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(the \u201cCompany\u201d) and its subsidiaries (the \u201cGroup\u201d) is a global multi-asset fintech group operating proprietary technology-based trading platforms. Plus500 offers customers a range of trading products, including OTC (\u201cOver- the-Counter\u201d products, namely Contracts for Difference (CFDs)), share dealing, as well as futures and options on futures. The Company has developed and operates an online trading platform within the OTC sector, enabling its international customer base of individual customers to trade OTC products on over 2,500 underlying financial instruments internationally. The Group\u2019s offering is available internationally with main market presence in the UK, the European Economic Area (EEA), Australia, the US, and the Middle East and has customers located in more than 50 countries worldwide. The Group operates through operating subsidiaries regulated by the Financial Conduct Authority (\u201cFCA\u201d) in the UK, the Australian Securities and Investments Commission (\u201cASIC\u201d) in Australia, the Cyprus Securities and Exchange Commission (\u201cCySEC\u201d) in Cyprus, the Israel Securities Authority (\u201cISA\u201d) in Israel, the Financial Markets Authority (\u201cFMA\u201d) in New Zealand, the Financial Sector Conduct Authority (\u201cFSCA\u201d) in South Africa, the Monetary Authority of Singapore (\u201cMAS\u201d) in Singapore, the Financial Services Authority (\u201cFSA\u201d) in the Seychelles, the Commodities Futures Trading Commission (\u201cCFTC\u201d) in the US, the Estonian Financial Supervision Authority (\u201cEFSA\u201d) in Estonia, the Financial Services Agency (\u201cFSA\u201d) in Japan and the Dubai Financial Services Authority (\u201cDFSA\u201d) in the UAE. The Company also has a subsidiary in Bulgaria which provides operational services to the Group. The Company has been listed since 2013 on the London Stock Exchange. Since 2018, Plus500 Ltd. has been a FTSE 250 listed entity, following the Company\u2019s shares being admitted to the premium listing segment of the Official List and to trading on the London Stock Exchange Main Market for listed securities. The Group operates in three operating sectors: OTC trading; share dealing; and futures and options on futures. The Group presents its operation as one operating segment. The address of the Company\u2019s principal offices is Building 25, MATAM, Haifa 3190500, Israel. NOTE 2 \u2013 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Basis of accounting and accounting policies The Group\u2019s consolidated financial information as of 31 December 2022 and 2021 and for each of the two years in the period ended on 31 December 2022 are in compliance with International Financial Reporting Standards that consist of standards and interpretations issued by the International Accounting Standard Board (\u201cIFRSs\u201d). The significant accounting policies described below have been applied consistently in relation to all the reporting periods, unless otherwise stated. The financial information has been prepared under the historical cost convention subject to adjustments in respect of revaluation of financial assets at fair value through profit or loss presented at fair value. b. Going concern The Group has considerable financial resources, a broad range of financial instruments and a substantial active customer base which is geographically diversified. As a consequence, the Company\u2019s Board of Directors (the \u201cBoard\u201d) believes that the Group is well placed to manage its business risks in the context of the current economic outlook. Accordingly, the Board has a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Board therefore continues to adopt the going concern basis in preparing these consolidated financial statements. c. Principles of consolidation The Company, from an accounting perspective, controls the subsidiaries since it is exposed to, or has rights to, variable returns from its involvement with the entities and has the ability to affect those returns through its power over them. 1) The consolidated financial statements include the accounts of the Company and its subsidiaries. 2) Intercompany balances and transactions between the Group\u2019s entities have been eliminated. 3) Accounting policies of the subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. d. Earnings per share Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of the Company\u2019s ordinary shares in issue during the year, excluding ordinary shares purchased by the Company and held as treasury shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume exercise of all potential dilutive ordinary shares. The instruments that are potentially dilutive ordinary shares are equity instruments granted to employees and service contractors (see Note 9). A calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company\u2019s shares) based on the monetary value of the subscription rights attached to outstanding equity instruments. The number of ordinary shares calculated as above is compared with the number of ordinary shares that would have been issued assuming the exercise of the equity instruments (see also Note 11) e. Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments. As stated in Note 1 above, the Group operates in three operating sectors: OTC trading; share dealing; and futures and options on futures. For the years 2022 and 2021, the Group presents its operation as one operating segment. f. Foreign currency translation 1) Functional and Presentation Currency Items included in the financial information of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which that entity operates (the \u201cfunctional currency\u201d). The consolidated financial statements are presented in US dollars (\u201cUSD\u201d), which is the Group\u2019s functional and presentation currency. 2) Transactions and balances Foreign currency transactions in currencies different from the functional currency (\u201cforeign currency\u201d) are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Gains and losses arising from translations in exchange rates are presented in the consolidated statement of comprehensive income among \u201cfinancial income (expenses)\u201d g. Trading income Trading income represents Customer Income, which includes revenue from OTC Customer Income (customer spreads and overnight charges), non-OTC Customer Income (commissions from the Group\u2019s futures and options on futures operation and from the Group\u2019s share dealing platform) and Customer Trading Performance, which includes gains/losses on customers\u2019 trading positions, arising on client trading activity, primarily in OTCs on shares, indices, ETFs, options, commodities, cryptocurrencies and foreign exchange. Open client positions are carried at fair value and gains and losses arising on this valuation are recognised as trading income, as well as gains and losses realised on positions that have closed. h. Share based compensation 1) Cash settled The Group operates a cash settled share based compensation plan, under which it receives services from employees and service contractors as consideration for Share Appreciation Rights (\u201cSARs\u201d). The fair value of the employees and service contractors received in exchange for the grant of the rights are recognised as an expense in the consolidated statement of comprehensive income. At the end of each reporting period, the Group evaluates the SARs based on their fair value as prorated over the period and the change in the prorated fair value is recognised in the consolidated statement of comprehensive income. 2) Equity settled The Group operates equity settled share based compensation plans, under which it receives services from employees and service contractors as consideration for ordinary shares and Restricted Share Units (\u201cRSUs\u201d). The fair value of the services received by employees and service contractors in exchange for the grant of ordinary shares or RSUs are recognised as an expense in the consolidated statement of comprehensive income. The fair value of equity settled share based compensation arrangements granted to employees and service contractors is recognised as employee benefit expenses and other related expenses applicable for the service contractors, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the equity instruments granted: + including any market performance conditions (e.g. the Company\u2019s share price); + excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and continuing to be employed or rendering services to the entity over a specified time period); and + including the impact of any non-vesting conditions (e.g. the requirement for employees and service contractors to hold shares for a specific period of time). The total expenses are recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of ordinary shares and RSUs that are expected to vest based on the non-market performance vesting and service conditions. The impact of the revision to original estimates, if any, in the consolidated statement of comprehensive income, is recognised with a corresponding adjustment to equity. i. Treasury shares Treasury shares are ordinary shares of the Company held by the Company and presented as a reduction of equity, at the consideration paid, including any incremental attributable costs, net of tax. Treasury shares do not have a right to receive dividends or to vote. The Board approves share buyback programmes. The share buyback programmes are funded from the Company\u2019s net cash balances. The ordinary shares are being purchased at fair value (see Note 12) . Financial statements 111 Plus500 Ltd. Annual Report 2022 GovernanceStrategic report Notes to the Consolidated Financial Statements continued NOTE 2 \u2013 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued j. Current income tax Tax is recognised in the consolidated statement of comprehensive income. The current income tax charge is calculated on the basis of the tax laws enacted at the statement of financial position date in countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. k. Deferred income tax Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the statement of financial position date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. The Group recognises deferred taxes on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. l. Property, plant and equipment The cost of a property, plant and equipment item is recognised as an asset only if: (a) it is probable that the future economic benefits associated with the item will flow to the Group; and (b) the cost of the item can be measured reliably. Property, plant and equipment are stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items and only when the two criteria mentioned above for recognition as assets are met. Depreciation is calculated using the straight-line method to allocate the cost of property, plant and equipment less their residual values over their estimated useful lives, as follows: Percentage of annual depreciation Computers and office equipment 6\u201333 Leasehold improvements 10 Leasehold improvements are depreciated by the straight-line method over the terms of the lease (including reasonably assured options periods), or the estimated useful life (10 years) of the improvements, whichever is shorter. The asset\u2019s residual value, the depreciation method and useful lives are reviewed, and adjusted if appropriate, at least once a year. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. m. Financial instruments 1) Classification The Group classifies its financial assets in the following measurement categories according to IFRS 9: + Those to be measured subsequently at fair value through profit and loss, and + Those to be measured at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will be recorded in the consolidated statement of comprehensive income. Financial assets are classified as current if they are expected to mature within 12 months after the end of the reporting period, otherwise, they are classified as non-current. 2) Recognition and derecognition Regular way purchases and sales of financial assets are recognised on trade date, the date on which the Group commits to purchase or sell the assets. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. 3) Measurement At initial recognition, the Group measures a financial asset at its fair value and in the case of a financial asset not at fair value through profit or loss (\u201cFVTPL\u201d), plus transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed in the consolidated statement of comprehensive income. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Details on how the fair value of financial instruments is determined are disclosed in Note 26. 112 Plus500 Ltd. Annual Report 2022 n. Cash and cash equivalents Cash and cash equivalents include cash on hand, short-term bank deposits and other highly liquid short-term investments, the original maturity of which does not exceed three months. All of the regulated subsidiaries hold money on behalf of their clients in accordance with the client money rules required by the relevant regulatory framework. Such monies are classified as \u201csegregated client funds\u201d in accordance with the regulatory requirements. Segregated client funds comprise client funds held in segregated client money accounts. Segregated client money accounts hold statutory trust status restricting the Group\u2019s ability to control the monies and accordingly such amounts are not reflected as Group assets in the consolidated statement of financial position. o. Dividends Dividend distribution is recognised as a liability in the consolidated statement of financial position in the period which the dividends are approved by the Board. p. Employee benefits and pension obligations The Group operates various pension schemes. The schemes are generally funded through payments to insurance companies or trustee-administered pension funds. The Group has defined contribution plans. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. The Group pays contributions to publicly or privately administered pension insurance plans on a mandatory basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense commensurate with receipt from employees of the service in respect of which they are entitled for the contributions. The Group recognises an accrual and an expense for bonuses for senior management based on formulae that take into consideration specific financial and non-financial measures and for other employees based on management decision. q. Service suppliers Service suppliers are obligations to pay for services that have been acquired in the ordinary course of business from suppliers. Service suppliers are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Service suppliers are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. r. Trade payables \u2013 due to clients As part of its business, the Group receives from its customers deposits to secure their trading positions, held in segregated client money accounts. Assets or liabilities resulting from profits or losses on open positions are carried at fair value. Amounts due from or to clients are netted against, or presented with, the deposit with the same counterparty where a legally enforceable netting agreement is in place and where it is anticipated that assets and liabilities will be netted on settlement. \u201cTrade payables \u2013 due to clients\u201d represent balances with clients where the combination of customers\u2019 deposits and the valuation of financial derivative open positions result in an amount payable by the Group. \u201cTrade payables \u2013 due to clients\u201d are reported in the consolidated statement of financial position and classified as current liabilities as the demand is due within one year or less. s. IFRS 16 \u2013 \u201cLeases\u201d The Group\u2019s leases include real estate lease agreements. At inception of a contract, the Group 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 a consideration. The Group reassesses whether a contract is, or contains, a lease only if the terms and conditions of the contract are changed. At the commencement date, the Group measures the lease liability at the present value of the lease payments that are not paid at that date, including, inter alia, the exercise price of the exercise option if the Group is reasonably certain to exercise that option. Simultaneously, the Group recognises a right of use asset in the amount of the lease liability. The lease term is the non-cancellable period for which the Group has the right to use an underlying asset, together with both the periods covered by an option to extend the lease if the Group is reasonably certain to exercise that option and periods covered by an option to terminate the lease if the Group is reasonably certain to exercise that option. Financial statements 113 Plus500 Ltd. Annual Report 2022 GovernanceStrategic report NOTE 2 \u2013 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued s. IFRS 16 \u2013 \u201cLeases\u201d continued After the commencement date, the Group measures the right of use asset applying the cost model, less any accumulated depreciation and any accumulated impairment losses and adjusted for any remeasurement of the lease liability. Assets are depreciated by the straight-line method over the estimated useful lives of the right of use assets or the lease period, whichever is shorter. The depreciation periods for the real estate leases by the Group is between one to five years. Under IFRS 16 all leases are recognised as a right of use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the consolidated statement of comprehensive income over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Payments associated with short-term leases of real estate and all leases of low-value assets are recognised on a straight-line basis as an expense in the consolidated statement of comprehensive income. Short-term leases are leases with a lease term of 12 months or less without an exercise option. t. Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises: + fair values of the assets transferred; and + liabilities incurred to the former owners of the acquired business Identifiable assets acquired, and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. Over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in the consolidated statement of comprehensive income as a bargain purchase. Notes to the Consolidated Financial Statements continued u. Intangible assets 1) Goodwill Goodwill represents the surplus of the consideration that has been transferred for the acquisition of a subsidiary company, over the net amount of the identifiable assets and liabilities that have been acquired as at the time of the acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash- generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes 2) Licence A licence acquired in a business combination is recognised at fair value at the acquisition date. It has an indefinite useful life, is not subject to amortisation and is tested annually for impairment. 3) Customer relationships and technology Customer relationships and technology acquired in a business combination are recognised at fair value at the acquisition date. They have a definite useful life of five years and are subsequently carried at cost less accumulated amortisation and impairment losses. The amortisation expenses are recognised as part of general and administrative expenses in the statement of comprehensive income. v. Impairment of assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. 114 Plus500 Ltd. Annual Report 2022
w. New International Financial Reporting Standards,
Amendments to Standards and New Interpretations
New and amended standards adopted by the Group for
the first time for the financial year beginning on or after
1 January 2023.
Definition of Material \u2013 Amendment to IAS 1 and IAS 8.
Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and
IFRS Practice Statement 2.
The IASB amended IAS 1 to require entities to disclose their
material rather than their significant accounting policies. The
amendments define what is \u2018material accounting policy
information\u2019 and explain how to identify when accounting
policy information is material. They further clarify that
immaterial accounting policy information does not need to be
disclosed. If it is disclosed, it should not obscure material
accounting information.
To support this amendment, the IASB also amended IFRS
Practice Statement 2 Making Materiality Judgements to
provide guidance on how to apply the concept of materiality
to accounting policy disclosures.
The Amendment to IAS 1 will be applied retrospectively to
annual reporting periods commencing on 1 January 2023 or
thereafter. The first-time application of the Amendment to IAS 1
is not expected to have a material effect on the Group\u2019s
consolidated financial statements.
NOTE 3 \u2013 SIGNIFICANT ACCOUNTING ESTIMATES
Considering uncertain tax positions
The assessment of amounts of current and deferred taxes
requires the Group\u2019s management to take into consideration
uncertainties that its tax position will be accepted and of
incurring any additional tax expenses. This assessment is
based on estimates and assumptions based on interpretation
of tax laws and regulations, and the Group\u2019s past experience. It
is possible that new information will become known in future
periods that will cause the final tax outcome to be different
from the amounts that were initially recorded. Such differences
will impact the current and deferred income tax assets and
liabilities in the period in which such determination is made.
See also Note 2j and Note 10.
Financial statements
115 Plus500 Ltd. Annual Report 2022
GovernanceStrategic report
NOTE 4 \u2013 TRADING INCOME The trading income attributed to geographical areas according to the location of the customer is as follows: Year ended 31 December US dollars in millions 2022 2021 European Economic Area (EEA) 372.9 329.0 United Kingdom 100.4 88.9 Australia 67.2 61.6 Rest of the World 292.1 239.2 832.6 718.7 NOTE 5 \u2013 SELLING AND MARKETING EXPENSES Year ended 31 December US dollars in millions 2022 2021 Payroll and related expenses 24.2 21.4 Variable bonuses 8.6 8.8 Share based compensation 6.1 4.0 Commissions to media buying 13.5 20.7 Advertising and technology costs 144.3 151.4 Commissions to processing companies 44.9 40.8 Server and data feeds commissions 14.6 11.7 Other 45.9 21.0 302.1 279.8 NOTE 6 \u2013 ADMINISTRATIVE AND GENERAL EXPENSES Year ended 31 December US dollars in millions 2022 2021 Payroll and related expenses 16.3 11.6 Variable bonuses 10.4 5.4 Share based compensation 15.3 7.7 Professional and regulatory fees 23.0 18.5 Depreciation and amortisation 3.4 2.5 Other 11.7 8.6 80.1 54.3 Notes to the Consolidated Financial Statements continued 116 Plus500 Ltd. Annual Report 2022 NOTE 7 \u2013 OPERATING EXPENSES The presentation below reflects the breakdown of operating expenses by nature of expense: Year ended 31 December US dollars in millions 2022 2021 Employee benefits and other related expenses 80.9 58.9 IT and technology costs 50.4 38.2 Commissions to processing companies 44.9 40.8 Advertising, marketing and commissions to media buying 122.0 145.6 Professional and regulatory fees 23.0 18.5 Depreciation and amortisation 3.4 2.5 Other 57.6 29.6 382.2 334.1 In the years ended 31 December 2022 and 2021, IT and technology costs together with additional allocated other technological related costs were $74.4 million and $58.4 million, respectively. NOTE 8 \u2013 AUDITORS\u2019 REMUNERATION Year ended 31 December US dollars in millions 2022 2021 Audit of Plus500 Ltd\u2019s consolidated financial statements 0.3 0.3 Audit of Plus500 Ltd\u2019s subsidiaries 0.3 0.3 Total audit fees 0.6 0.6 Other assurance related services 0.3 0.3 Tax compliance services 0.5 0.7 Total non-audit fees 0.8 1.0 Total fees 1.4 1.6 Financial statements 117 Plus500 Ltd. Annual Report 2022 GovernanceStrategic report NOTE 9 \u2013 SHARE BASED COMPENSATION a. Cash settled share based compensation programmes 1) Background The Group grants Share Appreciation Rights to selected employees and service contractors (the \u201cGrant\u201d). The rights are settled in cash at the end of the period of two or three years following the Grant date for those who remain employed or continue to render services as service contractors by the Group. The rights represent the total Grant amounts divided by the average closing price of the ordinary shares of the Company on the Main Market over the course of the 60 trading days immediately preceding the dates of the Grant (the \u201cShare Price on Grant Date\u201d). As of the end of each period, the fair value of the rights is calculated by the total Grant amounts on grant date, multiplied by the average closing price of the ordinary shares of the Company on the Main Market over the course of the 60 trading days immediately preceding the end of each period (or the payout date) including shareholder returns paid between the grant date and the end of each period (or the vesting date) divided by the Share Price on Grant Date, as prorated over the period. 2) The following table specifies the dates of grants and the grant rights as of each date Grant Date Vesting Date Share price Number of rights granted* Number of Employees 31 December 2019 31 December 2022 797.85 2,925 5 12 February 2020 12 February 2022 855.46 40 2 31 August 2020 31 August 2022 1,303.93 97 6 30 December 2020 30 December 2022 1,507.08 2,342 127 30 December 2020 30 December 2023 1,507.08 647 3 28 February 2021 28 February 2023 1,411.13 13 1 31 August 2021 31 August 2023 1,404.43 14 1 31 December 2021 31 December 2023 1,320.98 1,136 55 28 February 2022 28 February 2024 1,409.47 3 1 2 May 2022 2 May 2024 1,464.36 9 1 30 June 2022 30 June 2024 1,545.33 37 2 3) Cash settled share based compensation liability As at 31 December US dollars in millions 2022 2021 Current liability 6.3 7.3 Non-current liability \u2013 0.3 6.3 7.6 4) Cash settled share based compensation expenses Year ended 31 December US dollars in millions 2022 2021 Selling and marketing expenses 3.2 4.0 Administrative and general expenses 8.7 2.8 11.9 6.8 Notes to the Consolidated Financial Statements continued 118 Plus500 Ltd. Annual Report 2022 5) Cash settled share based compensation \u2013 number of rights outstanding Number of rights 2022 2021 Opening balance as at 1 January 5,672 8,768 Rights granted 49 1,163 Rights vested (3,943) (3,208) Rights forfeited (259) (1,051) Closing balance as at 31 December 1,519 5,672 During 2022 and 2021, 3,943 and 3,208 rights were vested in total amount of $11.2 million and $6.9 million, respectively. The average vesting price based on GBP pence per granted right was approximately $2,843 and $2,160, respectively. b. Equity settled share based compensation programmes Background The Group grants long-term incentive plans (\u201cLTIPs\u201d) to selected employees and service contractors (the \u201cLTIP Grants\u201d). In addition, the Group grants Restricted Stock Units (\u201cRSUs\u201d) to selected employees located in Israel (the \u201cRSUs Grants\u201d). The Group also grants in respect of certain projects, bonuses with a partial deferred element settled in ordinary shares of the Company to selected service contractors and employees (the \u201cDeferred Bonuses\u201d). During 2022 and 2021, the Group recognised $9.5 million and $4.9 million, respectively, as expenses in respect of the equity share based compensation plans and Deferred Bonuses in the consolidated statement of comprehensive income with an increase in equity of $7.5 million and $4.9 million, respectively. As of 31 December 2022 and 2021, retained earnings include an amount of $5.8 million and $3.5 million, respectively, in respect of the equity share based compensation and Deferred Bonuses plans. 1) LTIP Grants The following table specifies the dates of LTIP Grants and the number of ordinary shares as of each date, as granted for employees and service contractors Grant Date Vesting Date Share price (GBP) Number of ordinary shares granted on grant date Number of employees and service contractors 1 January 2020 31 December 2022 8.86 75,627 7 1 January 2021 31 December 2023 14.50 122,496 7 2 January 2022 31 December 2024 12.91 153,134 7 The 2020 LTIP Grants were vested on 31 December 2022 and the Company issued 177,386 of its treasury shares. The 2022, 2021 and 2020 LTIP Grants are subject to service conditions and additional Key Performance Indicators (\u201cKPIs\u201d), measurements, including market and performance conditions. During 2022 and 2021, 12,965 and nil ordinary shares in respect of LTIP Grants were forfeited, respectively. The final number of ordinary shares to be allotted on the vesting date will be determined according to the share price at the grant date, less the accumulated amount of shareholder returns paid during the vesting period. The fair value at grant date of the LTIP Grants is measured according to the value of the grant amount and expensed over the vesting period with a corresponding increase in equity, taking into account the best available estimate of the number of shares expected to vest under the service and performance conditions. On the vesting date the Company shall allot to the employee or service contractor, ordinary shares, subject to the service condition and achieving specific KPIs for each grant. Financial statements 119 Plus500 Ltd. Annual Report 2022 GovernanceStrategic report
NOTE 9 \u2013 SHARE BASED COMPENSATION continued
b. Equity settled share based compensation programmes continued
The allotted ordinary shares will be transferred out of the treasury shares of the Company.
The ordinary shares allotted on the vesting date, which are subject to a lock-up period, shall be subject to a two-year lock-up
beginning on the vesting date.
2) RSUs Grants
The following table specifies the dates of RSUs Grants and the number of units as of each date.
Grant Date Vesting Date
Share price
(GBP)
Number of
RSUs granted
Number of
employees
1 January 2020 31 December 2022 8.86 116,045 8
1 January 2021 31 December 2023 14.50 160,926 8
2 January 2022 31 December 2024 12.91 346,999 137
2 January 2022 31 December 2022 12.91 84,015 130
2 January 2022 31 December 2023 12.91 84,015 130
1 July 2022 30 June 2023 15.96 3,702 10
1 July 2022 30 June 2024 15.96 3,702 10
1 July 2022 30 June 2025 15.96 3,702 10
In respect of RSU Grants which were vested on 31 December 2022, the Company issued 175,272 of its treasury shares.
Each RSU represents the right to receive one ordinary share, par value of NIS 0.01 per share, subject to the terms and conditions
of the grant as approved by the Board of Directors and in accordance with the provisions of the Capital Gain route under
section 102 of the Israeli Tax Ordinance and regulations (the \u201c102 Capital Gain route\u201d).
In respect of the RSUs granted, the employees are entitled to the RSUs upon completing the service period. Part of the RSUs
granted include also KPIs with market and performance conditions.
During 2022 and 2021, 14,741 and 32,430 RSUs were forfeited, respectively.
The fair value at grant date of the RSUs Grants is measured according to the value of the grant amount and expensed over the
vesting period with a corresponding increase in equity, taking into account the best available estimate of the number of RSUs
expected to vest under the service and performance conditions.
On the vesting date, the employees shall be entitled to a cash payment equal to the aggregate shareholder returns that were
payable in each grant vesting period with respect to the number of issued shares that were actually allotted to the employees
on the vesting date with respect to the RSUs.
The allotted ordinary shares will be transferred out of the treasury shares of the Company. On the vesting date, the shares will be
transferred to a trustee by the Company.
The ordinary shares allotted on the vesting date, which are subject to a lock-up period, shall be subject to a two-year lock-up
beginning on the vesting date.
3) Deferred Bonus Grants
The following table specifies the dates of Deferred Bonuses Grants and the number of shares as of each grant date.
The employees and service providers are entitled to the Deferred Bonuses upon completing a service period of one year and
subject to achieving additional KPIs.
The 2020 and 2019 Deferred Bonuses shall be paid in three equal instalments beginning on 31 December of the year after the
vesting date, by way of allotment of ordinary shares of the Company. The number of ordinary shares allotted on any deferred
payment date shall be calculated based on the ordinary share price on grant date, as adjusted for shareholder returns.
The 2022 and 2021 Deferred Bonuses were paid in one instalment on 31 December of the bonus year, by way of allotment of
ordinary shares of the Company. The number of ordinary shares allotted on the deferred payment date was calculated based
on the ordinary share price on grant date, as adjusted for shareholder returns.
Notes to the Consolidated Financial Statements continued
120 Plus500 Ltd. Annual Report 2022
Grant Date Vesting Date Share price (GBP) Number of ordinary shares on grant date Number of employees and service contractors 1 January 2021 31 December 2021 14.50 53,904 2 2 January 2022 31 December 2022 12.91 63,274 2 On 31 December 2022 and 2021, the Company issued a total of 127,485 and 88,276 of its treasury shares, in accordance with the Deferred Bonuses Grants, in respect of the grants for the years 2019, 2020, 2021 and 2022, as applicable. The Company recognised the value of the issued shares on 31 December 2022 according to the fair value measured for each Grant on the grant date. NOTE 10 \u2013 INCOME TAX EXPENSE Law for the Encouragement of Capital Investments, 5719-1959 The Law for the Encouragement of Capital Investments, 5719-1959, generally referred to as the \u201cInvestment Law\u201d, provides certain incentives for capital investments in production facilities (or other eligible assets) by \u201cIndustrial Enterprises\u201d (as defined under the Investment Law). New tax benefits under the 2017 Amendment that became effective on 1 January 2017 (\u201c2017 Amendment\u201d) The 2017 Amendment was enacted as part of the Economic Efficiency Law that was published on 29 December 2016, and is effective as of 1 January 2017. The 2017 Amendment provides new tax benefits, as described below, and is in addition to the other existing tax beneficial programmes under the Investment Law. The 2017 Amendment provides that a technology company satisfying certain conditions will qualify as a Preferred Technological Enterprise (\u201cPTE\u201d) and will thereby enjoy a reduced corporate tax rate of 12% on income that qualifies as Preferred Technology Income, as defined in the Investment Law. Dividends distributed by a PTE, paid out of Preferred Technology Income, are generally subject to withholding tax at source at the rate of 20% or such lower rate as may be provided in an applicable tax treaty. a. Company taxation in Israel The full corporate tax rate in Israel for the years 2022 and 2021 is 23%. Under the 2017 Amendment, provided the conditions stipulated therein are met, technological income derived by Preferred Companies from \u201cPreferred Technological Enterprise\u201d (as defined in the 2017 Amendment), would be subject to reduced corporate tax rates of 12%. A Preferred Company distributing dividends from technological income derived from its PTE would generally subject the recipient to a 20% tax (or lower, if so provided under an applicable tax treaty). In May 2019, the Company obtained a tax ruling from the ITA and subject to the Company complying with the conditions stipulated by the tax ruling, which the Company met, and the Investment Law, the Company is considered as a PTE. At the beginning of July 2020, the Company received an approval from the Israeli Innovation Authority (\u201cIIA\u201d) that together with the tax ruling received from the ITA in May 2019, recognises the Company as a PTE for the years 2017, 2018 and 2019. Accordingly, the applicable tax rate for the preferred technological income of a PTE for these years was 12%. The Company is also considered as PTE for the years 2021 and 2020. As a result, the Company\u2019s corporate tax rate for the years 2021 and 2020 was 12%, subject to the Company complying with the conditions of the Law for the Encouragement of Capital Investments. In January 2022, the Company\u2019s status as a PTE, as accredited by the ITA under the tax regime in Israel, has been extended for the financial years 2022, 2023, 2024, 2025 and 2026, subject to the Company complying with the conditions of the Law for the Encouragement of Capital Investments. Consequently, the Company\u2019s corporate tax rate for each of these years will be reduced from 23% to 12% and the withholding tax rate applicable for dividends will be reduced from 25% to 20%. In January 2021, the Company received approximately $30.0 million rebates (including interest) reflecting the reduced tax rate for FY 2017 and in August 2021, the Company received approximately $37.2 million in tax rebates (including interest) reflecting the reduced tax rate for FY 2019. Financial statements 121 Plus500 Ltd. Annual Report 2022 GovernanceStrategic report
NOTE 10 \u2013 INCOME TAX EXPENSE continued
b. Tax assessments
The Company has final tax assessments up to the year 2019.
The assessments of amounts of current and deferred taxes require the Group\u2019s management to take into consideration
uncertainties that its tax position will be accepted and of incurring any additional tax expenses. This assessment is based on
estimates and assumptions based on interpretation of tax laws and regulations, and the Group\u2019s past experience. It is possible
that new information will become known in future periods that will cause the final tax outcome to be different from the amounts
that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period
in which such determination is made.
c Corporate taxation in subsidiaries
Principal tax rate
Subsidiary 2022 2021 Tax regulation
UK 19% 19% Tax laws in United Kingdom
CY 12.5% 12.5% Tax laws in Cyprus
AU 30% 30% Tax laws in Australia
Other Group subsidiaries do not have significant taxable income and the overall effect of the income of those subsidiaries on
the Group\u2019s tax expenses is immaterial.
d. Deferred income taxes
Deferred tax assets
The deferred income tax assets relate mainly to payroll and related expenses of the share based compensation plans (see
Note 9). The deferred tax assets were computed in 2022 and 2021 at tax rates of 12% and 23%, respectively.
Deferred tax liability
The deferred tax liabilities are related to intangible assets recognised through business combination, see Note 24.
e. Taxes on income included in the consolidated income statements for the reported years
Year ended 31 December
US dollars in millions 2022 2021
Current taxes:
Current taxes in respect of current year\u2019s profits 103.5 77.6
Tax income in respect of previous years 0.5 0.5
104.0 78.1
Deferred income taxes:
Change of deferred tax assets (see Note 10d) (0.1) (2.3)
Taxes on income expenses 103.9 75.8
Notes to the Consolidated Financial Statements continued
122 Plus500 Ltd. Annual Report 2022
f. Reconciliation of the theoretical tax expense Following is a reconciliation of the theoretical tax expense, assuming all income is taxed at the regular corporate tax rate applicable to a company in Israel (see Note 10a) and the actual tax expense: Year ended 31 December US dollars in millions 2022 2021 Income before taxes on income, as reported in the consolidated income statement 474.3 386.4 Theoretical tax expense in respect of this year\u2019s income \u2013 at 23% 109.1 88.9 Less tax benefits arising from preferred technological income in respect of the current year (14.5) (4.3) Decrease in taxes resulting from different tax rates applicable to foreign subsidiaries (2.1) (0.8) Impact of change in tax rates on deferred tax balances and temporary differences (2.3) (2.8) Increase (decrease) in taxes in respect of currency differences and expenses not deductible for tax purposes 13.2 (5.7) Tax income in relation to previous years 0.5 0.5 Taxes on income for the reported year 103.9 75.8 NOTE 11 \u2013 EARNINGS PER SHARE Earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year. Year ended 31 December 2022 2021 Profit attributable to equity holders of the Company (US dollars in millions) 370.4 310.6 Weighted average number of ordinary shares in issue*: Basic 97,311,485 101,456,641 Dilutive effect of equity share based compensation 943,047 529,601 Diluted 98,254,532 101,986,242 Basic earnings per share (In US dollars) 3.81 3.06 Diluted earnings per share (In US dollars) 3.77 3.05 *After weighting the effect of the Company\u2019s share buyback programmes. See Note 12. NOTE 12 \u2013 COST OF COMPANY\u2019S SHARES HELD BY THE COMPANY The Board of Directors approves share buyback programmes. The share buyback programmes are funded from the Company\u2019s net cash balances. Year ended 31 December Number of ordinary shares purchased Aggregate purchase amount (US $ in millions) Average price of shares purchased 2021 3,406,2 1 1 64.9 \u00a313.90 2022 6,943,359 138.8 \u00a316.27 During the years ended 31 December 2022 and 2021, the Company issued 494,308 and 179,537 of its treasury shares, respectively, in accordance with the various share based equity settled compensation grants. During the period starting 1 January 2023 and up to 21 March 2023, as the latest practicable date before the signing date of the consolidated financial statements, the Company purchased an additional 2,044,677 ordinary shares (or 1.78%) in the capital of the Company for an aggregate purchase amount of $45.0 million pursuant to these share buyback programmes. The ordinary shares were bought back at an average price of \u00a318.28. Financial statements 123 Plus500 Ltd. Annual Report 2022 GovernanceStrategic report NOTE 13 \u2013 DIVIDENDS The amounts of dividends and the amounts of dividends per share for the years 2022 and 2021 declared and distributed by the Company\u2019s Board of Directors are as follows: Date of declaration Amount of dividend (US $ in millions)* Amount of dividend per share (US $) Date of payment to shareholders 17 February 2021 84.9 0.8292 12 July 2021 17 August 2021 60.0 0.592 1 11 November 2021 15 February 2022 59.9 0.5995 11 July 2022 17 August 2022 60.0 0.6238 11 November 2022 On 14 February 2023, the Company declared a final dividend and a special dividend in the amounts of $20.0 million and $10.0 million, respectively (see Note 28). * Between the dividend announcement date and the record date of the dividend, the number of issued and outstanding ordinary shares of the Company decreased as a result of the repurchase by the Company of ordinary shares during such period and the classification of such repurchased ordinary shares as treasury shares that are not entitled to dividends. However, this did not affect the dividend per share as announced on the dividend announcement date. NOTE 14 \u2013 OTHER RECEIVABLES AND OTHERS As of 31 December US dollars in millions 2022 2021 Securities at fair value 6.0 18.2 Prepaid expenses 7.7 5.2 Other 13.2 9.3 26.9 32.7 All the financial assets included among other receivables and others are for relatively short periods. Therefore, their fair values approximate or are similar to their carrying amounts. NOTE 15 \u2013 PROPERTY, PLANT AND EQUIPMENT Composition of assets, grouped by major classifications and changes therein in 2022 is as follows: US dollars in millions Computers, office equipment and others Leasehold improvements Total Cost Balance at beginning of year 2.9 4.0 6.9 Additions 0.5 0.3 0.8 Balance at end of year 3.4 4.3 7.7 Accumulated depreciation Balance at beginning of year 2.0 2.3 4.3 Additions 0.4 0.4 0.8 Balance at end of year 2.4 2.7 5.1 Depreciated balance as of 31 December 2022 1.0 1.6 2.6 Depreciated balance as of 31 December 2021 0.9 1.7 2.6 Notes to the Consolidated Financial Statements continued 124 Plus500 Ltd. Annual Report 2022 NOTE 16 \u2013 CASH AND CASH EQUIVALENTS Cash and cash equivalents by currency of denomination: As of 31 December US dollars in millions 2022 2021 USD 781.9 728.0 EUR 176.8 181.2 GBP 73.2 68.1 AUD 45.7 54.0 NIS 31.0 20.8 Other 94.0 47.4 Gross cash and cash equivalents 1,202.6 1,099.5 Less: segregated client funds (272.4) (350.0) Own cash and cash equivalents 930.2 749.5 NOTE 17 \u2013 OTHER PAYABLES As of 31 December US dollars in millions 2022 2021 Payroll and related expenses 36.2 24.6 Accrued expenses 34.7 16.4 Other 1.3 0.7 72.2 41.7 The financial liabilities included among other payables are for relatively short periods. Therefore, their fair values approximate or are similar to their carrying amounts. NOTE 18 \u2013 SERVICE SUPPLIERS Service suppliers are comprised mainly of amounts due to advertising service suppliers, their fair values approximate or are similar to their carrying amounts. NOTE 19 \u2013 TRADE PAYABLES \u2013 DUE TO CLIENTS As of 31 December US dollars in millions 2022 2021 Customers\u2019 deposits, net* 282.8 350.6 Segregated client funds (272.4) (350.0) 10.4 0.6 *Customers deposits, net are comprised of the following: Customers\u2019 deposits 411.5 428.3 Less \u2013 financial derivative open positions: Gross amount of assets (139.0) (130.4) Gross amount of liabilities 10.3 52.7 282.8 350.6 * The total amount of \u2018Trade payables \u2013 due to clients\u2019 includes bonuses to clients Financial statements 125 Plus500 Ltd. Annual Report 2022 GovernanceStrategic report NOTE 20 \u2013 LEASES The Group has real estate lease agreements. a) Right of use assets: US dollars in millions Real estate leases 2022 2021 At 1 January 5.6 6.0 Additions 2.0 2.7 Disposals \u2013 (0.6) Modification \u2013 (0.7) Amortisation (2.0) (1.8) At 31 December 5.6 5.6 b) Lease liabilities: US dollars in millions Real estate leases 2022 2021 At 1 January 6.2 6.9 Additions 2.0 2.7 Disposals \u2013 (0.7) Modification \u2013 (0.9) Interest expense 0.1 0.2 Lease payments (2.3) (2.0) Exchange differences (0.4) \u2013 At 31 December 5.6 6.2 NOTE 21 \u2013 COMMITMENTS a. The Company and Club BSC Young Boys Betriebs AG (\u201cBSC Young Boys\u201d) entered into a sponsorship agreement on 2 June 2020 under which the Company is entitled to advertise and promote itself as the main sponsor of BSC Young Boys for the 2020/21, 2021/22 and 2022/23 seasons. b. The Company and Club Legia Waeszawa S.A (\u201cLegia\u201d) entered into a sponsorship agreement on 9 August 2020 under which the Company is entitled to advertise and promote itself as the main sponsor of Legia for the 2020/21, 2021/22 and 2022/23 seasons. c. The Company and Club Atalanta Bergamasca Calcio SPA (\u201cAtalanta\u201d) entered into a sponsorship agreement on 18 August 2020 under which the Company is entitled to advertise and promote itself as the main sponsor of Atalanta for the 2020/21, 2021/22 and 2022/23 seasons. d. The Company and the NBA\u2019s Chicago Bulls entered on October 2022 into a multi-year sponsorship agreement to become an official global partner of the Chicago Bulls on under which the Company is entitled to advertise and promote itself. NOTE 22 \u2013 SHARE CAPITAL Composed of ordinary shares of NIS 0.01 par value, as follows: Number of ordinary shares as of 31 December 2022 2021 Authorised 300,000,000 300,000,000 Issued and fully paid 114,888,377 114,888,377 Less treasury shares * (21,112,648) (14,663,597) Outstanding shares 93,775,729 100,224,780 * Number of accumulated ordinary shares that were purchased by the Company as part of the share buyback programmes, less issue of treasury shares. Notes to the Consolidated Financial Statements continued 126 Plus500 Ltd. Annual Report 2022 NOTE 23 \u2013 GOODWILL AND OTHER INTANGIBLE ASSETS, NET Goodwill and other intangible assets, net as at 31 December 2022 comprises of Regulatory licence of $28.6 million, Goodwill of $8.6 million and Technology and Customer relationships, net of $1.5 million. The Goodwill and Regulatory licence recorded in the Company\u2019s accounts stems from the business combinations, see Note 24. The recoverable amount of a cash generating unit is based on the calculation of the value in use. As part of these calculations, the Company used the pre-tax expected cash flows based on the cash generating unit\u2019s past results, its budget for the next year and the forecast for the following years. The recoverable amount of the cash generating unit was calculated by an external party and reviewed by Company\u2019s management. The valuation used a pre-tax discount rate of 20.5% and a terminal growth rate of 2%. As of 31 December 2022, the recoverable amounts of the cash generating unit are higher than their carrying amounts, and it was not required to record impairment. NOTE 24 \u2013 BUSINESS COMBINATION USA business combination On 19 July 2021, Plus500US Inc., a wholly owned subsidiary of the Company, completed the acquisition of all of the membership interests of Cunningham Commodities LLC. (\u201cCunningham\u201d), a regulated Futures Commission Merchant (\u201cFCM\u201d), and Cunningham Trading Systems LLC. (\u201cCTS\u201d), a technology trading platform provider, operating in the futures and options on futures market. The acquisition consideration was funded from the Company\u2019s existing cash balances and was paid on completion. The measurement period for the acquisition ended on 19 July 2022. The assets and liabilities recognised as a result of this acquisition are as follows: US dollars in millions Cash 0.5 Other receivables and others 6.0 Long term other receivables 0.4 Service suppliers (0.3) Other payables (1.6) Deferred tax liability (6.9) Goodwill and other intangible assets 34.9 Net assets acquired 33.0 Japan business combination On 21 March 2022, the Company completed the acquisition of 100% of the issued and outstanding share capital of EZ Invest Securities, Co., Ltd. (\u201cEZ Invest\u201d). EZ Invest is licenced as a Type 1 Financial Instruments Business Operator, regulated by the Financial Services Agency (FSA) in Japan. The acquisition consideration was funded from the Company\u2019s existing cash balances and was paid on completion. Net assets acquired were $4.8 million and comprised mainly of intangible assets of $4.4 million. The measurement period for the acquisition ended on 21 March 2023. Financial statements 127 Plus500 Ltd. Annual Report 2022 GovernanceStrategic report NOTE 25 \u2013 RELATED PARTIES AND KEY MANAGEMENT a. Key management personnel definition: The Directors and other members of management are classified as Persons Discharging Management Responsibility (\u201cPDMR\u201d) in accordance with IAS 24 and the Market Abuse Regulation. The Directors\u2019 Remuneration Report discusses all the benefits and share based compensations earned during the year and the preceding year by the Directors. b. Company\u2019s liability in respect of related parties and key management services (part of other payable): As at 31 December US dollars in millions 2022 2021 Related party and key management liability 14.2 11.6 c. Expenses to related parties and key management: Year ended 31 December US dollars in millions 2022 2021 Payroll and related expenses and service fees (selling and marketing expenses) 6.7 6.6 Payroll and related expenses and service fees (administrative and general expenses) 14.7 10.0 Non-Executive Directors fees (administrative and general expenses) 1.4 1.1 The average number of key management personnel during the year was 20 (FY 2021: 21). NOTE 26 \u2013 FINANCIAL RISK MANAGEMENT The Group operates in the fields of OTC and share dealing, as well as futures and options on futures. In the field of OTC, the Group engages only with individual clients and offers OTC referenced to shares, indices, commodities, options, ETFs, cryptocurrencies and foreign exchange. In the field of share dealing, the Group engages only with individual clients and offers a wide range of financial instruments comprised of the world\u2019s most popular equities, listed on major exchanges worldwide. In the field of futures and options on futures, the Group engages through its subsidiary in the US which is an FCM that clears and executes futures contracts and options on futures contracts for customers. The Group\u2019s activities expose it to a variety of financial risks: market risk (including currency risk and price risk), credit risk and liquidity risk. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. a. Market risk Market risk is the risk that changes in market prices will affect the Group\u2019s income or the value of its holdings of financial instruments. This risk can be divided into market price risk and foreign currency risk, as described below. The Group\u2019s market risk is managed on a Group-wide basis and exposure to market risk at any point in time depends primarily on short-term market conditions and the levels of client activity. The Group utilises market position limits for operational efficiency. Not all net client exposures are hedged and the Group may have a substantial net position in any of the financial markets in which it offers products. In 2021, the Group implemented targeted hedging, with a view to reducing market risk. This focused approach continues to be deployed in certain circumstances going forward, as and when appropriate. The Group\u2019s OTC market risk policy incorporates a methodology for setting market position limits, consistent with the Group risk appetite, for each financial instrument in which the Group OTC clients can trade. These limits are determined based on the Group OTC clients\u2019 trading levels, volatilities and the market liquidity of the underlying financial product or asset class. The limits represent the maximum long and short client exposure that the Group will hold without hedging the net OTC client exposure. Notes to the Consolidated Financial Statements continued 128 Plus500 Ltd. Annual Report 2022 The Group\u2019s real-time OTC market position monitoring system is intended to allow it to continually monitor its OTC market exposure against these limits. If exposures exceed these limits, the Group either hedges or new OTC client positions are being offered in a smaller size and partially could be rejected under the Group\u2019s policy. It is the approach of the Group to observe during the year the \u201cnatural\u201d hedge arising from the Group\u2019s global OTC clients in order to reduce the Group\u2019s net market exposure. The Group\u2019s exposure to market risk at any point in time depends primarily on short-term market conditions and client activities during the trading day. The exposure at each statement of financial position date may therefore not be representative of the market risk exposure faced by the Group over the year. The Group\u2019s exposure to market risk is determined by the exposure limits described above which change from time to time. 1. Market price risk This is the risk that the fair value of a financial instrument fluctuates as a result of changes in market prices other than due to the effect of transactional foreign currency exposures risk. The Group has market price risk as a result of its OTC trading activities on shares, indices, commodities, options, ETFs, cryptocurrencies and foreign exchange, part of which is naturally hedged as part of the overall market risk management. The exposure is monitored on a Group-wide basis. OTC exposure limits are set by the risk department and management for each financial instrument, and also for groups of financial instruments where it is considered that their price movements are likely to be positively correlated. The exposures are being reviewed by the Regulatory & Risk Committee. Daily profit on OTC closed positions: US dollars in millions 2022 2021 Highest profit 32.7 16.0 Highest loss (9.8) (3.9) Average 2.1 1.9 2. Foreign currency risk Transactional foreign currency exposures represent financial assets or liabilities denominated in currencies other than the functional currency of the Group. Transaction exposures arise in the normal course of business. Foreign currency risk is managed on a Group-wide basis, while the Group exposure to foreign currency risk is not considered by the Board of Directors to be significant. The Group monitors transactional foreign currency risks including currency statement of financial position exposures, equity, commodity, interest and other positions denominated in foreign currencies and trades on foreign currencies. If the US dollar had strengthened by 3% as at 31 December 2022, in respect of balances denominated in other currencies, with all other variables unchanged, the exposure on income after taxes in respect of those balances would be a gain (loss) of $0.2 million in respect of EUR, ($0.3) million in respect of AUD, $0.4 million in respect of GBP and ($3.7) million in respect of NIS. The exposure in respect of balances denominated in other currencies is immaterial. Financial statements 129 Plus500 Ltd. Annual Report 2022 GovernanceStrategic report NOTE 26 \u2013 FINANCIAL RISK MANAGEMENT continued b. Credit risk The Group operates a real-time mark-to-market OTC trading platform with customers\u2019 profits and losses being credited and debited automatically to their accounts. Under the Group\u2019s policy, OTC customers cannot owe the Group funds when losing more than they have in their accounts, all OTC customer accounts are pre-funded. OTC client credit risk \u2013 Client credit risk principally arises when a customer\u2019s total funds deposited (margin and free equity) are insufficient to cover any trading losses incurred. In particular, customer credit risk can arise where there are significant, sudden movements in the market (e.g. due to high general market volatility or specific volatility relating to an individual financial instrument in which a customer has an open position). The Group\u2019s OTC offering is margin-traded. If the market moves adversely by more than the customer\u2019s maintenance margin, the Group is exposed to customer credit risk. The principal types of OTC customer credit risk exposures are managed by monitoring all customer positions on a real-time basis. If customers\u2019 funds are below the required margin level, customers\u2019 positions are liquidated (margin call). Institutional credit risk \u2013 The risk that financial counterparties will not meet their obligation, risking both client and the Group\u2019s assets. The carrying amount of the Group\u2019s financial assets represents their maximum exposure to credit risk. The Group has no material financial assets that are past due or impaired as at the reporting dates. As of 31 December 2022 and 2021, counterparties holding the Group\u2019s cash and cash equivalents, credit cards, client funds and deposits, have credit ratings as follows: Credit Rating* 2022 2021 AAA to A- 95% 94% BBB+ to B- 2% 2% Remaining counterparties 3% 4% * The financial institutions were rated by the same third party. As of 31 December 2022 the amounts held by the remaining counterparties are held in several counterparties worldwide. The balance in each of those counterparties does not exceed 2% (2021: 2%) of total cash and cash equivalents, credit cards, client funds and deposits. The Group\u2019s largest credit exposure to any single bank as of 31 December 2022 was $370.1 million or 31% of the exposure to all banks (2021: $240.1 million or 22%). c. Concentration risk Concentration risk is defined as all risk exposures with a loss potential which is large enough to threaten the solvency or the financial position of the Group. In respect of financial risk, such exposures may be caused by credit risk, market risk, liquidity risk or a combination or interaction of those risks . Notes to the Consolidated Financial Statements continued 130 Plus500 Ltd. Annual Report 2022 d. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations arising from its financial liabilities that are settled by delivering cash or other financial assets. Liquidity risk is managed centrally and on a Group-wide basis. The Group\u2019s approach to managing liquidity is to ensure it will have sufficient liquidity to meet its financial liabilities when due, under both normal circumstances and stressed conditions. The Group\u2019s approach is to ensure that there will be no material liquidity mismatches with regard to liquidity maturity profiles due to the very short-term nature of its financial assets and liabilities. A result of this policy is that short-term liquidity \u201cgaps\u201d can potentially arise in periods of very high client activity or significant increases in global financial market levels. The contractual maturity of the financial liabilities to service suppliers is generally up to two months. e. Capital management 1) Plus500UK The UK Subsidiary is regulated by the FCA. The UK Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks throughout the business. The UK Subsidiary manages its regulatory capital through an Internal Capital Adequacy and Risk Assessment process (known as the ICARA) in accordance with guidelines and rules implemented by the FCA. Both assessments are compared with total available regulatory capital on a daily basis and monitored by the management of the Group. As at 31 December 2022 and 2021, the UK Subsidiary had GBP 51.7 million and GBP 43.9 million, respectively, of eligible capital which is in excess of both its regulatory capital requirement and the internally measured capital requirement. 2) Plus500CY The CY Subsidiary is regulated by CySEC. The CY Subsidiary manages its capital resources on the basis of regulatory capital requirements (\u201cPillar 1\u201d) and its own assessment of capital required to support all material risks throughout the business (\u201cPillar 2\u201d). The CY Subsidiary manages its regulatory capital through an Internal Capital Adequacy and Risk Assessment (\u201cICARA\u201d) process in accordance with guidelines and rules implemented by CySEC. The CY Subsidiary monitors on a frequent basis its Pillar 1 capital requirements and ensures that its capital and liquidity position remains always above the minimum regulatory thresholds. As of 31 December 2022 and 2021, the CY Subsidiary held EUR 107.2 million and EUR 90.4 million, respectively, of eligible capital which is in excess of both its regulatory capital requirement (Pillar 1) and the internally measured capital requirement (Pillar 2). As of the 26 June 2021, the capital adequacy and overall risk management requirements that applied to the CY Subsidiary under the Capital Requirements Regulation & Directive (\u201cCRR & CRDIV\u201d) prudential framework, have been replaced by amended prudential rules. The Internal Capital Adequacy Assessment Process (\u201cICAAP\u201d) were replaced by ICARA. As at 31 December 2022 and 2021, the CY Subsidiary\u2019s Pillar 1 Capital Adequacy ratio on a transitional basis was 253.1% and 174.1% respectively. Moreover, the CY Subsidiary is evaluating its overall risk profile and capital position through its ICARA process, which is performed at least on an annual basis. 3) Plus500AU The AU Subsidiary is regulated by ASIC, FMA and FSCA. The AU Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The AU Subsidiary manages its capital through its Net Tangible Assets (\u201cNTA\u201d) assessment in accordance with rules and guidelines implemented by ASIC and FMA and Capital Liquidity assessment in accordance with rules and guidelines implemented by FSCA. As at 31 December 2022 and 2021, the AU Subsidiary held AUD 43.8 million and AUD 38.2 million, respectively, of eligible capital, which is in excess of its NTA requirements from ASIC, FMA and FSCA. Financial statements 131 Plus500 Ltd. Annual Report 2022 GovernanceStrategic report NOTE 26 \u2013 FINANCIAL RISK MANAGEMENT continued e. Capital Management continued 4) Plus500SG The SG Subsidiary is regulated by MAS. The SG Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The SG Subsidiary manages its capital in accordance with rules and guidelines implemented by MAS. As at 31 December 2022 and 2021, the SG Subsidiary held SGD 8.6 million and SGD 8.3 million, respectively, of eligible capital, which is in excess of its MAS requirements. 5) Plus500IL The IL Subsidiary is regulated by ISA. The IL Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The IL Subsidiary manages its capital in accordance with rules and guidelines implemented by ISA. As at 31 December 2022 and 2021, the IL Subsidiary held NIS 35.8 million and NIS 34.8 million, respectively, of eligible capital, which is in excess of its ISA requirements. 6) Plus500SEY The SEY Subsidiary is regulated by FSA. The SEY Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The SEY Subsidiary manages its capital in accordance with rules and guidelines implemented by FSA. As at 31 December 2022 and 2021, the SEY Subsidiary held sufficient levels of eligible capital, which is in excess of its FSA requirements. 7) Cunningham Commodities Cunningham Commodities is a Futures Commission Merchant (\u201cFCM\u201d) registered with the CFTC and is a member of the National Futures Association (\u201cNFA\u201d). As at 31 December 2022 and 2021, the Cunningham Commodities Subsidiary had a net capital of USD 86.1 million and USD 22.0 million, respectively, which is in excess of CFTC Regulation 1.17 and the minimum capital requirements of the CME Group Inc. 8) Plus500EE The EE Subsidiary is regulated by EFSA. The EE Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The EE Subsidiary manages its capital in accordance with rules and guidelines implemented by EFSA. As at 31 December 2022, the EE Subsidiary held EUR 5.4 million of eligible capital, which is in excess of its EFSA requirements. 9) Plus500JP The JP Subsidiary is regulated by FSA. The JP Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The JP Subsidiary manages its capital in accordance with rules and guidelines implemented by FSA. As at 31 December 2022, the JP Subsidiary held JPY 590.5 million, of eligible capital, which is in excess of its FSA requirements. Notes to the Consolidated Financial Statements continued 132 Plus500 Ltd. Annual Report 2022 f. Other business risks The Group\u2019s business is subject to various laws and regulations in different countries according to its activity and other countries from where the Company operates. Any regulatory actions, tax or legal challenges against the Group for non-compliance with any regulatory or legal requirement could result in significant fines, penalties, or other enforcement actions, increased costs of doing business through adverse judgement or settlement, reputational harm, the diversion of significant amounts of management time and operational resources, and could require changes in compliance requirements or limits on the Group\u2019s ability to expand its product offerings, or otherwise harm or have a material adverse effect on the Group\u2019s business. g. Fair value estimation Financial derivative open positions (offset from, or presented with, deposits from clients within \u201cTrade payable \u2013 due to clients\u201d) (see also Note 19) are measured at fair value through profit or loss using valuation techniques. The said valuation techniques are based on inputs other than quoted prices in active markets that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. All significant inputs required for the fair value estimations of the said instruments are observable. Specific valuation techniques used to value financial instruments are based on quoted market prices at the consolidated statement of financial position date and an additional predetermined amount (trading spread). NOTE 27 \u2013 CASH GENERATED FROM OPERATIONS Year ended 31 December US dollars in millions 2022 2021 Cash generated from operating activities Net income for the year 370.4 310.6 Adjustments required to reflect the cash flows from operating activities: Depreciation and amortisation 1.4 0.7 Amortisation of right of use assets 2.0 1.8 Lease modification \u2013 (0.2) Liability for share based compensation 11.9 6.8 Settlement of share based compensation (7.3) (8.4) Equity share based compensation 7.5 4.9 Taxes on income 103.9 75.8 Interest expenses in respect of leases 0.1 0.2 Exchange differences in respect of leases (0.4) \u2013 Interest income (13.5) (6.2) Foreign exchange losses (gains) on operating activities (4.5) 4.3 101.1 79.7 Operating changes in working capital: Decrease (increase) in other receivables and others 5.2 (16.9) Increase (decrease) in trade payables due to clients 9.8 (0.4) Increase (decrease) in other payables 24.1 17.3 Increase (decrease) in service suppliers (3.8) (7.3) 35.3 (7.3) Cash generated from operations 506.8 383.0 Financial statements 133 Plus500 Ltd. Annual Report 2022 GovernanceStrategic report NOTE 28 \u2013 SUBSEQUENT EVENTS In February 2023, the Group obtained a licence in the United Arab Emirates, granted by the Dubai Financial Services Authority (DFSA). On 14 February 2023, the Company declared a final dividend in an amount of $20.0 million ($0.2156 per share). The dividend record date is 24 February 2023 and it will be paid to the shareholders on 11 July 2023. On 14 February 2023, the Company declared a special dividend in an amount of $10.0 million ($0.1078 per share). The dividend record date is 24 February 2023 and it will be paid to the shareholders on 11 July 2023. On 14 February 2023, the Company declared the adoption of a share buyback programme to buy back up to $70.0 million of the Company\u2019s ordinary shares, comprised of a final share buyback programme in the amount of $42.4 million and a special share buyback programme in the amount of $27.6 million. Notes to the Consolidated Financial Statements continued", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-183": { "value": "Information on activities Plus500 Ltd. (the \u201cCompany\u201d) and its subsidiaries (the \u201cGroup\u201d) is a global multi-asset fintech group operating proprietary technology-based trading platforms. Plus500 offers customers a range of trading products, including OTC (\u201cOver- the-Counter\u201d products, namely Contracts for Difference (CFDs)), share dealing, as well as futures and options on futures. The Company has developed and operates an online trading platform within the OTC sector, enabling its international customer base of individual customers to trade OTC products on over 2,500 underlying financial instruments internationally. The Group\u2019s offering is available internationally with main market presence in the UK, the European Economic Area (EEA), Australia, the US, and the Middle East and has customers located in more than 50 countries worldwide. The Group operates through operating subsidiaries regulated by the Financial Conduct Authority (\u201cFCA\u201d) in the UK, the Australian Securities and Investments Commission (\u201cASIC\u201d) in Australia, the Cyprus Securities and Exchange Commission (\u201cCySEC\u201d) in Cyprus, the Israel Securities Authority (\u201cISA\u201d) in Israel, the Financial Markets Authority (\u201cFMA\u201d) in New Zealand, the Financial Sector Conduct Authority (\u201cFSCA\u201d) in South Africa, the Monetary Authority of Singapore (\u201cMAS\u201d) in Singapore, the Financial Services Authority (\u201cFSA\u201d) in the Seychelles, the Commodities Futures Trading Commission (\u201cCFTC\u201d) in the US, the Estonian Financial Supervision Authority (\u201cEFSA\u201d) in Estonia, the Financial Services Agency (\u201cFSA\u201d) in Japan and the Dubai Financial Services Authority (\u201cDFSA\u201d) in the UAE. The Company also has a subsidiary in Bulgaria which provides operational services to the Group. The Company has been listed since 2013 on the London Stock Exchange. Since 2018, Plus500 Ltd. has been a FTSE 250 listed entity, following the Company\u2019s shares being admitted to the premium listing segment of the Official List and to trading on the London Stock Exchange Main Market for listed securities. The Group operates in three operating sectors: OTC trading; share dealing; and futures and options on futures. The Group presents its operation as one operating segment. The address of the Company\u2019s principal offices is Building 25, MATAM, Haifa 3190500, Israel. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-2": { "value": "Plus500 Ltd. (the \u201cCompany\u201d) and its subsidiaries (the \u201cGroup\u201d) is a global multi-asset fintech group operating proprietary technology-based trading platforms. Plus500 offers customers a range of trading products, including OTC (\u201cOver- the-Counter\u201d products, namely Contracts for Difference (CFDs)), share dealing, as well as futures and options on futures. The Company has developed and operates an online trading platform within the OTC sector, enabling its international customer base of individual customers to trade OTC products on over 2,500 underlying financial instruments internationally", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-3": { "value": "Building 25, MATAM, Haifa 3190500, Israel. ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-182": { "value": "NOTE 2 \u2013 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Basis of accounting and accounting policies The Group\u2019s consolidated financial information as of 31 December 2022 and 2021 and for each of the two years in the period ended on 31 December 2022 are in compliance with International Financial Reporting Standards that consist of standards and interpretations issued by the International Accounting Standard Board (\u201cIFRSs\u201d). The significant accounting policies described below have been applied consistently in relation to all the reporting periods, unless otherwise stated. The financial information has been prepared under the historical cost convention subject to adjustments in respect of revaluation of financial assets at fair value through profit or loss presented at fair value. b. Going concern The Group has considerable financial resources, a broad range of financial instruments and a substantial active customer base which is geographically diversified. As a consequence, the Company\u2019s Board of Directors (the \u201cBoard\u201d) believes that the Group is well placed to manage its business risks in the context of the current economic outlook. Accordingly, the Board has a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Board therefore continues to adopt the going concern basis in preparing these consolidated financial statements. c. Principles of consolidation The Company, from an accounting perspective, controls the subsidiaries since it is exposed to, or has rights to, variable returns from its involvement with the entities and has the ability to affect those returns through its power over them. 1) The consolidated financial statements include the accounts of the Company and its subsidiaries. 2) Intercompany balances and transactions between the Group\u2019s entities have been eliminated. 3) Accounting policies of the subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. d. Earnings per share Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of the Company\u2019s ordinary shares in issue during the year, excluding ordinary shares purchased by the Company and held as treasury shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume exercise of all potential dilutive ordinary shares. The instruments that are potentially dilutive ordinary shares are equity instruments granted to employees and service contractors (see Note 9). A calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company\u2019s shares) based on the monetary value of the subscription rights attached to outstanding equity instruments. The number of ordinary shares calculated as above is compared with the number of ordinary shares that would have been issued assuming the exercise of the equity instruments (see also Note 11) . e. Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments. As stated in Note 1 above, the Group operates in three operating sectors: OTC trading; share dealing; and futures and options on futures. For the years 2022 and 2021, the Group presents its operation as one operating segment. f. Foreign currency translation 1) Functional and Presentation Currency Items included in the financial information of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which that entity operates (the \u201cfunctional currency\u201d). The consolidated financial statements are presented in US dollars (\u201cUSD\u201d), which is the Group\u2019s functional and presentation currency. 2) Transactions and balances Foreign currency transactions in currencies different from the functional currency (\u201cforeign currency\u201d) are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Gains and losses arising from translations in exchange rates are presented in the consolidated statement of comprehensive income among \u201cfinancial income (expenses)\u201d g. Trading income Trading income represents Customer Income, which includes revenue from OTC Customer Income (customer spreads and overnight charges), non-OTC Customer Income (commissions from the Group\u2019s futures and options on futures operation and from the Group\u2019s share dealing platform) and Customer Trading Performance, which includes gains/losses on customers\u2019 trading positions, arising on client trading activity, primarily in OTCs on shares, indices, ETFs, options, commodities, cryptocurrencies and foreign exchange. Open client positions are carried at fair value and gains and losses arising on this valuation are recognised as trading income, as well as gains and losses realised on positions that have closed. h. Share based compensation 1) Cash settled The Group operates a cash settled share based compensation plan, under which it receives services from employees and service contractors as consideration for Share Appreciation Rights (\u201cSARs\u201d). The fair value of the employees and service contractors received in exchange for the grant of the rights are recognised as an expense in the consolidated statement of comprehensive income. At the end of each reporting period, the Group evaluates the SARs based on their fair value as prorated over the period and the change in the prorated fair value is recognised in the consolidated statement of comprehensive income. 2) Equity settled The Group operates equity settled share based compensation plans, under which it receives services from employees and service contractors as consideration for ordinary shares and Restricted Share Units (\u201cRSUs\u201d). The fair value of the services received by employees and service contractors in exchange for the grant of ordinary shares or RSUs are recognised as an expense in the consolidated statement of comprehensive income. The fair value of equity settled share based compensation arrangements granted to employees and service contractors is recognised as employee benefit expenses and other related expenses applicable for the service contractors, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the equity instruments granted: + including any market performance conditions (e.g. the Company\u2019s share price); + excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and continuing to be employed or rendering services to the entity over a specified time period); and + including the impact of any non-vesting conditions (e.g. the requirement for employees and service contractors to hold shares for a specific period of time). The total expenses are recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of ordinary shares and RSUs that are expected to vest based on the non-market performance vesting and service conditions. The impact of the revision to original estimates, if any, in the consolidated statement of comprehensive income, is recognised with a corresponding adjustment to equity. i. Treasury shares Treasury shares are ordinary shares of the Company held by the Company and presented as a reduction of equity, at the consideration paid, including any incremental attributable costs, net of tax. Treasury shares do not have a right to receive dividends or to vote. The Board approves share buyback programmes. The share buyback programmes are funded from the Company\u2019s net cash balances. The ordinary shares are being purchased at fair value (see Note 12) NOTE 2 \u2013 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued j. Current income tax Tax is recognised in the consolidated statement of comprehensive income. The current income tax charge is calculated on the basis of the tax laws enacted at the statement of financial position date in countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. k. Deferred income tax Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the statement of financial position date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. The Group recognises deferred taxes on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. l. Property, plant and equipment The cost of a property, plant and equipment item is recognised as an asset only if: (a) it is probable that the future economic benefits associated with the item will flow to the Group; and (b) the cost of the item can be measured reliably. Property, plant and equipment are stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items and only when the two criteria mentioned above for recognition as assets are met. Depreciation is calculated using the straight-line method to allocate the cost of property, plant and equipment less their residual values over their estimated useful lives, as follows: Percentage of annual depreciation Computers and office equipment 6\u201333 Leasehold improvements 10 Leasehold improvements are depreciated by the straight-line method over the terms of the lease (including reasonably assured options periods), or the estimated useful life (10 years) of the improvements, whichever is shorter. The asset\u2019s residual value, the depreciation method and useful lives are reviewed, and adjusted if appropriate, at least once a year. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. m. Financial instruments 1) Classification The Group classifies its financial assets in the following measurement categories according to IFRS 9: + Those to be measured subsequently at fair value through profit and loss, and + Those to be measured at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will be recorded in the consolidated statement of comprehensive income. Financial assets are classified as current if they are expected to mature within 12 months after the end of the reporting period, otherwise, they are classified as non-current. 2) Recognition and derecognition Regular way purchases and sales of financial assets are recognised on trade date, the date on which the Group commits to purchase or sell the assets. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. 3) Measurement At initial recognition, the Group measures a financial asset at its fair value and in the case of a financial asset not at fair value through profit or loss (\u201cFVTPL\u201d), plus transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed in the consolidated statement of comprehensive income. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Details on how the fair value of financial instruments is determined are disclosed in Note 26. n. Cash and cash equivalents Cash and cash equivalents include cash on hand, short-term bank deposits and other highly liquid short-term investments, the original maturity of which does not exceed three months. All of the regulated subsidiaries hold money on behalf of their clients in accordance with the client money rules required by the relevant regulatory framework. Such monies are classified as \u201csegregated client funds\u201d in accordance with the regulatory requirements. Segregated client funds comprise client funds held in segregated client money accounts. Segregated client money accounts hold statutory trust status restricting the Group\u2019s ability to control the monies and accordingly such amounts are not reflected as Group assets in the consolidated statement of financial position. o. Dividends Dividend distribution is recognised as a liability in the consolidated statement of financial position in the period which the dividends are approved by the Board. p. Employee benefits and pension obligations The Group operates various pension schemes. The schemes are generally funded through payments to insurance companies or trustee-administered pension funds. The Group has defined contribution plans. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. The Group pays contributions to publicly or privately administered pension insurance plans on a mandatory basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense commensurate with receipt from employees of the service in respect of which they are entitled for the contributions. The Group recognises an accrual and an expense for bonuses for senior management based on formulae that take into consideration specific financial and non-financial measures and for other employees based on management decision. q. Service suppliers Service suppliers are obligations to pay for services that have been acquired in the ordinary course of business from suppliers. Service suppliers are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Service suppliers are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. r. Trade payables \u2013 due to clients As part of its business, the Group receives from its customers deposits to secure their trading positions, held in segregated client money accounts. Assets or liabilities resulting from profits or losses on open positions are carried at fair value. Amounts due from or to clients are netted against, or presented with, the deposit with the same counterparty where a legally enforceable netting agreement is in place and where it is anticipated that assets and liabilities will be netted on settlement. \u201cTrade payables \u2013 due to clients\u201d represent balances with clients where the combination of customers\u2019 deposits and the valuation of financial derivative open positions result in an amount payable by the Group. \u201cTrade payables \u2013 due to clients\u201d are reported in the consolidated statement of financial position and classified as current liabilities as the demand is due within one year or less. s. IFRS 16 \u2013 \u201cLeases\u201d The Group\u2019s leases include real estate lease agreements. At inception of a contract, the Group 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 a consideration. The Group reassesses whether a contract is, or contains, a lease only if the terms and conditions of the contract are changed. At the commencement date, the Group measures the lease liability at the present value of the lease payments that are not paid at that date, including, inter alia, the exercise price of the exercise option if the Group is reasonably certain to exercise that option. Simultaneously, the Group recognises a right of use asset in the amount of the lease liability. The lease term is the non-cancellable period for which the Group has the right to use an underlying asset, together with both the periods covered by an option to extend the lease if the Group is reasonably certain to exercise that option and periods covered by an option to terminate the lease if the Group is reasonably certain to exercise that option. NOTE 2 \u2013 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued s. IFRS 16 \u2013 \u201cLeases\u201d continued After the commencement date, the Group measures the right of use asset applying the cost model, less any accumulated depreciation and any accumulated impairment losses and adjusted for any remeasurement of the lease liability. Assets are depreciated by the straight-line method over the estimated useful lives of the right of use assets or the lease period, whichever is shorter. The depreciation periods for the real estate leases by the Group is between one to five years. Under IFRS 16 all leases are recognised as a right of use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the consolidated statement of comprehensive income over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Payments associated with short-term leases of real estate and all leases of low-value assets are recognised on a straight-line basis as an expense in the consolidated statement of comprehensive income. Short-term leases are leases with a lease term of 12 months or less without an exercise option. t. Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises: + fair values of the assets transferred; and + liabilities incurred to the former owners of the acquired business Identifiable assets acquired, and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. Over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in the consolidated statement of comprehensive income as a bargain purchase. u. Intangible assets 1) Goodwill Goodwill represents the surplus of the consideration that has been transferred for the acquisition of a subsidiary company, over the net amount of the identifiable assets and liabilities that have been acquired as at the time of the acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash- generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes 2) Licence A licence acquired in a business combination is recognised at fair value at the acquisition date. It has an indefinite useful life, is not subject to amortisation and is tested annually for impairment. 3) Customer relationships and technology Customer relationships and technology acquired in a business combination are recognised at fair value at the acquisition date. They have a definite useful life of five years and are subsequently carried at cost less accumulated amortisation and impairment losses. The amortisation expenses are recognised as part of general and administrative expenses in the statement of comprehensive income. v. Impairment of assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. w. New International Financial Reporting Standards, Amendments to Standards and New Interpretations New and amended standards adopted by the Group for the first time for the financial year beginning on or after 1 January 2023. Definition of Material \u2013 Amendment to IAS 1 and IAS 8. Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2. The IASB amended IAS 1 to require entities to disclose their material rather than their significant accounting policies. The amendments define what is \u2018material accounting policy information\u2019 and explain how to identify when accounting policy information is material. They further clarify that immaterial accounting policy information does not need to be disclosed. If it is disclosed, it should not obscure material accounting information. To support this amendment, the IASB also amended IFRS Practice Statement 2 Making Materiality Judgements to provide guidance on how to apply the concept of materiality to accounting policy disclosures. The Amendment to IAS 1 will be applied retrospectively to annual reporting periods commencing on 1 January 2023 or thereafter. The first-time application of the Amendment to IAS 1 is not expected to have a material effect on the Group\u2019s consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-184": { "value": "a. Basis of accounting and accounting policies The Group\u2019s consolidated financial information as of 31 December 2022 and 2021 and for each of the two years in the period ended on 31 December 2022 are in compliance with International Financial Reporting Standards that consist of standards and interpretations issued by the International Accounting Standard Board (\u201cIFRSs\u201d). The significant accounting policies described below have been applied consistently in relation to all the reporting periods, unless otherwise stated. The financial information has been prepared under the historical cost convention subject to adjustments in respect of revaluation of financial assets at fair value through profit or loss presented at fair value", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-233": { "value": "The Group\u2019s consolidated financial information as of 31 December 2022 and 2021 and for each of the two years in the period ended on 31 December 2022 are in compliance with International Financial Reporting Standards that consist of standards and interpretations issued by the International Accounting Standard Board (\u201cIFRSs\u201d). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-185": { "value": "b. Going concern The Group has considerable financial resources, a broad range of financial instruments and a substantial active customer base which is geographically diversified. As a consequence, the Company\u2019s Board of Directors (the \u201cBoard\u201d) believes that the Group is well placed to manage its business risks in the context of the current economic outlook. Accordingly, the Board has a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Board therefore continues to adopt the going concern basis in preparing these consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-186": { "value": "c. Principles of consolidation The Company, from an accounting perspective, controls the subsidiaries since it is exposed to, or has rights to, variable returns from its involvement with the entities and has the ability to affect those returns through its power over them. 1) The consolidated financial statements include the accounts of the Company and its subsidiaries. 2) Intercompany balances and transactions between the Group\u2019s entities have been eliminated. 3) Accounting policies of the subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-187": { "value": "d. Earnings per share Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of the Company\u2019s ordinary shares in issue during the year, excluding ordinary shares purchased by the Company and held as treasury shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume exercise of all potential dilutive ordinary shares. The instruments that are potentially dilutive ordinary shares are equity instruments granted to employees and service contractors (see Note 9). A calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company\u2019s shares) based on the monetary value of the subscription rights attached to outstanding equity instruments. The number of ordinary shares calculated as above is compared with the number of ordinary shares that would have been issued assuming the exercise of the equity instruments (see also Note 11) . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-188": { "value": "e. Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments. As stated in Note 1 above, the Group operates in three operating sectors: OTC trading; share dealing; and futures and options on futures. For the years 2022 and 2021, the Group presents its operation as one operating segment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-189": { "value": "f. Foreign currency translation 1) Functional and Presentation Currency Items included in the financial information of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which that entity operates (the \u201cfunctional currency\u201d). The consolidated financial statements are presented in US dollars (\u201cUSD\u201d), which is the Group\u2019s functional and presentation currency. 2) Transactions and balances Foreign currency transactions in currencies different from the functional currency (\u201cforeign currency\u201d) are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Gains and losses arising from translations in exchange rates are presented in the consolidated statement of comprehensive income among \u201cfinancial income (expenses)\u201d ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-234": { "value": "1) Functional and Presentation Currency Items included in the financial information of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which that entity operates (the \u201cfunctional currency\u201d). The consolidated financial statements are presented in US dollars (\u201cUSD\u201d), which is the Group\u2019s functional and presentation currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-190": { "value": "g. Trading income Trading income represents Customer Income, which includes revenue from OTC Customer Income (customer spreads and overnight charges), non-OTC Customer Income (commissions from the Group\u2019s futures and options on futures operation and from the Group\u2019s share dealing platform) and Customer Trading Performance, which includes gains/losses on customers\u2019 trading positions, arising on client trading activity, primarily in OTCs on shares, indices, ETFs, options, commodities, cryptocurrencies and foreign exchange. Open client positions are carried at fair value and gains and losses arising on this valuation are recognised as trading income, as well as gains and losses realised on positions that have closed. ", "dimensions": { "concept": "plus500ltd:DescriptionOfAccountingPolicyForTradingIncome", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-191": { "value": "h. Share based compensation 1) Cash settled The Group operates a cash settled share based compensation plan, under which it receives services from employees and service contractors as consideration for Share Appreciation Rights (\u201cSARs\u201d). The fair value of the employees and service contractors received in exchange for the grant of the rights are recognised as an expense in the consolidated statement of comprehensive income. At the end of each reporting period, the Group evaluates the SARs based on their fair value as prorated over the period and the change in the prorated fair value is recognised in the consolidated statement of comprehensive income. 2) Equity settled The Group operates equity settled share based compensation plans, under which it receives services from employees and service contractors as consideration for ordinary shares and Restricted Share Units (\u201cRSUs\u201d). The fair value of the services received by employees and service contractors in exchange for the grant of ordinary shares or RSUs are recognised as an expense in the consolidated statement of comprehensive income. The fair value of equity settled share based compensation arrangements granted to employees and service contractors is recognised as employee benefit expenses and other related expenses applicable for the service contractors, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the equity instruments granted: + including any market performance conditions (e.g. the Company\u2019s share price); + excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and continuing to be employed or rendering services to the entity over a specified time period); and + including the impact of any non-vesting conditions (e.g. the requirement for employees and service contractors to hold shares for a specific period of time). The total expenses are recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of ordinary shares and RSUs that are expected to vest based on the non-market performance vesting and service conditions. The impact of the revision to original estimates, if any, in the consolidated statement of comprehensive income, is recognised with a corresponding adjustment to equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-192": { "value": "i. Treasury shares Treasury shares are ordinary shares of the Company held by the Company and presented as a reduction of equity, at the consideration paid, including any incremental attributable costs, net of tax. Treasury shares do not have a right to receive dividends or to vote. The Board approves share buyback programmes. The share buyback programmes are funded from the Company\u2019s net cash balances. The ordinary shares are being purchased at fair value (see Note 12) . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-193": { "value": "j. Current income tax Tax is recognised in the consolidated statement of comprehensive income. The current income tax charge is calculated on the basis of the tax laws enacted at the statement of financial position date in countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-194": { "value": "k. Deferred income tax Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the statement of financial position date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. The Group recognises deferred taxes on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-195": { "value": "l. Property, plant and equipment The cost of a property, plant and equipment item is recognised as an asset only if: (a) it is probable that the future economic benefits associated with the item will flow to the Group; and (b) the cost of the item can be measured reliably. Property, plant and equipment are stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items and only when the two criteria mentioned above for recognition as assets are met. Depreciation is calculated using the straight-line method to allocate the cost of property, plant and equipment less their residual values over their estimated useful lives, as follows: Percentage of annual depreciation Computers and office equipment 6\u201333 Leasehold improvements 10 Leasehold improvements are depreciated by the straight-line method over the terms of the lease (including reasonably assured options periods), or the estimated useful life (10 years) of the improvements, whichever is shorter. The asset\u2019s residual value, the depreciation method and useful lives are reviewed, and adjusted if appropriate, at least once a year. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-196": { "value": "m. Financial instruments 1) Classification The Group classifies its financial assets in the following measurement categories according to IFRS 9: + Those to be measured subsequently at fair value through profit and loss, and + Those to be measured at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will be recorded in the consolidated statement of comprehensive income. Financial assets are classified as current if they are expected to mature within 12 months after the end of the reporting period, otherwise, they are classified as non-current. 2) Recognition and derecognition Regular way purchases and sales of financial assets are recognised on trade date, the date on which the Group commits to purchase or sell the assets. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. 3) Measurement At initial recognition, the Group measures a financial asset at its fair value and in the case of a financial asset not at fair value through profit or loss (\u201cFVTPL\u201d), plus transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed in the consolidated statement of comprehensive income. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Details on how the fair value of financial instruments is determined are disclosed in Note 26. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-235": { "value": "2) Recognition and derecognition Regular way purchases and sales of financial assets are recognised on trade date, the date on which the Group commits to purchase or sell the assets. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-197": { "value": "n. Cash and cash equivalents Cash and cash equivalents include cash on hand, short-term bank deposits and other highly liquid short-term investments, the original maturity of which does not exceed three months. All of the regulated subsidiaries hold money on behalf of their clients in accordance with the client money rules required by the relevant regulatory framework. Such monies are classified as \u201csegregated client funds\u201d in accordance with the regulatory requirements. Segregated client funds comprise client funds held in segregated client money accounts. Segregated client money accounts hold statutory trust status restricting the Group\u2019s ability to control the monies and accordingly such amounts are not reflected as Group assets in the consolidated statement of financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-198": { "value": "o. Dividends Dividend distribution is recognised as a liability in the consolidated statement of financial position in the period which the dividends are approved by the Board. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-199": { "value": "p. Employee benefits and pension obligations The Group operates various pension schemes. The schemes are generally funded through payments to insurance companies or trustee-administered pension funds. The Group has defined contribution plans. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. The Group pays contributions to publicly or privately administered pension insurance plans on a mandatory basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense commensurate with receipt from employees of the service in respect of which they are entitled for the contributions. The Group recognises an accrual and an expense for bonuses for senior management based on formulae that take into consideration specific financial and non-financial measures and for other employees based on management decision. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-200": { "value": "q. Service suppliers Service suppliers are obligations to pay for services that have been acquired in the ordinary course of business from suppliers. Service suppliers are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Service suppliers are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-201": { "value": "r. Trade payables \u2013 due to clients As part of its business, the Group receives from its customers deposits to secure their trading positions, held in segregated client money accounts. Assets or liabilities resulting from profits or losses on open positions are carried at fair value. Amounts due from or to clients are netted against, or presented with, the deposit with the same counterparty where a legally enforceable netting agreement is in place and where it is anticipated that assets and liabilities will be netted on settlement. \u201cTrade payables \u2013 due to clients\u201d represent balances with clients where the combination of customers\u2019 deposits and the valuation of financial derivative open positions result in an amount payable by the Group. \u201cTrade payables \u2013 due to clients\u201d are reported in the consolidated statement of financial position and classified as current liabilities as the demand is due within one year or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-202": { "value": "s. IFRS 16 \u2013 \u201cLeases\u201d The Group\u2019s leases include real estate lease agreements. At inception of a contract, the Group 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 a consideration. The Group reassesses whether a contract is, or contains, a lease only if the terms and conditions of the contract are changed. At the commencement date, the Group measures the lease liability at the present value of the lease payments that are not paid at that date, including, inter alia, the exercise price of the exercise option if the Group is reasonably certain to exercise that option. Simultaneously, the Group recognises a right of use asset in the amount of the lease liability. The lease term is the non-cancellable period for which the Group has the right to use an underlying asset, together with both the periods covered by an option to extend the lease if the Group is reasonably certain to exercise that option and periods covered by an option to terminate the lease if the Group is reasonably certain to exercise that option. s. IFRS 16 \u2013 \u201cLeases\u201d continued After the commencement date, the Group measures the right of use asset applying the cost model, less any accumulated depreciation and any accumulated impairment losses and adjusted for any remeasurement of the lease liability. Assets are depreciated by the straight-line method over the estimated useful lives of the right of use assets or the lease period, whichever is shorter. The depreciation periods for the real estate leases by the Group is between one to five years. Under IFRS 16 all leases are recognised as a right of use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the consolidated statement of comprehensive income over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Payments associated with short-term leases of real estate and all leases of low-value assets are recognised on a straight-line basis as an expense in the consolidated statement of comprehensive income. Short-term leases are leases with a lease term of 12 months or less without an exercise option. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-203": { "value": "t. Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises: + fair values of the assets transferred; and + liabilities incurred to the former owners of the acquired business Identifiable assets acquired, and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. Over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in the consolidated statement of comprehensive income as a bargain purchase. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-204": { "value": "u. Intangible assets 1) Goodwill Goodwill represents the surplus of the consideration that has been transferred for the acquisition of a subsidiary company, over the net amount of the identifiable assets and liabilities that have been acquired as at the time of the acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash- generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes 2) Licence A licence acquired in a business combination is recognised at fair value at the acquisition date. It has an indefinite useful life, is not subject to amortisation and is tested annually for impairment. 3) Customer relationships and technology Customer relationships and technology acquired in a business combination are recognised at fair value at the acquisition date. They have a definite useful life of five years and are subsequently carried at cost less accumulated amortisation and impairment losses. The amortisation expenses are recognised as part of general and administrative expenses in the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-237": { "value": "1) Goodwill Goodwill represents the surplus of the consideration that has been transferred for the acquisition of a subsidiary company, over the net amount of the identifiable assets and liabilities that have been acquired as at the time of the acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash- generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-236": { "value": "2) Licence A licence acquired in a business combination is recognised at fair value at the acquisition date. It has an indefinite useful life, is not subject to amortisation and is tested annually for impairment. 3) Customer relationships and technology Customer relationships and technology acquired in a business combination are recognised at fair value at the acquisition date. They have a definite useful life of five years and are subsequently carried at cost less accumulated amortisation and impairment losses. The amortisation expenses are recognised as part of general and administrative expenses in the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-205": { "value": "v. Impairment of assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-206": { "value": "w. New International Financial Reporting Standards, Amendments to Standards and New Interpretations New and amended standards adopted by the Group for the first time for the financial year beginning on or after 1 January 2023. Definition of Material \u2013 Amendment to IAS 1 and IAS 8. Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2. The IASB amended IAS 1 to require entities to disclose their material rather than their significant accounting policies. The amendments define what is \u2018material accounting policy information\u2019 and explain how to identify when accounting policy information is material. They further clarify that immaterial accounting policy information does not need to be disclosed. If it is disclosed, it should not obscure material accounting information. To support this amendment, the IASB also amended IFRS Practice Statement 2 Making Materiality Judgements to provide guidance on how to apply the concept of materiality to accounting policy disclosures. The Amendment to IAS 1 will be applied retrospectively to annual reporting periods commencing on 1 January 2023 or thereafter. The first-time application of the Amendment to IAS 1 is not expected to have a material effect on the Group\u2019s consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-207": { "value": "NOTE 3 \u2013 SIGNIFICANT ACCOUNTING ESTIMATES Considering uncertain tax positions The assessment of amounts of current and deferred taxes requires the Group\u2019s management to take into consideration uncertainties that its tax position will be accepted and of incurring any additional tax expenses. This assessment is based on estimates and assumptions based on interpretation of tax laws and regulations, and the Group\u2019s past experience. It is possible that new information will become known in future periods that will cause the final tax outcome to be different from the amounts that were initially recorded. Such differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is made. See also Note 2j and Note 10. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-208": { "value": "NOTE 4 \u2013 TRADING INCOME The trading income attributed to geographical areas according to the location of the customer is as follows: Year ended 31 December US dollars in millions 2022 2021 European Economic Area (EEA) 372.9 329.0 United Kingdom 100.4 88.9 Australia 67.2 61.6 Rest of the World 292.1 239.2 832.6 718.7 ", "dimensions": { "concept": "plus500ltd:DisclosureOfTradingIncome", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-209": { "value": "NOTE 5 \u2013 SELLING AND MARKETING EXPENSES Year ended 31 December US dollars in millions 2022 2021 Payroll and related expenses 24.2 21.4 Variable bonuses 8.6 8.8 Share based compensation 6.1 4.0 Commissions to media buying 13.5 20.7 Advertising and technology costs 144.3 151.4 Commissions to processing companies 44.9 40.8 Server and data feeds commissions 14.6 11.7 Other 45.9 21.0 302.1 279.8 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-210": { "value": "NOTE 6 \u2013 ADMINISTRATIVE AND GENERAL EXPENSES Year ended 31 December US dollars in millions 2022 2021 Payroll and related expenses 16.3 11.6 Variable bonuses 10.4 5.4 Share based compensation 15.3 7.7 Professional and regulatory fees 23.0 18.5 Depreciation and amortisation 3.4 2.5 Other 11.7 8.6 80.1 54.3 ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-211": { "value": "NOTE 7 \u2013 OPERATING EXPENSES The presentation below reflects the breakdown of operating expenses by nature of expense: Year ended 31 December US dollars in millions 2022 2021 Employee benefits and other related expenses 80.9 58.9 IT and technology costs 50.4 38.2 Commissions to processing companies 44.9 40.8 Advertising, marketing and commissions to media buying 122.0 145.6 Professional and regulatory fees 23.0 18.5 Depreciation and amortisation 3.4 2.5 Other 57.6 29.6 382.2 334.1 In the years ended 31 December 2022 and 2021, IT and technology costs together with additional allocated other technological related costs were $74.4 million and $58.4 million, respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-212": { "value": "NOTE 8 \u2013 AUDITORS\u2019 REMUNERATION Year ended 31 December US dollars in millions 2022 2021 Audit of Plus500 Ltd\u2019s consolidated financial statements 0.3 0.3 Audit of Plus500 Ltd\u2019s subsidiaries 0.3 0.3 Total audit fees 0.6 0.6 Other assurance related services 0.3 0.3 Tax compliance services 0.5 0.7 Total non-audit fees 0.8 1.0 Total fees 1.4 1.6 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-213": { "value": "NOTE 9 \u2013 SHARE BASED COMPENSATION a. Cash settled share based compensation programmes 1) Background The Group grants Share Appreciation Rights to selected employees and service contractors (the \u201cGrant\u201d). The rights are settled in cash at the end of the period of two or three years following the Grant date for those who remain employed or continue to render services as service contractors by the Group. The rights represent the total Grant amounts divided by the average closing price of the ordinary shares of the Company on the Main Market over the course of the 60 trading days immediately preceding the dates of the Grant (the \u201cShare Price on Grant Date\u201d). As of the end of each period, the fair value of the rights is calculated by the total Grant amounts on grant date, multiplied by the average closing price of the ordinary shares of the Company on the Main Market over the course of the 60 trading days immediately preceding the end of each period (or the payout date) including shareholder returns paid between the grant date and the end of each period (or the vesting date) divided by the Share Price on Grant Date, as prorated over the period. 2) The following table specifies the dates of grants and the grant rights as of each date Grant Date Vesting Date Share price Number of rights granted* Number of Employees 31 December 2019 31 December 2022 797.85 2,925 5 12 February 2020 12 February 2022 855.46 40 2 31 August 2020 31 August 2022 1,303.93 97 6 30 December 2020 30 December 2022 1,507.08 2,342 127 30 December 2020 30 December 2023 1,507.08 647 3 28 February 2021 28 February 2023 1,411.13 13 1 31 August 2021 31 August 2023 1,404.43 14 1 31 December 2021 31 December 2023 1,320.98 1,136 55 28 February 2022 28 February 2024 1,409.47 3 1 2 May 2022 2 May 2024 1,464.36 9 1 30 June 2022 30 June 2024 1,545.33 37 2 3) Cash settled share based compensation liability As at 31 December US dollars in millions 2022 2021 Current liability 6.3 7.3 Non-current liability \u2013 0.3 6.3 7.6 4) Cash settled share based compensation expenses Year ended 31 December US dollars in millions 2022 2021 Selling and marketing expenses 3.2 4.0 Administrative and general expenses 8.7 2.8 11.9 6.8 5) Cash settled share based compensation \u2013 number of rights outstanding Number of rights 2022 2021 Opening balance as at 1 January 5,672 8,768 Rights granted 49 1,163 Rights vested (3,943) (3,208) Rights forfeited (259) (1,051) Closing balance as at 31 December 1,519 5,672 During 2022 and 2021, 3,943 and 3,208 rights were vested in total amount of $11.2 million and $6.9 million, respectively. The average vesting price based on GBP pence per granted right was approximately $2,843 and $2,160, respectively. b. Equity settled share based compensation programmes Background The Group grants long-term incentive plans (\u201cLTIPs\u201d) to selected employees and service contractors (the \u201cLTIP Grants\u201d). In addition, the Group grants Restricted Stock Units (\u201cRSUs\u201d) to selected employees located in Israel (the \u201cRSUs Grants\u201d). The Group also grants in respect of certain projects, bonuses with a partial deferred element settled in ordinary shares of the Company to selected service contractors and employees (the \u201cDeferred Bonuses\u201d). During 2022 and 2021, the Group recognised $9.5 million and $4.9 million, respectively, as expenses in respect of the equity share based compensation plans and Deferred Bonuses in the consolidated statement of comprehensive income with an increase in equity of $7.5 million and $4.9 million, respectively. As of 31 December 2022 and 2021, retained earnings include an amount of $5.8 million and $3.5 million, respectively, in respect of the equity share based compensation and Deferred Bonuses plans. 1) LTIP Grants The following table specifies the dates of LTIP Grants and the number of ordinary shares as of each date, as granted for employees and service contractors Grant Date Vesting Date Share price (GBP) Number of ordinary shares granted on grant date Number of employees and service contractors 1 January 2020 31 December 2022 8.86 75,627 7 1 January 2021 31 December 2023 14.50 122,496 7 2 January 2022 31 December 2024 12.91 153,134 7 The 2020 LTIP Grants were vested on 31 December 2022 and the Company issued 177,386 of its treasury shares. The 2022, 2021 and 2020 LTIP Grants are subject to service conditions and additional Key Performance Indicators (\u201cKPIs\u201d), measurements, including market and performance conditions. During 2022 and 2021, 12,965 and nil ordinary shares in respect of LTIP Grants were forfeited, respectively. The final number of ordinary shares to be allotted on the vesting date will be determined according to the share price at the grant date, less the accumulated amount of shareholder returns paid during the vesting period. The fair value at grant date of the LTIP Grants is measured according to the value of the grant amount and expensed over the vesting period with a corresponding increase in equity, taking into account the best available estimate of the number of shares expected to vest under the service and performance conditions. On the vesting date the Company shall allot to the employee or service contractor, ordinary shares, subject to the service condition and achieving specific KPIs for each grant. NOTE 9 \u2013 SHARE BASED COMPENSATION continued b. Equity settled share based compensation programmes continued The allotted ordinary shares will be transferred out of the treasury shares of the Company. The ordinary shares allotted on the vesting date, which are subject to a lock-up period, shall be subject to a two-year lock-up beginning on the vesting date. 2) RSUs Grants The following table specifies the dates of RSUs Grants and the number of units as of each date. Grant Date Vesting Date Share price (GBP) Number of RSUs granted Number of employees 1 January 2020 31 December 2022 8.86 116,045 8 1 January 2021 31 December 2023 14.50 160,926 8 2 January 2022 31 December 2024 12.91 346,999 137 2 January 2022 31 December 2022 12.91 84,015 130 2 January 2022 31 December 2023 12.91 84,015 130 1 July 2022 30 June 2023 15.96 3,702 10 1 July 2022 30 June 2024 15.96 3,702 10 1 July 2022 30 June 2025 15.96 3,702 10 In respect of RSU Grants which were vested on 31 December 2022, the Company issued 175,272 of its treasury shares. Each RSU represents the right to receive one ordinary share, par value of NIS 0.01 per share, subject to the terms and conditions of the grant as approved by the Board of Directors and in accordance with the provisions of the Capital Gain route under section 102 of the Israeli Tax Ordinance and regulations (the \u201c102 Capital Gain route\u201d). In respect of the RSUs granted, the employees are entitled to the RSUs upon completing the service period. Part of the RSUs granted include also KPIs with market and performance conditions. During 2022 and 2021, 14,741 and 32,430 RSUs were forfeited, respectively. The fair value at grant date of the RSUs Grants is measured according to the value of the grant amount and expensed over the vesting period with a corresponding increase in equity, taking into account the best available estimate of the number of RSUs expected to vest under the service and performance conditions. On the vesting date, the employees shall be entitled to a cash payment equal to the aggregate shareholder returns that were payable in each grant vesting period with respect to the number of issued shares that were actually allotted to the employees on the vesting date with respect to the RSUs. The allotted ordinary shares will be transferred out of the treasury shares of the Company. On the vesting date, the shares will be transferred to a trustee by the Company. The ordinary shares allotted on the vesting date, which are subject to a lock-up period, shall be subject to a two-year lock-up beginning on the vesting date. 3) Deferred Bonus Grants The following table specifies the dates of Deferred Bonuses Grants and the number of shares as of each grant date. The employees and service providers are entitled to the Deferred Bonuses upon completing a service period of one year and subject to achieving additional KPIs. The 2020 and 2019 Deferred Bonuses shall be paid in three equal instalments beginning on 31 December of the year after the vesting date, by way of allotment of ordinary shares of the Company. The number of ordinary shares allotted on any deferred payment date shall be calculated based on the ordinary share price on grant date, as adjusted for shareholder returns. The 2022 and 2021 Deferred Bonuses were paid in one instalment on 31 December of the bonus year, by way of allotment of ordinary shares of the Company. The number of ordinary shares allotted on the deferred payment date was calculated based on the ordinary share price on grant date, as adjusted for shareholder returns. Grant Date Vesting Date Share price (GBP) Number of ordinary shares on grant date Number of employees and service contractors 1 January 2021 31 December 2021 14.50 53,904 2 2 January 2022 31 December 2022 12.91 63,274 2 On 31 December 2022 and 2021, the Company issued a total of 127,485 and 88,276 of its treasury shares, in accordance with the Deferred Bonuses Grants, in respect of the grants for the years 2019, 2020, 2021 and 2022, as applicable. The Company recognised the value of the issued shares on 31 December 2022 according to the fair value measured for each Grant on the grant date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-214": { "value": "NOTE 10 \u2013 INCOME TAX EXPENSE Law for the Encouragement of Capital Investments, 5719-1959 The Law for the Encouragement of Capital Investments, 5719-1959, generally referred to as the \u201cInvestment Law\u201d, provides certain incentives for capital investments in production facilities (or other eligible assets) by \u201cIndustrial Enterprises\u201d (as defined under the Investment Law). New tax benefits under the 2017 Amendment that became effective on 1 January 2017 (\u201c2017 Amendment\u201d) The 2017 Amendment was enacted as part of the Economic Efficiency Law that was published on 29 December 2016, and is effective as of 1 January 2017. The 2017 Amendment provides new tax benefits, as described below, and is in addition to the other existing tax beneficial programmes under the Investment Law. The 2017 Amendment provides that a technology company satisfying certain conditions will qualify as a Preferred Technological Enterprise (\u201cPTE\u201d) and will thereby enjoy a reduced corporate tax rate of 12% on income that qualifies as Preferred Technology Income, as defined in the Investment Law. Dividends distributed by a PTE, paid out of Preferred Technology Income, are generally subject to withholding tax at source at the rate of 20% or such lower rate as may be provided in an applicable tax treaty. a. Company taxation in Israel The full corporate tax rate in Israel for the years 2022 and 2021 is 23%. Under the 2017 Amendment, provided the conditions stipulated therein are met, technological income derived by Preferred Companies from \u201cPreferred Technological Enterprise\u201d (as defined in the 2017 Amendment), would be subject to reduced corporate tax rates of 12%. A Preferred Company distributing dividends from technological income derived from its PTE would generally subject the recipient to a 20% tax (or lower, if so provided under an applicable tax treaty). In May 2019, the Company obtained a tax ruling from the ITA and subject to the Company complying with the conditions stipulated by the tax ruling, which the Company met, and the Investment Law, the Company is considered as a PTE. At the beginning of July 2020, the Company received an approval from the Israeli Innovation Authority (\u201cIIA\u201d) that together with the tax ruling received from the ITA in May 2019, recognises the Company as a PTE for the years 2017, 2018 and 2019. Accordingly, the applicable tax rate for the preferred technological income of a PTE for these years was 12%. The Company is also considered as PTE for the years 2021 and 2020. As a result, the Company\u2019s corporate tax rate for the years 2021 and 2020 was 12%, subject to the Company complying with the conditions of the Law for the Encouragement of Capital Investments. In January 2022, the Company\u2019s status as a PTE, as accredited by the ITA under the tax regime in Israel, has been extended for the financial years 2022, 2023, 2024, 2025 and 2026, subject to the Company complying with the conditions of the Law for the Encouragement of Capital Investments. Consequently, the Company\u2019s corporate tax rate for each of these years will be reduced from 23% to 12% and the withholding tax rate applicable for dividends will be reduced from 25% to 20%. In January 2021, the Company received approximately $30.0 million rebates (including interest) reflecting the reduced tax rate for FY 2017 and in August 2021, the Company received approximately $37.2 million in tax rebates (including interest) reflecting the reduced tax rate for FY 2019. NOTE 10 \u2013 INCOME TAX EXPENSE continued b. Tax assessments The Company has final tax assessments up to the year 2019. The assessments of amounts of current and deferred taxes require the Group\u2019s management to take into consideration uncertainties that its tax position will be accepted and of incurring any additional tax expenses. This assessment is based on estimates and assumptions based on interpretation of tax laws and regulations, and the Group\u2019s past experience. It is possible that new information will become known in future periods that will cause the final tax outcome to be different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is made. c Corporate taxation in subsidiaries Principal tax rate Subsidiary 2022 2021 Tax regulation UK 19% 19% Tax laws in United Kingdom CY 12.5% 12.5% Tax laws in Cyprus AU 30% 30% Tax laws in Australia Other Group subsidiaries do not have significant taxable income and the overall effect of the income of those subsidiaries on the Group\u2019s tax expenses is immaterial. d. Deferred income taxes Deferred tax assets The deferred income tax assets relate mainly to payroll and related expenses of the share based compensation plans (see Note 9). The deferred tax assets were computed in 2022 and 2021 at tax rates of 12% and 23%, respectively. Deferred tax liability The deferred tax liabilities are related to intangible assets recognised through business combination, see Note 24. e. Taxes on income included in the consolidated income statements for the reported years Year ended 31 December US dollars in millions 2022 2021 Current taxes: Current taxes in respect of current year\u2019s profits 103.5 77.6 Tax income in respect of previous years 0.5 0.5 104.0 78.1 Deferred income taxes: Change of deferred tax assets (see Note 10d) (0.1) (2.3) Taxes on income expenses 103.9 75.8 f. Reconciliation of the theoretical tax expense Following is a reconciliation of the theoretical tax expense, assuming all income is taxed at the regular corporate tax rate applicable to a company in Israel (see Note 10a) and the actual tax expense: Year ended 31 December US dollars in millions 2022 2021 Income before taxes on income, as reported in the consolidated income statement 474.3 386.4 Theoretical tax expense in respect of this year\u2019s income \u2013 at 23% 109.1 88.9 Less tax benefits arising from preferred technological income in respect of the current year (14.5) (4.3) Decrease in taxes resulting from different tax rates applicable to foreign subsidiaries (2.1) (0.8) Impact of change in tax rates on deferred tax balances and temporary differences (2.3) (2.8) Increase (decrease) in taxes in respect of currency differences and expenses not deductible for tax purposes 13.2 (5.7) Tax income in relation to previous years 0.5 0.5 Taxes on income for the reported year 103.9 75.8 ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-238": { "value": "d. Deferred income taxes Deferred tax assets The deferred income tax assets relate mainly to payroll and related expenses of the share based compensation plans (see Note 9). The deferred tax assets were computed in 2022 and 2021 at tax rates of 12% and 23%, respectively. Deferred tax liability The deferred tax liabilities are related to intangible assets recognised through business combination, see Note 24. e. Taxes on income included in the consolidated income statements for the reported years Year ended 31 December US dollars in millions 2022 2021 Current taxes: Current taxes in respect of current year\u2019s profits 103.5 77.6 Tax income in respect of previous years 0.5 0.5 104.0 78.1 Deferred income taxes: Change of deferred tax assets (see Note 10d) (0.1) (2.3) Taxes on income expenses 103.9 75.8 f. Reconciliation of the theoretical tax expense Following is a reconciliation of the theoretical tax expense, assuming all income is taxed at the regular corporate tax rate applicable to a company in Israel (see Note 10a) and the actual tax expense: Year ended 31 December US dollars in millions 2022 2021 Income before taxes on income, as reported in the consolidated income statement 474.3 386.4 Theoretical tax expense in respect of this year\u2019s income \u2013 at 23% 109.1 88.9 Less tax benefits arising from preferred technological income in respect of the current year (14.5) (4.3) Decrease in taxes resulting from different tax rates applicable to foreign subsidiaries (2.1) (0.8) Impact of change in tax rates on deferred tax balances and temporary differences (2.3) (2.8) Increase (decrease) in taxes in respect of currency differences and expenses not deductible for tax purposes 13.2 (5.7) Tax income in relation to previous years 0.5 0.5 Taxes on income for the reported year 103.9 75.8 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-215": { "value": "NOTE 11 \u2013 EARNINGS PER SHARE Earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year. Year ended 31 December 2022 2021 Profit attributable to equity holders of the Company (US dollars in millions) 370.4 310.6 Weighted average number of ordinary shares in issue*: Basic 97,311,485 101,456,641 Dilutive effect of equity share based compensation 943,047 529,601 Diluted 98,254,532 101,986,242 Basic earnings per share (In US dollars) 3.81 3.06 Diluted earnings per share (In US dollars) 3.77 3.05 *After weighting the effect of the Company\u2019s share buyback programmes. See Note 12. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-216": { "value": "NOTE 12 \u2013 COST OF COMPANY\u2019S SHARES HELD BY THE COMPANY The Board of Directors approves share buyback programmes. The share buyback programmes are funded from the Company\u2019s net cash balances. Year ended 31 December Number of ordinary shares purchased Aggregate purchase amount (US $ in millions) Average price of shares purchased 2021 3,406,2 1 1 64.9 \u00a313.90 2022 6,943,359 138.8 \u00a316.27 During the years ended 31 December 2022 and 2021, the Company issued 494,308 and 179,537 of its treasury shares, respectively, in accordance with the various share based equity settled compensation grants. During the period starting 1 January 2023 and up to 21 March 2023, as the latest practicable date before the signing date of the consolidated financial statements, the Company purchased an additional 2,044,677 ordinary shares (or 1.78%) in the capital of the Company for an aggregate purchase amount of $45.0 million pursuant to these share buyback programmes. The ordinary shares were bought back at an average price of \u00a318.28. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-217": { "value": "NOTE 13 \u2013 DIVIDENDS The amounts of dividends and the amounts of dividends per share for the years 2022 and 2021 declared and distributed by the Company\u2019s Board of Directors are as follows: Date of declaration Amount of dividend (US $ in millions)* Amount of dividend per share (US $) Date of payment to shareholders 17 February 2021 84.9 0.8292 12 July 2021 17 August 2021 60.0 0.592 1 11 November 2021 15 February 2022 59.9 0.5995 11 July 2022 17 August 2022 60.0 0.6238 11 November 2022 On 14 February 2023, the Company declared a final dividend and a special dividend in the amounts of $20.0 million and $10.0 million, respectively (see Note 28). * Between the dividend announcement date and the record date of the dividend, the number of issued and outstanding ordinary shares of the Company decreased as a result of the repurchase by the Company of ordinary shares during such period and the classification of such repurchased ordinary shares as treasury shares that are not entitled to dividends. However, this did not affect the dividend per share as announced on the dividend announcement date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-218": { "value": "NOTE 14 \u2013 OTHER RECEIVABLES AND OTHERS As of 31 December US dollars in millions 2022 2021 Securities at fair value 6.0 18.2 Prepaid expenses 7.7 5.2 Other 13.2 9.3 26.9 32.7 All the financial assets included among other receivables and others are for relatively short periods. Therefore, their fair values approximate or are similar to their carrying amounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-219": { "value": "NOTE 15 \u2013 PROPERTY, PLANT AND EQUIPMENT Composition of assets, grouped by major classifications and changes therein in 2022 is as follows: US dollars in millions Computers, office equipment and others Leasehold improvements Total Cost Balance at beginning of year 2.9 4.0 6.9 Additions 0.5 0.3 0.8 Balance at end of year 3.4 4.3 7.7 Accumulated depreciation Balance at beginning of year 2.0 2.3 4.3 Additions 0.4 0.4 0.8 Balance at end of year 2.4 2.7 5.1 Depreciated balance as of 31 December 2022 1.0 1.6 2.6 Depreciated balance as of 31 December 2021 0.9 1.7 2.6 ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-220": { "value": "NOTE 16 \u2013 CASH AND CASH EQUIVALENTS Cash and cash equivalents by currency of denomination: As of 31 December US dollars in millions 2022 2021 USD 781.9 728.0 EUR 176.8 181.2 GBP 73.2 68.1 AUD 45.7 54.0 NIS 31.0 20.8 Other 94.0 47.4 Gross cash and cash equivalents 1,202.6 1,099.5 Less: segregated client funds (272.4) (350.0) Own cash and cash equivalents 930.2 749.5 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-221": { "value": "NOTE 17 \u2013 OTHER PAYABLES As of 31 December US dollars in millions 2022 2021 Payroll and related expenses 36.2 24.6 Accrued expenses 34.7 16.4 Other 1.3 0.7 72.2 41.7 The financial liabilities included among other payables are for relatively short periods. Therefore, their fair values approximate or are similar to their carrying amounts", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-222": { "value": "NOTE 18 \u2013 SERVICE SUPPLIERS Service suppliers are comprised mainly of amounts due to advertising service suppliers, their fair values approximate or are similar to their carrying amounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-223": { "value": "NOTE 19 \u2013 TRADE PAYABLES \u2013 DUE TO CLIENTS As of 31 December US dollars in millions 2022 2021 Customers\u2019 deposits, net* 282.8 350.6 Segregated client funds (272.4) (350.0) 10.4 0.6 *Customers deposits, net are comprised of the following: Customers\u2019 deposits 411.5 428.3 Less \u2013 financial derivative open positions: Gross amount of assets (139.0) (130.4) Gross amount of liabilities 10.3 52.7 282.8 350.6 * The total amount of \u2018Trade payables \u2013 due to clients\u2019 includes bonuses to clients ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-239": { "value": "NOTE 19 \u2013 TRADE PAYABLES \u2013 DUE TO CLIENTS As of 31 December US dollars in millions 2022 2021 Customers\u2019 deposits, net* 282.8 350.6 Segregated client funds (272.4) (350.0) 10.4 0.6 *Customers deposits, net are comprised of the following: Customers\u2019 deposits 411.5 428.3 Less \u2013 financial derivative open positions: Gross amount of assets (139.0) (130.4) Gross amount of liabilities 10.3 52.7 282.8 350.6 * The total amount of \u2018Trade payables \u2013 due to clients\u2019 includes bonuses to clients ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-224": { "value": "NOTE 20 \u2013 LEASES The Group has real estate lease agreements. a) Right of use assets: US dollars in millions Real estate leases 2022 2021 At 1 January 5.6 6.0 Additions 2.0 2.7 Disposals \u2013 (0.6) Modification \u2013 (0.7) Amortisation (2.0) (1.8) At 31 December 5.6 5.6 b) Lease liabilities: US dollars in millions Real estate leases 2022 2021 At 1 January 6.2 6.9 Additions 2.0 2.7 Disposals \u2013 (0.7) Modification \u2013 (0.9) Interest expense 0.1 0.2 Lease payments (2.3) (2.0) Exchange differences (0.4) \u2013 At 31 December 5.6 6.2 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-240": { "value": "a) Right of use assets: US dollars in millions Real estate leases 2022 2021 At 1 January 5.6 6.0 Additions 2.0 2.7 Disposals \u2013 (0.6) Modification \u2013 (0.7) Amortisation (2.0) (1.8) At 31 December 5.6 5.6 ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-225": { "value": "NOTE 21 \u2013 COMMITMENTS a. The Company and Club BSC Young Boys Betriebs AG (\u201cBSC Young Boys\u201d) entered into a sponsorship agreement on 2 June 2020 under which the Company is entitled to advertise and promote itself as the main sponsor of BSC Young Boys for the 2020/21, 2021/22 and 2022/23 seasons. b. The Company and Club Legia Waeszawa S.A (\u201cLegia\u201d) entered into a sponsorship agreement on 9 August 2020 under which the Company is entitled to advertise and promote itself as the main sponsor of Legia for the 2020/21, 2021/22 and 2022/23 seasons. c. The Company and Club Atalanta Bergamasca Calcio SPA (\u201cAtalanta\u201d) entered into a sponsorship agreement on 18 August 2020 under which the Company is entitled to advertise and promote itself as the main sponsor of Atalanta for the 2020/21, 2021/22 and 2022/23 seasons. d. The Company and the NBA\u2019s Chicago Bulls entered on October 2022 into a multi-year sponsorship agreement to become an official global partner of the Chicago Bulls on under which the Company is entitled to advertise and promote itself. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-226": { "value": "NOTE 22 \u2013 SHARE CAPITAL Composed of ordinary shares of NIS 0.01 par value, as follows: Number of ordinary shares as of 31 December 2022 2021 Authorised 300,000,000 300,000,000 Issued and fully paid 114,888,377 114,888,377 Less treasury shares * (21,112,648) (14,663,597) Outstanding shares 93,775,729 100,224,780 * Number of accumulated ordinary shares that were purchased by the Company as part of the share buyback programmes, less issue of treasury shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-241": { "value": "NOTE 22 \u2013 SHARE CAPITAL Composed of ordinary shares of NIS 0.01 par value, as follows: Number of ordinary shares as of 31 December 2022 2021 Authorised 300,000,000 300,000,000 Issued and fully paid 114,888,377 114,888,377 Less treasury shares * (21,112,648) (14,663,597) Outstanding shares 93,775,729 100,224,780 * Number of accumulated ordinary shares that were purchased by the Company as part of the share buyback programmes, less issue of treasury shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-227": { "value": "NOTE 23 \u2013 GOODWILL AND OTHER INTANGIBLE ASSETS, NET Goodwill and other intangible assets, net as at 31 December 2022 comprises of Regulatory licence of $28.6 million, Goodwill of $8.6 million and Technology and Customer relationships, net of $1.5 million. The Goodwill and Regulatory licence recorded in the Company\u2019s accounts stems from the business combinations, see Note 24. The recoverable amount of a cash generating unit is based on the calculation of the value in use. As part of these calculations, the Company used the pre-tax expected cash flows based on the cash generating unit\u2019s past results, its budget for the next year and the forecast for the following years. The recoverable amount of the cash generating unit was calculated by an external party and reviewed by Company\u2019s management. The valuation used a pre-tax discount rate of 20.5% and a terminal growth rate of 2%. As of 31 December 2022, the recoverable amounts of the cash generating unit are higher than their carrying amounts, and it was not required to record impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-251": { "value": "NOTE 23 \u2013 GOODWILL AND OTHER INTANGIBLE ASSETS, NET Goodwill and other intangible assets, net as at 31 December 2022 comprises of Regulatory licence of $28.6 million, Goodwill of $8.6 million and Technology and Customer relationships, net of $1.5 million. The Goodwill and Regulatory licence recorded in the Company\u2019s accounts stems from the business combinations, see Note 24. The recoverable amount of a cash generating unit is based on the calculation of the value in use. As part of these calculations, the Company used the pre-tax expected cash flows based on the cash generating unit\u2019s past results, its budget for the next year and the forecast for the following years. The recoverable amount of the cash generating unit was calculated by an external party and reviewed by Company\u2019s management. The valuation used a pre-tax discount rate of 20.5% and a terminal growth rate of 2%. As of 31 December 2022, the recoverable amounts of the cash generating unit are higher than their carrying amounts, and it was not required to record impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-242": { "value": "NOTE 23 \u2013 GOODWILL AND OTHER INTANGIBLE ASSETS, NET Goodwill and other intangible assets, net as at 31 December 2022 comprises of Regulatory licence of $28.6 million, Goodwill of $8.6 million and Technology and Customer relationships, net of $1.5 million. The Goodwill and Regulatory licence recorded in the Company\u2019s accounts stems from the business combinations, see Note 24. The recoverable amount of a cash generating unit is based on the calculation of the value in use. As part of these calculations, the Company used the pre-tax expected cash flows based on the cash generating unit\u2019s past results, its budget for the next year and the forecast for the following years. The recoverable amount of the cash generating unit was calculated by an external party and reviewed by Company\u2019s management. The valuation used a pre-tax discount rate of 20.5% and a terminal growth rate of 2%. As of 31 December 2022, the recoverable amounts of the cash generating unit are higher than their carrying amounts, and it was not required to record impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-228": { "value": "NOTE 24 \u2013 BUSINESS COMBINATION USA business combination On 19 July 2021, Plus500US Inc., a wholly owned subsidiary of the Company, completed the acquisition of all of the membership interests of Cunningham Commodities LLC. (\u201cCunningham\u201d), a regulated Futures Commission Merchant (\u201cFCM\u201d), and Cunningham Trading Systems LLC. (\u201cCTS\u201d), a technology trading platform provider, operating in the futures and options on futures market. The acquisition consideration was funded from the Company\u2019s existing cash balances and was paid on completion. The measurement period for the acquisition ended on 19 July 2022. The assets and liabilities recognised as a result of this acquisition are as follows: US dollars in millions Cash 0.5 Other receivables and others 6.0 Long term other receivables 0.4 Service suppliers (0.3) Other payables (1.6) Deferred tax liability (6.9) Goodwill and other intangible assets 34.9 Net assets acquired 33.0 Japan business combination On 21 March 2022, the Company completed the acquisition of 100% of the issued and outstanding share capital of EZ Invest Securities, Co., Ltd. (\u201cEZ Invest\u201d). EZ Invest is licenced as a Type 1 Financial Instruments Business Operator, regulated by the Financial Services Agency (FSA) in Japan. The acquisition consideration was funded from the Company\u2019s existing cash balances and was paid on completion. Net assets acquired were $4.8 million and comprised mainly of intangible assets of $4.4 million. The measurement period for the acquisition ended on 21 March 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-229": { "value": "NOTE 25 \u2013 RELATED PARTIES AND KEY MANAGEMENT a. Key management personnel definition: The Directors and other members of management are classified as Persons Discharging Management Responsibility (\u201cPDMR\u201d) in accordance with IAS 24 and the Market Abuse Regulation. The Directors\u2019 Remuneration Report discusses all the benefits and share based compensations earned during the year and the preceding year by the Directors. b. Company\u2019s liability in respect of related parties and key management services (part of other payable): As at 31 December US dollars in millions 2022 2021 Related party and key management liability 14.2 11.6 c. Expenses to related parties and key management: Year ended 31 December US dollars in millions 2022 2021 Payroll and related expenses and service fees (selling and marketing expenses) 6.7 6.6 Payroll and related expenses and service fees (administrative and general expenses) 14.7 10.0 Non-Executive Directors fees (administrative and general expenses) 1.4 1.1 The average number of key management personnel during the year was 20 (FY 2021: 21). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-243": { "value": "NOTE 25 \u2013 RELATED PARTIES AND KEY MANAGEMENT a. Key management personnel definition: The Directors and other members of management are classified as Persons Discharging Management Responsibility (\u201cPDMR\u201d) in accordance with IAS 24 and the Market Abuse Regulation. The Directors\u2019 Remuneration Report discusses all the benefits and share based compensations earned during the year and the preceding year by the Directors. b. Company\u2019s liability in respect of related parties and key management services (part of other payable): As at 31 December US dollars in millions 2022 2021 Related party and key management liability 14.2 11.6 c. Expenses to related parties and key management: Year ended 31 December US dollars in millions 2022 2021 Payroll and related expenses and service fees (selling and marketing expenses) 6.7 6.6 Payroll and related expenses and service fees (administrative and general expenses) 14.7 10.0 Non-Executive Directors fees (administrative and general expenses) 1.4 1.1 The average number of key management personnel during the year was 20 (FY 2021: 21). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-252": { "value": "a. Key management personnel definition: The Directors and other members of management are classified as Persons Discharging Management Responsibility (\u201cPDMR\u201d) in accordance with IAS 24 and the Market Abuse Regulation. The Directors\u2019 Remuneration Report discusses all the benefits and share based compensations earned during the year and the preceding year by the Directors. b. Company\u2019s liability in respect of related parties and key management services (part of other payable): As at 31 December US dollars in millions 2022 2021 Related party and key management liability 14.2 11.6 c. Expenses to related parties and key management: Year ended 31 December US dollars in millions 2022 2021 Payroll and related expenses and service fees (selling and marketing expenses) 6.7 6.6 Payroll and related expenses and service fees (administrative and general expenses) 14.7 10.0 Non-Executive Directors fees (administrative and general expenses) 1.4 1.1 The average number of key management personnel during the year was 20 (FY 2021: 21). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-230": { "value": "
NOTE 26 \u2013 FINANCIAL RISK MANAGEMENT
The Group operates in the fields of OTC and share dealing, as well as futures and options on futures. In the field of OTC, the Group
engages only with individual clients and offers OTC referenced to shares, indices, commodities, options, ETFs, cryptocurrencies
and foreign exchange. In the field of share dealing, the Group engages only with individual clients and offers a wide range of
financial instruments comprised of the world\u2019s most popular equities, listed on major exchanges worldwide. In the field of
futures and options on futures, the Group engages through its subsidiary in the US which is an FCM that clears and executes
futures contracts and options on futures contracts for customers.
The Group\u2019s activities expose it to a variety of financial risks: market risk (including currency risk and price risk), credit risk and
liquidity risk. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks
to minimise potential adverse effects on the Group\u2019s financial performance.
a. Market risk
Market risk is the risk that changes in market prices will affect the Group\u2019s income or the value of its holdings of financial
instruments. This risk can be divided into market price risk and foreign currency risk, as described below.
The Group\u2019s market risk is managed on a Group-wide basis and exposure to market risk at any point in time depends primarily
on short-term market conditions and the levels of client activity. The Group utilises market position limits for operational
efficiency. Not all net client exposures are hedged and the Group may have a substantial net position in any of the financial
markets in which it offers products. In 2021, the Group implemented targeted hedging, with a view to reducing market risk. This
focused approach continues to be deployed in certain circumstances going forward, as and when appropriate.
The Group\u2019s OTC market risk policy incorporates a methodology for setting market position limits, consistent with the Group risk
appetite, for each financial instrument in which the Group OTC clients can trade.
These limits are determined based on the Group OTC clients\u2019 trading levels, volatilities and the market liquidity of the underlying
financial product or asset class. The limits represent the maximum long and short client exposure that the Group will hold
without hedging the net OTC client exposure.
The Group\u2019s real-time OTC market position monitoring system is intended to allow it to continually monitor its OTC market
exposure against these limits. If exposures exceed these limits, the Group either hedges or new OTC client positions are being
offered in a smaller size and partially could be rejected under the Group\u2019s policy.
It is the approach of the Group to observe during the year the \u201cnatural\u201d hedge arising from the Group\u2019s global OTC clients in
order to reduce the Group\u2019s net market exposure.
The Group\u2019s exposure to market risk at any point in time depends primarily on short-term market conditions and client activities
during the trading day. The exposure at each statement of financial position date may therefore not be representative of the
market risk exposure faced by the Group over the year. The Group\u2019s exposure to market risk is determined by the exposure limits
described above which change from time to time.
1. Market price risk
This is the risk that the fair value of a financial instrument fluctuates as a result of changes in market prices other than due to the
effect of transactional foreign currency exposures risk.
The Group has market price risk as a result of its OTC trading activities on shares, indices, commodities, options, ETFs,
cryptocurrencies and foreign exchange, part of which is naturally hedged as part of the overall market risk management. The
exposure is monitored on a Group-wide basis.
OTC exposure limits are set by the risk department and management for each financial instrument, and also for groups of
financial instruments where it is considered that their price movements are likely to be positively correlated. The exposures are
being reviewed by the Regulatory & Risk Committee.
Daily profit on OTC closed positions:
US dollars in millions 2022 2021
Highest profit 32.7 16.0
Highest loss (9.8) (3.9)
Average 2.1 1.9
2. Foreign currency risk
Transactional foreign currency exposures represent financial assets or liabilities denominated in currencies other than the
functional currency of the Group. Transaction exposures arise in the normal course of business.
Foreign currency risk is managed on a Group-wide basis, while the Group exposure to foreign currency risk is not considered by
the Board of Directors to be significant. The Group monitors transactional foreign currency risks including currency statement
of financial position exposures, equity, commodity, interest and other positions denominated in foreign currencies and trades
on foreign currencies.
If the US dollar had strengthened by 3% as at 31 December 2022, in respect of balances denominated in other currencies, with all
other variables unchanged, the exposure on income after taxes in respect of those balances would be a gain (loss) of $0.2
million in respect of EUR, ($0.3) million in respect of AUD, $0.4 million in respect of GBP and ($3.7) million in respect of NIS. The
exposure in respect of balances denominated in other currencies is immaterial.
NOTE 26 \u2013 FINANCIAL RISK MANAGEMENT continued b. Credit risk The Group operates a real-time mark-to-market OTC trading platform with customers\u2019 profits and losses being credited and debited automatically to their accounts. Under the Group\u2019s policy, OTC customers cannot owe the Group funds when losing more than they have in their accounts, all OTC customer accounts are pre-funded. OTC client credit risk \u2013 Client credit risk principally arises when a customer\u2019s total funds deposited (margin and free equity) are insufficient to cover any trading losses incurred. In particular, customer credit risk can arise where there are significant, sudden movements in the market (e.g. due to high general market volatility or specific volatility relating to an individual financial instrument in which a customer has an open position). The Group\u2019s OTC offering is margin-traded. If the market moves adversely by more than the customer\u2019s maintenance margin, the Group is exposed to customer credit risk. The principal types of OTC customer credit risk exposures are managed by monitoring all customer positions on a real-time basis. If customers\u2019 funds are below the required margin level, customers\u2019 positions are liquidated (margin call). Institutional credit risk \u2013 The risk that financial counterparties will not meet their obligation, risking both client and the Group\u2019s assets. The carrying amount of the Group\u2019s financial assets represents their maximum exposure to credit risk. The Group has no material financial assets that are past due or impaired as at the reporting dates. As of 31 December 2022 and 2021, counterparties holding the Group\u2019s cash and cash equivalents, credit cards, client funds and deposits, have credit ratings as follows: Credit Rating* 2022 2021 AAA to A- 95% 94% BBB+ to B- 2% 2% Remaining counterparties 3% 4% * The financial institutions were rated by the same third party. As of 31 December 2022 the amounts held by the remaining counterparties are held in several counterparties worldwide. The balance in each of those counterparties does not exceed 2% (2021: 2%) of total cash and cash equivalents, credit cards, client funds and deposits. The Group\u2019s largest credit exposure to any single bank as of 31 December 2022 was $370.1 million or 31% of the exposure to all banks (2021: $240.1 million or 22%). c. Concentration risk Concentration risk is defined as all risk exposures with a loss potential which is large enough to threaten the solvency or the financial position of the Group. In respect of financial risk, such exposures may be caused by credit risk, market risk, liquidity risk or a combination or interaction of those risks .
d. Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations arising from its financial liabilities that are
settled by delivering cash or other financial assets.
Liquidity risk is managed centrally and on a Group-wide basis. The Group\u2019s approach to managing liquidity is to ensure it will
have sufficient liquidity to meet its financial liabilities when due, under both normal circumstances and stressed conditions.
The Group\u2019s approach is to ensure that there will be no material liquidity mismatches with regard to liquidity maturity profiles
due to the very short-term nature of its financial assets and liabilities.
A result of this policy is that short-term liquidity \u201cgaps\u201d can potentially arise in periods of very high client activity or significant
increases in global financial market levels.
The contractual maturity of the financial liabilities to service suppliers is generally up to two months.
e. Capital management
1) Plus500UK
The UK Subsidiary is regulated by the FCA.
The UK Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of
capital required to support all material risks throughout the business. The UK Subsidiary manages its regulatory capital through
an Internal Capital Adequacy and Risk Assessment process (known as the ICARA) in accordance with guidelines and rules
implemented by the FCA. Both assessments are compared with total available regulatory capital on a daily basis and
monitored by the management of the Group.
As at 31 December 2022 and 2021, the UK Subsidiary had GBP 51.7 million and GBP 43.9 million, respectively, of eligible capital
which is in excess of both its regulatory capital requirement and the internally measured capital requirement.
2) Plus500CY
The CY Subsidiary is regulated by CySEC.
The CY Subsidiary manages its capital resources on the basis of regulatory capital requirements (\u201cPillar 1\u201d) and its own
assessment of capital required to support all material risks throughout the business (\u201cPillar 2\u201d). The CY Subsidiary manages its
regulatory capital through an Internal Capital Adequacy and Risk Assessment (\u201cICARA\u201d) process in accordance with guidelines
and rules implemented by CySEC.
The CY Subsidiary monitors on a frequent basis its Pillar 1 capital requirements and ensures that its capital and liquidity position
remains always above the minimum regulatory thresholds. As of 31 December 2022 and 2021, the CY Subsidiary held
EUR 107.2 million and EUR 90.4 million, respectively, of eligible capital which is in excess of both its regulatory capital requirement
(Pillar 1) and the internally measured capital requirement (Pillar 2).
As of the 26 June 2021, the capital adequacy and overall risk management requirements that applied to the CY Subsidiary
under the Capital Requirements Regulation & Directive (\u201cCRR & CRDIV\u201d) prudential framework, have been replaced by amended
prudential rules. The Internal Capital Adequacy Assessment Process (\u201cICAAP\u201d) were replaced by ICARA.
As at 31 December 2022 and 2021, the CY Subsidiary\u2019s Pillar 1 Capital Adequacy ratio on a transitional basis was 253.1% and 174.1%
respectively. Moreover, the CY Subsidiary is evaluating its overall risk profile and capital position through its ICARA process,
which is performed at least on an annual basis.
3) Plus500AU
The AU Subsidiary is regulated by ASIC, FMA and FSCA.
The AU Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of
capital required to support all material risks. The AU Subsidiary manages its capital through its Net Tangible Assets (\u201cNTA\u201d)
assessment in accordance with rules and guidelines implemented by ASIC and FMA and Capital Liquidity assessment in
accordance with rules and guidelines implemented by FSCA.
As at 31 December 2022 and 2021, the AU Subsidiary held AUD 43.8 million and AUD 38.2 million, respectively, of eligible capital,
which is in excess of its NTA requirements from ASIC, FMA and FSCA.
NOTE 26 \u2013 FINANCIAL RISK MANAGEMENT continued e. Capital Management continued 4) Plus500SG The SG Subsidiary is regulated by MAS. The SG Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The SG Subsidiary manages its capital in accordance with rules and guidelines implemented by MAS. As at 31 December 2022 and 2021, the SG Subsidiary held SGD 8.6 million and SGD 8.3 million, respectively, of eligible capital, which is in excess of its MAS requirements. 5) Plus500IL The IL Subsidiary is regulated by ISA. The IL Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The IL Subsidiary manages its capital in accordance with rules and guidelines implemented by ISA. As at 31 December 2022 and 2021, the IL Subsidiary held NIS 35.8 million and NIS 34.8 million, respectively, of eligible capital, which is in excess of its ISA requirements. 6) Plus500SEY The SEY Subsidiary is regulated by FSA. The SEY Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The SEY Subsidiary manages its capital in accordance with rules and guidelines implemented by FSA. As at 31 December 2022 and 2021, the SEY Subsidiary held sufficient levels of eligible capital, which is in excess of its FSA requirements. 7) Cunningham Commodities Cunningham Commodities is a Futures Commission Merchant (\u201cFCM\u201d) registered with the CFTC and is a member of the National Futures Association (\u201cNFA\u201d). As at 31 December 2022 and 2021, the Cunningham Commodities Subsidiary had a net capital of USD 86.1 million and USD 22.0 million, respectively, which is in excess of CFTC Regulation 1.17 and the minimum capital requirements of the CME Group Inc. 8) Plus500EE The EE Subsidiary is regulated by EFSA. The EE Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The EE Subsidiary manages its capital in accordance with rules and guidelines implemented by EFSA. As at 31 December 2022, the EE Subsidiary held EUR 5.4 million of eligible capital, which is in excess of its EFSA requirements. 9) Plus500JP The JP Subsidiary is regulated by FSA. The JP Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The JP Subsidiary manages its capital in accordance with rules and guidelines implemented by FSA. As at 31 December 2022, the JP Subsidiary held JPY 590.5 million, of eligible capital, which is in excess of its FSA requirements.
f. Other business risks
The Group\u2019s business is subject to various laws and regulations in different countries according to its activity and other countries
from where the Company operates. Any regulatory actions, tax or legal challenges against the Group for non-compliance with
any regulatory or legal requirement could result in significant fines, penalties, or other enforcement actions, increased costs of
doing business through adverse judgement or settlement, reputational harm, the diversion of significant amounts of
management time and operational resources, and could require changes in compliance requirements or limits on the Group\u2019s
ability to expand its product offerings, or otherwise harm or have a material adverse effect on the Group\u2019s business.
g. Fair value estimation
Financial derivative open positions (offset from, or presented with, deposits from clients within \u201cTrade payable \u2013 due to clients\u201d)
(see also Note 19) are measured at fair value through profit or loss using valuation techniques. The said valuation techniques
are based on inputs other than quoted prices in active markets that are observable for the asset or liability, either directly (that
is, as prices) or indirectly (that is, derived from prices).
These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on
entity specific estimates. All significant inputs required for the fair value estimations of the said instruments are observable.
Specific valuation techniques used to value financial instruments are based on quoted market prices at the consolidated
statement of financial position date and an additional predetermined amount (trading spread).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-244": { "value": "a. Market risk Market risk is the risk that changes in market prices will affect the Group\u2019s income or the value of its holdings of financial instruments. This risk can be divided into market price risk and foreign currency risk, as described below. The Group\u2019s market risk is managed on a Group-wide basis and exposure to market risk at any point in time depends primarily on short-term market conditions and the levels of client activity. The Group utilises market position limits for operational efficiency. Not all net client exposures are hedged and the Group may have a substantial net position in any of the financial markets in which it offers products. In 2021, the Group implemented targeted hedging, with a view to reducing market risk. This focused approach continues to be deployed in certain circumstances going forward, as and when appropriate. The Group\u2019s OTC market risk policy incorporates a methodology for setting market position limits, consistent with the Group risk appetite, for each financial instrument in which the Group OTC clients can trade. These limits are determined based on the Group OTC clients\u2019 trading levels, volatilities and the market liquidity of the underlying financial product or asset class. The limits represent the maximum long and short client exposure that the Group will hold without hedging the net OTC client exposure. The Group\u2019s real-time OTC market position monitoring system is intended to allow it to continually monitor its OTC market exposure against these limits. If exposures exceed these limits, the Group either hedges or new OTC client positions are being offered in a smaller size and partially could be rejected under the Group\u2019s policy. It is the approach of the Group to observe during the year the \u201cnatural\u201d hedge arising from the Group\u2019s global OTC clients in order to reduce the Group\u2019s net market exposure. The Group\u2019s exposure to market risk at any point in time depends primarily on short-term market conditions and client activities during the trading day. The exposure at each statement of financial position date may therefore not be representative of the market risk exposure faced by the Group over the year. The Group\u2019s exposure to market risk is determined by the exposure limits described above which change from time to time. 1. Market price risk This is the risk that the fair value of a financial instrument fluctuates as a result of changes in market prices other than due to the effect of transactional foreign currency exposures risk. The Group has market price risk as a result of its OTC trading activities on shares, indices, commodities, options, ETFs, cryptocurrencies and foreign exchange, part of which is naturally hedged as part of the overall market risk management. The exposure is monitored on a Group-wide basis. OTC exposure limits are set by the risk department and management for each financial instrument, and also for groups of financial instruments where it is considered that their price movements are likely to be positively correlated. The exposures are being reviewed by the Regulatory & Risk Committee. Daily profit on OTC closed positions: US dollars in millions 2022 2021 Highest profit 32.7 16.0 Highest loss (9.8) (3.9) Average 2.1 1.9 2. Foreign currency risk Transactional foreign currency exposures represent financial assets or liabilities denominated in currencies other than the functional currency of the Group. Transaction exposures arise in the normal course of business. Foreign currency risk is managed on a Group-wide basis, while the Group exposure to foreign currency risk is not considered by the Board of Directors to be significant. The Group monitors transactional foreign currency risks including currency statement of financial position exposures, equity, commodity, interest and other positions denominated in foreign currencies and trades on foreign currencies. If the US dollar had strengthened by 3% as at 31 December 2022, in respect of balances denominated in other currencies, with all other variables unchanged, the exposure on income after taxes in respect of those balances would be a gain (loss) of $0.2 million in respect of EUR, ($0.3) million in respect of AUD, $0.4 million in respect of GBP and ($3.7) million in respect of NIS. The exposure in respect of balances denominated in other currencies is immaterial. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-245": { "value": "b. Credit risk The Group operates a real-time mark-to-market OTC trading platform with customers\u2019 profits and losses being credited and debited automatically to their accounts. Under the Group\u2019s policy, OTC customers cannot owe the Group funds when losing more than they have in their accounts, all OTC customer accounts are pre-funded. OTC client credit risk \u2013 Client credit risk principally arises when a customer\u2019s total funds deposited (margin and free equity) are insufficient to cover any trading losses incurred. In particular, customer credit risk can arise where there are significant, sudden movements in the market (e.g. due to high general market volatility or specific volatility relating to an individual financial instrument in which a customer has an open position). The Group\u2019s OTC offering is margin-traded. If the market moves adversely by more than the customer\u2019s maintenance margin, the Group is exposed to customer credit risk. The principal types of OTC customer credit risk exposures are managed by monitoring all customer positions on a real-time basis. If customers\u2019 funds are below the required margin level, customers\u2019 positions are liquidated (margin call). Institutional credit risk \u2013 The risk that financial counterparties will not meet their obligation, risking both client and the Group\u2019s assets. The carrying amount of the Group\u2019s financial assets represents their maximum exposure to credit risk. The Group has no material financial assets that are past due or impaired as at the reporting dates. As of 31 December 2022 and 2021, counterparties holding the Group\u2019s cash and cash equivalents, credit cards, client funds and deposits, have credit ratings as follows: Credit Rating* 2022 2021 AAA to A- 95% 94% BBB+ to B- 2% 2% Remaining counterparties 3% 4% * The financial institutions were rated by the same third party. As of 31 December 2022 the amounts held by the remaining counterparties are held in several counterparties worldwide. The balance in each of those counterparties does not exceed 2% (2021: 2%) of total cash and cash equivalents, credit cards, client funds and deposits. The Group\u2019s largest credit exposure to any single bank as of 31 December 2022 was $370.1 million or 31% of the exposure to all banks (2021: $240.1 million or 22%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-246": { "value": "c. Concentration risk Concentration risk is defined as all risk exposures with a loss potential which is large enough to threaten the solvency or the financial position of the Group. In respect of financial risk, such exposures may be caused by credit risk, market risk, liquidity risk or a combination or interaction of those risks ", "dimensions": { "concept": "plus500ltd:DisclosureOfConcentrationRisk", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-247": { "value": "d. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations arising from its financial liabilities that are settled by delivering cash or other financial assets. Liquidity risk is managed centrally and on a Group-wide basis. The Group\u2019s approach to managing liquidity is to ensure it will have sufficient liquidity to meet its financial liabilities when due, under both normal circumstances and stressed conditions. The Group\u2019s approach is to ensure that there will be no material liquidity mismatches with regard to liquidity maturity profiles due to the very short-term nature of its financial assets and liabilities. A result of this policy is that short-term liquidity \u201cgaps\u201d can potentially arise in periods of very high client activity or significant increases in global financial market levels. The contractual maturity of the financial liabilities to service suppliers is generally up to two months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-248": { "value": "e. Capital management 1) Plus500UK The UK Subsidiary is regulated by the FCA. The UK Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks throughout the business. The UK Subsidiary manages its regulatory capital through an Internal Capital Adequacy and Risk Assessment process (known as the ICARA) in accordance with guidelines and rules implemented by the FCA. Both assessments are compared with total available regulatory capital on a daily basis and monitored by the management of the Group. As at 31 December 2022 and 2021, the UK Subsidiary had GBP 51.7 million and GBP 43.9 million, respectively, of eligible capital which is in excess of both its regulatory capital requirement and the internally measured capital requirement. 2) Plus500CY The CY Subsidiary is regulated by CySEC. The CY Subsidiary manages its capital resources on the basis of regulatory capital requirements (\u201cPillar 1\u201d) and its own assessment of capital required to support all material risks throughout the business (\u201cPillar 2\u201d). The CY Subsidiary manages its regulatory capital through an Internal Capital Adequacy and Risk Assessment (\u201cICARA\u201d) process in accordance with guidelines and rules implemented by CySEC. The CY Subsidiary monitors on a frequent basis its Pillar 1 capital requirements and ensures that its capital and liquidity position remains always above the minimum regulatory thresholds. As of 31 December 2022 and 2021, the CY Subsidiary held EUR 107.2 million and EUR 90.4 million, respectively, of eligible capital which is in excess of both its regulatory capital requirement (Pillar 1) and the internally measured capital requirement (Pillar 2). As of the 26 June 2021, the capital adequacy and overall risk management requirements that applied to the CY Subsidiary under the Capital Requirements Regulation & Directive (\u201cCRR & CRDIV\u201d) prudential framework, have been replaced by amended prudential rules. The Internal Capital Adequacy Assessment Process (\u201cICAAP\u201d) were replaced by ICARA. As at 31 December 2022 and 2021, the CY Subsidiary\u2019s Pillar 1 Capital Adequacy ratio on a transitional basis was 253.1% and 174.1% respectively. Moreover, the CY Subsidiary is evaluating its overall risk profile and capital position through its ICARA process, which is performed at least on an annual basis. 3) Plus500AU The AU Subsidiary is regulated by ASIC, FMA and FSCA. The AU Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of capital required to support all material risks. The AU Subsidiary manages its capital through its Net Tangible Assets (\u201cNTA\u201d) assessment in accordance with rules and guidelines implemented by ASIC and FMA and Capital Liquidity assessment in accordance with rules and guidelines implemented by FSCA. As at 31 December 2022 and 2021, the AU Subsidiary held AUD 43.8 million and AUD 38.2 million, respectively, of eligible capital, which is in excess of its NTA requirements from ASIC, FMA and FSCA.
e. Capital Management continued
4) Plus500SG
The SG Subsidiary is regulated by MAS.
The SG Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of
capital required to support all material risks. The SG Subsidiary manages its capital in accordance with rules and guidelines
implemented by MAS.
As at 31 December 2022 and 2021, the SG Subsidiary held SGD 8.6 million and SGD 8.3 million, respectively, of eligible capital,
which is in excess of its MAS requirements.
5) Plus500IL
The IL Subsidiary is regulated by ISA.
The IL Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of
capital required to support all material risks. The IL Subsidiary manages its capital in accordance with rules and guidelines
implemented by ISA.
As at 31 December 2022 and 2021, the IL Subsidiary held NIS 35.8 million and NIS 34.8 million, respectively, of eligible capital, which
is in excess of its ISA requirements.
6) Plus500SEY
The SEY Subsidiary is regulated by FSA.
The SEY Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of
capital required to support all material risks. The SEY Subsidiary manages its capital in accordance with rules and guidelines
implemented by FSA.
As at 31 December 2022 and 2021, the SEY Subsidiary held sufficient levels of eligible capital, which is in excess of its FSA
requirements.
7) Cunningham Commodities
Cunningham Commodities is a Futures Commission Merchant (\u201cFCM\u201d) registered with the CFTC and is a member of the National
Futures Association (\u201cNFA\u201d).
As at 31 December 2022 and 2021, the Cunningham Commodities Subsidiary had a net capital of USD 86.1 million and
USD 22.0 million, respectively, which is in excess of CFTC Regulation 1.17 and the minimum capital requirements of the CME Group
Inc.
8) Plus500EE
The EE Subsidiary is regulated by EFSA.
The EE Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of
capital required to support all material risks. The EE Subsidiary manages its capital in accordance with rules and guidelines
implemented by EFSA.
As at 31 December 2022, the EE Subsidiary held EUR 5.4 million of eligible capital, which is in excess of its EFSA requirements.
9) Plus500JP
The JP Subsidiary is regulated by FSA.
The JP Subsidiary manages its capital resources on the basis of regulatory capital requirements and its own assessment of
capital required to support all material risks. The JP Subsidiary manages its capital in accordance with rules and guidelines
implemented by FSA.
As at 31 December 2022, the JP Subsidiary held JPY 590.5 million, of eligible capital, which is in excess of its FSA requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-249": { "value": "f. Other business risks The Group\u2019s business is subject to various laws and regulations in different countries according to its activity and other countries from where the Company operates. Any regulatory actions, tax or legal challenges against the Group for non-compliance with any regulatory or legal requirement could result in significant fines, penalties, or other enforcement actions, increased costs of doing business through adverse judgement or settlement, reputational harm, the diversion of significant amounts of management time and operational resources, and could require changes in compliance requirements or limits on the Group\u2019s ability to expand its product offerings, or otherwise harm or have a material adverse effect on the Group\u2019s business. ", "dimensions": { "concept": "plus500ltd:DisclosureOfOtherBusinessRisks", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-250": { "value": "g. Fair value estimation Financial derivative open positions (offset from, or presented with, deposits from clients within \u201cTrade payable \u2013 due to clients\u201d) (see also Note 19) are measured at fair value through profit or loss using valuation techniques. The said valuation techniques are based on inputs other than quoted prices in active markets that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. All significant inputs required for the fair value estimations of the said instruments are observable. Specific valuation techniques used to value financial instruments are based on quoted market prices at the consolidated statement of financial position date and an additional predetermined amount (trading spread). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-231": { "value": "NOTE 27 \u2013 CASH GENERATED FROM OPERATIONS Year ended 31 December US dollars in millions 2022 2021 Cash generated from operating activities Net income for the year 370.4 310.6 Adjustments required to reflect the cash flows from operating activities: Depreciation and amortisation 1.4 0.7 Amortisation of right of use assets 2.0 1.8 Lease modification \u2013 (0.2) Liability for share based compensation 11.9 6.8 Settlement of share based compensation (7.3) (8.4) Equity share based compensation 7.5 4.9 Taxes on income 103.9 75.8 Interest expenses in respect of leases 0.1 0.2 Exchange differences in respect of leases (0.4) \u2013 Interest income (13.5) (6.2) Foreign exchange losses (gains) on operating activities (4.5) 4.3 101.1 79.7 Operating changes in working capital: Decrease (increase) in other receivables and others 5.2 (16.9) Increase (decrease) in trade payables due to clients 9.8 (0.4) Increase (decrease) in other payables 24.1 17.3 Increase (decrease) in service suppliers (3.8) (7.3) 35.3 (7.3) Cash generated from operations 506.8 383.0 ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-232": { "value": "NOTE 28 \u2013 SUBSEQUENT EVENTS In February 2023, the Group obtained a licence in the United Arab Emirates, granted by the Dubai Financial Services Authority (DFSA). On 14 February 2023, the Company declared a final dividend in an amount of $20.0 million ($0.2156 per share). The dividend record date is 24 February 2023 and it will be paid to the shareholders on 11 July 2023. On 14 February 2023, the Company declared a special dividend in an amount of $10.0 million ($0.1078 per share). The dividend record date is 24 February 2023 and it will be paid to the shareholders on 11 July 2023. On 14 February 2023, the Company declared the adoption of a share buyback programme to buy back up to $70.0 million of the Company\u2019s ordinary shares, comprised of a final share buyback programme in the amount of $42.4 million and a special share buyback programme in the amount of $27.6 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }