured bank loans 533,362 459,179 Current portion of secured bank loans 43,537 63,553 Current portion of unsecured bank loans 16,928 15,473 Current portion of secured bond issues 63,599 82,388 Current portion of unsecured bond issues 131,924 44,068 Loans and borrowings \u2013 Short term 958,166 848,145 Lease Liabilities \u2013 Short term 10,932 10,696 Total Short term debt 969,097 858,841 Total loans and borrowings 2,469,845 2,187,573 Information about the Viohalco companies\u2019 exposure to interest rate, foreign currency and liquidity risk is included in Note 30. The maturities of non-current loans are as follows: Amounts in EUR thousands 2022 2021 Between 1 and 2 years 224,059 251,691 Between 2 and 5 years 486,889 575,669 Over 5 years 789,801 501,372 Total 1,500,748 1,328,732 The effective weighted average interest rates of the main categories of loans and borrowings at the reporting date are as follows: 2022 Carrying amount Interest rate Bank loans (non-current)-EUR 278,133 3.78% Bank loans (current)-EUR 630,773 4.31% Bank loans (current)-USD 6,507 6.90% Bank loans (current)-GBP 57,010 6.12% Bond issues-EUR 1,443,568 3.99% 2021 Carrying amount Interest rate Bank loans (non-current)-EUR 260,465 2.46% Bank loans (current)-EUR 574,039 3.39% Bank loans (current)-USD 10,110 4.50% Bank loans (current)-GBP 36,372 3.17% Bond issues-EUR 1,231,031 2.94% The majority of Viohalco companies\u2019 loans are Euro denominated. During 2022, Viohalco subsidiaries obtained new bank loans amounting to EUR 857 million and repaid bank loans of EUR 570 million maturing within the year. The new loans were mainly bond loans and drawdowns from existing revolving credit facilities for project financing, or new loans with similar terms and conditions. More specifically, during 2022 the main events relating to Viohalco companies\u2019 financing are the following: Aluminium and Copper segments ElvalHalcor signed: \u2022 with EIB an EUR 75 million loan, 10 years maturity financing the aluminum rolling plant investment program at Oinofyta. \u2022 with Erste Group Bank AG an EUR 18.6 million loan, 8.5 years maturity again financing the aluminum rolling plant investment program at Oinofyta. \u2022 with three Greek banks common bond loans of EUR 15, EUR 20 and EUR 20 million, of 2, 5 and 7 years maturity respectively, to cover capex and working capital needs. Cables and Steel Pipes segments Cables segment issued three bond loans of total value EUR 27 million. \u2022 Fulgor signed with a Greek bank a bond loan of EUR 5 million with a 5-year maturity. \u2022 Hellenic Cables signed with a major Greek bank a bond loan of EUR 7 million, 7 years maturity, to cover capital expenditure needs. \u2022 Hellenic Cables signed with a major Greek bank a long-term bond loan of EUR 15 million, 7 years maturity, to cover constant working capital needs Steel Pipes segment issued one bond loan of total value EUR 7 million. \u2022 Corinth Pipeworks entered to an agreement with a major Greek bank for a long-term bond loan of EUR 7 million with 7 years maturity. In addition, Fulgor has agreed with a major Greek bank for a bond loan of EUR 19 million with a 7 years maturity. On 31 December 2022, an equal amount was received by the bank as \u2018bridge finance\u2019 and presented as short-term loan. The bond loan agreement is expected to be signed during the first months of 2023, upon the conclusion of the relevant negotiations. Steel segment \u2022 At the end of 2022 Steel Group subsidiaries (Sidenor & Sovel) finalized debt refinancing of EUR 318 million, through syndicated bond loans with a tenor of 8 years issued by four major Greek banks. Real Estate segment \u2022 Noval Properties has signed in February an agreement with a major Greek bank, for a long-term bond loan of EUR 69 million to refinance Bridge Financing Loans related with specific developments and cover future investments plans. The tenor of the Loan is 12 years from signing. No other significant events, related with the financing of subsidiaries occurred during the period. Short term facilities are predominately revolving credit facilities and factoring with recourse for funding working capital needs and project financing facilities for specific ongoing projects. Viohalco subsidiaries have never in the past experienced any issues in financing their activities, renewing their working capital lines or refinancing long-term loans. Management expects that any mandatory repayments of banking loans will be made from operating cash flows or from other unutilized committed credit facilities. Under the terms of the loan agreements, certain Viohalco subsidiaries must comply with conditions (including financial covenants) and such compliance is tested on an annual basis for the majority of the loans. Management has considered the measures that need to be taken to mitigate the risk relating to potential breaches and expects that in the event that these covenants are breached, waivers will be granted, which have been provided in the past when requested. The average interest rate of the outstanding bank loans as at 31 December 2022 was 4.1% (3% as at 31 December 2021). Property, plant and equipment and inventories of some subsidiaries carry mortgages and liens for a total amount of EUR 1,597 million, as collaterals for long term loans and syndicated loans.In addition, for certain Viohalco companies\u2019 loans, there are change of control clauses that provide lenders early redemption rights.The majority of Viohalco companies\u2019 loans are Euro denominated. B. Reconciliation of movements of liabilities to cash flows from financing activities Amounts in EUR thousands Loans and Borrowings Leases Total Balance at 1 January 2022 2,142,238 45,334 2,187,573 Changes from financing cash flows Proceeds from loans and borrowings 856,508 0 856,508 Repayment of borrowings & lease liabilities -570,259 -11,630 -581,890 Total changes from financing cash flows 286,248 -11,630 274,618 Other changes New leases 0 10,195 10,195 Interest expense 86,229 1,915 88,144 Interest paid* -79,500 -1,846 -81,347 Capitalised borrowing costs 600 0 600 Terminations/Modifications 253 -2,807 -2,554 Loss of Control/Disposal of subsidiary -3,439 -801 -4,240 Division spin off 4 0 4 Effect of changes in foreign exchange rate -3,168 21 -3,147 Total other changes 978 6,676 7,655 Balance at 31 December 2022 2,429,465 40,380 2,469,845 Amounts in EUR thousands Loans and Borrowings Leases Total Balance at 1 January 2021 1,747,933 52,211 1,800,144 Changes from financing cash flows Proceeds from loans and borrowings 896,672 0 896,672 Repayment of borrowings & lease liabilities -514,171 -11,562 -525,733 Total changes from financing cash flows 382,501 -11,562 370,940 Other changes New leases 0 5,146 5,146 Interest expense 70,576 2,076 72,651 Interest paid* -62,521 -2,061 -64,582 Capitalised borrowing costs 862 0 862 Terminations/Modifications 674 -483 191 Effect of changes in foreign exchange rate 2,214 7 2,159 Total other changes 11,805 4,685 16,489 Balance at 31 December 2021 2,142,238 45,334 2,187,573 * Interest paid reported in Cash Flow Statement, includes bank charges and other finance costs. ",
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"pp-value-216-4": {
"value": "26. Loans and borrowings A. Overview Amounts in EUR thousands 31 December 2022 31 December 2021 Non-current liabilities Secured bank loans 157,520 119,994 Unsecured bank loans 65,735 69,524 Secured bond issues 629,035 455,719 Unsecured bond issues 619,010 648,856 Loans and borrowings \u2013 Long term 1,471,299 1,294,093 Lease Liabilities \u2013 Long term 29,449 34,639 Total Long-term debt 1,500,748 1,328,732 Current liabilities Secured bank loans 168,815 183,484 Unsecured bank loans 533,362 459,179 Current portion of secured bank loans 43,537 63,553 Current portion of unsecured bank loans 16,928 15,473 Current portion of secured bond issues 63,599 82,388 Current portion of unsecured bond issues 131,924 44,068 Loans and borrowings \u2013 Short term 958,166 848,145 Lease Liabilities \u2013 Short term 10,932 10,696 Total Short term debt 969,097 858,841 Total loans and borrowings 2,469,845 2,187,573 Information about the Viohalco companies\u2019 exposure to interest rate, foreign currency and liquidity risk is included in Note 30. The maturities of non-current loans are as follows: Amounts in EUR thousands 2022 2021 Between 1 and 2 years 224,059 251,691 Between 2 and 5 years 486,889 575,669 Over 5 years 789,801 501,372 Total 1,500,748 1,328,732 The effective weighted average interest rates of the main categories of loans and borrowings at the reporting date are as follows: 2022 Carrying amount Interest rate Bank loans (non-current)-EUR 278,133 3.78% Bank loans (current)-EUR 630,773 4.31% Bank loans (current)-USD 6,507 6.90% Bank loans (current)-GBP 57,010 6.12% Bond issues-EUR 1,443,568 3.99% 2021 Carrying amount Interest rate Bank loans (non-current)-EUR 260,465 2.46% Bank loans (current)-EUR 574,039 3.39% Bank loans (current)-USD 10,110 4.50% Bank loans (current)-GBP 36,372 3.17% Bond issues-EUR 1,231,031 2.94% The majority of Viohalco companies\u2019 loans are Euro denominated. During 2022, Viohalco subsidiaries obtained new bank loans amounting to EUR 857 million and repaid bank loans of EUR 570 million maturing within the year. The new loans were mainly bond loans and drawdowns from existing revolving credit facilities for project financing, or new loans with similar terms and conditions. More specifically, during 2022 the main events relating to Viohalco companies\u2019 financing are the following: Aluminium and Copper segments ElvalHalcor signed: \u2022 with EIB an EUR 75 million loan, 10 years maturity financing the aluminum rolling plant investment program at Oinofyta. \u2022 with Erste Group Bank AG an EUR 18.6 million loan, 8.5 years maturity again financing the aluminum rolling plant investment program at Oinofyta. \u2022 with three Greek banks common bond loans of EUR 15, EUR 20 and EUR 20 million, of 2, 5 and 7 years maturity respectively, to cover capex and working capital needs. Cables and Steel Pipes segments Cables segment issued three bond loans of total value EUR 27 million. \u2022 Fulgor signed with a Greek bank a bond loan of EUR 5 million with a 5-year maturity. \u2022 Hellenic Cables signed with a major Greek bank a bond loan of EUR 7 million, 7 years maturity, to cover capital expenditure needs. \u2022 Hellenic Cables signed with a major Greek bank a long-term bond loan of EUR 15 million, 7 years maturity, to cover constant working capital needs Steel Pipes segment issued one bond loan of total value EUR 7 million. \u2022 Corinth Pipeworks entered to an agreement with a major Greek bank for a long-term bond loan of EUR 7 million with 7 years maturity. In addition, Fulgor has agreed with a major Greek bank for a bond loan of EUR 19 million with a 7 years maturity. On 31 December 2022, an equal amount was received by the bank as \u2018bridge finance\u2019 and presented as short-term loan. The bond loan agreement is expected to be signed during the first months of 2023, upon the conclusion of the relevant negotiations. Steel segment \u2022 At the end of 2022 Steel Group subsidiaries (Sidenor & Sovel) finalized debt refinancing of EUR 318 million, through syndicated bond loans with a tenor of 8 years issued by four major Greek banks. Real Estate segment \u2022 Noval Properties has signed in February an agreement with a major Greek bank, for a long-term bond loan of EUR 69 million to refinance Bridge Financing Loans related with specific developments and cover future investments plans. The tenor of the Loan is 12 years from signing. No other significant events, related with the financing of subsidiaries occurred during the period. Short term facilities are predominately revolving credit facilities and factoring with recourse for funding working capital needs and project financing facilities for specific ongoing projects. Viohalco subsidiaries have never in the past experienced any issues in financing their activities, renewing their working capital lines or refinancing long-term loans. Management expects that any mandatory repayments of banking loans will be made from operating cash flows or from other unutilized committed credit facilities. Under the terms of the loan agreements, certain Viohalco subsidiaries must comply with conditions (including financial covenants) and such compliance is tested on an annual basis for the majority of the loans. Management has considered the measures that need to be taken to mitigate the risk relating to potential breaches and expects that in the event that these covenants are breached, waivers will be granted, which have been provided in the past when requested. The average interest rate of the outstanding bank loans as at 31 December 2022 was 4.1% (3% as at 31 December 2021). Property, plant and equipment and inventories of some subsidiaries carry mortgages and liens for a total amount of EUR 1,597 million, as collaterals for long term loans and syndicated loans.In addition, for certain Viohalco companies\u2019 loans, there are change of control clauses that provide lenders early redemption rights.The majority of Viohalco companies\u2019 loans are Euro denominated. B. Reconciliation of movements of liabilities to cash flows from financing activities Amounts in EUR thousands Loans and Borrowings Leases Total Balance at 1 January 2022 2,142,238 45,334 2,187,573 Changes from financing cash flows Proceeds from loans and borrowings 856,508 0 856,508 Repayment of borrowings & lease liabilities -570,259 -11,630 -581,890 Total changes from financing cash flows 286,248 -11,630 274,618 Other changes New leases 0 10,195 10,195 Interest expense 86,229 1,915 88,144 Interest paid* -79,500 -1,846 -81,347 Capitalised borrowing costs 600 0 600 Terminations/Modifications 253 -2,807 -2,554 Loss of Control/Disposal of subsidiary -3,439 -801 -4,240 Division spin off 4 0 4 Effect of changes in foreign exchange rate -3,168 21 -3,147 Total other changes 978 6,676 7,655 Balance at 31 December 2022 2,429,465 40,380 2,469,845 Amounts in EUR thousands Loans and Borrowings Leases Total Balance at 1 January 2021 1,747,933 52,211 1,800,144 Changes from financing cash flows Proceeds from loans and borrowings 896,672 0 896,672 Repayment of borrowings & lease liabilities -514,171 -11,562 -525,733 Total changes from financing cash flows 382,501 -11,562 370,940 Other changes New leases 0 5,146 5,146 Interest expense 70,576 2,076 72,651 Interest paid* -62,521 -2,061 -64,582 Capitalised borrowing costs 862 0 862 Terminations/Modifications 674 -483 191 Effect of changes in foreign exchange rate 2,214 7 2,159 Total other changes 11,805 4,685 16,489 Balance at 31 December 2021 2,142,238 45,334 2,187,573 * Interest paid reported in Cash Flow Statement, includes bank charges and other finance costs. C. Financial risk management Viohalco and its companies are exposed to credit, liquidity and market risk due to the use of financial instruments. This Note sets forth information on their exposure to each one of the above risks, the policies and procedures applied to risk measurement. More quantitative particulars on these disclosures are included throughout the Consolidated Financial Statements. The risk management policies are applied to identify and analyze the risks facing Viohalco and its companies, set risk-taking limits and apply relevant control systems. Risk management procedures are reviewed regularly and changes are implemented if the need arise. The implementation of risk management policies and procedures is monitored by the Internal Audit function, which performs ordinary and extraordinary audits relating to the implementation of procedures, whereas the results of such audits are notified to the Board of Directors. Exposure to liquidity risk Financial liabilities and derivatives based on contractual maturity are broken down as follows: 2022 Contractual cash flows Amounts in EUR thousands Carrying Amount < 1year 1-2 years 2-5 years > 5 years Total Liabilities Bank loans 985,897 770,598 60,369 139,488 46,723 1,017,179 Bond issues 1,443,568 242,446 205,474 450,409 781,333 1,679,662 Lease liabilities 40,380 13,265 9,762 9,655 22,616 55,299 Derivatives 19,704 18,455 4 1,245 0 19,704 Contract liabilities 133,837 133,825 69 0 0 133,894 Trade and other payables 1,153,305 1,138,266 4,136 9,770 1,133 1,153,305 3,776,691 2,316,855 279,815 610,567 851,806 4,059,042 2021 Contractual cash flows Amounts in EUR thousands Carrying Amount < 1year 1-2 years 2-5 years > 5 years Total Liabilities Bank loans 911,208 731,748 50,791 123,419 21,725 927,683 Bond issues 1,231,031 150,965 226,495 490,837 522,835 1,391,132 Lease liabilities 45,335 11,728 10,245 9,083 15,589 46,644 Derivatives 11,149 7,563 3,205 0 382 11,149 Contract liabilities 61,371 61,448 0 0 0 61,448 Trade and other payables 1,111,420 1,092,676 6,497 3,184 9,063 1,111,420 3,371,513 2,056,128 297,232 626,524 569,593 3,549,477 C.4. Risks Related to Climate change Viohalco companies recognize the importance of transparency regarding climate-related risks and opportunities to maintain trust of stakeholders and allow investors to better understand the potential impact transition and physical risks and opportunities emanating from climate change. To that end, Viohalco has pledged to assess the potential severity of the risks and the possible benefits of the opportunities with the aim to take all necessary measures to mitigate negative impacts and maximize the positive ones, and to adopt the Task Force on Climate-related Financial Disclosures (TCFD) framework to transparently communicate all climate-related risks and opportunities. For this purpose, Viohalco subsidiaries performed an assessment of climate-related risks and opportunities that covered all industrial and real estate assets. The detailed results of this assessment are reported at segmental level in the Non-Financial Disclosure, accompanying the Annual Report. Moving to a low-carbon economy requires certain measures to be considered and implemented. Through the analysis, for each business segment, the most material climate related transition and physical risks and opportunities over the short, medium and long-term, have been identified. The transition risks assessed relate to policy, legal, technology and market changes to address climate change mitigation and adaptation. Policy actions around climate change continue to evolve, technological improvements or innovations that support the transition to a lower-carbon and energy efficient economic system can have a significant impact on organizations, while significant changes in market such as decrease in demand for specific goods or services or decreased revenues related to changes in customer behavior are some examples of the implications that can impact the operating model and the financial planning of Viohalco subsidiaries. On the other hand, extreme weather events and longer-term shifts in climate patterns such as limited water availability and extreme heat or sea level rise may have multiple impacts and possible financial implications for Viohalco companies. The abovementioned risks and opportunities have been identified and classified on a scale of low, medium, and high, based on the actual and potential impacts on the Viohalco companies\u2019 business model, assets and operations, as well as financial impacts on the business performance. The financial impacts have being considered to the accounting estimates to the extent that they can be currently evaluated. Moreover, challenges associated with climate related commitments have been considered, and Viohalco companies have not identified any additional issues that may have a material effect on their financial statements. C.5. Business and Operational Risk ManagementViohalco subsidiaries follow closely and on a continuous basis the developments in the international and domestic environment and timely adapt their business strategy and risk management policies to minimize the impact of the macroeconomic conditions on their operations. There were no changes in Viohalco companies\u2019 business and operational risk management objectives and policies during 2022. Impact of Ukraine conflict The Ukraine conflict, which began in February 2022, in addition to the human toll, is increasingly affecting global financial markets and exacerbating ongoing economic challenges, including issues such as rising inflation, global supply-chain disruption and energy crisis. The direct exposure to Ukraine and Russia is very limited and business consequences were not material so far, while the same is expected for the foreseeable future. Sales to these markets represent an insignificant portion of total turnover and any loss in revenue can be fully offset by demand in other markets. In terms of financing, Viohalco companies have no exposure to Russian banks. Regarding the impact in energy prices, Viohalco companies have already taken mitigating actions to reduce any business impact related to energy cost, while they are monitoring the situation closely in order to secure efficiency their operations.",
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"pp-value-217-5": {
"value": " Amounts in EUR thousands 31 December 2022 31 December 2021 Non-current liabilities Secured bank loans 157,520 119,994 Unsecured bank loans 65,735 69,524 Secured bond issues 629,035 455,719 Unsecured bond issues 619,010 648,856 Loans and borrowings \u2013 Long term 1,471,299 1,294,093 Lease Liabilities \u2013 Long term 29,449 34,639 Total Long-term debt 1,500,748 1,328,732 Current liabilities Secured bank loans 168,815 183,484 Unsecured bank loans 533,362 459,179 Current portion of secured bank loans 43,537 63,553 Current portion of unsecured bank loans 16,928 15,473 Current portion of secured bond issues 63,599 82,388 Current portion of unsecured bond issues 131,924 44,068 Loans and borrowings \u2013 Short term 958,166 848,145 Lease Liabilities \u2013 Short term 10,932 10,696 Total Short term debt 969,097 858,841 Total loans and borrowings 2,469,845 2,187,573 B. Reconciliation of movements of liabilities to cash flows from financing activities Amounts in EUR thousands Loans and Borrowings Leases Total Balance at 1 January 2022 2,142,238 45,334 2,187,573 Changes from financing cash flows Proceeds from loans and borrowings 856,508 0 856,508 Repayment of borrowings & lease liabilities -570,259 -11,630 -581,890 Total changes from financing cash flows 286,248 -11,630 274,618 Other changes New leases 0 10,195 10,195 Interest expense 86,229 1,915 88,144 Interest paid* -79,500 -1,846 -81,347 Capitalised borrowing costs 600 0 600 Terminations/Modifications 253 -2,807 -2,554 Loss of Control/Disposal of subsidiary -3,439 -801 -4,240 Division spin off 4 0 4 Effect of changes in foreign exchange rate -3,168 21 -3,147 Total other changes 978 6,676 7,655 Balance at 31 December 2022 2,429,465 40,380 2,469,845 Amounts in EUR thousands Loans and Borrowings Leases Total Balance at 1 January 2021 1,747,933 52,211 1,800,144 Changes from financing cash flows Proceeds from loans and borrowings 896,672 0 896,672 Repayment of borrowings & lease liabilities -514,171 -11,562 -525,733 Total changes from financing cash flows 382,501 -11,562 370,940 Other changes New leases 0 5,146 5,146 Interest expense 70,576 2,076 72,651 Interest paid* -62,521 -2,061 -64,582 Capitalised borrowing costs 862 0 862 Terminations/Modifications 674 -483 191 Effect of changes in foreign exchange rate 2,214 7 2,159 Total other changes 11,805 4,685 16,489 Balance at 31 December 2021 2,142,238 45,334 2,187,573 * Interest paid reported in Cash Flow Statement, includes bank charges and other finance costs. 34. Leases A. Leases as lessee (a) Amounts recognised in the Statement of Financial Position The Consolidated Statement of Financial Position shows the following amounts relating to leases: Right of Use Assets Amounts in EUR thousands 31 December 2022 31 December 2021 Land 518 345 Buildings 5,523 4,091 Machinery 16,608 18,786 Transportation equipment 12,371 10,744 Other equipment 259 323 Total Right-of-use assets 35,279 34,288 Lease liabilities Amounts in EUR thousands 31 December 2022 31 December 2021 Current lease liabilities 10,932 10,696 Non-current lease liabilities 29,449 34,639 Total lease liabilities 40,380 45,335 Additions to the right-of-use assets during 2022 were EUR 10,195 thousands (2021: EUR 6,276 thousands). (b) Amounts recognised in the Statement of profit or loss The statement of profit or loss includes the following amounts relating to leases: Amounts in EUR thousands 2022 2021 Depreciation charge of right-of-use assets Plots 53 37 Buildings 1,151 911 Machinery 2,722 2,926 Transportation means 4,459 4,509 Other equipment 124 135 Total 8,509 8,518 Interest expense (included in finance cost) 1,915 2,076 Variable rental fees 1,234 730 Low value rental fees 547 461 Short term rental fees 8,155 4,111 Total 11,851 7,378 B. Leases as lessor Viohalco and its companies in the real estate development sector lease out their investment properties (See note 19). (a) Future minimum lease collections At 31 December, the future minimum lease payments under non-cancellable leases were as follows. Amounts in EUR thousands 2022 2021 Less than one year 18,731 16,658 Between one and two years 17,968 14,942 Between two and three years 17,016 14,551 Between three and four years 15,915 14,321 Between four and five years 15,094 12,955 More than five years 76,623 79,110 Total 161,346 152,537 (b) Amounts recognized in profit or loss The figures below are related to investment property that has been recognised in the statement of profit or loss. Operating expenses relate mainly to maintenance cost. Amounts in EUR thousands 2022 2021 Rental income from investment property 21,050 11,472 Direct operating expenses that do not generate rental income -62 -61 ",
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"pp-value-225-4": {
"value": "27. Trade and other payables Amounts in EUR thousands Note 2022 2021 Suppliers 733,232 670,552 Notes payable 284,065 271,177 Cheques payable 151 0 Social security funds 11 15,437 12,465 Amounts due to related parties 37 3,301 4,806 Sundry creditors 20,051 17,828 Accrued expenses 112,505 105,895 Taxes-duties 29,211 28,697 Total 1,197,953 1,111,420 Non-current balance of trade and other payables 17,073 17,615 Current balance of trade and other payables 1,180,881 1,093,804 Balance as at 31 December 1,197,953 1,111,420 The increase in trade and other payables is mainly attributed to increase in metal prices and the increase in \u201cNotes payable\u201d which concerns structured payable arrangements related to purchases of primary raw materials, such as copper, steel etc. whose payment periods can be longer than usual for such supplies. ",
"dimensions": {
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"pp-value-225-5": {
"value": "27. Trade and other payables Amounts in EUR thousands Note 2022 2021 Suppliers 733,232 670,552 Notes payable 284,065 271,177 Cheques payable 151 0 Social security funds 11 15,437 12,465 Amounts due to related parties 37 3,301 4,806 Sundry creditors 20,051 17,828 Accrued expenses 112,505 105,895 Taxes-duties 29,211 28,697 Total 1,197,953 1,111,420 Non-current balance of trade and other payables 17,073 17,615 Current balance of trade and other payables 1,180,881 1,093,804 Balance as at 31 December 1,197,953 1,111,420 The increase in trade and other payables is mainly attributed to increase in metal prices and the increase in \u201cNotes payable\u201d which concerns structured payable arrangements related to purchases of primary raw materials, such as copper, steel etc. whose payment periods can be longer than usual for such supplies. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-226-2": {
"value": "28. Grants Amounts in EUR thousands Note 2022 2021 Balance as at 1 January 33,985 35,817 New grants received during the year 1,739 1,529 New grants for which receipt is pending 0 Transfer of grants to results -5 -51 Transfer of grants to receivables/paybales 119 -427 Amortisation of grants 8 -3,411 -2,886 Foreign exchange differences 27 3 Balance as at 31 December 32,454 33,985 Government grants have been received for investments in property, plant and equipment. All conditions attached to the grants received by Viohalco\u2019s companies were met as at 31 December 2022. ",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-227-3": {
"value": "29. Provisions Non-current Amounts in EUR thousands Note Pending court rulings Other provisions Total Balance as at 1 January 2022 25 1,800 1,825 Additional provisions of the fiscal year 44 0 44 Provisions reversed 8 0 -142 -142 Balance as at 31 December 2022 69 1,658 1,727 Amounts in EUR thousands Pending court rulings Other provisions Total Balance as at 1 January 2021 25 1,814 1,839 Additional provisions of the fiscal year 0 151 151 Reclassifications 0 -24 -24 Provisions reversed 8 0 -140 -140 Balance as at 31 December 2021 25 1,800 1,825 Current Amounts in EUR thousands Pending court rulings Other provisions Total Balance as at 1 January 2022 13,858 162 14,020 Foreign exchange differences 833 0 833 Additional provisions of the fiscal year 691 0 691 Provisions used -139 0 -139 Balance as at 31 December 2022 15,243 162 15,405 Amounts in EUR thousands Pending court rulings Other provisions Total Balance as at 1 January 2021 348 304 652 Foreign exchange differences 573 0 573 Additional provisions of the fiscal year 12,995 0 12,995 Reclassifications 0 -111 -111 Provisions reversed 8 0 -1 -1 Provisions used -58 -30 -88 Balance as at 31 December 2021 13,858 162 14,020 During 2022, the US Department of Commerce (DoC) published its final results in the administrative proceedings conducted by the DoC for the period from April 19, 2019 through April 30, 2020 (\u201cPOR\u201d) in connection with an antidumping (\u201cAD\u201d) order on large diameter welded pipe (LDWP) from Greece. As a result, the DoC determined for the POR an antidumping duty rate of 41.04% based on total adverse facts available (AFA) for mandatory respondent Corinth Pipeworks S.A., Viohalco\u2019s subsidiary in steel pipes segment. Corinth Pipeworks filed an appeal before the U.S. Court of International Trade against the decision of the DoC while continuing to actively work with the DoC in order to reverse the final determination. The one-off charge related to the above mentioned case amounts to EUR 12.8 million (USD 14 million plus interest) for the year 2021. \u03a4he charge for 2022 relates to interest charged on the outstanding amount for the year and is included in the line \u2018Finance costs\u2019. 36. Contingent liabilities A. Litigations & administrative reviews Regarding Corinth Pipeworks\u2019 exports of large diameter welded pipe (LDWP) to the US for the periods April 2020 - April 2021 and April 2021 - April 2022, additional administrative reviews from the US Department of Commerce (DoC) are expected. \u039do provision has been recorded in respect to these administrative reviews due to the following facts: \u2022 For the period April 2020 - April 2021 there were no sales to the US subject to antidumping duties; thus, no additional charge is expected for that period. \u2022 For the period April 2021 - April 2022 sales to the US subject to antidumping duties were not material. The outcome of such administrative review is considered as highly volatile and hard to predict, thus the amount of any arising liability cannot be reasonably estimated. B. Contigent tax liabilities The tax filings of the subsidiaries are routinely subjected to audit by tax authorities in most of the jurisdictions in which Viohalco and its companies conduct business. These audits may result in assessments of additional taxes. Viohalco and its subsidiaries provide for additional tax in relation to the outcome of such tax assessments, to the extent that a liability is probable and estimable. Viohalco companies believe that their accruals for tax liabilities are adequate for all open tax years based on their assessment of underlying factors, including interpretations of tax law and prior experience. ",
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"entity": "scheme:549300U0BOLVY36TGJ31",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-232-4": {
"value": "C. Financial risk management Viohalco and its companies are exposed to credit, liquidity and market risk due to the use of financial instruments. This Note sets forth information on their exposure to each one of the above risks, the policies and procedures applied to risk measurement. More quantitative particulars on these disclosures are included throughout the Consolidated Financial Statements. The risk management policies are applied to identify and analyze the risks facing Viohalco and its companies, set risk-taking limits and apply relevant control systems. Risk management procedures are reviewed regularly and changes are implemented if the need arise. The implementation of risk management policies and procedures is monitored by the Internal Audit function, which performs ordinary and extraordinary audits relating to the implementation of procedures, whereas the results of such audits are notified to the Board of Directors. C.1. Credit risk Credit risk is the risk of the financial loss to Viohalco and its companies, if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the companies\u2019 receivables from customers, contract assets and bank deposits. The carrying amount of financial assets represents the maximum credit exposure. Amounts in EUR thousands Note 2022 2021 Trade & other receivables 15 681,976 630,850 Contract assets 7 199,839 101,371 Less: Other down payments 15 -10,891 -16,478 Tax assets 15 -64,669 -62,298 Other non-financial assets -51,296 -28,012 754,960 625,433 Other investments 21 8,405 8,457 Cash and cash equivalents 16 412,644 503,267 Derivatives 23 66,071 17,221 487,120 528,945 Total 1,242,080 1,154,378 (a) Trade and other receivables Viohalco\u2019s companies have established a credit policy under which each customer\u2019s creditworthiness is examined on an individual basis before the determination of the payment terms offered. Credit limits are set for each customer and are regularly reviewed and, readjusted, if necessary. As a rule, customer credit limits are in accordance with of the credit insurance limits offered by the insurance companies where Viohalco companies\u2019 rceivables are insured. When monitoring the credit risk,customers are grouped according to their credit characteristics, and their payment history. Trade and other receivables mainly include wholesale customers of Viohalco\u2019s companies. Any customers characterized as being \u201chigh risk\u201d are monitored closely subsequent sales have zero payment terms. Depending on the customer credit rating and its status, Viohalco\u2019s companies require tangible or other security (e.g. letters of guarantee) in order to secure its receivables. Viohalco\u2019s companies record an impairment loss that represents its expected credit losses in respect of trade and other receivables. At 31 December, the maximum exposure to credit risk for trade and other receivables and contract assets by geographic region was as follows: Amounts in EUR thousands 2022 2021 Greece 305,237 184,545 Other EU member states 239,576 261,941 Other European countries 82,312 77,343 Asia 28,451 57,020 America 93,314 36,440 Africa 5,689 7,665 Oceania 381 479 Total 754,960 625,433 The ageing of trade and other receivables and contract assets that were not impaired was as follows: Amounts in EUR thousands 2022 2021 Neither past due nor impaired 680,307 556,236 Overdue - Up to 6 months 65,161 59,022 - Over 6 months 9,492 10,175 Total 754,960 625,433 Based on management assessment,the amounts that are past due up to 6 months and over 6 months are still collectible in full, based on historical payment behaviour and extensive analysis of customer credit risk. Viohalco companies insure a significant portion of their receivables and at 31 December 2022, 76% of the receivables balances were credit insured. The movement in impairment of trade and other receivables and contract assets is as follows: 2022 2021Trade & other Contract Trade & other Contract Amounts in EUR thousands receivables assets Total receivables assets Total Balance as at 1 January 67,313 318 67,630 71,693 143 71,836 Impairment loss recognized 5,003 12 5,015 2,999 175 3,173 Amounts written off -1,011 0 -1,011 -8,454 0 -8,454 Impairment loss reversed -720 -127 -847 -476 0 -476 Loss of Control/Disposal of subsidiary -297 0 -297 0 0 0 Foreign exchange differences 1,260 0 1,260 1,776 0 1,776 Reclassification to assets held for sale -2,275 0 -2,275 0 0 0 Reclassification -62 0 -62 -225 0 -225 Balance as at 31 December 69,212 203 69,414 67,313 318 67,630The allowance for expected credit losses for trade receivables and contract assets are calculated at individual level when there is an indication of impairment. For receivables and contract assets without any indication of impairment the expected credit losses are based on the historical data combined with forward-looking macroeconomic factors affecting credit risk, such as country risk and industry related risks. Expected loss rates are updated at every reporting date. The rising inflation and interest rates were also taken into consideration when calculating expected credit losses for the current year, without any significant impact on the impairment loss recognized. In 2022, the impairment loss recognized concerned mainly clients in steel, aluminium and copper segment while amounts that have been impaired mainly in other segment were written off. On the contrary, a reversal of impairment loss was recorded, as a result of the improvement of the expected loss rates of major clients in the other segments. The following collateral exists for securing non-insured receivables from customers and contract assets: Amounts in EUR thousands 2022 2021 Cash collateral 2,019 1,076 Letter of credit 15,781 10,674 Collateral on property 1,850 2,037 Payables which can be offset by receivables 12,825 11,441 Other 2,597 3,253 Total 35,073 28,480 (b) Cash and cash equivalentsViohalco and its subsidiaries held cash and cash equivalents of EUR 413 million at 31 December 2022 (2021: EUR 503 million). The cash and cash equivalents are held with bank and financial institution counterparties, which are rated from A3 to B2 based on ratings of Moody\u2019s. Impairment on cash and cash equivalents has been measured on a 12-month expected loss basis and reflects the short maturities of the exposures. Viohalco considers that its cash and cash equivalents have low credit risk based on the credit assessment performed. C.2. Liquidity risk Liquidity risk is the risk that Viohalco companies will encounter difficulties in meeting their fianancial obligations in a timely manner. To manage liquidity risk they ensure, that sufficient liquidity is available, to meet their liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to their reputation. Viohalco companies maintain sufficient undrawn credit limits to meet all their scheduled financial obligations as well as most unexpected ones. Exposure to liquidity risk Financial liabilities and derivatives based on contractual maturity are broken down as follows: 2022 Contractual cash flows Amounts in EUR thousands Carrying Amount < 1year 1-2 years 2-5 years > 5 years Total Liabilities Bank loans 985,897 770,598 60,369 139,488 46,723 1,017,179 Bond issues 1,443,568 242,446 205,474 450,409 781,333 1,679,662 Lease liabilities 40,380 13,265 9,762 9,655 22,616 55,299 Derivatives 19,704 18,455 4 1,245 0 19,704 Contract liabilities 133,837 133,825 69 0 0 133,894 Trade and other payables 1,153,305 1,138,266 4,136 9,770 1,133 1,153,305 3,776,691 2,316,855 279,815 610,567 851,806 4,059,042 2021 Contractual cash flows Amounts in EUR thousands Carrying Amount < 1year 1-2 years 2-5 years > 5 years Total Liabilities Bank loans 911,208 731,748 50,791 123,419 21,725 927,683 Bond issues 1,231,031 150,965 226,495 490,837 522,835 1,391,132 Lease liabilities 45,335 11,728 10,245 9,083 15,589 46,644 Derivatives 11,149 7,563 3,205 0 382 11,149 Contract liabilities 61,371 61,448 0 0 0 61,448 Trade and other payables 1,111,420 1,092,676 6,497 3,184 9,063 1,111,420 3,371,513 2,056,128 297,232 626,524 569,593 3,549,477 Viohalco companies\u2019 loans are subject to termination clauses based on financial ratios, such as \u2018Total liabilities / Total equity`, \u2018Net debt / Total sales` and \u2018Current assets / Current liabilities`, that need to be maintained above or below certain predetermined levels. These ratios are monitored regularly in order to avoid breaches that may lead to loans becoming due before contractual maturity, causing liquidity pressures. C.3. Market risk Market risk is the risk that changes in market prices \u2013 such as commodity prices, foreign exchange rates and interest rates - will affect Viohalco and its companies income or the value of their financial instruments. Viohalco\u2019s companies use derivatives to manage market risk. Generally, Viohalco companies apply hedge accounting to manage volatility in their returns (P&L). (a) Currency risk Viohalco and its companies are exposed to currency risk in relation to the sales and purchases carried out and the loans issued in a currency other than the functional currency of Viohalco and its companies, which is mainly EUR. The most important currencies in which these transactions are held are EUR, USD and GBP. Over time, Viohalco\u2019s companies hedge the greatest part of their exposure to foreign currencies. Viohalco\u2019s companies enter mainly into forward contracts with external counterparties so as to deal with currency risk. These contracts mainly expire within the next 12 months from the reporting date. If necessary, such contracts are renewed upon expiry. FX risk may also be covered \u201cnaturally\u201d by taking out loans in the respective currencies if loan interest is denominated in the same currency as that of cash flows coming from operating activities. The capital investments of Viohalco companies are not hedgedas they have been made mainly in Euro. The summary quantitative data about Viohalco and its companies\u2019 exposure to currency risk as reported is as follows. 2022 Amounts in EUR thousands USD GBP BGN RSD RON Other Total at risk EUR Total Trade and other receivables 71,765 41,341 30,289 1,407 32,736 8,718 186,256 495,720 681,976 Contract assets 35,167 0 0 0 0 0 35,167 164,672 199,839 Loans and borrowings -7,627 -61,008 -4,978 -23 -5,973 -1,639 -81,248 -2,388,598 -2,469,845 Trade and other payables -168,822 -27,303 -57,798 -405 -22,192 -1,202 -277,722 -920,231 -1,197,953 Contract Iiabilities -44,506 0 -2,068 0 -260 0 -46,834 -87,002 -133,837 Cash & cash equivalents 25,368 2,818 7,404 629 1,815 847 38,882 373,762 412,644 -88,653 -44,152 -27,152 1,608 6,127 6,724 -145,498 -2,361,678 -2,507,176 Derivatives for risk hedging (Nominal Value) -109,001 -16,333 0 0 0 0 -125,334 22,316 -103,018 Exposure -197,655 -60,485 -27,152 1,608 6,127 6,724 -270,833 -2,339,362 -2,610,195 2021 Amounts in EUR thousands USD GBP BGN RSD RON Other Total at risk EUR Total Trade and other receivables 70,522 24,868 33,598 5,661 32,395 10,245 177,288 453,562 630,850 Contract assets 0 0 0 0 0 0 0 101,371 101,371 Loans and borrowings -14,441 -36,467 -1,718 -31 -6,930 -7,315 -66,901 -2,120,672 -2,187,573 Trade and other payables -110,971 -23,080 -55,155 -556 -17,045 -947 -207,754 -903,666 -1,111,420 Contract Iiabilities -719 0 -1,511 -49 -1,001 -4,848 -8,129 -53,243 -61,371 Cash & cash equivalents 28,422 5,488 5,131 462 3,243 308 43,054 460,213 503,267 -27,188 -29,191 -19,655 5,486 10,662 -2,557 -62,442 -2,062,434 -2,124,876 Derivatives for risk hedging (Nominal Value) -61,934 -26,026 0 0 0 0 -87,960 0 -87,960 Exposure -89,122 -55,217 -19,655 5,486 10,662 -2,557 -150,402 -2,062,434 -2,212,836 \u201cDerivatives for risk hedging\u201d includes also derivatives that relate to highly probable transactions, which have not been yet recognized as assets or liabilities in the consolidated statement of financial position. Euro denominated amounts are included for totals\u2019 reconciliation purposes. The following exchange rates have been applied during the year. Average exchange rate Year end spot rate 2022 2021 2022 2021 USD 1.05 1.18 1.07 1.13 GBP 0.85 0.86 0.89 0.84 BGN 1.96 1.96 1.96 1.96 RSD 117.46 117.57 117.32 117.58 RO\u039d 4.93 4.92 4.95 4.95 Viohalco is primarily exposed to changes of Euro against US dollar, pound sterling, Serbian Dinar and RON. A reasonably possible strengthening (weakening) of Euro against these currencies as at 31 December would have affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases. The Bulgarian currency LEV is not analysed below due to its fixed currency rate at 1.96 BGN/EUR. Profit or loss Equity, net of tax Amounts in EUR thousands EUR Strengthening EUR Weakening EUR Strengthening EUR Weakening 2022 USD (10% movement) 15,795 -15,795 24,406 -24,406 GBP (10% movement) 5,401 -5,401 6,675 -6,675 RSD (10% movement) -125 125 -125 125 RON (10% movement) -478 478 -478 478 2021 USD (10% movement) 8,920 -8,920 13,751 -13,751 GBP (10% movement) 6,337 -6,337 8,367 -8,367 RSD (10% movement) -428 428 -428 428 RON (10% movement) -832 832 -832 832 (b) Interest rate risk Viohalco Subsidiaries have adopted a flexible policy of ensuring that a portion of their Medium and LT debt obligations are on a fixed rate basis. This is achieved through a combination of issuing medium term, fixed rate bond loans and using interest rate swaps to hedge a portion of their floating rate medium and LT loans. The interest rate profile of Viohalco companies\u2019 interest-bearing financial instruments, as reported is as follows. Nominal amount Amounts in EUR thousands 2022 2021 Fixed-rate instruments Financial liabilities -339,913 -326,704 Variable-rate instruments Financial liabilities -2,129,932 -1,860,868 Interest rate swaps (nominal value) -123,800 0 2,006,132 1,860,868 Fixed-rate instruments Viohalco does not account for any fixed-rate financial assets or financial liabilities at fair value through profit or loss. Viohalco currently uses derivatives (interest rate swaps) as hedging instruments under a cash flow hedge accounting model. Sensitivity analysis for variable-rate instruments A reasonably possible change of 0.25% in interest rates of variable-rate instruments at the reporting date would have increased/ decreased (-) profit or loss by the amount shown below. This analysis assumes that all other variables, in particular foreign currency exchange rate, remain constant. Variable rate Profit or loss Amounts in EUR thousands 0.25% increase 0.25% decrease 2022 Financial liabilities 3,535 -3,537 Cash flow sensitivity (net) 3,535 -3,537 2021 Financial liabilities -449 452 Cash flow sensitivity (net) -449 452 (c) Cash flow hedges The following table indicates the periods in which the cash flows associated with cash flow hedges are expected to occur: Carrying amount 1-6 6-12 More than 31 December Amounts in EUR thousands at 31 December 2022 months months 1 year 2022 Interest rate Swaps Assets 17,524 1,670 1,979 13,874 17,524 Forwards Assets 13,294 3,862 5,808 3,624 13,294 Liabilities 10,132 5,608 4,520 4 10,132 Future contracts Assets 2,380 1,129 1,251 0 2,380 Liabilities 4,628 4,448 180 0 4,628 Commodity Swaps Assets 28,748 4,173 6,519 18,056 28,748 Liabilities 4,917 1,871 1,801 1,245 4,917 81,624 22,762 22,060 36,803 81,624 Carrying amount 1-6 6-12 More than 31 December Amounts in EUR thousands at 31 December 2021 months months 1 year 2021 Interest rate Swaps Liabilities 382 382 0 0 382 Forwards Assets 760 732 28 0 760 Liabilities 2,071 2,035 36 0 2,071 Future contracts Assets 7,670 7,564 107 0 7,670 Liabilities 5,062 5,077 -14 0 5,062 Commodity Swaps Assets 6,663 3,087 3,576 0 6,663 Liabilities 3,205 0 0 3,205 3,205 25,813 18,876 3,732 3,205 25,813 The table below provides information about the items designated as cash flow hedging instruments during the year and also as at 31 December 2022 and the reconciliation of hedging reserve. Based on their nature, hedging instruments are included in Derivatives assets and Derivatives liabilities in consolidated statement of financial position. 2022 Changes in the value of Amount the hedging reclassified Change Effect of Balance 1 instrument from hedging Other in movement Balance 31 Nominal Carrying amount January recognised reserve to move- accounting in exchange December Amounts in EUR thousands Amount Assets Liabilities 2022 in OCI profit or loss ments policy rates 2022 Forward foreign exchange contracts 187,291 13,294 -10,132 -1,311 2,773 1,462 -100 0 337 3,161 Future contracts 53,123 2,380 -4,628 2,608 -11,734 3,188 230 0 2 -5,706 Interest rate swap contracts 203,800 17,524 0 -382 15,701 -47 0 2,252 0 17,524 Commodity swap contracts 51,239 28,748 -4,917 3,458 30,494 -6,663 0 0 0 27,289 495,452 61,946 -19,678 4,373 37,233 -2,059 130 2,252 339 42,268 2021 Changes in the value of Amount the hedging reclassified Effect of Balance 1 instrument from hedging movement Balance 31 Nominal Carrying amount January recognised reserve to Other in exchange December Amounts in EUR thousands Amount Assets Liabilities 2021 in OCI profit or loss movements rates 2021 Forward foreign exchange contracts 101,239 760 -2,071 1,103 -1,461 -1,079 0 127 -1,311 Future contracts 86,383 7,670 -5,062 605 2,843 -634 -230 25 2,608 Interest rate swap contracts 21,300 0 -382 -1,026 0 0 644 0 -382 Commodity swap contracts 28,886 6,663 -3,205 0 3,458 0 0 0 3,458 237,807 15,093 -10,720 682 4,839 -1,713 414 152 4,373 (d) Commodity price risk The commodity markets experience continuous price fluctuations. Viohalco companies minimize their exposure to commodity price volatility by using hedging instruments, when possible. Viohalco companies are exposed to the fluctuation of aluminium, copper, zinc, lead and nickel. In order to minimize the effect of the metal price fluctuations on their results, companies use back to back matching of purchases and sales or derivative instruments (future contracts). As at 31 December 2022, the derivative net balance of future contracts per commodity as reported in the statement of financial position is: Amounts in EUR thousands 2022 2021 Aluminium -2,307 975 Copper 98 1,658 Lead -39 -25 Nickel 0 0 Total -2,248 2,608 In addition, during 2021, Viohalco subsidiaries started using Commodity Swaps referenced on the Title Transfer Facility (TTF) prices to hedge the risk of fluctuations in natural gas prices from market conditions. As at 31 December 2022, the derivative net balance these contracts as reported in the statement of financial position is EUR 23.8 million. These hedges are designated in a cash flow hedge accounting relationship. C.4. Risks Related to Climate change Viohalco companies recognize the importance of transparency regarding climate-related risks and opportunities to maintain trust of stakeholders and allow investors to better understand the potential impact transition and physical risks and opportunities emanating from climate change. To that end, Viohalco has pledged to assess the potential severity of the risks and the possible benefits of the opportunities with the aim to take all necessary measures to mitigate negative impacts and maximize the positive ones, and to adopt the Task Force on Climate-related Financial Disclosures (TCFD) framework to transparently communicate all climate-related risks and opportunities. For this purpose, Viohalco subsidiaries performed an assessment of climate-related risks and opportunities that covered all industrial and real estate assets. The detailed results of this assessment are reported at segmental level in the Non-Financial Disclosure, accompanying the Annual Report. Moving to a low-carbon economy requires certain measures to be considered and implemented. Through the analysis, for each business segment, the most material climate related transition and physical risks and opportunities over the short, medium and long-term, have been identified. The transition risks assessed relate to policy, legal, technology and market changes to address climate change mitigation and adaptation. Policy actions around climate change continue to evolve, technological improvements or innovations that support the transition to a lower-carbon and energy efficient economic system can have a significant impact on organizations, while significant changes in market such as decrease in demand for specific goods or services or decreased revenues related to changes in customer behavior are some examples of the implications that can impact the operating model and the financial planning of Viohalco subsidiaries. On the other hand, extreme weather events and longer-term shifts in climate patterns such as limited water availability and extreme heat or sea level rise may have multiple impacts and possible financial implications for Viohalco companies. The abovementioned risks and opportunities have been identified and classified on a scale of low, medium, and high, based on the actual and potential impacts on the Viohalco companies\u2019 business model, assets and operations, as well as financial impacts on the business performance. The financial impacts have being considered to the accounting estimates to the extent that they can be currently evaluated. Moreover, challenges associated with climate related commitments have been considered, and Viohalco companies have not identified any additional issues that may have a material effect on their financial statements. C.5. Business and Operational Risk ManagementViohalco subsidiaries follow closely and on a continuous basis the developments in the international and domestic environment and timely adapt their business strategy and risk management policies to minimize the impact of the macroeconomic conditions on their operations. There were no changes in Viohalco companies\u2019 business and operational risk management objectives and policies during 2022. Impact of Ukraine conflict The Ukraine conflict, which began in February 2022, in addition to the human toll, is increasingly affecting global financial markets and exacerbating ongoing economic challenges, including issues such as rising inflation, global supply-chain disruption and energy crisis. The direct exposure to Ukraine and Russia is very limited and business consequences were not material so far, while the same is expected for the foreseeable future. Sales to these markets represent an insignificant portion of total turnover and any loss in revenue can be fully offset by demand in other markets. In terms of financing, Viohalco companies have no exposure to Russian banks. Regarding the impact in energy prices, Viohalco companies have already taken mitigating actions to reduce any business impact related to energy cost, while they are monitoring the situation closely in order to secure efficiency their operations.",
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"value": "C.1. Credit risk Credit risk is the risk of the financial loss to Viohalco and its companies, if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the companies\u2019 receivables from customers, contract assets and bank deposits. The carrying amount of financial assets represents the maximum credit exposure. Amounts in EUR thousands Note 2022 2021 Trade & other receivables 15 681,976 630,850 Contract assets 7 199,839 101,371 Less: Other down payments 15 -10,891 -16,478 Tax assets 15 -64,669 -62,298 Other non-financial assets -51,296 -28,012 754,960 625,433 Other investments 21 8,405 8,457 Cash and cash equivalents 16 412,644 503,267 Derivatives 23 66,071 17,221 487,120 528,945 Total 1,242,080 1,154,378 (a) Trade and other receivables Viohalco\u2019s companies have established a credit policy under which each customer\u2019s creditworthiness is examined on an individual basis before the determination of the payment terms offered. Credit limits are set for each customer and are regularly reviewed and, readjusted, if necessary. As a rule, customer credit limits are in accordance with of the credit insurance limits offered by the insurance companies where Viohalco companies\u2019 rceivables are insured. When monitoring the credit risk,customers are grouped according to their credit characteristics, and their payment history. Trade and other receivables mainly include wholesale customers of Viohalco\u2019s companies. Any customers characterized as being \u201chigh risk\u201d are monitored closely subsequent sales have zero payment terms. Depending on the customer credit rating and its status, Viohalco\u2019s companies require tangible or other security (e.g. letters of guarantee) in order to secure its receivables. Viohalco\u2019s companies record an impairment loss that represents its expected credit losses in respect of trade and other receivables. At 31 December, the maximum exposure to credit risk for trade and other receivables and contract assets by geographic region was as follows: Amounts in EUR thousands 2022 2021 Greece 305,237 184,545 Other EU member states 239,576 261,941 Other European countries 82,312 77,343 Asia 28,451 57,020 America 93,314 36,440 Africa 5,689 7,665 Oceania 381 479 Total 754,960 625,433 The ageing of trade and other receivables and contract assets that were not impaired was as follows: Amounts in EUR thousands 2022 2021 Neither past due nor impaired 680,307 556,236 Overdue - Up to 6 months 65,161 59,022 - Over 6 months 9,492 10,175 Total 754,960 625,433 Based on management assessment,the amounts that are past due up to 6 months and over 6 months are still collectible in full, based on historical payment behaviour and extensive analysis of customer credit risk. Viohalco companies insure a significant portion of their receivables and at 31 December 2022, 76% of the receivables balances were credit insured. The movement in impairment of trade and other receivables and contract assets is as follows: 2022 2021Trade & other Contract Trade & other Contract Amounts in EUR thousands receivables assets Total receivables assets Total Balance as at 1 January 67,313 318 67,630 71,693 143 71,836 Impairment loss recognized 5,003 12 5,015 2,999 175 3,173 Amounts written off -1,011 0 -1,011 -8,454 0 -8,454 Impairment loss reversed -720 -127 -847 -476 0 -476 Loss of Control/Disposal of subsidiary -297 0 -297 0 0 0 Foreign exchange differences 1,260 0 1,260 1,776 0 1,776 Reclassification to assets held for sale -2,275 0 -2,275 0 0 0 Reclassification -62 0 -62 -225 0 -225 Balance as at 31 December 69,212 203 69,414 67,313 318 67,630The allowance for expected credit losses for trade receivables and contract assets are calculated at individual level when there is an indication of impairment. For receivables and contract assets without any indication of impairment the expected credit losses are based on the historical data combined with forward-looking macroeconomic factors affecting credit risk, such as country risk and industry related risks. Expected loss rates are updated at every reporting date. The rising inflation and interest rates were also taken into consideration when calculating expected credit losses for the current year, without any significant impact on the impairment loss recognized. In 2022, the impairment loss recognized concerned mainly clients in steel, aluminium and copper segment while amounts that have been impaired mainly in other segment were written off. On the contrary, a reversal of impairment loss was recorded, as a result of the improvement of the expected loss rates of major clients in the other segments. The following collateral exists for securing non-insured receivables from customers and contract assets: Amounts in EUR thousands 2022 2021 Cash collateral 2,019 1,076 Letter of credit 15,781 10,674 Collateral on property 1,850 2,037 Payables which can be offset by receivables 12,825 11,441 Other 2,597 3,253 Total 35,073 28,480 (b) Cash and cash equivalentsViohalco and its subsidiaries held cash and cash equivalents of EUR 413 million at 31 December 2022 (2021: EUR 503 million). The cash and cash equivalents are held with bank and financial institution counterparties, which are rated from A3 to B2 based on ratings of Moody\u2019s. Impairment on cash and cash equivalents has been measured on a 12-month expected loss basis and reflects the short maturities of the exposures. Viohalco considers that its cash and cash equivalents have low credit risk based on the credit assessment performed. ",
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"value": "C.2. Liquidity risk Liquidity risk is the risk that Viohalco companies will encounter difficulties in meeting their fianancial obligations in a timely manner. To manage liquidity risk they ensure, that sufficient liquidity is available, to meet their liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to their reputation. Viohalco companies maintain sufficient undrawn credit limits to meet all their scheduled financial obligations as well as most unexpected ones. Exposure to liquidity risk Financial liabilities and derivatives based on contractual maturity are broken down as follows: 2022 Contractual cash flows Amounts in EUR thousands Carrying Amount < 1year 1-2 years 2-5 years > 5 years Total Liabilities Bank loans 985,897 770,598 60,369 139,488 46,723 1,017,179 Bond issues 1,443,568 242,446 205,474 450,409 781,333 1,679,662 Lease liabilities 40,380 13,265 9,762 9,655 22,616 55,299 Derivatives 19,704 18,455 4 1,245 0 19,704 Contract liabilities 133,837 133,825 69 0 0 133,894 Trade and other payables 1,153,305 1,138,266 4,136 9,770 1,133 1,153,305 3,776,691 2,316,855 279,815 610,567 851,806 4,059,042 2021 Contractual cash flows Amounts in EUR thousands Carrying Amount < 1year 1-2 years 2-5 years > 5 years Total Liabilities Bank loans 911,208 731,748 50,791 123,419 21,725 927,683 Bond issues 1,231,031 150,965 226,495 490,837 522,835 1,391,132 Lease liabilities 45,335 11,728 10,245 9,083 15,589 46,644 Derivatives 11,149 7,563 3,205 0 382 11,149 Contract liabilities 61,371 61,448 0 0 0 61,448 Trade and other payables 1,111,420 1,092,676 6,497 3,184 9,063 1,111,420 3,371,513 2,056,128 297,232 626,524 569,593 3,549,477 Viohalco companies\u2019 loans are subject to termination clauses based on financial ratios, such as \u2018Total liabilities / Total equity`, \u2018Net debt / Total sales` and \u2018Current assets / Current liabilities`, that need to be maintained above or below certain predetermined levels. These ratios are monitored regularly in order to avoid breaches that may lead to loans becoming due before contractual maturity, causing liquidity pressures. ",
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"value": "C.3. Market risk Market risk is the risk that changes in market prices \u2013 such as commodity prices, foreign exchange rates and interest rates - will affect Viohalco and its companies income or the value of their financial instruments. Viohalco\u2019s companies use derivatives to manage market risk. Generally, Viohalco companies apply hedge accounting to manage volatility in their returns (P&L). (a) Currency risk Viohalco and its companies are exposed to currency risk in relation to the sales and purchases carried out and the loans issued in a currency other than the functional currency of Viohalco and its companies, which is mainly EUR. The most important currencies in which these transactions are held are EUR, USD and GBP. Over time, Viohalco\u2019s companies hedge the greatest part of their exposure to foreign currencies. Viohalco\u2019s companies enter mainly into forward contracts with external counterparties so as to deal with currency risk. These contracts mainly expire within the next 12 months from the reporting date. If necessary, such contracts are renewed upon expiry. FX risk may also be covered \u201cnaturally\u201d by taking out loans in the respective currencies if loan interest is denominated in the same currency as that of cash flows coming from operating activities. The capital investments of Viohalco companies are not hedgedas they have been made mainly in Euro. The summary quantitative data about Viohalco and its companies\u2019 exposure to currency risk as reported is as follows. 2022 Amounts in EUR thousands USD GBP BGN RSD RON Other Total at risk EUR Total Trade and other receivables 71,765 41,341 30,289 1,407 32,736 8,718 186,256 495,720 681,976 Contract assets 35,167 0 0 0 0 0 35,167 164,672 199,839 Loans and borrowings -7,627 -61,008 -4,978 -23 -5,973 -1,639 -81,248 -2,388,598 -2,469,845 Trade and other payables -168,822 -27,303 -57,798 -405 -22,192 -1,202 -277,722 -920,231 -1,197,953 Contract Iiabilities -44,506 0 -2,068 0 -260 0 -46,834 -87,002 -133,837 Cash & cash equivalents 25,368 2,818 7,404 629 1,815 847 38,882 373,762 412,644 -88,653 -44,152 -27,152 1,608 6,127 6,724 -145,498 -2,361,678 -2,507,176 Derivatives for risk hedging (Nominal Value) -109,001 -16,333 0 0 0 0 -125,334 22,316 -103,018 Exposure -197,655 -60,485 -27,152 1,608 6,127 6,724 -270,833 -2,339,362 -2,610,195 2021 Amounts in EUR thousands USD GBP BGN RSD RON Other Total at risk EUR Total Trade and other receivables 70,522 24,868 33,598 5,661 32,395 10,245 177,288 453,562 630,850 Contract assets 0 0 0 0 0 0 0 101,371 101,371 Loans and borrowings -14,441 -36,467 -1,718 -31 -6,930 -7,315 -66,901 -2,120,672 -2,187,573 Trade and other payables -110,971 -23,080 -55,155 -556 -17,045 -947 -207,754 -903,666 -1,111,420 Contract Iiabilities -719 0 -1,511 -49 -1,001 -4,848 -8,129 -53,243 -61,371 Cash & cash equivalents 28,422 5,488 5,131 462 3,243 308 43,054 460,213 503,267 -27,188 -29,191 -19,655 5,486 10,662 -2,557 -62,442 -2,062,434 -2,124,876 Derivatives for risk hedging (Nominal Value) -61,934 -26,026 0 0 0 0 -87,960 0 -87,960 Exposure -89,122 -55,217 -19,655 5,486 10,662 -2,557 -150,402 -2,062,434 -2,212,836 \u201cDerivatives for risk hedging\u201d includes also derivatives that relate to highly probable transactions, which have not been yet recognized as assets or liabilities in the consolidated statement of financial position. Euro denominated amounts are included for totals\u2019 reconciliation purposes. The following exchange rates have been applied during the year. Average exchange rate Year end spot rate 2022 2021 2022 2021 USD 1.05 1.18 1.07 1.13 GBP 0.85 0.86 0.89 0.84 BGN 1.96 1.96 1.96 1.96 RSD 117.46 117.57 117.32 117.58 RO\u039d 4.93 4.92 4.95 4.95 Viohalco is primarily exposed to changes of Euro against US dollar, pound sterling, Serbian Dinar and RON. A reasonably possible strengthening (weakening) of Euro against these currencies as at 31 December would have affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases. The Bulgarian currency LEV is not analysed below due to its fixed currency rate at 1.96 BGN/EUR. Profit or loss Equity, net of tax Amounts in EUR thousands EUR Strengthening EUR Weakening EUR Strengthening EUR Weakening 2022 USD (10% movement) 15,795 -15,795 24,406 -24,406 GBP (10% movement) 5,401 -5,401 6,675 -6,675 RSD (10% movement) -125 125 -125 125 RON (10% movement) -478 478 -478 478 2021 USD (10% movement) 8,920 -8,920 13,751 -13,751 GBP (10% movement) 6,337 -6,337 8,367 -8,367 RSD (10% movement) -428 428 -428 428 RON (10% movement) -832 832 -832 832 (b) Interest rate risk Viohalco Subsidiaries have adopted a flexible policy of ensuring that a portion of their Medium and LT debt obligations are on a fixed rate basis. This is achieved through a combination of issuing medium term, fixed rate bond loans and using interest rate swaps to hedge a portion of their floating rate medium and LT loans. The interest rate profile of Viohalco companies\u2019 interest-bearing financial instruments, as reported is as follows. Nominal amount Amounts in EUR thousands 2022 2021 Fixed-rate instruments Financial liabilities -339,913 -326,704 Variable-rate instruments Financial liabilities -2,129,932 -1,860,868 Interest rate swaps (nominal value) -123,800 0 2,006,132 1,860,868 Fixed-rate instruments Viohalco does not account for any fixed-rate financial assets or financial liabilities at fair value through profit or loss. Viohalco currently uses derivatives (interest rate swaps) as hedging instruments under a cash flow hedge accounting model. Sensitivity analysis for variable-rate instruments A reasonably possible change of 0.25% in interest rates of variable-rate instruments at the reporting date would have increased/ decreased (-) profit or loss by the amount shown below. This analysis assumes that all other variables, in particular foreign currency exchange rate, remain constant. Variable rate Profit or loss Amounts in EUR thousands 0.25% increase 0.25% decrease 2022 Financial liabilities 3,535 -3,537 Cash flow sensitivity (net) 3,535 -3,537 2021 Financial liabilities -449 452 Cash flow sensitivity (net) -449 452 (c) Cash flow hedges The following table indicates the periods in which the cash flows associated with cash flow hedges are expected to occur: Carrying amount 1-6 6-12 More than 31 December Amounts in EUR thousands at 31 December 2022 months months 1 year 2022 Interest rate Swaps Assets 17,524 1,670 1,979 13,874 17,524 Forwards Assets 13,294 3,862 5,808 3,624 13,294 Liabilities 10,132 5,608 4,520 4 10,132 Future contracts Assets 2,380 1,129 1,251 0 2,380 Liabilities 4,628 4,448 180 0 4,628 Commodity Swaps Assets 28,748 4,173 6,519 18,056 28,748 Liabilities 4,917 1,871 1,801 1,245 4,917 81,624 22,762 22,060 36,803 81,624 Carrying amount 1-6 6-12 More than 31 December Amounts in EUR thousands at 31 December 2021 months months 1 year 2021 Interest rate Swaps Liabilities 382 382 0 0 382 Forwards Assets 760 732 28 0 760 Liabilities 2,071 2,035 36 0 2,071 Future contracts Assets 7,670 7,564 107 0 7,670 Liabilities 5,062 5,077 -14 0 5,062 Commodity Swaps Assets 6,663 3,087 3,576 0 6,663 Liabilities 3,205 0 0 3,205 3,205 25,813 18,876 3,732 3,205 25,813 The table below provides information about the items designated as cash flow hedging instruments during the year and also as at 31 December 2022 and the reconciliation of hedging reserve. Based on their nature, hedging instruments are included in Derivatives assets and Derivatives liabilities in consolidated statement of financial position. 2022 Changes in the value of Amount the hedging reclassified Change Effect of Balance 1 instrument from hedging Other in movement Balance 31 Nominal Carrying amount January recognised reserve to move- accounting in exchange December Amounts in EUR thousands Amount Assets Liabilities 2022 in OCI profit or loss ments policy rates 2022 Forward foreign exchange contracts 187,291 13,294 -10,132 -1,311 2,773 1,462 -100 0 337 3,161 Future contracts 53,123 2,380 -4,628 2,608 -11,734 3,188 230 0 2 -5,706 Interest rate swap contracts 203,800 17,524 0 -382 15,701 -47 0 2,252 0 17,524 Commodity swap contracts 51,239 28,748 -4,917 3,458 30,494 -6,663 0 0 0 27,289 495,452 61,946 -19,678 4,373 37,233 -2,059 130 2,252 339 42,268 2021 Changes in the value of Amount the hedging reclassified Effect of Balance 1 instrument from hedging movement Balance 31 Nominal Carrying amount January recognised reserve to Other in exchange December Amounts in EUR thousands Amount Assets Liabilities 2021 in OCI profit or loss movements rates 2021 Forward foreign exchange contracts 101,239 760 -2,071 1,103 -1,461 -1,079 0 127 -1,311 Future contracts 86,383 7,670 -5,062 605 2,843 -634 -230 25 2,608 Interest rate swap contracts 21,300 0 -382 -1,026 0 0 644 0 -382 Commodity swap contracts 28,886 6,663 -3,205 0 3,458 0 0 0 3,458 237,807 15,093 -10,720 682 4,839 -1,713 414 152 4,373 (d) Commodity price risk The commodity markets experience continuous price fluctuations. Viohalco companies minimize their exposure to commodity price volatility by using hedging instruments, when possible. Viohalco companies are exposed to the fluctuation of aluminium, copper, zinc, lead and nickel. In order to minimize the effect of the metal price fluctuations on their results, companies use back to back matching of purchases and sales or derivative instruments (future contracts). As at 31 December 2022, the derivative net balance of future contracts per commodity as reported in the statement of financial position is: Amounts in EUR thousands 2022 2021 Aluminium -2,307 975 Copper 98 1,658 Lead -39 -25 Nickel 0 0 Total -2,248 2,608 In addition, during 2021, Viohalco subsidiaries started using Commodity Swaps referenced on the Title Transfer Facility (TTF) prices to hedge the risk of fluctuations in natural gas prices from market conditions. As at 31 December 2022, the derivative net balance these contracts as reported in the statement of financial position is EUR 23.8 million. These hedges are designated in a cash flow hedge accounting relationship. ",
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"value": "31. Subsidiaries Viohalco\u2019s subsidiaries and the percentages of financial interest held by the parent company at the end of the reporting period are as follows: Subsidiary companies Country Financial interest 2022 Financial interest 2021 AEIFOROS S.A. GREECE 98.11% 98.11% AEIFOROS BULGARIA S.A. BULGARIA 98.11% 98.11% ALURAME SPA ITALY 91.59% 91.59% ANOXAL S.A. GREECE 84.78% 84.78% A\u039d\u0391\u039c\u0395\u03a4 DOO SERBIA 97.54% 97.54% A\u039d\u0391\u039c\u0395\u03a4 S.A. GREECE 97.54% 97.54% A\u039d\u03a4\u0399\u039c\u0395\u03a4 S.A. GREECE 100.00% 100.00% A\u03a4\u03a4\u0399\u039aI S.A. GREECE 75.00% 75.00% BASE METALS S.A. TURKEY 69.15% 69.15% BRIDGNORTH LTD U.K 100.00% 75.00% CABLEL WIRES S.A. GREECE 84.78% 84.78% CENERGY HOLDINGS S.A. BELGIUM 79.78% 79.78% HELLENIC CABLES AMERICA CO. USA 79.78% 79.78% CLUJ INTERNATIONAL TRADE SRL ROMANIA - 91.59% CORINTH PIPEWORKS S.A. GREECE 79.78% 79.78% Subsidiary companies Country Financial interest 2022 Financial interest 2021 CPW AMERICA Co USA 79.78% 79.78% CPW SOLAR S.A. GREECE 79.78% - CPW WIND S.A. GREECE 79.78% - DE LAIRE LTD CYPRUS 79.78% 79.78% DIO PERNIK EOOD BULGARIA 98.11% 98.11% DIA.VI.PE.THI.V S.A. GREECE 91.54% 91.54% DOJRAN STEEL LLCOP NORTH MACEDONIA 92.56% 100.00% EANEP ALMYROU SA GREECE 92.56% - ELVAL COLOUR S.A. GREECE 84.78% 84.78% ELVAL COLOUR IBERICA S.A. SPAIN 84.78% 84.78% ELVALHALCOR S.A. GREECE 84.78% 84.78% ELVIOK S.A. GREECE 84.78% 84.78% EL\u039a\u0395\u039c\u0395 S.A. GREECE 84.40% 84.40% EPIRUS METALWORKS S.A. GREECE 84.78% 84.78% ERGOSTEEL S.A. GREECE 89.12% 89.12% ERLIKON S.A. GREECE 100.00% 100.00% ETEM ALBANIA S.A. ALBANIA 84.78% 88.79% ETEM BULGARIA S.A. BULGARIA 100.00% 100.00% ETEM BG S.A. BULGARIA 84.78% 88.79% ETEM GESTAMP EXTRUSIONS S.A. BULGARIA 51.00% 51.00% E\u03a4\u0395\u039c COMMERCIAL S.A. GREECE 84.78% 87.82% ETEM SCG SERBIA 84.78% 88.79% E\u03a4\u0395\u039c SYSTEMS LLC UCRAINE 84.78% 88.79% E\u03a4\u0395\u039c SYSTEMS SRL ROMANIA 84.78% 88.79% E\u03a4IL S.A. GREECE 100.00% 100.00% FLOCOS S.A. GREECE 100.00% 100.00% FULGOR S.A. GREECE 79.78% 79.78% GENECOS S.A. FRANCE 91.59% 91.59% HELLENIC CABLES S.A. GREECE 79.78% 79.78% HELLENIC CABLES TRADING CO. USA 79.78% 79.78% HUMBEL LTD CYPRUS 79.78% 79.78% ICME ECAB S.A. ROMANIA 79.76% 79.76% INOS BALCAN DOO SERBIA 97.54% 97.54% INTERNATIONAL TRADE S.A. BELGIUM 91.59% 91.59% JOSTDEX LIMITED CYPRUS 100.00% 100.00% LESCO ROMANIA S.A. ROMANIA 51.86% 51.86% LESCO EOOD BULGARIA 79.78% 79.78% METAL AGENCIES LTD U.K 91.59% 91.59% METALCO S.A. BULGARIA 100.00% 100.00% METALIGN S.A. BULGARIA 100.00% 100.00% METALLOURGIA ATTIKIS S.A. GREECE - 50.00% METALLOURGIA ATTIKIS PROPERTY S.A. GREECE - 50.00% NOVAL PROPERTY REIC GREECE 81.09% 87.29% NOVOMETAL DOO NORTH MACEDONIA 97.54% 97.54% PORT SVISHTOV WEST S.A. BULGARIA 73.09% 73.09% PRAKSIS S.A. GREECE 61.00% 61.00% PRAKSIS BG S.A. BULGARIA 61.00% 61.00% REYNOLDS CUIVRE S.A. FRANCE 91.59% 91.59% ROULOC S.A. GREECE 84.78% 84.78% SIDEBALK STEEL DOO SERBIA 100.00% 100.00% SIDENOR INDUSTRIAL S.A. GREECE 100.00% 100.00% SIDERAL SHRK ALBANIA 99.92% 99.92% SIDEROM STEEL SRL ROMANIA 100.00% 100.00% SOFIA MED AD BULGARIA 86.37% 86.37% SOVEL S.A. GREECE 92.56% 92.95% SPARROWS POINT PROPERTIES HOLDING S.A. USA 79.78% - SPARROWS POINT PROPERTIES S.A. USA 79.78% - STEELMET CYPRUS LTD CYPRUS 89.12% 89.12% STEELMET PROPERTIES S.A. GREECE 89.12% 89.12% STEELMET ROMANIA S.A. ROMANIA 91.59% 91.59% STEELMET S. A. GREECE 89.12% 89.12% Subsidiary companies Country Financial interest 2022 Financial interest 2021 STEELMET FINANCIAL SERVICES S.A. GREECE 100.00% - STOMANA INDUSTRY S.A. BULGARIA 100.00% 100.00% STOMANA ENGINEERING S.A. BULGARIA 100.00% 100.00% SYMETAL S.A. GREECE 84.78% 84.78% TECHOR S.A. GREECE 84.78% 84.78% TECHOR ROMANIA S.A. ROMANIA 84.78% 84.78% TEPROMKC AG GERMANY 91.59% 91.59% TERRA MIDDLE EAST AG GERMANY 91.59% 91.59% T\u0395\u039a\u0391 SYSTEMS S.A. GREECE 100.00% 85.72% T\u0395\u039a\u0391 ENGINEERING S.A. GREECE 100.00% - VEPAL S.A. GREECE 84.78% 84.78% VIENER S.A. GREECE 93.70% 93.70% VIEXAL S.A. GREECE 95.94% 95.94% VIOMAL S.A. GREECE 63.58% 63.58% VITRUVIT S.A. GREECE 99.75% 99.75% WARSAW TUBULARS TRADING SP.ZO POLAND 79.78% 79.78% The ultimate controlling entity is Viohalco S.A. for all the above entities. Viohalco does exercise control, by holding the majority of the voting rights, directly and/or indirectly and these entities are reported as subsidiary companies. The percentages reported on the above table represent the financial interest held directly and indirectly by Viohalco. For example, if Viohalco holds 70% of company A and company A holds 70% of company B, then in the table above it will be presented that Viohalco holds 49% of financial interest in company B. Transactions that took place in 2022 Acquisition of NCI \u2022 On March 17th, 2022, Viohalco\u2019s Board of directors approved the acquisition of 25% non-controlling interest in subsidiary Bridgnorth Aluminium in consideration of GBP 11 million. As a result, Viohalco\u2019s participation in Bridgnorth Aluminium amounts to 100%. th\u2022 On June 14, Viohalco acquired the remaining 14.28% of Teka Systems shares, in consideration of EUR 4 million. Afterthe transaction Viohalco participation in the company amounts to 100%. Mergers & Absorptions st\u2022 On December 31, 2022, Viohalco subsidiary Metallourgia Attikis Properties absorbed by Noval Property REIC. st\u2022 On December 31, 2022, Noval Property REIC absorbed Mesogeiakes Epixeiriseis S.A. New subsidiaries establishment th\u2022 On November 30, 2022 new subsidiary Steelmet Financial Services S.A. was established after the spin-off of theMetalign Greek Branch. st\u2022 On July 21, 2022 new subsidiary TEKA Engineering SA was established after the spin-off of the industrial and machinery constructions segment from Teka Systems SA. \u2022 During 2022, they were established two new subsidiaries in the USA, Sparrows Point Properties Holdings LLC andSparrows Point Properties LLC., to support the construction of a submarine cables factory in the USA. \u2022 During 2022, they were established two new subsidiaries in Greece, CPW Solar SA & CPW Wind SA to support futureinvestment plans, without a final decision yet in place.th\u2022 On February 24, 2022, new subsidiary in the Steel segment was established named EANEP Almyrou. Loss of control st\u2022 On December 31, 2022, Viohalco\u2019s control in the participation to Mettalourgia Attikis was lost due to managementrestructuring while the participation held was 50%. The company will be accounted as an Equity accounted investeefrom 31.12.2022 (note 20). Other major transactions th\u2022 On December 14, 2022, was completed the disposal of Viohalco participation (20%) at Etem Commercial S.A. toElvalHalcor S.A. th\u2022 On June 27, 2022, Noval Property proceeded with a share capital increase with contributions in kind, resulting inincrease of non-controlling interest by 6.25%. ",
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"value": "32. Joint operationsViohalco\u2019s subsidiary Hellenic Cables has a 62.48% interest in a joint arrangement called VO Cablel VOF, which was set up as a partnership together with Van Oord. The scope of this joint operation scheme is to supply and install sea and land cables for the Hollandse Kust (South) Alpha project and Hollandse Kust (South) Beta project. The principal place of business of the joint operation is in the Netherlands. Hellenic Cables has a 50.77% interest in a joint arrangement called DEME Offshore NL - Hellenic Cables V.O.F., which was set up as a partnership together with Tideway. The scope of this joint operation scheme is to execute a turnkey contract for the supply and installation of submarine cables for the connection of the Seamade offshore wind project to the Belgian grid. The principal place of business of the joint operation is in Belgium. Viohalco\u2019s subsidiary Fulgor has a 10% interest in a joint arrangement called Fulgor \u2013 JDN Consortium, which was set up as a partnership together with Jan De Nul. The scope of this joint operation scheme is to execute a turnkey contract for the installation of submarine cables for the interconnection Crete-Peloponnese in Greece. The principal place of business of this joint operation is in Greece. The above joint operations were formed during prior years. Fulgor has a 70.27% interest in a joint arrangement called Fulgor \u2013 Asso.subsea Ltd Consortium, which was set up as a partnership together with Asso.subsea Ltd. The scope of this joint operation scheme is to execute a turnkey contract for the design, manufacturing, supply and installation of the 150 kV submarine cable system connecting the under construction 330 MW Kafireas II Wind Farm to Greece\u2019s mainland grid. The principal place of business of this joint operation is in Greece. The agreements in relation to the VO Cablel VOF, Fulgor \u2013 JDN Consortium and DEME Offshore NL - Hellenic Cables V.O.F. require unanimous consent from all parties for all relevant activities. The two partners have direct rights to the assets of the partnership and are jointly and severally liable for the liabilities incurred by the partnership. These entities are therefore classified as joint operations and the Group recognises its direct right to the jointly held assets, liabilities, revenues and expenses as described in note 5. ",
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"value": "35. Commitments A. Purchase commitments The below mentioned commitments relate to contracts that Viohalco\u2019s subsidiaries have entered into, according to their investment plans and are expected to be concluded during the next 3 years. Amounts in EUR thousands 2022 2021 Property, plant and equipment 27,265 20,383 Investment property 25,606 953 Intangible Assets 24 58 B. Guarantees Amounts in EUR thousands 2022 2021 Liabilities Guarantees to secure liabilities to suppliers 46,276 35,172 Guarantees for securing the good performance of contracts with customers 505,164 238,306 Guarantees for securing the good performance of contracts with suppliers 3,129 2,141 36. Contingent liabilities A. Litigations & administrative reviews Regarding Corinth Pipeworks\u2019 exports of large diameter welded pipe (LDWP) to the US for the periods April 2020 - April 2021 and April 2021 - April 2022, additional administrative reviews from the US Department of Commerce (DoC) are expected. \u039do provision has been recorded in respect to these administrative reviews due to the following facts: \u2022 For the period April 2020 - April 2021 there were no sales to the US subject to antidumping duties; thus, no additional charge is expected for that period. \u2022 For the period April 2021 - April 2022 sales to the US subject to antidumping duties were not material. The outcome of such administrative review is considered as highly volatile and hard to predict, thus the amount of any arising liability cannot be reasonably estimated. B. Contigent tax liabilities The tax filings of the subsidiaries are routinely subjected to audit by tax authorities in most of the jurisdictions in which Viohalco and its companies conduct business. These audits may result in assessments of additional taxes. Viohalco and its subsidiaries provide for additional tax in relation to the outcome of such tax assessments, to the extent that a liability is probable and estimable. Viohalco companies believe that their accruals for tax liabilities are adequate for all open tax years based on their assessment of underlying factors, including interpretations of tax law and prior experience. ",
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"value": "35. Commitments A. Purchase commitments The below mentioned commitments relate to contracts that Viohalco\u2019s subsidiaries have entered into, according to their investment plans and are expected to be concluded during the next 3 years. Amounts in EUR thousands 2022 2021 Property, plant and equipment 27,265 20,383 Investment property 25,606 953 Intangible Assets 24 58 B. Guarantees Amounts in EUR thousands 2022 2021 Liabilities Guarantees to secure liabilities to suppliers 46,276 35,172 Guarantees for securing the good performance of contracts with customers 505,164 238,306 Guarantees for securing the good performance of contracts with suppliers 3,129 2,141 ",
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"value": "36. Contingent liabilities A. Litigations & administrative reviews Regarding Corinth Pipeworks\u2019 exports of large diameter welded pipe (LDWP) to the US for the periods April 2020 - April 2021 and April 2021 - April 2022, additional administrative reviews from the US Department of Commerce (DoC) are expected. \u039do provision has been recorded in respect to these administrative reviews due to the following facts: \u2022 For the period April 2020 - April 2021 there were no sales to the US subject to antidumping duties; thus, no additional charge is expected for that period. \u2022 For the period April 2021 - April 2022 sales to the US subject to antidumping duties were not material. The outcome of such administrative review is considered as highly volatile and hard to predict, thus the amount of any arising liability cannot be reasonably estimated. B. Contigent tax liabilities The tax filings of the subsidiaries are routinely subjected to audit by tax authorities in most of the jurisdictions in which Viohalco and its companies conduct business. These audits may result in assessments of additional taxes. Viohalco and its subsidiaries provide for additional tax in relation to the outcome of such tax assessments, to the extent that a liability is probable and estimable. Viohalco companies believe that their accruals for tax liabilities are adequate for all open tax years based on their assessment of underlying factors, including interpretations of tax law and prior experience. ",
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"value": "B. Key management personnel compensation The table below provides an overview of the transactions with Board members and executive management: Amounts in EUR thousands 2022 2021 Compensation to BoD members and executives 5,626 5,430 The compensation to directors and executive management in the table above are fixed compensation. No variable compensation, post-employment benefits or share based benefits were paid in 2022 and in 2021. ",
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"value": "38. Auditor\u2019s feesThe Company\u2019s statutory auditor (PwC Reviseurs d\u2019Entreprises SRL/ Bedrijfsrevisoren BV) and a number of other member firms of the auditor\u2019s network, received fees for the following services: For year ended 31 December Amounts in EUR thousands 2022 2021 Statutory Auditor Audit 328 336 Audit related services 32 30 Tax related services 3 73 Other related services 19 0 382 439 Statutory Auditor Network Audit 1,076 952 Tax related services 189 201 Other services 110 232 1,375 1,385 Total 1,757 1,824 ",
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