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"iso4217:EUR" } }, "fact-349": { "value": "2983000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-436": { "value": "
Note 1.
General information
Universal Music Group N.V. is a public company with limited liability incorporated under the laws of
the Netherlands and listed on Euronext Amsterdam under the symbol \u2018UMG.AS\u2019. As used herein, the
term UMG (\"The Group\") is used for Universal Music Group N.V. (\u2018the Company\u2019) and its subsidiaries
within the meaning of Section 2:24b of the Dutch Civil Code. UMG\u2019s statutory seat is located in
Amsterdam and its principal office is located at:
\u2018s-Gravelandseweg 80,
1217 EW Hilversum The Netherlands
2.2. Basis of preparation and consolidation The Consolidated financial statements are: \u25a0 prepared on a historical cost basis, unless stated otherwise \u25a0 are presented in millions of euros, and rounded to the nearest million, unless stated otherwise \u25a0 prepared on the basis that UMG will continue to operate as a going concern The Consolidated financial statements comprise the financial statements of UMG N.V. and its subsidiaries as at 31 December 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "Universal Music Group N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-1": { "value": "public company with limited liability", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-2": { "value": "\u2018s-Gravelandseweg 80, 1217 EW Hilversum The Netherlands ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-350": { "value": "Netherlands ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "UMG is the worldwide leader in music, engaged in recorded music, music publishing and merchandising. It owns more than 50 labels covering all music genres. UMG is home to some of the greatest local and international artists of all time, including The Beatles, Rolling Stones, U2, Andrea Bocelli, Lady Gaga, Helene Fischer and more, as well as many of the biggest artists of the year, such as Taylor Swift, Billie Eilish, Sabrina Carpenter, Morgan Wallen and Chappell Roan. \u25a0 The recorded music business discovers and develops recording artists, marketing and promoting their music across a wide array of formats and platforms. Its activities also extend to other areas, such as live events, sponsorship, film and television. \u25a0 The music publishing business discovers and develops songwriters and owns and administers the copyright for musical compositions used in recordings, public performances and related uses, such as films and advertisements. \u25a0 The merchandising business produces and sells artist-branded and other branded products through multiple sales channels, including fashion retail, concert touring and online. Its activities also extend to other areas, such as brand rights management.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-399": { "value": "
2.1.
Statement of compliance
The Consolidated financial statements have been prepared in accordance with IFRS Accounting
Standards (IFRS) as issued by the International Accounting Standards Board (IASB), IFRS as endorsed
by the European Union (EU) and comply with the statutory provisions of Part 9, Book 2 of the Dutch
Civil Code. IFRS as endorsed by the EU differs in some respects from IFRS as issued by the IASB. The
differences have no impact on the Consolidated financial statements for the years presented.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-352": { "value": "
The Consolidated financial statements are prepared by the Board of Management of UMG and
authorized for issue on March 27, 2025 and will be submitted for adoption to the Annual General
Meeting of Shareholders on May 14, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-353": { "value": "
2.2. Basis of preparation and consolidation
The Consolidated financial statements are:
\u25a0
prepared on a historical cost basis, unless stated otherwise
\u25a0
are presented in millions of euros, and rounded to the nearest million, unless stated otherwise
\u25a0
prepared on the basis that UMG will continue to operate as a going concern
The Consolidated financial statements comprise the financial statements of UMG N.V. and its
subsidiaries as at
31 December 2024.
Seperation from Vivendi
Until February 26, 2021, the arrangement that constituted the combined UMG Group was not a legal
entity in its own right and was made up of entities under the common control of Vivendi. Until this
date, UMG\u2019s scope of combination principally comprised the entities held directly and indirectly by
UMG Inc. and UIM B.V.
On February 26, 2021, in UMG B.V.\u2019s Consolidated financial statements, the contribution of
\u20ac33,000 million was directly recorded as an increase in equity attributable to UMG B.V. shareowners
(\u20ac18,500 million in share capital and \u20ac14,500 million in additional paid-in capital), and the
contribution of \u20ac33,000 million was fully neutralized in UMG B.V.\u2019s retained earnings. The
reorganization of its shareholding structure, which is a common control business combination, has
no impact on UMG\u2019s scope of combination or consolidation.
On September 21, 2021, the shares of Universal Music Group N.V. (UMG N.V.) started trading on the
regulated market of Euronext Amsterdam. Vivendi completed the distribution in kind of UMG shares
to Vivendi shareholders on the basis of one UMG N.V. share for every eligible Vivendi share. The
detachment date (ex-date) of the distribution in kind was September 21, 2021. Settlement occurred on
September 23, 2021. UMG B.V. was converted to UMG N.V. on this date accordingly.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-351": { "value": "2.2. Basis of preparation and consolidation The Consolidated financial statements are: \u25a0 prepared on a historical cost basis, unless stated otherwise \u25a0 are presented in millions of euros, and rounded to the nearest million, unless stated otherwise \u25a0 prepared on the basis that UMG will continue to operate as a going concern The Consolidated financial statements comprise the financial statements of UMG N.V. and its subsidiaries as at 31 December 2024.
Subsidiaries
Subsidiaries are all companies over which UMG has control. Control over an entity exists when UMG
is exposed, or has rights, to variable returns from its involvement with the entity and has the ability
to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the
date on which control commences until the date on which control ceases.
Intra-group balances and transactions, any unrealized gains and losses or income and expenses
arising from intra-group transactions are eliminated in preparing the Consolidated financial
statements. Unrealized gains arising from transactions with associates and joint ventures are
eliminated against the investment to the extent of UMG\u2019s interest in the investee. Unrealized losses
are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence
of impairment.
2.3. Material accounting policy information
2.3.1. Foreign currency
Foreign currency transactions
Foreign currency transactions are initially recorded in the functional currency of the entity at
the exchange rate prevailing at the date of the transaction. At the closing date, foreign currency
monetary assets and liabilities are translated into the entity's functional currency at the exchange
rate prevailing on that date with foreign currency differences recorded to profit and loss.
Financial statements denominated in a foreign currency
The assets and liabilities of foreign operations with functional currencies other than the Euro
are translated using exchange rates prevailing at the reporting date. The income and expenses
of foreign operations are translated using monthly average exchange rates which approximate
prevailing exchange rates at the dates of the underlying transactions. The resulting translation
gains and losses are recognised in other comprehensive income and presented within equity. For
foreign operations that are not wholly-owned subsidiaries, the proportionate share of the translation
differences are allocated to non-controlling interests. The cumulative amount in the translation
reserve is (either fully or partly) reclassified to the income statement upon disposal (either fully or
partly) or liquidation.
In 2024, UMG did not have any significant foreign operations in hyper-inflationary economies.
2.3.2. Earnings per share
UMG presents basic and diluted earnings per share (EPS) data for its shares. Basic EPS is calculated
by dividing the net profit or loss attributable to shareholders of UMG by the weighted average number
of shares outstanding during the year, adjusted for the weighted average number of own shares held
in the year. Diluted EPS is determined by dividing the profit or loss attributable to shareholders by
the weighted average number of shares outstanding, adjusted for the weighted average number of
own shares held in the year and for the effects of all dilutive potential shares which comprise share
rights and options granted to employees.
2.3.3. Consolidated Statement of Cash Flows
The Consolidated Statement of Cash Flows is prepared using the indirect method starting from
Operating profit. Dividends received from equity affiliates and investments are included in the
investing cash flow. It also includes any cash flows arising from the gain or loss of control
of subsidiaries. Interest paid, including interest paid on lease liability, is included in the
financing activities.
2.3.4.
Accounting for associates and joint ventures
Associates are entities in which UMG has significant influence, but not control or joint control.
Significant influence is generally obtained by ownership of more than 20% but less than 50% of the
voting rights. Joint ventures are the arrangements in which UMG has joint control.
UMG\u2019s investments in associates and joint ventures are accounted for using the equity method of
accounting, meaning they are initially recognised at cost. The Consolidated financial statements
include UMG\u2019s share of the net profit or loss of the associates and joint ventures whereby the
result is determined using the accounting policies of UMG. When UMG\u2019s share of losses exceeds
the carrying amount of the associate or joint venture, the carrying amount is reduced to nil and
recognition of further losses is discontinued except to the extent that UMG has an obligation or has
made a payment on behalf of the associate or joint venture.
2.3.5. Revenues and associated costs
Revenues from contracts with customers are recorded when performance obligations promised in
the contract are satisfied, and for an amount for which it is highly probable that a significant
reversal in the amount of cumulative revenue recognized will not occur. Revenues are reported net
of discounts.
Intellectual property licensing (musical works)
These licenses transfer to a customer either a right to use an entity's intellectual property as it exists
at the point in time at which the license is granted (static license), or a right to access an entity's
intellectual property as it exists throughout the license period (dynamic license).
Revenues are accounted for when the performance obligation promised in the contract is satisfied
(static license) or over time upon satisfaction (dynamic license), i.e., when the seller transfers the
control over the right to use/access the intellectual property and the customer obtains control of the
use/access of that license. Consequently, revenues from static licenses are recognized at the point
in time when the license is transferred and the customer is able to use and benefit from the license.
Revenues from dynamic licenses are accounted for over time, over the license period from the date
the customer is able to use and benefit from the license and in line with the sale or usage.
Consideration received in the current year, which represents income from ordinary activities related
to the prior years, is recorded within revenue, unless it was accrued before. Court settlements in
relation to the unauthorized usage of UMG's intellectual property in previous years are recorded in
revenue as they relate to activities carried out within the ordinary course of business.
Analysis of the Agent/Principal relationship in sales transactions involving a third party
If the nature of the entity's undertaking is a performance obligation to provide the specified goods
or services itself, then the entity acts on its own behalf and it is \u201cprincipal\u201d in the sale transaction:
it accounts for revenue as the gross amount of consideration to which it expects to be entitled in
exchange for the goods or services provided, and the commission due to the third-party as cost of
revenues. If the entity arranges for a third-party to provide the goods or services specified in the
contract, then it recognizes as revenues the net amount of consideration to which it expects to be entitled in exchange for the goods or services provided. Financing Component and other UMG does not adjust the transaction price for the effects of significant financing components if, at contract inception, it is expected that the period between customer payment and the transfer of goods or services is one year or less. This applies to the majority of sales transactions. The transaction price may be variable due to discounts, rebates, or similar arrangements. In determining the transaction price UMG considers the fair value of any non-cash consideration. Revenue is only recognized for the part of the consideration for which it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Judgement is required in determining the probability and level of discounts and rebates that will be granted. The estimate is updated throughout the term of the contract. Revenue recognition by business segment Recorded Music The sales of recorded music (physical, digital downloading or streaming) are intellectual property licenses granted by UMG to distributors or digital platforms and which give them certain rights over UMG's musical works. Physical sales of recorded music (CDs, DVDs and Vinyls) These intellectual property licenses are static licenses transferring to the customer a right to use UMG\u2018s recordings as they exist at the point in time at which the license is granted, i.e., on the physical device sold. Revenues from the physical sales of recorded music, net of a provision for estimated returns and rebates, if any, are accounted for, either: (i) upon the sale to the distributor, at the shipping point for products sold free on board (FOB) or on delivery for products sold free on destination; or (ii) upon the sale to the final customer for consignment sales. Digital sales of recorded music, via streaming by paid subscription, ad-supported or downloading. These intellectual property licenses are generally dynamic licenses providing a right to access the entire catalogue of recorded music as it exists throughout the license period considering potential add-ons to, or withdrawals from, the catalogue during that period. The consideration paid by the digital platform is variable in the form of a sales-based or a usage- based royalty. Revenues are then accounted for when these subsequent sales or usages occur. Revenues from digital sales of recorded music, for which UMG has sufficient, accurate, and reliable data from digital platforms, are recognized at the end of the month in which the sale or usage is made by the end customer. For digital sales of recorded music via paid subscription or ad-supported streaming, certain contracts may include a non-refundable minimum guarantee which is generally recoupable and is in substance an advance payment. In the case of a dynamic license, the minimum guarantee is spread over the period to which it relates and takes into account the amount of royalties that are actually recoupable. The minimum guarantee is apportioned in accordance with the accounting for these royalties. Music Publishing Music Publishing relates to the use by a third party of the copyrights on musical works owned or administered by UMG, which are intellectual property licenses that UMG grants to the third party and which provides a right to access a catalogue of recorded music, as these intellectual property licenses are dynamic licenses. For these contracts, revenues are recognised on the basis of sales and usage royalties, using the best available estimate on the timing of the consequent usage and the amounts that are probable to be collected. Merchandising Revenues from merchandising are recognized when control has been passed either upon sale to the end customer, from direct sales during touring, concessions and over the internet; on delivery for sales by a third-party distributor; or for sales of rights attached to merchandising products when a contract is signed and collectability is probable and on a sales and usage basis. Provisions for estimated returns and price guarantees are deducted from sales of products to customers through distributors. The provisions are estimated based on past sales statistics and take into account the economic environment and product sales forecast to final customers. Associated costs of revenues Cost of revenues primarily includes product costs and artists costs. Selling, general and administrative expenses primarily include salaries and employee benefits, consulting and service fees, insurance costs, travel and entertainment expenses, depreciation of capital expenditure and right of use assets, administrative department costs, value allowances for receivables, restructuring expenses and other operating expenses and are expensed when incurred. Advertising costs are expensed when incurred. Slotting fees and cooperative advertising expenses are recorded as a reduction in revenues. However, cooperative advertising is not treated as a reduction of transaction price but marketing expense and expensed when it is distinct and can be estimated. 2.3.6. Business combinations UMG accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, UMG assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. Under this the acquisition method, upon the initial consolidation of an entity over which UMG has acquired exclusive control: \u25a0 the identifiable assets acquired, and the liabilities assumed are recognized at their fair values on the acquisition date; and \u25a0 non-controlling interests are measured either at fair value or at the non-controlling interest's proportionate share of the acquiree\u2019s net identifiable assets. This option is available on a transaction-by-transaction basis. Contingent consideration in a business combination is recorded at fair value on the acquisition date, and any subsequent adjustment occurring after the purchase price allocation period is recognized in the Statement of Profit or Loss. Acquisition-related costs are recognized as expenses when incurred. 2.3.7. Goodwill Goodwill represents the difference between the fair value of the net assets acquired and the transaction price in a business combination. Goodwill arising on the acquisition of associates and joint ventures is included in their carrying amounts. Subsequently, goodwill is measured at its initial amount less accumulated impairment losses. On the acquisition date, to the extent possible, goodwill is allocated to each cash-generating unit likely to benefit from the business combination. 2.3.8. Content assets and other intangibles Content assets include royalty advances to artists, songwriters and co-publishers as well as recorded music and music publishing catalogues, artists\u2019 contracts and rights. Music catalogues, trade names, subscribers\u2019 bases and market shares generated internally are not recognized as intangible assets. Intangible assets separately acquired are recorded at cost, and intangible assets acquired in a business combination are recorded at their fair value at the acquisition date. Amortisation is charged to profit or loss on a straight-line basis over the estimated useful life. UMG believes that straight-line depreciation most accurately reflects the expected pattern of consumption of the future economic benefits embodied in these intangible assets. Useful lives are determined based on the asset\u2019s expected pattern of the future earnings and the period of the contractual arrangements. Useful lives are reviewed at the end of each reporting period. Music catalogues and publishing rights The majority of the music catalogues are amortised over 20 years on a straight-line basis. Some significant catalogues can be amortized over a longer period of time. Advances to artists and repertoire owners Royalty advances to artists, songwriters, and co-publishers are capitalized as an asset when their current popularity and past performances provide a reasonable basis to conclude that the probable future recoupment of such royalty advances against earnings otherwise payable to them is reasonably assured. Royalty advances are recognized as an expense as subsequent royalties are earned by the artist, songwriter or co-publisher. Any portion of capitalized royalty advances not deemed to be recoverable against future royalties is expensed during the period in which the loss becomes evident. These expenses are recorded in cost of revenues. Other intangible assets Other intangibles mainly includes software for internal use. Direct internal and external costs incurred for the development of software for internal use are capitalized during the development stage if the resulting product or process is technically and commercially feasible, cost can be reliably measured, UMG has sufficient resources and the intention to complete its development. Research costs are expensed when incurred. Costs of significant upgrades and enhancements resulting in additional functionality are also capitalized. The software for internal use is generally amortized over 3 years and included within amortisation expense. 2.3.9. Property, plant and equipment Property, plant and equipment are carried at historical cost less any accumulated depreciation and impairment losses. Land and assets under construction are not depreciated. Depreciation is calculated using the straight-line method based on the estimated useful life of the assets. Leasehold improvements are depreciated over a period not longer than the lease term. Useful lives are reviewed at the end of each reporting period and are as follows: \u25a0 buildings: 5 to 40 years; \u25a0 equipment and machinery: 3 to 8 years; and \u25a0 other: 2 to 10 years. 2.3.10. Leases The main lease contracts for UMG correspond to real estate leases for which UMG is the lessee. Real estate leases for which UMG is the lessee are recorded at the commencement date and result in the recognition of a lease liability equal to the present value of future lease payments against a right-of-use asset relating to leases. Right-of-use assets Right-of-use assets are initially measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of- use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment. Lease liabilities UMG recognizes lease liabilities initially measured at the present value of future lease payments over the lease term. The lease payments include in-substance fixed payments (less any lease incentives), variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include payments of penalties for terminating a lease, if UMG has the option to terminate and it is reasonably certain that this option will be exercised. In calculating the present value of lease payments, UMG uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. The carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term or a change in the in-substance fixed lease payments. Short-term leases and leases of low-value assets UMG applies the short-term lease recognition exemption to the real-estate leases with a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the lease of low-value assets recognition exemption to leases of office chattels and other equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as an expense on a straight-line basis over the lease term. Accounting for leases UMG determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. When determining the lease term, UMG considers all relevant facts and circumstances that create an economic incentive to exercise an extension option, or not to exercise a termination option. These circumstances include UMG\u2019s real estate planning. In estimating the lessee\u2019s incremental borrowing rate, UMG takes into account the residual lease term and its duration to reflect the interest rate of a loan with a similar payment profile to the lease payments. 2.3.11. Impairment of non-financial assets Each time events or changes in the economic environment indicate a risk of impairment of goodwill, content assets and other intangible assets, property, plant and equipment, investments in associates and joint ventures, rights-of-use assets, UMG re-examines the value of these assets. In addition, in accordance with applicable accounting standards, goodwill and intangible assets in progress are all subject to an annual impairment test undertaken in the fourth quarter of each fiscal year. This impairment test is performed to compare the recoverable amount of each Cash Generating Unit (CGU) to the carrying value of the corresponding assets (including goodwill). A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. UMG operates through different content businesses. Each business offers different products and services that are marketed through various channels. CGUs for goodwill correspond to the UMG's operating segments. The recoverable amount is determined for each individual asset as the higher of: (i) its value in use; and (ii) its fair value (less costs to sell) as described hereafter. If the asset does not generate cash inflows that are largely independent of other assets or groups of assets, the recoverable amount is determined for the group of assets. In particular, in the case of goodwill, an impairment test is performed by UMG for each CGU. The value in use of each asset or group of assets is determined, subject to exceptions, by the Discounted Cash Flow method (DCF) using cash flow projections consistent with the budget of the following year and the most recent forecasts prepared by the operating segments. Applied discount rates are determined by reference to available external sources of information, usually based on financial institutions\u2019 benchmarks, and reflect the current assessment by UMG of the time value of money and risks specific to each asset or group of assets. Perpetual growth rates used for the evaluation are those used to prepare budgets for each CGU, and beyond the period covered, are consistent with growth rates estimated by the business by extrapolating growth rates used in the budgets, without exceeding the long-term average growth rate for the markets in which UMG operates. The fair value (less costs to sell) is the price that would be received from the sale of an asset or group of assets in an orderly transaction between market participants at the measurement date, less costs to sell of the asset or group of assets. These values are generally determined based on market data (stock market prices or comparison with similar listed companies, with the value attributed to similar assets or companies in recent transactions) or, in the absence of such data, based on discontinued cash flows. If the recoverable amount is lower than the carrying value of an asset or group of assets, an impairment loss equal to the difference is recognized in Operating profit. In the case of operating segments, this impairment loss is first recorded against goodwill. The impairment losses recognized in respect of property, plant and equipment, and intangible assets (other than goodwill) may be reversed in a later period if the recoverable amount becomes greater than the carrying value, within the limit of impairment losses previously recognized. Impairment losses recognized in respect of goodwill cannot be reversed at a later date. 2.3.12. Financial assets Financial assets are classified into the accounting categories \u201cfinancial assets at amortized cost\u201d, \u201cfinancial assets at fair value through other comprehensive income\u201d and \u201cfinancial assets at fair value through profit or loss\u201d. This classification depends on UMG\u2018s business model for managing the financial assets and on contractual terms enabling to determine whether the cash flows are solely payments of principal and interest (SPPI). The financial assets that contain an embedded derivative are considered in full to determine whether their cash flows are SPPI. Except for trade receivables, at initial recognition, UMG measures financial assets at fair value, and for financial assets not classified as fair value through profit or loss, including transaction costs that are directly attributable to the acquisition or issuance of those financial assets. In most cases, fair value at initial recognition is equal to transaction price. UMG recognises trade receivables initially in accordance with the policy disclosed at 2.3.5 Revenues and associated costs. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and UMG has transferred substantially all the risks and rewards of ownership. Financial assets at fair value These include financial assets at fair value through other comprehensive income, derivative financial instruments with a positive value and other financial assets measured at fair value through profit or loss. Most of these financial assets are actively traded in organized financial markets, as their fair value is calculated by reference to the published market price at the period end. Fair value is estimated for financial assets which do not have a published market price on an active market. As a last resort, when a reliable estimate of fair value cannot be made using valuation techniques in the absence of an active market, UMG values financial assets at historical cost, less any impairment losses. These financial assets are recognized initially on trade date when UMG becomes a party to the contractual provisions of the instrument. Dividend income is recognised when the UMG's right to receive payment is established. Financial assets at amortized cost Financial assets at amortised cost include trade receivables, other receivables, loans issued and bank deposits which are not cash equivalents. Loans, receivables and deposits are recognized on the date they are originated. Financial assets at amortized cost consist of debt instruments as described above held within a business model whose objective is to hold financial assets to collect contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. At the end of each period, these assets are measured at amortized cost using the effective interest method. 2.3.13. Impairment of financial assets UMG assesses the expected credit loss associated with its financial assets recognized at amortized cost on a prospective basis. A loss allowance for expected credit loss based on probability of default is recognized at initial recognition. The loss allowance is updated for changes in these expected credit losses at each reporting date to reflect changes in credit risk since initial recognition. To assess whether there has been a significant increase in credit risk, UMG compares the credit risk at the reporting date with the credit risk at the date of initial recognition based on reasonable forward-looking information and events, including credit ratings if available, significant adverse economic changes (actual or expected), financial or business environment that are expected to result in a material change in the borrower's ability to meet its obligations. Trade accounts receivable are initially recognised at their transaction price. Expected loss rates on trade receivables and contract assets are calculated by the relevant operating entities over their lifetime from initial recognition and are based on historical data that also incorporates forward-looking information. In addition, account receivables from customers subject to insolvency proceedings or customers with whom UMG is involved in litigation or a dispute are generally impaired in full. 2.3.14. Cash and cash equivalents Cash and cash equivalents include all cash balances and short-term highly liquid investments with an original maturity of three months or less that are readily convertible into known amounts of cash. Bank overdrafts form an integral part of UMG\u2019s cash management and often fluctuate from being positive to overdrawn and are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. Investments in securities, investments with initial maturities of more than three months without an early termination option and bank accounts subject to restrictions (blocked accounts), other than restrictions due to regulations specific to a country or activity sector (e.g., exchange controls), are not classified as cash equivalents but as financial assets. 2.3.15. Financial liabilities A financial liability is recognized when UMG becomes party to the contractual provisions on the instrument. UMG classifies financial liabilities as subsequently measured at amortised cost or fair value through profit or loss. At initial recognition, UMG measures financial liabilities at fair value, and for financial liabilities subsequently measured at amortised cost, including transaction costs and fees that are directly attributable to their issuance. In most cases, fair value at initial recognition is equal to transaction price. Financial liabilities measured at fair value through profit or loss include contingent consideration and derivative financial instruments that are not designated as hedging instruments for which hedge accounting is applied. Gains or losses on these liabilities are recognised in the statement of profit or loss. Financial liabilities subsequently measured at amortised cost include trade and other payables, bonds and borrowings. These liabilities are subsequently measured at amortised cost using the effective interest method. 2.3.16. Derivative financial instruments Derivative financial instruments are recognised initially at fair value. Subsequent accounting for derivatives depends on whether or not the derivatives are designated as hedging instruments in a cash flow, fair value or net investment hedge. Derivatives with positive fair values are recorded as assets and negative fair values as liabilities. Beginning in 2023, foreign currency translation risks are hedged to a limited extent, as the underlying currency positions are generally considered to be long-term in nature. If a hedge is entered into, it is accounted for as a net investment hedge. UMG measures all derivative financial instruments at fair value derived from market prices of the instruments or calculated as the present value of the estimated future cash flows based on observable interest yield curves, basis spread and foreign exchange rates. These calculations are tested for reasonableness by comparing the outcome of the internal valuation with the valuation received from the counterparty. 2.3.17. Inventories Inventories are valued at the lower of cost or net realizable value. Cost comprises purchase costs, production costs and other supply and packaging costs. These are usually calculated using the weighted average cost method. Net realizable value is the estimated selling price in the normal course of business, less estimated completion costs and selling costs. Inventories at UMG mostly comprise of finished goods. 2.3.18. Provisions Provisions are recognized when, at the end of the reporting period, UMG has a legal obligation (statutory, regulatory or contractual) or a constructive obligation, as a result of past events, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the obligation can be reliably estimated. Where the effect of the time value of money is material, provisions are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money. If the amount of the obligation cannot be reliably estimated, no provision is recorded and a disclosure is made in the Notes to the Consolidated Financial Statements. Significant judgment is required in determining the amount and probability of resources outflow and discount rates used to calculate the present value of this outflow. Provisions for royalty audit claims Up to the completion of the royalty claim audit, the timing and the amount of the potential pay-outs is uncertain. UMG makes its best possible estimate of the outcome using any available data, including history of claims with rights owners. When the estimate is performed for large homogeneous claims and contract terms, the statistical valuation method is used. Litigation provisions In the ordinary course of business, UMG may be involved in a number of legal and arbitration proceedings and administrative actions. The costs which may result from these proceedings are accrued at the reporting date if UMG has a present obligation toward a third party resulting from a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the amount of that liability can be quantified or estimated within a reasonable range. The amount of provision recorded is based on a case-by-case assessment of the risk level, and events arising during the course of legal proceedings may require a reassessment of this risk at any time. 2.3.19. Employee benefit plans Defined contribution plans Contributions to defined contribution and multi-employer plans are expensed during the year when related services are provided. Defined benefit plans Defined benefit plans may be funded by investments in various instruments such as insurance contracts or equity and debt investment securities, excluding shares in any UMG entity or debt instruments. Pension expenses and defined benefit obligations are calculated by independent actuaries using the projected unit credit method. This method is based on annually updated assumptions, which include the probability of employees remaining with UMG until retirement, expected changes in future compensation and an appropriate discount rate for each country in which UMG maintains a pension plan. The discount rate is determined for each country by reference to yields on notes issued by investment grade companies having a credit rating of AA and maturities identical to that of the valued plans, generally based on relevant rate indices. The expected return on plan assets is estimated by using the selected discount rate to value the obligations of the previous year. The calculation is performed separately for each plan. A provision is recorded in the Statement of Financial Position equal to the difference between the actuarial value of the related benefits (actuarial liability) and the fair value of any associated plan assets, and this includes past service costs and actuarial gains and losses. The cost of defined benefit plans consists of three components recognized as follows: \u25a0 the service cost is included in selling, general and administrative expenses. It comprises current service cost, past service cost resulting from a plan amendment or a curtailment, immediately recognized in profit and loss, and gains and losses on settlement; \u25a0 the financial component, recorded in other financial expenses and income, consists of the unwinding of the interest component of the discount, less the expected return on plan assets determined using the discount rate retained for the valuation of the benefit obligation; and \u25a0 the remeasurements of the net defined benefit liability (asset), recognized in items of other comprehensive income not reclassified as profit and loss, mainly consist of actuarial gains and losses, i.e., changes in the present value of the defined benefit obligation and plan assets resulting from changes in actuarial assumptions and experience adjustments (representing the differences between the expected effect of some actuarial assumptions applied to previous valuations and the effective impact). Where the value of plan assets exceeds benefit obligations, a financial asset is recognized up to the present value of future refunds and the expected reduction in future contributions. Some other post-employment benefits, such as life insurance and medical coverage (mainly in the United States) are subject to provisions which are assessed through an actuarial calculation comparable to the method used for pension provisions. 2.3.20. Income taxes Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where UMG operates and generates taxable income. UMG periodically evaluates positions taken in its tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Differences existing at closing between the tax base value of assets and liabilities and their carrying value in the Consolidated Statement of Financial Position give rise to temporary differences. Pursuant to the liability method, these temporary differences result in the accounting of: \u25a0 deferred tax assets, when the tax base value is greater than the carrying value (expected future tax saving); and \u25a0 deferred tax liabilities, when the tax base value is lower than the carrying value (expected future tax expense). Deferred tax assets and liabilities are measured at the expected tax rates for the year during which the asset will be realized or the liability settled, based on tax rates (and tax regulations) enacted or substantially enacted by the closing date. They are reviewed at the end of each year, in line with any changes in applicable tax rates. Deferred tax assets are recognized for all deductible temporary differences, tax loss carry-forwards and unused tax credits, insofar as it is probable that a taxable profit will be available, or when a current tax liability exists to make use of those deductible temporary differences, tax loss carry- forwards and unused tax credits, except where the deferred tax asset associated with the deductible temporary difference is generated by initial recognition of an asset or liability in a transaction which is not a business combination, and that, at the transaction date, does not impact net profit, nor tax income or loss. For deductible temporary differences resulting from investments in subsidiaries, joint ventures and other associated entities, deferred tax assets are recorded to the extent that it is probable that the temporary difference will reverse in the foreseeable future and that a taxable profit will be available against which the temporary difference can be utilized. The carrying value of deferred tax assets is reviewed at each closing date, and revalued or reduced to the extent that it is more or less probable that a taxable profit will be available to allow the deferred tax asset to be utilized. When assessing the probability of a taxable profit being available, account is taken, primarily, of prior years\u2019 results, forecasted future results, non-recurring items unlikely to occur in the future and the tax strategy. As such, the assessment of UMG's ability to utilize tax losses carried forward is to a large extent judgement-based. If the future taxable results of UMG proved to differ significantly from those expected, UMG would be required to increase or decrease the carrying value of deferred tax assets with a potentially material impact on UMG's Statement of Financial Position and Statement of Profit or Loss. Deferred tax liabilities are recognized for all taxable temporary differences, except where the deferred tax liability results from goodwill or initial recognition of an asset or liability in a transaction which is not a business combination, and that, at the transaction date, does not impact net profit, tax income or loss. For taxable temporary differences resulting from investments in subsidiaries, joint ventures and other associated entities, deferred tax liabilities are recorded except to the extent that both of the following conditions are satisfied: the parent, investor or venturer is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not be reversed in the foreseeable future. Current tax and deferred tax shall be charged or credited directly to equity, and not profit if the tax relates to items that are credited or charged directly to equity. Current tax liabilities not expected to be paid within the next 12 months are recorded as long term current tax liability. In 2023, UMG adopted International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS 12. These amendments introduced (i) a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules and (ii) disclosure requirements for affected entities to give financial statement users an understanding of the exposure to Pillar Two income taxes arising from that legislation. 2.3.21. Share-based payments Equity-settled share-based compensation expense is recognized as a personnel cost over the vesting period of the award at the fair value of the equity instruments granted at the grant date with a corresponding increase in equity. For cases in which the grant date occurs after the employees to whom the equity instruments were granted have begun rendering services (for example, if a grant of equity instruments is subject to shareholder approval), UMG estimates the grant date fair value of the equity instruments by estimating the fair value of the equity instruments at the end of the reporting period, for the purposes of recognising the services received during the period between service commencement date and grant date. Once the date of grant has been established, UMG revises the earlier estimate so that the amounts recognised for services received in respect of the grant are ultimately based on the grant date fair value of the equity instruments. Fair value of the shares granted is fixed at the grant date and is equal to the share price at the grant date with a deduction for the aggregate discounted value of the dividends that will not be received over the vesting period, unless the conditions of the plan prescribe compensation for the vesting period dividends, and after taking into account the discount for non-transferability during the retention period. The cumulative expense recognized for equity-settled transactions at each reporting date reflects the extent to which the vesting period has expired and UMG\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the Statement of Profit or Loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. Service and non-market performance conditions are not considered when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of UMG\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. 2.3.22. Related parties A related party is a person or an entity that is related to UMG. These include both people and entities that have, or are subject to, the influence or control of UMG (e.g. key management personnel). Transactions with related parties are accounted for in accordance with the requirements of relevant IFRSs and take into account the substance as well as the legal form. 2.3.23. Contingent liabilities Non-financial guarantees are accounted for as a contingent liability until such time it becomes probable that UMG will be required to make a payment under the guarantee. Contingent liabilities are possible or present obligations of sufficient uncertainty that it does not quality for recognition as a provision, unless it is assumed in a business combination. Contingent liabilities are reviewed continuously to assess whether an outflow of resources has become probable. 2.3.24. Financial guarantees Financial guarantee is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due in accordance with the terms of a debt instrument. Financial guarantees are initially recognised at fair value and are subject to the expected credit loss model, with a credit loss is recognized for expected cash shortfalls. Note 3. Segment data Operating segment data The segment reporting that follows is aligned with internal reporting used by UMG Management to assess UMG\u2019s performance. UMG\u2019s operating segments are organised by nature of the business and are the same as its reportable segments: Recorded Music, Music Publishing and Merchandising and Other. Each of these is described at Note 1. Corporate centre represent amounts not allocated to the operating segments and includes certain costs related to central activities as well as group enabling functions. Management also receives information about segment's revenue and assets. Inter-segment pricing is determined on an arm's length basis. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-457": { "value": "2.2. Basis of preparation and consolidation Subsidiaries Subsidiaries are all companies over which UMG has control. Control over an entity exists when UMG is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control commences until the date on which control ceases. Intra-group balances and transactions, any unrealized gains and losses or income and expenses arising from intra-group transactions are eliminated in preparing the Consolidated financial statements. Unrealized gains arising from transactions with associates and joint ventures are eliminated against the investment to the extent of UMG\u2019s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-400": { "value": "The Consolidated financial statements are: \u25a0 prepared on the basis that UMG will continue to operate as a going concern ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-401": { "value": "Subsidiaries Subsidiaries are all companies over which UMG has control. Control over an entity exists when UMG is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control commences until the date on which control ceases. Intra-group balances and transactions, any unrealized gains and losses or income and expenses arising from intra-group transactions are eliminated in preparing the Consolidated financial statements. Unrealized gains arising from transactions with associates and joint ventures are eliminated against the investment to the extent of UMG\u2019s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-484": { "value": "
Significant events in the period and accounting estimates and judgements
Accounting estimates and judgements Application of the accounting policies requires judgements that impact the amounts recognised. All significant judgements and estimates are disclosed in the notes to the Consolidated financial statements. Information and considerations regarding areas of significant judgements and estimates have been included in the table below. It is reasonably possible, that outcomes of these judgements and estimates within the next financial year are different from the assumptions, which could require a material adjustment to the carrying amount of the asset or liability affected.
Area Significant judgement Note
Significant judgement is required to identify performance obligations
under contracts with customers, whether these performance 2.3.5. Revenues and
Revenue obligations are satisfied at a point of time or over time, and associated costs
probability that collectability is assured and significant reversal will
not occur.
Uncertain tax Judgement in assessing the uncertainty of whether it is probable that
positions and a taxation authority will accept or revise the uncertain tax treatment 2.3.20. Income taxes
deferred taxes and, future results enabling realisation of deferred taxes.
Lease liabilities and Judgement in determining the lease term of contracts with renewal
right-of-use assets and termination options at the commencement date of each
lease contract.
2.3.10. Leases
Area Significant estimate Note
Revenue Estimation on the timing of the consequent usage and the amounts 2.3.5. Revenues and
that are probable to be collected. associated costs
Intangible assets, Assumptions relating to impairment tests performed on each of the 2.3.7. Goodwill and
including goodwill Group\u2019s cash-generating units (CGUs) or intangible assets, future 2.3.8. Content assets
and content assets cash flows and discount rates are updated annually. Estimation of and other intangibles
(remaining) useful life for intangible assets, other than goodwill.
Provisions Estimating the likelihood and timing of potential cash flows relating 2.3.18. Provisions
to royalty claims and litigation.
Area Significant estimate Note
Artist Estimates of the future performance of artists and repertoire owners 2.3.8. Content assets
royalty advances who are paid advances that are recognized in the Consolidated and other intangibles
Statement of Financial Position.
Share- Estimation of the grant date fair value and number of 2.3.21. Share-
based payments equity instruments. based payments
Pension liability Assumptions for discount rates, inflation, future pension increases 2.3.19. Employee
and life expectancy to calculate the defined benefit obligation. benefit plans
For more details on these significant judgement areas and resulting estimates refer to the accounting policies below. 2.3.5. Revenues and associated costs Revenues from contracts with customers are recorded when performance obligations promised in the contract are satisfied, and for an amount for which it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Revenues are reported net of discounts. Intellectual property licensing (musical works) These licenses transfer to a customer either a right to use an entity's intellectual property as it exists at the point in time at which the license is granted (static license), or a right to access an entity's intellectual property as it exists throughout the license period (dynamic license). Revenues are accounted for when the performance obligation promised in the contract is satisfied (static license) or over time upon satisfaction (dynamic license), i.e., when the seller transfers the control over the right to use/access the intellectual property and the customer obtains control of the use/access of that license. Consequently, revenues from static licenses are recognized at the point in time when the license is transferred and the customer is able to use and benefit from the license. Revenues from dynamic licenses are accounted for over time, over the license period from the date the customer is able to use and benefit from the license and in line with the sale or usage. Consideration received in the current year, which represents income from ordinary activities related to the prior years, is recorded within revenue, unless it was accrued before. Court settlements in relation to the unauthorized usage of UMG's intellectual property in previous years are recorded in revenue as they relate to activities carried out within the ordinary course of business. Analysis of the Agent/Principal relationship in sales transactions involving a third party If the nature of the entity's undertaking is a performance obligation to provide the specified goods or services itself, then the entity acts on its own behalf and it is \u201cprincipal\u201d in the sale transaction: it accounts for revenue as the gross amount of consideration to which it expects to be entitled in exchange for the goods or services provided, and the commission due to the third-party as cost of revenues. If the entity arranges for a third-party to provide the goods or services specified in the
contract, then it recognizes as revenues the net amount of consideration to which it expects to be
entitled in exchange for the goods or services provided.
Financing Component and other
UMG does not adjust the transaction price for the effects of significant financing components if, at
contract inception, it is expected that the period between customer payment and the transfer of
goods or services is one year or less. This applies to the majority of sales transactions.
The transaction price may be variable due to discounts, rebates, or similar arrangements. In
determining the transaction price UMG considers the fair value of any non-cash consideration.
Revenue is only recognized for the part of the consideration for which it is highly probable that a
significant reversal in the amount of cumulative revenue recognized will not occur. Judgement is
required in determining the probability and level of discounts and rebates that will be granted. The
estimate is updated throughout the term of the contract.
Revenue recognition by business segment
Recorded Music
The sales of recorded music (physical, digital downloading or streaming) are intellectual property
licenses granted by UMG to distributors or digital platforms and which give them certain rights over
UMG's musical works.
Physical sales of recorded music (CDs, DVDs and Vinyls)
These intellectual property licenses are static licenses transferring to the customer a right to use
UMG\u2018s recordings as they exist at the point in time at which the license is granted, i.e., on the
physical device sold.
Revenues from the physical sales of recorded music, net of a provision for estimated returns and
rebates, if any, are accounted for, either: (i) upon the sale to the distributor, at the shipping point for
products sold free on board (FOB) or on delivery for products sold free on destination; or (ii) upon the
sale to the final customer for consignment sales.
Digital sales of recorded music, via streaming by paid subscription, ad-supported or downloading.
These intellectual property licenses are generally dynamic licenses providing a right to access the
entire catalogue of recorded music as it exists throughout the license period considering potential
add-ons to, or withdrawals from, the catalogue during that period.
The consideration paid by the digital platform is variable in the form of a sales-based or a usage-
based royalty. Revenues are then accounted for when these subsequent sales or usages occur.
Revenues from digital sales of recorded music, for which UMG has sufficient, accurate, and reliable
data from digital platforms, are recognized at the end of the month in which the sale or usage is
made by the end customer.
For digital sales of recorded music via paid subscription or ad-supported streaming, certain
contracts may include a non-refundable minimum guarantee which is generally recoupable and
is in substance an advance payment. In the case of a dynamic license, the minimum guarantee is
spread over the period to which it relates and takes into account the amount of royalties that are
actually recoupable. The minimum guarantee is apportioned in accordance with the accounting for
these royalties.
Music Publishing
Music Publishing relates to the use by a third party of the copyrights on musical works owned or
administered by UMG, which are intellectual property licenses that UMG grants to the third party
and which provides a right to access a catalogue of recorded music, as these intellectual property
licenses are dynamic licenses. For these contracts, revenues are recognised on the basis of sales
and usage royalties, using the best available estimate on the timing of the consequent usage and
the amounts that are probable to be collected.
Merchandising
Revenues from merchandising are recognized when control has been passed either upon sale to the
end customer, from direct sales during touring, concessions and over the internet; on delivery for
sales by a third-party distributor; or for sales of rights attached to merchandising products when a
contract is signed and collectability is probable and on a sales and usage basis.
Provisions for estimated returns and price guarantees are deducted from sales of products to customers through distributors. The provisions are estimated based on past sales statistics and take into account the economic environment and product sales forecast to final customers. Associated costs of revenues Cost of revenues primarily includes product costs and artists costs. Selling, general and administrative expenses primarily include salaries and employee benefits, consulting and service fees, insurance costs, travel and entertainment expenses, depreciation of capital expenditure and right of use assets, administrative department costs, value allowances for receivables, restructuring expenses and other operating expenses and are expensed when incurred. Advertising costs are expensed when incurred. Slotting fees and cooperative advertising expenses are recorded as a reduction in revenues. However, cooperative advertising is not treated as a reduction of transaction price but marketing expense and expensed when it is distinct and can be estimated. 2.3.7. Goodwill Goodwill represents the difference between the fair value of the net assets acquired and the transaction price in a business combination. Goodwill arising on the acquisition of associates and joint ventures is included in their carrying amounts. Subsequently, goodwill is measured at its initial amount less accumulated impairment losses. On the acquisition date, to the extent possible, goodwill is allocated to each cash-generating unit likely to benefit from the business combination. 2.3.8. Content assets and other intangibles Content assets include royalty advances to artists, songwriters and co-publishers as well as recorded music and music publishing catalogues, artists\u2019 contracts and rights. Music catalogues, trade names, subscribers\u2019 bases and market shares generated internally are not recognized as intangible assets. Intangible assets separately acquired are recorded at cost, and intangible assets acquired in a business combination are recorded at their fair value at the acquisition date. Amortisation is charged to profit or loss on a straight-line basis over the estimated useful life. UMG believes that straight-line depreciation most accurately reflects the expected pattern of consumption of the future economic benefits embodied in these intangible assets. Useful lives are determined based on the asset\u2019s expected pattern of the future earnings and the period of the contractual arrangements. Useful lives are reviewed at the end of each reporting period. Music catalogues and publishing rights The majority of the music catalogues are amortised over 20 years on a straight-line basis. Some significant catalogues can be amortized over a longer period of time. Advances to artists and repertoire owners Royalty advances to artists, songwriters, and co-publishers are capitalized as an asset when their current popularity and past performances provide a reasonable basis to conclude that the probable future recoupment of such royalty advances against earnings otherwise payable to them is reasonably assured. Royalty advances are recognized as an expense as subsequent royalties are earned by the artist, songwriter or co-publisher. Any portion of capitalized royalty advances not deemed to be recoverable against future royalties is expensed during the period in which the loss becomes evident. These expenses are recorded in cost of revenues. Other intangible assets Other intangibles mainly includes software for internal use. Direct internal and external costs incurred for the development of software for internal use are capitalized during the development stage if the resulting product or process is technically and commercially feasible, cost can be reliably measured, UMG has sufficient resources and the intention to complete its development. Research costs are expensed when incurred. Costs of significant upgrades and enhancements resulting in additional functionality are also capitalized. The software for internal use is generally amortized over 3 years and included within amortisation expense. 2.3.10. Leases The main lease contracts for UMG correspond to real estate leases for which UMG is the lessee. Real estate leases for which UMG is the lessee are recorded at the commencement date and result in the recognition of a lease liability equal to the present value of future lease payments against a right-of-use asset relating to leases. Right-of-use assets Right-of-use assets are initially measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of- use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment. Lease liabilities UMG recognizes lease liabilities initially measured at the present value of future lease payments over the lease term. The lease payments include in-substance fixed payments (less any lease incentives), variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include payments of penalties for terminating a lease, if UMG has the option to terminate and it is reasonably certain that this option will be exercised. In calculating the present value of lease payments, UMG uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. The carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term or a change in the in-substance fixed lease payments. Short-term leases and leases of low-value assets UMG applies the short-term lease recognition exemption to the real-estate leases with a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the lease of low-value assets recognition exemption to leases of office chattels and other equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as an expense on a straight-line basis over the lease term.
Accounting for leases
UMG determines the lease term as the non-cancellable term of the lease, together with any periods
covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods
covered by an option to terminate the lease, if it is reasonably certain not to be exercised. When
determining the lease term, UMG considers all relevant facts and circumstances that create an
economic incentive to exercise an extension option, or not to exercise a termination option. These
circumstances include UMG\u2019s real estate planning.
In estimating the lessee\u2019s incremental borrowing rate, UMG takes into account the residual lease
term and its duration to reflect the interest rate of a loan with a similar payment profile to the
lease payments.
2.3.18. Provisions Provisions are recognized when, at the end of the reporting period, UMG has a legal obligation (statutory, regulatory or contractual) or a constructive obligation, as a result of past events, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the obligation can be reliably estimated. Where the effect of the time value of money is material, provisions are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money. If the amount of the obligation cannot be reliably estimated, no provision is recorded and a disclosure is made in the Notes to the Consolidated Financial Statements. Significant judgment is required in determining the amount and probability of resources outflow and discount rates used to calculate the present value of this outflow. Provisions for royalty audit claims Up to the completion of the royalty claim audit, the timing and the amount of the potential pay-outs is uncertain. UMG makes its best possible estimate of the outcome using any available data, including history of claims with rights owners. When the estimate is performed for large homogeneous claims and contract terms, the statistical valuation method is used. Litigation provisions In the ordinary course of business, UMG may be involved in a number of legal and arbitration proceedings and administrative actions. The costs which may result from these proceedings are accrued at the reporting date if UMG has a present obligation toward a third party resulting from a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the amount of that liability can be quantified or estimated within a reasonable range. The amount of provision recorded is based on a case-by-case assessment of the risk level, and events arising during the course of legal proceedings may require a reassessment of this risk at any time. 2.3.19. Employee benefit plans Defined contribution plans Contributions to defined contribution and multi-employer plans are expensed during the year when related services are provided. Defined benefit plans Defined benefit plans may be funded by investments in various instruments such as insurance contracts or equity and debt investment securities, excluding shares in any UMG entity or debt instruments. Pension expenses and defined benefit obligations are calculated by independent actuaries using the projected unit credit method. This method is based on annually updated assumptions, which include the probability of employees remaining with UMG until retirement, expected changes in future compensation and an appropriate discount rate for each country in which UMG maintains a pension plan. The discount rate is determined for each country by reference to yields on notes issued by investment grade companies having a credit rating of AA and maturities identical to that of the valued plans, generally based on relevant rate indices. The expected return on plan assets is estimated by using the selected discount rate to value the obligations of the previous year. The calculation is performed separately for each plan. A provision is recorded in the Statement of Financial Position equal to the difference between the actuarial value of the related benefits (actuarial liability) and the fair value of any associated plan assets, and this includes past service costs and actuarial gains and losses. The cost of defined benefit plans consists of three components recognized as follows: \u25a0 the service cost is included in selling, general and administrative expenses. It comprises current service cost, past service cost resulting from a plan amendment or a curtailment, immediately recognized in profit and loss, and gains and losses on settlement; \u25a0 the financial component, recorded in other financial expenses and income, consists of the unwinding of the interest component of the discount, less the expected return on plan assets determined using the discount rate retained for the valuation of the benefit obligation; and \u25a0 the remeasurements of the net defined benefit liability (asset), recognized in items of other comprehensive income not reclassified as profit and loss, mainly consist of actuarial gains and losses, i.e., changes in the present value of the defined benefit obligation and plan assets resulting from changes in actuarial assumptions and experience adjustments (representing the differences between the expected effect of some actuarial assumptions applied to previous valuations and the effective impact). Where the value of plan assets exceeds benefit obligations, a financial asset is recognized up to the present value of future refunds and the expected reduction in future contributions. Some other post-employment benefits, such as life insurance and medical coverage (mainly in the United States) are subject to provisions which are assessed through an actuarial calculation comparable to the method used for pension provisions. 2.3.20. Income taxes Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where UMG operates and generates taxable income. UMG periodically evaluates positions taken in its tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Differences existing at closing between the tax base value of assets and liabilities and their carrying value in the Consolidated Statement of Financial Position give rise to temporary differences. Pursuant to the liability method, these temporary differences result in the accounting of: \u25a0 deferred tax assets, when the tax base value is greater than the carrying value (expected future tax saving); and \u25a0 deferred tax liabilities, when the tax base value is lower than the carrying value (expected future tax expense). Deferred tax assets and liabilities are measured at the expected tax rates for the year during which the asset will be realized or the liability settled, based on tax rates (and tax regulations) enacted or substantially enacted by the closing date. They are reviewed at the end of each year, in line with any changes in applicable tax rates. Deferred tax assets are recognized for all deductible temporary differences, tax loss carry-forwards and unused tax credits, insofar as it is probable that a taxable profit will be available, or when a current tax liability exists to make use of those deductible temporary differences, tax loss carry- forwards and unused tax credits, except where the deferred tax asset associated with the deductible temporary difference is generated by initial recognition of an asset or liability in a transaction which is not a business combination, and that, at the transaction date, does not impact net profit, nor tax income or loss. For deductible temporary differences resulting from investments in subsidiaries, joint ventures and other associated entities, deferred tax assets are recorded to the extent that it is probable that the temporary difference will reverse in the foreseeable future and that a taxable profit will be available against which the temporary difference can be utilized. The carrying value of deferred tax assets is reviewed at each closing date, and revalued or reduced to the extent that it is more or less probable that a taxable profit will be available to allow the deferred tax asset to be utilized. When assessing the probability of a taxable profit being available, account is taken, primarily, of prior years\u2019 results, forecasted future results, non-recurring items unlikely to occur in the future and the tax strategy. As such, the assessment of UMG's ability to utilize tax losses carried forward is to a large extent judgement-based. If the future taxable results of UMG proved to differ significantly from those expected, UMG would be required to increase or decrease the carrying value of deferred tax assets with a potentially material impact on UMG's Statement of Financial Position and Statement of Profit or Loss. Deferred tax liabilities are recognized for all taxable temporary differences, except where the deferred tax liability results from goodwill or initial recognition of an asset or liability in a transaction which is not a business combination, and that, at the transaction date, does not impact net profit, tax income or loss. For taxable temporary differences resulting from investments in subsidiaries, joint ventures and other associated entities, deferred tax liabilities are recorded except to the extent that both of the following conditions are satisfied: the parent, investor or venturer is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not be reversed in the foreseeable future. Current tax and deferred tax shall be charged or credited directly to equity, and not profit if the tax relates to items that are credited or charged directly to equity. Current tax liabilities not expected to be paid within the next 12 months are recorded as long term current tax liability. In 2023, UMG adopted International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS 12. These amendments introduced (i) a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules and (ii) disclosure requirements for affected entities to give financial statement users an understanding of the exposure to Pillar Two income taxes arising from that legislation. 2.3.21. Share-based payments Equity-settled share-based compensation expense is recognized as a personnel cost over the vesting period of the award at the fair value of the equity instruments granted at the grant date with a corresponding increase in equity. For cases in which the grant date occurs after the employees to whom the equity instruments were granted have begun rendering services (for example, if a grant of equity instruments is subject to shareholder approval), UMG estimates the grant date fair value of the equity instruments by estimating the fair value of the equity instruments at the end of the reporting period, for the purposes of recognising the services received during the period between service commencement date and grant date. Once the date of grant has been established, UMG revises the earlier estimate so that the amounts recognised for services received in respect of the grant are ultimately based on the grant date fair value of the equity instruments. Fair value of the shares granted is fixed at the grant date and is equal to the share price at the grant date with a deduction for the aggregate discounted value of the dividends that will not be received over the vesting period, unless the conditions of the plan prescribe compensation for the vesting period dividends, and after taking into account the discount for non-transferability during the retention period. The cumulative expense recognized for equity-settled transactions at each reporting date reflects the extent to which the vesting period has expired and UMG\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the Statement of Profit or Loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. Service and non-market performance conditions are not considered when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of UMG\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-480": { "value": "
Accounting estimates and judgements
Application of the accounting policies requires judgements that impact the amounts recognised.
All significant judgements and estimates are disclosed in the notes to the Consolidated financial
statements. Information and considerations regarding areas of significant judgements and
estimates have been included in the table below. It is reasonably possible, that outcomes of these
judgements and estimates within the next financial year are different from the assumptions, which
could require a material adjustment to the carrying amount of the asset or liability affected.
Area Significant judgement Note
Significant judgement is required to identify performance obligations
under contracts with customers, whether these performance 2.3.5. Revenues and
Revenue obligations are satisfied at a point of time or over time, and associated costs
probability that collectability is assured and significant reversal will
not occur.
Uncertain tax Judgement in assessing the uncertainty of whether it is probable that
positions and a taxation authority will accept or revise the uncertain tax treatment 2.3.20. Income taxes
deferred taxes and, future results enabling realisation of deferred taxes.
Lease liabilities and Judgement in determining the lease term of contracts with renewal
right-of-use assets and termination options at the commencement date of each
lease contract.
2.3.10. Leases
Area Significant estimate Note
Revenue Estimation on the timing of the consequent usage and the amounts 2.3.5. Revenues and
that are probable to be collected. associated costs
Intangible assets, Assumptions relating to impairment tests performed on each of the 2.3.7. Goodwill and
including goodwill Group\u2019s cash-generating units (CGUs) or intangible assets, future 2.3.8. Content assets
and content assets cash flows and discount rates are updated annually. Estimation of and other intangibles
(remaining) useful life for intangible assets, other than goodwill.
Provisions Estimating the likelihood and timing of potential cash flows relating 2.3.18. Provisions
to royalty claims and litigation.
Area Significant estimate Note
Artist Estimates of the future performance of artists and repertoire owners 2.3.8. Content assets
royalty advances who are paid advances that are recognized in the Consolidated and other intangibles
Statement of Financial Position.
Share- Estimation of the grant date fair value and number of 2.3.21. Share-
based payments equity instruments. based payments
Pension liability Assumptions for discount rates, inflation, future pension increases 2.3.19. Employee
and life expectancy to calculate the defined benefit obligation. benefit plans
For more details on these significant judgement areas and resulting estimates refer to the
accounting policies below.
2.3.5. Revenues and associated costs Revenues from contracts with customers are recorded when performance obligations promised in the contract are satisfied, and for an amount for which it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Revenues are reported net of discounts. Intellectual property licensing (musical works) These licenses transfer to a customer either a right to use an entity's intellectual property as it exists at the point in time at which the license is granted (static license), or a right to access an entity's intellectual property as it exists throughout the license period (dynamic license). Revenues are accounted for when the performance obligation promised in the contract is satisfied (static license) or over time upon satisfaction (dynamic license), i.e., when the seller transfers the control over the right to use/access the intellectual property and the customer obtains control of the use/access of that license. Consequently, revenues from static licenses are recognized at the point in time when the license is transferred and the customer is able to use and benefit from the license. Revenues from dynamic licenses are accounted for over time, over the license period from the date the customer is able to use and benefit from the license and in line with the sale or usage. Consideration received in the current year, which represents income from ordinary activities related to the prior years, is recorded within revenue, unless it was accrued before. Court settlements in relation to the unauthorized usage of UMG's intellectual property in previous years are recorded in revenue as they relate to activities carried out within the ordinary course of business. Analysis of the Agent/Principal relationship in sales transactions involving a third party If the nature of the entity's undertaking is a performance obligation to provide the specified goods or services itself, then the entity acts on its own behalf and it is \u201cprincipal\u201d in the sale transaction: it accounts for revenue as the gross amount of consideration to which it expects to be entitled in exchange for the goods or services provided, and the commission due to the third-party as cost of revenues. If the entity arranges for a third-party to provide the goods or services specified in the contract, then it recognizes as revenues the net amount of consideration to which it expects to be entitled in exchange for the goods or services provided. Financing Component and other UMG does not adjust the transaction price for the effects of significant financing components if, at contract inception, it is expected that the period between customer payment and the transfer of goods or services is one year or less. This applies to the majority of sales transactions. The transaction price may be variable due to discounts, rebates, or similar arrangements. In determining the transaction price UMG considers the fair value of any non-cash consideration. Revenue is only recognized for the part of the consideration for which it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Judgement is required in determining the probability and level of discounts and rebates that will be granted. The estimate is updated throughout the term of the contract. Revenue recognition by business segment Recorded Music The sales of recorded music (physical, digital downloading or streaming) are intellectual property licenses granted by UMG to distributors or digital platforms and which give them certain rights over UMG's musical works. Physical sales of recorded music (CDs, DVDs and Vinyls) These intellectual property licenses are static licenses transferring to the customer a right to use UMG\u2018s recordings as they exist at the point in time at which the license is granted, i.e., on the physical device sold. Revenues from the physical sales of recorded music, net of a provision for estimated returns and rebates, if any, are accounted for, either: (i) upon the sale to the distributor, at the shipping point for products sold free on board (FOB) or on delivery for products sold free on destination; or (ii) upon the sale to the final customer for consignment sales. Digital sales of recorded music, via streaming by paid subscription, ad-supported or downloading. These intellectual property licenses are generally dynamic licenses providing a right to access the entire catalogue of recorded music as it exists throughout the license period considering potential add-ons to, or withdrawals from, the catalogue during that period. The consideration paid by the digital platform is variable in the form of a sales-based or a usage- based royalty. Revenues are then accounted for when these subsequent sales or usages occur. Revenues from digital sales of recorded music, for which UMG has sufficient, accurate, and reliable data from digital platforms, are recognized at the end of the month in which the sale or usage is made by the end customer. For digital sales of recorded music via paid subscription or ad-supported streaming, certain contracts may include a non-refundable minimum guarantee which is generally recoupable and is in substance an advance payment. In the case of a dynamic license, the minimum guarantee is spread over the period to which it relates and takes into account the amount of royalties that are actually recoupable. The minimum guarantee is apportioned in accordance with the accounting for these royalties. Music Publishing Music Publishing relates to the use by a third party of the copyrights on musical works owned or administered by UMG, which are intellectual property licenses that UMG grants to the third party and which provides a right to access a catalogue of recorded music, as these intellectual property licenses are dynamic licenses. For these contracts, revenues are recognised on the basis of sales and usage royalties, using the best available estimate on the timing of the consequent usage and the amounts that are probable to be collected. Merchandising Revenues from merchandising are recognized when control has been passed either upon sale to the end customer, from direct sales during touring, concessions and over the internet; on delivery for sales by a third-party distributor; or for sales of rights attached to merchandising products when a contract is signed and collectability is probable and on a sales and usage basis. Provisions for estimated returns and price guarantees are deducted from sales of products to customers through distributors. The provisions are estimated based on past sales statistics and take into account the economic environment and product sales forecast to final customers. Associated costs of revenues Cost of revenues primarily includes product costs and artists costs. Selling, general and administrative expenses primarily include salaries and employee benefits, consulting and service fees, insurance costs, travel and entertainment expenses, depreciation of capital expenditure and right of use assets, administrative department costs, value allowances for receivables, restructuring expenses and other operating expenses and are expensed when incurred. Advertising costs are expensed when incurred. Slotting fees and cooperative advertising expenses are recorded as a reduction in revenues. However, cooperative advertising is not treated as a reduction of transaction price but marketing expense and expensed when it is distinct and can be estimated. 2.3.7. Goodwill Goodwill represents the difference between the fair value of the net assets acquired and the transaction price in a business combination. Goodwill arising on the acquisition of associates and joint ventures is included in their carrying amounts. Subsequently, goodwill is measured at its initial amount less accumulated impairment losses. On the acquisition date, to the extent possible, goodwill is allocated to each cash-generating unit likely to benefit from the business combination. 2.3.8. Content assets and other intangibles Content assets include royalty advances to artists, songwriters and co-publishers as well as recorded music and music publishing catalogues, artists\u2019 contracts and rights. Music catalogues, trade names, subscribers\u2019 bases and market shares generated internally are not recognized as intangible assets. Intangible assets separately acquired are recorded at cost, and intangible assets acquired in a business combination are recorded at their fair value at the acquisition date. Amortisation is charged to profit or loss on a straight-line basis over the estimated useful life. UMG believes that straight-line depreciation most accurately reflects the expected pattern of consumption of the future economic benefits embodied in these intangible assets. Useful lives are determined based on the asset\u2019s expected pattern of the future earnings and the period of the contractual arrangements. Useful lives are reviewed at the end of each reporting period. Music catalogues and publishing rights The majority of the music catalogues are amortised over 20 years on a straight-line basis. Some significant catalogues can be amortized over a longer period of time. Advances to artists and repertoire owners Royalty advances to artists, songwriters, and co-publishers are capitalized as an asset when their current popularity and past performances provide a reasonable basis to conclude that the probable future recoupment of such royalty advances against earnings otherwise payable to them is reasonably assured. Royalty advances are recognized as an expense as subsequent royalties are earned by the artist, songwriter or co-publisher. Any portion of capitalized royalty advances not deemed to be recoverable against future royalties is expensed during the period in which the loss becomes evident. These expenses are recorded in cost of revenues. Other intangible assets Other intangibles mainly includes software for internal use. Direct internal and external costs incurred for the development of software for internal use are capitalized during the development stage if the resulting product or process is technically and commercially feasible, cost can be reliably measured, UMG has sufficient resources and the intention to complete its development. Research costs are expensed when incurred. Costs of significant upgrades and enhancements resulting in additional functionality are also capitalized. The software for internal use is generally amortized over 3 years and included within amortisation expense. 2.3.18. Provisions Provisions are recognized when, at the end of the reporting period, UMG has a legal obligation (statutory, regulatory or contractual) or a constructive obligation, as a result of past events, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the obligation can be reliably estimated. Where the effect of the time value of money is material, provisions are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money. If the amount of the obligation cannot be reliably estimated, no provision is recorded and a disclosure is made in the Notes to the Consolidated Financial Statements. Significant judgment is required in determining the amount and probability of resources outflow and discount rates used to calculate the present value of this outflow. Provisions for royalty audit claims Up to the completion of the royalty claim audit, the timing and the amount of the potential pay-outs is uncertain. UMG makes its best possible estimate of the outcome using any available data, including history of claims with rights owners. When the estimate is performed for large homogeneous claims and contract terms, the statistical valuation method is used. Litigation provisions In the ordinary course of business, UMG may be involved in a number of legal and arbitration proceedings and administrative actions. The costs which may result from these proceedings are accrued at the reporting date if UMG has a present obligation toward a third party resulting from a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the amount of that liability can be quantified or estimated within a reasonable range. The amount of provision recorded is based on a case-by-case assessment of the risk level, and events arising during the course of legal proceedings may require a reassessment of this risk at any time. 2.3.19. Employee benefit plans Defined contribution plans Contributions to defined contribution and multi-employer plans are expensed during the year when related services are provided. Defined benefit plans Defined benefit plans may be funded by investments in various instruments such as insurance contracts or equity and debt investment securities, excluding shares in any UMG entity or debt instruments. Pension expenses and defined benefit obligations are calculated by independent actuaries using the projected unit credit method. This method is based on annually updated assumptions, which include the probability of employees remaining with UMG until retirement, expected changes in future compensation and an appropriate discount rate for each country in which UMG maintains a pension plan. The discount rate is determined for each country by reference to yields on notes issued by investment grade companies having a credit rating of AA and maturities identical to that of the valued plans, generally based on relevant rate indices. The expected return on plan assets is estimated by using the selected discount rate to value the obligations of the previous year. The calculation is performed separately for each plan. A provision is recorded in the Statement of Financial Position equal to the difference between the actuarial value of the related benefits (actuarial liability) and the fair value of any associated plan assets, and this includes past service costs and actuarial gains and losses. The cost of defined benefit plans consists of three components recognized as follows: \u25a0 the service cost is included in selling, general and administrative expenses. It comprises current service cost, past service cost resulting from a plan amendment or a curtailment, immediately recognized in profit and loss, and gains and losses on settlement; \u25a0 the financial component, recorded in other financial expenses and income, consists of the unwinding of the interest component of the discount, less the expected return on plan assets determined using the discount rate retained for the valuation of the benefit obligation; and \u25a0 the remeasurements of the net defined benefit liability (asset), recognized in items of other comprehensive income not reclassified as profit and loss, mainly consist of actuarial gains and losses, i.e., changes in the present value of the defined benefit obligation and plan assets resulting from changes in actuarial assumptions and experience adjustments (representing the differences between the expected effect of some actuarial assumptions applied to previous valuations and the effective impact). Where the value of plan assets exceeds benefit obligations, a financial asset is recognized up to the present value of future refunds and the expected reduction in future contributions. Some other post-employment benefits, such as life insurance and medical coverage (mainly in the United States) are subject to provisions which are assessed through an actuarial calculation comparable to the method used for pension provisions. 2.3.21. Share-based payments Equity-settled share-based compensation expense is recognized as a personnel cost over the vesting period of the award at the fair value of the equity instruments granted at the grant date with a corresponding increase in equity. For cases in which the grant date occurs after the employees to whom the equity instruments were granted have begun rendering services (for example, if a grant of equity instruments is subject to shareholder approval), UMG estimates the grant date fair value of the equity instruments by estimating the fair value of the equity instruments at the end of the reporting period, for the purposes of recognising the services received during the period between service commencement date and grant date. Once the date of grant has been established, UMG revises the earlier estimate so that the amounts recognised for services received in respect of the grant are ultimately based on the grant date fair value of the equity instruments. Fair value of the shares granted is fixed at the grant date and is equal to the share price at the grant date with a deduction for the aggregate discounted value of the dividends that will not be received over the vesting period, unless the conditions of the plan prescribe compensation for the vesting period dividends, and after taking into account the discount for non-transferability during the retention period. The cumulative expense recognized for equity-settled transactions at each reporting date reflects the extent to which the vesting period has expired and UMG\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the Statement of Profit or Loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. Service and non-market performance conditions are not considered when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of UMG\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-482": { "value": "Accounting estimates and judgements Application of the accounting policies requires judgements that impact the amounts recognised. All significant judgements and estimates are disclosed in the notes to the Consolidated financial statements. Information and considerations regarding areas of significant judgements and estimates have been included in the table below. It is reasonably possible, that outcomes of these judgements and estimates within the next financial year are different from the assumptions, which could require a material adjustment to the carrying amount of the asset or liability affected. Area Significant judgement Note Significant judgement is required to identify performance obligations under contracts with customers, whether these performance 2.3.5. Revenues and Revenue obligations are satisfied at a point of time or over time, and associated costs probability that collectability is assured and significant reversal will not occur. Uncertain tax Judgement in assessing the uncertainty of whether it is probable that positions and a taxation authority will accept or revise the uncertain tax treatment 2.3.20. Income taxes deferred taxes and, future results enabling realisation of deferred taxes. Lease liabilities and Judgement in determining the lease term of contracts with renewal right-of-use assets and termination options at the commencement date of each lease contract. 2.3.10. Leases Area Significant estimate Note Revenue Estimation on the timing of the consequent usage and the amounts 2.3.5. Revenues and that are probable to be collected. associated costs Intangible assets, Assumptions relating to impairment tests performed on each of the 2.3.7. Goodwill and including goodwill Group\u2019s cash-generating units (CGUs) or intangible assets, future 2.3.8. Content assets and content assets cash flows and discount rates are updated annually. Estimation of and other intangibles (remaining) useful life for intangible assets, other than goodwill. Provisions Estimating the likelihood and timing of potential cash flows relating 2.3.18. Provisions to royalty claims and litigation. Area Significant estimate Note Artist Estimates of the future performance of artists and repertoire owners 2.3.8. Content assets royalty advances who are paid advances that are recognized in the Consolidated and other intangibles Statement of Financial Position. Share- Estimation of the grant date fair value and number of 2.3.21. Share- based payments equity instruments. based payments Pension liability Assumptions for discount rates, inflation, future pension increases 2.3.19. Employee and life expectancy to calculate the defined benefit obligation. benefit plans For more details on these significant judgement areas and resulting estimates refer to the accounting policies below. 2.3.5. Revenues and associated costs Revenues from contracts with customers are recorded when performance obligations promised in the contract are satisfied, and for an amount for which it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Revenues are reported net of discounts. Intellectual property licensing (musical works) These licenses transfer to a customer either a right to use an entity's intellectual property as it exists at the point in time at which the license is granted (static license), or a right to access an entity's intellectual property as it exists throughout the license period (dynamic license). Revenues are accounted for when the performance obligation promised in the contract is satisfied (static license) or over time upon satisfaction (dynamic license), i.e., when the seller transfers the control over the right to use/access the intellectual property and the customer obtains control of the use/access of that license. Consequently, revenues from static licenses are recognized at the point in time when the license is transferred and the customer is able to use and benefit from the license. Revenues from dynamic licenses are accounted for over time, over the license period from the date the customer is able to use and benefit from the license and in line with the sale or usage. Consideration received in the current year, which represents income from ordinary activities related to the prior years, is recorded within revenue, unless it was accrued before. Court settlements in relation to the unauthorized usage of UMG's intellectual property in previous years are recorded in revenue as they relate to activities carried out within the ordinary course of business. Analysis of the Agent/Principal relationship in sales transactions involving a third party If the nature of the entity's undertaking is a performance obligation to provide the specified goods or services itself, then the entity acts on its own behalf and it is \u201cprincipal\u201d in the sale transaction: it accounts for revenue as the gross amount of consideration to which it expects to be entitled in exchange for the goods or services provided, and the commission due to the third-party as cost of revenues. If the entity arranges for a third-party to provide the goods or services specified in the contract, then it recognizes as revenues the net amount of consideration to which it expects to be entitled in exchange for the goods or services provided. Financing Component and other UMG does not adjust the transaction price for the effects of significant financing components if, at contract inception, it is expected that the period between customer payment and the transfer of goods or services is one year or less. This applies to the majority of sales transactions. The transaction price may be variable due to discounts, rebates, or similar arrangements. In determining the transaction price UMG considers the fair value of any non-cash consideration. Revenue is only recognized for the part of the consideration for which it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Judgement is required in determining the probability and level of discounts and rebates that will be granted. The estimate is updated throughout the term of the contract. Revenue recognition by business segment Recorded Music The sales of recorded music (physical, digital downloading or streaming) are intellectual property licenses granted by UMG to distributors or digital platforms and which give them certain rights over UMG's musical works. Physical sales of recorded music (CDs, DVDs and Vinyls) These intellectual property licenses are static licenses transferring to the customer a right to use UMG\u2018s recordings as they exist at the point in time at which the license is granted, i.e., on the physical device sold. Revenues from the physical sales of recorded music, net of a provision for estimated returns and rebates, if any, are accounted for, either: (i) upon the sale to the distributor, at the shipping point for products sold free on board (FOB) or on delivery for products sold free on destination; or (ii) upon the sale to the final customer for consignment sales. Digital sales of recorded music, via streaming by paid subscription, ad-supported or downloading. These intellectual property licenses are generally dynamic licenses providing a right to access the entire catalogue of recorded music as it exists throughout the license period considering potential add-ons to, or withdrawals from, the catalogue during that period. The consideration paid by the digital platform is variable in the form of a sales-based or a usage- based royalty. Revenues are then accounted for when these subsequent sales or usages occur. Revenues from digital sales of recorded music, for which UMG has sufficient, accurate, and reliable data from digital platforms, are recognized at the end of the month in which the sale or usage is made by the end customer. For digital sales of recorded music via paid subscription or ad-supported streaming, certain contracts may include a non-refundable minimum guarantee which is generally recoupable and is in substance an advance payment. In the case of a dynamic license, the minimum guarantee is spread over the period to which it relates and takes into account the amount of royalties that are actually recoupable. The minimum guarantee is apportioned in accordance with the accounting for these royalties. Music Publishing Music Publishing relates to the use by a third party of the copyrights on musical works owned or administered by UMG, which are intellectual property licenses that UMG grants to the third party and which provides a right to access a catalogue of recorded music, as these intellectual property licenses are dynamic licenses. For these contracts, revenues are recognised on the basis of sales and usage royalties, using the best available estimate on the timing of the consequent usage and the amounts that are probable to be collected. Merchandising Revenues from merchandising are recognized when control has been passed either upon sale to the end customer, from direct sales during touring, concessions and over the internet; on delivery for sales by a third-party distributor; or for sales of rights attached to merchandising products when a contract is signed and collectability is probable and on a sales and usage basis. Provisions for estimated returns and price guarantees are deducted from sales of products to customers through distributors. The provisions are estimated based on past sales statistics and take into account the economic environment and product sales forecast to final customers. Associated costs of revenues Cost of revenues primarily includes product costs and artists costs. Selling, general and administrative expenses primarily include salaries and employee benefits, consulting and service fees, insurance costs, travel and entertainment expenses, depreciation of capital expenditure and right of use assets, administrative department costs, value allowances for receivables, restructuring expenses and other operating expenses and are expensed when incurred. Advertising costs are expensed when incurred. Slotting fees and cooperative advertising expenses are recorded as a reduction in revenues. However, cooperative advertising is not treated as a reduction of transaction price but marketing expense and expensed when it is distinct and can be estimated. 2.3.7. Goodwill Goodwill represents the difference between the fair value of the net assets acquired and the transaction price in a business combination. Goodwill arising on the acquisition of associates and joint ventures is included in their carrying amounts. Subsequently, goodwill is measured at its initial amount less accumulated impairment losses. On the acquisition date, to the extent possible, goodwill is allocated to each cash-generating unit likely to benefit from the business combination. 2.3.8. Content assets and other intangibles Content assets include royalty advances to artists, songwriters and co-publishers as well as recorded music and music publishing catalogues, artists\u2019 contracts and rights. Music catalogues, trade names, subscribers\u2019 bases and market shares generated internally are not recognized as intangible assets. Intangible assets separately acquired are recorded at cost, and intangible assets acquired in a business combination are recorded at their fair value at the acquisition date. Amortisation is charged to profit or loss on a straight-line basis over the estimated useful life. UMG believes that straight-line depreciation most accurately reflects the expected pattern of consumption of the future economic benefits embodied in these intangible assets. Useful lives are determined based on the asset\u2019s expected pattern of the future earnings and the period of the contractual arrangements. Useful lives are reviewed at the end of each reporting period. Music catalogues and publishing rights The majority of the music catalogues are amortised over 20 years on a straight-line basis. Some significant catalogues can be amortized over a longer period of time. Advances to artists and repertoire owners Royalty advances to artists, songwriters, and co-publishers are capitalized as an asset when their current popularity and past performances provide a reasonable basis to conclude that the probable future recoupment of such royalty advances against earnings otherwise payable to them is reasonably assured. Royalty advances are recognized as an expense as subsequent royalties are earned by the artist, songwriter or co-publisher. Any portion of capitalized royalty advances not deemed to be recoverable against future royalties is expensed during the period in which the loss becomes evident. These expenses are recorded in cost of revenues. Other intangible assets Other intangibles mainly includes software for internal use. Direct internal and external costs incurred for the development of software for internal use are capitalized during the development stage if the resulting product or process is technically and commercially feasible, cost can be reliably measured, UMG has sufficient resources and the intention to complete its development. Research costs are expensed when incurred. Costs of significant upgrades and enhancements resulting in additional functionality are also capitalized. The software for internal use is generally amortized over 3 years and included within amortisation expense. 2.3.18. Provisions Provisions are recognized when, at the end of the reporting period, UMG has a legal obligation (statutory, regulatory or contractual) or a constructive obligation, as a result of past events, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the obligation can be reliably estimated. Where the effect of the time value of money is material, provisions are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money. If the amount of the obligation cannot be reliably estimated, no provision is recorded and a disclosure is made in the Notes to the Consolidated Financial Statements. Significant judgment is required in determining the amount and probability of resources outflow and discount rates used to calculate the present value of this outflow. Provisions for royalty audit claims Up to the completion of the royalty claim audit, the timing and the amount of the potential pay-outs is uncertain. UMG makes its best possible estimate of the outcome using any available data, including history of claims with rights owners. When the estimate is performed for large homogeneous claims and contract terms, the statistical valuation method is used. Litigation provisions In the ordinary course of business, UMG may be involved in a number of legal and arbitration proceedings and administrative actions. The costs which may result from these proceedings are accrued at the reporting date if UMG has a present obligation toward a third party resulting from a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the amount of that liability can be quantified or estimated within a reasonable range. The amount of provision recorded is based on a case-by-case assessment of the risk level, and events arising during the course of legal proceedings may require a reassessment of this risk at any time. 2.3.19. Employee benefit plans Defined contribution plans Contributions to defined contribution and multi-employer plans are expensed during the year when related services are provided. Defined benefit plans Defined benefit plans may be funded by investments in various instruments such as insurance contracts or equity and debt investment securities, excluding shares in any UMG entity or debt instruments. Pension expenses and defined benefit obligations are calculated by independent actuaries using the projected unit credit method. This method is based on annually updated assumptions, which include the probability of employees remaining with UMG until retirement, expected changes in future compensation and an appropriate discount rate for each country in which UMG maintains a pension plan. The discount rate is determined for each country by reference to yields on notes issued by investment grade companies having a credit rating of AA and maturities identical to that of the valued plans, generally based on relevant rate indices. The expected return on plan assets is estimated by using the selected discount rate to value the obligations of the previous year. The calculation is performed separately for each plan. A provision is recorded in the Statement of Financial Position equal to the difference between the actuarial value of the related benefits (actuarial liability) and the fair value of any associated plan assets, and this includes past service costs and actuarial gains and losses. The cost of defined benefit plans consists of three components recognized as follows: \u25a0 the service cost is included in selling, general and administrative expenses. It comprises current service cost, past service cost resulting from a plan amendment or a curtailment, immediately recognized in profit and loss, and gains and losses on settlement; \u25a0 the financial component, recorded in other financial expenses and income, consists of the unwinding of the interest component of the discount, less the expected return on plan assets determined using the discount rate retained for the valuation of the benefit obligation; and \u25a0 the remeasurements of the net defined benefit liability (asset), recognized in items of other comprehensive income not reclassified as profit and loss, mainly consist of actuarial gains and losses, i.e., changes in the present value of the defined benefit obligation and plan assets resulting from changes in actuarial assumptions and experience adjustments (representing the differences between the expected effect of some actuarial assumptions applied to previous valuations and the effective impact). Where the value of plan assets exceeds benefit obligations, a financial asset is recognized up to the present value of future refunds and the expected reduction in future contributions. Some other post-employment benefits, such as life insurance and medical coverage (mainly in the United States) are subject to provisions which are assessed through an actuarial calculation comparable to the method used for pension provisions. 2.3.21. Share-based payments Equity-settled share-based compensation expense is recognized as a personnel cost over the vesting period of the award at the fair value of the equity instruments granted at the grant date with a corresponding increase in equity. For cases in which the grant date occurs after the employees to whom the equity instruments were granted have begun rendering services (for example, if a grant of equity instruments is subject to shareholder approval), UMG estimates the grant date fair value of the equity instruments by estimating the fair value of the equity instruments at the end of the reporting period, for the purposes of recognising the services received during the period between service commencement date and grant date. Once the date of grant has been established, UMG revises the earlier estimate so that the amounts recognised for services received in respect of the grant are ultimately based on the grant date fair value of the equity instruments. Fair value of the shares granted is fixed at the grant date and is equal to the share price at the grant date with a deduction for the aggregate discounted value of the dividends that will not be received over the vesting period, unless the conditions of the plan prescribe compensation for the vesting period dividends, and after taking into account the discount for non-transferability during the retention period. The cumulative expense recognized for equity-settled transactions at each reporting date reflects the extent to which the vesting period has expired and UMG\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the Statement of Profit or Loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. Service and non-market performance conditions are not considered when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of UMG\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-354": { "value": "2.3.1. Foreign currency Foreign currency transactions Foreign currency transactions are initially recorded in the functional currency of the entity at the exchange rate prevailing at the date of the transaction. At the closing date, foreign currency monetary assets and liabilities are translated into the entity's functional currency at the exchange rate prevailing on that date with foreign currency differences recorded to profit and loss. Financial statements denominated in a foreign currency The assets and liabilities of foreign operations with functional currencies other than the Euro are translated using exchange rates prevailing at the reporting date. The income and expenses of foreign operations are translated using monthly average exchange rates which approximate prevailing exchange rates at the dates of the underlying transactions. The resulting translation gains and losses are recognised in other comprehensive income and presented within equity. For foreign operations that are not wholly-owned subsidiaries, the proportionate share of the translation differences are allocated to non-controlling interests. The cumulative amount in the translation reserve is (either fully or partly) reclassified to the income statement upon disposal (either fully or partly) or liquidation. In 2024, UMG did not have any significant foreign operations in hyper-inflationary economies. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-402": { "value": "Foreign currency transactions Foreign currency transactions are initially recorded in the functional currency of the entity at the exchange rate prevailing at the date of the transaction. At the closing date, foreign currency monetary assets and liabilities are translated into the entity's functional currency at the exchange rate prevailing on that date with foreign currency differences recorded to profit and loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-355": { "value": "2.3.2. Earnings per share UMG presents basic and diluted earnings per share (EPS) data for its shares. Basic EPS is calculated by dividing the net profit or loss attributable to shareholders of UMG by the weighted average number of shares outstanding during the year, adjusted for the weighted average number of own shares held in the year. Diluted EPS is determined by dividing the profit or loss attributable to shareholders by the weighted average number of shares outstanding, adjusted for the weighted average number of own shares held in the year and for the effects of all dilutive potential shares which comprise share rights and options granted to employees. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-356": { "value": "2.3.3. Consolidated Statement of Cash Flows The Consolidated Statement of Cash Flows is prepared using the indirect method starting from Operating profit. Dividends received from equity affiliates and investments are included in the investing cash flow. It also includes any cash flows arising from the gain or loss of control of subsidiaries. Interest paid, including interest paid on lease liability, is included in the financing activities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-437": { "value": "2.3.4. Accounting for associates and joint ventures Associates are entities in which UMG has significant influence, but not control or joint control. Significant influence is generally obtained by ownership of more than 20% but less than 50% of the voting rights. Joint ventures are the arrangements in which UMG has joint control. UMG\u2019s investments in associates and joint ventures are accounted for using the equity method of accounting, meaning they are initially recognised at cost. The Consolidated financial statements include UMG\u2019s share of the net profit or loss of the associates and joint ventures whereby the result is determined using the accounting policies of UMG. When UMG\u2019s share of losses exceeds the carrying amount of the associate or joint venture, the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that UMG has an obligation or has made a payment on behalf of the associate or joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-403": { "value": "2.3.4. Accounting for associates and joint ventures Associates are entities in which UMG has significant influence, but not control or joint control. Significant influence is generally obtained by ownership of more than 20% but less than 50% of the voting rights. Joint ventures are the arrangements in which UMG has joint control. UMG\u2019s investments in associates and joint ventures are accounted for using the equity method of accounting, meaning they are initially recognised at cost. The Consolidated financial statements include UMG\u2019s share of the net profit or loss of the associates and joint ventures whereby the result is determined using the accounting policies of UMG. When UMG\u2019s share of losses exceeds the carrying amount of the associate or joint venture, the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that UMG has an obligation or has made a payment on behalf of the associate or joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-357": { "value": "2.3.4. Accounting for associates and joint ventures Associates are entities in which UMG has significant influence, but not control or joint control. Significant influence is generally obtained by ownership of more than 20% but less than 50% of the voting rights. Joint ventures are the arrangements in which UMG has joint control. UMG\u2019s investments in associates and joint ventures are accounted for using the equity method of accounting, meaning they are initially recognised at cost. The Consolidated financial statements include UMG\u2019s share of the net profit or loss of the associates and joint ventures whereby the result is determined using the accounting policies of UMG. When UMG\u2019s share of losses exceeds the carrying amount of the associate or joint venture, the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that UMG has an obligation or has made a payment on behalf of the associate or joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-358": { "value": "2.3.5. Revenues and associated costs Revenues from contracts with customers are recorded when performance obligations promised in the contract are satisfied, and for an amount for which it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Revenues are reported net of discounts. Intellectual property licensing (musical works) These licenses transfer to a customer either a right to use an entity's intellectual property as it exists at the point in time at which the license is granted (static license), or a right to access an entity's intellectual property as it exists throughout the license period (dynamic license). Revenues are accounted for when the performance obligation promised in the contract is satisfied (static license) or over time upon satisfaction (dynamic license), i.e., when the seller transfers the control over the right to use/access the intellectual property and the customer obtains control of the use/access of that license. Consequently, revenues from static licenses are recognized at the point in time when the license is transferred and the customer is able to use and benefit from the license. Revenues from dynamic licenses are accounted for over time, over the license period from the date the customer is able to use and benefit from the license and in line with the sale or usage. Consideration received in the current year, which represents income from ordinary activities related to the prior years, is recorded within revenue, unless it was accrued before. Court settlements in relation to the unauthorized usage of UMG's intellectual property in previous years are recorded in revenue as they relate to activities carried out within the ordinary course of business. Analysis of the Agent/Principal relationship in sales transactions involving a third party If the nature of the entity's undertaking is a performance obligation to provide the specified goods or services itself, then the entity acts on its own behalf and it is \u201cprincipal\u201d in the sale transaction: it accounts for revenue as the gross amount of consideration to which it expects to be entitled in exchange for the goods or services provided, and the commission due to the third-party as cost of revenues. If the entity arranges for a third-party to provide the goods or services specified in the contract, then it recognizes as revenues the net amount of consideration to which it expects to be entitled in exchange for the goods or services provided. Financing Component and other UMG does not adjust the transaction price for the effects of significant financing components if, at contract inception, it is expected that the period between customer payment and the transfer of goods or services is one year or less. This applies to the majority of sales transactions. The transaction price may be variable due to discounts, rebates, or similar arrangements. In determining the transaction price UMG considers the fair value of any non-cash consideration. Revenue is only recognized for the part of the consideration for which it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Judgement is required in determining the probability and level of discounts and rebates that will be granted. The estimate is updated throughout the term of the contract. Revenue recognition by business segment Recorded Music The sales of recorded music (physical, digital downloading or streaming) are intellectual property licenses granted by UMG to distributors or digital platforms and which give them certain rights over UMG's musical works. Physical sales of recorded music (CDs, DVDs and Vinyls) These intellectual property licenses are static licenses transferring to the customer a right to use UMG\u2018s recordings as they exist at the point in time at which the license is granted, i.e., on the physical device sold. Revenues from the physical sales of recorded music, net of a provision for estimated returns and rebates, if any, are accounted for, either: (i) upon the sale to the distributor, at the shipping point for products sold free on board (FOB) or on delivery for products sold free on destination; or (ii) upon the sale to the final customer for consignment sales. Digital sales of recorded music, via streaming by paid subscription, ad-supported or downloading. These intellectual property licenses are generally dynamic licenses providing a right to access the entire catalogue of recorded music as it exists throughout the license period considering potential add-ons to, or withdrawals from, the catalogue during that period. The consideration paid by the digital platform is variable in the form of a sales-based or a usage- based royalty. Revenues are then accounted for when these subsequent sales or usages occur. Revenues from digital sales of recorded music, for which UMG has sufficient, accurate, and reliable data from digital platforms, are recognized at the end of the month in which the sale or usage is made by the end customer. For digital sales of recorded music via paid subscription or ad-supported streaming, certain contracts may include a non-refundable minimum guarantee which is generally recoupable and is in substance an advance payment. In the case of a dynamic license, the minimum guarantee is spread over the period to which it relates and takes into account the amount of royalties that are actually recoupable. The minimum guarantee is apportioned in accordance with the accounting for these royalties. Music Publishing Music Publishing relates to the use by a third party of the copyrights on musical works owned or administered by UMG, which are intellectual property licenses that UMG grants to the third party and which provides a right to access a catalogue of recorded music, as these intellectual property licenses are dynamic licenses. For these contracts, revenues are recognised on the basis of sales and usage royalties, using the best available estimate on the timing of the consequent usage and the amounts that are probable to be collected. Merchandising Revenues from merchandising are recognized when control has been passed either upon sale to the end customer, from direct sales during touring, concessions and over the internet; on delivery for sales by a third-party distributor; or for sales of rights attached to merchandising products when a contract is signed and collectability is probable and on a sales and usage basis.
Provisions for estimated returns and price guarantees are deducted from sales of products to
customers through distributors. The provisions are estimated based on past sales statistics and take
into account the economic environment and product sales forecast to final customers.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-458": { "value": "
Associated costs of revenues
Cost of revenues primarily includes product costs and artists costs.
Selling, general and administrative expenses primarily include salaries and employee benefits,
consulting and service fees, insurance costs, travel and entertainment expenses, depreciation of
capital expenditure and right of use assets, administrative department costs, value allowances for
receivables, restructuring expenses and other operating expenses and are expensed when incurred.
Advertising costs are expensed when incurred.
Slotting fees and cooperative advertising expenses are recorded as a reduction in revenues.
However, cooperative advertising is not treated as a reduction of transaction price but marketing
expense and expensed when it is distinct and can be estimated.
2.3.9. Property, plant and equipment Property, plant and equipment are carried at historical cost less any accumulated depreciation and impairment losses. Land and assets under construction are not depreciated. Depreciation is calculated using the straight-line method based on the estimated useful life of the assets. Leasehold improvements are depreciated over a period not longer than the lease term. Useful lives are reviewed at the end of each reporting period and are as follows: \u25a0 buildings: 5 to 40 years; \u25a0 equipment and machinery: 3 to 8 years; and \u25a0 other: 2 to 10 years. Right-of-use assets Right-of-use assets are initially measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of- use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-359": { "value": "
2.3.6. Business combinations
UMG accounts for business combinations using the acquisition method when the acquired set of
activities and assets meets the definition of a business and control is transferred to the Group. In
determining whether a particular set of activities and assets is a business, UMG assesses whether
the set of assets and activities acquired includes, at a minimum, an input and substantive process
and whether the acquired set has the ability to produce outputs.
Under this the acquisition method, upon the initial consolidation of an entity over which UMG has
acquired exclusive control:
\u25a0
the identifiable assets acquired, and the liabilities assumed are recognized at their fair values on
the acquisition date; and
\u25a0
non-controlling interests are measured either at fair value or at the non-controlling interest's
proportionate share of the acquiree\u2019s net identifiable assets. This option is available on a
transaction-by-transaction basis.
Contingent consideration in a business combination is recorded at fair value on the acquisition date,
and any subsequent adjustment occurring after the purchase price allocation period is recognized in
the Statement of Profit or Loss. Acquisition-related costs are recognized as expenses when incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-438": { "value": "2.3.6. Business combinations UMG accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, UMG assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. Under this the acquisition method, upon the initial consolidation of an entity over which UMG has acquired exclusive control: \u25a0 the identifiable assets acquired, and the liabilities assumed are recognized at their fair values on the acquisition date; and \u25a0 non-controlling interests are measured either at fair value or at the non-controlling interest's proportionate share of the acquiree\u2019s net identifiable assets. This option is available on a transaction-by-transaction basis. Contingent consideration in a business combination is recorded at fair value on the acquisition date, and any subsequent adjustment occurring after the purchase price allocation period is recognized in the Statement of Profit or Loss. Acquisition-related costs are recognized as expenses when incurred. 2.3.7. Goodwill Goodwill represents the difference between the fair value of the net assets acquired and the transaction price in a business combination. Goodwill arising on the acquisition of associates and joint ventures is included in their carrying amounts. Subsequently, goodwill is measured at its initial amount less accumulated impairment losses. On the acquisition date, to the extent possible, goodwill is allocated to each cash-generating unit likely to benefit from the business combination. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-360": { "value": "
2.3.7. Goodwill
Goodwill represents the difference between the fair value of the net assets acquired and the
transaction price in a business combination. Goodwill arising on the acquisition of associates and
joint ventures is included in their carrying amounts.
Subsequently, goodwill is measured at its initial amount less accumulated impairment losses. On
the acquisition date, to the extent possible, goodwill is allocated to each cash-generating unit likely
to benefit from the business combination.
2.3.8. Content assets and other intangibles
Content assets include royalty advances to artists, songwriters and co-publishers as well as
recorded music and music publishing catalogues, artists\u2019 contracts and rights. Music catalogues,
trade names, subscribers\u2019 bases and market shares generated internally are not recognized as
intangible assets.
Intangible assets separately acquired are recorded at cost, and intangible assets acquired in a
business combination are recorded at their fair value at the acquisition date. Amortisation is
charged to profit or loss on a straight-line basis over the estimated useful life. UMG believes that
straight-line depreciation most accurately reflects the expected pattern of consumption of the future
economic benefits embodied in these intangible assets.
Useful lives are determined based on the asset\u2019s expected pattern of the future earnings and the
period of the contractual arrangements. Useful lives are reviewed at the end of each reporting period.
Music catalogues and publishing rights
The majority of the music catalogues are amortised over 20 years on a straight-line basis. Some
significant catalogues can be amortized over a longer period of time.
Other intangible assets
Other intangibles mainly includes software for internal use. Direct internal and external costs
incurred for the development of software for internal use are capitalized during the development
stage if the resulting product or process is technically and commercially feasible, cost can be
reliably measured, UMG has sufficient resources and the intention to complete its development.
Research costs are expensed when incurred. Costs of significant upgrades and enhancements
resulting in additional functionality are also capitalized.
The software for internal use is generally amortized over 3 years and included within
amortisation expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-404": { "value": "2.3.7. Goodwill Goodwill represents the difference between the fair value of the net assets acquired and the transaction price in a business combination. Goodwill arising on the acquisition of associates and joint ventures is included in their carrying amounts. Subsequently, goodwill is measured at its initial amount less accumulated impairment losses. On the acquisition date, to the extent possible, goodwill is allocated to each cash-generating unit likely to benefit from the business combination. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-405": { "value": "2.3.8. Content assets and other intangibles Content assets include royalty advances to artists, songwriters and co-publishers as well as recorded music and music publishing catalogues, artists\u2019 contracts and rights. Music catalogues, trade names, subscribers\u2019 bases and market shares generated internally are not recognized as intangible assets. Intangible assets separately acquired are recorded at cost, and intangible assets acquired in a business combination are recorded at their fair value at the acquisition date. Amortisation is charged to profit or loss on a straight-line basis over the estimated useful life. UMG believes that straight-line depreciation most accurately reflects the expected pattern of consumption of the future economic benefits embodied in these intangible assets. Useful lives are determined based on the asset\u2019s expected pattern of the future earnings and the period of the contractual arrangements. Useful lives are reviewed at the end of each reporting period. Music catalogues and publishing rights The majority of the music catalogues are amortised over 20 years on a straight-line basis. Some significant catalogues can be amortized over a longer period of time. Other intangible assets Other intangibles mainly includes software for internal use. Direct internal and external costs incurred for the development of software for internal use are capitalized during the development stage if the resulting product or process is technically and commercially feasible, cost can be reliably measured, UMG has sufficient resources and the intention to complete its development. Research costs are expensed when incurred. Costs of significant upgrades and enhancements resulting in additional functionality are also capitalized. The software for internal use is generally amortized over 3 years and included within amortisation expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-459": { "value": "
Advances to artists and repertoire owners
Royalty advances to artists, songwriters, and co-publishers are capitalized as an asset when
their current popularity and past performances provide a reasonable basis to conclude that the
probable future recoupment of such royalty advances against earnings otherwise payable to them
is reasonably assured. Royalty advances are recognized as an expense as subsequent royalties are
earned by the artist, songwriter or co-publisher. Any portion of capitalized royalty advances not
deemed to be recoverable against future royalties is expensed during the period in which the loss
becomes evident. These expenses are recorded in cost of revenues.
", "dimensions": { "concept": "universalmusicgroupnv:DescriptionOfAccountingPolicyForPrepayments", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-439": { "value": "Other intangible assets Other intangibles mainly includes software for internal use. Direct internal and external costs incurred for the development of software for internal use are capitalized during the development stage if the resulting product or process is technically and commercially feasible, cost can be reliably measured, UMG has sufficient resources and the intention to complete its development. Research costs are expensed when incurred. Costs of significant upgrades and enhancements resulting in additional functionality are also capitalized. The software for internal use is generally amortized over 3 years and included within amortisation expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-361": { "value": "
2.3.9. Property, plant and equipment
Property, plant and equipment are carried at historical cost less any accumulated depreciation
and impairment losses. Land and assets under construction are not depreciated. Depreciation is
calculated using the straight-line method based on the estimated useful life of the assets. Leasehold
improvements are depreciated over a period not longer than the lease term.
Useful lives are reviewed at the end of each reporting period and are as follows:
\u25a0
buildings: 5 to 40 years;
\u25a0
equipment and machinery: 3 to 8 years; and
\u25a0
other: 2 to 10 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-440": { "value": "2.3.9. Property, plant and equipment Property, plant and equipment are carried at historical cost less any accumulated depreciation and impairment losses. Land and assets under construction are not depreciated. Depreciation is calculated using the straight-line method based on the estimated useful life of the assets. Leasehold improvements are depreciated over a period not longer than the lease term. Useful lives are reviewed at the end of each reporting period and are as follows: \u25a0 buildings: 5 to 40 years; \u25a0 equipment and machinery: 3 to 8 years; and \u25a0 other: 2 to 10 years.
Right-of-use assets
Right-of-use assets are initially measured at cost, less any accumulated depreciation and
impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-
use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and
lease payments made at or before the commencement date less any lease incentives received.
The recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its
estimated useful life and the lease term. Right-of-use assets are subject to impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-362": { "value": "2.3.10. Leases The main lease contracts for UMG correspond to real estate leases for which UMG is the lessee. Real estate leases for which UMG is the lessee are recorded at the commencement date and result in the recognition of a lease liability equal to the present value of future lease payments against a right-of-use asset relating to leases. Right-of-use assets Right-of-use assets are initially measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of- use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment. Lease liabilities UMG recognizes lease liabilities initially measured at the present value of future lease payments over the lease term. The lease payments include in-substance fixed payments (less any lease incentives), variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include payments of penalties for terminating a lease, if UMG has the option to terminate and it is reasonably certain that this option will be exercised. In calculating the present value of lease payments, UMG uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. The carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term or a change in the in-substance fixed lease payments. Short-term leases and leases of low-value assets UMG applies the short-term lease recognition exemption to the real-estate leases with a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the lease of low-value assets recognition exemption to leases of office chattels and other equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as an expense on a straight-line basis over the lease term. Accounting for leases UMG determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. When determining the lease term, UMG considers all relevant facts and circumstances that create an economic incentive to exercise an extension option, or not to exercise a termination option. These circumstances include UMG\u2019s real estate planning. In estimating the lessee\u2019s incremental borrowing rate, UMG takes into account the residual lease term and its duration to reflect the interest rate of a loan with a similar payment profile to the lease payments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-363": { "value": "
2.3.11. Impairment of non-financial assets
Each time events or changes in the economic environment indicate a risk of impairment of
goodwill, content assets and other intangible assets, property, plant and equipment, investments
in associates and joint ventures, rights-of-use assets, UMG re-examines the value of these assets.
In addition, in accordance with applicable accounting standards, goodwill and intangible assets in
progress are all subject to an annual impairment test undertaken in the fourth quarter of each
fiscal year. This impairment test is performed to compare the recoverable amount of each Cash
Generating Unit (CGU) to the carrying value of the corresponding assets (including goodwill). A CGU
is the smallest identifiable group of assets that generates cash inflows that are largely independent
of the cash inflows from other assets or groups of assets. UMG operates through different content
businesses. Each business offers different products and services that are marketed through various
channels. CGUs for goodwill correspond to the UMG's operating segments.
The recoverable amount is determined for each individual asset as the higher of: (i) its value in use;
and (ii) its fair value (less costs to sell) as described hereafter. If the asset does not generate cash
inflows that are largely independent of other assets or groups of assets, the recoverable amount
is determined for the group of assets. In particular, in the case of goodwill, an impairment test is
performed by UMG for each CGU.
The value in use of each asset or group of assets is determined, subject to exceptions, by the
Discounted Cash Flow method (DCF) using cash flow projections consistent with the budget of the
following year and the most recent forecasts prepared by the operating segments.
Applied discount rates are determined by reference to available external sources of information,
usually based on financial institutions\u2019 benchmarks, and reflect the current assessment by UMG of
the time value of money and risks specific to each asset or group of assets.
Perpetual growth rates used for the evaluation are those used to prepare budgets for each CGU,
and beyond the period covered, are consistent with growth rates estimated by the business by
extrapolating growth rates used in the budgets, without exceeding the long-term average growth rate
for the markets in which UMG operates.
The fair value (less costs to sell) is the price that would be received from the sale of an asset or
group of assets in an orderly transaction between market participants at the measurement date, less
costs to sell of the asset or group of assets. These values are generally determined based on market
data (stock market prices or comparison with similar listed companies, with the value attributed
to similar assets or companies in recent transactions) or, in the absence of such data, based on
discontinued cash flows.
If the recoverable amount is lower than the carrying value of an asset or group of assets, an
impairment loss equal to the difference is recognized in Operating profit. In the case of operating
segments, this impairment loss is first recorded against goodwill.
The impairment losses recognized in respect of property, plant and equipment, and intangible assets
(other than goodwill) may be reversed in a later period if the recoverable amount becomes greater
than the carrying value, within the limit of impairment losses previously recognized. Impairment
losses recognized in respect of goodwill cannot be reversed at a later date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-441": { "value": "2.3.11. Impairment of non-financial assets Each time events or changes in the economic environment indicate a risk of impairment of goodwill, content assets and other intangible assets, property, plant and equipment, investments in associates and joint ventures, rights-of-use assets, UMG re-examines the value of these assets. In addition, in accordance with applicable accounting standards, goodwill and intangible assets in progress are all subject to an annual impairment test undertaken in the fourth quarter of each fiscal year. This impairment test is performed to compare the recoverable amount of each Cash Generating Unit (CGU) to the carrying value of the corresponding assets (including goodwill). A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. UMG operates through different content businesses. Each business offers different products and services that are marketed through various channels. CGUs for goodwill correspond to the UMG's operating segments. The recoverable amount is determined for each individual asset as the higher of: (i) its value in use; and (ii) its fair value (less costs to sell) as described hereafter. If the asset does not generate cash inflows that are largely independent of other assets or groups of assets, the recoverable amount is determined for the group of assets. In particular, in the case of goodwill, an impairment test is performed by UMG for each CGU. The value in use of each asset or group of assets is determined, subject to exceptions, by the Discounted Cash Flow method (DCF) using cash flow projections consistent with the budget of the following year and the most recent forecasts prepared by the operating segments. Applied discount rates are determined by reference to available external sources of information, usually based on financial institutions\u2019 benchmarks, and reflect the current assessment by UMG of the time value of money and risks specific to each asset or group of assets. Perpetual growth rates used for the evaluation are those used to prepare budgets for each CGU, and beyond the period covered, are consistent with growth rates estimated by the business by extrapolating growth rates used in the budgets, without exceeding the long-term average growth rate for the markets in which UMG operates. The fair value (less costs to sell) is the price that would be received from the sale of an asset or group of assets in an orderly transaction between market participants at the measurement date, less costs to sell of the asset or group of assets. These values are generally determined based on market data (stock market prices or comparison with similar listed companies, with the value attributed to similar assets or companies in recent transactions) or, in the absence of such data, based on discontinued cash flows. If the recoverable amount is lower than the carrying value of an asset or group of assets, an impairment loss equal to the difference is recognized in Operating profit. In the case of operating segments, this impairment loss is first recorded against goodwill. The impairment losses recognized in respect of property, plant and equipment, and intangible assets (other than goodwill) may be reversed in a later period if the recoverable amount becomes greater than the carrying value, within the limit of impairment losses previously recognized. Impairment losses recognized in respect of goodwill cannot be reversed at a later date. 2.3.13. Impairment of financial assets UMG assesses the expected credit loss associated with its financial assets recognized at amortized cost on a prospective basis. A loss allowance for expected credit loss based on probability of default is recognized at initial recognition. The loss allowance is updated for changes in these expected credit losses at each reporting date to reflect changes in credit risk since initial recognition. To assess whether there has been a significant increase in credit risk, UMG compares the credit risk at the reporting date with the credit risk at the date of initial recognition based on reasonable forward-looking information and events, including credit ratings if available, significant adverse economic changes (actual or expected), financial or business environment that are expected to result in a material change in the borrower's ability to meet its obligations. Trade accounts receivable are initially recognised at their transaction price. Expected loss rates on trade receivables and contract assets are calculated by the relevant operating entities over their lifetime from initial recognition and are based on historical data that also incorporates forward-looking information. In addition, account receivables from customers subject to insolvency proceedings or customers with whom UMG is involved in litigation or a dispute are generally impaired in full. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-406": { "value": "
2.3.12.
Financial assets
Financial assets are derecognized when the rights to receive cash flows from the financial assets
have expired or have been transferred and UMG has transferred substantially all the risks and
rewards of ownership.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-481": { "value": "2.3.12. Financial assets Financial assets are classified into the accounting categories \u201cfinancial assets at amortized cost\u201d, \u201cfinancial assets at fair value through other comprehensive income\u201d and \u201cfinancial assets at fair value through profit or loss\u201d. This classification depends on UMG\u2018s business model for managing the financial assets and on contractual terms enabling to determine whether the cash flows are solely payments of principal and interest (SPPI). The financial assets that contain an embedded derivative are considered in full to determine whether their cash flows are SPPI. Except for trade receivables, at initial recognition, UMG measures financial assets at fair value, and for financial assets not classified as fair value through profit or loss, including transaction costs that are directly attributable to the acquisition or issuance of those financial assets. In most cases, fair value at initial recognition is equal to transaction price. UMG recognises trade receivables initially in accordance with the policy disclosed at 2.3.5 Revenues and associated costs. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and UMG has transferred substantially all the risks and rewards of ownership.
Financial assets at amortized cost
Financial assets at amortised cost include trade receivables, other receivables, loans issued and
bank deposits which are not cash equivalents. Loans, receivables and deposits are recognized on the
date they are originated.
Financial assets at amortized cost consist of debt instruments as described above held within a business model whose objective is to hold financial assets to collect contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. At the end of each period, these assets are measured at amortized cost using the effective interest method. 2.3.13. Impairment of financial assets UMG assesses the expected credit loss associated with its financial assets recognized at amortized cost on a prospective basis. A loss allowance for expected credit loss based on probability of default is recognized at initial recognition. The loss allowance is updated for changes in these expected credit losses at each reporting date to reflect changes in credit risk since initial recognition. To assess whether there has been a significant increase in credit risk, UMG compares the credit risk at the reporting date with the credit risk at the date of initial recognition based on reasonable forward-looking information and events, including credit ratings if available, significant adverse economic changes (actual or expected), financial or business environment that are expected to result in a material change in the borrower's ability to meet its obligations. Trade accounts receivable are initially recognised at their transaction price. Expected loss rates on trade receivables and contract assets are calculated by the relevant operating entities over their lifetime from initial recognition and are based on historical data that also incorporates forward-looking information. In addition, account receivables from customers subject to insolvency proceedings or customers with whom UMG is involved in litigation or a dispute are generally impaired in full. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-474": { "value": "2.3.12. Financial assets Financial assets are classified into the accounting categories \u201cfinancial assets at amortized cost\u201d, \u201cfinancial assets at fair value through other comprehensive income\u201d and \u201cfinancial assets at fair value through profit or loss\u201d. This classification depends on UMG\u2018s business model for managing the financial assets and on contractual terms enabling to determine whether the cash flows are solely payments of principal and interest (SPPI). The financial assets that contain an embedded derivative are considered in full to determine whether their cash flows are SPPI. Except for trade receivables, at initial recognition, UMG measures financial assets at fair value, and for financial assets not classified as fair value through profit or loss, including transaction costs that are directly attributable to the acquisition or issuance of those financial assets. In most cases, fair value at initial recognition is equal to transaction price. UMG recognises trade receivables initially in accordance with the policy disclosed at 2.3.5 Revenues and associated costs. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and UMG has transferred substantially all the risks and rewards of ownership. Financial assets at fair value These include financial assets at fair value through other comprehensive income, derivative financial instruments with a positive value and other financial assets measured at fair value through profit or loss. Most of these financial assets are actively traded in organized financial markets, as their fair value is calculated by reference to the published market price at the period end. Fair value is estimated for financial assets which do not have a published market price on an active market. As a last resort, when a reliable estimate of fair value cannot be made using valuation techniques in the absence of an active market, UMG values financial assets at historical cost, less any impairment losses. These financial assets are recognized initially on trade date when UMG becomes a party to the contractual provisions of the instrument. Dividend income is recognised when the UMG's right to receive payment is established. Financial assets at amortized cost Financial assets at amortised cost include trade receivables, other receivables, loans issued and bank deposits which are not cash equivalents. Loans, receivables and deposits are recognized on the date they are originated. Financial assets at amortized cost consist of debt instruments as described above held within a business model whose objective is to hold financial assets to collect contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. At the end of each period, these assets are measured at amortized cost using the effective interest method. 2.3.13. Impairment of financial assets UMG assesses the expected credit loss associated with its financial assets recognized at amortized cost on a prospective basis. A loss allowance for expected credit loss based on probability of default is recognized at initial recognition. The loss allowance is updated for changes in these expected credit losses at each reporting date to reflect changes in credit risk since initial recognition. To assess whether there has been a significant increase in credit risk, UMG compares the credit risk at the reporting date with the credit risk at the date of initial recognition based on reasonable forward-looking information and events, including credit ratings if available, significant adverse economic changes (actual or expected), financial or business environment that are expected to result in a material change in the borrower's ability to meet its obligations. Trade accounts receivable are initially recognised at their transaction price. Expected loss rates on trade receivables and contract assets are calculated by the relevant operating entities over their lifetime from initial recognition and are based on historical data that also incorporates forward-looking information. In addition, account receivables from customers subject to insolvency proceedings or customers with whom UMG is involved in litigation or a dispute are generally impaired in full. 2.3.14. Cash and cash equivalents Cash and cash equivalents include all cash balances and short-term highly liquid investments with an original maturity of three months or less that are readily convertible into known amounts of cash. Bank overdrafts form an integral part of UMG\u2019s cash management and often fluctuate from being positive to overdrawn and are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. Investments in securities, investments with initial maturities of more than three months without an early termination option and bank accounts subject to restrictions (blocked accounts), other than restrictions due to regulations specific to a country or activity sector (e.g., exchange controls), are not classified as cash equivalents but as financial assets. 2.3.15. Financial liabilities A financial liability is recognized when UMG becomes party to the contractual provisions on the instrument. UMG classifies financial liabilities as subsequently measured at amortised cost or fair value through profit or loss. At initial recognition, UMG measures financial liabilities at fair value, and for financial liabilities subsequently measured at amortised cost, including transaction costs and fees that are directly attributable to their issuance. In most cases, fair value at initial recognition is equal to transaction price. Financial liabilities measured at fair value through profit or loss include contingent consideration and derivative financial instruments that are not designated as hedging instruments for which hedge accounting is applied. Gains or losses on these liabilities are recognised in the statement of profit or loss. Financial liabilities subsequently measured at amortised cost include trade and other payables, bonds and borrowings. These liabilities are subsequently measured at amortised cost using the effective interest method. 2.3.16. Derivative financial instruments Derivative financial instruments are recognised initially at fair value. Subsequent accounting for derivatives depends on whether or not the derivatives are designated as hedging instruments in a cash flow, fair value or net investment hedge. Derivatives with positive fair values are recorded as assets and negative fair values as liabilities. Beginning in 2023, foreign currency translation risks are hedged to a limited extent, as the underlying currency positions are generally considered to be long-term in nature. If a hedge is entered into, it is accounted for as a net investment hedge. UMG measures all derivative financial instruments at fair value derived from market prices of the instruments or calculated as the present value of the estimated future cash flows based on observable interest yield curves, basis spread and foreign exchange rates. These calculations are tested for reasonableness by comparing the outcome of the internal valuation with the valuation received from the counterparty. 2.3.24. Financial guarantees Financial guarantee is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due in accordance with the terms of a debt instrument. Financial guarantees are initially recognised at fair value and are subject to the expected credit loss model, with a credit loss is recognized for expected cash shortfalls. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-471": { "value": "2.3.12. Financial assets Financial assets are classified into the accounting categories \u201cfinancial assets at amortized cost\u201d, \u201cfinancial assets at fair value through other comprehensive income\u201d and \u201cfinancial assets at fair value through profit or loss\u201d. This classification depends on UMG\u2018s business model for managing the financial assets and on contractual terms enabling to determine whether the cash flows are solely payments of principal and interest (SPPI). The financial assets that contain an embedded derivative are considered in full to determine whether their cash flows are SPPI. Except for trade receivables, at initial recognition, UMG measures financial assets at fair value, and for financial assets not classified as fair value through profit or loss, including transaction costs that are directly attributable to the acquisition or issuance of those financial assets. In most cases, fair value at initial recognition is equal to transaction price. UMG recognises trade receivables initially in accordance with the policy disclosed at 2.3.5 Revenues and associated costs. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and UMG has transferred substantially all the risks and rewards of ownership. Financial assets at fair value These include financial assets at fair value through other comprehensive income, derivative financial instruments with a positive value and other financial assets measured at fair value through profit or loss. Most of these financial assets are actively traded in organized financial markets, as their fair value is calculated by reference to the published market price at the period end. Fair value is estimated for financial assets which do not have a published market price on an active market. As a last resort, when a reliable estimate of fair value cannot be made using valuation techniques in the absence of an active market, UMG values financial assets at historical cost, less any impairment losses. These financial assets are recognized initially on trade date when UMG becomes a party to the contractual provisions of the instrument. Dividend income is recognised when the UMG's right to receive payment is established. 2.3.15. Financial liabilities A financial liability is recognized when UMG becomes party to the contractual provisions on the instrument. UMG classifies financial liabilities as subsequently measured at amortised cost or fair value through profit or loss. At initial recognition, UMG measures financial liabilities at fair value, and for financial liabilities subsequently measured at amortised cost, including transaction costs and fees that are directly attributable to their issuance. In most cases, fair value at initial recognition is equal to transaction price. Financial liabilities measured at fair value through profit or loss include contingent consideration and derivative financial instruments that are not designated as hedging instruments for which hedge accounting is applied. Gains or losses on these liabilities are recognised in the statement of profit or loss. Financial liabilities subsequently measured at amortised cost include trade and other payables, bonds and borrowings. These liabilities are subsequently measured at amortised cost using the effective interest method. 2.3.16. Derivative financial instruments Derivative financial instruments are recognised initially at fair value. Subsequent accounting for derivatives depends on whether or not the derivatives are designated as hedging instruments in a cash flow, fair value or net investment hedge. Derivatives with positive fair values are recorded as assets and negative fair values as liabilities. Beginning in 2023, foreign currency translation risks are hedged to a limited extent, as the underlying currency positions are generally considered to be long-term in nature. If a hedge is entered into, it is accounted for as a net investment hedge. UMG measures all derivative financial instruments at fair value derived from market prices of the instruments or calculated as the present value of the estimated future cash flows based on observable interest yield curves, basis spread and foreign exchange rates. These calculations are tested for reasonableness by comparing the outcome of the internal valuation with the valuation received from the counterparty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-364": { "value": "2.3.12. Financial assets Financial assets are classified into the accounting categories \u201cfinancial assets at amortized cost\u201d, \u201cfinancial assets at fair value through other comprehensive income\u201d and \u201cfinancial assets at fair value through profit or loss\u201d. This classification depends on UMG\u2018s business model for managing the financial assets and on contractual terms enabling to determine whether the cash flows are solely payments of principal and interest (SPPI). The financial assets that contain an embedded derivative are considered in full to determine whether their cash flows are SPPI. Except for trade receivables, at initial recognition, UMG measures financial assets at fair value, and for financial assets not classified as fair value through profit or loss, including transaction costs that are directly attributable to the acquisition or issuance of those financial assets. In most cases, fair value at initial recognition is equal to transaction price. UMG recognises trade receivables initially in accordance with the policy disclosed at 2.3.5 Revenues and associated costs. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and UMG has transferred substantially all the risks and rewards of ownership. Financial assets at fair value These include financial assets at fair value through other comprehensive income, derivative financial instruments with a positive value and other financial assets measured at fair value through profit or loss. Most of these financial assets are actively traded in organized financial markets, as their fair value is calculated by reference to the published market price at the period end. Fair value is estimated for financial assets which do not have a published market price on an active market. As a last resort, when a reliable estimate of fair value cannot be made using valuation techniques in the absence of an active market, UMG values financial assets at historical cost, less any impairment losses. These financial assets are recognized initially on trade date when UMG becomes a party to the contractual provisions of the instrument. Dividend income is recognised when the UMG's right to receive payment is established. Financial assets at amortized cost Financial assets at amortised cost include trade receivables, other receivables, loans issued and bank deposits which are not cash equivalents. Loans, receivables and deposits are recognized on the date they are originated. Financial assets at amortized cost consist of debt instruments as described above held within a business model whose objective is to hold financial assets to collect contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. At the end of each period, these assets are measured at amortized cost using the effective interest method. 2.3.13. Impairment of financial assets UMG assesses the expected credit loss associated with its financial assets recognized at amortized cost on a prospective basis. A loss allowance for expected credit loss based on probability of default is recognized at initial recognition. The loss allowance is updated for changes in these expected credit losses at each reporting date to reflect changes in credit risk since initial recognition. To assess whether there has been a significant increase in credit risk, UMG compares the credit risk at the reporting date with the credit risk at the date of initial recognition based on reasonable forward-looking information and events, including credit ratings if available, significant adverse economic changes (actual or expected), financial or business environment that are expected to result in a material change in the borrower's ability to meet its obligations. Trade accounts receivable are initially recognised at their transaction price. Expected loss rates on trade receivables and contract assets are calculated by the relevant operating entities over their lifetime from initial recognition and are based on historical data that also incorporates forward-looking information. In addition, account receivables from customers subject to insolvency proceedings or customers with whom UMG is involved in litigation or a dispute are generally impaired in full. 2.3.14. Cash and cash equivalents Cash and cash equivalents include all cash balances and short-term highly liquid investments with an original maturity of three months or less that are readily convertible into known amounts of cash. Bank overdrafts form an integral part of UMG\u2019s cash management and often fluctuate from being positive to overdrawn and are included as a component of cash and cash equivalents for the purpose of the statement of cash flows.
Investments in securities, investments with initial maturities of more than three months without an
early termination option and bank accounts subject to restrictions (blocked accounts), other than
restrictions due to regulations specific to a country or activity sector (e.g., exchange controls), are not
classified as cash equivalents but as financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-442": { "value": "
Financial assets at fair value
These include financial assets at fair value through other comprehensive income, derivative
financial instruments with a positive value and other financial assets measured at fair value
through profit or loss. Most of these financial assets are actively traded in organized financial
markets, as their fair value is calculated by reference to the published market price at the period
end. Fair value is estimated for financial assets which do not have a published market price on an
active market. As a last resort, when a reliable estimate of fair value cannot be made using valuation
techniques in the absence of an active market, UMG values financial assets at historical cost, less
any impairment losses.
2.3.16. Derivative financial instruments UMG measures all derivative financial instruments at fair value derived from market prices of the instruments or calculated as the present value of the estimated future cash flows based on observable interest yield curves, basis spread and foreign exchange rates. These calculations are tested for reasonableness by comparing the outcome of the internal valuation with the valuation received from the counterparty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-407": { "value": "
2.3.13. Impairment of financial assets
UMG assesses the expected credit loss associated with its financial assets recognized at amortized
cost on a prospective basis. A loss allowance for expected credit loss based on probability of default
is recognized at initial recognition. The loss allowance is updated for changes in these expected
credit losses at each reporting date to reflect changes in credit risk since initial recognition.
To assess whether there has been a significant increase in credit risk, UMG compares the credit
risk at the reporting date with the credit risk at the date of initial recognition based on reasonable
forward-looking information and events, including credit ratings if available, significant adverse
economic changes (actual or expected), financial or business environment that are expected to
result in a material change in the borrower's ability to meet its obligations.
Trade accounts receivable are initially recognised at their transaction price. Expected loss rates
on trade receivables and contract assets are calculated by the relevant operating entities over
their lifetime from initial recognition and are based on historical data that also incorporates
forward-looking information. In addition, account receivables from customers subject to insolvency
proceedings or customers with whom UMG is involved in litigation or a dispute are generally
impaired in full.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-408": { "value": "
2.3.14.
Cash and cash equivalents
Cash and cash equivalents include all cash balances and short-term highly liquid investments with
an original maturity of three months or less that are readily convertible into known amounts of cash.
Bank overdrafts form an integral part of UMG\u2019s cash management and often fluctuate from being
positive to overdrawn and are included as a component of cash and cash equivalents for the
purpose of the statement of cash flows.
Investments in securities, investments with initial maturities of more than three months without an early termination option and bank accounts subject to restrictions (blocked accounts), other than restrictions due to regulations specific to a country or activity sector (e.g., exchange controls), are not classified as cash equivalents but as financial assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-465": { "value": "2.3.14. Cash and cash equivalents Investments in securities, investments with initial maturities of more than three months without an early termination option and bank accounts subject to restrictions (blocked accounts), other than restrictions due to regulations specific to a country or activity sector (e.g., exchange controls), are not classified as cash equivalents but as financial assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-365": { "value": "
2.3.15. Financial liabilities
A financial liability is recognized when UMG becomes party to the contractual provisions on the
instrument. UMG classifies financial liabilities as subsequently measured at amortised cost or fair
value through profit or loss. At initial recognition, UMG measures financial liabilities at fair value, and
for financial liabilities subsequently measured at amortised cost, including transaction costs and
fees that are directly attributable to their issuance. In most cases, fair value at initial recognition is
equal to transaction price.
Financial liabilities measured at fair value through profit or loss include contingent consideration
and derivative financial instruments that are not designated as hedging instruments for which
hedge accounting is applied. Gains or losses on these liabilities are recognised in the statement
of profit or loss. Financial liabilities subsequently measured at amortised cost include trade and
other payables, bonds and borrowings. These liabilities are subsequently measured at amortised
cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-366": { "value": "
2.3.16. Derivative financial instruments
Derivative financial instruments are recognised initially at fair value. Subsequent accounting for
derivatives depends on whether or not the derivatives are designated as hedging instruments in a
cash flow, fair value or net investment hedge. Derivatives with positive fair values are recorded as
assets and negative fair values as liabilities. Beginning in 2023, foreign currency translation risks
are hedged to a limited extent, as the underlying currency positions are generally considered to be
long-term in nature. If a hedge is entered into, it is accounted for as a net investment hedge.
UMG measures all derivative financial instruments at fair value derived from market prices of
the instruments or calculated as the present value of the estimated future cash flows based on
observable interest yield curves, basis spread and foreign exchange rates. These calculations are
tested for reasonableness by comparing the outcome of the internal valuation with the valuation
received from the counterparty.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-483": { "value": "2.3.16. Derivative financial instruments Derivative financial instruments are recognised initially at fair value. Subsequent accounting for derivatives depends on whether or not the derivatives are designated as hedging instruments in a cash flow, fair value or net investment hedge. Derivatives with positive fair values are recorded as assets and negative fair values as liabilities. Beginning in 2023, foreign currency translation risks are hedged to a limited extent, as the underlying currency positions are generally considered to be long-term in nature. If a hedge is entered into, it is accounted for as a net investment hedge. UMG measures all derivative financial instruments at fair value derived from market prices of the instruments or calculated as the present value of the estimated future cash flows based on observable interest yield curves, basis spread and foreign exchange rates. These calculations are tested for reasonableness by comparing the outcome of the internal valuation with the valuation received from the counterparty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-477": { "value": "2.3.16. Derivative financial instruments Derivative financial instruments are recognised initially at fair value. Subsequent accounting for derivatives depends on whether or not the derivatives are designated as hedging instruments in a cash flow, fair value or net investment hedge. Derivatives with positive fair values are recorded as assets and negative fair values as liabilities. Beginning in 2023, foreign currency translation risks are hedged to a limited extent, as the underlying currency positions are generally considered to be long-term in nature. If a hedge is entered into, it is accounted for as a net investment hedge. UMG measures all derivative financial instruments at fair value derived from market prices of the instruments or calculated as the present value of the estimated future cash flows based on observable interest yield curves, basis spread and foreign exchange rates. These calculations are tested for reasonableness by comparing the outcome of the internal valuation with the valuation received from the counterparty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-367": { "value": "
2.3.17.
Inventories
Inventories are valued at the lower of cost or net realizable value. Cost comprises purchase costs,
production costs and other supply and packaging costs. These are usually calculated using the
weighted average cost method. Net realizable value is the estimated selling price in the normal
course of business, less estimated completion costs and selling costs. Inventories at UMG mostly
comprise of finished goods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-443": { "value": "
2.3.18. Provisions
Provisions are recognized when, at the end of the reporting period, UMG has a legal obligation
(statutory, regulatory or contractual) or a constructive obligation, as a result of past events, and it
is probable that an outflow of resources embodying economic benefits will be required to settle
the obligation and the obligation can be reliably estimated. Where the effect of the time value
of money is material, provisions are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money. If the amount of the
obligation cannot be reliably estimated, no provision is recorded and a disclosure is made in the
Notes to the Consolidated Financial Statements. Significant judgment is required in determining the
amount and probability of resources outflow and discount rates used to calculate the present value
of this outflow.
Provisions for royalty audit claims
Up to the completion of the royalty claim audit, the timing and the amount of the potential
pay-outs is uncertain. UMG makes its best possible estimate of the outcome using any available
data, including history of claims with rights owners. When the estimate is performed for large
homogeneous claims and contract terms, the statistical valuation method is used.
Litigation provisions
In the ordinary course of business, UMG may be involved in a number of legal and arbitration
proceedings and administrative actions. The costs which may result from these proceedings are
accrued at the reporting date if UMG has a present obligation toward a third party resulting from
a past event and it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation and the amount of that liability can be quantified or estimated within
a reasonable range. The amount of provision recorded is based on a case-by-case assessment of the
risk level, and events arising during the course of legal proceedings may require a reassessment of
this risk at any time.
2.3.19. Employee benefit plans Defined benefit plans Defined benefit plans may be funded by investments in various instruments such as insurance contracts or equity and debt investment securities, excluding shares in any UMG entity or debt instruments. Pension expenses and defined benefit obligations are calculated by independent actuaries using the projected unit credit method. This method is based on annually updated assumptions, which include the probability of employees remaining with UMG until retirement, expected changes in future compensation and an appropriate discount rate for each country in which UMG maintains a pension plan. The discount rate is determined for each country by reference to yields on notes issued by investment grade companies having a credit rating of AA and maturities identical to that of the valued plans, generally based on relevant rate indices. The expected return on plan assets is estimated by using the selected discount rate to value the obligations of the previous year. The calculation is performed separately for each plan. A provision is recorded in the Statement of Financial Position equal to the difference between the actuarial value of the related benefits (actuarial liability) and the fair value of any associated plan assets, and this includes past service costs and actuarial gains and losses. The cost of defined benefit plans consists of three components recognized as follows: \u25a0 the service cost is included in selling, general and administrative expenses. It comprises current service cost, past service cost resulting from a plan amendment or a curtailment, immediately recognized in profit and loss, and gains and losses on settlement; \u25a0 the financial component, recorded in other financial expenses and income, consists of the unwinding of the interest component of the discount, less the expected return on plan assets determined using the discount rate retained for the valuation of the benefit obligation; and \u25a0 the remeasurements of the net defined benefit liability (asset), recognized in items of other comprehensive income not reclassified as profit and loss, mainly consist of actuarial gains and losses, i.e., changes in the present value of the defined benefit obligation and plan assets resulting from changes in actuarial assumptions and experience adjustments (representing the differences between the expected effect of some actuarial assumptions applied to previous valuations and the effective impact). Where the value of plan assets exceeds benefit obligations, a financial asset is recognized up to the present value of future refunds and the expected reduction in future contributions. Some other post-employment benefits, such as life insurance and medical coverage (mainly in the United States) are subject to provisions which are assessed through an actuarial calculation comparable to the method used for pension provisions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-409": { "value": "
2.3.19.
Employee benefit plans
Defined contribution plans
Contributions to defined contribution and multi-employer plans are expensed during the year when
related services are provided.
Defined benefit plans
Defined benefit plans may be funded by investments in various instruments such as insurance
contracts or equity and debt investment securities, excluding shares in any UMG entity or
debt instruments.
Pension expenses and defined benefit obligations are calculated by independent actuaries using
the projected unit credit method. This method is based on annually updated assumptions, which
include the probability of employees remaining with UMG until retirement, expected changes in
future compensation and an appropriate discount rate for each country in which UMG maintains
a pension plan. The discount rate is determined for each country by reference to yields on notes
issued by investment grade companies having a credit rating of AA and maturities identical to that
of the valued plans, generally based on relevant rate indices. The expected return on plan assets is
estimated by using the selected discount rate to value the obligations of the previous year.
The calculation is performed separately for each plan. A provision is recorded in the Statement
of Financial Position equal to the difference between the actuarial value of the related benefits
(actuarial liability) and the fair value of any associated plan assets, and this includes past service
costs and actuarial gains and losses.
The cost of defined benefit plans consists of three components recognized as follows:
\u25a0
the service cost is included in selling, general and administrative expenses. It comprises current
service cost, past service cost resulting from a plan amendment or a curtailment, immediately
recognized in profit and loss, and gains and losses on settlement;
\u25a0
the financial component, recorded in other financial expenses and income, consists of the
unwinding of the interest component of the discount, less the expected return on plan assets
determined using the discount rate retained for the valuation of the benefit obligation; and
\u25a0
the remeasurements of the net defined benefit liability (asset), recognized in items of other
comprehensive income not reclassified as profit and loss, mainly consist of actuarial gains
and losses, i.e., changes in the present value of the defined benefit obligation and plan assets
resulting from changes in actuarial assumptions and experience adjustments (representing
the differences between the expected effect of some actuarial assumptions applied to previous
valuations and the effective impact).
Where the value of plan assets exceeds benefit obligations, a financial asset is recognized up to the
present value of future refunds and the expected reduction in future contributions.
Some other post-employment benefits, such as life insurance and medical coverage (mainly in
the United States) are subject to provisions which are assessed through an actuarial calculation
comparable to the method used for pension provisions.
2.3.21. Share-based payments Equity-settled share-based compensation expense is recognized as a personnel cost over the vesting period of the award at the fair value of the equity instruments granted at the grant date with a corresponding increase in equity. For cases in which the grant date occurs after the employees to whom the equity instruments were granted have begun rendering services (for example, if a grant of equity instruments is subject to shareholder approval), UMG estimates the grant date fair value of the equity instruments by estimating the fair value of the equity instruments at the end of the reporting period, for the purposes of recognising the services received during the period between service commencement date and grant date. Once the date of grant has been established, UMG revises the earlier estimate so that the amounts recognised for services received in respect of the grant are ultimately based on the grant date fair value of the equity instruments. Fair value of the shares granted is fixed at the grant date and is equal to the share price at the grant date with a deduction for the aggregate discounted value of the dividends that will not be received over the vesting period, unless the conditions of the plan prescribe compensation for the vesting period dividends, and after taking into account the discount for non-transferability during the retention period. The cumulative expense recognized for equity-settled transactions at each reporting date reflects the extent to which the vesting period has expired and UMG\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the Statement of Profit or Loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. Service and non-market performance conditions are not considered when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of UMG\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-368": { "value": "
2.3.20. Income taxes
Current income tax assets and liabilities are measured at the amount expected to be recovered from
or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those
that are enacted or substantively enacted at the reporting date in the countries where UMG operates
and generates taxable income.
UMG periodically evaluates positions taken in its tax returns with respect to situations
in which applicable tax regulations are subject to interpretation and establishes provisions
where appropriate.
Differences existing at closing between the tax base value of assets and liabilities and their
carrying value in the Consolidated Statement of Financial Position give rise to temporary differences.
Pursuant to the liability method, these temporary differences result in the accounting of:
\u25a0
deferred tax assets, when the tax base value is greater than the carrying value (expected future
tax saving); and
\u25a0 deferred tax liabilities, when the tax base value is lower than the carrying value (expected future tax expense). Deferred tax assets and liabilities are measured at the expected tax rates for the year during which the asset will be realized or the liability settled, based on tax rates (and tax regulations) enacted or substantially enacted by the closing date. They are reviewed at the end of each year, in line with any changes in applicable tax rates. Deferred tax assets are recognized for all deductible temporary differences, tax loss carry-forwards and unused tax credits, insofar as it is probable that a taxable profit will be available, or when a current tax liability exists to make use of those deductible temporary differences, tax loss carry- forwards and unused tax credits, except where the deferred tax asset associated with the deductible temporary difference is generated by initial recognition of an asset or liability in a transaction which is not a business combination, and that, at the transaction date, does not impact net profit, nor tax income or loss. For deductible temporary differences resulting from investments in subsidiaries, joint ventures and other associated entities, deferred tax assets are recorded to the extent that it is probable that the temporary difference will reverse in the foreseeable future and that a taxable profit will be available against which the temporary difference can be utilized. The carrying value of deferred tax assets is reviewed at each closing date, and revalued or reduced to the extent that it is more or less probable that a taxable profit will be available to allow the deferred tax asset to be utilized. When assessing the probability of a taxable profit being available, account is taken, primarily, of prior years\u2019 results, forecasted future results, non-recurring items unlikely to occur in the future and the tax strategy. As such, the assessment of UMG's ability to utilize tax losses carried forward is to a large extent judgement-based. If the future taxable results of UMG proved to differ significantly from those expected, UMG would be required to increase or decrease the carrying value of deferred tax assets with a potentially material impact on UMG's Statement of Financial Position and Statement of Profit or Loss. Deferred tax liabilities are recognized for all taxable temporary differences, except where the deferred tax liability results from goodwill or initial recognition of an asset or liability in a transaction which is
not a business combination, and that, at the transaction date, does not impact net profit, tax income
or loss.
For taxable temporary differences resulting from investments in subsidiaries, joint ventures and
other associated entities, deferred tax liabilities are recorded except to the extent that both of the
following conditions are satisfied: the parent, investor or venturer is able to control the timing of
the reversal of the temporary difference and it is probable that the temporary difference will not be
reversed in the foreseeable future.
Current tax and deferred tax shall be charged or credited directly to equity, and not profit if the tax
relates to items that are credited or charged directly to equity. Current tax liabilities not expected to
be paid within the next 12 months are recorded as long term current tax liability.
In 2023, UMG adopted International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS
12. These amendments introduced (i) a mandatory temporary exception to the accounting for
deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules and (ii)
disclosure requirements for affected entities to give financial statement users an understanding of
the exposure to Pillar Two income taxes arising from that legislation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-410": { "value": "2.3.20. Income taxes Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where UMG operates and generates taxable income. UMG periodically evaluates positions taken in its tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Differences existing at closing between the tax base value of assets and liabilities and their carrying value in the Consolidated Statement of Financial Position give rise to temporary differences. Pursuant to the liability method, these temporary differences result in the accounting of: \u25a0 deferred tax assets, when the tax base value is greater than the carrying value (expected future tax saving); and \u25a0 deferred tax liabilities, when the tax base value is lower than the carrying value (expected future tax expense). Deferred tax assets and liabilities are measured at the expected tax rates for the year during which the asset will be realized or the liability settled, based on tax rates (and tax regulations) enacted or substantially enacted by the closing date. They are reviewed at the end of each year, in line with any changes in applicable tax rates. Deferred tax assets are recognized for all deductible temporary differences, tax loss carry-forwards and unused tax credits, insofar as it is probable that a taxable profit will be available, or when a current tax liability exists to make use of those deductible temporary differences, tax loss carry- forwards and unused tax credits, except where the deferred tax asset associated with the deductible temporary difference is generated by initial recognition of an asset or liability in a transaction which is not a business combination, and that, at the transaction date, does not impact net profit, nor tax income or loss. For deductible temporary differences resulting from investments in subsidiaries, joint ventures and other associated entities, deferred tax assets are recorded to the extent that it is probable that the temporary difference will reverse in the foreseeable future and that a taxable profit will be available against which the temporary difference can be utilized. The carrying value of deferred tax assets is reviewed at each closing date, and revalued or reduced to the extent that it is more or less probable that a taxable profit will be available to allow the deferred tax asset to be utilized. When assessing the probability of a taxable profit being available, account is taken, primarily, of prior years\u2019 results, forecasted future results, non-recurring items unlikely to occur in the future and the tax strategy. As such, the assessment of UMG's ability to utilize tax losses carried forward is to a large extent judgement-based. If the future taxable results of UMG proved to differ significantly from those expected, UMG would be required to increase or decrease the carrying value of deferred tax assets with a potentially material impact on UMG's Statement of Financial Position and Statement of Profit or Loss. Deferred tax liabilities are recognized for all taxable temporary differences, except where the deferred tax liability results from goodwill or initial recognition of an asset or liability in a transaction which is not a business combination, and that, at the transaction date, does not impact net profit, tax income or loss. For taxable temporary differences resulting from investments in subsidiaries, joint ventures and other associated entities, deferred tax liabilities are recorded except to the extent that both of the following conditions are satisfied: the parent, investor or venturer is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not be reversed in the foreseeable future. Current tax and deferred tax shall be charged or credited directly to equity, and not profit if the tax relates to items that are credited or charged directly to equity. Current tax liabilities not expected to be paid within the next 12 months are recorded as long term current tax liability. In 2023, UMG adopted International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS 12. These amendments introduced (i) a mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules and (ii) disclosure requirements for affected entities to give financial statement users an understanding of the exposure to Pillar Two income taxes arising from that legislation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-369": { "value": "
2.3.21. Share-based payments
Equity-settled share-based compensation expense is recognized as a personnel cost over the
vesting period of the award at the fair value of the equity instruments granted at the grant date with
a corresponding increase in equity. For cases in which the grant date occurs after the employees to
whom the equity instruments were granted have begun rendering services (for example, if a grant
of equity instruments is subject to shareholder approval), UMG estimates the grant date fair value
of the equity instruments by estimating the fair value of the equity instruments at the end of the
reporting period, for the purposes of recognising the services received during the period between
service commencement date and grant date. Once the date of grant has been established, UMG
revises the earlier estimate so that the amounts recognised for services received in respect of the
grant are ultimately based on the grant date fair value of the equity instruments.
Fair value of the shares granted is fixed at the grant date and is equal to the share price at the
grant date with a deduction for the aggregate discounted value of the dividends that will not be
received over the vesting period, unless the conditions of the plan prescribe compensation for the
vesting period dividends, and after taking into account the discount for non-transferability during
the retention period.
The cumulative expense recognized for equity-settled transactions at each reporting date reflects
the extent to which the vesting period has expired and UMG\u2019s best estimate of the number of equity
instruments that will ultimately vest. The expense or credit in the Statement of Profit or Loss for a
period represents the movement in cumulative expense recognized as at the beginning and end of
that period. Service and non-market performance conditions are not considered when determining
the grant date fair value of awards, but the likelihood of the conditions being met is assessed as
part of UMG\u2019s best estimate of the number of equity instruments that will ultimately vest. Market
performance conditions are reflected within the grant date fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-370": { "value": "
2.3.22. Related parties
A related party is a person or an entity that is related to UMG. These include both people and
entities that have, or are subject to, the influence or control of UMG (e.g. key management personnel).
Transactions with related parties are accounted for in accordance with the requirements of relevant
IFRSs and take into account the substance as well as the legal form.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-371": { "value": "
2.3.23. Contingent liabilities
Non-financial guarantees are accounted for as a contingent liability until such time it becomes
probable that UMG will be required to make a payment under the guarantee.
Contingent liabilities are possible or present obligations of sufficient uncertainty that it does
not quality for recognition as a provision, unless it is assumed in a business combination.
Contingent liabilities are reviewed continuously to assess whether an outflow of resources has
become probable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-372": { "value": "
2.3.24.
Financial guarantees
Financial guarantee is a contract that requires the issuer to make specified payments to reimburse
the holder for a loss it incurs because a specified debtor fails to make payments when due in
accordance with the terms of a debt instrument.
Financial guarantees are initially recognised at fair value and are subject to the expected credit loss
model, with a credit loss is recognized for expected cash shortfalls.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-373": { "value": "
2.4. Accounting policy changes
2.4.1. Accounting policy changes originating from the IFRS amendments
UMG has amended its accounting policies for new or amended IFRS standards and interpretations
that became effective as of
1 January 2024. None of these new or amended standards and
interpretations had a material impact on adoption. These are:
\u25a0
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures
\u25a0
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback
\u25a0
Amendments to IAS 1 Presentation of Financial Statements - Classification of Liabilities as Current
or Non-current and Non-current Liabilities with Covenants
UMG has not early adopted any standards, interpretations or amendments that have been issued but
are not yet effective.
2.4.2. Impact of standards issued but not yet effective
New and amended standards and interpretations that are issued, but not yet effective, up to the date
of issuance of UMG's financial statements are disclosed below. UMG expects to adopt these new and
amended standards and interpretations, if applicable, when they become effective.
\u25a0
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability,
effective 1 January 2025
\u25a0
Amendments to IFRS 9 Classification and Measurement Requirements and IFRS 7 Disclosures,
effective 1 January 2026
\u25a0
IFRS 18 Presentation and Disclosures in Financial Statements, effective 1 January 2027
\u25a0
IFRS 19 Subsidiaries without Public Accountability: Disclosures, effective 1 January 2027
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rate: Lack of Exchangeability
The amendments, effective for UMG on 1 January 2025, specify how an entity should assess whether
a currency is exchangeable and how it should determine a spot exchange rate when exchangeability
is lacking. The amendments also require disclosure of information that enables users of financial
statements to understand the impact of a currency not being exchangeable. UMG does not expect that adoption of this standard will have a material impact on the Consolidated financial statements. Amendments to IFRS 9 Classification and Measurement Requirements and IFRS 7 Disclosures The IASB issued amendments to IFRS 9 classification and measurement requirements and IFRS 7 disclosures effective for UMG on 1 January 2027. The amendments include: \u25a0 The amendments clarify that a financial liability is derecognized on \u2018settlement date\u2019 and introduce an accounting policy choice to derecognise financial liabilities settled using an electronic payment system before the settlement date; \u25a0 The classification of financial assets with ESG linked features has been clarified via additional guidance on the assessment of contingent features; \u25a0 Clarifications have been made on non-recourse loans and contractually linked instruments; \u25a0 Additional disclosures are introduced for financial instruments with contingent features and equity instruments classified at fair value through OCI. UMG is currently assessing the impact the amendments will have on the Consolidated financial statements. IFRS 18 Presentation and Disclosures in Financial Statements On April 9, 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements, which replaces IAS 1 Presentation of Financial Statements. IFRS 18, effective for UMG on 1 January 2027, introduces new requirements on presentation within the statement of profit or loss, including specified subtotals. It also requires disclosure of management-defined performance measures and includes enhanced requirements for aggregation and disaggregation of financial information in the primary financial statements and the notes. The IASB also issued narrow scope amendments to IAS 7 Statement of Cash Flows, and some requirements previously included within IAS 1 have been moved to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, which has been renamed IAS 8 Basis of Preparation of Financial Statements. Other minor amendments were made to other standards. IFRS 18 and the other amendments are effective for reporting periods beginning on or after 1 January 2027 and may be adopted early, subject to EU endorsement. UMG is currently assessing the impact that IFRS 18 and the other amendments will have on UMG\u2019s consolidated financial statements.
IFRS 19 Subsidiaries without Public Accountability: Disclosures
Subsidiaries without public accountability of a parent that prepares consolidated financial
statements available for public use are eligible to apply IFRS 19. This standard will not impact UMG\u2019s
Consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-444": { "value": "2.4. Accounting policy changes 2.4.1. Accounting policy changes originating from the IFRS amendments UMG has amended its accounting policies for new or amended IFRS standards and interpretations that became effective as of 1 January 2024. None of these new or amended standards and interpretations had a material impact on adoption. These are: \u25a0 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures \u25a0 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback \u25a0 Amendments to IAS 1 Presentation of Financial Statements - Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants UMG has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. 2.4.2. Impact of standards issued but not yet effective New and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of UMG's financial statements are disclosed below. UMG expects to adopt these new and amended standards and interpretations, if applicable, when they become effective. \u25a0 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, effective 1 January 2025 \u25a0 Amendments to IFRS 9 Classification and Measurement Requirements and IFRS 7 Disclosures, effective 1 January 2026 \u25a0 IFRS 18 Presentation and Disclosures in Financial Statements, effective 1 January 2027 \u25a0 IFRS 19 Subsidiaries without Public Accountability: Disclosures, effective 1 January 2027 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rate: Lack of Exchangeability The amendments, effective for UMG on 1 January 2025, specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of financial
statements to understand the impact of a currency not being exchangeable. UMG does not expect
that adoption of this standard will have a material impact on the Consolidated financial statements.
Amendments to IFRS 9 Classification and Measurement Requirements and IFRS 7 Disclosures
The IASB issued amendments to IFRS 9 classification and measurement requirements and IFRS 7
disclosures effective for UMG on 1 January 2027. The amendments include:
\u25a0
The amendments clarify that a financial liability is derecognized on \u2018settlement date\u2019 and
introduce an accounting policy choice to derecognise financial liabilities settled using an
electronic payment system before the settlement date;
\u25a0
The classification of financial assets with ESG linked features has been clarified via additional
guidance on the assessment of contingent features;
\u25a0
Clarifications have been made on non-recourse loans and contractually linked instruments;
\u25a0
Additional disclosures are introduced for financial instruments with contingent features and
equity instruments classified at fair value through OCI.
UMG is currently assessing the impact the amendments will have on the Consolidated
financial statements.
IFRS 18 Presentation and Disclosures in Financial Statements
On April 9, 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements,
which replaces IAS 1 Presentation of Financial Statements. IFRS 18, effective for UMG on 1 January
2027, introduces new requirements on presentation within the statement of profit or loss, including
specified subtotals. It also requires disclosure of management-defined performance measures and
includes enhanced requirements for aggregation and disaggregation of financial information in the
primary financial statements and the notes. The IASB also issued narrow scope amendments to
IAS 7 Statement of Cash Flows, and some requirements previously included within IAS 1 have been
moved to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, which has been
renamed IAS 8 Basis of Preparation of Financial Statements. Other minor amendments were made
to other standards. IFRS 18 and the other amendments are effective for reporting periods beginning
on or after 1 January 2027 and may be adopted early, subject to EU endorsement. UMG is currently
assessing the impact that IFRS 18 and the other amendments will have on UMG\u2019s consolidated
financial statements.
IFRS 19 Subsidiaries without Public Accountability: Disclosures Subsidiaries without public accountability of a parent that prepares consolidated financial statements available for public use are eligible to apply IFRS 19. This standard will not impact UMG\u2019s Consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-411": { "value": "2.4. Accounting policy changes 2.4.1. Accounting policy changes originating from the IFRS amendments UMG has amended its accounting policies for new or amended IFRS standards and interpretations that became effective as of 1 January 2024. None of these new or amended standards and interpretations had a material impact on adoption. These are: \u25a0 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures \u25a0 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback \u25a0 Amendments to IAS 1 Presentation of Financial Statements - Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants UMG has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-412": { "value": "2.4.2. Impact of standards issued but not yet effective New and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of UMG's financial statements are disclosed below. UMG expects to adopt these new and amended standards and interpretations, if applicable, when they become effective. \u25a0 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, effective 1 January 2025 \u25a0 Amendments to IFRS 9 Classification and Measurement Requirements and IFRS 7 Disclosures, effective 1 January 2026 \u25a0 IFRS 18 Presentation and Disclosures in Financial Statements, effective 1 January 2027 \u25a0 IFRS 19 Subsidiaries without Public Accountability: Disclosures, effective 1 January 2027 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rate: Lack of Exchangeability The amendments, effective for UMG on 1 January 2025, specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of financial statements to understand the impact of a currency not being exchangeable. UMG does not expect that adoption of this standard will have a material impact on the Consolidated financial statements. Amendments to IFRS 9 Classification and Measurement Requirements and IFRS 7 Disclosures The IASB issued amendments to IFRS 9 classification and measurement requirements and IFRS 7 disclosures effective for UMG on 1 January 2027. The amendments include: \u25a0 The amendments clarify that a financial liability is derecognized on \u2018settlement date\u2019 and introduce an accounting policy choice to derecognise financial liabilities settled using an electronic payment system before the settlement date; \u25a0 The classification of financial assets with ESG linked features has been clarified via additional guidance on the assessment of contingent features; \u25a0 Clarifications have been made on non-recourse loans and contractually linked instruments; \u25a0 Additional disclosures are introduced for financial instruments with contingent features and equity instruments classified at fair value through OCI. UMG is currently assessing the impact the amendments will have on the Consolidated financial statements. IFRS 18 Presentation and Disclosures in Financial Statements On April 9, 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements, which replaces IAS 1 Presentation of Financial Statements. IFRS 18, effective for UMG on 1 January 2027, introduces new requirements on presentation within the statement of profit or loss, including specified subtotals. It also requires disclosure of management-defined performance measures and includes enhanced requirements for aggregation and disaggregation of financial information in the primary financial statements and the notes. The IASB also issued narrow scope amendments to IAS 7 Statement of Cash Flows, and some requirements previously included within IAS 1 have been moved to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, which has been renamed IAS 8 Basis of Preparation of Financial Statements. Other minor amendments were made to other standards. IFRS 18 and the other amendments are effective for reporting periods beginning on or after 1 January 2027 and may be adopted early, subject to EU endorsement. UMG is currently assessing the impact that IFRS 18 and the other amendments will have on UMG\u2019s consolidated financial statements. IFRS 19 Subsidiaries without Public Accountability: Disclosures Subsidiaries without public accountability of a parent that prepares consolidated financial statements available for public use are eligible to apply IFRS 19. This standard will not impact UMG\u2019s Consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-374": { "value": "
Note 3. Segment data
Operating segment data
The segment reporting that follows is aligned with internal reporting used by UMG Management
to assess UMG\u2019s performance. UMG\u2019s operating segments are organised by nature of the business
and are the same as its reportable segments: Recorded Music, Music Publishing and Merchandising
and Other. Each of these is described at Note
1. Corporate centre represent amounts not allocated
to the operating segments and includes certain costs related to central activities as well as group
enabling functions. Management also receives information about segment's revenue and assets.
Inter-segment pricing is determined on an arm's length basis. Segment results, assets and liabilities
include items directly attributable to a segment as well as those that can be allocated on a
reasonable basis.
Segment EBITDA and Adjusted EBITDA are included in these disclosures because they are
the primary measures of profit or loss used by UMG Management to assess each segment\u2019s
performance and make decisions about allocating resources. EBITDA and Adjusted EBITDA are non-
IFRS measures defined in the Appendix of the Annual Report accompanying these Consolidated
financial statements.
Main aggregates of the Statement of profit or loss
Elimination
Note Recorded Music Merchandising Corporate of Total
Music Publishing and other centre intersegment
(millions of euros) transactions
Year ended December
31, 2024
External revenue
8,900
2,100
834
-
-
11,834
Intercompany revenue
1
21
8
-
(30)
-
Revenues
8,901
2,121
842
-
(30)
11,834
Adjusted EBITDA
2,275
511
43
(168)
-
2,661
Non-cash share-based
24
(202)
(25)
(1)
(101)
-
(329)
compensation expense
EBITDA
2,073
486
42
(269)
-
2,332
Amortisation and
depreciation expense
(205)
(161)
(2)
(41)
-
(409)
Restructuring expenses
(138)
(4)
(2)
(25)
-
(169)
Gain/(loss) on sale
24
-
-
(1)
-
23
of assets
Impairment reversal/
(charge) on
intangible assets
(2)
-
-
-
-
(2)
Operating profit
1,752
321
38
(336)
-
1,775
Financial income
1,279
Financial expenses
(187)
Income/(loss) from
equity affiliates
4
Profit before income taxes 2,871
Elimination
Note Recorded Music Merchandising Corporate of Total
Music Publishing and other centre intersegment
(millions of euros) transactions
Year ended December
31, 2023
External revenue
8,461
1,943
704
-
-
11,108
Intercompany revenue
-
13
2
-
(15)
-
Revenues
8,461
1,956
706
-
(15)
11,108
Adjusted EBITDA
2,042
470
47
(190)
-
2,369
Non-cash share-based
24
(424)
(50)
(4)
(83)
-
(561)
compensation expense
EBITDA
1,618
420
43
(273)
-
1,808
Amortisation and
depreciation expense
(217)
(156)
(2)
(7)
-
(382)
Restructuring expenses
(34)
(2)
-
(5)
-
(41)
Gain/(loss) on sale
26
-
-
-
-
26
of assets
Impairment reversal/
(charge) on
intangible assets
-
7
-
-
-
7
Operating profit
1,393
269
41
(285)
-
1,418
Financial income
454
Financial expenses
(151)
Income/(loss) from
equity affiliates
-
Profit before income taxes 1,721
Revenues by geographic area
UMG has a global network and operates in local countries, which enables it to maintain the
relationships with clients and to understand the local market, legal and other conditions. As a result,
the geographic basis of the operating companies is the basis in determining the split of revenues
from external customers per geographical areas.
Year ended December 31,
Year ended December 31,
(millions of euros)
2024
2023
U.S.
5,971
51%
5,579
50%
UK
1,065
9%
941
9%
Japan
761
6%
768
7%
Germany
604
5%
576
5%
France
459
4%
444
4%
Rest of the world
1
2,974
25%
2,800
25%
Total revenues
11,834
100%
11,108
100%
1 Revenues for the Netherlands was \u20ac178 million in 2024 and \u20ac179 million in 2023.
Disaggregated revenue information
Recorded Music
Year ended December 31,
(millions of euros)
2024
2023
Streaming revenue
1,414
1,425
Subscription revenue
4,623
4,275
Downloads and other digital revenue
180
207
Physical revenue
1,358
1,380
License and other revenue
1,326
1,174
Recorded Music revenue
8,901
8,461
Music Publishing
Year ended December 31,
(millions of euros)
2024
2023
Performance revenue
442
416
Synchronisation revenue
253
254
Digital revenue
1,268
1,128
Mechanical revenue
103
108
Other revenue
55
50
Music Publishing revenue
2,121
1,956
Subscriptions and streaming represents the largest type of recorded music revenue and is
recognised over time and is 51% (51% in 2023) of total UMG revenues. Physical recorded music
revenues are recognised at a point in time and represent 12% (12% in 2023) of total UMG revenues.
Other Recorded Music revenues mostly include neighbouring rights income which are recognized
over time.
Merchandising revenue is recognised at a point in time. Music Publishing revenue is mostly
recognised over time.
In 2024, UMG had 3 customers that each individually represented over 10% of total revenues
(3 customers in 2023) and which represented total revenues of 20%, 11% and 10% respectively
(19%, 11% and 10% in 2023). Each customer reports revenues in both Recorded Music and Music
Publishing segments.
The amount of revenue recognized for the year ended December 31, 2024 from performance
obligations satisfied (or partially satisfied) in previous periods amounts to \u20ac142 million.
Segment assets
Segment assets by Segment
Segment assets that are reported to the executive board include items that are directly attributable
to a segment as well as those that can be allocated on a reasonable basis. Unallocated assets mainly
comprise of cash and deferred tax assets which are managed at the Group level.
Note Recorded Music Merchandising Corporate Total
(millions of euros) Music Publishing and other centre
Year ended December 31, 2024
Goodwill
9
1,003
788
104
-
1,895
Royalty advances, non-
current
10
1,138
730
217
-
2,085
Catalogues
10
1,732
1,661
-
-
3,393
Property, plant
11
227
5
-
10
242
& equipment
Other intangible assets
10
52
40
-
140
232
Right of use relating
12
442
4
-
-
446
to leases
Royalty
10
566
551
94
-
1,211
advances, current
Other assets
5,112
821
132
543
6,608
Total segment assets
1
10,272
4,600
547
693
16,112
Unallocated assets
1,208
Total assets 17,320
1 Total segment assets in the Netherlands was \u20ac3,558 million in 2024 (\u20ac1,607 miillion in 2023).
Note Recorded Music Merchandising Corporate Total
(millions of euros) Music Publishing and other centre
Year ended December 31, 2023
Goodwill
9
779
745
100
-
1,624
Royalty advances, non-
current
10
862
508
204
-
1,574
Catalogues
10
1,335
1,685
-
-
3,020
Property, plant
11
165
4
-
8
177
& equipment
Other intangible assets
10
50
31
-
99
180
Right of use relating
12
310
4
-
2
316
to leases
Royalty
10
520
481
59
-
1,060
advances, current
Other assets
3,171
753
54
234
4,212
Total segment assets
1
7,192
4,211
417
343
12,163
Unallocated assets
928
Total assets 13,091
Content assets by segment
December 31, 2024
Note Recorded Music Merchandising Total
(millions of euros) Music Publishing and other
Catalogues (of music and publishing rights)
1,732
1,661
-
3,393
Royalty advances (to artists and
repertoire owners)
1,704
1,281
311
3,296
Of which:
Non-current
1,138
730
217
2,085
Current
566
551
94
1,211
Content assets, net
10
3,436
2,942
311
6,689
Current content assets
566
551
94
1,211
Non-current content assets
2,870
2,391
217
5,478
December 31, 2023
Note Recorded Music Merchandising Total
(millions of euros) Music Publishing and other
Catalogues (of music and publishing rights)
1,335
1,685
-
3,020
Royalty advances (to artists and
repertoire owners)
1,382
989
263
2,634
Of which:
Non-current
862
508
204
1,574
Current
520
481
59
1,060
Content assets, net
10
2,717
2,674
263
5,654
Current content assets
520
481
59
1,060
Non-current content assets
2,197
2,193
204
4,594
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-413": { "value": "Note 3. Segment data Operating segment data The segment reporting that follows is aligned with internal reporting used by UMG Management to assess UMG\u2019s performance. UMG\u2019s operating segments are organised by nature of the business and are the same as its reportable segments: Recorded Music, Music Publishing and Merchandising and Other. Each of these is described at Note 1. Corporate centre represent amounts not allocated to the operating segments and includes certain costs related to central activities as well as group enabling functions. Management also receives information about segment's revenue and assets. Inter-segment pricing is determined on an arm's length basis. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-466": { "value": "Revenues by geographic area UMG has a global network and operates in local countries, which enables it to maintain the relationships with clients and to understand the local market, legal and other conditions. As a result, the geographic basis of the operating companies is the basis in determining the split of revenues from external customers per geographical areas.
Year ended December 31,
Year ended December 31,
(millions of euros)
2024
2023
U.S.
5,971
51%
5,579
50%
UK
1,065
9%
941
9%
Japan
761
6%
768
7%
Germany
604
5%
576
5%
France
459
4%
444
4%
Rest of the world
1
2,974
25%
2,800
25%
Total revenues
11,834
100%
11,108
100%
1 Revenues for the Netherlands was \u20ac178 million in 2024 and \u20ac179 million in 2023. Disaggregated revenue information Recorded Music
Year ended December 31,
(millions of euros)
2024
2023
Streaming revenue
1,414
1,425
Subscription revenue
4,623
4,275
Downloads and other digital revenue
180
207
Physical revenue
1,358
1,380
License and other revenue
1,326
1,174
Recorded Music revenue
8,901
8,461
Music Publishing
Year ended December 31,
(millions of euros)
2024
2023
Performance revenue
442
416
Synchronisation revenue
253
254
Digital revenue
1,268
1,128
Mechanical revenue
103
108
Other revenue
55
50
Music Publishing revenue
2,121
1,956
Subscriptions and streaming represents the largest type of recorded music revenue and is recognised over time and is 51% (51% in 2023) of total UMG revenues. Physical recorded music revenues are recognised at a point in time and represent 12% (12% in 2023) of total UMG revenues. Other Recorded Music revenues mostly include neighbouring rights income which are recognized over time. Merchandising revenue is recognised at a point in time. Music Publishing revenue is mostly recognised over time. In 2024, UMG had 3 customers that each individually represented over 10% of total revenues (3 customers in 2023) and which represented total revenues of 20%, 11% and 10% respectively (19%, 11% and 10% in 2023). Each customer reports revenues in both Recorded Music and Music Publishing segments. The amount of revenue recognized for the year ended December 31, 2024 from performance obligations satisfied (or partially satisfied) in previous periods amounts to \u20ac142 million. Note 16. Trade and other accounts payable
Year ended December 31,
(millions of euros)
2024
2023
Trade accounts payable
168
118
Music royalties to artists and repertoire owners
4,327
3,944
Accrued expenses
424
389
Creative talent and content liabilities
533
362
Other payables
530
490
Trade and other accounts payable
5,982
5,303
Current contract liabilities
412
408
Trade accounts payable and other
6,394
5,711
Out of the total amount of \u20ac408 million recognized in contract liabilities at the beginning of 2024, \u20ac365 million has been recognized as revenue for the year ended December 31, 2024. The total amount of current and non-current contract liabilities as at December 31, 2024 is \u20ac424 million (2023: \u20ac428 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-445": { "value": "Revenues by geographic area UMG has a global network and operates in local countries, which enables it to maintain the relationships with clients and to understand the local market, legal and other conditions. As a result, the geographic basis of the operating companies is the basis in determining the split of revenues from external customers per geographical areas.
Year ended December 31,
Year ended December 31,
(millions of euros)
2024
2023
U.S.
5,971
51%
5,579
50%
UK
1,065
9%
941
9%
Japan
761
6%
768
7%
Germany
604
5%
576
5%
France
459
4%
444
4%
Rest of the world
1
2,974
25%
2,800
25%
Total revenues
11,834
100%
11,108
100%
1 Revenues for the Netherlands was \u20ac178 million in 2024 and \u20ac179 million in 2023. Disaggregated revenue information Recorded Music
Year ended December 31,
(millions of euros)
2024
2023
Streaming revenue
1,414
1,425
Subscription revenue
4,623
4,275
Downloads and other digital revenue
180
207
Physical revenue
1,358
1,380
License and other revenue
1,326
1,174
Recorded Music revenue
8,901
8,461
Music Publishing
Year ended December 31,
(millions of euros)
2024
2023
Performance revenue
442
416
Synchronisation revenue
253
254
Digital revenue
1,268
1,128
Mechanical revenue
103
108
Other revenue
55
50
Music Publishing revenue
2,121
1,956
Subscriptions and streaming represents the largest type of recorded music revenue and is recognised over time and is 51% (51% in 2023) of total UMG revenues. Physical recorded music revenues are recognised at a point in time and represent 12% (12% in 2023) of total UMG revenues. Other Recorded Music revenues mostly include neighbouring rights income which are recognized over time. Merchandising revenue is recognised at a point in time. Music Publishing revenue is mostly recognised over time. In 2024, UMG had 3 customers that each individually represented over 10% of total revenues (3 customers in 2023) and which represented total revenues of 20%, 11% and 10% respectively (19%, 11% and 10% in 2023). Each customer reports revenues in both Recorded Music and Music Publishing segments. The amount of revenue recognized for the year ended December 31, 2024 from performance obligations satisfied (or partially satisfied) in previous periods amounts to \u20ac142 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-414": { "value": "Revenues by geographic area UMG has a global network and operates in local countries, which enables it to maintain the relationships with clients and to understand the local market, legal and other conditions. As a result, the geographic basis of the operating companies is the basis in determining the split of revenues from external customers per geographical areas.
Year ended December 31,
Year ended December 31,
(millions of euros)
2024
2023
U.S.
5,971
51%
5,579
50%
UK
1,065
9%
941
9%
Japan
761
6%
768
7%
Germany
604
5%
576
5%
France
459
4%
444
4%
Rest of the world
1
2,974
25%
2,800
25%
Total revenues
11,834
100%
11,108
100%
1 Revenues for the Netherlands was \u20ac178 million in 2024 and \u20ac179 million in 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-375": { "value": "
Note 4. Acquisitions and divestments
During 2024, UMG completed investments in Chord Music Partners (\u201cChord\u201d), NTWRK, Mavin Global
(\u201cMavin\u201d) and [PIAS]. Total cash used for these investments was \u20ac528 million. UMG accounts for its
investments in Chord and NTWRK as associates using the equity method, while the investments in
Mavin and [PIAS] were recognised as business combinations. The Chord and NTWRK transactions
closed in March 2024. The Mavin and [PIAS] acquisitions occurred in May 2024 and October
2024, respectively.
UMG did not have any material divestments in 2024 or 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-376": { "value": "
Note 5. Cost of revenues and selling, general and administrative expenses
Year ended December 31,
(millions of euros)
Note
2024
2023
Included in cost of revenues:
Artist costs
5,464
5,152
Product costs
1,282
1,056
Of which:
Personnel costs
33
33
Included in selling, general and administrative expenses:
Depreciation of tangible assets
11
34
34
Depreciation of right of use assets
12
79
72
Personnel costs
1,755
2,048
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-467": { "value": "Note 5. Cost of revenues and selling, general and administrative expenses
Year ended December 31,
(millions of euros)
Note
2024
2023
Included in cost of revenues:
Artist costs
5,464
5,152
Product costs
1,282
1,056
Of which:
Personnel costs
33
33
Included in selling, general and administrative expenses:
Depreciation of tangible assets
11
34
34
Depreciation of right of use assets
12
79
72
Personnel costs
1,755
2,048
Personnel costs and average employee numbers
Year ended December 31,
(millions of euros)
Note
2024
2023
Salaries
1,156
1,196
Social security and other employment expenses
196
209
Wages and expenses
1,352
1,405
Share-based compensation plans
24
360
600
Employee defined contribution plans
52
52
Employee defined benefit plans
23
1
2
Other
23
22
Personnel costs
1,788
2,081
Annual average number of full-time equivalent employees
9.7
10.0
(in thousands)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-460": { "value": "Note 5. Cost of revenues and selling, general and administrative expenses
Year ended December 31,
(millions of euros)
Note
2024
2023
Included in cost of revenues:
Artist costs
5,464
5,152
Product costs
1,282
1,056
Of which:
Personnel costs
33
33
Included in selling, general and administrative expenses:
Depreciation of tangible assets
11
34
34
Depreciation of right of use assets
12
79
72
Personnel costs
1,755
2,048
Personnel costs and average employee numbers
Year ended December 31,
(millions of euros)
Note
2024
2023
Salaries
1,156
1,196
Social security and other employment expenses
196
209
Wages and expenses
1,352
1,405
Share-based compensation plans
24
360
600
Employee defined contribution plans
52
52
Employee defined benefit plans
23
1
2
Other
23
22
Personnel costs
1,788
2,081
Annual average number of full-time equivalent employees
9.7
10.0
(in thousands)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-446": { "value": "Note 5. Cost of revenues and selling, general and administrative expenses
Year ended December 31,
(millions of euros)
Note
2024
2023
Included in cost of revenues:
Artist costs
5,464
5,152
Product costs
1,282
1,056
Of which:
Personnel costs
33
33
Included in selling, general and administrative expenses:
Depreciation of tangible assets
11
34
34
Depreciation of right of use assets
12
79
72
Personnel costs
1,755
2,048
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-415": { "value": "Note 5. Cost of revenues and selling, general and administrative expenses
Year ended December 31,
(millions of euros)
Note
2024
2023
Included in cost of revenues:
Artist costs
5,464
5,152
Product costs
1,282
1,056
Of which:
Personnel costs
33
33
Included in selling, general and administrative expenses:
Depreciation of tangible assets
11
34
34
Depreciation of right of use assets
12
79
72
Personnel costs
1,755
2,048
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-378": { "value": "
Personnel costs and average employee numbers
Year ended December 31,
(millions of euros)
Note
2024
2023
Salaries
1,156
1,196
Social security and other employment expenses
196
209
Wages and expenses
1,352
1,405
Share-based compensation plans
24
360
600
Employee defined contribution plans
52
52
Employee defined benefit plans
23
1
2
Other
23
22
Personnel costs
1,788
2,081
Annual average number of full-time equivalent employees
9.7
10.0
(in thousands)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-448": { "value": "Personnel costs and average employee numbers
Year ended December 31,
(millions of euros)
Note
2024
2023
Salaries
1,156
1,196
Social security and other employment expenses
196
209
Wages and expenses
1,352
1,405
Share-based compensation plans
24
360
600
Employee defined contribution plans
52
52
Employee defined benefit plans
23
1
2
Other
23
22
Personnel costs
1,788
2,081
Annual average number of full-time equivalent employees
9.7
10.0
(in thousands)
Note 23. Post-retirement employee benefits
In accordance with the laws and practices of each country in which it operates, UMG participates
in, or maintains, employee benefit plans providing retirement pensions, post-retirement health
care, life insurance and other post-employment benefits to eligible (former) employees and such
of their beneficiaries who meet the required conditions. Post-retirement benefits are provided for
substantially all employees through defined contribution plans, which are integrated with local
social security, or defined benefit plans, which are generally managed via group pension plans.
The plan funding policy implemented by UMG is consistent with applicable government funding
requirements and regulations. Refer to Note
5 for the contribution to defined contribution plans.
Post-employment benefits covered in this note relate to defined-benefit pension and other post-
retirement defined benefit plans, including medical plans and life insurance. The benefits provided
by these plans are based on employees\u2019 years of service and compensation levels.
Refer to the table below for the present value of the net defined benefit obligations and plan assets
per country as at 31 December.
2024
2023
Fair value Net Fair value Net
Obligation of plan obligation/ Obligation of plan obligation/
(millions of euros) assets (asset) assets (asset)
Germany
147
(1)
146
136
(1)
135
U.S.
19
-
19
18
-
18
Other
38
(36)
2
38
(35)
3
Total
204
(37)
167
192
(36)
156
of which
assets related to
employee benefit plans
(11)
(10)
liabilities for employee
benefit plans
178
166
Germany The post-retirement benefit plans in Germany aim to provide pension benefits to eligible (former) employees and such of their beneficiaries who meet certain conditions. The total obligation as presented above includes multiple plans, from which three are material. These plans are closed to new entrants since 2003 and earlier. In accordance with current regulations, these plans are not funded and are not covered by the plan assets. The main risks for UMG relate to changes in discount rates and inflation rates. United States The defined benefit liability in the United States mainly relates to the post-retirement medical care benefits. Post-retirement medical benefit plans in the United States are not covered by plan assets in accordance with local laws and practices. Cash flow impact for 2025 In 2025 UMG expects a cash outflow of \u20ac15 million in relation to all defined benefit plans. Net defined benefit obligations/(assets) Movements of the net defined benefit obligations and plan assets for the year ended on December 31, are presented in the following tables.
2024
Fair value Net
Note Obligation of plan obligation/
(millions of euros) assets (asset)
Opening balance
192
(36)
156
Current service cost
5
1
-
1
(Gain)/loss on settlements
-
-
-
Other
-
-
-
Impact on selling & administrative expenses
1
-
1
Interest cost
6
6
-
6
Expected return on plan assets
6
-
(1)
(1)
Impact on other financial income
6
(1)
5
Included in the statement of profit or loss
7
(1)
6
Actuarial losses/(gains) related to:
Experience adjustments
14
(3)
11
Financial assumptions
6
-
6
Demographic assumptions
-
-
-
Included in other comprehensive income 21
20
(3)
17
Contributions by employers
-
(13)
(13)
Benefits paid by the fund
(3)
3
-
Benefits paid by the employer
(12)
12
-
Foreign currency and other
-
1
1
Closing balance
204
(37)
167
of which
wholly or partly funded benefits
33
wholly unfunded benefits
1
171
assets related to employee benefit plans (11)
liabilities for employee benefit plans 178
1 Included a current liability of \u20ac15 million as of December 31, 2024.
2023
Fair value Net
Note Obligation of plan obligation/
(millions of euros) assets (asset)
Opening balance
194
(41)
153
Current service cost
5
2
-
2
(Gain)/loss on settlements
-
-
-
Other
-
-
-
Impact on selling & administrative expenses
2
-
2
Interest cost
6
7
-
7
Expected return on plan assets
6
-
(1)
(1)
Impact on other financial income
7
(1)
6
Included in the statement of profit or loss
9
(1)
8
Actuarial losses/(gains) related to:
Experience adjustments
(3)
-
(3)
Financial assumptions
9
-
9
Demographic assumptions
(1)
-
(1)
Included in other comprehensive income 21
5
-
5
Contributions by employers
-
(12)
(12)
Benefits paid by the fund
(2)
2
-
Benefits paid by the employer
(12)
12
-
Foreign currency and other
(2)
4
2
Closing balance
192
(36)
156
of which
wholly or partly funded benefits
33
wholly unfunded benefits
1
159
assets related to employee benefit plans (10)
liabilities for employee benefit plans 166
1 Included a current liability of \u20ac13 million as of December 31, 2023 Assumptions used in the valuation of the net defined benefit liability The mortality tables used for UMG\u2019s major defined benefit schemes in Germany are Richttafeln 2018 G K. Heubeck. Other key assumptions used in the valuation of the net defined benefit plans liability are: rate of compensation increase, discount rate, and expected return on plan assets. The weighted-average assumptions used to calculate the defined-benefit obligation as of December 31 were as follows:
Germany
U.S.
Weighted average of
all plans
2024
2023
2024
2023
2024
2023
Discount rate
3.30%
3.50%
5.47%
5.28%
3.33%
3.51%
Inflation rate
2.00%
2.00%
na
na
2.00%
2.00%
Rate of compensation increase
2.00%
2.50%
na
na
1.96%
2.39%
Duration of the benefit
9.9
9.6
obligation (in years)
na: not applicable.
A 50 basis point increase (or a 50 basis point decrease, respectively) to the 2024 discount rate would have led to a decrease in the defined benefit obligation of \u20ac9.5 million (2023: \u20ac9.1 million) (or an increase of \u20ac10.4 million (2023: \u20ac9.9 million), respectively), assuming all other assumptions remain unchanged. A 50 basis point increase (or a 50 basis point decrease, respectively) to the 2024 inflation rate would have led to a increase in the defined benefit obligation of \u20ac7.6 million (2023: \u20ac6.8 million) (or an decrease of \u20ac7.1 million (2023: \u20ac6.3 million), respectively), assuming all other assumptions remain unchanged. Pension plan assets allocation
Year ended December 31,
(millions of euros)
2024
2023
Insurance contracts
55%
54%
Equity securities
22%
21%
Debt securities
14%
15%
Diversified funds
0%
0%
Cash and other
9%
10%
Total
100%
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-377": { "value": "
Note 6. Financial income and expenses
Year ended December 31,
(millions of euros)
Note
2024
2023
Interest income from cash, cash equivalents and other
19
14
Change in fair value of financial instruments through profit or loss
19
1,170
431
Remeasurement on investment for step acquisition
13
62
-
Expected return on plan assets related to employee benefit plans
23
1
1
Gain on derivative instruments at fair value through profit or loss
1
24
5
Income from investments
3
3
Financial income
1,279
454
Interest expense on borrowings
(107)
(91)
Change in fair value of financial instruments through profit or loss
19
(17)
(14)
Unwinding of interest component
(2)
(1)
Interest cost related to employee benefit plans
23
(6)
(7)
Interest expenses on lease liabilities
12
(20)
(14)
Foreign exchange loss
(3)
(11)
Loss on derivative instruments at fair value through profit or loss
1
(19)
-
Cost of finance
(4)
(7)
Other
(9)
(6)
Financial expenses
(187)
(151)
Net total financial income and (expenses)
1,092
303
1 The net gain/(loss) on derivative instruments at fair value through profit or loss relates to foreign exchange forward
contracts that did not qualify for hedge accounting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-478": { "value": "Note 6. Financial income and expenses
Year ended December 31,
(millions of euros)
Note
2024
2023
Interest income from cash, cash equivalents and other
19
14
Change in fair value of financial instruments through profit or loss
19
1,170
431
Remeasurement on investment for step acquisition
13
62
-
Expected return on plan assets related to employee benefit plans
23
1
1
Gain on derivative instruments at fair value through profit or loss
1
24
5
Income from investments
3
3
Financial income
1,279
454
Interest expense on borrowings
(107)
(91)
Change in fair value of financial instruments through profit or loss
19
(17)
(14)
Unwinding of interest component
(2)
(1)
Interest cost related to employee benefit plans
23
(6)
(7)
Interest expenses on lease liabilities
12
(20)
(14)
Foreign exchange loss
(3)
(11)
Loss on derivative instruments at fair value through profit or loss
1
(19)
-
Cost of finance
(4)
(7)
Other
(9)
(6)
Financial expenses
(187)
(151)
Net total financial income and (expenses)
1,092
303
1 The net gain/(loss) on derivative instruments at fair value through profit or loss relates to foreign exchange forward contracts that did not qualify for hedge accounting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-475": { "value": "Note 6. Financial income and expenses
Year ended December 31,
(millions of euros)
Note
2024
2023
Interest income from cash, cash equivalents and other
19
14
Change in fair value of financial instruments through profit or loss
19
1,170
431
Remeasurement on investment for step acquisition
13
62
-
Expected return on plan assets related to employee benefit plans
23
1
1
Gain on derivative instruments at fair value through profit or loss
1
24
5
Income from investments
3
3
Financial income
1,279
454
Interest expense on borrowings
(107)
(91)
Change in fair value of financial instruments through profit or loss
19
(17)
(14)
Unwinding of interest component
(2)
(1)
Interest cost related to employee benefit plans
23
(6)
(7)
Interest expenses on lease liabilities
12
(20)
(14)
Foreign exchange loss
(3)
(11)
Loss on derivative instruments at fair value through profit or loss
1
(19)
-
Cost of finance
(4)
(7)
Other
(9)
(6)
Financial expenses
(187)
(151)
Net total financial income and (expenses)
1,092
303
1 The net gain/(loss) on derivative instruments at fair value through profit or loss relates to foreign exchange forward contracts that did not qualify for hedge accounting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-472": { "value": "Note 6. Financial income and expenses
Year ended December 31,
(millions of euros)
Note
2024
2023
Interest income from cash, cash equivalents and other
19
14
Change in fair value of financial instruments through profit or loss
19
1,170
431
Remeasurement on investment for step acquisition
13
62
-
Expected return on plan assets related to employee benefit plans
23
1
1
Gain on derivative instruments at fair value through profit or loss
1
24
5
Income from investments
3
3
Financial income
1,279
454
Interest expense on borrowings
(107)
(91)
Change in fair value of financial instruments through profit or loss
19
(17)
(14)
Unwinding of interest component
(2)
(1)
Interest cost related to employee benefit plans
23
(6)
(7)
Interest expenses on lease liabilities
12
(20)
(14)
Foreign exchange loss
(3)
(11)
Loss on derivative instruments at fair value through profit or loss
1
(19)
-
Cost of finance
(4)
(7)
Other
(9)
(6)
Financial expenses
(187)
(151)
Net total financial income and (expenses)
1,092
303
1 The net gain/(loss) on derivative instruments at fair value through profit or loss relates to foreign exchange forward contracts that did not qualify for hedge accounting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-468": { "value": "Note 6. Financial income and expenses
Year ended December 31,
(millions of euros)
Note
2024
2023
Interest income from cash, cash equivalents and other
19
14
Change in fair value of financial instruments through profit or loss
19
1,170
431
Remeasurement on investment for step acquisition
13
62
-
Expected return on plan assets related to employee benefit plans
23
1
1
Gain on derivative instruments at fair value through profit or loss
1
24
5
Income from investments
3
3
Financial income
1,279
454
Interest expense on borrowings
(107)
(91)
Change in fair value of financial instruments through profit or loss
19
(17)
(14)
Unwinding of interest component
(2)
(1)
Interest cost related to employee benefit plans
23
(6)
(7)
Interest expenses on lease liabilities
12
(20)
(14)
Foreign exchange loss
(3)
(11)
Loss on derivative instruments at fair value through profit or loss
1
(19)
-
Cost of finance
(4)
(7)
Other
(9)
(6)
Financial expenses
(187)
(151)
Net total financial income and (expenses)
1,092
303
1 The net gain/(loss) on derivative instruments at fair value through profit or loss relates to foreign exchange forward contracts that did not qualify for hedge accounting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-461": { "value": "Note 6. Financial income and expenses
Year ended December 31,
(millions of euros)
Note
2024
2023
Interest income from cash, cash equivalents and other
19
14
Change in fair value of financial instruments through profit or loss
19
1,170
431
Remeasurement on investment for step acquisition
13
62
-
Expected return on plan assets related to employee benefit plans
23
1
1
Gain on derivative instruments at fair value through profit or loss
1
24
5
Income from investments
3
3
Financial income
1,279
454
Interest expense on borrowings
(107)
(91)
Change in fair value of financial instruments through profit or loss
19
(17)
(14)
Unwinding of interest component
(2)
(1)
Interest cost related to employee benefit plans
23
(6)
(7)
Interest expenses on lease liabilities
12
(20)
(14)
Foreign exchange loss
(3)
(11)
Loss on derivative instruments at fair value through profit or loss
1
(19)
-
Cost of finance
(4)
(7)
Other
(9)
(6)
Financial expenses
(187)
(151)
Net total financial income and (expenses)
1,092
303
1 The net gain/(loss) on derivative instruments at fair value through profit or loss relates to foreign exchange forward contracts that did not qualify for hedge accounting. Changes in working capital
Changes Changes
December in operating Business in foreign December
31, 2023 working combinations currency
Other
2
31, 2024
capital
1
translation
(millions of euros) adjustments
Inventories
3
210
32
5
8
-
255
Trade accounts
2,246
110
40
51
50
2,497
receivable and other
Of which:
Trade
646
107
35
18
7
813
accounts receivable
Expected credit losses
(49)
4
-
-
3
(42)
Working capital assets
2,456
142
45
59
50
2,752
Trade accounts payable
(5,711)
(137)
(75)
(214)
(257)
(6,394)
and other
Other non-
current liabilities
(715)
-
(30)
(23)
(688)
(1,456)
Working capital liabilities
(6,426)
(137)
(105)
(237)
(945)
(7,850)
Net working capital
(3,970)
5
(60)
(178)
(895)
(5,098)
1 Excludes content investments. 2 Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments. 3 Total inventory obsolescence expense for the period was \u20ac68 million.
Changes Changes
December in operating Business in foreign December
31, 2022 working combinations currency
Other
2
31, 2023
capital
1
translation
(millions of euros) adjustments
Inventories
3
163
52
-
(5)
-
210
Trade accounts
2,014
309
3
(41)
(39)
2,246
receivable and other
Of which:
Trade
580
102
3
(16)
(23)
646
accounts receivable
Expected credit losses
(62)
13
(1)
2
(1)
(49)
Working capital assets
2,177
361
3
(46)
(39)
2,456
Trade accounts payable
(5,150)
(527)
(9)
134
(159)
(5,711)
and other
Other non-
current liabilities
(437)
2
(40)
5
(245)
(715)
Working capital liabilities
(5,587)
(525)
(49)
139
(404)
(6,426)
Net working capital
(3,410)
(164)
(46)
93
(443)
(3,970)
1 Excludes content investments. 2 Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments. 3 Total inventory obsolescence expense for the period was \u20ac67 million. Financial risk management UMG business activities expose the Group to financial risks, including credit risk, liquidity risk, and market risk. Market risk comprises three types of risk: interest rate risk, foreign currency risk and other price risks. These risks are inherent to how UMG operates as a multinational with locally operating subsidiaries. To manage these risks, UMG has developed specific policies. The essence of measuring the performance of these policies is to strike a balance between managing risks and contributing to the financial results of UMG. UMG policies are risk-averse in that regard. Enforcement of procedures related to financial risk management is carried out by UMG Group Treasury in line with the guiding principles of the Group Treasury Policies. Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by falling to discharge an obligation. UMG's maximum credit risk exposure is equal to the carrying amounts of Trade and other receivables, refer to Note 15, and Cash position and borrowings, refer to Note 17, as presented in the Statement of Financial Position. Also, for the derivatives and assets at fair value via profit and loss, the maximum exposure to credit risk at the end of the reporting period is equal to the carrying amount, refer to Note 19 . The maximum credit risk exposure on guarantees issued corresponds to their nominal amounts, as presented in Note 18. UMG aims to centralize its cash management with its Tier 1 banks, of which all the banks have credit ratings of minimum of A-. UMG performs ongoing evaluations of the financial and non-financial condition of UMG customers and adjusts credit limits when appropriate. In instances where a customer's creditworthiness is determined not to be sufficient to grant the required credit limit, there are several mitigation tools that can be utilized to close the gap, including reducing payment terms, cash on delivery, prepayments and pledges on assets. UMG\u2019s operational subsidiaries have set up procedures and systems to track their trade accounts receivable and recover outstanding amounts. In addition, some subsidiaries have insured their main client credit risks worldwide with a leading credit insurer. Liquidity risk Liquidity risk is the risk that UMG will not be able to meet its financial obligations as they fall due. The primary objective of liquidity management is providing sufficient cash to enable UMG to meet its liabilities when due, under normal and stressed conditions, without incurring losses. Neither the aged receivables of individual customers, nor the profile of the accounts receivable portfolio per segment, impose a significant threat to UMG\u2019s liquidity planning. UMG Treasury provides for the short-term day-to-day cash management needs of the Group by organizing sweeps between international cash poolings. For medium term financing requirements, UMG Group Treasury determines the Group's overall debt position and its planned evolution based on the Group\u2019s 13-month rolling cash forecast. A liquidity analysis is performed to ensure the proper funding is in place to face medium-term needs. Cash is pooled up to UMG NV from all territories participating in the international cash pooling arrangement. Cash is extracted from countries outside the cash pooling through dividends or upstream loans. The objectives of liquidity management are to repay UMG's external debt and to pay UMG's dividend to the Group's shareholders. The list of permitted banks for liquidity management includes nine banks with minimum rating of A-. The liquidity analysis includes a buffer of \u20ac400 million to provide for intra-month treasury swings and the incompressible treasury float. Adequate bank facilities are available as backup for Commercial paper. The maturity schedule for long-term external debt is maintained above 3 years and the current average maturity for long term external debt is 4.5 years. UMG Treasury ensures central compliance with financial covenants, pari-passu, and negative pledge clauses. Total cash and cash equivalents position as at December 31, 2024, is disclosed in Note 17. Contractual obligations and their timing are disclosed in Note 18. In addition, as at December 31, 2024, UMG has undrawn Revolving Credit Facilities (RCF) of \u20ac1,250 million. Market risk Market risk is the possibility that an entity will experience losses due to factors that affect the financial markets. Market risk includes currency risk and interest rate risk as addressed below, but also risk of change in fair value of the financial instruments, including those traded on the active markets. At December 31, 2024, UMG held financial instruments measured at fair value as disclosed in Note 19, where the exposure of the risk and sensitivity are presented. UMG risk management policies cover refinancing risk to ensure that under any market circumstances, UMG can refinance its debt on time and a reasonable cost. The objectives of refinancing risk management are to benefit from sufficient flexibility granted by the access to capital markets (in particular, Euro commercial papers, private placement and bond markets) and not rely solely on bank borrowings. Interest rate risk Interest rate risk is the risk of the fair value or future cash flows of a financial instrument fluctuating because of changes in the market interest rates. Financial instruments included in borrowings create an inherent interest rate risk. UMG seeks to limit the period over which it is exposed to interest rate risk on the Group's borrowings. The preferred method of hedging interest rate risk is issuing long-term fixed-rate bonds. The use of interest-rate plain vanilla derivatives is also authorized. The list of authorized instruments includes interest rate swaps, FRAs, caps, and floors. As for currency risk management, interest rate hedging operations are handled solely by UMG Treasury according to the Group\u2019s strategic goals set by the Group Chief Financial Officer. The speculative use of interest rate derivatives is strictly prohibited. As of December 31, 2024, UMG had a ratio of fixed-rate debt to total outstanding debt of approximately 68%. A sensitivity analysis conducted in January 2025 on the gross debt portfolio shows that if short term EURIBOR were to increase instantaneously by 0.5% from their level of December 31, 2024, with all other variables held constant, the total change in annualized interest expense result would be \u20ac4 million. Foreign currency risk As any multinational group, UMG is exposed to transactional foreign currency risk on committed and forecast cash flows, that are denominated in a currency other than the transacting entity's functional currency. UMG is also exposed to translational risk, resulting from the translation of foreign operations into Euros. The main currencies that drive UMG's foreign currency risk are U.S. Dollar, British Pound and Japanese Yen. UMG\u2019s exposure to foreign exchange transactional risk is greatly limited due to the offsetting of inflows and outflows in local currencies to the extent possible as a natural hedge. UMG Treasury mainly manages foreign currency risk exposure on balance sheet positions, primarily cash concentrations in non-Euro currencies held under the Group's cash pooling arrangements. UMG Treasury's foreign currency risk management policy is to hedge recognized assets and liabilities denominated in foreign currencies above a predefined threshold. UMG uses forward exchange rate contracts and foreign exchange swaps to manage this exposure. All material foreign currency balance sheet exposures are offset by derivatives, so potential foreign currency rate fluctuations as of December 31, 2024 would have no significant impacts on UMG\u2019s financial results. UMG did not apply hedge accounting to these derivatives in 2024 or 2023. Currency derivatives are not used for speculative purposes. The average maturity of these contracts is one month. The table below summarises the net nominal value of the foreign currency balance sheet exposure and foreign exchange rate derivatives used to offset it as of December 31, 2024.
(millions of euros)
USD
GBP
JPY
Other
Total
Nominal value of Balance sheet exposure
91
623
133
385
1,232
Foreign exchange rate derivatives
(91)
(623)
(133)
(385)
(1,232)
Net exposure
-
-
-
-
-
Beginning in 2023, foreign currency translation risks are hedged to a limited extent, as the underlying currency positions are generally considered to be long-term in nature. If a hedge is entered into, it is accounted for as a net investment hedge. Note 15. Trade and other receivables
Year ended December 31,
(millions of euros)
2024
2023
Trade receivables
2,244
1,986
Other receivables
253
260
Trade receivables, net of value allowance
2,497
2,246
Year ended December 31,
(millions of euros)
2024
2023
Current
2,160
1,895
Overdue 0-30 days
44
58
Overdue 31-150 days
25
25
Overdue >150 days
15
8
Trade receivables, net of value allowance
2,244
1,986
For the movements of the expected credit loss allowance and the credit risk management policies and procedures of UMG please refer to Note 14. Note 16. Trade and other accounts payable
Year ended December 31,
(millions of euros)
2024
2023
Trade accounts payable
168
118
Music royalties to artists and repertoire owners
4,327
3,944
Accrued expenses
424
389
Creative talent and content liabilities
533
362
Other payables
530
490
Trade and other accounts payable
5,982
5,303
Current contract liabilities
412
408
Trade accounts payable and other
6,394
5,711
Out of the total amount of \u20ac408 million recognized in contract liabilities at the beginning of 2024, \u20ac365 million has been recognized as revenue for the year ended December 31, 2024. The total amount of current and non-current contract liabilities as at December 31, 2024 is \u20ac424 million (2023: \u20ac428 million). Note 17. Cash position and borrowings Cash position
Year ended December 31,
(millions of euros)
2024
2023
Cash and cash equivalents
553
413
Bank overdrafts
(8)
(26)
Cash and cash equivalents in the statement of cash flows
545
387
UMG operates in a number of territories where regulations do not authorise participation of local entities to the UMG global cash pooling. Only dividends and intra-group invoices are available to extract cash from these territories. The amount of cash held by UMG entities in these countries amounted to \u20ac466 million as of December 31, 2024. Borrowings and other financial liabilities
December 31, 2024
December 31, 2023
(millions of euros)
Total
Long-term
Short-term
Total
Long-term
Short-term
Bonds
1,810
1,776
34
1,808
1,774
34
Drawn revolving
-
-
-
-
-
-
credit facilities
Commercial papers
746
-
746
197
-
197
Bank overdrafts
8
-
8
26
-
26
Other
87
2
85
73
52
21
Borrowings at
amortized cost
2,651
1,778
873
2,104
1,826
278
Cash and
cash equivalents
(553)
-
(553)
(413)
-
(413)
Derivative
-
-
-
(2)
-
(2)
financial assets
Net debt
2,098
1,689
Borrowings include the following: \u25a0 \u20ac500 million of senior unsecured notes issued in June 2022, due on June 30, 2027 with a coupon of 3.00%. \u25a0 \u20ac500 million of senior unsecured notes issued in June 2022, due on June 30, 2032 with a coupon of 3.75%. \u25a0 \u20ac750 million of senior unsecured notes issued in June 2023, due on June 13, 2031 with a coupon of 4.00%. \u25a0 \u00a57 billion (\u20ac45 million) of senior notes issued in July 2023 and due on July 5, 2038 with a coupon of 1.61%. \u25a0 \u20ac2 billion revolving credit facility extended in February 2023 to April 26, 2028. \u25a0 \u20ac500 million short-term bilateral floating rate revolving credit facility entered into in March 2023, which expired in March 2024. \u25a0 Up to \u20ac2 billion NEU commercial paper program established in July 2022. Movements of borrowings
Drawn
revolving Bonds Bank Commercial
Other debt
Total
credit overdrafts papers
(millions of euros) facilities
Balance December
125
1,004
1
929
191
2,250
31, 2022
New borrowings
1,075
794
26
4,738
34
6,667
Repayments
(1,200)
-
(1)
(5,469)
(145)
(6,815)
Translation differences
-
10
-
(1)
(7)
2
and other movements
Balance December
-
1,808
26
197
73
2,104
31, 2023
New borrowings
300
-
8
3,897
124
4,329
Repayments
(300)
-
(26)
(3,351)
(104)
(3,781)
Translation differences
-
2
-
3
(6)
(1)
and other movements
Balance December
-
1,810
8
746
87
2,651
31, 2024
Contractual obligations The table below analyses UMG\u2019s financial liabilities into relevant maturity groupings based on their contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant. Interest on long-term debt is based on floating rate adjustments according to market expectations.
Minimum future payments as of December 31, 2024
Total minimum
future payments
Payments due in as of
(millions of euros)
Total
1 year
2-5 years
After 5 years
December 31, 2023
Borrowings and other
financial liabilities
3,086
868
778
1,440
2,449
Lease liabilities
664
89
309
266
463
Music royalties to artists and
repertoire owners
4,343
4,327
16
-
3,957
Creative talent and
content liabilities
944
533
411
-
603
Other payables
2,094
1,065
57
972
1,411
Consolidated statement of
financial position items
11,131
6,882
1,571
2,678
8,883
Contractual
1,707
843
780
84
1,595
content commitments
Other commitments
1
875
778
96
1
287
Total off-balance
2,582
1,621
876
85
1,882
sheet commitments
Total
13,713
8,503
2,447
2,763
10,765
1 In December 2024, the Company entered into a definitive agreement to acquire Downtown Music Holdings LLC., for an amount of $775m less net indebtedness and other liabilities. The acquisition is subject to regulatory approvals and is expected to occur in 2025. Note 19. Financial assets and liabilities The following table shows the carrying amounts and fair values of financial assets and liabilities according to their fair value hierarchy. Based on the nature, maturity or the magnitude of the amounts, UMG considers that the fair value of trade and other receivables, short-term deposits, loans receivable, borrowings, trade and other payables are not materially different from their carrying value. Fair value hierarchy is based on the transparency of the inputs used and is as follows: \u25a0 Level 1: fair value measurement based on quoted prices in active markets for identical assets or liabilities; \u25a0 Level 2: fair value measurement based on observable market data (other than quoted prices included under Level 1), being for example, price on the last transactions on over-the-counter (OTC) markets; and \u25a0 Level 3: fair value measurement based on valuation techniques using inputs for the asset or liability that are not based on observable market data.
December 31, 2024
Fair value
Carrying
Level 1
Level 2
Level 3
(millions of euros) amount
Financial assets at fair value through profit and loss
Listed equity securities
2,945
2,945
-
-
Other financial assets
112
-
7
105
Trade and other receivables
-
-
-
-
Financial assets at fair value through other
comprehensive income
Unlisted equity securities
18
-
-
18
Financial assets at amortised cost
Trade and other receivables
2,497
-
-
-
Other financial assets
197
-
-
-
Total financial assets
5,769
2,945
7
123
Financial liabilities at fair value through profit and loss
Trade and other payables
(3)
(3)
-
-
Other non-current liabilities
(63)
(8)
-
(55)
Financial liabilities at amortised cost
Trade and other payables
(6,391)
-
-
-
Bonds
(1,810)
(1,791)
-
-
Borrowings, excluding bank overdrafts and bonds
(833)
-
-
-
Other non-current liabilities
(1,393)
-
-
-
Total financial liabilities
(10,493)
(1,802)
-
(55)
December 31, 2023
Fair value
Carrying
Level 1
Level 2
Level 3
(millions of euros) amount
Financial assets at fair value through profit and loss
Listed equity securities
1,227
1,227
-
-
Other financial assets
75
-
55
20
Trade and other receivables
-
-
-
-
Financial assets at fair value through other
comprehensive income
Unlisted equity securities
20
-
-
20
Financial assets at amortised cost
Trade and other receivables
2,246
-
-
-
Other financial assets
205
-
-
-
Total financial assets
3,773
1,227
55
40
Financial liabilities at fair value through profit and loss
Trade and other payables
(4)
(4)
-
-
Other non-current liabilities
(35)
(5)
-
(30)
Financial liabilities at amortised cost
Trade and other payables
(5,707)
-
-
-
Bonds
(1,808)
(1,808)
-
-
Borrowings, excluding bank overdrafts and bonds
(270)
-
-
-
Other non-current liabilities
(680)
-
-
-
Total financial liabilities
(8,504)
(1,817)
-
(30)
Listed equity portfolio
Change Cumulative
Number Ownership Average Stock Carrying in value unrealized Sensitivity
of shares interest purchase market value over the captial at +/- 10
held
price
1,2
price period gain/ pts
(loss)
3
(thousands) (\u20ac/share)
(millions of euros)
Spotify
6,487
3.27%
6.58
171.36
1,112
629
1,069
+111/-111
Tencent
12,246
0.78%
na
8.22
101
5
101
+10/-10
Music Entertainment
Other
14
(4)
14
Total at December
1,227
630
1,184
31, 2023
Spotify
6,487
3.16%
6.58
431.90
2,802
1,690
2,759
+280/-280
Tencent
12,246
0.79%
na
10.96
134
33
134
+13/-13
Music Entertainment
Other
9
(5)
9
Total at December
2,945
1,718
2,902
31, 2024
1 Includes acquisition fees and taxes. 2 na: not applicable. 3 Includes revaluation gains, net of liabilities, of \u20ac1,163 million in 2024 (\u20ac425 million in 2023) as recognized in Note 6.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-447": { "value": "Note 6. Financial income and expenses
Year ended December 31,
(millions of euros)
Note
2024
2023
Interest income from cash, cash equivalents and other
19
14
Change in fair value of financial instruments through profit or loss
19
1,170
431
Remeasurement on investment for step acquisition
13
62
-
Expected return on plan assets related to employee benefit plans
23
1
1
Gain on derivative instruments at fair value through profit or loss
1
24
5
Income from investments
3
3
Financial income
1,279
454
Interest expense on borrowings
(107)
(91)
Change in fair value of financial instruments through profit or loss
19
(17)
(14)
Unwinding of interest component
(2)
(1)
Interest cost related to employee benefit plans
23
(6)
(7)
Interest expenses on lease liabilities
12
(20)
(14)
Foreign exchange loss
(3)
(11)
Loss on derivative instruments at fair value through profit or loss
1
(19)
-
Cost of finance
(4)
(7)
Other
(9)
(6)
Financial expenses
(187)
(151)
Net total financial income and (expenses)
1,092
303
1 The net gain/(loss) on derivative instruments at fair value through profit or loss relates to foreign exchange forward contracts that did not qualify for hedge accounting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-416": { "value": "Note 6. Financial income and expenses
Year ended December 31,
(millions of euros)
Note
2024
2023
Interest income from cash, cash equivalents and other
19
14
Change in fair value of financial instruments through profit or loss
19
1,170
431
Remeasurement on investment for step acquisition
13
62
-
Expected return on plan assets related to employee benefit plans
23
1
1
Gain on derivative instruments at fair value through profit or loss
1
24
5
Income from investments
3
3
Financial income
1,279
454
Interest expense on borrowings
(107)
(91)
Change in fair value of financial instruments through profit or loss
19
(17)
(14)
Unwinding of interest component
(2)
(1)
Interest cost related to employee benefit plans
23
(6)
(7)
Interest expenses on lease liabilities
12
(20)
(14)
Foreign exchange loss
(3)
(11)
Loss on derivative instruments at fair value through profit or loss
1
(19)
-
Cost of finance
(4)
(7)
Other
(9)
(6)
Financial expenses
(187)
(151)
Net total financial income and (expenses)
1,092
303
1 The net gain/(loss) on derivative instruments at fair value through profit or loss relates to foreign exchange forward contracts that did not qualify for hedge accounting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-379": { "value": "Note 7. Income taxes Income taxes expense
Year ended December 31,
(millions of euros)
2024
2023
(Expense)/income
Current tax
Current year
(389)
(412)
Under/(over) provided in prior years
(6)
17
(395)
(395)
Withholding tax
(83)
(81)
(478)
(476)
Deferred tax
Origination and reversal of temporary difference and tax attributes
1
(310)
16
De-recognition/(recognition) of deferred tax assets
7
16
Effect of changes in tax rates
(3)
(3)
Under/(over) provided in prior years
6
(11)
(300)
18
Total income tax expense in statement of profit and loss
(778)
(458)
1 Included the deferred tax charge relating to the revaluation gain recorded through profit or loss related to the investments in Spotify, Tencent Music Entertainment and other listed investments for an aggregate expense amount of \u20ac301 million in 2024, compared to \u20ac111 million expense in 2023.
Year ended December 31,
(millions of euros)
2024
2023
(Expense)/income
Current tax related to items recognized during the year:
To Equity
Share based compensation
1
11
1
11
Deferred tax related to items recognized during the year:
To Equity
Share based compensation
12
17
To Other Comprehensive Income
Net (gain)/loss on equity instruments designated at fair value through OCI
-
3
Remeasurement (gain)/loss on actuarial gains and losses
5
2
Foreign currency translation and (gain)/loss on hedge of net investments
(6)
3
11
25
Total income tax charged to equity and other comprehensive income
12
36
Effective tax rate
Year ended December 31,
(millions of euros)
2024
2023
Net profit /(loss) from continuing operations
2,093
1,263
Income taxes
778
458
Profit before income taxes
2,871
1,721
Dutch statutory tax rate
25.8%
25.8%
Theoretical provision for income taxes based on Dutch statutory tax rate
(741)
(444)
Reconciliation of the theoretical and effective provision for income taxes
Corporate tax rate differences
8
7
Impacts of the changes in tax rates
(3)
(3)
De-recognition/(recognition) of deferred tax assets
7
16
Adjustments to tax expense from previous years
-
6
Outside basis differences
(6)
-
Non-deductible expenses
(15)
(19)
Withholding taxes (net of Corporate Income tax benefit)
(64)
(58)
United States tax components
Foreign Derived Intangible Income (FDII) deduction
33
37
Other
3
-
Provision for income taxes
(778)
(458)
Effective tax rate
27.1%
26.6%
Current tax receivables and payables Changes in current tax receivables/(payables), net
Year ended December 31,
(millions of euros)
2024
2023
Opening balance of current income tax receivables/(payables)
(34)
(49)
Income tax expense in statement of profit and loss
(395)
(395)
Income tax charged to equity and other comprehensive income
1
11
Income tax paid/(received)
349
393
Changes in foreign currency translation adjustments and other
13
6
Closing balance of current income tax receivables/(payables), net
(66)
(34)
Reflected in the statement of financial position as follows:
Current tax receivables
30
36
Current tax payables
(96)
(70)
Deferred tax assets and liabilities Changes in deferred tax assets/(liabilities), net
Year ended December 31,
(millions of euros)
2024
2023
Opening balance of deferred tax assets/(liabilities)
(197)
(232)
Income taxes
(300)
18
Expenses and income directly recorded in equity and other
comprehensive income
11
25
Business combinations
(57)
-
Changes in foreign currency translation adjustments and other
(2)
(8)
Closing balance of deferred tax assets/(liabilities), net
(545)
(197)
Components of deferred tax assets and liabilities
Statement of financial position
Statement of profit or loss
(millions of euros)
2024
2023
2024
2023
Deferred tax
Tax attributes
22
25
10
(9)
Non-deductible provisions
100
85
(23)
(37)
Employee benefits
114
120
25
(59)
Lease liabilities
106
74
(29)
9
Asset revaluations
(188)
(172)
(20)
(19)
Financial instruments
1
(727)
(286)
440
162
Right of use assets
(85)
(53)
29
(5)
Working capital and other
113
10
(132)
(60)
Deferred tax expense/(benefit)
300
(18)
Net deferred tax assets/(liabilities)
(545)
(197)
Reflected in the statement of financial
position as follows:
Deferred tax assets
625
479
Deferred tax liabilities
(1,170)
(676)
1 Primarily related to the deferred tax liabilities stemming from the revaluation of the investments in Spotify, Tencent Music Entertainment and other investments. The amounts of tax attributes (including tax losses and tax credits) were estimated at the end of the relevant fiscal years. As a result, the amount of tax attributes shown in this table and the amount reported to tax authorities at the time of the filing of the tax returns may differ, and if necessary, may need to be adjusted in this table at the end of the following year. UMG's forward-looking assumptions support that it is probable that future operational results will generate sufficient taxable income to utilize these tax attributes. Relevant developments potentially impacting the period and probability of recovery will be monitored closely. Deferred tax assets have not been recognized in respect of gross tax attributes for \u20ac1,194 million (2023: \u20ac1,069 million), as it is not probable that there will be future taxable profits within the entities against which these can be utilized. \u20ac11 million of the unrecognized gross tax attributes will expire within 5 years. There are no income tax consequences attached for the Company to the payment of dividends in either 2024 or 2023 by the Company to its shareholders. Pillar Two UMG has carried out a study on the financial impact of the Pillar Two rules on 2024 and future years. Based on the currently available information UMG estimates that this impact is not material. UMG will closely monitor the legislative developments and guidance issued to assess potential changes in the impact on the Pillar Two rules. For 2024 an accrual less than \u20ac1 million has been recorded regarding top-up tax in jurisdictions which base income tax rate is lower than 15%. Tax litigation In the normal course of their business, UMG is subject to tax audits by the relevant tax authorities in the countries in which it conducts or has conducted business. Various tax authorities have proposed ordinary adjustments to the financial results reported by UMG in prior years, under statutes of limitation applicable to UMG. In litigation situations, UMG's policy is to pay the taxes it intends to contest, and to seek a refund through appropriate legal proceedings. Regarding ongoing tax audits, no provision is recorded where the impact that could result from an unfavourable outcome cannot be reliably assessed. To date, UMG believes that these tax audits are unlikely to have a material impact on the Group's financial position or liquidity.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-417": { "value": "
Income taxes expense
Year ended December 31,
(millions of euros)
2024
2023
(Expense)/income
Current tax
Current year
(389)
(412)
Under/(over) provided in prior years
(6)
17
(395)
(395)
Withholding tax
(83)
(81)
(478)
(476)
Deferred tax
Origination and reversal of temporary difference and tax attributes
1
(310)
16
De-recognition/(recognition) of deferred tax assets
7
16
Effect of changes in tax rates
(3)
(3)
Under/(over) provided in prior years
6
(11)
(300)
18
Total income tax expense in statement of profit and loss
(778)
(458)
1 Included the deferred tax charge relating to the revaluation gain recorded through profit or loss related to the
investments in Spotify, Tencent Music Entertainment and other listed investments for an aggregate expense amount
of \u20ac301 million in 2024, compared to \u20ac111 million expense in 2023.
Year ended December 31,
(millions of euros)
2024
2023
(Expense)/income
Current tax related to items recognized during the year:
To Equity
Share based compensation
1
11
1
11
Deferred tax related to items recognized during the year:
To Equity
Share based compensation
12
17
To Other Comprehensive Income
Net (gain)/loss on equity instruments designated at fair value through OCI
-
3
Remeasurement (gain)/loss on actuarial gains and losses
5
2
Foreign currency translation and (gain)/loss on hedge of net investments
(6)
3
11
25
Total income tax charged to equity and other comprehensive income
12
36
Deferred tax assets and liabilities
Changes in deferred tax assets/(liabilities), net
Year ended December 31,
(millions of euros)
2024
2023
Opening balance of deferred tax assets/(liabilities)
(197)
(232)
Income taxes
(300)
18
Expenses and income directly recorded in equity and other
comprehensive income
11
25
Business combinations
(57)
-
Changes in foreign currency translation adjustments and other
(2)
(8)
Closing balance of deferred tax assets/(liabilities), net
(545)
(197)
Components of deferred tax assets and liabilities
Statement of financial position
Statement of profit or loss
(millions of euros)
2024
2023
2024
2023
Deferred tax
Tax attributes
22
25
10
(9)
Non-deductible provisions
100
85
(23)
(37)
Employee benefits
114
120
25
(59)
Lease liabilities
106
74
(29)
9
Asset revaluations
(188)
(172)
(20)
(19)
Financial instruments
1
(727)
(286)
440
162
Right of use assets
(85)
(53)
29
(5)
Working capital and other
113
10
(132)
(60)
Deferred tax expense/(benefit)
300
(18)
Net deferred tax assets/(liabilities)
(545)
(197)
Reflected in the statement of financial
position as follows:
Deferred tax assets
625
479
Deferred tax liabilities
(1,170)
(676)
1 Primarily related to the deferred tax liabilities stemming from the revaluation of the investments in Spotify, Tencent
Music Entertainment and other investments.
The amounts of tax attributes (including tax losses and tax credits) were estimated at the end of the
relevant fiscal years. As a result, the amount of tax attributes shown in this table and the amount
reported to tax authorities at the time of the filing of the tax returns may differ, and if necessary, may
need to be adjusted in this table at the end of the following year. UMG's forward-looking assumptions
support that it is probable that future operational results will generate sufficient taxable income to
utilize these tax attributes. Relevant developments potentially impacting the period and probability
of recovery will be monitored closely.
Deferred tax assets have not been recognized in respect of gross tax attributes for \u20ac1,194 million
(2023: \u20ac1,069 million), as it is not probable that there will be future taxable profits within the entities
against which these can be utilized. \u20ac11 million of the unrecognized gross tax attributes will expire
within 5 years.
There are no income tax consequences attached for the Company to the payment of dividends in
either 2024 or 2023 by the Company to its shareholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-418": { "value": "
Current tax receivables and payables
Changes in current tax receivables/(payables), net
Year ended December 31,
(millions of euros)
2024
2023
Opening balance of current income tax receivables/(payables)
(34)
(49)
Income tax expense in statement of profit and loss
(395)
(395)
Income tax charged to equity and other comprehensive income
1
11
Income tax paid/(received)
349
393
Changes in foreign currency translation adjustments and other
13
6
Closing balance of current income tax receivables/(payables), net
(66)
(34)
Reflected in the statement of financial position as follows:
Current tax receivables
30
36
Current tax payables
(96)
(70)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-380": { "value": "
Note 8.
Earnings per share
Year ended December 31,
(millions of euros and shares, except per share data)
2024
2023
Net profit attributable to equity holders of the parent
2,086
1,259
Weighted average number of shares outstanding (after deduction of treasury shares)
1,827
1,819
during the year
Potential dilutive effects related to share-based compensation
25
23
Diluted weighted average number of shares
1,852
1,842
Earnings per share
(in euros)
Basic earnings per share
1.14
0.69
Diluted earnings per share
1.13
0.68
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-381": { "value": "
Note 9. Goodwill
Changes in goodwill
(millions of euros)
2024
2023
Balance as at January 1
Goodwill, gross
1,720
1,678
Accumulated impairment losses
(96)
(100)
Goodwill, net
1,624
1,578
Changes in book value:
Acquisitions
180
93
Foreign currency translation adjustments
91
(47)
Total changes
271
46
Balance as at December 31
Goodwill, gross
1,997
1,720
Accumulated impairment losses
(102)
(96)
Goodwill, net
1,895
1,624
In 2024, UMG recognised additional goodwill of \u20ac165 million as a result of the Mavin and [PIAS]
business combinations, refer to Note 4.
Goodwill by cash generating unit
Year ended December 31,
(millions of euros)
2024
2023
Recorded Music
1,003
779
Music Publishing
788
745
Merchandising & Other
104
100
Closing balance
1,895
1,624
Cash generating units
For impairment testing, goodwill is allocated to cash-generating units, which represent the lowest
level at which the goodwill is monitored internally for management purposes. The cash-generating
units correspond to the operating segments as disclosed in Note 3 above.
Goodwill impairment test
UMG conducted the full annual impairment test in the fourth quarter of 2024.
The goodwill was tested for impairment by comparing it with a recoverable amount. The recoverable
amount is determined as the higher of the value in use determined by the discounted value
of future cash flows (Discounted Cash Flow method (DCF)) and the fair value (less costs to sell),
determined on the basis of market data (stock market prices, comparable listed companies,
comparison with the value attributed to similar assets or companies in recent acquisition
transactions). For a description of the methods used for the impairment test, please refer to Note
2. In 2024 and 2023, the recoverable amounts of cash generating units were determined using their
value in use.
Key assumptions used in the impairment tests for the cash-generating units were sales growth
rates and the rates used for discounting the projected cash flows. These cash flow projections
were determined using management's internal forecasts that cover an initial period of 2025 to
2029 that matches the period used for our strategic planning process, after which a terminal value
was calculated.
The sales growth rates used to estimate cash flows are based on: \u25a0 past performance, including the label pool revenue forecasts derived from commercial agreements with customers; \u25a0 external market growth assumptions among which is the overall population and corresponding growth in streaming penetration rate among the population; \u25a0 expected market share developments; \u25a0 industry long-term growth averages. Key assumptions
2024
2023
Compound Extrapolation Compound Extrapolation
Annual
r
evenue
Pre-tax Annual
r
evenue
Pre-tax
In % per year
R
evenue
growth rate
discoun
t
R
evenue
growth rate
discoun
t
Growth after 2028 rates Growth after 2027 rates
2024-2028 2023-2027
Recorded Music
7.0%
3.3%
10.2%
6.6%
3.3%
10.0%
Music Publishing
7.0%
3.3%
10.2%
5.9%
3.3%
10.0%
Merchandising
13.4%
2.1%
10.2%
9.1%
2.1%
10.0%
The annual impairment test for Recorded Music, Music Publishing and Merchandising showed significant headroom and management did not identify an impairment for these CGUs. The sensitivity analysis around the key assumptions in the impairment tests have indicated that a reasonably possible change in any of the assumptions would not cause the recoverable amount to be less than the carrying value. Note 10. Content assets (catalogues and royalty advances) and other intangibles Net book value
December 31, 2024
Accumulated
Asset value,
amor
tisation and
Net book value
gr
oss
impairment
(millions of euros) losses
Catalogues (of music and publishing rights)
6,623
(3,230)
3,393
Royalty advances (to artists and repertoire owners)
3,296
-
3,296
Content assets
9,919
(3,230)
6,689
Other intangible assets
684
(452)
232
December 31, 2023
Accumulated
Asset value, gross
amor
tisation
Net book value
and impairment
(millions of euros) losses
Catalogues (of music and publishing rights)
5,845
(2,825)
3,020
Royalty advances (to artists and repertoire owners)
2,634
-
2,634
Content assets
8,479
(2,825)
5,654
Other intangible assets
585
(405)
180
Changes in content assets and other intangibles
Catalogues (of Royalty advances Total intangible
music and (to artists and Other assets &
publishing repertoire intangibles advances
(millions of euros) rights) owners)
Balance December 31, 2022
3,058
2,577
119
5,754
Amortisation
(236)
-
(40)
(276)
Impairment
7
-
-
7
Additions
264
1,319
103
1,686
Disposals
(1)
-
-
(1)
Recoupments
-
(1,201)
-
(1,201)
Business combinations
19
-
-
19
Changes in foreign currency translation
(91)
(61)
(2)
(154)
adjustments and other
Balance December 31, 2023
3,020
2,634
180
5,834
Amortisation
(245)
-
(51)
(296)
Impairment
(2)
-
-
(2)
Additions
217
1,965
92
2,274
Disposals
(4)
-
(1)
(5)
Recoupments
-
(1,445)
-
(1,445)
Business combinations
245
36
2
283
Changes in foreign currency translation
162
106
10
278
adjustments and other
Balance December 31, 2024
3,393
3,296
232
6,921
Cash movements from additions and recoupments detailed in the changes in content assets table above are included net on the Consolidated Statement of Cash Flows. The significant music catalogues and publishing rights were acquired through business combinations of BMG Publishing (BMG) and EMI Recorded Music (EMI). The BMG catalogue was acquired in 2007 with a fair value of \u20ac1,241 million and has carrying amount of \u20ac265 million (2023: \u20ac308 million) with a remaining useful life of 3 and 33 years for the respective catalogue components. The EMI catalogue was acquired in 2012 with a fair value of \u20ac1,046 million, and has a carrying amount of \u20ac541 million (2023: \u20ac559 million) with a remaining useful life of 8 and 38 years for the respective catalogue components. In 2024, UMG recognised additional catalogue assets of \u20ac227 million as a result of the Mavin and PIAS business combinations, refer to Note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-449": { "value": "Note 9. Goodwill Changes in goodwill
(millions of euros)
2024
2023
Balance as at January 1
Goodwill, gross
1,720
1,678
Accumulated impairment losses
(96)
(100)
Goodwill, net
1,624
1,578
Changes in book value:
Acquisitions
180
93
Foreign currency translation adjustments
91
(47)
Total changes
271
46
Balance as at December 31
Goodwill, gross
1,997
1,720
Accumulated impairment losses
(102)
(96)
Goodwill, net
1,895
1,624
In 2024, UMG recognised additional goodwill of \u20ac165 million as a result of the Mavin and [PIAS] business combinations, refer to Note 4. Goodwill by cash generating unit
Year ended December 31,
(millions of euros)
2024
2023
Recorded Music
1,003
779
Music Publishing
788
745
Merchandising & Other
104
100
Closing balance
1,895
1,624
Cash generating units For impairment testing, goodwill is allocated to cash-generating units, which represent the lowest level at which the goodwill is monitored internally for management purposes. The cash-generating units correspond to the operating segments as disclosed in Note 3 above. Goodwill impairment test UMG conducted the full annual impairment test in the fourth quarter of 2024. The goodwill was tested for impairment by comparing it with a recoverable amount. The recoverable amount is determined as the higher of the value in use determined by the discounted value of future cash flows (Discounted Cash Flow method (DCF)) and the fair value (less costs to sell), determined on the basis of market data (stock market prices, comparable listed companies, comparison with the value attributed to similar assets or companies in recent acquisition transactions). For a description of the methods used for the impairment test, please refer to Note 2. In 2024 and 2023, the recoverable amounts of cash generating units were determined using their value in use. Key assumptions used in the impairment tests for the cash-generating units were sales growth rates and the rates used for discounting the projected cash flows. These cash flow projections were determined using management's internal forecasts that cover an initial period of 2025 to 2029 that matches the period used for our strategic planning process, after which a terminal value was calculated. The sales growth rates used to estimate cash flows are based on: \u25a0 past performance, including the label pool revenue forecasts derived from commercial agreements with customers; \u25a0 external market growth assumptions among which is the overall population and corresponding growth in streaming penetration rate among the population; \u25a0 expected market share developments; \u25a0 industry long-term growth averages. Key assumptions
2024
2023
Compound Extrapolation Compound Extrapolation
Annual
r
evenue
Pre-tax Annual
r
evenue
Pre-tax
In % per year
R
evenue
growth rate
discoun
t
R
evenue
growth rate
discoun
t
Growth after 2028 rates Growth after 2027 rates
2024-2028 2023-2027
Recorded Music
7.0%
3.3%
10.2%
6.6%
3.3%
10.0%
Music Publishing
7.0%
3.3%
10.2%
5.9%
3.3%
10.0%
Merchandising
13.4%
2.1%
10.2%
9.1%
2.1%
10.0%
The annual impairment test for Recorded Music, Music Publishing and Merchandising showed significant headroom and management did not identify an impairment for these CGUs. The sensitivity analysis around the key assumptions in the impairment tests have indicated that a reasonably possible change in any of the assumptions would not cause the recoverable amount to be less than the carrying value. Note 10. Content assets (catalogues and royalty advances) and other intangibles Net book value
December 31, 2024
Accumulated
Asset value,
amor
tisation and
Net book value
gr
oss
impairment
(millions of euros) losses
Catalogues (of music and publishing rights)
6,623
(3,230)
3,393
Royalty advances (to artists and repertoire owners)
3,296
-
3,296
Content assets
9,919
(3,230)
6,689
Other intangible assets
684
(452)
232
December 31, 2023
Accumulated
Asset value, gross
amor
tisation
Net book value
and impairment
(millions of euros) losses
Catalogues (of music and publishing rights)
5,845
(2,825)
3,020
Royalty advances (to artists and repertoire owners)
2,634
-
2,634
Content assets
8,479
(2,825)
5,654
Other intangible assets
585
(405)
180
Changes in content assets and other intangibles
Catalogues (of Royalty advances Total intangible
music and (to artists and Other assets &
publishing repertoire intangibles advances
(millions of euros) rights) owners)
Balance December 31, 2022
3,058
2,577
119
5,754
Amortisation
(236)
-
(40)
(276)
Impairment
7
-
-
7
Additions
264
1,319
103
1,686
Disposals
(1)
-
-
(1)
Recoupments
-
(1,201)
-
(1,201)
Business combinations
19
-
-
19
Changes in foreign currency translation
(91)
(61)
(2)
(154)
adjustments and other
Balance December 31, 2023
3,020
2,634
180
5,834
Amortisation
(245)
-
(51)
(296)
Impairment
(2)
-
-
(2)
Additions
217
1,965
92
2,274
Disposals
(4)
-
(1)
(5)
Recoupments
-
(1,445)
-
(1,445)
Business combinations
245
36
2
283
Changes in foreign currency translation
162
106
10
278
adjustments and other
Balance December 31, 2024
3,393
3,296
232
6,921
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-419": { "value": "Note 9. Goodwill Changes in goodwill
(millions of euros)
2024
2023
Balance as at January 1
Goodwill, gross
1,720
1,678
Accumulated impairment losses
(96)
(100)
Goodwill, net
1,624
1,578
Changes in book value:
Acquisitions
180
93
Foreign currency translation adjustments
91
(47)
Total changes
271
46
Balance as at December 31
Goodwill, gross
1,997
1,720
Accumulated impairment losses
(102)
(96)
Goodwill, net
1,895
1,624
In 2024, UMG recognised additional goodwill of \u20ac165 million as a result of the Mavin and [PIAS] business combinations, refer to Note 4. Goodwill by cash generating unit
Year ended December 31,
(millions of euros)
2024
2023
Recorded Music
1,003
779
Music Publishing
788
745
Merchandising & Other
104
100
Closing balance
1,895
1,624
Cash generating units For impairment testing, goodwill is allocated to cash-generating units, which represent the lowest level at which the goodwill is monitored internally for management purposes. The cash-generating units correspond to the operating segments as disclosed in Note 3 above. Goodwill impairment test UMG conducted the full annual impairment test in the fourth quarter of 2024. The goodwill was tested for impairment by comparing it with a recoverable amount. The recoverable amount is determined as the higher of the value in use determined by the discounted value of future cash flows (Discounted Cash Flow method (DCF)) and the fair value (less costs to sell), determined on the basis of market data (stock market prices, comparable listed companies, comparison with the value attributed to similar assets or companies in recent acquisition transactions). For a description of the methods used for the impairment test, please refer to Note 2. In 2024 and 2023, the recoverable amounts of cash generating units were determined using their value in use. Key assumptions used in the impairment tests for the cash-generating units were sales growth rates and the rates used for discounting the projected cash flows. These cash flow projections were determined using management's internal forecasts that cover an initial period of 2025 to 2029 that matches the period used for our strategic planning process, after which a terminal value was calculated.
The sales growth rates used to estimate cash flows are based on:
\u25a0
past performance, including the label pool revenue forecasts derived from commercial
agreements with customers;
\u25a0
external market growth assumptions among which is the overall population and corresponding
growth in streaming penetration rate among the population;
\u25a0
expected market share developments;
\u25a0
industry long-term growth averages.
Key assumptions
2024
2023
Compound Extrapolation Compound Extrapolation
Annual
r
evenue
Pre-tax Annual
r
evenue
Pre-tax
In % per year
R
evenue
growth rate
discoun
t
R
evenue
growth rate
discoun
t
Growth after 2028 rates Growth after 2027 rates
2024-2028 2023-2027
Recorded Music
7.0%
3.3%
10.2%
6.6%
3.3%
10.0%
Music Publishing
7.0%
3.3%
10.2%
5.9%
3.3%
10.0%
Merchandising
13.4%
2.1%
10.2%
9.1%
2.1%
10.0%
The annual impairment test for Recorded Music, Music Publishing and Merchandising showed
significant headroom and management did not identify an impairment for these CGUs. The
sensitivity analysis around the key assumptions in the impairment tests have indicated that a
reasonably possible change in any of the assumptions would not cause the recoverable amount to
be less than the carrying value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-462": { "value": "
Note 10. Content assets (catalogues and royalty advances) and other intangibles
Net book value
December 31, 2024
Accumulated
Asset value,
amor
tisation and
Net book value
gr
oss
impairment
(millions of euros) losses
Catalogues (of music and publishing rights)
6,623
(3,230)
3,393
Royalty advances (to artists and repertoire owners)
3,296
-
3,296
Content assets
9,919
(3,230)
6,689
Other intangible assets
684
(452)
232
December 31, 2023
Accumulated
Asset value, gross
amor
tisation
Net book value
and impairment
(millions of euros) losses
Catalogues (of music and publishing rights)
5,845
(2,825)
3,020
Royalty advances (to artists and repertoire owners)
2,634
-
2,634
Content assets
8,479
(2,825)
5,654
Other intangible assets
585
(405)
180
Changes in content assets and other intangibles
Catalogues (of Royalty advances Total intangible
music and (to artists and Other assets &
publishing repertoire intangibles advances
(millions of euros) rights) owners)
Balance December 31, 2022
3,058
2,577
119
5,754
Amortisation
(236)
-
(40)
(276)
Impairment
7
-
-
7
Additions
264
1,319
103
1,686
Disposals
(1)
-
-
(1)
Recoupments
-
(1,201)
-
(1,201)
Business combinations
19
-
-
19
Changes in foreign currency translation
(91)
(61)
(2)
(154)
adjustments and other
Balance December 31, 2023
3,020
2,634
180
5,834
Amortisation
(245)
-
(51)
(296)
Impairment
(2)
-
-
(2)
Additions
217
1,965
92
2,274
Disposals
(4)
-
(1)
(5)
Recoupments
-
(1,445)
-
(1,445)
Business combinations
245
36
2
283
Changes in foreign currency translation
162
106
10
278
adjustments and other
Balance December 31, 2024
3,393
3,296
232
6,921
Cash movements from additions and recoupments detailed in the changes in content assets table above are included net on the Consolidated Statement of Cash Flows. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-420": { "value": "Note 10. Content assets (catalogues and royalty advances) and other intangibles Net book value
December 31, 2024
Accumulated
Asset value,
amor
tisation and
Net book value
gr
oss
impairment
(millions of euros) losses
Catalogues (of music and publishing rights)
6,623
(3,230)
3,393
Royalty advances (to artists and repertoire owners)
3,296
-
3,296
Content assets
9,919
(3,230)
6,689
Other intangible assets
684
(452)
232
December 31, 2023
Accumulated
Asset value, gross
amor
tisation
Net book value
and impairment
(millions of euros) losses
Catalogues (of music and publishing rights)
5,845
(2,825)
3,020
Royalty advances (to artists and repertoire owners)
2,634
-
2,634
Content assets
8,479
(2,825)
5,654
Other intangible assets
585
(405)
180
Changes in content assets and other intangibles
Catalogues (of Royalty advances Total intangible
music and (to artists and Other assets &
publishing repertoire intangibles advances
(millions of euros) rights) owners)
Balance December 31, 2022
3,058
2,577
119
5,754
Amortisation
(236)
-
(40)
(276)
Impairment
7
-
-
7
Additions
264
1,319
103
1,686
Disposals
(1)
-
-
(1)
Recoupments
-
(1,201)
-
(1,201)
Business combinations
19
-
-
19
Changes in foreign currency translation
(91)
(61)
(2)
(154)
adjustments and other
Balance December 31, 2023
3,020
2,634
180
5,834
Amortisation
(245)
-
(51)
(296)
Impairment
(2)
-
-
(2)
Additions
217
1,965
92
2,274
Disposals
(4)
-
(1)
(5)
Recoupments
-
(1,445)
-
(1,445)
Business combinations
245
36
2
283
Changes in foreign currency translation
162
106
10
278
adjustments and other
Balance December 31, 2024
3,393
3,296
232
6,921
Cash movements from additions and recoupments detailed in the changes in content assets table
above are included net on the Consolidated Statement of Cash Flows.
The significant music catalogues and publishing rights were acquired through business
combinations of BMG Publishing (BMG) and EMI Recorded Music (EMI). The BMG catalogue was
acquired in 2007 with a fair value of \u20ac1,241 million and has carrying amount of \u20ac265 million (2023:
\u20ac308 million) with a remaining useful life of 3 and 33 years for the respective catalogue components.
The EMI catalogue was acquired in 2012 with a fair value of \u20ac1,046 million, and has a carrying
amount of \u20ac541 million (2023: \u20ac559 million) with a remaining useful life of 8 and 38 years for the
respective catalogue components.
In 2024, UMG recognised additional catalogue assets of \u20ac227 million as a result of the Mavin and PIAS
business combinations, refer to Note 4.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-382": { "value": "
Note 11. Property, plant and equipment
Land and Equipment Other fixed Assets under
buildings and assets construction Total
(millions of euros) machinery
Cost
Balance as at January 1, 2024
242
122
74
24
462
Additions
32
2
3
54
91
Transfers and reclassifications
20
7
7
(34)
-
Disposals
(31)
(8)
(9)
-
(48)
Changes in foreign currency
9
2
2
1
14
translation adjustments and other
Balance as at December 31, 2024
272
125
77
45
519
Depreciation and impairment losses
Balance as at January 1, 2024
(136)
(92)
(57)
-
(285)
Depreciation during the year
(18)
(10)
(6)
-
(34)
Disposals
31
10
8
-
49
Changes in foreign currency
(3)
(2)
(2)
-
(7)
translation adjustments and other
Balance as at December 31, 2024
(126)
(94)
(57)
-
(277)
Carrying amount
As at January 1
106
30
17
24
177
As at December 31
146
31
20
45
242
Land and Equipment Other fixed Assets under
buildings and assets construction Total
(millions of euros) machinery
Cost
Balance as at January 1, 2023
241
119
78
20
458
Additions
3
3
3
38
47
Transfers and reclassifications
17
16
1
(34)
-
Disposals
(16)
(15)
(6)
-
(37)
Changes in foreign currency
(3)
(1)
(2)
-
(6)
translation adjustments and other
Balance as at December 31, 2023
242
122
74
24
462
Depreciation and impairment losses
Balance as at January 1, 2023
(135)
(99)
(57)
-
(291)
Depreciation during the year
(18)
(9)
(7)
-
(34)
Disposals
15
15
6
-
36
Changes in foreign currency
2
1
1
-
4
translation adjustments and other
Balance as at December 31, 2023
(136)
(92)
(57)
-
(285)
Carrying amount
As at January 1
106
20
21
20
167
As at December 31
106
30
17
24
177
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-383": { "value": "
Note 12. Leases
Changes in the rights-of-use
Year ended December 31,
(millions of euros)
2024
2023
Opening balance
316
318
Depreciation
(79)
(72)
Additions
220
78
Disposals
(24)
(1)
Foreign currency translations and other
13
(7)
Closing balance
446
316
Lease liabilities
Year ended December 31,
(millions of euros)
Note
2024
2023
Opening balance
410
423
Additions
219
77
Disposals
(24)
(1)
Accretion of interest
6
20
14
Payments
(102)
(94)
Of which interest
(21)
(14)
Of which principal
(81)
(80)
Foreign currency translations and other
18
(9)
Closing balance
541
410
Maturity of lease liabilities
Year ended December 31,
(millions of euros)
2024
2023
Maturity
< 1 year
66
86
Between 1 and 5 years
252
217
> 5 years
223
107
Lease liabilities
541
410
Cash outflow for leases and lease-related expenses
Total cash outflow and expenses for the leases of real-estate with maturity shorter than 12 months
and expense relating to low-value assets recorded in the Statement of Profit or Loss amounted
to \u20ac19 million for the year ended December 31, 2024 (compared to \u20ac19 million for the year ended
December 31, 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-421": { "value": "Changes in the rights-of-use
Year ended December 31,
(millions of euros)
2024
2023
Opening balance
316
318
Depreciation
(79)
(72)
Additions
220
78
Disposals
(24)
(1)
Foreign currency translations and other
13
(7)
Closing balance
446
316
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-384": { "value": "
Note 13. Investments in equity affiliates
UMG\u2019s investments in associates and joint ventures that are accounted for using the equity method
include investments in:
\u25a0
Vevo LLC, a global music videos and entertainment services platform incorporated in the
United States;
\u25a0
Chord, an investment entity formed in Canada that holds a pure-play catalogue of premier music
intellectual property; and,
\u25a0
NTWRK, a premium live-video shopping platform and curated marketplace incorporated in the
United States.
UMG\u2019s holds ownership interests in Vevo, Chord and NTWRK of 49.2%, 25.8% and 28.6%, respectively.
As of December 31, 2024, the total carrying amount of these investments was \u20ac474 million (2023:
\u20ac68 million).
Change in value of investments in equity affiliates
Year ended December 31,
(millions of euros)
2024
2023
Opening balance
222
156
Acquisitions
1
395
74
Business combinations
2
(56)
-
Income/(loss) from equity affiliates
4
-
Change in other comprehensive income
25
(4)
Dividends
(12)
(4)
Translation difference
-
-
Closing balance
578
222
1 Chord and NTWRK were acquired during 2024. Refer to Note 4.
2 In connection with the [PIAS] business combination, a step acquisition, UMG derecognised its pre-acquisition
investment in [PIAS], previously accounted for using the equity method, on the October 2024 acquisition date. Refer
to Notes 4 and 6.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-463": { "value": "Note 13. Investments in equity affiliates UMG\u2019s investments in associates and joint ventures that are accounted for using the equity method include investments in: \u25a0 Vevo LLC, a global music videos and entertainment services platform incorporated in the United States; \u25a0 Chord, an investment entity formed in Canada that holds a pure-play catalogue of premier music intellectual property; and, \u25a0 NTWRK, a premium live-video shopping platform and curated marketplace incorporated in the United States. UMG\u2019s holds ownership interests in Vevo, Chord and NTWRK of 49.2%, 25.8% and 28.6%, respectively. As of December 31, 2024, the total carrying amount of these investments was \u20ac474 million (2023: \u20ac68 million). Change in value of investments in equity affiliates
Year ended December 31,
(millions of euros)
2024
2023
Opening balance
222
156
Acquisitions
1
395
74
Business combinations
2
(56)
-
Income/(loss) from equity affiliates
4
-
Change in other comprehensive income
25
(4)
Dividends
(12)
(4)
Translation difference
-
-
Closing balance
578
222
1 Chord and NTWRK were acquired during 2024. Refer to Note 4. 2 In connection with the [PIAS] business combination, a step acquisition, UMG derecognised its pre-acquisition investment in [PIAS], previously accounted for using the equity method, on the October 2024 acquisition date. Refer to Notes 4 and 6. Note 27. List of consolidated entities The Consolidated financial statements comprise the assets and liabilities of 440 legal entities. Set out below is a list of material subsidiaries, representing more than 75% of UMG's consolidated sales. All the entities are 100% owned.
Legal entity name Principal country of business
Universal Music Group N.V. Netherlands
Universal Music Group, Inc. United States
Universal Music Group Holdings, Inc.
United States
UMG Recordings, Inc.
United States
Universal International Music B.V. Netherlands
Universal Music Entertainment GmbH
Germany
Universal Music LLC
Japan
Universal Music Holdings Ltd.
United Kingdom
Universal Music Group Treasury S.A.S.
France
UMG does not have subsidiaries that have non-controlling interests that are material for its Consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-450": { "value": "Note 13. Investments in equity affiliates UMG\u2019s investments in associates and joint ventures that are accounted for using the equity method include investments in: \u25a0 Vevo LLC, a global music videos and entertainment services platform incorporated in the United States; \u25a0 Chord, an investment entity formed in Canada that holds a pure-play catalogue of premier music intellectual property; and, \u25a0 NTWRK, a premium live-video shopping platform and curated marketplace incorporated in the United States. UMG\u2019s holds ownership interests in Vevo, Chord and NTWRK of 49.2%, 25.8% and 28.6%, respectively. As of December 31, 2024, the total carrying amount of these investments was \u20ac474 million (2023: \u20ac68 million). Change in value of investments in equity affiliates
Year ended December 31,
(millions of euros)
2024
2023
Opening balance
222
156
Acquisitions
1
395
74
Business combinations
2
(56)
-
Income/(loss) from equity affiliates
4
-
Change in other comprehensive income
25
(4)
Dividends
(12)
(4)
Translation difference
-
-
Closing balance
578
222
1 Chord and NTWRK were acquired during 2024. Refer to Note 4. 2 In connection with the [PIAS] business combination, a step acquisition, UMG derecognised its pre-acquisition investment in [PIAS], previously accounted for using the equity method, on the October 2024 acquisition date. Refer to Notes 4 and 6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-422": { "value": "Note 13. Investments in equity affiliates UMG\u2019s investments in associates and joint ventures that are accounted for using the equity method include investments in: \u25a0 Vevo LLC, a global music videos and entertainment services platform incorporated in the United States; \u25a0 Chord, an investment entity formed in Canada that holds a pure-play catalogue of premier music intellectual property; and, \u25a0 NTWRK, a premium live-video shopping platform and curated marketplace incorporated in the United States. UMG\u2019s holds ownership interests in Vevo, Chord and NTWRK of 49.2%, 25.8% and 28.6%, respectively. As of December 31, 2024, the total carrying amount of these investments was \u20ac474 million (2023: \u20ac68 million). Change in value of investments in equity affiliates
Year ended December 31,
(millions of euros)
2024
2023
Opening balance
222
156
Acquisitions
1
395
74
Business combinations
2
(56)
-
Income/(loss) from equity affiliates
4
-
Change in other comprehensive income
25
(4)
Dividends
(12)
(4)
Translation difference
-
-
Closing balance
578
222
1 Chord and NTWRK were acquired during 2024. Refer to Note 4. 2 In connection with the [PIAS] business combination, a step acquisition, UMG derecognised its pre-acquisition investment in [PIAS], previously accounted for using the equity method, on the October 2024 acquisition date. Refer to Notes 4 and 6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-423": { "value": "Note 14. Capital and financial risk management Capital risk management UMG objectives when managing capital are to safeguard UMG\u2019s ability to continue to create value for shareholders, support the sustainable growth of the Group, and maintain a capital structure that optimizes its cost of capital. As a result, UMG endeavours to maintain a satisfactory economic return for its shareholders and guarantee economic access to external sources of funds. During 2024, UMG maintained its Baa1 (with Moody\u2019s) and was upgraded to BBB+ by S&P - Long Term Credit Ratings. The syndicated RCF financial covenant requires that UMG maintain Baa2/BBB long term ratings with Moody\u2019s and S&P. UMG and its subsidiaries are not subject to external capital requirements, other than the financial covenants as disclosed above. To support this strategic goal, UMG management remains focused on the robust performance of the Free Cash Flow, a non-IFRS measure as defined in the definitions in the Appendix to the Annual Report, and effective Working Capital management, details on both are presented below. Free cash flow
Year ended December 31,
(millions of euros)
2024
2023
Operating profit
1,775
1,418
Amortisation and depreciation expense
409
382
Non-cash share-based compensation expense, net of employees tax withheld
131
429
Impairment (reversal)/charge on intangible assets
2
(7)
Changes in provision, net
1
18
(Gain)/loss on sale of assets
(23)
(26)
Adjustments
520
796
Royalty advance payments, net of recoupments
(186)
(100)
Other changes in net working capital
(5)
164
Net cash provided by/(used for) operating activities before income tax paid
2,104
2,278
Income tax paid
(349)
(393)
Net cash provided by/(used for) operating activities
1,755
1,885
Net cash provided by/(used for) investing activities
(1,051)
(622)
Repayment of lease liabilities and related interest expenses
(102)
(94)
Interest, net
(81)
(77)
Other cash items related to financing activities
2
(10)
Free cash flow
523
1,082
Changes in working capital
Changes Changes
December in operating Business in foreign December
31, 2023 working combinations currency
Other
2
31, 2024
capital
1
translation
(millions of euros) adjustments
Inventories
3
210
32
5
8
-
255
Trade accounts
2,246
110
40
51
50
2,497
receivable and other
Of which:
Trade
646
107
35
18
7
813
accounts receivable
Expected credit losses
(49)
4
-
-
3
(42)
Working capital assets
2,456
142
45
59
50
2,752
Trade accounts payable
(5,711)
(137)
(75)
(214)
(257)
(6,394)
and other
Other non-
current liabilities
(715)
-
(30)
(23)
(688)
(1,456)
Working capital liabilities
(6,426)
(137)
(105)
(237)
(945)
(7,850)
Net working capital
(3,970)
5
(60)
(178)
(895)
(5,098)
1 Excludes content investments. 2 Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments. 3 Total inventory obsolescence expense for the period was \u20ac68 million.
Changes Changes
December in operating Business in foreign December
31, 2022 working combinations currency
Other
2
31, 2023
capital
1
translation
(millions of euros) adjustments
Inventories
3
163
52
-
(5)
-
210
Trade accounts
2,014
309
3
(41)
(39)
2,246
receivable and other
Of which:
Trade
580
102
3
(16)
(23)
646
accounts receivable
Expected credit losses
(62)
13
(1)
2
(1)
(49)
Working capital assets
2,177
361
3
(46)
(39)
2,456
Trade accounts payable
(5,150)
(527)
(9)
134
(159)
(5,711)
and other
Other non-
current liabilities
(437)
2
(40)
5
(245)
(715)
Working capital liabilities
(5,587)
(525)
(49)
139
(404)
(6,426)
Net working capital
(3,410)
(164)
(46)
93
(443)
(3,970)
1 Excludes content investments. 2 Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments. 3 Total inventory obsolescence expense for the period was \u20ac67 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-385": { "value": "
Capital risk management
During 2024, UMG maintained its Baa1 (with Moody\u2019s) and was upgraded to BBB+ by S&P - Long Term
Credit Ratings. The syndicated RCF financial covenant requires that UMG maintain Baa2/BBB long
term ratings with Moody\u2019s and S&P.
UMG and its subsidiaries are not subject to external capital requirements, other than the financial
covenants as disclosed above.
Note 17. Cash position and borrowings
Cash position
Year ended December 31,
(millions of euros)
2024
2023
Cash and cash equivalents
553
413
Bank overdrafts
(8)
(26)
Cash and cash equivalents in the statement of cash flows
545
387
UMG operates in a number of territories where regulations do not authorise participation of local
entities to the UMG global cash pooling. Only dividends and intra-group invoices are available to
extract cash from these territories. The amount of cash held by UMG entities in these countries
amounted to \u20ac466 million as of December 31, 2024.
Borrowings and other financial liabilities
December 31, 2024
December 31, 2023
(millions of euros)
Total
Long-term
Short-term
Total
Long-term
Short-term
Bonds
1,810
1,776
34
1,808
1,774
34
Drawn revolving
-
-
-
-
-
-
credit facilities
Commercial papers
746
-
746
197
-
197
Bank overdrafts
8
-
8
26
-
26
Other
87
2
85
73
52
21
Borrowings at
amortized cost
2,651
1,778
873
2,104
1,826
278
Cash and
cash equivalents
(553)
-
(553)
(413)
-
(413)
Derivative
-
-
-
(2)
-
(2)
financial assets
Net debt
2,098
1,689
Borrowings include the following: \u25a0 \u20ac500 million of senior unsecured notes issued in June 2022, due on June 30, 2027 with a coupon of 3.00%. \u25a0 \u20ac500 million of senior unsecured notes issued in June 2022, due on June 30, 2032 with a coupon of 3.75%. \u25a0 \u20ac750 million of senior unsecured notes issued in June 2023, due on June 13, 2031 with a coupon of 4.00%. \u25a0 \u00a57 billion (\u20ac45 million) of senior notes issued in July 2023 and due on July 5, 2038 with a coupon of 1.61%. \u25a0 \u20ac2 billion revolving credit facility extended in February 2023 to April 26, 2028. \u25a0 \u20ac500 million short-term bilateral floating rate revolving credit facility entered into in March 2023, which expired in March 2024. \u25a0 Up to \u20ac2 billion NEU commercial paper program established in July 2022. Movements of borrowings
Drawn
revolving Bonds Bank Commercial
Other debt
Total
credit overdrafts papers
(millions of euros) facilities
Balance December
125
1,004
1
929
191
2,250
31, 2022
New borrowings
1,075
794
26
4,738
34
6,667
Repayments
(1,200)
-
(1)
(5,469)
(145)
(6,815)
Translation differences
-
10
-
(1)
(7)
2
and other movements
Balance December
-
1,808
26
197
73
2,104
31, 2023
New borrowings
300
-
8
3,897
124
4,329
Repayments
(300)
-
(26)
(3,351)
(104)
(3,781)
Translation differences
-
2
-
3
(6)
(1)
and other movements
Balance December
-
1,810
8
746
87
2,651
31, 2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-386": { "value": "
Changes in working capital
Changes Changes
December in operating Business in foreign December
31, 2023 working combinations currency
Other
2
31, 2024
capital
1
translation
(millions of euros) adjustments
Inventories
3
210
32
5
8
-
255
Trade accounts
2,246
110
40
51
50
2,497
receivable and other
Of which:
Trade
646
107
35
18
7
813
accounts receivable
Expected credit losses
(49)
4
-
-
3
(42)
Working capital assets
2,456
142
45
59
50
2,752
Trade accounts payable
(5,711)
(137)
(75)
(214)
(257)
(6,394)
and other
Other non-
current liabilities
(715)
-
(30)
(23)
(688)
(1,456)
Working capital liabilities
(6,426)
(137)
(105)
(237)
(945)
(7,850)
Net working capital
(3,970)
5
(60)
(178)
(895)
(5,098)
1 Excludes content investments.
2 Mainly includes the change in net working capital relating to content investments, capital expenditures and
other investments.
3 Total inventory obsolescence expense for the period was \u20ac68 million.
Changes Changes
December in operating Business in foreign December
31, 2022 working combinations currency
Other
2
31, 2023
capital
1
translation
(millions of euros) adjustments
Inventories
3
163
52
-
(5)
-
210
Trade accounts
2,014
309
3
(41)
(39)
2,246
receivable and other
Of which:
Trade
580
102
3
(16)
(23)
646
accounts receivable
Expected credit losses
(62)
13
(1)
2
(1)
(49)
Working capital assets
2,177
361
3
(46)
(39)
2,456
Trade accounts payable
(5,150)
(527)
(9)
134
(159)
(5,711)
and other
Other non-
current liabilities
(437)
2
(40)
5
(245)
(715)
Working capital liabilities
(5,587)
(525)
(49)
139
(404)
(6,426)
Net working capital
(3,410)
(164)
(46)
93
(443)
(3,970)
1 Excludes content investments.
2 Mainly includes the change in net working capital relating to content investments, capital expenditures and
other investments.
3 Total inventory obsolescence expense for the period was \u20ac67 million.
Note 15. Trade and other receivables
Year ended December 31,
(millions of euros)
2024
2023
Trade receivables
2,244
1,986
Other receivables
253
260
Trade receivables, net of value allowance
2,497
2,246
Year ended December 31,
(millions of euros)
2024
2023
Current
2,160
1,895
Overdue 0-30 days
44
58
Overdue 31-150 days
25
25
Overdue >150 days
15
8
Trade receivables, net of value allowance
2,244
1,986
For the movements of the expected credit loss allowance and the credit risk management policies
and procedures of UMG please refer to Note 14.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-451": { "value": "Changes in working capital
Changes Changes
December in operating Business in foreign December
31, 2023 working combinations currency
Other
2
31, 2024
capital
1
translation
(millions of euros) adjustments
Inventories
3
210
32
5
8
-
255
Trade accounts
2,246
110
40
51
50
2,497
receivable and other
Of which:
Trade
646
107
35
18
7
813
accounts receivable
Expected credit losses
(49)
4
-
-
3
(42)
Working capital assets
2,456
142
45
59
50
2,752
Trade accounts payable
(5,711)
(137)
(75)
(214)
(257)
(6,394)
and other
Other non-
current liabilities
(715)
-
(30)
(23)
(688)
(1,456)
Working capital liabilities
(6,426)
(137)
(105)
(237)
(945)
(7,850)
Net working capital
(3,970)
5
(60)
(178)
(895)
(5,098)
1 Excludes content investments. 2 Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments. 3 Total inventory obsolescence expense for the period was \u20ac68 million.
Changes Changes
December in operating Business in foreign December
31, 2022 working combinations currency
Other
2
31, 2023
capital
1
translation
(millions of euros) adjustments
Inventories
3
163
52
-
(5)
-
210
Trade accounts
2,014
309
3
(41)
(39)
2,246
receivable and other
Of which:
Trade
580
102
3
(16)
(23)
646
accounts receivable
Expected credit losses
(62)
13
(1)
2
(1)
(49)
Working capital assets
2,177
361
3
(46)
(39)
2,456
Trade accounts payable
(5,150)
(527)
(9)
134
(159)
(5,711)
and other
Other non-
current liabilities
(437)
2
(40)
5
(245)
(715)
Working capital liabilities
(5,587)
(525)
(49)
139
(404)
(6,426)
Net working capital
(3,410)
(164)
(46)
93
(443)
(3,970)
1 Excludes content investments. 2 Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments. 3 Total inventory obsolescence expense for the period was \u20ac67 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-387": { "value": "
Financial risk management
UMG business activities expose the Group to financial risks, including credit risk, liquidity risk, and
market risk. Market risk comprises three types of risk: interest rate risk, foreign currency risk and
other price risks.
These risks are inherent to how UMG operates as a multinational with locally operating subsidiaries.
To manage these risks, UMG has developed specific policies. The essence of measuring the
performance of these policies is to strike a balance between managing risks and contributing to
the financial results of UMG. UMG policies are risk-averse in that regard. Enforcement of procedures
related to financial risk management is carried out by UMG Group Treasury in line with the guiding
principles of the Group Treasury Policies.
Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other
party by falling to discharge an obligation.
UMG's maximum credit risk exposure is equal to the carrying amounts of Trade and other
receivables, refer to Note 15, and Cash position and borrowings, refer to Note 17, as presented in
the Statement of Financial Position. Also, for the derivatives and assets at fair value via profit and
loss, the maximum exposure to credit risk at the end of the reporting period is equal to the carrying
amount, refer to Note
19 . The maximum credit risk exposure on guarantees issued corresponds to
their nominal amounts, as presented in Note 18
.
UMG aims to centralize its cash management with its Tier 1 banks, of which all the banks have credit
ratings of minimum of A-.
UMG performs ongoing evaluations of the financial and non-financial condition of UMG customers
and adjusts credit limits when appropriate. In instances where a customer's creditworthiness is
determined not to be sufficient to grant the required credit limit, there are several mitigation
tools that can be utilized to close the gap, including reducing payment terms, cash on delivery,
prepayments and pledges on assets.
UMG\u2019s operational subsidiaries have set up procedures and systems to track their trade accounts receivable and recover outstanding amounts. In addition, some subsidiaries have insured their main client credit risks worldwide with a leading credit insurer. Liquidity risk Liquidity risk is the risk that UMG will not be able to meet its financial obligations as they fall due. The primary objective of liquidity management is providing sufficient cash to enable UMG to meet its liabilities when due, under normal and stressed conditions, without incurring losses. Neither the aged receivables of individual customers, nor the profile of the accounts receivable portfolio per segment, impose a significant threat to UMG\u2019s liquidity planning. UMG Treasury provides for the short-term day-to-day cash management needs of the Group by organizing sweeps between international cash poolings. For medium term financing requirements, UMG Group Treasury determines the Group's overall debt position and its planned evolution based on the Group\u2019s 13-month rolling cash forecast. A liquidity analysis is performed to ensure the proper funding is in place to face medium-term needs. Cash is pooled up to UMG NV from all territories participating in the international cash pooling arrangement. Cash is extracted from countries outside the cash pooling through dividends or upstream loans. The objectives of liquidity management are to repay UMG's external debt and to pay UMG's dividend to the Group's shareholders. The list of permitted banks for liquidity management includes nine banks with minimum rating of A-. The liquidity analysis includes a buffer of \u20ac400 million to provide for intra-month treasury swings and the incompressible treasury float. Adequate bank facilities are available as backup for Commercial paper. The maturity schedule for long-term external debt is maintained above 3 years and the current average maturity for long term external debt is 4.5 years. UMG Treasury ensures central compliance with financial covenants, pari-passu, and negative pledge clauses. Total cash and cash equivalents position as at December 31, 2024, is disclosed in Note 17. Contractual obligations and their timing are disclosed in Note 18. In addition, as at December 31, 2024, UMG has undrawn Revolving Credit Facilities (RCF) of \u20ac1,250 million. Market risk Market risk is the possibility that an entity will experience losses due to factors that affect the financial markets. Market risk includes currency risk and interest rate risk as addressed below, but also risk of change in fair value of the financial instruments, including those traded on the active markets. At December 31, 2024, UMG held financial instruments measured at fair value as disclosed in Note 19, where the exposure of the risk and sensitivity are presented. UMG risk management policies cover refinancing risk to ensure that under any market circumstances, UMG can refinance its debt on time and a reasonable cost. The objectives of refinancing risk management are to benefit from sufficient flexibility granted by the access to capital markets (in particular, Euro commercial papers, private placement and bond markets) and not rely solely on bank borrowings. Interest rate risk Interest rate risk is the risk of the fair value or future cash flows of a financial instrument fluctuating because of changes in the market interest rates. Financial instruments included in borrowings create an inherent interest rate risk. UMG seeks to limit the period over which it is exposed to interest rate risk on the Group's borrowings. The preferred method of hedging interest rate risk is issuing long-term fixed-rate bonds. The use of interest-rate plain vanilla derivatives is also authorized. The list of authorized instruments includes interest rate swaps, FRAs, caps, and floors. As for currency risk management, interest rate hedging operations are handled solely by UMG Treasury according to the Group\u2019s strategic goals set by the Group Chief Financial Officer. The speculative use of interest rate derivatives is strictly prohibited. As of December 31, 2024, UMG had a ratio of fixed-rate debt to total outstanding debt of approximately 68%. A sensitivity analysis conducted in January 2025 on the gross debt portfolio shows that if short term EURIBOR were to increase instantaneously by 0.5% from their level of December 31, 2024, with all other variables held constant, the total change in annualized interest expense result would be \u20ac4 million. Foreign currency risk As any multinational group, UMG is exposed to transactional foreign currency risk on committed and forecast cash flows, that are denominated in a currency other than the transacting entity's functional currency. UMG is also exposed to translational risk, resulting from the translation of foreign operations into Euros. The main currencies that drive UMG's foreign currency risk are U.S. Dollar, British Pound and Japanese Yen. UMG\u2019s exposure to foreign exchange transactional risk is greatly limited due to the offsetting of inflows and outflows in local currencies to the extent possible as a natural hedge. UMG Treasury mainly manages foreign currency risk exposure on balance sheet positions, primarily cash concentrations in non-Euro currencies held under the Group's cash pooling arrangements. UMG Treasury's foreign currency risk management policy is to hedge recognized assets and liabilities denominated in foreign currencies above a predefined threshold. UMG uses forward exchange rate contracts and foreign exchange swaps to manage this exposure. All material foreign currency balance sheet exposures are offset by derivatives, so potential foreign currency rate fluctuations as of December 31, 2024 would have no significant impacts on UMG\u2019s financial results. UMG did not apply hedge accounting to these derivatives in 2024 or 2023. Currency derivatives are not used for speculative purposes. The average maturity of these contracts is one month. The table below summarises the net nominal value of the foreign currency balance sheet exposure and foreign exchange rate derivatives used to offset it as of December 31, 2024.
(millions of euros)
USD
GBP
JPY
Other
Total
Nominal value of Balance sheet exposure
91
623
133
385
1,232
Foreign exchange rate derivatives
(91)
(623)
(133)
(385)
(1,232)
Net exposure
-
-
-
-
-
Beginning in 2023, foreign currency translation risks are hedged to a limited extent, as the
underlying currency positions are generally considered to be long-term in nature. If a hedge is
entered into, it is accounted for as a net investment hedge.
Contractual obligations
The table below analyses UMG\u2019s financial liabilities into relevant maturity groupings based on their
contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash
flows. Balances due within 12 months equal their carrying balances as the impact of discounting
is not significant. Interest on long-term debt is based on floating rate adjustments according to
market expectations.
Minimum future payments as of December 31, 2024
Total minimum
future payments
Payments due in as of
(millions of euros)
Total
1 year
2-5 years
After 5 years
December 31, 2023
Borrowings and other
financial liabilities
3,086
868
778
1,440
2,449
Lease liabilities
664
89
309
266
463
Music royalties to artists and
repertoire owners
4,343
4,327
16
-
3,957
Creative talent and
content liabilities
944
533
411
-
603
Other payables
2,094
1,065
57
972
1,411
Consolidated statement of
financial position items
11,131
6,882
1,571
2,678
8,883
Contractual
1,707
843
780
84
1,595
content commitments
Other commitments
1
875
778
96
1
287
Total off-balance
2,582
1,621
876
85
1,882
sheet commitments
Total
13,713
8,503
2,447
2,763
10,765
1 In December 2024, the Company entered into a definitive agreement to acquire Downtown Music Holdings LLC., for an
amount of $775m less net indebtedness and other liabilities. The acquisition is subject to regulatory approvals and is
expected to occur in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-424": { "value": "Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by falling to discharge an obligation. UMG's maximum credit risk exposure is equal to the carrying amounts of Trade and other receivables, refer to Note 15, and Cash position and borrowings, refer to Note 17, as presented in the Statement of Financial Position. Also, for the derivatives and assets at fair value via profit and loss, the maximum exposure to credit risk at the end of the reporting period is equal to the carrying amount, refer to Note 19 . The maximum credit risk exposure on guarantees issued corresponds to their nominal amounts, as presented in Note 18. UMG aims to centralize its cash management with its Tier 1 banks, of which all the banks have credit ratings of minimum of A-. UMG performs ongoing evaluations of the financial and non-financial condition of UMG customers and adjusts credit limits when appropriate. In instances where a customer's creditworthiness is determined not to be sufficient to grant the required credit limit, there are several mitigation tools that can be utilized to close the gap, including reducing payment terms, cash on delivery, prepayments and pledges on assets.
UMG\u2019s operational subsidiaries have set up procedures and systems to track their trade accounts
receivable and recover outstanding amounts. In addition, some subsidiaries have insured their main
client credit risks worldwide with a leading credit insurer.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-425": { "value": "
Liquidity risk
Liquidity risk is the risk that UMG will not be able to meet its financial obligations as they fall due.
The primary objective of liquidity management is providing sufficient cash to enable UMG to meet its
liabilities when due, under normal and stressed conditions, without incurring losses.
Neither the aged receivables of individual customers, nor the profile of the accounts receivable
portfolio per segment, impose a significant threat to UMG\u2019s liquidity planning.
UMG Treasury provides for the short-term day-to-day cash management needs of the Group by
organizing sweeps between international cash poolings. For medium term financing requirements,
UMG Group Treasury determines the Group's overall debt position and its planned evolution based
on the Group\u2019s 13-month rolling cash forecast. A liquidity analysis is performed to ensure the proper
funding is in place to face medium-term needs.
Cash is pooled up to UMG NV from all territories participating in the international cash pooling
arrangement. Cash is extracted from countries outside the cash pooling through dividends or
upstream loans.
The objectives of liquidity management are to repay UMG's external debt and to pay UMG's dividend
to the Group's shareholders. The list of permitted banks for liquidity management includes nine
banks with minimum rating of A-.
The liquidity analysis includes a buffer of \u20ac400 million to provide for intra-month treasury
swings and the incompressible treasury float. Adequate bank facilities are available as backup for
Commercial paper. The maturity schedule for long-term external debt is maintained above 3 years
and the current average maturity for long term external debt is 4.5 years. UMG Treasury ensures
central compliance with financial covenants, pari-passu, and negative pledge clauses.
Total cash and cash equivalents position as at December 31, 2024, is disclosed in Note
17
.
Contractual obligations and their timing are disclosed in Note 18
.
In addition, as at December 31,
2024, UMG has undrawn Revolving Credit Facilities (RCF) of \u20ac1,250 million.
Contractual obligations The table below analyses UMG\u2019s financial liabilities into relevant maturity groupings based on their contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant. Interest on long-term debt is based on floating rate adjustments according to market expectations.
Minimum future payments as of December 31, 2024
Total minimum
future payments
Payments due in as of
(millions of euros)
Total
1 year
2-5 years
After 5 years
December 31, 2023
Borrowings and other
financial liabilities
3,086
868
778
1,440
2,449
Lease liabilities
664
89
309
266
463
Music royalties to artists and
repertoire owners
4,343
4,327
16
-
3,957
Creative talent and
content liabilities
944
533
411
-
603
Other payables
2,094
1,065
57
972
1,411
Consolidated statement of
financial position items
11,131
6,882
1,571
2,678
8,883
Contractual
1,707
843
780
84
1,595
content commitments
Other commitments
1
875
778
96
1
287
Total off-balance
2,582
1,621
876
85
1,882
sheet commitments
Total
13,713
8,503
2,447
2,763
10,765
1 In December 2024, the Company entered into a definitive agreement to acquire Downtown Music Holdings LLC., for an amount of $775m less net indebtedness and other liabilities. The acquisition is subject to regulatory approvals and is expected to occur in 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-426": { "value": "
Market risk
Market risk is the possibility that an entity will experience losses due to factors that affect
the financial markets. Market risk includes currency risk and interest rate risk as addressed below,
but also risk of change in fair value of the financial instruments, including those traded on the active
markets. At December 31, 2024, UMG held financial instruments measured at fair value as disclosed
in Note 19, where the exposure of the risk and sensitivity are presented.
UMG risk management policies cover refinancing risk to ensure that under any market
circumstances, UMG can refinance its debt on time and a reasonable cost. The objectives of
refinancing risk management are to benefit from sufficient flexibility granted by the access to capital
markets (in particular, Euro commercial papers, private placement and bond markets) and not rely
solely on bank borrowings.
Interest rate risk
Interest rate risk is the risk of the fair value or future cash flows of a financial instrument fluctuating
because of changes in the market interest rates. Financial instruments included in borrowings
create an inherent interest rate risk.
UMG seeks to limit the period over which it is exposed to interest rate risk on the Group's borrowings.
The preferred method of hedging interest rate risk is issuing long-term fixed-rate bonds. The use of
interest-rate plain vanilla derivatives is also authorized. The list of authorized instruments includes
interest rate swaps, FRAs, caps, and floors.
As for currency risk management, interest rate hedging operations are handled solely by UMG
Treasury according to the Group\u2019s strategic goals set by the Group Chief Financial Officer. The
speculative use of interest rate derivatives is strictly prohibited.
As of December 31, 2024, UMG had a ratio of fixed-rate debt to total outstanding debt of approximately
68%. A sensitivity analysis conducted in January 2025 on the gross debt portfolio shows that if short
term EURIBOR were to increase instantaneously by 0.5% from their level of December 31, 2024, with all other variables held constant, the total change in annualized interest expense result would be \u20ac4 million. Foreign currency risk As any multinational group, UMG is exposed to transactional foreign currency risk on committed and forecast cash flows, that are denominated in a currency other than the transacting entity's functional currency. UMG is also exposed to translational risk, resulting from the translation of foreign operations into Euros. The main currencies that drive UMG's foreign currency risk are U.S. Dollar, British Pound and Japanese Yen. UMG\u2019s exposure to foreign exchange transactional risk is greatly limited due to the offsetting of inflows and outflows in local currencies to the extent possible as a natural hedge. UMG Treasury mainly manages foreign currency risk exposure on balance sheet positions, primarily cash concentrations in non-Euro currencies held under the Group's cash pooling arrangements. UMG Treasury's foreign currency risk management policy is to hedge recognized assets and liabilities denominated in foreign currencies above a predefined threshold. UMG uses forward exchange rate contracts and foreign exchange swaps to manage this exposure. All material foreign currency balance sheet exposures are offset by derivatives, so potential foreign currency rate fluctuations as of December 31, 2024 would have no significant impacts on UMG\u2019s financial results. UMG did not apply hedge accounting to these derivatives in 2024 or 2023. Currency derivatives are not used for speculative purposes. The average maturity of these contracts is one month. The table below summarises the net nominal value of the foreign currency balance sheet exposure and foreign exchange rate derivatives used to offset it as of December 31, 2024.
(millions of euros)
USD
GBP
JPY
Other
Total
Nominal value of Balance sheet exposure
91
623
133
385
1,232
Foreign exchange rate derivatives
(91)
(623)
(133)
(385)
(1,232)
Net exposure
-
-
-
-
-
Beginning in 2023, foreign currency translation risks are hedged to a limited extent, as the underlying currency positions are generally considered to be long-term in nature. If a hedge is entered into, it is accounted for as a net investment hedge. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-479": { "value": "Interest rate risk Interest rate risk is the risk of the fair value or future cash flows of a financial instrument fluctuating because of changes in the market interest rates. Financial instruments included in borrowings create an inherent interest rate risk. UMG seeks to limit the period over which it is exposed to interest rate risk on the Group's borrowings. The preferred method of hedging interest rate risk is issuing long-term fixed-rate bonds. The use of interest-rate plain vanilla derivatives is also authorized. The list of authorized instruments includes interest rate swaps, FRAs, caps, and floors. As for currency risk management, interest rate hedging operations are handled solely by UMG Treasury according to the Group\u2019s strategic goals set by the Group Chief Financial Officer. The speculative use of interest rate derivatives is strictly prohibited. As of December 31, 2024, UMG had a ratio of fixed-rate debt to total outstanding debt of approximately 68%. A sensitivity analysis conducted in January 2025 on the gross debt portfolio shows that if short
term EURIBOR were to increase instantaneously by 0.5% from their level of December 31, 2024, with
all other variables held constant, the total change in annualized interest expense result would be
\u20ac4 million.
Foreign currency risk
As any multinational group, UMG is exposed to transactional foreign currency risk on committed
and forecast cash flows, that are denominated in a currency other than the transacting entity's
functional currency. UMG is also exposed to translational risk, resulting from the translation of
foreign operations into Euros. The main currencies that drive UMG's foreign currency risk are U.S.
Dollar, British Pound and Japanese Yen.
UMG\u2019s exposure to foreign exchange transactional risk is greatly limited due to the offsetting
of inflows and outflows in local currencies to the extent possible as a natural hedge. UMG
Treasury mainly manages foreign currency risk exposure on balance sheet positions, primarily cash
concentrations in non-Euro currencies held under the Group's cash pooling arrangements. UMG
Treasury's foreign currency risk management policy is to hedge recognized assets and liabilities
denominated in foreign currencies above a predefined threshold. UMG uses forward exchange rate
contracts and foreign exchange swaps to manage this exposure. All material foreign currency
balance sheet exposures are offset by derivatives, so potential foreign currency rate fluctuations
as of December 31, 2024 would have no significant impacts on UMG\u2019s financial results. UMG did not
apply hedge accounting to these derivatives in 2024 or 2023. Currency derivatives are not used for
speculative purposes. The average maturity of these contracts is one month.
The table below summarises the net nominal value of the foreign currency balance sheet exposure
and foreign exchange rate derivatives used to offset it as of December 31, 2024.
(millions of euros)
USD
GBP
JPY
Other
Total
Nominal value of Balance sheet exposure
91
623
133
385
1,232
Foreign exchange rate derivatives
(91)
(623)
(133)
(385)
(1,232)
Net exposure
-
-
-
-
-
Beginning in 2023, foreign currency translation risks are hedged to a limited extent, as the underlying currency positions are generally considered to be long-term in nature. If a hedge is entered into, it is accounted for as a net investment hedge. Borrowings and other financial liabilities
December 31, 2024
December 31, 2023
(millions of euros)
Total
Long-term
Short-term
Total
Long-term
Short-term
Bonds
1,810
1,776
34
1,808
1,774
34
Drawn revolving
-
-
-
-
-
-
credit facilities
Commercial papers
746
-
746
197
-
197
Bank overdrafts
8
-
8
26
-
26
Other
87
2
85
73
52
21
Borrowings at
amortized cost
2,651
1,778
873
2,104
1,826
278
Cash and
cash equivalents
(553)
-
(553)
(413)
-
(413)
Derivative
-
-
-
(2)
-
(2)
financial assets
Net debt
2,098
1,689
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-388": { "value": "
Note 16. Trade and other accounts payable
Year ended December 31,
(millions of euros)
2024
2023
Trade accounts payable
168
118
Music royalties to artists and repertoire owners
4,327
3,944
Accrued expenses
424
389
Creative talent and content liabilities
533
362
Other payables
530
490
Trade and other accounts payable
5,982
5,303
Current contract liabilities
412
408
Trade accounts payable and other
6,394
5,711
Out of the total amount of \u20ac408 million recognized in contract liabilities at the beginning of 2024,
\u20ac365 million has been recognized as revenue for the year ended December 31, 2024. The total amount
of current and non-current contract liabilities as at December 31, 2024 is \u20ac424 million
(2023: \u20ac428 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-453": { "value": "Note 16. Trade and other accounts payable
Year ended December 31,
(millions of euros)
2024
2023
Trade accounts payable
168
118
Music royalties to artists and repertoire owners
4,327
3,944
Accrued expenses
424
389
Creative talent and content liabilities
533
362
Other payables
530
490
Trade and other accounts payable
5,982
5,303
Current contract liabilities
412
408
Trade accounts payable and other
6,394
5,711
Out of the total amount of \u20ac408 million recognized in contract liabilities at the beginning of 2024, \u20ac365 million has been recognized as revenue for the year ended December 31, 2024. The total amount of current and non-current contract liabilities as at December 31, 2024 is \u20ac424 million (2023: \u20ac428 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-428": { "value": "Note 16. Trade and other accounts payable
Year ended December 31,
(millions of euros)
2024
2023
Trade accounts payable
168
118
Music royalties to artists and repertoire owners
4,327
3,944
Accrued expenses
424
389
Creative talent and content liabilities
533
362
Other payables
530
490
Trade and other accounts payable
5,982
5,303
Current contract liabilities
412
408
Trade accounts payable and other
6,394
5,711
Out of the total amount of \u20ac408 million recognized in contract liabilities at the beginning of 2024, \u20ac365 million has been recognized as revenue for the year ended December 31, 2024. The total amount of current and non-current contract liabilities as at December 31, 2024 is \u20ac424 million (2023: \u20ac428 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-452": { "value": "Cash position
Year ended December 31,
(millions of euros)
2024
2023
Cash and cash equivalents
553
413
Bank overdrafts
(8)
(26)
Cash and cash equivalents in the statement of cash flows
545
387
UMG operates in a number of territories where regulations do not authorise participation of local entities to the UMG global cash pooling. Only dividends and intra-group invoices are available to extract cash from these territories. The amount of cash held by UMG entities in these countries amounted to \u20ac466 million as of December 31, 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-427": { "value": "Cash position
Year ended December 31,
(millions of euros)
2024
2023
Cash and cash equivalents
553
413
Bank overdrafts
(8)
(26)
Cash and cash equivalents in the statement of cash flows
545
387
UMG operates in a number of territories where regulations do not authorise participation of local entities to the UMG global cash pooling. Only dividends and intra-group invoices are available to extract cash from these territories. The amount of cash held by UMG entities in these countries amounted to \u20ac466 million as of December 31, 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-476": { "value": "Borrowings and other financial liabilities
December 31, 2024
December 31, 2023
(millions of euros)
Total
Long-term
Short-term
Total
Long-term
Short-term
Bonds
1,810
1,776
34
1,808
1,774
34
Drawn revolving
-
-
-
-
-
-
credit facilities
Commercial papers
746
-
746
197
-
197
Bank overdrafts
8
-
8
26
-
26
Other
87
2
85
73
52
21
Borrowings at
amortized cost
2,651
1,778
873
2,104
1,826
278
Cash and
cash equivalents
(553)
-
(553)
(413)
-
(413)
Derivative
-
-
-
(2)
-
(2)
financial assets
Net debt
2,098
1,689
Borrowings include the following:
\u25a0
\u20ac500 million of senior unsecured notes issued in June 2022, due on June 30, 2027 with a coupon
of 3.00%.
\u25a0
\u20ac500 million of senior unsecured notes issued in June 2022, due on June 30, 2032 with a coupon
of 3.75%.
\u25a0
\u20ac750 million of senior unsecured notes issued in June 2023, due on June 13, 2031 with a coupon
of 4.00%.
\u25a0
\u00a57 billion (\u20ac45 million) of senior notes issued in July 2023 and due on July 5, 2038 with a coupon
of 1.61%.
\u25a0
\u20ac2 billion revolving credit facility extended in February 2023 to April 26, 2028.
\u25a0
\u20ac500 million short-term bilateral floating rate revolving credit facility entered into in March 2023,
which expired in March 2024.
\u25a0
Up to \u20ac2 billion NEU commercial paper program established in July 2022.
Movements of borrowings
Drawn
revolving Bonds Bank Commercial
Other debt
Total
credit overdrafts papers
(millions of euros) facilities
Balance December
125
1,004
1
929
191
2,250
31, 2022
New borrowings
1,075
794
26
4,738
34
6,667
Repayments
(1,200)
-
(1)
(5,469)
(145)
(6,815)
Translation differences
-
10
-
(1)
(7)
2
and other movements
Balance December
-
1,808
26
197
73
2,104
31, 2023
New borrowings
300
-
8
3,897
124
4,329
Repayments
(300)
-
(26)
(3,351)
(104)
(3,781)
Translation differences
-
2
-
3
(6)
(1)
and other movements
Balance December
-
1,810
8
746
87
2,651
31, 2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-469": { "value": "Note 18. Contractual obligations and other commitments UMG\u2019s material contractual obligations and contingent assets and liabilities include: \u25a0 Contractual content commitments. UMG routinely commits to pay agreed amounts to artists and other parties upon delivery of content or other products. Until the artist or the other party has delivered his or her content or until the recoupment of an advance, UMG discloses its obligation as an off-balance sheet commitment; \u25a0 Certain contractual obligations relating to the UMG\u2019s business operations, including leases and off-balance sheet commercial commitments, such as long-term service contracts and purchase or investment commitments; and \u25a0 Commitments related to UMG\u2019s financing: term loan and drawn committed bank credit facilities. Contractual obligations The table below analyses UMG\u2019s financial liabilities into relevant maturity groupings based on their contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant. Interest on long-term debt is based on floating rate adjustments according to market expectations.
Minimum future payments as of December 31, 2024
Total minimum
future payments
Payments due in as of
(millions of euros)
Total
1 year
2-5 years
After 5 years
December 31, 2023
Borrowings and other
financial liabilities
3,086
868
778
1,440
2,449
Lease liabilities
664
89
309
266
463
Music royalties to artists and
repertoire owners
4,343
4,327
16
-
3,957
Creative talent and
content liabilities
944
533
411
-
603
Other payables
2,094
1,065
57
972
1,411
Consolidated statement of
financial position items
11,131
6,882
1,571
2,678
8,883
Contractual
1,707
843
780
84
1,595
content commitments
Other commitments
1
875
778
96
1
287
Total off-balance
2,582
1,621
876
85
1,882
sheet commitments
Total
13,713
8,503
2,447
2,763
10,765
1 In December 2024, the Company entered into a definitive agreement to acquire Downtown Music Holdings LLC., for an amount of $775m less net indebtedness and other liabilities. The acquisition is subject to regulatory approvals and is expected to occur in 2025. Note 26. Litigation In the normal course of its business, Universal Music Group is subject to various lawsuits, arbitrations and governmental, administrative or other proceedings (collectively referred to herein as \u201cLegal Proceedings\u201d). However, based on the information currently available, UMG believes that the outcome from these Legal Proceedings will not have a material impact on UMG's consolidated results of operations and financial position. Note 29. Audit exemptions UMG has provided guarantees to the following subsidiaries, incorporated in the Netherlands, under the registered number indicated, under section 403 of Book 2 of the Dutch Civil Code. As these companies\u2019 financial data is consolidated within these financial statements, the Dutch entities are allowed to prepare abridged financial statements which are exempt from publication and audit.
Name Company Number
Universal International Music B.V.
31018439
Universal Music Publishing International B.V.
31037866
Universal Music Publishing B.V.
32101966
CMHL B.V.
32140273
Universal Production Music B.V.
85798479
In addition UMG has provided guarantees to the following subsidiaries, incorporated in Germany, under the registered number indicated, under section 264 paragraph 3 of the German Commercial Code. The financial data for these companies are also consolidated within these financial statements therefore the German entities are allowed to prepare abridged financial statements which are exempt from publication and audit.
Name Company Number
Arabella Musikverlag GmbH
HRB 110271
Centre Stage Artist Management GmbH
HRB 66733
Deutsche Grammophon Gesellschaft mbH
HRB 138012
Dreiklang-Dreimasken, B\u00fchnen- und Musikverlag Gesellschaft mit beschr\u00e4nkter Haftung
HRB 110736
G. RICORDI & Co. B\u00fchnen- und Musikverlag GmbH
HRB 153334
Musik Edition Discoton, Gesellschaft mit beschr\u00e4nkter Haftung
HRB 110249
Rob. Forberg Musikverlag GmbH
HRB 153343
Rondor Musikverlag G.m.b.H.
HRB 89705
Sheffield Music GmbH
HRB 221164
UNIVERSAL / MCA Music Publishing GmbH
HRB 85574
Universal Music Entertainment GmbH
HRB 86559
Universal Music GmbH
HRB 158632
Universal Music Publishing GmbH
HRB 87411
Universal Production Music GmbH
HRB 113037
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-454": { "value": "Note 18. Contractual obligations and other commitments UMG\u2019s material contractual obligations and contingent assets and liabilities include: \u25a0 Contractual content commitments. UMG routinely commits to pay agreed amounts to artists and other parties upon delivery of content or other products. Until the artist or the other party has delivered his or her content or until the recoupment of an advance, UMG discloses its obligation as an off-balance sheet commitment; \u25a0 Certain contractual obligations relating to the UMG\u2019s business operations, including leases and off-balance sheet commercial commitments, such as long-term service contracts and purchase or investment commitments; and \u25a0 Commitments related to UMG\u2019s financing: term loan and drawn committed bank credit facilities. Contractual obligations The table below analyses UMG\u2019s financial liabilities into relevant maturity groupings based on their contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant. Interest on long-term debt is based on floating rate adjustments according to market expectations.
Minimum future payments as of December 31, 2024
Total minimum
future payments
Payments due in as of
(millions of euros)
Total
1 year
2-5 years
After 5 years
December 31, 2023
Borrowings and other
financial liabilities
3,086
868
778
1,440
2,449
Lease liabilities
664
89
309
266
463
Music royalties to artists and
repertoire owners
4,343
4,327
16
-
3,957
Creative talent and
content liabilities
944
533
411
-
603
Other payables
2,094
1,065
57
972
1,411
Consolidated statement of
financial position items
11,131
6,882
1,571
2,678
8,883
Contractual
1,707
843
780
84
1,595
content commitments
Other commitments
1
875
778
96
1
287
Total off-balance
2,582
1,621
876
85
1,882
sheet commitments
Total
13,713
8,503
2,447
2,763
10,765
1 In December 2024, the Company entered into a definitive agreement to acquire Downtown Music Holdings LLC., for an amount of $775m less net indebtedness and other liabilities. The acquisition is subject to regulatory approvals and is expected to occur in 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-389": { "value": "
Note 19. Financial assets and liabilities
The following table shows the carrying amounts and fair values of financial assets and liabilities
according to their fair value hierarchy. Based on the nature, maturity or the magnitude of the
amounts, UMG considers that the fair value of trade and other receivables, short-term deposits,
loans receivable, borrowings, trade and other payables are not materially different from their
carrying value.
Fair value hierarchy is based on the transparency of the inputs used and is as follows:
\u25a0
Level 1: fair value measurement based on quoted prices in active markets for identical assets
or liabilities;
\u25a0
Level 2: fair value measurement based on observable market data (other than quoted prices
included under Level 1), being for example, price on the last transactions on over-the-counter
(OTC) markets; and
\u25a0
Level 3: fair value measurement based on valuation techniques using inputs for the asset or
liability that are not based on observable market data.
December 31, 2024
Fair value
Carrying
Level 1
Level 2
Level 3
(millions of euros) amount
Financial assets at fair value through profit and loss
Listed equity securities
2,945
2,945
-
-
Other financial assets
112
-
7
105
Trade and other receivables
-
-
-
-
Financial assets at fair value through other
comprehensive income
Unlisted equity securities
18
-
-
18
Financial assets at amortised cost
Trade and other receivables
2,497
-
-
-
Other financial assets
197
-
-
-
Total financial assets
5,769
2,945
7
123
Financial liabilities at fair value through profit and loss
Trade and other payables
(3)
(3)
-
-
Other non-current liabilities
(63)
(8)
-
(55)
Financial liabilities at amortised cost
Trade and other payables
(6,391)
-
-
-
Bonds
(1,810)
(1,791)
-
-
Borrowings, excluding bank overdrafts and bonds
(833)
-
-
-
Other non-current liabilities
(1,393)
-
-
-
Total financial liabilities
(10,493)
(1,802)
-
(55)
December 31, 2023
Fair value
Carrying
Level 1
Level 2
Level 3
(millions of euros) amount
Financial assets at fair value through profit and loss
Listed equity securities
1,227
1,227
-
-
Other financial assets
75
-
55
20
Trade and other receivables
-
-
-
-
Financial assets at fair value through other
comprehensive income
Unlisted equity securities
20
-
-
20
Financial assets at amortised cost
Trade and other receivables
2,246
-
-
-
Other financial assets
205
-
-
-
Total financial assets
3,773
1,227
55
40
Financial liabilities at fair value through profit and loss
Trade and other payables
(4)
(4)
-
-
Other non-current liabilities
(35)
(5)
-
(30)
Financial liabilities at amortised cost
Trade and other payables
(5,707)
-
-
-
Bonds
(1,808)
(1,808)
-
-
Borrowings, excluding bank overdrafts and bonds
(270)
-
-
-
Other non-current liabilities
(680)
-
-
-
Total financial liabilities
(8,504)
(1,817)
-
(30)
Listed equity portfolio
Change Cumulative
Number Ownership Average Stock Carrying in value unrealized Sensitivity
of shares interest purchase market value over the captial at +/- 10
held
price
1,2
price period gain/ pts
(loss)
3
(thousands) (\u20ac/share)
(millions of euros)
Spotify
6,487
3.27%
6.58
171.36
1,112
629
1,069
+111/-111
Tencent
12,246
0.78%
na
8.22
101
5
101
+10/-10
Music Entertainment
Other
14
(4)
14
Total at December
1,227
630
1,184
31, 2023
Spotify
6,487
3.16%
6.58
431.90
2,802
1,690
2,759
+280/-280
Tencent
12,246
0.79%
na
10.96
134
33
134
+13/-13
Music Entertainment
Other
9
(5)
9
Total at December
2,945
1,718
2,902
31, 2024
1 Includes acquisition fees and taxes.
2 na: not applicable.
3 Includes revaluation gains, net of liabilities, of \u20ac1,163 million in 2024 (\u20ac425 million in 2023) as recognized in Note 6.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-473": { "value": "Note 19. Financial assets and liabilities The following table shows the carrying amounts and fair values of financial assets and liabilities according to their fair value hierarchy. Based on the nature, maturity or the magnitude of the amounts, UMG considers that the fair value of trade and other receivables, short-term deposits, loans receivable, borrowings, trade and other payables are not materially different from their carrying value. Fair value hierarchy is based on the transparency of the inputs used and is as follows: \u25a0 Level 1: fair value measurement based on quoted prices in active markets for identical assets or liabilities; \u25a0 Level 2: fair value measurement based on observable market data (other than quoted prices included under Level 1), being for example, price on the last transactions on over-the-counter (OTC) markets; and \u25a0 Level 3: fair value measurement based on valuation techniques using inputs for the asset or liability that are not based on observable market data.
December 31, 2024
Fair value
Carrying
Level 1
Level 2
Level 3
(millions of euros) amount
Financial assets at fair value through profit and loss
Listed equity securities
2,945
2,945
-
-
Other financial assets
112
-
7
105
Trade and other receivables
-
-
-
-
Financial assets at fair value through other
comprehensive income
Unlisted equity securities
18
-
-
18
Financial assets at amortised cost
Trade and other receivables
2,497
-
-
-
Other financial assets
197
-
-
-
Total financial assets
5,769
2,945
7
123
Financial liabilities at fair value through profit and loss
Trade and other payables
(3)
(3)
-
-
Other non-current liabilities
(63)
(8)
-
(55)
Financial liabilities at amortised cost
Trade and other payables
(6,391)
-
-
-
Bonds
(1,810)
(1,791)
-
-
Borrowings, excluding bank overdrafts and bonds
(833)
-
-
-
Other non-current liabilities
(1,393)
-
-
-
Total financial liabilities
(10,493)
(1,802)
-
(55)
December 31, 2023
Fair value
Carrying
Level 1
Level 2
Level 3
(millions of euros) amount
Financial assets at fair value through profit and loss
Listed equity securities
1,227
1,227
-
-
Other financial assets
75
-
55
20
Trade and other receivables
-
-
-
-
Financial assets at fair value through other
comprehensive income
Unlisted equity securities
20
-
-
20
Financial assets at amortised cost
Trade and other receivables
2,246
-
-
-
Other financial assets
205
-
-
-
Total financial assets
3,773
1,227
55
40
Financial liabilities at fair value through profit and loss
Trade and other payables
(4)
(4)
-
-
Other non-current liabilities
(35)
(5)
-
(30)
Financial liabilities at amortised cost
Trade and other payables
(5,707)
-
-
-
Bonds
(1,808)
(1,808)
-
-
Borrowings, excluding bank overdrafts and bonds
(270)
-
-
-
Other non-current liabilities
(680)
-
-
-
Total financial liabilities
(8,504)
(1,817)
-
(30)
Listed equity portfolio
Change Cumulative
Number Ownership Average Stock Carrying in value unrealized Sensitivity
of shares interest purchase market value over the captial at +/- 10
held
price
1,2
price period gain/ pts
(loss)
3
(thousands) (\u20ac/share)
(millions of euros)
Spotify
6,487
3.27%
6.58
171.36
1,112
629
1,069
+111/-111
Tencent
12,246
0.78%
na
8.22
101
5
101
+10/-10
Music Entertainment
Other
14
(4)
14
Total at December
1,227
630
1,184
31, 2023
Spotify
6,487
3.16%
6.58
431.90
2,802
1,690
2,759
+280/-280
Tencent
12,246
0.79%
na
10.96
134
33
134
+13/-13
Music Entertainment
Other
9
(5)
9
Total at December
2,945
1,718
2,902
31, 2024
1 Includes acquisition fees and taxes. 2 na: not applicable. 3 Includes revaluation gains, net of liabilities, of \u20ac1,163 million in 2024 (\u20ac425 million in 2023) as recognized in Note 6.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-470": { "value": "Note 19. Financial assets and liabilities The following table shows the carrying amounts and fair values of financial assets and liabilities according to their fair value hierarchy. Based on the nature, maturity or the magnitude of the amounts, UMG considers that the fair value of trade and other receivables, short-term deposits, loans receivable, borrowings, trade and other payables are not materially different from their carrying value. Fair value hierarchy is based on the transparency of the inputs used and is as follows: \u25a0 Level 1: fair value measurement based on quoted prices in active markets for identical assets or liabilities; \u25a0 Level 2: fair value measurement based on observable market data (other than quoted prices included under Level 1), being for example, price on the last transactions on over-the-counter (OTC) markets; and \u25a0 Level 3: fair value measurement based on valuation techniques using inputs for the asset or liability that are not based on observable market data.
December 31, 2024
Fair value
Carrying
Level 1
Level 2
Level 3
(millions of euros) amount
Financial assets at fair value through profit and loss
Listed equity securities
2,945
2,945
-
-
Other financial assets
112
-
7
105
Trade and other receivables
-
-
-
-
Financial assets at fair value through other
comprehensive income
Unlisted equity securities
18
-
-
18
Financial assets at amortised cost
Trade and other receivables
2,497
-
-
-
Other financial assets
197
-
-
-
Total financial assets
5,769
2,945
7
123
Financial liabilities at fair value through profit and loss
Trade and other payables
(3)
(3)
-
-
Other non-current liabilities
(63)
(8)
-
(55)
Financial liabilities at amortised cost
Trade and other payables
(6,391)
-
-
-
Bonds
(1,810)
(1,791)
-
-
Borrowings, excluding bank overdrafts and bonds
(833)
-
-
-
Other non-current liabilities
(1,393)
-
-
-
Total financial liabilities
(10,493)
(1,802)
-
(55)
December 31, 2023
Fair value
Carrying
Level 1
Level 2
Level 3
(millions of euros) amount
Financial assets at fair value through profit and loss
Listed equity securities
1,227
1,227
-
-
Other financial assets
75
-
55
20
Trade and other receivables
-
-
-
-
Financial assets at fair value through other
comprehensive income
Unlisted equity securities
20
-
-
20
Financial assets at amortised cost
Trade and other receivables
2,246
-
-
-
Other financial assets
205
-
-
-
Total financial assets
3,773
1,227
55
40
Financial liabilities at fair value through profit and loss
Trade and other payables
(4)
(4)
-
-
Other non-current liabilities
(35)
(5)
-
(30)
Financial liabilities at amortised cost
Trade and other payables
(5,707)
-
-
-
Bonds
(1,808)
(1,808)
-
-
Borrowings, excluding bank overdrafts and bonds
(270)
-
-
-
Other non-current liabilities
(680)
-
-
-
Total financial liabilities
(8,504)
(1,817)
-
(30)
Listed equity portfolio
Change Cumulative
Number Ownership Average Stock Carrying in value unrealized Sensitivity
of shares interest purchase market value over the captial at +/- 10
held
price
1,2
price period gain/ pts
(loss)
3
(thousands) (\u20ac/share)
(millions of euros)
Spotify
6,487
3.27%
6.58
171.36
1,112
629
1,069
+111/-111
Tencent
12,246
0.78%
na
8.22
101
5
101
+10/-10
Music Entertainment
Other
14
(4)
14
Total at December
1,227
630
1,184
31, 2023
Spotify
6,487
3.16%
6.58
431.90
2,802
1,690
2,759
+280/-280
Tencent
12,246
0.79%
na
10.96
134
33
134
+13/-13
Music Entertainment
Other
9
(5)
9
Total at December
2,945
1,718
2,902
31, 2024
1 Includes acquisition fees and taxes. 2 na: not applicable. 3 Includes revaluation gains, net of liabilities, of \u20ac1,163 million in 2024 (\u20ac425 million in 2023) as recognized in Note 6.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-455": { "value": "Note 19. Financial assets and liabilities The following table shows the carrying amounts and fair values of financial assets and liabilities according to their fair value hierarchy. Based on the nature, maturity or the magnitude of the amounts, UMG considers that the fair value of trade and other receivables, short-term deposits, loans receivable, borrowings, trade and other payables are not materially different from their carrying value. Fair value hierarchy is based on the transparency of the inputs used and is as follows: \u25a0 Level 1: fair value measurement based on quoted prices in active markets for identical assets or liabilities; \u25a0 Level 2: fair value measurement based on observable market data (other than quoted prices included under Level 1), being for example, price on the last transactions on over-the-counter (OTC) markets; and \u25a0 Level 3: fair value measurement based on valuation techniques using inputs for the asset or liability that are not based on observable market data.
December 31, 2024
Fair value
Carrying
Level 1
Level 2
Level 3
(millions of euros) amount
Financial assets at fair value through profit and loss
Listed equity securities
2,945
2,945
-
-
Other financial assets
112
-
7
105
Trade and other receivables
-
-
-
-
Financial assets at fair value through other
comprehensive income
Unlisted equity securities
18
-
-
18
Financial assets at amortised cost
Trade and other receivables
2,497
-
-
-
Other financial assets
197
-
-
-
Total financial assets
5,769
2,945
7
123
Financial liabilities at fair value through profit and loss
Trade and other payables
(3)
(3)
-
-
Other non-current liabilities
(63)
(8)
-
(55)
Financial liabilities at amortised cost
Trade and other payables
(6,391)
-
-
-
Bonds
(1,810)
(1,791)
-
-
Borrowings, excluding bank overdrafts and bonds
(833)
-
-
-
Other non-current liabilities
(1,393)
-
-
-
Total financial liabilities
(10,493)
(1,802)
-
(55)
December 31, 2023
Fair value
Carrying
Level 1
Level 2
Level 3
(millions of euros) amount
Financial assets at fair value through profit and loss
Listed equity securities
1,227
1,227
-
-
Other financial assets
75
-
55
20
Trade and other receivables
-
-
-
-
Financial assets at fair value through other
comprehensive income
Unlisted equity securities
20
-
-
20
Financial assets at amortised cost
Trade and other receivables
2,246
-
-
-
Other financial assets
205
-
-
-
Total financial assets
3,773
1,227
55
40
Financial liabilities at fair value through profit and loss
Trade and other payables
(4)
(4)
-
-
Other non-current liabilities
(35)
(5)
-
(30)
Financial liabilities at amortised cost
Trade and other payables
(5,707)
-
-
-
Bonds
(1,808)
(1,808)
-
-
Borrowings, excluding bank overdrafts and bonds
(270)
-
-
-
Other non-current liabilities
(680)
-
-
-
Total financial liabilities
(8,504)
(1,817)
-
(30)
Listed equity portfolio
Change Cumulative
Number Ownership Average Stock Carrying in value unrealized Sensitivity
of shares interest purchase market value over the captial at +/- 10
held
price
1,2
price period gain/ pts
(loss)
3
(thousands) (\u20ac/share)
(millions of euros)
Spotify
6,487
3.27%
6.58
171.36
1,112
629
1,069
+111/-111
Tencent
12,246
0.78%
na
8.22
101
5
101
+10/-10
Music Entertainment
Other
14
(4)
14
Total at December
1,227
630
1,184
31, 2023
Spotify
6,487
3.16%
6.58
431.90
2,802
1,690
2,759
+280/-280
Tencent
12,246
0.79%
na
10.96
134
33
134
+13/-13
Music Entertainment
Other
9
(5)
9
Total at December
2,945
1,718
2,902
31, 2024
1 Includes acquisition fees and taxes. 2 na: not applicable. 3 Includes revaluation gains, net of liabilities, of \u20ac1,163 million in 2024 (\u20ac425 million in 2023) as recognized in Note 6.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-390": { "value": "Note 20. Equity Share capital UMG has an authorized share capital of \u20ac27,000 million divided into 2,700,000,000 ordinary shares with a nominal value of \u20ac10 per share. On December 31, 2024, the issued and fully paid share capital consisted of 1,829,281,171 ordinary shares with a nominal value of \u20ac10 per share (2023: 1,821,665,441 ordinary shares with a nominal value of \u20ac10 per share). Additional paid-in capital Additional paid-in capital represents the premium paid in excess of the par value of shares at the time of the issuance of new shares. Treasury shares As at December 31, 2024, UMG held 214,235 shares (2023: 214,235 shares) as Treasury shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-429": { "value": "
Share capital
UMG has an authorized share capital of \u20ac27,000 million divided into 2,700,000,000 ordinary shares
with a nominal value of \u20ac10 per share. On December 31, 2024, the issued and fully paid share
capital consisted of 1,829,281,171 ordinary shares with a nominal value of \u20ac10 per share (2023:
1,821,665,441 ordinary shares with a nominal value of \u20ac10 per share).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-430": { "value": "
Additional paid-in capital
Additional paid-in capital represents the premium paid in excess of the par value of shares at the
time of the issuance of new shares.
", "dimensions": { "concept": "universalmusicgroupnv:DisclosureOfAdditionalPaidInCapital", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-431": { "value": "
Treasury shares
As at December 31, 2024, UMG held 214,235 shares (2023: 214,235 shares) as Treasury shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-432": { "value": "
Dividend Distribution
On May 16, 2024 the shareholders approved a dividend distribution of \u20ac0.27 per ordinary share,
corresponding to a total distribution of \u20ac494 million, paid in June 2024.
On July 23, 2024 the directors approved an interim dividend distribution of \u20ac0.24 per ordinary share,
corresponding to a total distribution of \u20ac439 million paid in October 2024.
UMG plans to annually declare and pay dividends to all holders of the Shares on a pro-rata basis
in two semi-annual instalments, in the aggregate amount of no less than 50% of UMG's net profits
realized during the relevant financial year, subject to agreed non-cash items. UMG intends to pay an
interim dividend in the fourth quarter of each financial year, after the publication of the half-year
figures of the Group, and a final dividend in the second quarter of the following financial year, to be
paid following approval of the UMG's financial statements at its Annual General Meeting.
A proposal will be submitted to the 2025 Annual General Meeting of Shareholders to pay a final
dividend of \u20ac0.28 per ordinary share corresponding to a distribution of \u20ac512 million, in cash, from
the 2024 retained earnings, payable in Q2 2025. This would bring the total dividend for 2024 to
\u20ac951 million, or \u20ac0.52 per ordinary share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-391": { "value": "0.28", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-392": { "value": "512000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-433": { "value": "
Note 22. Provisions
Year ended December 31,
(millions of euros)
Note
2024
2023
Post-retirement employee benefits
23
178
166
Royalty audit claims
118
129
Deferred employee compensation
31
31
Restructuring costs
53
19
Litigations
19
21
Other
62
56
Provisions
461
422
Deduction of current provisions
(195)
(122)
Non-current provisions
266
300
Based on the historical utilisation rate, UMG expects the royalty audit claims provision will be utilized
mainly within the next 4 years.
Movements in provisions
Restructuring
Litigation
Royalty audit
Other
Total
(millions of euros) claims
Balance as at January 1, 2024
19
21
129
56
225
Additions
108
1
54
-
163
Utilizations
(74)
(2)
(36)
(4)
(116)
Releases
(1)
-
(32)
(6)
(39)
Changes in foreign currency translation
1
(1)
3
16
19
adjustments and other
Balance as at December 31, 2024
53
19
118
62
252
Current
50
16
70
35
171
Non-current
3
3
48
27
81
Note 26. Litigation In the normal course of its business, Universal Music Group is subject to various lawsuits, arbitrations and governmental, administrative or other proceedings (collectively referred to herein as \u201cLegal Proceedings\u201d). However, based on the information currently available, UMG believes that the outcome from these Legal Proceedings will not have a material impact on UMG's consolidated results of operations and financial position. Note 29. Audit exemptions UMG has provided guarantees to the following subsidiaries, incorporated in the Netherlands, under the registered number indicated, under section 403 of Book 2 of the Dutch Civil Code. As these companies\u2019 financial data is consolidated within these financial statements, the Dutch entities are allowed to prepare abridged financial statements which are exempt from publication and audit.
Name Company Number
Universal International Music B.V.
31018439
Universal Music Publishing International B.V.
31037866
Universal Music Publishing B.V.
32101966
CMHL B.V.
32140273
Universal Production Music B.V.
85798479
In addition UMG has provided guarantees to the following subsidiaries, incorporated in Germany, under the registered number indicated, under section 264 paragraph 3 of the German Commercial Code. The financial data for these companies are also consolidated within these financial statements therefore the German entities are allowed to prepare abridged financial statements which are exempt from publication and audit.
Name Company Number
Arabella Musikverlag GmbH
HRB 110271
Centre Stage Artist Management GmbH
HRB 66733
Deutsche Grammophon Gesellschaft mbH
HRB 138012
Dreiklang-Dreimasken, B\u00fchnen- und Musikverlag Gesellschaft mit beschr\u00e4nkter Haftung
HRB 110736
G. RICORDI & Co. B\u00fchnen- und Musikverlag GmbH
HRB 153334
Musik Edition Discoton, Gesellschaft mit beschr\u00e4nkter Haftung
HRB 110249
Rob. Forberg Musikverlag GmbH
HRB 153343
Rondor Musikverlag G.m.b.H.
HRB 89705
Sheffield Music GmbH
HRB 221164
UNIVERSAL / MCA Music Publishing GmbH
HRB 85574
Universal Music Entertainment GmbH
HRB 86559
Universal Music GmbH
HRB 158632
Universal Music Publishing GmbH
HRB 87411
Universal Production Music GmbH
HRB 113037
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-464": { "value": "Note 22. Provisions
Year ended December 31,
(millions of euros)
Note
2024
2023
Post-retirement employee benefits
23
178
166
Royalty audit claims
118
129
Deferred employee compensation
31
31
Restructuring costs
53
19
Litigations
19
21
Other
62
56
Provisions
461
422
Deduction of current provisions
(195)
(122)
Non-current provisions
266
300
Based on the historical utilisation rate, UMG expects the royalty audit claims provision will be utilized mainly within the next 4 years. Movements in provisions
Restructuring
Litigation
Royalty audit
Other
Total
(millions of euros) claims
Balance as at January 1, 2024
19
21
129
56
225
Additions
108
1
54
-
163
Utilizations
(74)
(2)
(36)
(4)
(116)
Releases
(1)
-
(32)
(6)
(39)
Changes in foreign currency translation
1
(1)
3
16
19
adjustments and other
Balance as at December 31, 2024
53
19
118
62
252
Current
50
16
70
35
171
Non-current
3
3
48
27
81
Note 23. Post-retirement employee benefits In accordance with the laws and practices of each country in which it operates, UMG participates in, or maintains, employee benefit plans providing retirement pensions, post-retirement health care, life insurance and other post-employment benefits to eligible (former) employees and such of their beneficiaries who meet the required conditions. Post-retirement benefits are provided for substantially all employees through defined contribution plans, which are integrated with local social security, or defined benefit plans, which are generally managed via group pension plans. The plan funding policy implemented by UMG is consistent with applicable government funding requirements and regulations. Refer to Note 5 for the contribution to defined contribution plans. Post-employment benefits covered in this note relate to defined-benefit pension and other post- retirement defined benefit plans, including medical plans and life insurance. The benefits provided by these plans are based on employees\u2019 years of service and compensation levels. Refer to the table below for the present value of the net defined benefit obligations and plan assets per country as at 31 December.
2024
2023
Fair value Net Fair value Net
Obligation of plan obligation/ Obligation of plan obligation/
(millions of euros) assets (asset) assets (asset)
Germany
147
(1)
146
136
(1)
135
U.S.
19
-
19
18
-
18
Other
38
(36)
2
38
(35)
3
Total
204
(37)
167
192
(36)
156
of which
assets related to
employee benefit plans
(11)
(10)
liabilities for employee
benefit plans
178
166
Germany
The post-retirement benefit plans in Germany aim to provide pension benefits to eligible (former)
employees and such of their beneficiaries who meet certain conditions. The total obligation as
presented above includes multiple plans, from which three are material. These plans are closed
to new entrants since 2003 and earlier. In accordance with current regulations, these plans are not
funded and are not covered by the plan assets. The main risks for UMG relate to changes in discount
rates and inflation rates.
United States
The defined benefit liability in the United States mainly relates to the post-retirement medical care
benefits. Post-retirement medical benefit plans in the United States are not covered by plan assets in
accordance with local laws and practices.
Cash flow impact for 2025
In 2025 UMG expects a cash outflow of \u20ac15 million in relation to all defined benefit plans.
Net defined benefit obligations/(assets)
Movements of the net defined benefit obligations and plan assets for the year ended on December
31, are presented in the following tables.
2024
Fair value Net
Note Obligation of plan obligation/
(millions of euros) assets (asset)
Opening balance
192
(36)
156
Current service cost
5
1
-
1
(Gain)/loss on settlements
-
-
-
Other
-
-
-
Impact on selling & administrative expenses
1
-
1
Interest cost
6
6
-
6
Expected return on plan assets
6
-
(1)
(1)
Impact on other financial income
6
(1)
5
Included in the statement of profit or loss
7
(1)
6
Actuarial losses/(gains) related to:
Experience adjustments
14
(3)
11
Financial assumptions
6
-
6
Demographic assumptions
-
-
-
Included in other comprehensive income 21
20
(3)
17
Contributions by employers
-
(13)
(13)
Benefits paid by the fund
(3)
3
-
Benefits paid by the employer
(12)
12
-
Foreign currency and other
-
1
1
Closing balance
204
(37)
167
of which
wholly or partly funded benefits
33
wholly unfunded benefits
1
171
assets related to employee benefit plans (11)
liabilities for employee benefit plans 178
1 Included a current liability of \u20ac15 million as of December 31, 2024.
2023
Fair value Net
Note Obligation of plan obligation/
(millions of euros) assets (asset)
Opening balance
194
(41)
153
Current service cost
5
2
-
2
(Gain)/loss on settlements
-
-
-
Other
-
-
-
Impact on selling & administrative expenses
2
-
2
Interest cost
6
7
-
7
Expected return on plan assets
6
-
(1)
(1)
Impact on other financial income
7
(1)
6
Included in the statement of profit or loss
9
(1)
8
Actuarial losses/(gains) related to:
Experience adjustments
(3)
-
(3)
Financial assumptions
9
-
9
Demographic assumptions
(1)
-
(1)
Included in other comprehensive income 21
5
-
5
Contributions by employers
-
(12)
(12)
Benefits paid by the fund
(2)
2
-
Benefits paid by the employer
(12)
12
-
Foreign currency and other
(2)
4
2
Closing balance
192
(36)
156
of which
wholly or partly funded benefits
33
wholly unfunded benefits
1
159
assets related to employee benefit plans (10)
liabilities for employee benefit plans 166
1 Included a current liability of \u20ac13 million as of December 31, 2023
Assumptions used in the valuation of the net defined benefit liability
The mortality tables used for UMG\u2019s major defined benefit schemes in Germany are Richttafeln 2018
G K. Heubeck.
Other key assumptions used in the valuation of the net defined benefit plans liability are: rate of
compensation increase, discount rate, and expected return on plan assets. The weighted-average
assumptions used to calculate the defined-benefit obligation as of December 31 were as follows:
Germany
U.S.
Weighted average of
all plans
2024
2023
2024
2023
2024
2023
Discount rate
3.30%
3.50%
5.47%
5.28%
3.33%
3.51%
Inflation rate
2.00%
2.00%
na
na
2.00%
2.00%
Rate of compensation increase
2.00%
2.50%
na
na
1.96%
2.39%
Duration of the benefit
9.9
9.6
obligation (in years)
na: not applicable.
A 50 basis point increase (or a 50 basis point decrease, respectively) to the 2024 discount rate
would have led to a decrease in the defined benefit obligation of \u20ac9.5 million (2023: \u20ac9.1 million)
(or an increase of \u20ac10.4 million (2023: \u20ac9.9 million), respectively), assuming all other assumptions
remain unchanged.
A 50 basis point increase (or a 50 basis point decrease, respectively) to the 2024 inflation rate
would have led to a increase in the defined benefit obligation of \u20ac7.6 million (2023: \u20ac6.8 million)
(or an decrease of \u20ac7.1 million (2023: \u20ac6.3 million), respectively), assuming all other assumptions
remain unchanged.
Pension plan assets allocation
Year ended December 31,
(millions of euros)
2024
2023
Insurance contracts
55%
54%
Equity securities
22%
21%
Debt securities
14%
15%
Diversified funds
0%
0%
Cash and other
9%
10%
Total
100%
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-393": { "value": "
Note 24. Share-based compensation plans
In 2022, UMG received formal approval from its shareholders to implement an equity plan, the UMG
Global Equity Plan. Under the plan, Restricted Stock Units (RSUs) and Performance Stock Units (PSUs)
are granted to senior executives to align the interests of the employees of UMG with its shareholders\u2019
interests by providing them with an additional incentive to improve UMG's performance and
increase its share price on a long-term basis. In addition, the Annual Incentive Plan (AIP) for these
senior executives was modified such that all or a portion of the payment under the plan may be
settled in equity at the discretion of UMG. In 2023 and continuing in 2024, the equity plan was
extended to additional executives, certain non-executive board directors and a number of senior
management personnel, resulting in the issuance of additional RSUs, PSUs and also Performance
Stock Options (PSOs).
UMG Restricted Stock Units (RSUs)
Starting in the last quarter of 2022, and continuing for each year of service under the term of their
contracts, certain senior executives and senior management are granted RSUs, being a right to
receive shares upon vesting. The awards have vesting periods of 2.5 to 8 years and will vest in 3
equal instalments if the service condition is fulfilled. The grant date weighted-average UMG share
market price of the RSUs was \u20ac22.21 (2023: \u20ac21.50) per share corresponding to the total fair value of
\u20ac343 million (2023: \u20ac367 million) of such awards.
In addition, a one-off RSU award was granted to certain senior executives and senior management
with an average 15 months vesting period in 2 equal instalments. The grant date weighted-average
UMG share market price of the one-off RSUs was \u20ac23.04 (2023: \u20ac21.18) per share corresponding to the
total fair value of \u20ac8 million (2023: \u20ac205 million) of such awards.
The RSUs granted to certain non-executive board directors have vesting periods of 1 to 2 years. The
grant date weighted-average UMG share market price was \u20ac28.16 per share corresponding to the total
fair value of \u20ac2 million of such awards.
There was a number of RSUs granted with slightly different service conditions. The grant date
weighted-average UMG share market price was \u20ac22.65 (2023: \u20ac22.67) per share corresponding to the
total fair value of \u20ac41 million (2023: \u20ac51 million) of such awards.
The share rights are dividend-bearing during the service period. The total expense for these awards
recognised in 2024 was \u20ac185 million (2023: \u20ac469 million) and the total equity reserve at December 31,
2024 was \u20ac203 million (2023: \u20ac308 million).
UMG Performance Stock Units (PSUs)
Starting in the last quarter of 2022, and continuing for each year of service under the term of
their contracts, certain senior executives and senior management are granted PSUs, being a right
to receive shares upon vesting. The vesting of these rights is subject to service, market and non-
market performance conditions.
For these PSUs, the total number of shares delivered will range from 0% to 200% of the number of
PSUs granted based on certain performance conditions tailored to each participant. These include
non-market performance conditions: target compound annual growth rate for revenues (Revenue
CAGR) and Adjusted EBITDA (Adjusted EBITDA CAGR) and a market performance condition: relative
total shareholder return (TSR). In addition, the employee must remain in continued service for a
three-year period. The share rights are dividend-bearing during the performance period.
The estimated grant date weighted-average UMG share market price of the PSUs was \u20ac24.92
(2023: \u20ac25.45) per share corresponding to the total fair value of \u20ac168 million (2023: \u20ac130 million)
of such awards. The grant date fair value was estimated taking into account the market
performance condition.
There was a small number of PSU awards with slightly different service and performance conditions.
The estimated grant date UMG share market price of \u20ac25.81 (2023: \u20ac25.81) per share corresponding to
the total fair value of \u20ac18 million (2023: \u20ac18 million) of such awards.
The total expense for these awards recognised in 2024 was \u20ac96 million (2023: \u20ac47 million) and the
total equity reserve at December 31, 2024 was \u20ac141 million (2024: \u20ac52 million).
Annual Incentive Program (AIP)
In 2022, the AIP for senior executives, which was previously settled only in cash and accrued
throughout the year, was modified to allow UMG the choice of whether to settle in cash, shares,
or a combination of the two. Such modification did not change the fair value of the award compared
to the previously accrued AIP payable. UMG expects to settle 50% of the AIP in cash and 50% in
shares. UMG has a constructive obligation to settle 50% of the award in cash. The total AIP expense
for the full calendar year starting January 1, 2024, being the start of the service period for the 2024
award, was \u20ac61 million (2023: \u20ac47 million) with the cash-settled AIP accrual amounting to 50% of the
total expense.
The vesting conditions of the AIP awards are a one-year service period and certain internally
measured performance conditions including Adjusted EBITDA, revenue and cash flow from
operations (CFFO). The amount received can vary between 0% and 200% of the on-target amount
based on the actual performance against these performance criteria.
The number of shares granted is based on the total value of the award and UMG\u2019s share price
on 15 March. The total fair value of the equity-settled portion of the total AIP is \u20ac31 million (2023:
\u20ac25 million).
UMG Performance Stock Options (PSOs)
In 2023, PSOs were granted to a senior executive. The PSOs are subject to a service condition and
a market condition. Under the service condition, the options will vest annually in four substantially
equal instalments on each of the first four anniversaries of the grant date, subject to the senior
executive\u2019s continued employment by UMG on those dates. The market condition requires that
certain stock price hurdles be met before the PSOs become exercisable. The stock price hurdles
are met as follows: one-third of the PSOs each becomes exercisable at hurdle prices of \u20ac26.50, \u20ac30.00
and \u20ac38.00, respectively, based on the preceding 30-day average closing price of UMG N.V. shares.
The PSOs were granted on March 30, 2023 at a total fair value of \u20ac45.9 million ($50 million), the grant
date fair value used for recognising the expense on these awards. In accordance with the PSO terms,
the number of options issued was determined at a later valuation date, April 30, 2023.
During the first half of 2024, PSOs were granted to another senior executive. The PSOs are subject to a
service condition and a market condition. The terms of the service conditions and market condition
are the same as the previously granted PSOs with the exception of the stock price hurdles. The stock
price hurdles are met as follows: one-third of the PSOs each becomes exercisable at hurdle prices of
\u20ac30.00, \u20ac34.00 and \u20ac38.00, respectively, based on the preceding 30-day average closing price of UMG
N.V. shares. The PSOs were granted on May 30, 2024 at a total fair value of \u20ac4.6 million ($5 million), the
grant date fair value used for recognising the expense on these awards. In accordance with the PSO
terms, the number of options issued was determined at a later valuation date, May 31, 2024.
Both senior executives must be employed by UMG on the occurrence of the stock price hurdles. As a
result, the PSOs vest at the later of completion of service condition or the stock price hurdle. Awards
will forfeit if the relevant stock price hurdle is not met in the five-year period following the grant date.
The PSOs will be equity-settled.
As of each respective valuation date, a Monte Carlo simulation was performed to determine the
number of options to be issued so that the per unit fair values summed in total to the grant
date fair value. The valuation exercise simulated the stock price of UMG over the contractual term,
taking into account the terms and conditions on which the options were granted, expected dividend
distributions and the historical volatility of UMG. UMG\u2019s historical volatility was also benchmarked
against the long-term volatility of other listed groups considered comparable to UMG.
The number and weighted average exercise price (WAEP) of, and movements in, share options were
as follows:
2024
2023
Number WAEP Number WAEP
(thousands) (thousands)
Outstanding at 1 January
8,625
\u20ac 19.81
-
na
Granted during the year
610
\u20ac 28.58
8,625
\u20ac 19.81
Forfeited during the year
-
na
-
na
Exercised during the year
-
na
-
na
Expired during the year
-
na
-
na
Outstanding at 31 December
9,235
\u20ac 20.61
8,625
\u20ac 19.81
Exercisable at 31 December
719
\u20ac 19.81
-
na
The weighted average remaining contractual life for the share options outstanding as at December
31, 2024 was 3.34 years (2023: 4.34 years).
The weighted average fair value of options granted during the year was \u20ac7.6 (2023: \u20ac5.3).
The range of exercise prices for options outstanding at the end of the year was \u20ac19.81 to \u20ac28.58
(2023: \u20ac19.81).
The following table lists additional weighted average inputs to the Monte Carlo model used for the
PSOs for the awards granted during the period:
2024 2023
Dividend yield (%)
2.00
2.00
Expected volatility (%)
30.70
34.60
Risk free interest rate (%)
2.93
2.64
Weighted average share price at valuation date (\u20ac)
28.58
19.81
The dividend distribution during the lifetime of the option has been estimated based on historical
and forecasted data and is not necessarily indicative of yield patterns that may occur. The expected
volatility reflects the assumption that the historical volatility over a period similar to the life of the
options is indicative of future trends, which also may not necessarily be the actual outcome.
The total expense for these awards recognised in 2024 was \u20ac17 million (2023: \u20ac10 million) and the
total equity reserve at year end was \u20ac28 million (2023: \u20ac10 million).
Estimated future tax obligation
An estimate of the amount that UMG expects to transfer to tax authorities to settle the employees\u2019
tax obligations in relation to all RSU, PSU, PSO and AIP is \u20ac335 million (2023: \u20ac439 million).
All Employee Award
In October 2022, each eligible employee of UMG was granted 100 shares to be vested at the end
of one-year service period. The grant date share price was \u20ac17.25 per share. A total of 0.75 million
shares was granted with the majority vesting in October 2023.
The total expense for these awards recognised in 2024 was \u20ac0 million (2023: \u20ac9 million) and the total
equity reserve at year end was \u20ac0 million (2023: \u20ac0 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-434": { "value": "
Note 25. Related parties
UMG\u2019s related parties include the Corporate Executives and non-executive board members
Corporate Executive compensation
As of December 31, 2024, UMG's Corporate Executives are comprised of 9 (2023: 9) members, of which
2 (2023: 2) were Executive Directors on the UMG N.V. board. The Corporate executives are as defined in
the Appendix of the Annual Report. The Executive directors are also members of the UMG N.V. board.
Their aggregate compensation is presented in the table below.
Other Year ended December 31, 2024
Corporate Executive Corporate
Directors Executives
(millions of euros) Executives
Short-term employee benefits
20
20
40
Post-employment benefits
1
-
1
Other long-term benefits
-
-
-
Termination benefits
-
-
-
Share-based payments
66
51
117
Corporate Executives
87
71
158
Other Year ended December 31, 2023
Corporate Executive Corporate
Directors Executives
(millions of euros) Executives
Short-term employee benefits
18
29
47
Post-employment benefits
-
-
-
Other long-term benefits
2
-
2
Termination benefits
-
-
-
Share-based payments
70
38
108
Corporate Executives
90
67
157
Refer to the Remuneration Report section in the Annual Report for more detail.
Non-executive board compensation
As of December 31, 2024 UMG's non-executive board received director fees of \u20ac1 million (2023:
\u20ac1 million) and share-based compensation of \u20ac1 million (2023: \u20ac0 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-394": { "value": "Note 25. Related parties UMG\u2019s related parties include the Corporate Executives and non-executive board members Corporate Executive compensation As of December 31, 2024, UMG's Corporate Executives are comprised of 9 (2023: 9) members, of which 2 (2023: 2) were Executive Directors on the UMG N.V. board. The Corporate executives are as defined in the Appendix of the Annual Report. The Executive directors are also members of the UMG N.V. board. Their aggregate compensation is presented in the table below.
Other Year ended December 31, 2024
Corporate Executive Corporate
Directors Executives
(millions of euros) Executives
Short-term employee benefits
20
20
40
Post-employment benefits
1
-
1
Other long-term benefits
-
-
-
Termination benefits
-
-
-
Share-based payments
66
51
117
Corporate Executives
87
71
158
Other Year ended December 31, 2023
Corporate Executive Corporate
Directors Executives
(millions of euros) Executives
Short-term employee benefits
18
29
47
Post-employment benefits
-
-
-
Other long-term benefits
2
-
2
Termination benefits
-
-
-
Share-based payments
70
38
108
Corporate Executives
90
67
157
Refer to the Remuneration Report section in the Annual Report for more detail. Non-executive board compensation As of December 31, 2024 UMG's non-executive board received director fees of \u20ac1 million (2023: \u20ac1 million) and share-based compensation of \u20ac1 million (2023: \u20ac0 million). Other related-party transactions Other related parties include: \u25a0 companies fully consolidated by UMG. The transactions between these companies have been eliminated for the preparation of UMG\u2019s Annual Financial Statements; \u25a0 companies over which UMG exercises a significant influence or has joint control; \u25a0 all companies that are controlled or jointly controlled by Corporate Executives or their close relatives; and \u25a0 all companies that have a significant influence over UMG. UMG distributes its cash surpluses to shareowners through dividends and share capital reductions (please refer to Note 20 ). Vivendi and UMG had previously entered into a transition and services agreement in connection with the separation, the terms of which Vivendi and its subsidiaries will provide to UMG, and UMG will provide to Vivendi and its subsidiaries, on an interim, various transitional basis services as applicable, including but not limited to: (i) a limited selection of treasury related services and applications; (ii) a limited selection of accounting services and accounting software related services and applications; (iii) taxation related services; and (iv) certain employee related principles in connection with the direct listing on the Euronext Amsterdam. This transaction and services agreement ceased in the first half of 2023. The balances and transactions with the parties described above are summarised in the table below:
December 31, 2024
(millions of euros)
Associates
Shareholders
Other
Total
Statement of Financial Position
Assets
Trade accounts receivable
89
2
-
91
Loans and other receivables
101
-
-
101
Other financial assets
58
-
-
58
Liabilities
Trade accounts payable
(1)
-
-
(1)
Statement of Profit or Loss
Revenue
286
9
-
295
Cost of revenues
-
-
-
-
Selling, general and administrative expenses
(20)
(2)
(1)
(23)
Other financial income
6
-
-
6
December 31, 2023
(millions of euros)
Associates
Shareholders
Other
Total
Statement of Financial Position
Assets
Trade accounts receivable
52
4
1
57
Loans and other receivables
105
-
-
105
Other financial assets
-
-
-
-
Liabilities
Trade accounts payable
-
-
-
-
Statement of Profit or Loss
Revenue
268
8
2
278
Cost of revenues
-
-
-
-
Selling, general and administrative expenses
(2)
(2)
-
(4)
Other financial income
-
-
-
-
Note 27. List of consolidated entities
The Consolidated financial statements comprise the assets and liabilities of 440 legal entities. Set out
below is a list of material subsidiaries, representing more than 75% of UMG's consolidated sales.
All the entities are 100% owned.
Legal entity name Principal country of business
Universal Music Group N.V. Netherlands
Universal Music Group, Inc. United States
Universal Music Group Holdings, Inc.
United States
UMG Recordings, Inc.
United States
Universal International Music B.V. Netherlands
Universal Music Entertainment GmbH
Germany
Universal Music LLC
Japan
Universal Music Holdings Ltd.
United Kingdom
Universal Music Group Treasury S.A.S.
France
UMG does not have subsidiaries that have non-controlling interests that are material for its
Consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-397": { "value": "
Note 26. Litigation
In the normal course of its business, Universal Music Group is subject to various lawsuits,
arbitrations and governmental, administrative or other proceedings (collectively referred to herein
as \u201cLegal Proceedings\u201d). However, based on the information currently available, UMG believes that the
outcome from these Legal Proceedings will not have a material impact on UMG's consolidated results
of operations and financial position.
", "dimensions": { "concept": "universalmusicgroupnv:DisclosureOfLitigation", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-456": { "value": "Note 26. Litigation In the normal course of its business, Universal Music Group is subject to various lawsuits, arbitrations and governmental, administrative or other proceedings (collectively referred to herein as \u201cLegal Proceedings\u201d). However, based on the information currently available, UMG believes that the outcome from these Legal Proceedings will not have a material impact on UMG's consolidated results of operations and financial position. Note 29. Audit exemptions UMG has provided guarantees to the following subsidiaries, incorporated in the Netherlands, under the registered number indicated, under section 403 of Book 2 of the Dutch Civil Code. As these companies\u2019 financial data is consolidated within these financial statements, the Dutch entities are allowed to prepare abridged financial statements which are exempt from publication and audit.
Name Company Number
Universal International Music B.V.
31018439
Universal Music Publishing International B.V.
31037866
Universal Music Publishing B.V.
32101966
CMHL B.V.
32140273
Universal Production Music B.V.
85798479
In addition UMG has provided guarantees to the following subsidiaries, incorporated in Germany, under the registered number indicated, under section 264 paragraph 3 of the German Commercial Code. The financial data for these companies are also consolidated within these financial statements therefore the German entities are allowed to prepare abridged financial statements which are exempt from publication and audit.
Name Company Number
Arabella Musikverlag GmbH
HRB 110271
Centre Stage Artist Management GmbH
HRB 66733
Deutsche Grammophon Gesellschaft mbH
HRB 138012
Dreiklang-Dreimasken, B\u00fchnen- und Musikverlag Gesellschaft mit beschr\u00e4nkter Haftung
HRB 110736
G. RICORDI & Co. B\u00fchnen- und Musikverlag GmbH
HRB 153334
Musik Edition Discoton, Gesellschaft mit beschr\u00e4nkter Haftung
HRB 110249
Rob. Forberg Musikverlag GmbH
HRB 153343
Rondor Musikverlag G.m.b.H.
HRB 89705
Sheffield Music GmbH
HRB 221164
UNIVERSAL / MCA Music Publishing GmbH
HRB 85574
Universal Music Entertainment GmbH
HRB 86559
Universal Music GmbH
HRB 158632
Universal Music Publishing GmbH
HRB 87411
Universal Production Music GmbH
HRB 113037
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-435": { "value": "Note 27. List of consolidated entities The Consolidated financial statements comprise the assets and liabilities of 440 legal entities. Set out below is a list of material subsidiaries, representing more than 75% of UMG's consolidated sales. All the entities are 100% owned.
Legal entity name Principal country of business
Universal Music Group N.V. Netherlands
Universal Music Group, Inc. United States
Universal Music Group Holdings, Inc.
United States
UMG Recordings, Inc.
United States
Universal International Music B.V. Netherlands
Universal Music Entertainment GmbH
Germany
Universal Music LLC
Japan
Universal Music Holdings Ltd.
United Kingdom
Universal Music Group Treasury S.A.S.
France
UMG does not have subsidiaries that have non-controlling interests that are material for its Consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-395": { "value": "
Note 28.
Statutory auditors fees
Fees for audit services include the audit of the financial statements of the UMG and its subsidiaries.
Fees for other audit services include review of interim financial statements, sustainability, and
other audits. Fees for tax services include tax compliance and tax advice. Fees for other non-audit
services include agreed-upon procedures and advisory services. Fees for tax and other non-audit
services are related to the network outside the Netherlands and are in accordance with local
independence regulation.
Year ended December 31,
(millions of euros)
2024
2023
EY Accountants B.V.
EY Accountants B.V.
Audit of UMG and its subsidiaries
8
8
Other assurance-related fees
1
-
-
Tax services
-
-
Other non-audit services
-
-
Total
2
8
8
1 Total sustainability audit fees was \u20ac0 million (2023: \u20ac0 million).
2 Total fees charged by the Dutch organization of EY Accountants B.V. was \u20ac3 million (2023: \u20ac4 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-396": { "value": "
Note 29. Audit exemptions
UMG has provided guarantees to the following subsidiaries, incorporated in the Netherlands, under
the registered number indicated, under section 403 of Book 2 of the Dutch Civil Code. As these
companies\u2019 financial data is consolidated within these financial statements, the Dutch entities are
allowed to prepare abridged financial statements which are exempt from publication and audit.
Name Company Number
Universal International Music B.V.
31018439
Universal Music Publishing International B.V.
31037866
Universal Music Publishing B.V.
32101966
CMHL B.V.
32140273
Universal Production Music B.V.
85798479
In addition UMG has provided guarantees to the following subsidiaries, incorporated in Germany,
under the registered number indicated, under section 264 paragraph 3 of the German Commercial
Code. The financial data for these companies are also consolidated within these financial statements
therefore the German entities are allowed to prepare abridged financial statements which are
exempt from publication and audit.
Name Company Number
Arabella Musikverlag GmbH
HRB 110271
Centre Stage Artist Management GmbH
HRB 66733
Deutsche Grammophon Gesellschaft mbH
HRB 138012
Dreiklang-Dreimasken, B\u00fchnen- und Musikverlag Gesellschaft mit beschr\u00e4nkter Haftung
HRB 110736
G. RICORDI & Co. B\u00fchnen- und Musikverlag GmbH
HRB 153334
Musik Edition Discoton, Gesellschaft mit beschr\u00e4nkter Haftung
HRB 110249
Rob. Forberg Musikverlag GmbH
HRB 153343
Rondor Musikverlag G.m.b.H.
HRB 89705
Sheffield Music GmbH
HRB 221164
UNIVERSAL / MCA Music Publishing GmbH
HRB 85574
Universal Music Entertainment GmbH
HRB 86559
Universal Music GmbH
HRB 158632
Universal Music Publishing GmbH
HRB 87411
Universal Production Music GmbH
HRB 113037
", "dimensions": { "concept": "universalmusicgroupnv:DisclosureOfAuditExemptions", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-398": { "value": "
Note 30. Subsequent events
The Group has evaluated subsequent events and no events have been identified that could have a
material impact on its financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }