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(the \u201cCompany\u201d and together with 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 online trading platforms, 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 (\u201cEEA\u201d), Australia, the US, and the Middle East and has customers located in more than 60 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, the Dubai Financial Services Authority (\u201cDFSA\u201d) in the UAE and the Securities Commission of the Bahamas (\u201cSCB\u201d) in the Bahamas. 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 offers trading products: 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 10.2, Matam, Haifa 3115001, Israel.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "Plus500 Ltd. (the \u201cCompany\u201d and together with 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 online trading platforms, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "Building 10.2, Matam, Haifa 3115001, Israel", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-190": { "value": "NOTE 2 \u2013 SUMMARY OF MATERIAL ACCOUNTING POLICIES a. Basis of accounting and accounting policies The Group\u2019s consolidated financial information as at 31 December 2023 and 2022 and for each of the two years in the period ended on 31 December 2023 are in compliance with International Financial Reporting Standards that consist of standards and interpretations issued by the International Accounting Standard Board (\u201cIFRSs\u201d). The material 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. 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). d. 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 expenses (income)\u201d. e. 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. f. Interest income During the year ended 31 December 2023, management has updated the accounting policy regarding the presentation of interest income. Accordingly, interest income is accrued based on the effective interest rate method, and is presented as part of the Group\u2019s revenue in the statement of comprehensive income. Previously, interest income was presented as part of financial income in the statement of comprehensive income. The voluntary change in accounting policy is intended to provide shareholders with better expression of its business activities and to enhance the comparability of its financial statements to its peers. The effect of this change on the consolidated financial statements in previous periods is not material for the consolidated financial statements as a whole. g. 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. The fair value of the services received by employees and service contractors in exchange for the grant of ordinary shares is 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 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. h. 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 purchased at market value (see Note 12). i. 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.
j. 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.
k. Property, plant and equipment
Property, plant and equipment are stated at historical cost
less accumulated depreciation.
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:
Computers and office equipment are depreciated by the
straight-line method over their useful life period with annual
depreciation percentages of 6% to 33%.
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.
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.
l. 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.
m. 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.
n. Employee benefits
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 decisions.
o. 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.
p. 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.
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 are between one to ten 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.
q. 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.
r. 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 and is not amortised.
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.
s. 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.
t. 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 applied retrospectively to annual
reporting periods commencing on 1 January 2023. The
amendment did not have any impact on the amounts
recognised in prior periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-192": { "value": "a. Basis of accounting and accounting policies The Group\u2019s consolidated financial information as at 31 December 2023 and 2022 and for each of the two years in the period ended on 31 December 2023 are in compliance with International Financial Reporting Standards that consist of standards and interpretations issued by the International Accounting Standard Board (\u201cIFRSs\u201d). The material 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-233": { "value": "The Group\u2019s consolidated financial information as at 31 December 2023 and 2022 and for each of the two years in the period ended on 31 December 2023 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-193": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-194": { "value": "c. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-195": { "value": "
d. 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 expenses (income)\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-232": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-196": { "value": "e. 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": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-197": { "value": "f. Interest income During the year ended 31 December 2023, management has updated the accounting policy regarding the presentation of interest income. Accordingly, interest income is accrued based on the effective interest rate method, and is presented as part of the Group\u2019s revenue in the statement of comprehensive income. Previously, interest income was presented as part of financial income in the statement of comprehensive income. The voluntary change in accounting policy is intended to provide shareholders with better expression of its business activities and to enhance the comparability of its financial statements to its peers. The effect of this change on the consolidated financial statements in previous periods is not material for the consolidated financial statements as a whole. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-198": { "value": "g. 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. The fair value of the services received by employees and service contractors in exchange for the grant of ordinary shares is 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-199": { "value": "h. 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 purchased at market value (see Note 12). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-200": { "value": "i. 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. j. 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:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-234": { "value": "j. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-201": { "value": "k. Property, plant and equipment Property, plant and equipment are stated at historical cost less accumulated depreciation. 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: Computers and office equipment are depreciated by the straight-line method over their useful life period with annual depreciation percentages of 6% to 33%. 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-202": { "value": "l. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-203": { "value": "m. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-204": { "value": "n. Employee benefits 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 decisions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-205": { "value": "o. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-206": { "value": "p. 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. 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 are between one to ten 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-207": { "value": "q. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-208": { "value": "r. 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 and is not amortised. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-236": { "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 and is not amortised. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-237": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-209": { "value": "s. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-238": { "value": "t. 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 applied retrospectively to annual reporting periods commencing on 1 January 2023. The amendment did not have any impact on the amounts recognised in prior periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-210": { "value": "t. 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 applied retrospectively to annual reporting periods commencing on 1 January 2023. The amendment did not have any impact on the amounts recognised in prior periods.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-211": { "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 2i and Note 10.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-212": { "value": "
NOTE 4 \u2013 REVENUE
The revenue attributed to geographical areas is as follows:
US DOLLARS IN MILLIONS
YEAR ENDED 31 DECEMBER
2023
2022
European Economic Area (EEA)
324.1
372.9
United Kingdom
66.3
100.4
Australia
52.4
67.2
Rest of the World
283.4
292.1
726.2
832.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-239": { "value": "NOTE 4 \u2013 REVENUE The revenue attributed to geographical areas is as follows: US DOLLARS IN MILLIONS
YEAR ENDED 31 DECEMBER
2023
2022
European Economic Area (EEA)
324.1
372.9
United Kingdom
66.3
100.4
Australia
52.4
67.2
Rest of the World
283.4
292.1
726.2
832.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-213": { "value": "
NOTE 5 \u2013 SELLING AND MARKETING EXPENSES
US DOLLARS IN MILLIONS
YEAR ENDED 31 DECEMBER
2023
2022
Advertising and technology costs
123.9
144.3
Commissions to media buying
11.5
13.5
Payment processing costs
40.0
44.9
Data processing costs
23.2
14.6
Payroll and related expenses
26.2
24.2
Variable bonuses
6.7
8.6
Share based compensation
11.4
6.1
Commissions and fees
31.2
17.0
Other
22.8
28.9
296.9
302.1
NOTE 6 \u2013 ADMINISTRATIVE AND GENERAL EXPENSES
US DOLLARS IN MILLIONS
YEAR ENDED 31 DECEMBER
2023
2022
Payroll and related expenses
20.5
16.3
Variable bonuses
15.2
10.4
Share based compensation
14.3
15.3
Professional and regulatory fees
21.7
23.0
Depreciation and amortisation
4.1
3.4
Other
17.1
11.7
92.9
80.1
NOTE 7 \u2013 OPERATING EXPENSES
The presentation below reflects the breakdown of operating expenses by nature of expense:
US DOLLARS IN MILLIONS
YEAR ENDED 31 DECEMBER
2023
2022
Advertising, marketing and commissions to media buying
99.3
122.0
Employee benefit and other related expenses
94.3
80.9
IT and technology costs
59.3
50.4
Payment processing costs
40.0
44.9
Professional and regulatory fees
21.7
23.0
Depreciation and amortisation
4.1
3.4
Commissions and fees
31.2
17.0
Other
39.9
40.6
389.8
382.2
In the years ended 31 December 2023 and 2022, IT and technology costs together with additional allocated other technological
related costs were $77.1 million and $74.4 million, respectively.
NOTE 8 \u2013 AUDITORS\u2019 REMUNERATION
US DOLLARS IN MILLIONS
YEAR ENDED 31 DECEMBER
2023
2022
Audit of Plus500 Ltd.\u2019s consolidated financial statements
0.3
0.3
Audit of Plus500 Ltd.\u2019s subsidiaries
0.6
0.3
Total audit fees
0.9
0.6
Other assurance related services
0.2
0.3
Tax compliance services
0.1
0.5
Total non-audit fees
0.3
0.8
Total fees
1.2
1.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-240": { "value": "NOTE 5 \u2013 SELLING AND MARKETING EXPENSES US DOLLARS IN MILLIONS
YEAR ENDED 31 DECEMBER
2023
2022
Advertising and technology costs
123.9
144.3
Commissions to media buying
11.5
13.5
Payment processing costs
40.0
44.9
Data processing costs
23.2
14.6
Payroll and related expenses
26.2
24.2
Variable bonuses
6.7
8.6
Share based compensation
11.4
6.1
Commissions and fees
31.2
17.0
Other
22.8
28.9
296.9
302.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-241": { "value": "NOTE 6 \u2013 ADMINISTRATIVE AND GENERAL EXPENSES US DOLLARS IN MILLIONS
YEAR ENDED 31 DECEMBER
2023
2022
Payroll and related expenses
20.5
16.3
Variable bonuses
15.2
10.4
Share based compensation
14.3
15.3
Professional and regulatory fees
21.7
23.0
Depreciation and amortisation
4.1
3.4
Other
17.1
11.7
92.9
80.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-259": { "value": "NOTE 7 \u2013 OPERATING EXPENSES The presentation below reflects the breakdown of operating expenses by nature of expense: US DOLLARS IN MILLIONS
YEAR ENDED 31 DECEMBER
2023
2022
Advertising, marketing and commissions to media buying
99.3
122.0
Employee benefit and other related expenses
94.3
80.9
IT and technology costs
59.3
50.4
Payment processing costs
40.0
44.9
Professional and regulatory fees
21.7
23.0
Depreciation and amortisation
4.1
3.4
Commissions and fees
31.2
17.0
Other
39.9
40.6
389.8
382.2
In the years ended 31 December 2023 and 2022, IT and technology costs together with additional allocated other technological related costs were $77.1 million and $74.4 million, respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-243": { "value": "NOTE 7 \u2013 OPERATING EXPENSES The presentation below reflects the breakdown of operating expenses by nature of expense: US DOLLARS IN MILLIONS
YEAR ENDED 31 DECEMBER
2023
2022
Advertising, marketing and commissions to media buying
99.3
122.0
Employee benefit and other related expenses
94.3
80.9
IT and technology costs
59.3
50.4
Payment processing costs
40.0
44.9
Professional and regulatory fees
21.7
23.0
Depreciation and amortisation
4.1
3.4
Commissions and fees
31.2
17.0
Other
39.9
40.6
389.8
382.2
In the years ended 31 December 2023 and 2022, IT and technology costs together with additional allocated other technological related costs were $77.1 million and $74.4 million, respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-242": { "value": "NOTE 8 \u2013 AUDITORS\u2019 REMUNERATION US DOLLARS IN MILLIONS
YEAR ENDED 31 DECEMBER
2023
2022
Audit of Plus500 Ltd.\u2019s consolidated financial statements
0.3
0.3
Audit of Plus500 Ltd.\u2019s subsidiaries
0.6
0.3
Total audit fees
0.9
0.6
Other assurance related services
0.2
0.3
Tax compliance services
0.1
0.5
Total non-audit fees
0.3
0.8
Total fees
1.2
1.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-214": { "value": "
NOTE 9 \u2013 SHARE BASED COMPENSATION
a. Cash settled share based compensation programmes
The Group grants Share Appreciation Rights to selected employees.
The rights are settled in cash at the end of the vesting period for those who remain employed by the Group.
Cash settled share based compensation expenses
US DOLLARS IN MILLIONS
YEAR ENDED 31 DECEMBER
2023
2022
Selling and marketing expenses
0.3
3.2
Administrative and general expenses
2.4
8.7
2.7
11.9
b. Equity settled share based compensation programmes
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 an annual bonus settled in ordinary shares of the Company and in respect of certain projects, bonuses
with a partial deferred element settled in ordinary shares of the Company to selected service contractors and employees.
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 ordinary shares upon completing the service period. Part of
the RSUs granted include also KPIs with market and performance conditions.
During 2023 and 2022, the Group recognised $23.0 million and $9.5 million, respectively, as expenses in respect of the equity
share based compensation plans in the consolidated statement of comprehensive income with an increase in equity of $13.0
million and $7.5 million, respectively.
As at 31 December 2023 and 2022, retained earnings included an amount of $8.9 million and $5.8 million, respectively,
in respect of the equity share based compensation plans.
The LTIP Grants are subject to service conditions and additional Key Performance Indicators (\u201cKPIs\u201d) measurements, including
market and performance conditions.
The allotted ordinary shares will be issued out of the treasury shares of the Company. In respect of RSUs, 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.
The fair value at grant date of the LTIP and RSU 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 or RSUs expected to vest under the service and performance conditions.
Additionally, employees and service providers are entitled to the deferred bonuses and annual bonuses, both settled
in shares, upon completing a service period of one year and subject to achieving additional KPIs. The fair value at grant date
of the bonuses settled in shares grants is measured according to the value of the grant amount on grant date and expensed
over the vesting period.
The 2020 deferred bonus settled in shares 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 interest and total
shareholder returns.
The 2023 and 2022 annual bonuses settled in shares 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 at the end of the applicable bonus year,
was calculated based on the ordinary share price on grant date, as adjusted for total shareholder returns.
Any estimates applicable with the allotted number of equity settled share base compensation plans takes into consideration
the most probable value of the shares at the grant date which include the expected value of total shareholder returns during
the vesting period. Accordingly, total shareholder returns distributed within the vesting period which affects the final number
of ordinary shares to be allotted on the vesting date and be determined according to the share price at the grant date, less
the accumulated amount of total shareholder returns paid during the vesting period, shall not be added as an expense in the
consolidated statement of comprehensive income.
With respect to RSUs, on the vesting date, the employees shall be entitled to a cash payment equal to the total shareholder
returns that were payable in each grant vesting period, based on the number of issued shares on the vesting date. As may be
applicable, such cash payments shall be added by way of gross-up and be paid in cash to fund the tax liability.
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.
The following table specifies the dates of LTIP, RSU and annual bonus settled in shares grants and the number of ordinary
shares or units as of each grant date, as granted for employees and service contractors.
NUMBER OF ORDINARY NUMBER OF EMPLOYEES
SHARE PRICE SHARES/RSUs GRANTED AND SERVICE
GRANT DATE
VESTING DATE
(GBP) ON GRANT DATE CONTRACTORS
1 January 2021
31 December 2023
14.50
160,926
8
1 January 2021
31 December 2023
14.50
122,496
7
2 January 2022
31 December 2022
12.91
63,274
2
2 January 2022
31 December 2024
12.91
153,134
7
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
15 February 2023
31 December 2023
18.56
43,890
2
15 February 2023
31 December 2023
18.56
88,239
195
15 February 2023
31 December 2024
18.56
88,239
195
15 February 2023
31 December 2025
18.56
204,610
199
15 February 2023
31 December 2025
14.50
168,540
2
15 February 2023
31 December 2025
18.56
59,861
5
3 July 2023
30 June 2024
14.74
5,353
6
3 July 2023
30 June 2025
14.74
5,353
6
3 July 2023
30 June 2026
14.74
5,355
6
31 December 2023
31 December 2024
14.67
162,918
2
31 December 2023
31 December 2024
14.67
122,754
206
31 December 2023
31 December 2025
14.67
122,754
206
31 December 2023
31 December 2026
14.67
282,727
210
31 December 2023
31 December 2026
14.67
316,076
7
In respect of the equity share based compensation plans, during 2023 and 2022 the Company issued 788,673 and 480,143,
respectively, of its treasury shares.
During 2023 and 2022, 77,892 and 27,706 ordinary shares and RSUs in respect of equity share based compensation plans were
forfeited, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-215": { "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 2023 and 2022 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% withholding tax (or lower, if so provided under an applicable tax treaty).
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 2020 and 2021. As a result, the Company\u2019s corporate tax rate for the years 2020 and 2021 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 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%.
b. Tax assessments
The Company is currently subject to a tax audit in relation to 2020\u20132022 tax years. 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
2023
2022
TAX REGULATION
UK
25%
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 2023 and 2022 at a tax rate of 12%.
Deferred tax liability:
The deferred tax liabilities are related to intangible assets recognised through business combination.
e. Taxes on income included in the consolidated income statements for the reported years
US DOLLARS IN MILLIONS
YEAR ENDED 31 DECEMBER
2023
2022
Current taxes:
Current taxes in respect of current year\u2019s profits
70.0
103.5
Tax income in respect of previous years
(3.6)
0.5
66.4
104.0
Deferred income taxes:
Change of deferred tax assets (see Note 10d)
(1.6)
(0.1)
Taxes on income expenses
64.8
103.9
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:
US DOLLARS IN MILLIONS
YEAR ENDED 31 DECEMBER
2023
2022
Income before taxes on income, as reported in the consolidated income statement
336.2
474.3
Theoretical tax expense in respect of this year\u2019s income \u2013 at 23%
77.3
109.1
Less tax benefits arising from preferred technological income in respect of the current year
(6.1)
(14.5)
Decrease in taxes resulting from different tax rates applicable to foreign subsidiaries
(1.0)
(2.1)
Impact of change in tax rates on deferred tax balances and temporary differences
(0.9)
(2.3)
Increase (decrease) in taxes in respect of currency differences and expenses not deductible
for tax purposes
(0.9)
13.2
Tax income in relation to previous years
(3.6)
0.5
Taxes on income for the reported year
64.8
103.9
g. Pillar Two \u2013 Background
The Pillar Two model rules, released on 20 December 2021, are part of the two-pillar solution to address the tax challenges of
the digitalisation of the economy that was agreed by 142 member jurisdictions of the OECD/G20 Inclusive Framework on BEPS
and endorsed by the G20 Finance Ministers and Leaders in October 2021.
The Pillar Two model rules are designed to ensure large multinational enterprises (\u201cMNEs\u201d) pay a minimum level of tax on the
income arising in each jurisdiction where they operate.
Taxpayers in scope (MNEs with global revenue of at least EUR 750 million in at least two years out of the four previous years)
calculate their effective tax rate according to the model rules provisions for each jurisdiction where they operate, and should
pay top-up tax on the difference between their effective tax rate per jurisdiction and the 15% minimum rate. Any resulting top-
up tax will be charged according to the coordinated system of interlocking rules that was introduced in the model rules
(Qualified Domestic Minimum Top-Up Tax \u2013 QDMTT, Income Inclusion Rule \u2013 IIR, Under Tax Payment Rule \u2013 UTPR). A de minimis
exclusion applies where there is a relatively small amount of revenue and income in a jurisdiction or when several other
conditions are met.
The Multinational enterprises top-up tax exposure:
Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. However,
this legislation does not apply to the Group as its consolidated revenue is lower than EUR 750 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-266": { "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 2023 and 2022 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% withholding tax (or lower, if so provided under an applicable tax treaty). 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 2020 and 2021. As a result, the Company\u2019s corporate tax rate for the years 2020 and 2021 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 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%. b. Tax assessments The Company is currently subject to a tax audit in relation to 2020\u20132022 tax years. 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
2023
2022
TAX REGULATION
UK
25%
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 2023 and 2022 at a tax rate of 12%. Deferred tax liability: The deferred tax liabilities are related to intangible assets recognised through business combination. e. Taxes on income included in the consolidated income statements for the reported years US DOLLARS IN MILLIONS
YEAR ENDED 31 DECEMBER
2023
2022
Current taxes:
Current taxes in respect of current year\u2019s profits
70.0
103.5
Tax income in respect of previous years
(3.6)
0.5
66.4
104.0
Deferred income taxes:
Change of deferred tax assets (see Note 10d)
(1.6)
(0.1)
Taxes on income expenses
64.8
103.9
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: US DOLLARS IN MILLIONS
YEAR ENDED 31 DECEMBER
2023
2022
Income before taxes on income, as reported in the consolidated income statement
336.2
474.3
Theoretical tax expense in respect of this year\u2019s income \u2013 at 23%
77.3
109.1
Less tax benefits arising from preferred technological income in respect of the current year
(6.1)
(14.5)
Decrease in taxes resulting from different tax rates applicable to foreign subsidiaries
(1.0)
(2.1)
Impact of change in tax rates on deferred tax balances and temporary differences
(0.9)
(2.3)
Increase (decrease) in taxes in respect of currency differences and expenses not deductible
for tax purposes
(0.9)
13.2
Tax income in relation to previous years
(3.6)
0.5
Taxes on income for the reported year
64.8
103.9
g. Pillar Two \u2013 Background The Pillar Two model rules, released on 20 December 2021, are part of the two-pillar solution to address the tax challenges of the digitalisation of the economy that was agreed by 142 member jurisdictions of the OECD/G20 Inclusive Framework on BEPS and endorsed by the G20 Finance Ministers and Leaders in October 2021. The Pillar Two model rules are designed to ensure large multinational enterprises (\u201cMNEs\u201d) pay a minimum level of tax on the income arising in each jurisdiction where they operate. Taxpayers in scope (MNEs with global revenue of at least EUR 750 million in at least two years out of the four previous years) calculate their effective tax rate according to the model rules provisions for each jurisdiction where they operate, and should pay top-up tax on the difference between their effective tax rate per jurisdiction and the 15% minimum rate. Any resulting top- up tax will be charged according to the coordinated system of interlocking rules that was introduced in the model rules (Qualified Domestic Minimum Top-Up Tax \u2013 QDMTT, Income Inclusion Rule \u2013 IIR, Under Tax Payment Rule \u2013 UTPR). A de minimis exclusion applies where there is a relatively small amount of revenue and income in a jurisdiction or when several other conditions are met. The Multinational enterprises top-up tax exposure: Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. However, this legislation does not apply to the Group as its consolidated revenue is lower than EUR 750 million. NOTE 14 \u2013 OTHER RECEIVABLES AND OTHERS
AS OF 31 DECEMBER
US DOLLARS IN MILLIONS
2023
2022
Securities at fair value
2.8
6.0
Prepaid expenses
2.3
7.7
Other
19.3
13.2
24.4
26.9
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:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-260": { "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 2023 and 2022 at a tax rate of 12%. Deferred tax liability: The deferred tax liabilities are related to intangible assets recognised through business combination. e. Taxes on income included in the consolidated income statements for the reported years US DOLLARS IN MILLIONS
YEAR ENDED 31 DECEMBER
2023
2022
Current taxes:
Current taxes in respect of current year\u2019s profits
70.0
103.5
Tax income in respect of previous years
(3.6)
0.5
66.4
104.0
Deferred income taxes:
Change of deferred tax assets (see Note 10d)
(1.6)
(0.1)
Taxes on income expenses
64.8
103.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-244": { "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 2023 and 2022 at a tax rate of 12%. Deferred tax liability: The deferred tax liabilities are related to intangible assets recognised through business combination. e. Taxes on income included in the consolidated income statements for the reported years US DOLLARS IN MILLIONS
YEAR ENDED 31 DECEMBER
2023
2022
Current taxes:
Current taxes in respect of current year\u2019s profits
70.0
103.5
Tax income in respect of previous years
(3.6)
0.5
66.4
104.0
Deferred income taxes:
Change of deferred tax assets (see Note 10d)
(1.6)
(0.1)
Taxes on income expenses
64.8
103.9
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: US DOLLARS IN MILLIONS
YEAR ENDED 31 DECEMBER
2023
2022
Income before taxes on income, as reported in the consolidated income statement
336.2
474.3
Theoretical tax expense in respect of this year\u2019s income \u2013 at 23%
77.3
109.1
Less tax benefits arising from preferred technological income in respect of the current year
(6.1)
(14.5)
Decrease in taxes resulting from different tax rates applicable to foreign subsidiaries
(1.0)
(2.1)
Impact of change in tax rates on deferred tax balances and temporary differences
(0.9)
(2.3)
Increase (decrease) in taxes in respect of currency differences and expenses not deductible
for tax purposes
(0.9)
13.2
Tax income in relation to previous years
(3.6)
0.5
Taxes on income for the reported year
64.8
103.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-216": { "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
2023
2022
Profit attributable to equity holders of the Company (US dollars in millions)
271.4
370.4
Weighted average number of ordinary shares in issue*:
Basic
85,744,552
97,311,485
Dilutive effect of equity share based compensation
1,139,574
943,047
Diluted
86,884,126
98,254,532
Basic earnings per share (In US dollars)
3.17
3.81
Diluted earnings per share (In US dollars)
3.12
3.77
*After weighting the effect of Company\u2019s share buyback programmes. See Note 12.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-217": { "value": "
NOTE 12 \u2013 COST OF COMPANY\u2019S SHARES HELD BY THE COMPANY
The Board approves share buyback programmes. The share buyback programmes are funded from the Company\u2019s net cash
balances.
NUMBER OF ORDINARY AGGREGATE PURCHASE AVERAGE PRICE OF
YEAR ENDED 31 DECEMBER SHARES PURCHASED AMOUNT (US $ IN MILLIONS) SHARES PURCHASED
2022
6,943,359
138.8
\u00a316.27
2023
14,859,392
275.3
\u00a314.82
During the years ended 31 December 2023 and 2022, the Company issued 801,703 and 494,308 of its treasury shares,
respectively, in accordance with the various share based equity settled compensation grants.
During the period starting 1 January 2024 and up to 28 March 2024, as the latest practicable date before the signing date of
the consolidated financial statements, the Company purchased an additional 1,483,445 ordinary shares (or 1.29%) in the
capital of the Company for an aggregate purchase amount of $33.3 million pursuant to these share buyback programmes.
The ordinary shares were bought back at an average price of \u00a317.66.
NOTE 22 \u2013 SHARE CAPITAL
Composed of ordinary shares of NIS 0.01 par value, as follows:
NUMBER OF ORDINARY SHARES AS AT 31 DECEMBER
2023
2022
Authorised
300,000,000
300,000,000
Issued and fully paid
114,888,377
114,888,377
Less treasury shares*
(35,170,337)
(21,112,648)
Outstanding shares
79,718,040
93,775,729
* 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-245": { "value": "NOTE 12 \u2013 COST OF COMPANY\u2019S SHARES HELD BY THE COMPANY The Board approves share buyback programmes. The share buyback programmes are funded from the Company\u2019s net cash balances.
NUMBER OF ORDINARY AGGREGATE PURCHASE AVERAGE PRICE OF
YEAR ENDED 31 DECEMBER SHARES PURCHASED AMOUNT (US $ IN MILLIONS) SHARES PURCHASED
2022
6,943,359
138.8
\u00a316.27
2023
14,859,392
275.3
\u00a314.82
During the years ended 31 December 2023 and 2022, the Company issued 801,703 and 494,308 of its treasury shares, respectively, in accordance with the various share based equity settled compensation grants. During the period starting 1 January 2024 and up to 28 March 2024, as the latest practicable date before the signing date of the consolidated financial statements, the Company purchased an additional 1,483,445 ordinary shares (or 1.29%) in the capital of the Company for an aggregate purchase amount of $33.3 million pursuant to these share buyback programmes. The ordinary shares were bought back at an average price of \u00a317.66. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-218": { "value": "
NOTE 13 \u2013 DIVIDEND
The amounts of dividends and the amounts of dividends per share for the years 2023 and 2022 declared and distributed by
the Company\u2019s Board are as follows:
AMOUNT OF DIVIDEND AMOUNT OF DIVIDEND DATE OF PAYMENT
EX-DATE (US $ IN MILLIONS)* PER SHARE (US $) TO SHAREHOLDERS
24 February 2022
59.9
0.5995
11 July 2022
25 August 2022
60.0
0.6238
11 November 2022
23 February 2023
29.9
0.3234
11 July 2023
24 August 2023
59.9
0.7344
9 November 2023
On 20 February 2024, the Company declared a final dividend and a special dividend in the amounts of $31.0 million and
$44.0 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-7": { "value": "0.005995", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-02-24T00:00:00/2022-07-12T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-8": { "value": "0.006238", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2022-08-25T00:00:00/2022-11-12T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-9": { "value": "0.003234", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-02-23T00:00:00/2023-07-12T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-10": { "value": "0.007344", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-08-24T00:00:00/2023-11-10T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-246": { "value": "
NOTE 14 \u2013 OTHER RECEIVABLES AND OTHERS
AS OF 31 DECEMBER
US DOLLARS IN MILLIONS
2023
2022
Securities at fair value
2.8
6.0
Prepaid expenses
2.3
7.7
Other
19.3
13.2
24.4
26.9
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-219": { "value": "NOTE 14 \u2013 OTHER RECEIVABLES AND OTHERS
AS OF 31 DECEMBER
US DOLLARS IN MILLIONS
2023
2022
Securities at fair value
2.8
6.0
Prepaid expenses
2.3
7.7
Other
19.3
13.2
24.4
26.9
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:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-220": { "value": "
NOTE 15 \u2013 PROPERTY, PLANT AND EQUIPMENT
Composition of assets, grouped by major classifications and changes therein in 2023 is as follows:
COMPUTERS, OFFICE LEASEHOLD
US DOLLARS IN MILLIONS EQUIPMENT AND OTHERS
IMPROVEMENTS
TOTAL
Cost
Balance at beginning of year
3.4
4.3
7.7
Additions
0.9
7.3
8.2
Balance at end of year
4.3
11.6
15.9
Accumulated depreciation
Balance at beginning of year
2.4
2.7
5.1
Additions
0.3
0.8
1.1
Balance at end of year
2.7
3.5
6.2
Depreciated balance as of 31 December 2023
1.6
8.1
9.7
Depreciated balance as of 31 December 2022
1.0
1.6
2.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-221": { "value": "
NOTE 16 \u2013 CASH AND CASH EQUIVALENTS
Cash and cash equivalents by currency of denomination:
AS OF 31 DECEMBER
US DOLLARS IN MILLIONS
2023
2022
USD
810.4
771.4
EUR
46.7
58.3
GBP
8.7
36.5
AUD
4.7
4.5
NIS
22.1
27.9
Other
14.1
31.6
Own cash and cash equivalents
906.7
930.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-222": { "value": "
NOTE 17 \u2013 OTHER PAYABLES
AS OF 31 DECEMBER
US DOLLARS IN MILLIONS
2023
2022
Payroll and related expenses
34.9
36.2
Other
55.8
36.0
90.7
72.2
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 19 \u2013 TRADE PAYABLES \u2013 DUE TO CLIENTS
AS OF 31 DECEMBER
US DOLLARS IN MILLIONS
2023
2022
Customers\u2019 deposits, net*
279.8
282.8
Segregated client funds
(249.6)
(272.4)
30.2
10.4
*Customers deposits, net, are comprised of the following:
Customers\u2019 deposits
409.4
411.5
Less \u2013 financial derivative open positions:
Gross amount of assets
(148.4)
(139.0)
Gross amount of liabilities
18.8
10.3
279.8
282.8
* The total amount of \u2018Trade payables \u2013 due to clients\u2019 includes bonuses to clients.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-261": { "value": "NOTE 17 \u2013 OTHER PAYABLES
AS OF 31 DECEMBER
US DOLLARS IN MILLIONS
2023
2022
Payroll and related expenses
34.9
36.2
Other
55.8
36.0
90.7
72.2
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 19 \u2013 TRADE PAYABLES \u2013 DUE TO CLIENTS
AS OF 31 DECEMBER
US DOLLARS IN MILLIONS
2023
2022
Customers\u2019 deposits, net*
279.8
282.8
Segregated client funds
(249.6)
(272.4)
30.2
10.4
*Customers deposits, net, are comprised of the following:
Customers\u2019 deposits
409.4
411.5
Less \u2013 financial derivative open positions:
Gross amount of assets
(148.4)
(139.0)
Gross amount of liabilities
18.8
10.3
279.8
282.8
* 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-247": { "value": "NOTE 17 \u2013 OTHER PAYABLES
AS OF 31 DECEMBER
US DOLLARS IN MILLIONS
2023
2022
Payroll and related expenses
34.9
36.2
Other
55.8
36.0
90.7
72.2
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:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-223": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-248": { "value": "NOTE 19 \u2013 TRADE PAYABLES \u2013 DUE TO CLIENTS
AS OF 31 DECEMBER
US DOLLARS IN MILLIONS
2023
2022
Customers\u2019 deposits, net*
279.8
282.8
Segregated client funds
(249.6)
(272.4)
30.2
10.4
*Customers deposits, net, are comprised of the following:
Customers\u2019 deposits
409.4
411.5
Less \u2013 financial derivative open positions:
Gross amount of assets
(148.4)
(139.0)
Gross amount of liabilities
18.8
10.3
279.8
282.8
* 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-224": { "value": "
NOTE 20 \u2013 LEASES
The Group has real estate lease agreements.
a) Rights of use assets:
US DOLLARS IN MILLIONS
REAL ESTATE LEASES
2023
2022
At 1 January
5.6
5.6
Additions
14.1
2.0
Amortisation
(2.6)
(2.0)
At 31 December
17.1
5.6
b) Lease liabilities:
US DOLLARS IN MILLIONS
REAL ESTATE LEASES
2023
2022
At 1 January
5.6
6.2
Additions
14.1
2.0
Interest expense
0.7
0.1
Lease payments
(2.7)
(2.3)
Exchange differences
0.7
(0.4)
At 31 December
18.4
5.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-249": { "value": "a) Rights of use assets:
US DOLLARS IN MILLIONS
REAL ESTATE LEASES
2023
2022
At 1 January
5.6
5.6
Additions
14.1
2.0
Amortisation
(2.6)
(2.0)
At 31 December
17.1
5.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-250": { "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. The Company and BSC Young Boys agreed to extend the agreement term until 30
June 2025.
b. The Company and Club Legia Warszawa 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. The Company and Legia agreed to extend the agreement term until 30 June 2025.
c. The Company and the NBA\u2019s Chicago Bulls entered into a multi-year sponsorship agreement on October 2022 to become
an official global partner of the Chicago Bulls under which the Company is entitled to advertise and promote itself.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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. The Company and BSC Young Boys agreed to extend the agreement term until 30 June 2025. b. The Company and Club Legia Warszawa 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. The Company and Legia agreed to extend the agreement term until 30 June 2025. c. The Company and the NBA\u2019s Chicago Bulls entered into a multi-year sponsorship agreement on October 2022 to become an official global partner of the Chicago Bulls under which the Company is entitled to advertise and promote itself.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-262": { "value": "NOTE 22 \u2013 SHARE CAPITAL Composed of ordinary shares of NIS 0.01 par value, as follows:
NUMBER OF ORDINARY SHARES AS AT 31 DECEMBER
2023
2022
Authorised
300,000,000
300,000,000
Issued and fully paid
114,888,377
114,888,377
Less treasury shares*
(35,170,337)
(21,112,648)
Outstanding shares
79,718,040
93,775,729
* 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-226": { "value": "
NOTE 23 \u2013 GOODWILL AND OTHER INTANGIBLE ASSETS, NET
Goodwill and other intangible assets, net are related to business combination transactions completed in previous years and
comprises Regulatory licences, Goodwill, Technology and Customer relationships, net. As at 31 December 2023, Goodwill and
other intangible assets, net, comprises of Regulatory licences of $28.6 million, Goodwill of $8.6 million and Technology and
Customer relationships, net, of $1.1 million (31 December 2022: Regulatory licences of $28.6 million, Goodwill of $8.6 million and
Technology and Customer relationships, net, of $1.5 million).
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 USA business combination 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 as of 31 December 2023
and 2022, used a pre-tax discount rate of 16.5% and 20.5%, respectively and a terminal growth rate of 2%.
As at 31 December 2023 and 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-251": { "value": "NOTE 23 \u2013 GOODWILL AND OTHER INTANGIBLE ASSETS, NET Goodwill and other intangible assets, net are related to business combination transactions completed in previous years and comprises Regulatory licences, Goodwill, Technology and Customer relationships, net. As at 31 December 2023, Goodwill and other intangible assets, net, comprises of Regulatory licences of $28.6 million, Goodwill of $8.6 million and Technology and Customer relationships, net, of $1.1 million (31 December 2022: Regulatory licences of $28.6 million, Goodwill of $8.6 million and Technology and Customer relationships, net, of $1.5 million). 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 USA business combination 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 as of 31 December 2023 and 2022, used a pre-tax discount rate of 16.5% and 20.5%, respectively and a terminal growth rate of 2%. As at 31 December 2023 and 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-263": { "value": "NOTE 23 \u2013 GOODWILL AND OTHER INTANGIBLE ASSETS, NET Goodwill and other intangible assets, net are related to business combination transactions completed in previous years and comprises Regulatory licences, Goodwill, Technology and Customer relationships, net. As at 31 December 2023, Goodwill and other intangible assets, net, comprises of Regulatory licences of $28.6 million, Goodwill of $8.6 million and Technology and Customer relationships, net, of $1.1 million (31 December 2022: Regulatory licences of $28.6 million, Goodwill of $8.6 million and Technology and Customer relationships, net, of $1.5 million). 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 USA business combination 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 as of 31 December 2023 and 2022, used a pre-tax discount rate of 16.5% and 20.5%, respectively and a terminal growth rate of 2%. As at 31 December 2023 and 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-227": { "value": "
NOTE 24 \u2013 BUSINESS COMBINATION
Japan business combination
On 21 March 2022, the Company completed the acquisition of 100% of the issued and outstanding share capital of Plus500JP
Securities Ltd (formerly: EZ Invest Securities, Co., Ltd), a licensed 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-228": { "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 compensation earned during the year and
the preceding year by the Directors.
b. Company\u2019s liabilities in respect of related parties and key management services (part of other payable):
AS AT 31 DECEMBER
US DOLLARS IN MILLIONS
2023
2022
Related party and key management liabilities
8.0
14.2
c. Expenses to related parties and key management:
YEAR ENDED 31 DECEMBER
US DOLLARS IN MILLIONS
2023
2022
Payroll and related expenses and service fees (selling and marketing expenses)
6.5
6.7
Payroll and related expenses and service fees (administrative and general expenses)
16.1
14.7
Non-Executive Directors\u2019 fees (administrative and general expenses)
1.4
1.4
The average number of key management personnel during FY 2023 was 21 (FY 2022: 20).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-252": { "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 compensation earned during the year and the preceding year by the Directors. b. Company\u2019s liabilities in respect of related parties and key management services (part of other payable):
AS AT 31 DECEMBER
US DOLLARS IN MILLIONS
2023
2022
Related party and key management liabilities
8.0
14.2
c. Expenses to related parties and key management:
YEAR ENDED 31 DECEMBER
US DOLLARS IN MILLIONS
2023
2022
Payroll and related expenses and service fees (selling and marketing expenses)
6.5
6.7
Payroll and related expenses and service fees (administrative and general expenses)
16.1
14.7
Non-Executive Directors\u2019 fees (administrative and general expenses)
1.4
1.4
The average number of key management personnel during FY 2023 was 21 (FY 2022: 20). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-264": { "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 compensation earned during the year and the preceding year by the Directors. b. Company\u2019s liabilities in respect of related parties and key management services (part of other payable):
AS AT 31 DECEMBER
US DOLLARS IN MILLIONS
2023
2022
Related party and key management liabilities
8.0
14.2
c. Expenses to related parties and key management:
YEAR ENDED 31 DECEMBER
US DOLLARS IN MILLIONS
2023
2022
Payroll and related expenses and service fees (selling and marketing expenses)
6.5
6.7
Payroll and related expenses and service fees (administrative and general expenses)
16.1
14.7
Non-Executive Directors\u2019 fees (administrative and general expenses)
1.4
1.4
The average number of key management personnel during FY 2023 was 21 (FY 2022: 20).", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-229": { "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 pairs. 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 both B2B (Institutional) and B2C (Retail) 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 OTC client exposures are hedged and the Group may have a substantial net OTC position in any of the
financial markets in which it offers products. The Group implemented targeted hedging, with a view to reducing market risk.
This focused approach is deployed in certain circumstances, 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 pairs, 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
reviewed by the Regulatory & Risk Committee.
Daily profit on OTC closed positions:
US DOLLARS IN MILLIONS
2023
2022
Highest profit
19.3
32.7
Highest loss
(3.6)
(9.8)
Average
1.7
2.1
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 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 2023, 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
$0.4 million in respect of EUR, $0.3 million in respect of AUD, $0.3 million in respect of GBP and $0.7 million in respect of NIS. The
exposure in respect of balances denominated in other currencies is immaterial.
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 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 at 31 December 2023 and 2022, counterparties holding the Group\u2019s cash and cash equivalents, credit cards, client funds
and deposits, have credit ratings as follows:
CREDIT RATING*
2023
2022
AAA to A-
97%
95%
BBB+ to B-
1%
2%
Remaining counterparties
2%
3%
* The financial institutions were rated by the same third party.
As at 31 December 2023, the amounts held by the remaining counterparties are held in several counterparties worldwide. The
balance in each of those counterparties does not exceed 1% (2022: 2%) of total cash and cash equivalents, credit cards, client
funds and deposits.
The Group\u2019s largest credit exposure to any single bank as at 31 December 2023 was $318.6 million or 22% of the exposure to all
banks (2022: $370.1 million or 31%).
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 under the Investment Firms
Prudential Regime (IFPR) 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. The assessment is compared to regulatory
eligible capital on a daily basis which is monitored by the management.
As at 31 December 2023 and 2022, the UK Subsidiary had GBP 51.9 million and GBP 51.7 million, respectively, of eligible capital,
which is in excess of its regulatory capital requirement.
2) Plus500CY
The CY Subsidiary is regulated by the CySEC.
The CY Subsidiary manages its capital resources on the basis of regulatory capital requirements (\u201cPillar 1\u201d) and its own
assessment of capital and liquidity required to support all material risks throughout the business (\u201cPillar 2\u201d). The CY Subsidiary
manages its regulatory capital and liquid resources 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 at 31 December 2023 and 2022, the CY Subsidiary held
EUR 109.5 million and EUR 107.2 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 at 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 2023 and 2022, the CY Subsidiary\u2019s Pillar 1 Capital Adequacy ratio on a fully-phased-in basis was 418.1% and
195.2%, respectively. In FY 2022, the CY Subsidiary also applied transitional provisions, accordingly its Pillar 1 Capital Adequacy
ratio was 253.1%. 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 the 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 2023 and 2022, the AU Subsidiary held AUD 47.1 million and AUD 43.8 million, respectively, of eligible capital,
which is in excess of its NTA requirements from the ASIC, FMA and FSCA.
4) Plus500SG
The SG Subsidiary is regulated by the 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 the MAS.
As at 31 December 2023 and 2022, the SG Subsidiary held SGD 8.7 million and SGD 8.6 million, respectively, of eligible capital,
which is in excess of its MAS requirements.
5) Plus500IL
The IL Subsidiary is regulated by the 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 the ISA.
As at 31 December 2023 and 2022, the IL Subsidiary held NIS 49.5 million and NIS 35.8 million, respectively, of eligible capital,
which is in excess of its ISA requirements.
6) Plus500SEY
The SEY Subsidiary is regulated by the 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 the FSA.
As at 31 December 2023 and 2022, 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 2023 and 2022, the Cunningham Commodities Subsidiary had a net capital of USD 112.9 million and USD 86.1
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 the 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 the EFSA.
As at 31 December 2023 and 2022, the EE Subsidiary held EUR 5.4 million and EUR 5.4 million, respectively, of eligible capital,
which is in excess of its EFSA requirements.
9) Plus500JP
The JP Subsidiary is regulated by the 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 the FSA.
As at 31 December 2023 and 2022, the JP Subsidiary held JPY 616.2 million and JPY 590.5 million, respectively, of eligible capital,
which is in excess of its FSA requirements.
10) Plus500AE
The AE Subsidiary is regulated by the DFSA.
The AE 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 AE Subsidiary manages its capital in accordance with rules and guidelines
implemented by the DFSA.
As at 31 December 2023, the AE Subsidiary held USD 2.5 million of eligible capital, which is in excess of its DFSA 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 Group 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. These 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 these 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:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-265": { "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 pairs. 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 both B2B (Institutional) and B2C (Retail) 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 OTC client exposures are hedged and the Group may have a substantial net OTC position in any of the financial markets in which it offers products. The Group implemented targeted hedging, with a view to reducing market risk. This focused approach is deployed in certain circumstances, 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 pairs, 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 reviewed by the Regulatory & Risk Committee. Daily profit on OTC closed positions:
US DOLLARS IN MILLIONS
2023
2022
Highest profit
19.3
32.7
Highest loss
(3.6)
(9.8)
Average
1.7
2.1
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 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 2023, 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 $0.4 million in respect of EUR, $0.3 million in respect of AUD, $0.3 million in respect of GBP and $0.7 million in respect of NIS. The exposure in respect of balances denominated in other currencies is immaterial. 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 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 at 31 December 2023 and 2022, counterparties holding the Group\u2019s cash and cash equivalents, credit cards, client funds and deposits, have credit ratings as follows:
CREDIT RATING*
2023
2022
AAA to A-
97%
95%
BBB+ to B-
1%
2%
Remaining counterparties
2%
3%
* The financial institutions were rated by the same third party. As at 31 December 2023, the amounts held by the remaining counterparties are held in several counterparties worldwide. The balance in each of those counterparties does not exceed 1% (2022: 2%) of total cash and cash equivalents, credit cards, client funds and deposits. The Group\u2019s largest credit exposure to any single bank as at 31 December 2023 was $318.6 million or 22% of the exposure to all banks (2022: $370.1 million or 31%). 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 under the Investment Firms Prudential Regime (IFPR) 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. The assessment is compared to regulatory eligible capital on a daily basis which is monitored by the management. As at 31 December 2023 and 2022, the UK Subsidiary had GBP 51.9 million and GBP 51.7 million, respectively, of eligible capital, which is in excess of its regulatory capital requirement. 2) Plus500CY The CY Subsidiary is regulated by the CySEC. The CY Subsidiary manages its capital resources on the basis of regulatory capital requirements (\u201cPillar 1\u201d) and its own assessment of capital and liquidity required to support all material risks throughout the business (\u201cPillar 2\u201d). The CY Subsidiary manages its regulatory capital and liquid resources 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 at 31 December 2023 and 2022, the CY Subsidiary held EUR 109.5 million and EUR 107.2 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 at 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 2023 and 2022, the CY Subsidiary\u2019s Pillar 1 Capital Adequacy ratio on a fully-phased-in basis was 418.1% and 195.2%, respectively. In FY 2022, the CY Subsidiary also applied transitional provisions, accordingly its Pillar 1 Capital Adequacy ratio was 253.1%. 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 the 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 2023 and 2022, the AU Subsidiary held AUD 47.1 million and AUD 43.8 million, respectively, of eligible capital, which is in excess of its NTA requirements from the ASIC, FMA and FSCA. 4) Plus500SG The SG Subsidiary is regulated by the 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 the MAS. As at 31 December 2023 and 2022, the SG Subsidiary held SGD 8.7 million and SGD 8.6 million, respectively, of eligible capital, which is in excess of its MAS requirements. 5) Plus500IL The IL Subsidiary is regulated by the 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 the ISA. As at 31 December 2023 and 2022, the IL Subsidiary held NIS 49.5 million and NIS 35.8 million, respectively, of eligible capital, which is in excess of its ISA requirements. 6) Plus500SEY The SEY Subsidiary is regulated by the 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 the FSA. As at 31 December 2023 and 2022, 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 2023 and 2022, the Cunningham Commodities Subsidiary had a net capital of USD 112.9 million and USD 86.1 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 the 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 the EFSA. As at 31 December 2023 and 2022, the EE Subsidiary held EUR 5.4 million and EUR 5.4 million, respectively, of eligible capital, which is in excess of its EFSA requirements. 9) Plus500JP The JP Subsidiary is regulated by the 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 the FSA. As at 31 December 2023 and 2022, the JP Subsidiary held JPY 616.2 million and JPY 590.5 million, respectively, of eligible capital, which is in excess of its FSA requirements. 10) Plus500AE The AE Subsidiary is regulated by the DFSA. The AE 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 AE Subsidiary manages its capital in accordance with rules and guidelines implemented by the DFSA. As at 31 December 2023, the AE Subsidiary held USD 2.5 million of eligible capital, which is in excess of its DFSA 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 Group 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. These 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 these 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-253": { "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 OTC client exposures are hedged and the Group may have a substantial net OTC position in any of the financial markets in which it offers products. The Group implemented targeted hedging, with a view to reducing market risk. This focused approach is deployed in certain circumstances, 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 pairs, 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 reviewed by the Regulatory & Risk Committee. Daily profit on OTC closed positions:
US DOLLARS IN MILLIONS
2023
2022
Highest profit
19.3
32.7
Highest loss
(3.6)
(9.8)
Average
1.7
2.1
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 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 2023, 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 $0.4 million in respect of EUR, $0.3 million in respect of AUD, $0.3 million in respect of GBP and $0.7 million in respect of NIS. The exposure in respect of balances denominated in other currencies is immaterial. 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": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-254": { "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 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 at 31 December 2023 and 2022, counterparties holding the Group\u2019s cash and cash equivalents, credit cards, client funds and deposits, have credit ratings as follows:
CREDIT RATING*
2023
2022
AAA to A-
97%
95%
BBB+ to B-
1%
2%
Remaining counterparties
2%
3%
* The financial institutions were rated by the same third party. As at 31 December 2023, the amounts held by the remaining counterparties are held in several counterparties worldwide. The balance in each of those counterparties does not exceed 1% (2022: 2%) of total cash and cash equivalents, credit cards, client funds and deposits. The Group\u2019s largest credit exposure to any single bank as at 31 December 2023 was $318.6 million or 22% of the exposure to all banks (2022: $370.1 million or 31%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-267": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-255": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-256": { "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 under the Investment Firms Prudential Regime (IFPR) 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. The assessment is compared to regulatory eligible capital on a daily basis which is monitored by the management. As at 31 December 2023 and 2022, the UK Subsidiary had GBP 51.9 million and GBP 51.7 million, respectively, of eligible capital, which is in excess of its regulatory capital requirement. 2) Plus500CY The CY Subsidiary is regulated by the CySEC. The CY Subsidiary manages its capital resources on the basis of regulatory capital requirements (\u201cPillar 1\u201d) and its own assessment of capital and liquidity required to support all material risks throughout the business (\u201cPillar 2\u201d). The CY Subsidiary manages its regulatory capital and liquid resources 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 at 31 December 2023 and 2022, the CY Subsidiary held EUR 109.5 million and EUR 107.2 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 at 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 2023 and 2022, the CY Subsidiary\u2019s Pillar 1 Capital Adequacy ratio on a fully-phased-in basis was 418.1% and 195.2%, respectively. In FY 2022, the CY Subsidiary also applied transitional provisions, accordingly its Pillar 1 Capital Adequacy ratio was 253.1%. 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 the 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 2023 and 2022, the AU Subsidiary held AUD 47.1 million and AUD 43.8 million, respectively, of eligible capital, which is in excess of its NTA requirements from the ASIC, FMA and FSCA. 4) Plus500SG The SG Subsidiary is regulated by the 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 the MAS. As at 31 December 2023 and 2022, the SG Subsidiary held SGD 8.7 million and SGD 8.6 million, respectively, of eligible capital, which is in excess of its MAS requirements. 5) Plus500IL The IL Subsidiary is regulated by the 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 the ISA. As at 31 December 2023 and 2022, the IL Subsidiary held NIS 49.5 million and NIS 35.8 million, respectively, of eligible capital, which is in excess of its ISA requirements. 6) Plus500SEY The SEY Subsidiary is regulated by the 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 the FSA. As at 31 December 2023 and 2022, 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 2023 and 2022, the Cunningham Commodities Subsidiary had a net capital of USD 112.9 million and USD 86.1 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 the 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 the EFSA. As at 31 December 2023 and 2022, the EE Subsidiary held EUR 5.4 million and EUR 5.4 million, respectively, of eligible capital, which is in excess of its EFSA requirements. 9) Plus500JP The JP Subsidiary is regulated by the 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 the FSA. As at 31 December 2023 and 2022, the JP Subsidiary held JPY 616.2 million and JPY 590.5 million, respectively, of eligible capital, which is in excess of its FSA requirements. 10) Plus500AE The AE Subsidiary is regulated by the DFSA. The AE 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 AE Subsidiary manages its capital in accordance with rules and guidelines implemented by the DFSA. As at 31 December 2023, the AE Subsidiary held USD 2.5 million of eligible capital, which is in excess of its DFSA requirements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-257": { "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 Group 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-258": { "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. These 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 these 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-230": { "value": "
NOTE 27 \u2013 CASH GENERATED FROM OPERATIONS
YEAR ENDED 31 DECEMBER
US DOLLARS IN MILLIONS
2023
2022
Cash generated from operating activities
Net income for the year
271.4
370.4
Adjustments required to reflect the cash flows from operating activities:
Depreciation and amortisation
1.5
1.4
Amortisation of right of use assets
2.6
2.0
Liability for share based compensation
2.7
11.9
Settlement of share based compensation
(10.9)
(7.3)
Equity share based compensation
13.0
7.5
Taxes on income
64.8
103.9
Interest expenses in respect of leases
0.7
0.1
Exchange differences in respect of leases
0.7
(0.4)
Interest income
(51.9)
(13.5)
Foreign exchange losses (gains) on operating activities
(5.4)
(4.5)
17.8
101.1
Operating changes in working capital:
Decrease (increase) in other receivables and others
2.4
5.2
Increase (decrease) in trade payables due to clients
19.8
9.8
Increase (decrease) in other payables
24.3
24.1
Increase (decrease) in service suppliers
0.9
(3.8)
47.4
35.3
Cash generated from operations
336.6
506.8
Non-cash transactions
During the year ended 31 December 2023, $14.1 million in right of use assets and lease liabilities were recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-231": { "value": "
NOTE 28 \u2013 SUBSEQUENT EVENTS
In January 2024, the Group obtained a clearing membership of Eurex Clearing AG.
On 20 February 2024, the Company declared a final dividend in an amount of $31.0 million ($0.3911 per share). The dividend
record date is 1 March 2024 and it will be paid to the shareholders on 11 July 2024.
On 20 February 2024, the Company declared a special dividend in an amount of $44.0 million ($0.5551 per share). The dividend
record date is 1 March 2024 and it will be paid to the shareholders on 11 July 2024.
On 20 February 2024, the Company declared the adoption of a share buyback programme to buy back up to $100.0 million of
the Company\u2019s ordinary shares, comprised of a final share buyback programme in the amount of $31.0 million and a special
share buyback programme in the amount of $69.0 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300X8NGW9C5OJZU13", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }