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"ifrs-full:Equity", "entity": "scheme:724500TEM53I0U077B74", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-389": { "value": "1749000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500TEM53I0U077B74", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-390": { "value": "Note 1 \u2013 General and basis of preparation General Reporting entity Wolters Kluwer N.V. (the company) with its subsidiaries (together referred to as \u2018the group\u2019 and individually as \u2018group entities\u2019) is a global provider of information, software solutions, and services for professionals in the health, tax and accounting, \ufb01nancial and corporate compliance, legal and regulatory, and corporate performance and ESG sectors. Our expert solutions combine deep domain knowledge with technology to deliver both content and workflow automation to drive improved outcomes and productivity for our customers. The group maintains operations across the U.S. & Canada, Europe, Asia Paci\ufb01c, and other regions (referred to as \u2018Rest of World\u2019). The company\u2019s ordinary shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX, Euronext 100, and EURO STOXX 50 indices, among others. The registered office of Wolters Kluwer N.V. is located at Zuidpoolsingel 2, Alphen aan den Rijn, the Netherlands, with its statutory seat in Amsterdam and a registration with the Dutch Commercial Register under number 33.202.517. Statement of compliance The consolidated \ufb01nancial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and its interpretations, prevailing as of December 31, 2023, as endorsed for use in the European Union by the European Commission. These \ufb01nancial statements were authorized for issuance by the Executive Board and the Supervisory Board on February 20, 2024. The adoption of the \ufb01nancial statements and the adoption of the dividend are reserved for the shareholders in the Annual General Meeting of Shareholders on May 8, 2024. Consolidated financial statements The consolidated \ufb01nancial statements of the company at and for the year ended December 31, 2023, comprise the group and the group\u2019s interest in associates. The material accounting policy information applied in the preparation of these consolidated \ufb01nancial statements is set out in Note 2 \u2013 Material accounting policy information and the relevant respective notes to the consolidated \ufb01nancial statements. A list of subsidiaries has been \ufb01led with the Chamber of Commerce in The Hague, the Netherlands, and is available from the company upon request. An overview of the signi\ufb01cant subsidiaries is included in Note 38 \u2013 Overview of significant subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-391": { "value": "Wolters Kluwer N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-392": { "value": "global provider of information, software solutions, and services for professionals in the health, tax and accounting, \ufb01nancial and corporate compliance, legal and regulatory, and corporate performance and ESG sectors. Our expert solutions combine deep domain knowledge with technology to deliver both content and workflow automation to drive improved outcomes and productivity for our customers. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-393": { "value": "U.S. & Canada, Europe, Asia Paci\ufb01c, and other regions (referred to as \u2018Rest of World\u2019)", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-394": { "value": "Wolters Kluwer N.V.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-395": { "value": "Zuidpoolsingel 2, Alphen aan den Rijn, the Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-396": { "value": "Statement of compliance The consolidated \ufb01nancial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and its interpretations, prevailing as of December 31, 2023, as endorsed for use in the European Union by the European Commission. These \ufb01nancial statements were authorized for issuance by the Executive Board and the Supervisory Board on February 20, 2024. The adoption of the \ufb01nancial statements and the adoption of the dividend are reserved for the shareholders in the Annual General Meeting of Shareholders on May 8, 2024. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-397": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-398": { "value": "Basis of preparation Basis of measurement The consolidated \ufb01nancial statements have been prepared under the historical cost basis except for the following material items in the consolidated statement of \ufb01nancial position: \u2022 Financial assets and \ufb01nancial liabilities (including derivative \ufb01nancial instruments) measured at fair value; \u2022 Share-based payments; and \u2022 Net de\ufb01ned employee bene\ufb01t assets/liabilities. Presentation currency The consolidated \ufb01nancial statements are presented in euros and rounded to the nearest million, unless otherwise indicated. Use of estimates and judgments The preparation of \ufb01nancial statements in conformity with IFRS requires management to make estimates, judgments, and assumptions that affect the application of policies and reported amounts of assets and liabilities, the disclosed amounts of contingent assets and liabilities, and the reported amounts of income and expense. Refer to Note 3 \u2013 Accounting estimates and judgments. Going concern The Executive Board has assessed the going concern assumption as part of the preparation of the consolidated \ufb01nancial statements. The Executive Board believes that no events or conditions give rise to doubt about the ability of the group to continue in operation for at least 12 months from the end of the reporting period. This conclusion is drawn based on knowledge of the group, the estimated economic outlook, and related identi\ufb01ed risks and uncertainties. Furthermore, the conclusion is based on a review of the three-year strategic plan and next year\u2019s budget, including expected developments in liquidity and capital, which includes the evaluation of current credit facilities available, contractual and expected maturities of \ufb01nancial liabilities, and covenants. Consequently, it was concluded that it is reasonable to apply the going concern assumption for the preparation of the consolidated \ufb01nancial statements. Effect of new accounting standards Except for the EU-endorsed amendments below, the group has consistently applied the accounting policies set out in Note 2 \u2013 Material accounting policy information and the relevant respective notes to the consolidated \ufb01nancial statements to all periods presented in these \ufb01nancial statements. The group has applied the following amendments for the \ufb01rst time for the annual reporting period commencing January 1, 2023: \u2022 Insurance contracts (amendments to IFRS 17); \u2022 Disclosure of accounting policies (amendments to IAS 1 and IFRS Practice Statement 2); \u2022 De\ufb01nition of accounting estimates (amendments to IAS 8); \u2022 Deferred tax related to assets and liabilities arising from a single transaction (amendments to IAS 12); and \u2022 International Tax Reform \u2013 Pillar Two Model Rules (amendments to IAS 12). The amendments to IAS 1 and IFRS Practice Statement 2 have had an impact on the disclosure of accounting policy information in the \ufb01nancial statements, whereby any accounting policy information not considered material in terms of the amended standards is no longer disclosed. Following the amendments to IAS 12 relating to the deferred tax assets and liabilities arising from a single transaction, the group has recognized gross deferred tax assets and liabilities where needed. However, these are offset in line with the netting requirements of IAS 12. The amendments to IAS 12 relating to Pillar Two Model Rules have not had any material impact on the amounts reported or disclosed in these \ufb01nancial statements. For more information, refer to Note 15 \u2013 Income tax expense. The application of the other abovementioned amendments has not had any material impact on the amounts reported or disclosed in these \ufb01nancial statements. Effect of forthcoming accounting standards The following forthcoming amendments are not yet effective for the year ended December 31, 2023, and have not been early adopted in preparing these \ufb01nancial statements: \u2022 Sale or contribution of assets between an investor and its associate or joint venture (amendments to IFRS 10 and IAS 28); \u2022 Classi\ufb01cation of liabilities as current or non-current (amendments to IAS 1); \u2022 Non-current liabilities with covenants (amendments to IAS 1); \u2022 Supplier \ufb01nance arrangements (amendments to IAS 7 and IFRS 7); and \u2022 Lease liability in a sale and leaseback (amendments to IFRS 16). If supplier \ufb01nance arrangements exist, as de\ufb01ned per the amended IAS 7 and IFRS 7, this will only result in presentation changes in the consolidated statements of cash flows and \ufb01nancial position, apart from other qualitative disclosures in the notes to the consolidated \ufb01nancial statements. The group has no material supplier \ufb01nancing arrangements, and expects no signi\ufb01cant impact from the other abovementioned amendments. Comparatives Change in organizational structure In March 2023, a new division, Corporate Performance & ESG, was formed by bringing together four global enterprise software businesses previously part of other divisions. This strategic step was taken to position the group to meet the growing demand from corporations and banks for integrated \ufb01nancial, operational, and ESG performance management and reporting solutions. This new division consists of the following businesses: \u2022 CCH Tagetik (previously in Tax & Accounting); \u2022 Enablon (previously in Legal & Regulatory); \u2022 Finance, Risk & Reporting (previously in Governance, Risk & Compliance (GRC), renamed Financial & Corporate Compliance); and \u2022 TeamMate (previously in Tax & Accounting). In addition to the creation of the new division, the Enterprise Legal Management business was transferred from the GRC division to the Legal & Regulatory division. The GRC division was renamed Financial & Corporate Compliance to reflect its new business focus. There are \ufb01ve operating segments effective January 1, 2023: \u2022 Health; \u2022 Tax & Accounting; \u2022 Financial & Corporate Compliance; \u2022 Legal & Regulatory; and \u2022 Corporate Performance & ESG. The change in the organizational structure also changed the composition of the groups of cash-generating units to which goodwill has been allocated. Therefore, the goodwill has been reallocated to the groups of cash generating units affected based on the relative value approach. The reallocation of goodwill is as follows:
Allocated Pro-forma Allocated
goodwill in Reallocation goodwill in goodwill in
groups of cash-generating units 2022 of goodwill 2022 2023
Health Learning, Research & Practice
567
(567)
Clinical Solutions (Health)
557
(557)
Health
1,124
1,124
1,111
Tax & Accounting Americas and Asia Paci\ufb01c
1,131
(1,131)
Tax & Accounting Europe
411
(411)
Tax & Accounting
1,213
1,213
1,188
Financial & Corporate Compliance
1,122
(102)
1,020
987
Legal & Regulatory
606
(37)
569
573
Corporate Performance & ESG
468
468
463
Total
4,394
0
4,394
4,322
Refer to Note 5 \u2013 Segment reporting, Note 6 \u2013 Revenues, and Note 17 \u2013 Goodwill and intangible assets other than goodwill for more information. Other comparatives Comparative \ufb01gures in Note 12 \u2013 Employee benefit expenses are restated as temporary staff and contractors are no longer considered part of employee bene\ufb01t expenses. Certain other immaterial reclassi\ufb01cations are made to certain notes to conform to the current year presentation and to improve insights. These reclassi\ufb01cations have had no impact on the comparative shareholders\u2019 equity or comparative pro\ufb01t for the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-399": { "value": "Going concern The Executive Board has assessed the going concern assumption as part of the preparation of the consolidated \ufb01nancial statements. The Executive Board believes that no events or conditions give rise to doubt about the ability of the group to continue in operation for at least 12 months from the end of the reporting period. This conclusion is drawn based on knowledge of the group, the estimated economic outlook, and related identi\ufb01ed risks and uncertainties. Furthermore, the conclusion is based on a review of the three-year strategic plan and next year\u2019s budget, including expected developments in liquidity and capital, which includes the evaluation of current credit facilities available, contractual and expected maturities of \ufb01nancial liabilities, and covenants. Consequently, it was concluded that it is reasonable to apply the going concern assumption for the preparation of the consolidated \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-400": { "value": "
Comparatives
Change in organizational structure
In March 2023, a new division, Corporate Performance & ESG, was formed by bringing together four
global enterprise software businesses previously part of other divisions. This strategic step was
taken to position the group to meet the growing demand from corporations and banks for
integrated \ufb01nancial, operational, and ESG performance management and reporting solutions.
This new division consists of the following businesses:
\u2022 CCH Tagetik (previously in Tax & Accounting);
\u2022 Enablon (previously in Legal & Regulatory);
\u2022 Finance, Risk & Reporting (previously in Governance, Risk & Compliance (GRC), renamed
Financial & Corporate Compliance); and
\u2022 TeamMate (previously in Tax & Accounting).
In addition to the creation of the new division, the Enterprise Legal Management business was
transferred from the GRC division to the Legal & Regulatory division. The GRC division was
renamed Financial & Corporate Compliance to reflect its new business focus.
There are \ufb01ve operating segments effective January 1, 2023:
\u2022 Health;
\u2022 Tax & Accounting;
\u2022 Financial & Corporate Compliance;
\u2022 Legal & Regulatory; and
\u2022 Corporate Performance & ESG.
The change in the organizational structure also changed the composition of the groups of
cash-generating units to which goodwill has been allocated. Therefore, the goodwill has been
reallocated to the groups of cash generating units affected based on the relative value
approach. The reallocation of goodwill is as follows:
Allocated Pro-forma Allocated
goodwill in Reallocation goodwill in goodwill in
groups of cash-generating units 2022 of goodwill 2022 2023
Health Learning, Research & Practice
567
(567)
Clinical Solutions (Health)
557
(557)
Health
1,124
1,124
1,111
Tax & Accounting Americas and Asia Paci\ufb01c
1,131
(1,131)
Tax & Accounting Europe
411
(411)
Tax & Accounting
1,213
1,213
1,188
Financial & Corporate Compliance
1,122
(102)
1,020
987
Legal & Regulatory
606
(37)
569
573
Corporate Performance & ESG
468
468
463
Total
4,394
0
4,394
4,322
Refer to Note 5 \u2013 Segment reporting, Note 6 \u2013 Revenues, and Note 17 \u2013 Goodwill and intangible
assets other than goodwill for more information.
Other comparatives
Comparative \ufb01gures in Note 12 \u2013 Employee benefit expenses are restated as temporary staff
and contractors are no longer considered part of employee bene\ufb01t expenses.
Certain other immaterial reclassi\ufb01cations are made to certain notes to conform to the current
year presentation and to improve insights. These reclassi\ufb01cations have had no impact on the
comparative shareholders\u2019 equity or comparative pro\ufb01t for the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-401": { "value": "Note 2 \u2013 Material accounting policy information Except for the changes explained in Note 1 \u2013 General and basis of preparation, the group has consistently applied the material accounting policies to all periods presented in these consolidated \ufb01nancial statements. The main principles for the determination and presentation of results and the valuation and presentation of assets and liabilities are described in the relevant respective notes to the consolidated \ufb01nancial statements. Basis of consolidation Loss of control Upon loss of control, the group derecognizes the assets and liabilities of the subsidiary, any non-controlling interests, and the other components of equity related to the subsidiary. Any surplus or de\ufb01cit arising from the loss of control is recognized in pro\ufb01t or loss. If the group retains any equity interest in the former subsidiary, such interest is measured at fair value at the date that control is lost. Subsequently, the remaining interest is accounted for as an equity-accounted associate or as a \ufb01nancial asset at fair value through pro\ufb01t or loss or other comprehensive income (OCI), depending on the level of influence retained. Foreign currency Functional and presentation currency Items included in the \ufb01nancial statements of each of the group entities are measured using the currency of the primary economic environment in which the group entities operate (the functional currency). The consolidated \ufb01nancial statements are presented in euros, which is the group\u2019s presentation currency. Foreign currency transactions and balances Foreign currency transactions are translated into the functional currency of the group entities using the exchange rates prevailing at the transaction dates. Foreign exchange gains and losses resulting from the settlement of such transactions during the year and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognized in pro\ufb01t or loss. Foreign currency differences arising from the following items are recognized in other comprehensive income: \u2022 Qualifying cash flow hedges to the extent that the hedge is effective; and \u2022 Qualifying net investment hedges on foreign operations to the extent that the hedge is effective. Non-monetary assets and liabilities in a foreign currency that are measured in terms of historical cost are translated using the exchange rates at the transaction dates. Non- monetary assets and liabilities denominated in foreign currencies, that are stated at fair value, are translated to the functional currency at the foreign exchange rates prevailing on the dates the fair value was determined. Foreign operations The assets and liabilities of group companies are translated to euros at foreign exchange rates prevailing at the end of the reporting period. Income and expenses of group companies are translated to euros at exchange rates on the transaction dates. All resulting exchange differences are recognized as a component of other comprehensive income in the translation reserve. When a foreign currency-denominated subsidiary or equity-accounted associates is disposed of, exchange differences that were recognized in other comprehensive income prior to the sale are reclassi\ufb01ed to pro\ufb01t or loss as part of the gain or loss on divestments. Net investment in foreign operations Net investment in foreign operations includes equity \ufb01nancing and long-term intercompany loans for which settlement is neither planned nor likely to occur in the foreseeable future. Exchange differences arising from the translation of the net investment in foreign operations, and of related hedges, are taken to the translation reserve of foreign operations in other comprehensive income.
Main currency exchange rates
rates to the euro
2023
2022
U.S. dollar (average)
1.08
1.05
U.S. dollar (at December 31)
1.11
1.07
Principles underlying the statement of cash flows General Bank overdrafts repayable on demand are included as cash and cash equivalents in the consolidated statement of cash flows to the extent that they form an integral part of the group\u2019s cash management. However, in the consolidated statement of \ufb01nancial position, bank overdrafts are presented separately as the offsetting criteria are not met. Cash flows from operating activities Cash flows from operating activities are calculated using the indirect method by adjusting the consolidated pro\ufb01t for the year for items that are not cash flows and for autonomous movements in working capital (excluding the impact of acquisitions/divestments, foreign exchanges differences, and reclassi\ufb01cations to assets/liabilities classi\ufb01ed as held for sale). Cash flows from operating activities include receipts from customers, cash payments to employees and suppliers, paid \ufb01nancing costs of operating activities (including interest paid and received, the interest portion of lease payments, paid \ufb01nancing fees, and cash flows resulting from derivatives not qualifying for hedge accounting), acquisition and divestment- related costs, spending on restructuring provisions, and income taxes paid. Cash flows from investing activities Cash flows from investing activities are those arising from capital expenditure on and disposal of other intangible assets and property, plant, and equipment, acquisitions and sale of subsidiaries and equity-accounted associates, dividends received, and cash flows from the settlement of net investment hedges. Dividends received are receipts from equity-accounted associates and \ufb01nancial assets measured at fair value through pro\ufb01t or loss or other comprehensive income. Cash receipts and payments from the settlement of derivative \ufb01nancial instruments are classi\ufb01ed in the same manner as the cash flows of the hedged items. The group primarily uses derivatives for hedging its net investments in U.S. dollar-denominated subsidiaries. As a result, cash receipts and payments from the settlement of derivatives are classi\ufb01ed under cash flows from investing activities. Cash flows from financing activities The cash flows from \ufb01nancing activities comprise the cash receipts and payments from issued and repurchased shares, long-term debt instruments, short-term \ufb01nancing, repayments of the principal portion of lease liabilities, and dividends paid. Dividends paid are to the owners of the company and the non-controlling interests. Financial instruments Financial instruments comprise the following: \u2022 Non-derivative \ufb01nancial assets and liabilities: \ufb01nancial assets at fair value through pro\ufb01t or loss, trade and miscellaneous receivables, cash and cash equivalents, borrowings and bank overdrafts, trade payables, and short- and long-term debt; and \u2022 Derivative \ufb01nancial assets and liabilities: cross-currency interest rate swaps, net investment hedges, and currency forwards. The group recognizes non-derivative \ufb01nancial assets and liabilities on the trade date. Material accounting policy information Contract assets and contract liabilities The group recognizes the following contract-related assets: unbilled revenues, cost to obtain a contract, and cost to ful\ufb01ll a contract. The group recognizes the following contract-related liabilities: deferred income and the provisions for returns, refunds, and other liabilities. Unbilled revenues and deferred income When either party to a customer contract has performed, the group recognizes unbilled revenues or deferred income, depending on the relationship between the group\u2019s performance and the timing of the customer\u2019s payment. If the value of the services rendered by the group exceeds the invoiced amounts, unbilled revenues are recognized. If the invoiced amounts exceed the value of services rendered, deferred income is recognized. Unbilled revenues are recognized when the group\u2019s right to consideration is conditional on something other than the passage of time, for example future performance of the entity. Deferred income represents the part of the amount invoiced to customers that has not yet met the criteria for revenue recognition and thus still must be earned as revenues by means of the delivery of goods and/or services in the future. Deferred income is recognized at its nominal value. For contracts whereby neither party has performed, trade receivables and deferred income balances are presented on a net basis. Cost to obtain a contract Incremental costs for obtaining a contract (primarily sales commissions) will be capitalized and amortized if the contract term is expected to be longer than 12 months, as the practical expedient of IFRS 15 is applied. The amortization period will usually be one to \ufb01ve years, or the underlying contract life if longer, subject to the nature of the underlying performance obligations. Cost to fulfill a contract If the group incurs costs to ful\ufb01ll a revenue contract with a customer (e.g., costs that are explicitly chargeable to the customer under the contract, set-up costs, or pre-contract costs), an asset is recognized if these costs directly relate to a contract, generate or enhance resources that will be used in satisfying performance obligations in the future, and are expected to be recovered. The amortization of set-up and pre-contract costs is recognized as an expense over the term of the associated contract. Provisions for returns, refunds, and other liabilities The group recognizes a contract liability if the group receives consideration from a customer and expects to refund some or all of that consideration to the customer or for transferred goods and/or services with a right of return. The contract liability is measured as the amount of the consideration for which the group does not expect to be entitled to.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-402": { "value": "Basis of consolidation Loss of control Upon loss of control, the group derecognizes the assets and liabilities of the subsidiary, any non-controlling interests, and the other components of equity related to the subsidiary. Any surplus or de\ufb01cit arising from the loss of control is recognized in pro\ufb01t or loss. If the group retains any equity interest in the former subsidiary, such interest is measured at fair value at the date that control is lost. Subsequently, the remaining interest is accounted for as an equity-accounted associate or as a \ufb01nancial asset at fair value through pro\ufb01t or loss or other comprehensive income (OCI), depending on the level of influence retained. Foreign currency Functional and presentation currency Items included in the \ufb01nancial statements of each of the group entities are measured using the currency of the primary economic environment in which the group entities operate (the functional currency). The consolidated \ufb01nancial statements are presented in euros, which is the group\u2019s presentation currency. Foreign currency transactions and balances Foreign currency transactions are translated into the functional currency of the group entities using the exchange rates prevailing at the transaction dates. Foreign exchange gains and losses resulting from the settlement of such transactions during the year and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognized in pro\ufb01t or loss. Foreign currency differences arising from the following items are recognized in other comprehensive income: \u2022 Qualifying cash flow hedges to the extent that the hedge is effective; and \u2022 Qualifying net investment hedges on foreign operations to the extent that the hedge is effective. Non-monetary assets and liabilities in a foreign currency that are measured in terms of historical cost are translated using the exchange rates at the transaction dates. Non- monetary assets and liabilities denominated in foreign currencies, that are stated at fair value, are translated to the functional currency at the foreign exchange rates prevailing on the dates the fair value was determined. Foreign operations The assets and liabilities of group companies are translated to euros at foreign exchange rates prevailing at the end of the reporting period. Income and expenses of group companies are translated to euros at exchange rates on the transaction dates. All resulting exchange differences are recognized as a component of other comprehensive income in the translation reserve. When a foreign currency-denominated subsidiary or equity-accounted associates is disposed of, exchange differences that were recognized in other comprehensive income prior to the sale are reclassi\ufb01ed to pro\ufb01t or loss as part of the gain or loss on divestments. Net investment in foreign operations Net investment in foreign operations includes equity \ufb01nancing and long-term intercompany loans for which settlement is neither planned nor likely to occur in the foreseeable future. Exchange differences arising from the translation of the net investment in foreign operations, and of related hedges, are taken to the translation reserve of foreign operations in other comprehensive income.
Main currency exchange rates
rates to the euro
2023
2022
U.S. dollar (average)
1.08
1.05
U.S. dollar (at December 31)
1.11
1.07
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-403": { "value": "Foreign currency Functional and presentation currency Items included in the \ufb01nancial statements of each of the group entities are measured using the currency of the primary economic environment in which the group entities operate (the functional currency). The consolidated \ufb01nancial statements are presented in euros, which is the group\u2019s presentation currency. Foreign currency transactions and balances Foreign currency transactions are translated into the functional currency of the group entities using the exchange rates prevailing at the transaction dates. Foreign exchange gains and losses resulting from the settlement of such transactions during the year and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognized in pro\ufb01t or loss. Foreign currency differences arising from the following items are recognized in other comprehensive income: \u2022 Qualifying cash flow hedges to the extent that the hedge is effective; and \u2022 Qualifying net investment hedges on foreign operations to the extent that the hedge is effective. Non-monetary assets and liabilities in a foreign currency that are measured in terms of historical cost are translated using the exchange rates at the transaction dates. Non- monetary assets and liabilities denominated in foreign currencies, that are stated at fair value, are translated to the functional currency at the foreign exchange rates prevailing on the dates the fair value was determined. Foreign operations The assets and liabilities of group companies are translated to euros at foreign exchange rates prevailing at the end of the reporting period. Income and expenses of group companies are translated to euros at exchange rates on the transaction dates. All resulting exchange differences are recognized as a component of other comprehensive income in the translation reserve. When a foreign currency-denominated subsidiary or equity-accounted associates is disposed of, exchange differences that were recognized in other comprehensive income prior to the sale are reclassi\ufb01ed to pro\ufb01t or loss as part of the gain or loss on divestments. Net investment in foreign operations Net investment in foreign operations includes equity \ufb01nancing and long-term intercompany loans for which settlement is neither planned nor likely to occur in the foreseeable future. Exchange differences arising from the translation of the net investment in foreign operations, and of related hedges, are taken to the translation reserve of foreign operations in other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-404": { "value": "Functional and presentation currency Items included in the \ufb01nancial statements of each of the group entities are measured using the currency of the primary economic environment in which the group entities operate (the functional currency). The consolidated \ufb01nancial statements are presented in euros, which is the group\u2019s presentation currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-405": { "value": "Foreign currency transactions and balances Foreign currency transactions are translated into the functional currency of the group entities using the exchange rates prevailing at the transaction dates. Foreign exchange gains and losses resulting from the settlement of such transactions during the year and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognized in pro\ufb01t or loss. Foreign currency differences arising from the following items are recognized in other comprehensive income: \u2022 Qualifying cash flow hedges to the extent that the hedge is effective; and \u2022 Qualifying net investment hedges on foreign operations to the extent that the hedge is effective. Non-monetary assets and liabilities in a foreign currency that are measured in terms of historical cost are translated using the exchange rates at the transaction dates. Non- monetary assets and liabilities denominated in foreign currencies, that are stated at fair value, are translated to the functional currency at the foreign exchange rates prevailing on the dates the fair value was determined. Foreign operations The assets and liabilities of group companies are translated to euros at foreign exchange rates prevailing at the end of the reporting period. Income and expenses of group companies are translated to euros at exchange rates on the transaction dates. All resulting exchange differences are recognized as a component of other comprehensive income in the translation reserve. When a foreign currency-denominated subsidiary or equity-accounted associates is disposed of, exchange differences that were recognized in other comprehensive income prior to the sale are reclassi\ufb01ed to pro\ufb01t or loss as part of the gain or loss on divestments. Net investment in foreign operations Net investment in foreign operations includes equity \ufb01nancing and long-term intercompany loans for which settlement is neither planned nor likely to occur in the foreseeable future. Exchange differences arising from the translation of the net investment in foreign operations, and of related hedges, are taken to the translation reserve of foreign operations in other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-406": { "value": "Principles underlying the statement of cash flows General Bank overdrafts repayable on demand are included as cash and cash equivalents in the consolidated statement of cash flows to the extent that they form an integral part of the group\u2019s cash management. However, in the consolidated statement of \ufb01nancial position, bank overdrafts are presented separately as the offsetting criteria are not met. Cash flows from operating activities Cash flows from operating activities are calculated using the indirect method by adjusting the consolidated pro\ufb01t for the year for items that are not cash flows and for autonomous movements in working capital (excluding the impact of acquisitions/divestments, foreign exchanges differences, and reclassi\ufb01cations to assets/liabilities classi\ufb01ed as held for sale). Cash flows from operating activities include receipts from customers, cash payments to employees and suppliers, paid \ufb01nancing costs of operating activities (including interest paid and received, the interest portion of lease payments, paid \ufb01nancing fees, and cash flows resulting from derivatives not qualifying for hedge accounting), acquisition and divestment- related costs, spending on restructuring provisions, and income taxes paid. Cash flows from investing activities Cash flows from investing activities are those arising from capital expenditure on and disposal of other intangible assets and property, plant, and equipment, acquisitions and sale of subsidiaries and equity-accounted associates, dividends received, and cash flows from the settlement of net investment hedges. Dividends received are receipts from equity-accounted associates and \ufb01nancial assets measured at fair value through pro\ufb01t or loss or other comprehensive income. Cash receipts and payments from the settlement of derivative \ufb01nancial instruments are classi\ufb01ed in the same manner as the cash flows of the hedged items. The group primarily uses derivatives for hedging its net investments in U.S. dollar-denominated subsidiaries. As a result, cash receipts and payments from the settlement of derivatives are classi\ufb01ed under cash flows from investing activities. Cash flows from financing activities The cash flows from \ufb01nancing activities comprise the cash receipts and payments from issued and repurchased shares, long-term debt instruments, short-term \ufb01nancing, repayments of the principal portion of lease liabilities, and dividends paid. Dividends paid are to the owners of the company and the non-controlling interests. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-407": { "value": "Financial instruments Financial instruments comprise the following: \u2022 Non-derivative \ufb01nancial assets and liabilities: \ufb01nancial assets at fair value through pro\ufb01t or loss, trade and miscellaneous receivables, cash and cash equivalents, borrowings and bank overdrafts, trade payables, and short- and long-term debt; and \u2022 Derivative \ufb01nancial assets and liabilities: cross-currency interest rate swaps, net investment hedges, and currency forwards. The group recognizes non-derivative \ufb01nancial assets and liabilities on the trade date. Material accounting policy information Non-derivative financial liabilities measured at amortized cost Financial liabilities measured at amortized cost are bonds, the Euro Commercial Paper program, private placements, other long- and short-term debt, and trade payables . Material accounting policy information Derivative financial instruments and hedging activities The group holds derivative \ufb01nancial instruments to hedge risk exposures. Derivative \ufb01nancial instruments are initially recognized at fair value on the date a derivative contract is concluded and are subsequently remeasured at fair value. The method of recognizing gains or losses depends on whether the derivative is designated as a hedging instrument and if so, the nature of the item being hedged. The group designates derivatives as either: \u2022 Hedges of a risk associated with a recognized asset or liability or a highly probable forecast transaction (cash flow hedge); \u2022 Hedges of a net investment in a foreign operation (net investment hedge); or \u2022 Currency forward instruments to protect the group\u2019s net pro\ufb01t (not qualifying for hedge accounting). With respect to foreign currency forwards used in the cash flow hedges and the net investment hedges, the group designates as a hedging instrument only the change in the value of the spot component of a forward contract (and not the forward element). The differential between the contracted forward rate and the market spot rate, de\ufb01ned as forward points, is recognized in other comprehensive income and accumulated in the hedge reserve within total equity. Cash flow hedge The effective part of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognized in other comprehensive income, and accumulated in the hedge reserve within total equity. Amounts accumulated in the hedge reserve are reclassi\ufb01ed to pro\ufb01t or loss within the line where the result from the hedged transaction is recognized, in the same period the hedged item affects the pro\ufb01t or loss. The gain or loss relating to the ineffective part of the hedging relationship is recognized in pro\ufb01t or loss within \ufb01nancing results. Reclassification of hedge reserve to profit or loss When a hedging instrument matures or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in the hedge reserve at that time remains in the hedge reserve and is only reclassi\ufb01ed when the hedged transaction is ultimately recognized in pro\ufb01t or loss. When a hedged transaction is no longer expected to occur, the cumulative gain or loss in the hedge reserve is reclassi\ufb01ed to pro\ufb01t or loss. Net investment hedge Fair value changes of derivative \ufb01nancial instruments used to hedge the net investment in foreign operations, which are determined to be an effective hedge, are recognized directly in other comprehensive income in the translation reserve. Gains and losses accumulated in the translation reserve are reclassi\ufb01ed to pro\ufb01t or loss when the foreign operation is disposed. If a hedging relationship is terminated and the derivative \ufb01nancial instrument is not sold, future changes in the fair value of the derivative \ufb01nancial instrument are recognized in pro\ufb01t or loss. The gain or loss relating to the ineffective part of the hedging relationship is recognized in pro\ufb01t or loss within \ufb01nancing results. Derivatives that do not qualify for hedge accounting Changes in the fair value of any derivative \ufb01nancial instruments that do not qualify for hedge accounting are recognized in pro\ufb01t or loss within \ufb01nancing results. Material accounting policy information Non-derivative \ufb01nancial liabilities at fair value through pro\ufb01t or loss comprise deferred and contingent considerations and are measured at fair value. Changes therein are recognized in pro\ufb01t or loss. The contingent considerations are based on a discounted cash flow model, which considers the present value of expected payments, using a risk-adjusted discount rate. The expected payment is determined by considering possible scenarios, the amount to be paid under each scenario, and the probability of each scenario. The estimated fair value could increase (or decrease) if assumptions change. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-408": { "value": "
Note 3 \u2013 Accounting estimates and judgments
The preparation of the \ufb01nancial statements in conformity with IFRS requires management
to make estimates, judgments, and assumptions that affect the application of policies and
reported amounts of assets and liabilities, the disclosed amounts of contingent assets and
liabilities, and the reported amounts of income and expense, that are not clear from other
sources. The estimates, judgments, and underlying assumptions are based on historical
experience and other factors that are believed to be reasonable under the circumstances.
Actual results may differ from those estimates and may result in material adjustments in the
next \ufb01nancial year(s).
The impact of climate-related matters was considered while preparing the \ufb01nancial
statements, with a focus on the potential \ufb01nancial impact on estimates and judgments
related to the impairment of non-\ufb01nancial assets. Hereby management considered the
outcome of an initial double materiality assessment and the group\u2019s emission reduction
targets and associated abatement plans. Management concluded that the \ufb01nancial impact
of climate-related matters on estimates and judgments is not material.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimate is revised if the
revision affects only that period, or the period of the revision and future periods if the
revision affects both current and future periods. Judgments made by management in the
application of IFRS that could have an effect on the \ufb01nancial statements and estimates with
the risk of a material adjustment in future years are further discussed in the corresponding
notes to the consolidated statements of pro\ufb01t or loss and \ufb01nancial position:
\u2022 Revenue recognition (see Note 6);
\u2022 Accounting for income taxes (see Note 15 and Note 22); and
\u2022 Valuation, measurement, and impairment testing of goodwill and intangible assets other
than goodwill (see Note 8 and Note 17).
Management believes that these risks are adequately covered in its estimates and judgments.
Estimates and judgments IFRS 15 Revenue from Contracts with Customers requires management to make estimates and judgments on the characteristics of a performance obligation, (un)bundling of multi- element arrangements, and whether revenues should be recognized over time or at a point in time. In addition, management makes estimates of the stand-alone selling prices of performance obligations, variable considerations, and product and contract lives. When another party is involved in providing goods and/or services to a customer, management makes a judgment whether the promise to the customer is a performance obligation by the group (i.e., acting as a principal), or by another party (i.e., acting as an agent). The group acts mostly as the principal in its customer contracts. For the judgments applied to the incremental cost to obtain a contract, refer to Note 24 \u2013 Contract assets and liabilities.
Estimates and judgments
The fair value of the assets, liabilities, and contingent liabilities of a business combination
should be measured within 12 months from the acquisition date. For some acquisitions,
provisional fair values have been included in the consolidated statement of \ufb01nancial
position. If the \ufb01nal valuation of the acquired assets and liabilities assumed is still pending
at year end, it will be completed within the 12-month timeframe. Actual valuation of these
assets, liabilities, and contingent liabilities may differ from the provisional valuation.
When a business combination agreement provides for an adjustment to the cost of the
transaction, contingent on future events (such as earnout arrangements), the group
includes an initial fair value of that adjustment in the cost of the transaction at the
acquisition date if the adjustment is probable and can be measured reliably. The initial
and subsequent measurement will usually be based on estimates of future results of the
business combination. Actual results may differ from those estimates and may result in
material adjustments in the next \ufb01nancial year(s). Subsequent changes to the fair value
are recognized in pro\ufb01t or loss, based on a periodic reassessment of the contingent
consideration.
Estimates and judgments
The group determines the additions to and releases from loss allowances on trade receivables
and unbilled revenues by making assumptions and estimating the risk of default and expected
loss rates at contract inception over the expected life of the \ufb01nancial instrument, using the
group\u2019s historically incurred losses and existing market conditions, as well as forward-looking
information at the end of each reporting period. Refer to Note 24 \u2013 Contract assets and
liabilities for more information.
Estimates and judgments
Income tax is calculated based on income before tax, considering the local tax rates and
regulations. For each operating entity, the current income tax expense is calculated and
differences between the accounting and tax base are determined, resulting in deferred tax
assets or liabilities. These calculations may deviate from the \ufb01nal tax assessments. A deferred
tax asset is recognized for deductible temporary differences and the carry-forward of unused
tax losses and unused tax credits to the extent that it is probable that future taxable pro\ufb01t will
be available. Management assesses the probability that taxable pro\ufb01t will be available against
which the unused tax losses or unused tax credits can be utilized.
In determining the amount of current and deferred tax, the group considers the impact of
uncertain tax positions and whether additional taxes, penalties, and interest may be due.
The group believes that its current income tax liabilities are adequate for all open tax years
based on its assessment of many factors, including interpretations of tax laws and rules, and
prior experience. The group operates in several countries with different tax laws and rules.
Considering this complex multinational environment in which the group operates, global
transfer pricing policies are implemented for transactions between members of the group.
These transactions are documented as required by international standards. However, local tax
authorities might challenge these transactions. The group considers potential challenges and
accounts for potential uncertain tax positions.
The assessment for uncertain tax positions relies on estimates and assumptions, based on the
judgments of tax professionals within the group, supplemented by external tax advisors, and
may involve a series of estimates about future events. New information may become available
that causes the group to change its estimate regarding the adequacy of existing income tax
liabilities. Such changes to income tax liabilities will impact the income tax expense, positively
or negatively, in the consolidated statement of pro\ufb01t or loss in the period that such a
determination is made.
Changes in tax rates are considered if these tax rate changes are substantially enacted before
year end.
Governments are expected to introduce changes in tax law following Organisation for Economic
Co-operation and Development (OECD), EU, and other international guidelines. Reported
income tax amounts will therefore be subject to continued judgment, estimation uncertainty,
and measurement adjustments.
Estimates and judgments
Measurement \u2013 other intangible assets
Development costs are capitalized if the group can demonstrate the technical feasibility of
completing the asset so that it will be available for use or sale, the intention to complete
the asset, the ability to sell or use the asset, how the asset will yield probable future
economic bene\ufb01ts, the availability of adequate technical, \ufb01nancial, and other resources
to complete the asset, and the ability to reliably measure the expenditure attributable to
the asset.
Capitalization of software depends on several judgments. While management has
procedures in place to control the software development process, there is uncertainty
regarding the outcome of the development process (timing of technological developments,
technological obsolescence, and/or competitive pressures).
Measurement \u2013 acquired identifiable intangible assets
Upon acquisition, the values of intangible assets acquired are estimated, usually applying
one of the methodologies below:
\u2022 Relief from royalty approach: this approach assumes that if the identi\ufb01able intangible
asset was not owned, it would be acquired through a royalty agreement. The value of
owning the asset equals the bene\ufb01ts from not having to pay royalty fees;
\u2022 Multi-period excess earnings method: under this approach, cash flows associated with
the speci\ufb01c acquired identi\ufb01able intangible assets are determined. Contributory charges
of other assets that are being used to generate the cash flows are deducted from these
cash flows. The net cash flows are discounted to arrive at the value of the asset; or
\u2022 Cost method: the cost method reflects the cost that would currently be required to
replace the asset.
These valuations are usually performed by management of the acquiring CGU in
close cooperation with an external consulting \ufb01rm, requiring estimates such as future
cash flows, royalty rates, discount rates, useful lives, churn rates, and rates of return.
The methodologies applied in this respect are in line with common market practice.
Impairment test
At the end of each reporting period, it is assessed whether there is an indication that an
intangible asset may be impaired. If any such indication exists, the group estimates the
recoverable amount of the asset. If the recoverable amount is below the carrying value,
the asset is impaired.
Goodwill is tested for impairment annually, at July 1, and when an impairment trigger
has been identi\ufb01ed .
Impairment tests require estimates of discount rates, future cash flows, and perpetual growth rates. These estimates are made by management of the business to which the assets belong. The future cash flows cover a \ufb01ve-year period and are based on Vision & Strategy Plans (VSPs), prepared by management, and approved by the Executive Board. The annual goodwill impairment test did not result in the recognition of an impairment. The outcome of the group\u2019s sensitivity analysis was that no reasonably possible change in any of the key assumptions would cause the carrying amount to exceed the recoverable amount. The allowed change in growth, discount rate, and adjusted operating pro\ufb01t margin was at least 300 basis points for each of the groups of cash-generating units. On top of the annual goodwill impairment test, the group performed an in-depth impairment triggering event analysis on its other non-current assets, consisting mainly of acquired identi\ufb01able intangible assets. In this analysis, the development of new sales, attrition rates of existing customers, growth rates, and cost measures were the main drivers. The group concluded that there were no impairment triggers for the majority of the other non-current assets. In 2023, the group recognized additional amortization on certain acquired identi\ufb01able intangible assets due to the shortening of useful lives.
Estimates and judgments
IFRS 16 requires management to make estimates for setting the discount rate and to apply
judgments in the assessment of renewal and termination options (i.e., optional lease
periods) in the lease contracts.
Discount rate
The discount rate applied is based on the incremental borrowing rate for the respective
leases considering the primary economic environment of the lease, the currency, the credit
risk premium, the lease term, and the nature of the leased asset.
Renewal and termination options
Renewal and termination options are included in several real estate and other lease
contracts. These terms are used to maximize operational flexibility in terms of managing
contracts. Most contract-speci\ufb01c renewal and termination options are exercisable only by
the group and not by the respective lessor.
In determining the lease term, the group considers all facts and circumstances that create
an economic incentive to use the optional lease period. Optional lease periods are only
included in the lease term if it is reasonably certain that the optional lease periods will be
used. The assessment is reviewed if a signi\ufb01cant change in circumstances occurs which
affects this assessment and that is within the control of the group.
Real estate leases that are annually renewed or that have an inde\ufb01nite contract term are
on average leased for \ufb01ve years. Usually, optional periods arising from renewal options of
other real estate leases are not considered to be reasonably certain, since the rent is often
reset at the market price on the renewal option date. Optional periods after termination
option dates are often included in the lease term due to termination penalties included
in the contract.
Impairment of right-of-use assets
The group determined whether there were impairment triggers regarding the right-of-use
asset and accounts for any impairment loss identi\ufb01ed. This primarily applies to real estate
leases. The impairment of a real estate right-of-use asset becomes relevant in case of
vacated office space.
If vacated office space is identi\ufb01ed, this space is considered a CGU on its own when that
space can practically be sublet. An impairment is recognized when the recoverable amount
is lower than the carrying value. Mostly, the recoverable amount will be based on expected
future sublease receipts estimated by an external real estate broker. The carrying value
may include not only the right-of-use asset, but also any directly related associated assets
such as leasehold improvements.
Estimates and judgments
The actual recognition of deferred tax assets depends on the generation of future taxable
income during the periods in which the temporary differences become deductible. Based on
projected future taxable income and available strategies, the group considers the future
realization of these deferred tax assets as probable.
Estimates and judgments
Costs to obtain a contract \u2013 capitalized sales commissions
The assessment of the nature of sales commission plans for meeting the capitalization
criteria requires judgment. The applicable amortization period of the incremental cost to
obtain a contract is estimated by the group by matching the useful life of the capitalized
sales commissions with the expected bene\ufb01ts of the underlying contract.
Impairment
Any impairment of assets relating to contracts with customers is measured, presented,
and disclosed in accordance with IFRS 9. The determination of the provision for impairment
is based on the group\u2019s historical average of three years of credit losses, which is used as
a proxy for expected losses on trade receivables with similar characteristics and credit
pro\ufb01le, adjusted as appropriate to reflect the current conditions and estimates of future
economic conditions. Trade receivables longer than one year overdue and trade receivables
with speci\ufb01c risk with no reasonable expectation of recovery, are impaired and provided for
in full, unless reliable supporting information is available to conclude otherwise. The group
presents its impairment losses in the notes to the consolidated \ufb01nancial statements.
Estimates and judgments
The net plan assets or liabilities of the de\ufb01ned employee bene\ufb01t plans and the costs
related to the pension and post-retirement medical plans are based on actuarial and
economic assumptions. The main economic assumptions are:
\u2022 Discount rate;
\u2022 Rate of pension increase;
\u2022 Inflation; and
\u2022 Medical trend rate.
For actuarial assumptions, the group uses generally accepted mortality rates (longevity
risk). The withdrawal rates and retirement rates are based on statistics provided by the
relevant entities based on past experiences.
Estimates and judgments
Legal provisions
The group is involved in legal and judicial proceedings in the ordinary course of business.
Provisions and contingencies related to these matters are periodically assessed based
on the latest information available, usually after consultation with and the assistance
of lawyers and other specialists.
The prediction of the outcome and the assessment of a possible loss by management are
based on management\u2019s judgments and estimates. The actual outcome of a proceeding
or claim may differ from the estimated liability.
Refer to Note 36 \u2013 Commitments, contingent assets, and contingent liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-409": { "value": "
Note 5 \u2013 Segment reporting
Financial &
Tax & Corporate Legal & Corporate
in millions of euros, unless otherwise stated
Health
Accounting Compliance Regulatory
Performance & ESG
Corporate
Total
reporting by segment
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Revenues from contracts with third parties
1,508
1,448
1,466
1,394
1,052
1,056
875
916
683
639
\u2013
\u2013
5,584
5,453
Cost of revenues
(460)
(444)
(399)
(378)
(247)
(269)
(257)
(282)
(213)
(205)
\u2013
\u2013
(1,576)
(1,578)
Gross pro\ufb01t
1,048
1,004
1,067
1,016
805
787
618
634
470
434
0
0
4,008
3,875
Sales costs
(237)
(231)
(217)
(217)
(134)
(137)
(148)
(161)
(193)
(168)
\u2013
\u2013
(929)
(914)
General and administrative costs
(401)
(396)
(388)
(363)
(286)
(282)
(358)
(366)
(250)
(226)
(66)
(64)
(1,749)
(1,697)
Total operating expenses
(638)
(627)
(605)
(580)
(420)
(419)
(506)
(527)
(443)
(394)
(66)
(64)
(2,678)
(2,611)
Other gains and (losses)
(4)
(1)
(2)
(2)
(2)
(5)
2
78
(1)
(1)
\u2013
0
(7)
69
Operating pro\ufb01t
406
376
460
434
383
363
114
185
26
39
(66)
(64)
1,323
1,333
Amortization of acquired identi\ufb01able intangible assets
44
37
17
19
18
19
26
26
41
39
\u2013
\u2013
146
140
Impairment of acquired identi\ufb01able intangible assets
\u2013
20
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0
20
Non-benchmark items in operating pro\ufb01t
4
1
2
2
2
5
(2)
(78)
1
1
\u2013
0
7
(69)
Adjusted operating pro\ufb01t
454
434
479
455
403
387
138
133
68
79
(66)
(64)
1,476
1,424
Amortization of other intangible assets and depreciation of PPE and
right-of-use assets
(47)
(46)
(77)
(81)
(46)
(48)
(62)
(61)
(62)
(56)
0
0
(294)
(292)
Impairment of other intangible assets, PPE, and right-of-use assets
0
(6)
(2)
(5)
0
(2)
(1)
(1)
(2)
0
\u2013
\u2013
(5)
(14)
Goodwill and acquired identi\ufb01able intangible assets at December 31
1,260
1,300
1,284
1,321
1,159
1,217
725
743
766
813
\u2013
\u2013
5,194
5,394
Net capital expenditure
49
42
74
67
58
52
58
61
84
73
0
0
323
295
Number of FTEs at December 31
3,333
3,116
7,276
6,693
3,056
3,112
4,033
3,892
3,215
3,111
143
132
21,056
20,056
** * * * * * Restated due to new organizational structure. For more information, refer to Note 1 \u2013 General and basis of preparation. ** The corporate function does not represent an operating segment. Material accounting policy information An operating segment is a component of the group that engages in business activities from which it may earn revenues and incur expenses. The \ufb01ve global operating divisions are based on strategic customer segments: Health; Tax & Accounting; Financial & Corporate Compliance; Legal & Regulatory; and Corporate Performance & ESG. This segment information is based on the group\u2019s management and internal reporting structure. All operating segments are regularly reviewed by the Executive Board, within Wolters Kluwer de\ufb01ned as the group\u2019s chief operating decision-maker, to make decisions about resources to be allocated to the segments and to assess their performance to the extent whereby discrete \ufb01nancial information is available. The Executive Board reviews the \ufb01nancial performance of the segments and the allocation of resources based on revenues and adjusted operating pro\ufb01t. Revenues from internal transactions between the operating segments are conducted at arm\u2019s length with terms equivalent to comparable transactions with third parties. These internal revenues are limited and therefore excluded from the segment reporting table. Segment results reported to the Executive Board include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Costs (and associated FTEs) and net capital expenditure incurred on behalf of the segments by Global Growth Markets, Global Business Services, and Digital eXperience Group are allocated to the operating segments. Non-current interest-bearing liabilities and deferred tax liabilities are not considered to be segment liabilities as these are primarily managed by the corporate treasury and tax functions. Operating working capital is not managed at the operating segment level, but at a country or regional level.
Total non-current assets per geographic region
2023 2022
in millions of euros, unless otherwise stated % %
The Netherlands
715
11
676
11
Europe (excluding the Netherlands)
1,302
21
1,336
21
U.S. and Canada
4,176
67
4,338
67
Asia Paci\ufb01c
76
1
85
1
Rest of World
20
0
19
0
Total
6,289
100
6,454
100
Non-current assets per region exclude deferred tax assets and derivative \ufb01nancial instruments. Other disclosures Comparative segmental disclosures were updated based on the new organizational structure. Refer to Note 1 \u2013 General and basis of preparation for more information. There are no customers with revenues that exceed 10% of the group\u2019s total revenues. For the revenues per geographic region, refer to Note 6 \u2013 Revenues.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-410": { "value": "Material accounting policy information An operating segment is a component of the group that engages in business activities from which it may earn revenues and incur expenses. The \ufb01ve global operating divisions are based on strategic customer segments: Health; Tax & Accounting; Financial & Corporate Compliance; Legal & Regulatory; and Corporate Performance & ESG. This segment information is based on the group\u2019s management and internal reporting structure. All operating segments are regularly reviewed by the Executive Board, within Wolters Kluwer de\ufb01ned as the group\u2019s chief operating decision-maker, to make decisions about resources to be allocated to the segments and to assess their performance to the extent whereby discrete \ufb01nancial information is available. The Executive Board reviews the \ufb01nancial performance of the segments and the allocation of resources based on revenues and adjusted operating pro\ufb01t. Revenues from internal transactions between the operating segments are conducted at arm\u2019s length with terms equivalent to comparable transactions with third parties. These internal revenues are limited and therefore excluded from the segment reporting table. Segment results reported to the Executive Board include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Costs (and associated FTEs) and net capital expenditure incurred on behalf of the segments by Global Growth Markets, Global Business Services, and Digital eXperience Group are allocated to the operating segments. Non-current interest-bearing liabilities and deferred tax liabilities are not considered to be segment liabilities as these are primarily managed by the corporate treasury and tax functions. Operating working capital is not managed at the operating segment level, but at a country or regional level", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-411": { "value": "The Netherlands ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-412": { "value": "
Note 6 \u2013 Revenues
2023
2022
Revenues from contracts with third parties
5,584
5,453
Material accounting policy information
Subscriptions
Revenues related to subscriptions are recognized over the period in which the goods are
transferred and/or content is made available online and when the goods and/or content
involved are similar in value to the customer over time. Subscription income received or
receivable in advance of the delivery of goods and/or content is presented as deferred
income (a contract liability) in the consolidated statement of \ufb01nancial position.
Licenses
License fees for the use of the group\u2019s software products and/or services are recognized
in accordance with the substance of the agreement. Revenues from licenses representing
a right to access are recognized over time on a straight-line basis. In case a right-to-access
license is invoiced to a customer as a one-time upfront fee, revenue is recognized over
a period of between 12 and 60 months depending on the nature of the license. In case of
a transfer of rights (i.e., right-to-use license), which permits the licensee to exploit those
rights freely and the group as a licensor has no remaining obligations to perform after
delivery, revenues are recognized at the time the control of the license is transferred to
a customer, considering any signi\ufb01cant customer acceptance clauses.
Goods
Revenues from the sale of goods are recognized at a point in time upon shipment or upon
delivery when control is transferred to a customer, provided that ultimate collectability
and \ufb01nal acceptance by the customer are reasonably assured.
When goods are sold with a right to return, the group recognizes the revenues of the
transferred goods for the amount the group expects to be entitled to, a refund contract
liability, and an asset for the group\u2019s right to recover goods on settling the refund contract
liability.
Services
Revenues from providing services are recognized in the period in which the related
performance obligations are satis\ufb01ed. For \ufb01xed-price contracts, revenues are recognized
based on the actual service provided as a proportion of the total services to be provided
because the customer receives and uses the bene\ufb01ts simultaneously. In case of \ufb01xed-price
contracts, the customer pays the \ufb01xed amount based on a payment schedule. If the
contract includes an hourly fee, revenues are recognized in the amount to which the group
has a right to invoice.
Implementation services
Revenues from providing implementation services are based on input or output methods,
subject to contractual arrangements, and are recognized over the implementation period,
or upon full completion of the implementation, depending on when the customer can
bene\ufb01t from the service.
Multi-element contracts
There are arrangements that include various combinations of performance obligations,
such as software licenses, services, training, hosting, and implementation. A performance
obligation is only distinct if the customer can bene\ufb01t from goods and/or services on their
own or together with other resources that are readily available to the customer, and the
promise to transfer goods and/or services is separately identi\ufb01able from other promises
in the contract. Goods and/or services that are not distinct are bundled with other goods
and/or services in the contract, until a bundle of goods and/or services is created that is
distinct, resulting in a single performance obligation.
Where performance obligations are satis\ufb01ed over different periods of time, revenues are
allocated to the respective performance obligations based on relative stand-alone selling
prices at contract inception, and revenues are recognized as each performance obligation
is satis\ufb01ed.
Agent/principal arrangements
If the group acts as an agent, whereby the group sells goods and/or services on behalf of
a principal, the group recognizes the amount of the net consideration as revenues. If the
group acts as a principal, the group recognizes the gross consideration for the speci\ufb01c
goods and/or services transferred.
Variable consideration
Discounts, return of goods and/or services, usage-based prices, and index-based pricing
are the most common forms of variable considerations within the group. Discounts are
often contractually agreed and allocated to all distinct performance obligations, unless
there is a speci\ufb01c discount policy for a performance obligation. Volume-related discounts,
return of goods and/or services, and usage-based prices are estimated at contract
inception and periodically reassessed during the contract term. The group considers
normal price increases based on local inflation rates or customary business practices as
compensation for cost price increases and not as variable consideration. Considerations
are recognized pro rata over the term of the contract in case the group estimates at
contract inception that price increases are beyond compensation for cost price increases.
Financing components
As a practical expedient, the group does not adjust the consideration for the effects of a
signi\ufb01cant \ufb01nancing component if the group expects that the period between the transfer
of the promised goods and/or services to the customer and payment by the customer
is one year or less. The group has no signi\ufb01cant contracts with a period of one year or
more between the transfer of goods and/or services and the payment of the consideration.
Consequently, the group does not adjust transaction prices for the time value of money.
Cost of revenues
Cost of revenues comprises directly attributable costs of goods and/or services sold.
For digital products and services, cost of revenues may include data maintenance, hosting,
license fees, royalties, product support, employee bene\ufb01t expenses, subcontracted work,
training, and other costs incurred to support and maintain the products, applications, and/
or services.
For print products, cost of revenues may include cost for paper, printing and binding,
royalties, employee bene\ufb01t expenses, subcontracted work, shipping costs, and other
incurred costs.
Estimates and judgments
IFRS 15 Revenue from Contracts with Customers requires management to make estimates
and judgments on the characteristics of a performance obligation, (un)bundling of multi-
element arrangements, and whether revenues should be recognized over time or at a point
in time. In addition, management makes estimates of the stand-alone selling prices of
performance obligations, variable considerations, and product and contract lives.
When another party is involved in providing goods and/or services to a customer,
management makes a judgment whether the promise to the customer is a performance
obligation by the group (i.e., acting as a principal), or by another party (i.e., acting as an
agent). The group acts mostly as the principal in its customer contracts.
For the judgments applied to the incremental cost to obtain a contract, refer to Note 24
\u2013 Contract assets and liabilities.
Disaggregation of revenues
Revenues by recognition pattern and contract length Tax & Financial & Corporate Legal & Corporate Performance
Health Accounting Compliance Regulatory
& ESG
Total
reporting per segment
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Revenue per recognition pattern
At a point in time recognition
253
253
193
186
366
371
246
262
103
68
1,161
1,140
Over time recognition
1,255
1,195
1,273
1,208
686
685
629
654
580
571
4,423
4,313
Revenues from contracts with third parties
1,508
1,448
1,466
1,394
1,052
1,056
875
916
683
639
5,584
5,453
Revenue per contract length
Contracts one year or less
963
953
1,279
1,236
844
858
644
705
354
337
4,084
4,089
Multi-year contracts
545
495
187
158
208
198
231
211
329
302
1,500
1,364
Revenues from contracts with third parties
1,508
1,448
1,466
1,394
1,052
1,056
875
916
683
639
5,584
5,453
*
*
*
*
*
Comparative \ufb01gures restated due to new organizational structure. For more information,
see Note 1 \u2013 General and basis of preparation.
Revenues by media format Tax & Financial & Corporate Legal & Corporate Performance
Health Accounting Compliance Regulatory
& ESG
Total
reporting per segment
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Digital
1,348
1,281
1,398
1,322
558
567
736
746
683
639
4,723
4,555
Services
4
1
33
34
488
484
9
14
0
0
534
533
Print
156
166
35
38
6
5
130
156
\u2013
\u2013
327
365
Revenues from contracts with third parties
1,508
1,448
1,466
1,394
1,052
1,056
875
916
683
639
5,584
5,453
*
*
*
*
*
Comparative \ufb01gures restated due to new organizational structure. For more information,
see Note 1 \u2013 General and basis of preparation.
Recurring/non-recurring revenues
Tax & Financial & Corporate Legal & Corporate Performance
Health Accounting Compliance Regulatory
& ESG
Total
reporting per segment
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Recurring revenues
1,374
1,307
1,339
1,287
704
676
683
708
443
410
4,543
4,388
Non-recurring revenues
134
141
127
107
348
380
192
208
240
229
1,041
1,065
Revenues from contracts with third parties
1,508
1,448
1,466
1,394
1,052
1,056
875
916
683
639
5,584
5,453
*
*
*
*
*
Comparative \ufb01gures restated due to new organizational structure. For more information,
see Note 1 \u2013 General and basis of preparation.
Revenues by type
Digital and service subscription
4,134
2023
3,950
2022
Print subscription
136
157
Other recurring
273
281
Total recurring revenues
4,543
4,388
Print books
120
129
Legal Services transactional
283
299
Financial Services transactional
128
134
Other non-recurring
510
503
Total non-recurring revenues
1,041
1,065
Revenues from contracts with third parties
5,584
5,453
*
*
Other non-recurring revenues include software licenses, software implementation fees, professional
services, and other non-subscription offerings.
Revenues per geographic region
2023 2022
in millions of euros, unless otherwise stated % %
The Netherlands
227
4
204
4
Europe (excluding the Netherlands)
1,342
24
1,356
25
U.S. and Canada
3,577
64
3,476
64
Asia Paci\ufb01c
345
6
333
6
Rest of World
93
2
84
1
Revenues from contracts with third parties
5,584
100
5,453
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-413": { "value": "
Note 6 \u2013 Revenues
2023
2022
Revenues from contracts with third parties
5,584
5,453
Material accounting policy information Subscriptions Revenues related to subscriptions are recognized over the period in which the goods are transferred and/or content is made available online and when the goods and/or content involved are similar in value to the customer over time. Subscription income received or receivable in advance of the delivery of goods and/or content is presented as deferred income (a contract liability) in the consolidated statement of \ufb01nancial position. Licenses License fees for the use of the group\u2019s software products and/or services are recognized in accordance with the substance of the agreement. Revenues from licenses representing a right to access are recognized over time on a straight-line basis. In case a right-to-access license is invoiced to a customer as a one-time upfront fee, revenue is recognized over a period of between 12 and 60 months depending on the nature of the license. In case of a transfer of rights (i.e., right-to-use license), which permits the licensee to exploit those rights freely and the group as a licensor has no remaining obligations to perform after delivery, revenues are recognized at the time the control of the license is transferred to a customer, considering any signi\ufb01cant customer acceptance clauses. Goods Revenues from the sale of goods are recognized at a point in time upon shipment or upon delivery when control is transferred to a customer, provided that ultimate collectability and \ufb01nal acceptance by the customer are reasonably assured. When goods are sold with a right to return, the group recognizes the revenues of the transferred goods for the amount the group expects to be entitled to, a refund contract liability, and an asset for the group\u2019s right to recover goods on settling the refund contract liability. Services Revenues from providing services are recognized in the period in which the related performance obligations are satis\ufb01ed. For \ufb01xed-price contracts, revenues are recognized based on the actual service provided as a proportion of the total services to be provided because the customer receives and uses the bene\ufb01ts simultaneously. In case of \ufb01xed-price contracts, the customer pays the \ufb01xed amount based on a payment schedule. If the contract includes an hourly fee, revenues are recognized in the amount to which the group has a right to invoice. Implementation services Revenues from providing implementation services are based on input or output methods, subject to contractual arrangements, and are recognized over the implementation period, or upon full completion of the implementation, depending on when the customer can bene\ufb01t from the service. Multi-element contracts There are arrangements that include various combinations of performance obligations, such as software licenses, services, training, hosting, and implementation. A performance obligation is only distinct if the customer can bene\ufb01t from goods and/or services on their own or together with other resources that are readily available to the customer, and the promise to transfer goods and/or services is separately identi\ufb01able from other promises in the contract. Goods and/or services that are not distinct are bundled with other goods and/or services in the contract, until a bundle of goods and/or services is created that is distinct, resulting in a single performance obligation. Where performance obligations are satis\ufb01ed over different periods of time, revenues are allocated to the respective performance obligations based on relative stand-alone selling prices at contract inception, and revenues are recognized as each performance obligation is satis\ufb01ed. Agent/principal arrangements If the group acts as an agent, whereby the group sells goods and/or services on behalf of a principal, the group recognizes the amount of the net consideration as revenues. If the group acts as a principal, the group recognizes the gross consideration for the speci\ufb01c goods and/or services transferred. Variable consideration Discounts, return of goods and/or services, usage-based prices, and index-based pricing are the most common forms of variable considerations within the group. Discounts are often contractually agreed and allocated to all distinct performance obligations, unless there is a speci\ufb01c discount policy for a performance obligation. Volume-related discounts, return of goods and/or services, and usage-based prices are estimated at contract inception and periodically reassessed during the contract term. The group considers normal price increases based on local inflation rates or customary business practices as compensation for cost price increases and not as variable consideration. Considerations are recognized pro rata over the term of the contract in case the group estimates at contract inception that price increases are beyond compensation for cost price increases. Financing components As a practical expedient, the group does not adjust the consideration for the effects of a signi\ufb01cant \ufb01nancing component if the group expects that the period between the transfer of the promised goods and/or services to the customer and payment by the customer is one year or less. The group has no signi\ufb01cant contracts with a period of one year or more between the transfer of goods and/or services and the payment of the consideration. Consequently, the group does not adjust transaction prices for the time value of money. Cost of revenues Cost of revenues comprises directly attributable costs of goods and/or services sold. For digital products and services, cost of revenues may include data maintenance, hosting, license fees, royalties, product support, employee bene\ufb01t expenses, subcontracted work, training, and other costs incurred to support and maintain the products, applications, and/ or services. For print products, cost of revenues may include cost for paper, printing and binding, royalties, employee bene\ufb01t expenses, subcontracted work, shipping costs, and other incurred costs. Estimates and judgments IFRS 15 Revenue from Contracts with Customers requires management to make estimates and judgments on the characteristics of a performance obligation, (un)bundling of multi- element arrangements, and whether revenues should be recognized over time or at a point in time. In addition, management makes estimates of the stand-alone selling prices of performance obligations, variable considerations, and product and contract lives. When another party is involved in providing goods and/or services to a customer, management makes a judgment whether the promise to the customer is a performance obligation by the group (i.e., acting as a principal), or by another party (i.e., acting as an agent). The group acts mostly as the principal in its customer contracts. For the judgments applied to the incremental cost to obtain a contract, refer to Note 24 \u2013 Contract assets and liabilities.
Disaggregation of revenues
Revenues by recognition pattern and contract length Tax & Financial & Corporate Legal & Corporate Performance
Health Accounting Compliance Regulatory
& ESG
Total
reporting per segment
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Revenue per recognition pattern
At a point in time recognition
253
253
193
186
366
371
246
262
103
68
1,161
1,140
Over time recognition
1,255
1,195
1,273
1,208
686
685
629
654
580
571
4,423
4,313
Revenues from contracts with third parties
1,508
1,448
1,466
1,394
1,052
1,056
875
916
683
639
5,584
5,453
Revenue per contract length
Contracts one year or less
963
953
1,279
1,236
844
858
644
705
354
337
4,084
4,089
Multi-year contracts
545
495
187
158
208
198
231
211
329
302
1,500
1,364
Revenues from contracts with third parties
1,508
1,448
1,466
1,394
1,052
1,056
875
916
683
639
5,584
5,453
* * * * * Comparative \ufb01gures restated due to new organizational structure. For more information, see Note 1 \u2013 General and basis of preparation.
Revenues by media format Tax & Financial & Corporate Legal & Corporate Performance
Health Accounting Compliance Regulatory
& ESG
Total
reporting per segment
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Digital
1,348
1,281
1,398
1,322
558
567
736
746
683
639
4,723
4,555
Services
4
1
33
34
488
484
9
14
0
0
534
533
Print
156
166
35
38
6
5
130
156
\u2013
\u2013
327
365
Revenues from contracts with third parties
1,508
1,448
1,466
1,394
1,052
1,056
875
916
683
639
5,584
5,453
* * * * * Comparative \ufb01gures restated due to new organizational structure. For more information, see Note 1 \u2013 General and basis of preparation.
Recurring/non-recurring revenues
Tax & Financial & Corporate Legal & Corporate Performance
Health Accounting Compliance Regulatory
& ESG
Total
reporting per segment
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Recurring revenues
1,374
1,307
1,339
1,287
704
676
683
708
443
410
4,543
4,388
Non-recurring revenues
134
141
127
107
348
380
192
208
240
229
1,041
1,065
Revenues from contracts with third parties
1,508
1,448
1,466
1,394
1,052
1,056
875
916
683
639
5,584
5,453
* * * * * Comparative \ufb01gures restated due to new organizational structure. For more information, see Note 1 \u2013 General and basis of preparation.
Revenues by type
Digital and service subscription
4,134
2023
3,950
2022
Print subscription
136
157
Other recurring
273
281
Total recurring revenues
4,543
4,388
Print books
120
129
Legal Services transactional
283
299
Financial Services transactional
128
134
Other non-recurring
510
503
Total non-recurring revenues
1,041
1,065
Revenues from contracts with third parties
5,584
5,453
* * Other non-recurring revenues include software licenses, software implementation fees, professional services, and other non-subscription offerings.
Revenues per geographic region
2023 2022
in millions of euros, unless otherwise stated % %
The Netherlands
227
4
204
4
Europe (excluding the Netherlands)
1,342
24
1,356
25
U.S. and Canada
3,577
64
3,476
64
Asia Paci\ufb01c
345
6
333
6
Rest of World
93
2
84
1
Revenues from contracts with third parties
5,584
100
5,453
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-414": { "value": "Material accounting policy information Subscriptions Revenues related to subscriptions are recognized over the period in which the goods are transferred and/or content is made available online and when the goods and/or content involved are similar in value to the customer over time. Subscription income received or receivable in advance of the delivery of goods and/or content is presented as deferred income (a contract liability) in the consolidated statement of \ufb01nancial position. Licenses License fees for the use of the group\u2019s software products and/or services are recognized in accordance with the substance of the agreement. Revenues from licenses representing a right to access are recognized over time on a straight-line basis. In case a right-to-access license is invoiced to a customer as a one-time upfront fee, revenue is recognized over a period of between 12 and 60 months depending on the nature of the license. In case of a transfer of rights (i.e., right-to-use license), which permits the licensee to exploit those rights freely and the group as a licensor has no remaining obligations to perform after delivery, revenues are recognized at the time the control of the license is transferred to a customer, considering any signi\ufb01cant customer acceptance clauses. Goods Revenues from the sale of goods are recognized at a point in time upon shipment or upon delivery when control is transferred to a customer, provided that ultimate collectability and \ufb01nal acceptance by the customer are reasonably assured. When goods are sold with a right to return, the group recognizes the revenues of the transferred goods for the amount the group expects to be entitled to, a refund contract liability, and an asset for the group\u2019s right to recover goods on settling the refund contract liability. Services Revenues from providing services are recognized in the period in which the related performance obligations are satis\ufb01ed. For \ufb01xed-price contracts, revenues are recognized based on the actual service provided as a proportion of the total services to be provided because the customer receives and uses the bene\ufb01ts simultaneously. In case of \ufb01xed-price contracts, the customer pays the \ufb01xed amount based on a payment schedule. If the contract includes an hourly fee, revenues are recognized in the amount to which the group has a right to invoice. Implementation services Revenues from providing implementation services are based on input or output methods, subject to contractual arrangements, and are recognized over the implementation period, or upon full completion of the implementation, depending on when the customer can bene\ufb01t from the service. Multi-element contracts There are arrangements that include various combinations of performance obligations, such as software licenses, services, training, hosting, and implementation. A performance obligation is only distinct if the customer can bene\ufb01t from goods and/or services on their own or together with other resources that are readily available to the customer, and the promise to transfer goods and/or services is separately identi\ufb01able from other promises in the contract. Goods and/or services that are not distinct are bundled with other goods and/or services in the contract, until a bundle of goods and/or services is created that is distinct, resulting in a single performance obligation. Where performance obligations are satis\ufb01ed over different periods of time, revenues are allocated to the respective performance obligations based on relative stand-alone selling prices at contract inception, and revenues are recognized as each performance obligation is satis\ufb01ed. Agent/principal arrangements If the group acts as an agent, whereby the group sells goods and/or services on behalf of a principal, the group recognizes the amount of the net consideration as revenues. If the group acts as a principal, the group recognizes the gross consideration for the speci\ufb01c goods and/or services transferred. Variable consideration Discounts, return of goods and/or services, usage-based prices, and index-based pricing are the most common forms of variable considerations within the group. Discounts are often contractually agreed and allocated to all distinct performance obligations, unless there is a speci\ufb01c discount policy for a performance obligation. Volume-related discounts, return of goods and/or services, and usage-based prices are estimated at contract inception and periodically reassessed during the contract term. The group considers normal price increases based on local inflation rates or customary business practices as compensation for cost price increases and not as variable consideration. Considerations are recognized pro rata over the term of the contract in case the group estimates at contract inception that price increases are beyond compensation for cost price increases. Financing components As a practical expedient, the group does not adjust the consideration for the effects of a signi\ufb01cant \ufb01nancing component if the group expects that the period between the transfer of the promised goods and/or services to the customer and payment by the customer is one year or less. The group has no signi\ufb01cant contracts with a period of one year or more between the transfer of goods and/or services and the payment of the consideration. Consequently, the group does not adjust transaction prices for the time value of money. Cost of revenues Cost of revenues comprises directly attributable costs of goods and/or services sold. For digital products and services, cost of revenues may include data maintenance, hosting, license fees, royalties, product support, employee bene\ufb01t expenses, subcontracted work, training, and other costs incurred to support and maintain the products, applications, and/ or services. For print products, cost of revenues may include cost for paper, printing and binding, royalties, employee bene\ufb01t expenses, subcontracted work, shipping costs, and other incurred costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-415": { "value": "Variable consideration Discounts, return of goods and/or services, usage-based prices, and index-based pricing are the most common forms of variable considerations within the group. Discounts are often contractually agreed and allocated to all distinct performance obligations, unless there is a speci\ufb01c discount policy for a performance obligation. Volume-related discounts, return of goods and/or services, and usage-based prices are estimated at contract inception and periodically reassessed during the contract term. The group considers normal price increases based on local inflation rates or customary business practices as compensation for cost price increases and not as variable consideration. Considerations are recognized pro rata over the term of the contract in case the group estimates at contract inception that price increases are beyond compensation for cost price increases. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-416": { "value": "Note 7 \u2013 Earnings per share The group presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share Basic earnings per share is calculated by dividing the pro\ufb01t for the year attributable to the ordinary equity holders of the company by the weighted-average number of ordinary shares outstanding during the year after adjusting for treasury shares.
Profit for the year
2023
2022
Pro\ufb01t for the year attributable to the owners of the company (A)
1,007
1,027
Weighted-average number of ordinary shares for the year
in millions of shares, unless otherwise stated
2023
2022
Outstanding ordinary shares at January 1
Note 32
257.5
262.5
Effect of cancelation of shares
(3.4)
(1.9)
Effect of repurchased shares
(9.2)
(5.9)
Weighted-average number of ordinary shares (B)
244.9
254.7
Basic EPS (A/B) (\u20ac)
4.11
4.03
Diluted earnings per share Diluted earnings per share is calculated by dividing the pro\ufb01t for the year attributable to ordinary equity holders of the company by the diluted weighted-average number of ordinary shares outstanding during the year after adjusting for treasury shares and for the effects of all dilutive potential ordinary shares, which consist of LTIP shares granted.
Diluted weighted-average number of ordinary shares for the year
in millions of shares, unless otherwise stated
2023
2022
Weighted-average number of ordinary shares (B)
244.9
254.7
Effect of long-term incentive plan (LTIP)
1.1
1.1
Diluted weighted-average number of ordinary shares (C)
246.0
255.8
Diluted EPS (A/C) (\u20ac)
4.09
4.01
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-417": { "value": "Note 8 \u2013 Acquisitions and divestments Acquisitions Estimates and judgments The fair value of the assets, liabilities, and contingent liabilities of a business combination should be measured within 12 months from the acquisition date. For some acquisitions, provisional fair values have been included in the consolidated statement of \ufb01nancial position. If the \ufb01nal valuation of the acquired assets and liabilities assumed is still pending at year end, it will be completed within the 12-month timeframe. Actual valuation of these assets, liabilities, and contingent liabilities may differ from the provisional valuation. When a business combination agreement provides for an adjustment to the cost of the transaction, contingent on future events (such as earnout arrangements), the group includes an initial fair value of that adjustment in the cost of the transaction at the acquisition date if the adjustment is probable and can be measured reliably. The initial and subsequent measurement will usually be based on estimates of future results of the business combination. Actual results may differ from those estimates and may result in material adjustments in the next \ufb01nancial year(s). Subsequent changes to the fair value are recognized in pro\ufb01t or loss, based on a periodic reassessment of the contingent consideration. General On January 9, 2023, Wolters Kluwer Health completed the acquisition of 100% of the shares of NurseTim, Inc. (NurseTim), a U.S.-based provider of nursing education solutions, for \u20ac24 million in cash. The transaction had no deferred and contingent considerations. NurseTim became part of Wolters Kluwer\u2019s Health Learning, Research & Practice (HLRP) business, which includes nursing education and practice solutions that help ensure students are ready for practice and nurses are prepared to deliver better patient care and outcomes. NurseTim, founded in 2008, is based in Minneapolis, Minnesota, and employs 48 professionals. On June 7, 2023, Wolters Kluwer Health completed the acquisition of 100% of the shares of Invistics Corporation (Invistics), a U.S.-based provider of cloud-based, AI-enabled software for drug diversion detection and controlled substance compliance, for \u20ac17 million in cash and deferred consideration of \u20ac1 million. Invistics joined the company\u2019s Clinical Surveillance, Compliance & Data Solutions unit, part of Clinical Solutions. On October 31, 2023, Wolters Kluwer Legal & Regulatory completed the acquisition of 100% of the shares of MFAS/Meijer Fiscale Adviessystemen b.v. (MFAS), a Dutch provider of practical tax content solutions and productivity tools, for \u20ac6 million in cash and deferred consideration of \u20ac1 million. MFAS became part of Wolters Kluwer LR Benelux, which is a leading provider of information solutions and software serving legal and tax professionals in the Netherlands. In addition, other smaller acquisitions were completed with a combined total consideration of \u20ac15 million (2022: \u20ac1 million), including deferred and contingent considerations. The fair values of the identi\ufb01able assets and liabilities of the abovementioned acquisitions, as reported at December 31, 2023, are provisional, but no material deviations from these fair values are expected. Acquisition spending In 2023, total acquisition spending, net of cash acquired, was \u20ac61 million (2022: \u20ac92 million), including deferred and contingent consideration payments of \u20ac3 million (2022: \u20ac1 million). In 2022, the group acquired IDS, Level Programs, IJS Publishing Group, Della AI, and a few smaller businesses. In 2023, acquisition-related costs amounted to \u20ac7 million (2022: \u20ac3 million). The goodwill relating to the 2023 acquisitions represents future economic bene\ufb01ts speci\ufb01c to the group arising from assets that do not qualify for separate recognition as intangible assets. These bene\ufb01ts include revenues from expected new customers and from new capabilities of the acquired product platforms, as well as expected synergies that will arise following the acquisitions. Of the goodwill recognized in 2023, none was deductible for income tax purposes (2022: none).
Acquisitions
2023 2022
Carrying Fair value Recognized Recognized
amounts adjustments values values
Consideration payable in cash
60
92
Deferred and contingent
considerations at fair value:
Non-current
2
2
Current
2
1
Total consideration
64
95
Intangible assets other than
goodwill
Note 17
1
50
51
77
Other non-current assets
Note 19
0
0
2
Current assets
7
7
4
Current liabilities
(9)
(9)
(2)
Non-current liabilities
Note 28
(1)
(1)
(2)
Deferred tax assets/(liabilities)
0
(10)
(10)
(19)
Fair value of net identi\ufb01able assets
(2)
40
38
60
Goodwill on acquisitions
Note 17
26
35
Cash effect of acquisitions:
Consideration payable in cash
60
92
Cash acquired
(2)
(1)
Deferred and contingent
considerations paid
Note 29
3
1
Acquisition spending, net of cash
acquired
61
92
Of the \u20ac50 million fair value adjustments of intangible assets in 2023, \u20ac14 million related to Invistics, \u20ac8 million related to NurseTim, \u20ac9 million related to MFAS, and \u20ac19 million related to the other acquisitions.
Contribution of 2023 acquisitions
Adjusted FTEs at
operating Profit for December
in millions of euros, unless otherwise stated
Revenues
profit the year 31, 2023
Totals excluding the impact of 2023 acquisitions
5,570
1,475
1,009
20,947
Contribution of 2023 acquisitions
14
1
(2)
109
Totals for the year 2023
5,584
1,476
1,007
21,056
Pro forma contribution of 2023 acquisitions for
the period January 1, 2023, up to acquisition date
(unaudited)
5
1
(3)
Pro forma totals for the year 2023
5,589
1,477
1,004
21,056
The above information does not purport to represent what the actual results would have been, had the acquisitions been concluded on January 1, 2023, nor is the information necessarily indicative for future results of the acquired operations. In determining the contribution of the acquisitions, management has assumed that the fair value adjustments that arose on the date of the acquisition would have been the same if the acquisition had occurred on January 1, 2023. Deferred and contingent considerations The acquisitions completed in 2023 resulted in a maximum achievable undiscounted deferred and contingent consideration of \u20ac4 million. The fair value of this deferred and contingent consideration amounted to \u20ac4 million at acquisition date and at December 31, 2023. For further disclosure on deferred and contingent considerations, refer to Note 29 \u2013 Financial risk management. Provisional fair value accounting The fair values of the identi\ufb01able assets and liabilities will be revised if new information, obtained within one year from the acquisition date about facts and circumstances that existed at the acquisition date, causes adjustments to the above amounts, or for any additional provisions that existed at the acquisition date. Subsequent changes in purchase price accounting for 2022 acquisitions resulted in an increase of goodwill of \u20ac9 million. Reference is made to Note 17 \u2013 Goodwill and intangible assets other than goodwill. Divestments Material accounting policy information The amount of goodwill allocated to a divested business is based on its relative value compared to the value of the group of cash-generating units to which the goodwill belongs. During 2023, net divestment proceeds amounted to \u20ac8 million. In 2022, net divestment proceeds amounted to \u20ac106 million and mainly included the divestment of the legal information units in France and Spain.
Divestment-related results on operations and financial assets
2023
2022
Divestment of operations:
Consideration receivable in cash
5
114
Consideration receivable
5
114
Intangible assets
\u2013
0
Other non-current assets
\u2013
0
Current assets (including assets held for sale)
\u2013
110
Current liabilities (including liabilities held for sale)
\u2013
(77)
Deferred tax assets/(liabilities)
1
0
Net identi\ufb01able assets/(liabilities)
1
33
Reclassi\ufb01cation of foreign exchange differences on loss of control to
pro\ufb01t or loss, previously recognized in other comprehensive income
\u2013
(1)
Book pro\ufb01t/(loss) on divestments of operations
4
80
Divestment-related costs
0
(3)
Restructuring of stranded costs following divestments
Note 31
\u2013
(2)
Divestment-related results included in other gains and (losses)
Note 11
4
75
Divestment of financial assets
Consideration receivable in cash
3
\u2013
Carrying value of \ufb01nancial assets
0
\u2013
Divestment-related results included in total \ufb01nancing results
Note 14
3
0
Cash effect of divestments:
Consideration receivable in cash
8
114
Cash included in divested operations
\u2013
(8)
Receipts from divestments, net of cash disposed
8
106
In the consolidated statement of cash flows, the book pro\ufb01t/(loss) on divestment of operations is reported under book (pro\ufb01t)/loss on divestment of operations and non-current assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-418": { "value": "Divestments Material accounting policy information The amount of goodwill allocated to a divested business is based on its relative value compared to the value of the group of cash-generating units to which the goodwill belongs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-419": { "value": "Material accounting policy information The amount of goodwill allocated to a divested business is based on its relative value compared to the value of the group of cash-generating units to which the goodwill belongs. Goodwill The group measures goodwill at the acquisition date as the sum of the fair value of the consideration (including deferred and contingent consideration) and the recognized amount of any non-controlling interests in the acquiree, less the net recognized fair value amount of the identi\ufb01able assets acquired and liabilities assumed. Any deferred and contingent consideration payable (such as earnout arrangements) is recognized at fair value at the acquisition date. Costs related to acquisitions which the group incurs in a business combination are expensed as incurred. Goodwill associated with divested operations is allocated and measured on the basis of the relative value of the divested operation and the portion of the cash-generating unit (CGU) retained", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-420": { "value": "
Note 9 \u2013 Sales costs
2023
2022
Marketing and promotion costs
253
263
Sales-related costs \u2013 sales commissions directly expensed
157
162
Sales-related costs \u2013 amortization of capitalized sales commissions
Note 24
29
29
Other sales-related costs
383
359
Customer support costs
84
80
Additions to and releases from loss allowances on trade receivables
and unbilled revenues
Note 24
23
21
Total
929
914
Material accounting policy information Sales costs relate to direct internal employee bene\ufb01t expenses and direct external costs, incurred for marketing and sales activities, as well as the additions to and releases from loss allowances on trade receivables and unbilled revenues based on lifetime expected credit losses. Sales costs include sales commissions directly expensed as incurred and the amortization of capitalized sales commissions that qualify as cost to obtain a contract. As a practical expedient, the group recognizes the incremental cost of obtaining a contract as an expense if the amortization period of the asset that the group otherwise would have recognized is one year or less. If sales commissions are granted for bundled and/or multi-element contracts in which the predominant consideration element is recognized for performance obligations satis\ufb01ed at a point in time, the sales commissions are expensed when incurred. In addition, sales commissions that are commensurate or based on generic performance indicators and/or net targets are expensed when incurred. For all other commission plans on new sales targets, the amortization period ranges between one and \ufb01ve years, depending on the nature of the underlying promise in the contract with the customer, unless the underlying non-cancelable contract period for a right-to-access license is longer than \ufb01ve years. In those situations, the longer non- cancelable contract period of the license contract prevails as the amortization period. Estimates and judgments The group determines the additions to and releases from loss allowances on trade receivables and unbilled revenues by making assumptions and estimating the risk of default and expected loss rates at contract inception over the expected life of the \ufb01nancial instrument, using the group\u2019s historically incurred losses and existing market conditions, as well as forward-looking information at the end of each reporting period. Refer to Note 24 \u2013 Contract assets and liabilities for more information.
Note 10 \u2013 General and administrative costs
2023
2022
Research, development, and editorial costs
591
541
General and administrative operating expenses
1,012
996
Amortization and impairment of acquired identi\ufb01able
intangible assets
Note 13
146
160
Total
1,749
1,697
Material accounting policy information General and administrative costs include costs that are neither directly attributable to cost of revenues nor to sales costs. These costs include product research and development costs, editorial costs, information technology costs, general overhead costs, amortization of acquired identi\ufb01able intangible assets, amortization of other intangible assets (if not part of cost of revenues), depreciation of property, plant, and equipment, depreciation of right-of-use assets, and impairment of goodwill, intangible assets other than goodwill, property, plant, and equipment, and right-of-use assets.
Note 11 \u2013 Other gains and (losses)
2023
2022
Acquisition-related costs
Note 8
(7)
(3)
Additions to acquisition integration provisions
Note 31
(4)
(3)
Fair value changes of contingent considerations
Note 29
0
0
Divestment-related results
Note 8
4
75
Total
(7)
69
Material accounting policy information Other gains and losses relate to items which are different in their nature or frequency from operating items. These include divestment-related results (including directly attributable divestment costs), additions to provisions for restructuring of stranded costs following divestments, acquisition-related costs, additions to acquisition integration provisions, and subsequent fair value changes of contingent considerations. See also Note 4 \u2013 Benchmark figures.
Note 12 \u2013 Employee benefit expenses
in millions of euros, unless otherwise stated
2023
2022
Salaries and wages and other bene\ufb01ts
1,848
1,769
Social security charges
161
159
Medical cost bene\ufb01ts
101
94
Expenses related to de\ufb01ned contribution plans
96
89
Expenses related to de\ufb01ned bene\ufb01t plans
Note 30
16
29
Equity-settled share-based payments
Note 33
31
28
Total
2,253
2,168
*
Employees
Headcount at December 31
21,438
20,511
Thereof employed in the Netherlands
1,176
1,150
In full-time equivalents at December 31
21,056
20,056
In full-time equivalents average per annum
20,810
20,061
Prior year \ufb01gures have been restated as temporary staff and contractors are no longer considered part of employee bene\ufb01t expenses.
Note 13 \u2013 Amortization, impairment, and depreciation
2023
2022
Amortization of acquired identi\ufb01able intangible assets
Note 17
146
140
Impairment of acquired identi\ufb01able intangible assets
Note 17
\u2013
20
Amortization of other intangible assets
Note 17
204
195
Impairment of other intangible assets
Note 17
5
13
Depreciation of property, plant, and equipment
Note 18
23
26
Impairment of property, plant, and equipment
Note 18
0
1
Depreciation of right-of-use assets
Note 19
67
71
Total
445
466
During 2023, the useful lives for certain acquired identi\ufb01able intangible assets were reduced, which resulted in incremental amortization of \u20ac10 million. For further disclosure on estimates and judgments, refer to Note 17 \u2013 Goodwill and intangible assets other than goodwill and Note 19 \u2013 Leasing.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-421": { "value": "Material accounting policy information Sales costs relate to direct internal employee bene\ufb01t expenses and direct external costs, incurred for marketing and sales activities, as well as the additions to and releases from loss allowances on trade receivables and unbilled revenues based on lifetime expected credit losses. Sales costs include sales commissions directly expensed as incurred and the amortization of capitalized sales commissions that qualify as cost to obtain a contract. As a practical expedient, the group recognizes the incremental cost of obtaining a contract as an expense if the amortization period of the asset that the group otherwise would have recognized is one year or less. If sales commissions are granted for bundled and/or multi-element contracts in which the predominant consideration element is recognized for performance obligations satis\ufb01ed at a point in time, the sales commissions are expensed when incurred. In addition, sales commissions that are commensurate or based on generic performance indicators and/or net targets are expensed when incurred. For all other commission plans on new sales targets, the amortization period ranges between one and \ufb01ve years, depending on the nature of the underlying promise in the contract with the customer, unless the underlying non-cancelable contract period for a right-to-access license is longer than \ufb01ve years. In those situations, the longer non- cancelable contract period of the license contract prevails as the amortization period. Material accounting policy information General and administrative costs include costs that are neither directly attributable to cost of revenues nor to sales costs. These costs include product research and development costs, editorial costs, information technology costs, general overhead costs, amortization of acquired identi\ufb01able intangible assets, amortization of other intangible assets (if not part of cost of revenues), depreciation of property, plant, and equipment, depreciation of right-of-use assets, and impairment of goodwill, intangible assets other than goodwill, property, plant, and equipment, and right-of-use assets. Material accounting policy information Other gains and losses relate to items which are different in their nature or frequency from operating items. These include divestment-related results (including directly attributable divestment costs), additions to provisions for restructuring of stranded costs following divestments, acquisition-related costs, additions to acquisition integration provisions, and subsequent fair value changes of contingent considerations. See also Note 4 \u2013 Benchmark figures. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-422": { "value": "
Note 10 \u2013 General and administrative costs
2023
2022
Research, development, and editorial costs
591
541
General and administrative operating expenses
1,012
996
Amortization and impairment of acquired identi\ufb01able
intangible assets
Note 13
146
160
Total
1,749
1,697
Material accounting policy information
General and administrative costs include costs that are neither directly attributable to cost
of revenues nor to sales costs. These costs include product research and development
costs, editorial costs, information technology costs, general overhead costs, amortization
of acquired identi\ufb01able intangible assets, amortization of other intangible assets (if not
part of cost of revenues), depreciation of property, plant, and equipment, depreciation of
right-of-use assets, and impairment of goodwill, intangible assets other than goodwill,
property, plant, and equipment, and right-of-use assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-423": { "value": "
Note 12 \u2013 Employee benefit expenses
in millions of euros, unless otherwise stated
2023
2022
Salaries and wages and other bene\ufb01ts
1,848
1,769
Social security charges
161
159
Medical cost bene\ufb01ts
101
94
Expenses related to de\ufb01ned contribution plans
96
89
Expenses related to de\ufb01ned bene\ufb01t plans
Note 30
16
29
Equity-settled share-based payments
Note 33
31
28
Total
2,253
2,168
*
Employees
Headcount at December 31
21,438
20,511
Thereof employed in the Netherlands
1,176
1,150
In full-time equivalents at December 31
21,056
20,056
In full-time equivalents average per annum
20,810
20,061
Prior year \ufb01gures have been restated as temporary staff and contractors are no longer considered part of employee bene\ufb01t expenses.
Note 13 \u2013 Amortization, impairment, and depreciation
2023
2022
Amortization of acquired identi\ufb01able intangible assets
Note 17
146
140
Impairment of acquired identi\ufb01able intangible assets
Note 17
\u2013
20
Amortization of other intangible assets
Note 17
204
195
Impairment of other intangible assets
Note 17
5
13
Depreciation of property, plant, and equipment
Note 18
23
26
Impairment of property, plant, and equipment
Note 18
0
1
Depreciation of right-of-use assets
Note 19
67
71
Total
445
466
During 2023, the useful lives for certain acquired identi\ufb01able intangible assets were reduced,
which resulted in incremental amortization of \u20ac10 million.
For further disclosure on estimates and judgments, refer to Note 17 \u2013 Goodwill and intangible
assets other than goodwill and Note 19 \u2013 Leasing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-424": { "value": "
Note 12 \u2013 Employee benefit expenses
in millions of euros, unless otherwise stated
2023
2022
Salaries and wages and other bene\ufb01ts
1,848
1,769
Social security charges
161
159
Medical cost bene\ufb01ts
101
94
Expenses related to de\ufb01ned contribution plans
96
89
Expenses related to de\ufb01ned bene\ufb01t plans
Note 30
16
29
Equity-settled share-based payments
Note 33
31
28
Total
2,253
2,168
*
Employees
Headcount at December 31
21,438
20,511
Thereof employed in the Netherlands
1,176
1,150
In full-time equivalents at December 31
21,056
20,056
In full-time equivalents average per annum
20,810
20,061
*
Prior year \ufb01gures have been restated as temporary staff and contractors are no longer considered part of
employee bene\ufb01t expenses.
Note 30 \u2013 Employee benefits
2023
2022
Retirement plans
29
34
Other post-employment bene\ufb01t plans
45
44
Other long-term employment bene\ufb01ts
7
7
Total
81
85
Material accounting policy information
Defined contribution plans
Obligations for contributions to de\ufb01ned contribution plans are recognized as employee
bene\ufb01t expenses in pro\ufb01t or loss in the period during which services are rendered
by employees. Prepaid contributions are recognized as an asset to the extent that
a cash refund or reduction in future payments is available.
Defined benefit plans
The group\u2019s net obligation in respect of de\ufb01ned employee bene\ufb01t plans is calculated
separately for each plan by estimating the amount of future bene\ufb01ts that employees
have earned in the current and prior periods, discounting that amount, and deducting
the fair value of any plan assets.
The calculation of de\ufb01ned bene\ufb01t obligations is performed annually by a quali\ufb01ed
actuary using the projected unit credit method. When the calculation results in a potential
asset for the group, the recognized asset is limited to the present value of economic
bene\ufb01ts available in the form of any future refunds from the plan, or reductions in
future contributions to the plan. To calculate the present value of economic bene\ufb01ts,
consideration is given to any applicable minimum funding requirements.
All remeasurement gains and losses of the net de\ufb01ned bene\ufb01t liabilities or assets, which consist of actuarial gains and losses, return on plan assets (excluding interest), and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in other comprehensive income, in the period in which they occur. The group determines the net interest expense or income on the net de\ufb01ned bene\ufb01t liability or asset for the period by applying the discount rate used to measure the de\ufb01ned bene\ufb01t obligation at the beginning of the annual period to the net de\ufb01ned bene\ufb01t liability or asset, considering any changes in the net de\ufb01ned bene\ufb01t liability or asset during the period resulting from contributions and bene\ufb01t payments. Net interest expense and other expenses related to de\ufb01ned bene\ufb01t plans, such as fund administration costs, are recognized in pro\ufb01t or loss, when incurred. When the bene\ufb01ts of a plan are changed or when a plan is curtailed, the resulting change in the de\ufb01ned bene\ufb01ts that relates to past service or the gain or loss on curtailment is recognized directly in pro\ufb01t or loss. The group recognizes gains and losses on the settlement of a de\ufb01ned bene\ufb01t plan when the settlement occurs. A curtailment occurs when an entity signi\ufb01cantly reduces the number of employees covered by a plan. Amendments to the terms of a de\ufb01ned bene\ufb01t plan will be considered plan amendments and will be fully accounted for as past service costs. If a plan amendment, curtailment, or settlement occurs, the current service cost and the net interest for the period after the remeasurement are determined using the assumptions applied for the remeasurement. Long-term service benefits The group\u2019s net obligation in respect of long-term service bene\ufb01ts, such as jubilee bene\ufb01ts, is the amount of future bene\ufb01ts that employees have earned in return for their service in the current and prior periods. The obligation is calculated using the projected unit credit method and is discounted to its present value, with the fair value of any related assets deducted.
Retirement plans and other post-employment benefit plans
The provisions for retirement and other post-employment plans relate to de\ufb01ned employee
bene\ufb01t plans.
The group has arranged pension schemes in various countries for most of its employees
in accordance with the legal requirements, customs, and local situation of the countries
involved. These retirement schemes are partly managed by the group itself and partly
entrusted to external entities, such as company pension funds and insurance companies.
In addition, the group provides certain employees with other bene\ufb01ts upon retirement.
These bene\ufb01ts include contributions towards medical health plans in the U.S., where the
employer refunds part of the insurance premiums for retirees, or, in the case of uninsured
schemes, bears the medical expenses while deducting the participants\u2019 contributions.
Characteristics of material plans
Retirement plans
The Netherlands
United States
United Kingdom
Type of bene\ufb01ts
Pensions
Pensions
Pensions
Type of plan
Career average
Final salary
Final salary
Status of plan
Open
Frozen
Frozen
Service costs
Yes
No
No
Status of plan funding
Funded
Funded
Funded
Other post-employment plans Post-retirement
Type of bene\ufb01ts medical plan
Annual insurance
Type of plan premium coverage
Status of plan
Closed
Service costs
Yes
Status of plan funding
Unfunded
There are open retirement plans for new entrants in the Netherlands and Belgium.
The group has closed plans in Belgium, Canada, and Australia. A closed plan means that
no new members can join the pension plans. However, current participants in the plan can
still accrue for future service bene\ufb01ts, and therefore the plan incurs service costs for the
active participants.
If a plan is frozen, the plan is closed to new entrants and existing participants do not build
up future service bene\ufb01t accruals. The group has frozen plans in the U.S. and the U.K.
These plans have no more annual service costs.
In addition to the retirement plans and other post-employment plans, the group has other
long-term employment bene\ufb01t plans in Australia, Belgium, France, Germany, India, Japan,
Mexico, the Netherlands, New Zealand, Poland, and the U.S.
Retirement plans
The group has its largest de\ufb01ned bene\ufb01t retirement plan in the Netherlands with de\ufb01ned
bene\ufb01t obligations of \u20ac1.1 billion as of December 31, 2023, followed by the United Kingdom and
the United States with de\ufb01ned bene\ufb01t obligations of \u20ac81 million and \u20ac67 million, respectively.
There are also retirement plans in Belgium, Canada (wound up in 2022), and Australia.
All plans are funded schemes.
The de\ufb01ned bene\ufb01t plans in the Netherlands, the U.S., and the U.K. are insured with the
company\u2019s self-administrated pension funds, which are separate legal entities with plan
assets being held independently of the group.
The Netherlands
In the Netherlands, the scheme is a career average salary-based scheme. Members accrue
a portion of their current salary at a rate calculated to enable them to reach a pension level
based on their average salary. The Dutch pension plan is subject to the supervision of the
Dutch Central Bank (DNB). The scheme funding level is determined by the new Financial
Assessment Framework (nFTK), whereby funding liabilities are determined based on a
120-month moving average of the 20-year forward rate. Bene\ufb01t reductions, if necessary,
will be smoothed over time when recovery to full funding within eight years is not expected.
Reductions will amount to one-eighth of the de\ufb01cit at the measurement date. Indexation of
pension entitlements will not be allowed at funding ratios below 110%, while full indexation
will be allowed only at funding ratios higher than approximately 139.2% (these are year- and
plan-speci\ufb01c).
The Dutch pension scheme has an unaudited 12-month rolling average coverage ratio of
127.5% at December 31, 2023 (2022: 129.4%). If this ratio is below 104%, a rolling eight-year
recovery plan should be submitted to the DNB, on an annual basis. The pension premiums are
in general based on contributions by the employer (two-thirds) and employees (one-third).
The total annual pension contribution has been determined at 24.5% of base salary for 2023,
of which the employer contributed the excess above the 24.0% basic premium. The pension
base is capped but will be corrected for inflation annually.
United States
The U.S. retirement scheme has an annual statutory valuation which forms the basis for
establishing the employer contribution each year (subject to ERISA and IRS minimums).
The U.S. scheme was a \ufb01nal salary-based scheme, based on years of credited service,
but is now a frozen plan. The pay and bene\ufb01t accruals are frozen.
The plan \ufb01duciaries of the U.S. scheme are required by law to act in the interests of the fund\u2019s
bene\ufb01ciaries. The \ufb01duciary duties for the scheme are allocated between committees which
are staffed by senior employees of the group. The investment committee has the primary
responsibility for the investment and management of plan assets.
United Kingdom
The U.K. retirement scheme is a \ufb01nal salary-based scheme, but it is a frozen plan. The trustees
of the pension fund are required by law to act in the interests of the fund\u2019s bene\ufb01ciaries
and are responsible for the investment policy regarding the assets of the fund. The board
of trustees consists of an equal number of company-appointed and member-nominated
directors.
The level of funding is determined by statutory triennial actuarial valuations in accordance
with pension legislation. Where the scheme falls below 100% funded status, the group and the
scheme trustees must agree on how the de\ufb01cit is to be remedied. A pension rate increase is
usually a \ufb01xed promise and is built into the funding requirement. The U.K. Pensions Regulator
has signi\ufb01cant powers and sets out in codes and guidance the parameters for scheme
funding. At December 31, 2023, the future de\ufb01cit contribution commitments were not larger
than the surplus in the U.K. plan and therefore there was no additional balance sheet liability
recognized in respect of these contributions (2022: no additional balance sheet liability).
Other post-employment plans
Other post-employment plans exist in the U.S., Canada, and Italy. These plans have no plan
assets and are unfunded. The main plan is the post-employment medical plan in the U.S.,
which was closed to new entrants in 2021. The group funds the U.S. post-employment medical
plan obligations on a pay-as-you-go basis. If healthcare costs in the future increase more
than anticipated, the actuarially determined liability, and as a result the related other
post-employment bene\ufb01t plan expense, could increase along with future cash outflows.
Funding requirements
Funding requirements of the plans are based on local legislation and separate actuarial
valuations for which the assumptions differ from the assumptions used under
IAS 19 \u2013 Employee Bene\ufb01ts. The funding requirements are based on each pension fund\u2019s
actuarial measurement framework set out in the funding policies of the individual plans.
In the Netherlands, there is no formal requirement to fund de\ufb01cits of the plan by
the employer.
In the U.S., there are minimum contribution requirements. In case the statutory funded status
falls below certain thresholds, the U.S. Pension Protection Act requires the de\ufb01cit to be
recti\ufb01ed with additional minimum employer contributions, spread over a seven-year period,
to avoid restrictions on the ability to pay some accelerated bene\ufb01t forms, such as lump sums.
These funding levels are reassessed annually.
The trustees of the U.K. plan and the group \ufb01nalized the latest triennial valuation in 2020 for
funding purposes in 2021. The U.K. Pensions Regulator has the power to demand more funding
and support where a pension scheme has been exposed to an unacceptable level of risk.
As part of the 2017 actuarial funding valuation, the parent company issued a guarantee of
\u00a318 million (or \u20ac21 million at December 31, 2023), with a positive pledge issued by a Wolters
Kluwer U.K. group company in the event of paying dividends and/or repaying intercompany
loans. In addition, it has been agreed that there will be no planned de\ufb01cit contribution until
2024, unless the coverage ratio will fall under 97%. The funding and guarantees will be
reassessed based on a new triennial valuation to be \ufb01nalized in 2024.
Risk management of main plans in the group
The retirement and other post-employment plans expose the group to actuarial risks, such
as longevity risks, interest rate risks, investment and market risks, and currency risks.
The group has restructured employee bene\ufb01t plans in the past by moving existing and newly
hired employees to de\ufb01ned contribution plans or by freezing the plans (either with no
future service bene\ufb01t accruals and/or no new participants entering the plan). These redesigns
reduce or cancel future bene\ufb01t accruals in the plans and consequently reduce the pace of
liability growth. The group also reviews periodically its \ufb01nancing and investment policies
(liability-driven investments) and its liability management (lump-sum offerings).
The various plans manage their balance sheet to meet their pension promise. By using asset
liability management (ALM) studies, major risk sources are identi\ufb01ed, and the impact of
decisions is assessed by quantifying the potential impact on elements like future pensions,
contributions, and funded ratio. These ALM studies also determine risk and return measures
that consider the interests of all stakeholders. The outcome of these studies results in a
risk-return trade-off, taking the duration of pension liabilities into account, which will be an
integral part of the investment strategy. The investment strategy covers the allocation of
asset classes and hedging strategies, and also decisions on new and alternative asset classes,
passive versus active investments, leverage, and the use of derivatives.
Actuarial assumptions for retirement and other post-employment benefit plans
The discount rate is the yield rate at the end of the reporting period on high-quality corporate
bonds that have maturity dates approximating the terms of the group\u2019s obligations and
that are denominated in the same currency in which the bene\ufb01ts are expected to be paid.
The calculation is performed annually by quali\ufb01ed actuaries.
The following weighted-average principal actuarial assumptions were used to determine
the pension expense and other post-employment plans\u2019 expense for the year under review,
and de\ufb01ned bene\ufb01t obligations at the end of the reporting period:
in %
2023
2022
Retirement plans
Discount rate to discount the obligations at year end
3.3
3.9
Discount rate for pension expense
3.9
1.3
Expected rate of pension increases (in payment) at year end
2.6
3.1
Expected rate of pension increases (in deferral) at year end
2.5
3.1
Expected rate of inflation increase for pension expense
2.1
2.3
Other post-employment benefit plans
Discount rate to discount the obligations at year end
4.3
4.6
Discount rate for pension expense
4.6
2.1
Medical cost trend rate
3.0
3.0
For most of the retirement and other post-employment schemes, the discount rate is
determined or validated using a general accepted methodology in selecting corporate bonds
by the group advisory actuary. For the U.S. plans, the discount rate is based on the yield
curve/cash flow matching approach which uses spot yields from the standard FTSE and the
timing of the cash flows of the plan.
Mortality assumptions for the most important plans are based on the following retirement
mortality tables:
\u2022 The Netherlands: AG projection table 2022, including fund speci\ufb01c 2022 experience loading
(2022: AG projection table 2022, including fund-speci\ufb01c 2022 experience loading);
\u2022 U.S.: Pri-2012 Mortality Table with MP 2021 projections, being the current standard mortality
table (2022: Pri-2012 Mortality Table with MP 2021 projections); and
\u2022 U.K.: SAPS S3 (Year of Birth) CMI 2022 projections with 1.25% long-term improvement rate
(2022: SAPS S3 (Year of Birth) CMI 2019 projections with 1.25% long-term improvement rate).
Assumptions regarding future mortality experience are set based on actuarial advice and best
estimate mortality tables in the applicable countries.
The current life expectancies underlying the value of the de\ufb01ned bene\ufb01t retirement
obligations at December 31, 2023, are as follows:
in years
The Netherlands
United States
United Kingdom
Life expectancy at age of 65 now \u2013 Male
21.8
20.6
22.2
Life expectancy at age of 65 now \u2013 Female
24.2
22.6
24.0
Life expectancy aged 65 in 20 years \u2013 Male
23.8
22.7
23.3
Life expectancy aged 65 in 20 years \u2013 Female
26.2
25.0
25.3
Given the nature of the de\ufb01ned bene\ufb01t obligations in Belgium, Italy, and Australia, with
lump-sum bene\ufb01t payments at retirement date instead of annuity payments, the impact of
changing life expectancy after the retirement age on the plan liabilities is limited in these
countries.
Sensitivity retirement plans
Gross service cost
(excluding interest)
Defined benefit obligations
2023
Baseline
19
1,352
Decrease of Increase of Decrease of Increase of
Change compared to baseline assumption assumption assumption assumption
Discount rate (change by 1%)
7
(5)
243
(189)
Pension increase rate (change by 0.5%)
(2)
3
(91)
103
Inflation increase rate (change by 0.5%)
(3)
4
(114)
131
Mortality table (change by one year)
\u2013
1
(69)
54
Gross service cost represents the annual accrual of liability due to another year of service,
excluding any interest or offsetting employee contributions, and therefore differs from the
current service cost included in the calculation of the pension expense.
Sensitivity of the defined benefit obligations (DBO) of retirement plans in the consolidated
statement of financial position and the defined benefit expense of the retirement plans
in the consolidated statement of profit or loss (P&L)
The Netherlands
United States
United Kingdom
DBO
P&L
DBO
P&L
DBO
P&L
Discount rate sensitivity
\u2013
\u2013
Pension increase sensitivity
\u2013
\u2013
\u2013
Inflation rate sensitivity
\u2013
\u2013
\u2013
Mortality sensitivity
\u2013
\u2013
Pension rate increases are only applicable for the plans in the Netherlands and the United
Kingdom. Pension increases in the Netherlands are related to price inflation. However, these
increases are conditional and depend on the funding position of the Dutch pension fund.
Pension increases are therefore capped. The pension increase assumption is based on the
liability ceiling approach and determined as the rate of increase such that the present value
of vested bene\ufb01ts, including the assumed rate of pension increases, is not greater than the
fair value of plan assets. For 2023, this resulted in a Dutch pension increase assumption of
2.55% compared to 3.11% at year-end 2022.
Since the retirement plans in the United States and the United Kingdom are frozen, the
service cost is zero and not sensitive for changes in discount rate, pension increases, inflation,
or longevity.
Sensitivity of other post-employment plans
Gross service costs
(excluding interest)
Defined benefit obligations
2023
Baseline
1
45
Change compared to baseline
Discount rate (by -1%)
0
(4)
Discount rate (by +1%)
0
3
The actual medical cost trend rate in the United States exceeds the applied medical cost
trend rate for its main medical plan, which is capped at 3% (2022: 3%) according to the plan
rules. The main U.S. medical plan is therefore hardly sensitive to medical cost increases.
Defined benefit Other post-
Plan liabilities and plan assets retirement plans employment plans
Defined benefit Other post-
2023
2022
2023
2022
retirement plans employment plans Pension expenses
2023
2022
2023
2022
Employer service cost
13
19
1
1
Plan liabilities
Settlement gain
\u2013
0
\u2013
\u2013
Fair value at January 1
1,263
1,645
44
52
Past service costs \u2013 plan amendment
\u2013
7
\u2013
\u2013
Settlements
\u2013
(2)
\u2013
\u2013
Interest expense on irrecoverable surplus
0
0
\u2013
\u2013
Employer service cost
13
19
1
1
Interest expense on de\ufb01ned bene\ufb01t obligations
48
24
2
1
Interest expense on de\ufb01ned bene\ufb01t obligations
48
24
2
1
Interest income on plan assets
(47)
(24)
\u2013
\u2013
Administration costs and taxes
2
2
\u2013
\u2013
Administration costs and taxes
2
2
0
\u2013
Bene\ufb01ts paid by fund
(54)
(50)
\u2013
\u2013
Total pension expense
16
28
3
2
Bene\ufb01ts paid by employer
\u2013
\u2013
(3)
(4)
Of which is included in:
Remeasurement (gains)/losses
78
(386)
2
(8)
Employee bene\ufb01t expenses
Note 12
15
28
1
1
Acquired through business combinations
\u2013
\u2013
0
\u2013
Other \ufb01nance (income)/costs
Note 14
1
0
2
1
Contributions by plan participants
4
3
\u2013
\u2013
Plan amendments and curtailments
\u2013
7
\u2013
\u2013
Foreign exchange differences
(2)
1
(1)
2
Fair value at December 31
1,352
1,263
45
44
Plan assets
Fair value at January 1
1,240
1,641
0
0
Settlements
\u2013
(2)
\u2013
\u2013
Interest income on plan assets
47
24
\u2013
\u2013
Return on plan assets greater than discount rate
82
(390)
\u2013
0
Bene\ufb01ts paid by fund
(54)
(50)
(3)
(4)
Contributions by employer
19
13
3
4
Contributions by plan participants
4
3
\u2013
\u2013
Foreign exchange differences
(1)
1
\u2013
\u2013
Fair value at December 31
1,337
1,240
0
0
Funded status
De\ufb01cit/(surplus) at December 31
15
23
45
44
Irrecoverable surplus
14
11
\u2013
\u2013
Net liability at December 31
29
34
45
44
In 2023, there was an asset ceiling in the U.K. pension plan of \u20ac13 million (2022: \u20ac10 million).
The surplus is not recognized as a pension asset as there is no unconditional right to a refund
of this surplus from the U.K. scheme. The U.K. pension fund has no liability in respect of
minimum funding requirements (2022: no liability).
Plan amendments
In 2022, the Dutch pension fund decided to increase the accrual rate as of January 1, 2023,
from 1.58% to 1.875%. The 2022 decision on the higher accrual rate resulted in a plan
amendment loss of \u20ac7 million on the de\ufb01ned bene\ufb01t obligations.
Employer contributions
The group\u2019s employer contributions to be paid to the de\ufb01ned bene\ufb01t retirement plans in 2024
are estimated at \u20ac10 million (2023: actual employer contributions of \u20ac19 million).
Remeasurements
The pre-tax cumulative amount of remeasurement gains/losses recognized in the
consolidated statement of comprehensive income is as follows:
2023
2022
Position at January 1
(120)
(138)
Recognized in other comprehensive income
(1)
18
Cumulative amount at December 31
(121)
(120)
Remeasurement gains/(losses) for the year
2023
2022
Remeasurement gains/(losses) due to experience adjustments
(62)
(17)
Remeasurement gains/(losses) due to changes in demographic assumptions
3
(11)
Remeasurement gains/(losses) due to changes in \ufb01nancial assumptions
(21)
422
Remeasurement gains/(losses) on de\ufb01ned bene\ufb01t obligations
(80)
394
Return on plan assets greater/(lower) than discount rate
82
(390)
Change in irrecoverable surplus, other than interest and foreign
exchange differences
(3)
14
Recognized remeasurement gains on de\ufb01ned bene\ufb01t plans in other
comprehensive income
(1)
18
Experience adjustments result from changes, such as changes in plan populations, data
corrections, and differences in cash flows.
Changes in demographic assumptions relate to differences between the current and previous
actuarial assumptions in mortality tables, rate of employee turnover, disability, and early
retirement.
Changes in \ufb01nancial assumptions relate to differences between the current and previous
actuarial assumptions, such as discount rate, pension rate increase, price increases, and
future salary and bene\ufb01t levels.
The actual consolidated return on plan assets for the year ended December 31, 2023, was
a gain of \u20ac129 million (2022: loss of \u20ac366 million).
Duration
Duration is an indicator of the plan liabilities\u2019 sensitivity for changes in interest rates. The
liability-weighted duration for the de\ufb01ned bene\ufb01t plan liabilities at year end is as follows:
number of years
2023
2022
Retirement plans
The Netherlands
16.7
16.9
United Kingdom
11.5
11.4
United States
9.3
9.8
Other post-employment plans
United States
6.7
7.1
Investment mix
The breakdown of plan assets as of December 31 is as follows:
Equity
2023
Quoted
Unquoted
2022
Quoted
Unquoted
Equity
355
355
\u2013
333
333
\u2013
Private equity
1
\u2013
1
2
\u2013
2
Bonds
Government bonds
476
476
\u2013
406
406
\u2013
Corporate bonds
183
183
\u2013
194
194
\u2013
Other bonds
11
11
\u2013
\u2013
\u2013
\u2013
Asset-backed securities
87
87
\u2013
90
90
\u2013
Other
Insurance contracts
130
\u2013
130
124
\u2013
124
Real estate
93
42
51
95
39
56
Derivatives and other
securities
(20)
(20)
\u2013
(32)
(32)
\u2013
Cash
21
21
\u2013
28
28
\u2013
Total
1,337
1,155
182
1,240
1,058
182
At December 31, 2023, 86% of the plan assets relate to quoted \ufb01nancial instruments (2022:
85%). Plan assets do not include any direct investments in the group or \ufb01nancial instruments
issued by the group, nor do they include any property or other assets used by the group.
However, pension plans invest in index funds and as a result these plans may indirectly hold
\ufb01nancial instruments issued by the group.
Proportion of plan assets
in %
2023
2022
Equity
27
27
Bonds
57
56
Other
16
17
Total
100
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-425": { "value": "
Employees
Headcount at December 31
21,438
20,511
Thereof employed in the Netherlands
1,176
1,150
In full-time equivalents at December 31
21,056
20,056
In full-time equivalents average per annum
20,810
20,061
Prior year \ufb01gures have been restated as temporary staff and contractors are no longer considered part of employee bene\ufb01t expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-426": { "value": "
Note 13 \u2013 Amortization, impairment, and depreciation
2023
2022
Amortization of acquired identi\ufb01able intangible assets
Note 17
146
140
Impairment of acquired identi\ufb01able intangible assets
Note 17
\u2013
20
Amortization of other intangible assets
Note 17
204
195
Impairment of other intangible assets
Note 17
5
13
Depreciation of property, plant, and equipment
Note 18
23
26
Impairment of property, plant, and equipment
Note 18
0
1
Depreciation of right-of-use assets
Note 19
67
71
Total
445
466
During 2023, the useful lives for certain acquired identi\ufb01able intangible assets were reduced, which resulted in incremental amortization of \u20ac10 million. For further disclosure on estimates and judgments, refer to Note 17 \u2013 Goodwill and intangible assets other than goodwill and Note 19 \u2013 Leasing.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-427": { "value": "
Note 14 \u2013 Financing results
Financing income
2023
2022
Interest income for financial assets measured at amortized cost:
Interest income on short-term bank deposits
50
20
Interest income on bank balances and other
Other financing income:
5
1
Derivatives \u2013 foreign exchange contracts, not qualifying as hedge
0
0
Total \ufb01nancing income
55
21
Financing costs
Interest expense for financial liabilities measured at amortized cost:
Interest expense on Euro Commercial Paper program and bank
borrowings
(3)
0
Interest expense on bonds and private placements
(68)
(54)
Amortization of fee expense for debt instruments
Note 28
(3)
(3)
Interest expense on bank overdrafts and other
Other financing expense:
(3)
(3)
Unwinding of discount of lease liabilities
Note 28
(9)
(9)
Net foreign exchange gains/(losses)
7
(5)
Items in hedge relationships:
Interest rate swaps
(3)
(3)
Foreign exchange gains/(losses) on loans subject to cash flow hedge
15
11
Net change in fair value of cash flow hedges reclassi\ufb01ed from other
comprehensive income
(15)
(11)
Total \ufb01nancing costs
(82)
(77)
Net \ufb01nancing results
(27)
(56)
Other finance income and (costs)
Divestment-related results on \ufb01nancial assets
Note 8
3
\u2013
Fair value changes of \ufb01nancial assets
Note 21
0
0
Financing component employee bene\ufb01ts
Note 30
(3)
(1)
Total other \ufb01nance income and (costs)
0
(1)
Total \ufb01nancing results
(27)
(57)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-428": { "value": "
Note 14 \u2013 Financing results
Financing income
2023
2022
Interest income for financial assets measured at amortized cost:
Interest income on short-term bank deposits
50
20
Interest income on bank balances and other
Other financing income:
5
1
Derivatives \u2013 foreign exchange contracts, not qualifying as hedge
0
0
Total \ufb01nancing income
55
21
Financing costs
Interest expense for financial liabilities measured at amortized cost:
Interest expense on Euro Commercial Paper program and bank
borrowings
(3)
0
Interest expense on bonds and private placements
(68)
(54)
Amortization of fee expense for debt instruments
Note 28
(3)
(3)
Interest expense on bank overdrafts and other
Other financing expense:
(3)
(3)
Unwinding of discount of lease liabilities
Note 28
(9)
(9)
Net foreign exchange gains/(losses)
7
(5)
Items in hedge relationships:
Interest rate swaps
(3)
(3)
Foreign exchange gains/(losses) on loans subject to cash flow hedge
15
11
Net change in fair value of cash flow hedges reclassi\ufb01ed from other
comprehensive income
(15)
(11)
Total \ufb01nancing costs
(82)
(77)
Net \ufb01nancing results
(27)
(56)
Other finance income and (costs)
Divestment-related results on \ufb01nancial assets
Note 8
3
\u2013
Fair value changes of \ufb01nancial assets
Note 21
0
0
Financing component employee bene\ufb01ts
Note 30
(3)
(1)
Total other \ufb01nance income and (costs)
0
(1)
Total \ufb01nancing results
(27)
(57)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-429": { "value": "
Note 14 \u2013 Financing results
Financing income
2023
2022
Interest income for financial assets measured at amortized cost:
Interest income on short-term bank deposits
50
20
Interest income on bank balances and other
Other financing income:
5
1
Derivatives \u2013 foreign exchange contracts, not qualifying as hedge
0
0
Total \ufb01nancing income
55
21
Financing costs
Interest expense for financial liabilities measured at amortized cost:
Interest expense on Euro Commercial Paper program and bank
borrowings
(3)
0
Interest expense on bonds and private placements
(68)
(54)
Amortization of fee expense for debt instruments
Note 28
(3)
(3)
Interest expense on bank overdrafts and other
Other financing expense:
(3)
(3)
Unwinding of discount of lease liabilities
Note 28
(9)
(9)
Net foreign exchange gains/(losses)
7
(5)
Items in hedge relationships:
Interest rate swaps
(3)
(3)
Foreign exchange gains/(losses) on loans subject to cash flow hedge
15
11
Net change in fair value of cash flow hedges reclassi\ufb01ed from other
comprehensive income
(15)
(11)
Total \ufb01nancing costs
(82)
(77)
Net \ufb01nancing results
(27)
(56)
Other finance income and (costs)
Divestment-related results on \ufb01nancial assets
Note 8
3
\u2013
Fair value changes of \ufb01nancial assets
Note 21
0
0
Financing component employee bene\ufb01ts
Note 30
(3)
(1)
Total other \ufb01nance income and (costs)
0
(1)
Total \ufb01nancing results
(27)
(57)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-430": { "value": "
Note 14 \u2013 Financing results
Financing income
2023
2022
Interest income for financial assets measured at amortized cost:
Interest income on short-term bank deposits
50
20
Interest income on bank balances and other
Other financing income:
5
1
Derivatives \u2013 foreign exchange contracts, not qualifying as hedge
0
0
Total \ufb01nancing income
55
21
Financing costs
Interest expense for financial liabilities measured at amortized cost:
Interest expense on Euro Commercial Paper program and bank
borrowings
(3)
0
Interest expense on bonds and private placements
(68)
(54)
Amortization of fee expense for debt instruments
Note 28
(3)
(3)
Interest expense on bank overdrafts and other
Other financing expense:
(3)
(3)
Unwinding of discount of lease liabilities
Note 28
(9)
(9)
Net foreign exchange gains/(losses)
7
(5)
Items in hedge relationships:
Interest rate swaps
(3)
(3)
Foreign exchange gains/(losses) on loans subject to cash flow hedge
15
11
Net change in fair value of cash flow hedges reclassi\ufb01ed from other
comprehensive income
(15)
(11)
Total \ufb01nancing costs
(82)
(77)
Net \ufb01nancing results
(27)
(56)
Other finance income and (costs)
Divestment-related results on \ufb01nancial assets
Note 8
3
\u2013
Fair value changes of \ufb01nancial assets
Note 21
0
0
Financing component employee bene\ufb01ts
Note 30
(3)
(1)
Total other \ufb01nance income and (costs)
0
(1)
Total \ufb01nancing results
(27)
(57)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-431": { "value": "
Note 14 \u2013 Financing results
Financing income
2023
2022
Interest income for financial assets measured at amortized cost:
Interest income on short-term bank deposits
50
20
Interest income on bank balances and other
Other financing income:
5
1
Derivatives \u2013 foreign exchange contracts, not qualifying as hedge
0
0
Total \ufb01nancing income
55
21
Financing costs
Interest expense for financial liabilities measured at amortized cost:
Interest expense on Euro Commercial Paper program and bank
borrowings
(3)
0
Interest expense on bonds and private placements
(68)
(54)
Amortization of fee expense for debt instruments
Note 28
(3)
(3)
Interest expense on bank overdrafts and other
Other financing expense:
(3)
(3)
Unwinding of discount of lease liabilities
Note 28
(9)
(9)
Net foreign exchange gains/(losses)
7
(5)
Items in hedge relationships:
Interest rate swaps
(3)
(3)
Foreign exchange gains/(losses) on loans subject to cash flow hedge
15
11
Net change in fair value of cash flow hedges reclassi\ufb01ed from other
comprehensive income
(15)
(11)
Total \ufb01nancing costs
(82)
(77)
Net \ufb01nancing results
(27)
(56)
Other finance income and (costs)
Divestment-related results on \ufb01nancial assets
Note 8
3
\u2013
Fair value changes of \ufb01nancial assets
Note 21
0
0
Financing component employee bene\ufb01ts
Note 30
(3)
(1)
Total other \ufb01nance income and (costs)
0
(1)
Total \ufb01nancing results
(27)
(57)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-432": { "value": "
Note 14 \u2013 Financing results
Financing income
2023
2022
Interest income for financial assets measured at amortized cost:
Interest income on short-term bank deposits
50
20
Interest income on bank balances and other
Other financing income:
5
1
Derivatives \u2013 foreign exchange contracts, not qualifying as hedge
0
0
Total \ufb01nancing income
55
21
Financing costs
Interest expense for financial liabilities measured at amortized cost:
Interest expense on Euro Commercial Paper program and bank
borrowings
(3)
0
Interest expense on bonds and private placements
(68)
(54)
Amortization of fee expense for debt instruments
Note 28
(3)
(3)
Interest expense on bank overdrafts and other
Other financing expense:
(3)
(3)
Unwinding of discount of lease liabilities
Note 28
(9)
(9)
Net foreign exchange gains/(losses)
7
(5)
Items in hedge relationships:
Interest rate swaps
(3)
(3)
Foreign exchange gains/(losses) on loans subject to cash flow hedge
15
11
Net change in fair value of cash flow hedges reclassi\ufb01ed from other
comprehensive income
(15)
(11)
Total \ufb01nancing costs
(82)
(77)
Net \ufb01nancing results
(27)
(56)
Other finance income and (costs)
Divestment-related results on \ufb01nancial assets
Note 8
3
\u2013
Fair value changes of \ufb01nancial assets
Note 21
0
0
Financing component employee bene\ufb01ts
Note 30
(3)
(1)
Total other \ufb01nance income and (costs)
0
(1)
Total \ufb01nancing results
(27)
(57)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-433": { "value": "
Note 15 \u2013 Income tax expense
2023
2022
Current income tax expense
300
286
Adjustments previous years
(2)
(13)
Deferred tax expense:
Changes in tax rates
0
0
Origination and reversal of temporary differences
(8)
(24)
Movements in deferred tax assets and liabilities
Note 22
(8)
(24)
Total
Note 22
290
249
Material accounting policy information Deferred tax assets and liabilities, including those associated with right-of-use assets and lease liabilities, are offset if there is a legally enforceable right to offset current income tax assets and liabilities, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current income tax assets and liabilities on a net basis or their tax assets and liabilities will be realized simultaneously. Uncertain tax positions are assessed at a \ufb01scal unity level. If it is probable that a tax authority will accept an uncertain tax position in the income tax \ufb01ling, the group determines its accounting tax position consistent with the tax treatment used or planned to be used in its income tax \ufb01ling. If this is not probable, the group reflects the effect of uncertainty in determining its accounting tax position using either the most likely amount or the expected value method, depending on which method better predicts the resolution of the uncertainty. Estimates and judgments Income tax is calculated based on income before tax, considering the local tax rates and regulations. For each operating entity, the current income tax expense is calculated and differences between the accounting and tax base are determined, resulting in deferred tax assets or liabilities. These calculations may deviate from the \ufb01nal tax assessments. A deferred tax asset is recognized for deductible temporary differences and the carry-forward of unused tax losses and unused tax credits to the extent that it is probable that future taxable pro\ufb01t will be available. Management assesses the probability that taxable pro\ufb01t will be available against which the unused tax losses or unused tax credits can be utilized. In determining the amount of current and deferred tax, the group considers the impact of uncertain tax positions and whether additional taxes, penalties, and interest may be due. The group believes that its current income tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax laws and rules, and prior experience. The group operates in several countries with different tax laws and rules. Considering this complex multinational environment in which the group operates, global transfer pricing policies are implemented for transactions between members of the group. These transactions are documented as required by international standards. However, local tax authorities might challenge these transactions. The group considers potential challenges and accounts for potential uncertain tax positions. The assessment for uncertain tax positions relies on estimates and assumptions, based on the judgments of tax professionals within the group, supplemented by external tax advisors, and may involve a series of estimates about future events. New information may become available that causes the group to change its estimate regarding the adequacy of existing income tax liabilities. Such changes to income tax liabilities will impact the income tax expense, positively or negatively, in the consolidated statement of pro\ufb01t or loss in the period that such a determination is made. Changes in tax rates are considered if these tax rate changes are substantially enacted before year end. Governments are expected to introduce changes in tax law following Organisation for Economic Co-operation and Development (OECD), EU, and other international guidelines. Reported income tax amounts will therefore be subject to continued judgment, estimation uncertainty, and measurement adjustments. International tax reform \u2013 Pillar Two Model Rules On December 19, 2023, the government of the Netherlands enacted the Pillar Two income taxes legislation effective from January 1, 2024. Under the legislation, the company will be required to pay in the Netherlands, or the subsidiary in the subsidiary country, a top-up tax on pro\ufb01ts of its subsidiaries that are taxed at an effective corporate income tax rate of less than 15%. The main jurisdiction in which exposures to this tax may exist is Ireland. If the Pillar Two legislation would have been in effect in 2023, the effective tax rate for the group would be approximately 0.5% higher, considering certain adjustments that would be required applying the legislation. However, as the newly enacted legislation is only effective from January 1, 2024, there is no current tax impact for the year ended December 31, 2023. The group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top up tax and accounts for it as a current tax when it is incurred. The group continues to assess the impact of the Pillar Two income taxes legislation on its future \ufb01nancial performance. Reconciliation of the effective tax rate The group\u2019s effective tax rate in the consolidated statement of pro\ufb01t or loss differs from the Dutch statutory income tax rate of 25.8%. The table below reconciles the Dutch statutory income tax rate with the effective income tax rate in the consolidated statement of pro\ufb01t or loss:
2023
2022
in millions of euros, unless otherwise stated
%
%
Pro\ufb01t before tax
1,297
1,276
Income tax expense at the Dutch statutory income
tax rate
25.8
335
25.8
329
Tax effect of:
Rate differential
(2.9)
(38)
(2.7)
(35)
Tax incentives, exempt income, and divestments
(0.8)
(10)
(2.4)
(31)
Recognized and unrecognized tax losses
0.0
0
(0.1)
(1)
Adjustments previous years
(0.1)
(2)
(1.0)
(13)
Changes in income tax rates
0.0
0
0.0
0
Other taxes
0.9
11
0.9
11
Non-deductible costs and other items
(0.5)
(6)
(1.0)
(11)
Total
22.4
290
19.5
249
Rate differential indicates the effect of the group\u2019s taxable income generated and taxed in jurisdictions where tax rates differ from the Dutch statutory income tax rate. The effective tax rate increased to 22.4% (2022: 19.5%), resulting from tax neutral gains on the divestment of the legal information units in Spain and France in 2022, plus positive outcomes from the closure of previous tax years. For income tax recognized directly in the consolidated statements of changes in total equity and other comprehensive income, reference is made to Note 22 \u2013 Tax assets and liabilities. Note 22 \u2013 Tax assets and liabilities
Deferred tax assets and liabilities
temporary differences arising from:
Assets
Liabilities
2023
2022
Intangible assets
6
(398)
(392)
(395)
Property, plant, and equipment, right-of-use
assets, and lease liabilities
79
(58)
21
17
Employee bene\ufb01ts
45
(8)
37
38
Tax value of loss carry-forwards recognized
23
\u2013
23
31
Other items
102
(21)
81
72
Total before set-off of tax
255
(485)
(230)
(237)
Set-off of tax
(204)
204
0
0
Position at December 31
51
(281)
(230)
(237)
Estimates and judgments The actual recognition of deferred tax assets depends on the generation of future taxable income during the periods in which the temporary differences become deductible. Based on projected future taxable income and available strategies, the group considers the future realization of these deferred tax assets as probable. Other items mainly include recognition of deferred tax assets and liabilities for temporary differences on working capital items.
Movements in temporary differences 2023
Recognized Recognized in
Balance at in profit or equity and OCI Foreign Balance at
January 1, Acquisitions/ loss comprehensive exchange December
2023 divestments (Note 15) income differences 31, 2023
Intangible assets
(395)
(7)
1
\u2013
9
(392)
PPE, right-of-use
assets, and lease
liabilities
17
\u2013
4
\u2013
0
21
Employee bene\ufb01ts
38
\u2013
0
0
(1)
37
Tax value of loss carry-
forwards recognized
31
\u2013
(7)
\u2013
(1)
23
Other items
72
(1)
10
0
0
81
Total
(237)
(8)
8
0
7
(230)
Movements in temporary differences 2022
Recognized Recognized in
Balance at in profit or equity and OCI Foreign Balance at
January 1, Acquisitions/ loss comprehensive exchange December
2022 divestments (Note 15) income differences 31, 2022
Intangible assets
(390)
(19)
31
\u2013
(17)
(395)
PPE, right-of-use
assets, and lease
liabilities
1
\u2013
16
\u2013
0
17
Employee bene\ufb01ts
37
\u2013
4
(5)
2
38
Tax value of loss carry-
forwards recognized
38
\u2013
(9)
\u2013
2
31
Other items
82
0
(18)
4
4
72
Total
(232)
(19)
24
(1)
(9)
(237)
Movements in overall tax position
Position at January 1
2023
2022
Current income tax assets
61
59
Current income tax liabilities
(129)
(142)
Deferred tax assets
62
62
Deferred tax liabilities
(299)
(294)
Overall tax position
(305)
(315)
Movements
Total income tax expense
Note 15
(290)
(249)
Deferred tax from acquisitions and divestments
(8)
(19)
Current income tax from acquisitions and divestments
0
(1)
Deferred tax on items recognized directly in OCI
0
(1)
Paid income tax
325
289
Foreign exchange differences
6
(9)
Total movements
33
10
Position at December 31
Current income tax assets
86
61
Current income tax liabilities
(128)
(129)
Deferred tax assets
51
62
Deferred tax liabilities
(281)
(299)
Overall tax position
(272)
(305)
The current income tax liabilities include, to a large extent, uncertain tax positions. For most of these uncertain tax positions, it is expected that the audit by tax authorities will \ufb01nalize beyond one year. For the estimates and judgments applied to uncertain tax positions, refer to Note 15 \u2013 Income tax expense. The group paid income taxes for the amounts of \u20ac181 million (2022: \u20ac162 million) in North America, \u20ac133 million (2022: \u20ac119 million) in Europe, and \u20ac11 million (2022: \u20ac8 million) in Asia Paci\ufb01c and Rest of World. The amount of deferred tax assets arising from recognized tax loss carry-forwards, which relate to tax jurisdictions where the group continued to incur tax losses in the current and/or preceding year, was \u20ac0 million at December 31, 2023 (2022: \u20ac0 million). It is considered probable based on forecasts that future taxable pro\ufb01ts will be available. Unrecognized tax losses and temporary differences The group has not recognized deferred tax assets that relate to unused tax losses and temporary differences amounting to \u20ac408 million (2022: \u20ac352 million), as it is not probable that future taxable pro\ufb01t will be available against which the group can use the bene\ufb01ts. Of these unused tax losses and temporary differences, 13% expire within the next \ufb01ve years (2022: 12%), 1% expire after \ufb01ve years (2022: 4%), and 86% carry forward inde\ufb01nitely (2022: 84%). In addition, the group has not recognized net deferred tax assets of \u20ac17 million (2022: \u20ac21 million) relating to unused state tax losses in the U.S. Of these unused state tax losses, 35% expire within the next \ufb01ve years (2022: 23%) and 65% expire after \ufb01ve years (2022: 77%).
Deferred tax on items recognized immediately in other comprehensive income and equity
2023
2022
Amount Amount Amount Amount
before net of before net of
Exchange differences on translation of
foreign operations, recycling of foreign
tax
Tax
tax
tax
Tax
tax
exchange differences on loss of control, and
net investment hedges
(124)
0
(124)
216
4
220
Gains/(losses) on cash flow hedges
(7)
\u2013
(7)
29
\u2013
29
Remeasurement gains/(losses) on de\ufb01ned
bene\ufb01t plans
(1)
0
(1)
18
(5)
13
Recognized in other comprehensive income
(132)
0
(132)
263
(1)
262
Share-based payments
31
\u2013
31
28
\u2013
28
Recognized in equity
31
0
31
28
0
28
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-434": { "value": "Material accounting policy information Deferred tax assets and liabilities, including those associated with right-of-use assets and lease liabilities, are offset if there is a legally enforceable right to offset current income tax assets and liabilities, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current income tax assets and liabilities on a net basis or their tax assets and liabilities will be realized simultaneously. Uncertain tax positions are assessed at a \ufb01scal unity level. If it is probable that a tax authority will accept an uncertain tax position in the income tax \ufb01ling, the group determines its accounting tax position consistent with the tax treatment used or planned to be used in its income tax \ufb01ling. If this is not probable, the group reflects the effect of uncertainty in determining its accounting tax position using either the most likely amount or the expected value method, depending on which method better predicts the resolution of the uncertainty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-435": { "value": "Deferred tax assets and liabilities, including those associated with right-of-use assets and lease liabilities, are offset if there is a legally enforceable right to offset current income tax assets and liabilities, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current income tax assets and liabilities on a net basis or their tax assets and liabilities will be realized simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-436": { "value": "Note 16 \u2013 Non-controlling interests The group\u2019s share in consolidated subsidiaries not fully owned at December 31 is:
ownership in %
2023
2022
Akad\u00e9miai Kiad\u00f3 Kft. (Budapest, Hungary)
74
74
Non-controlling interests in the equity of consolidated participations, totaling \u20ac0 million (2022: \u20ac0 million), are based on third-party shareholdings in the underlying shareholders\u2019 equity of the subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-437": { "value": "
Note 17 \u2013 Goodwill and intangible assets other than goodwill
Acquired
identifiable Other
Customer Technology intangible intangible
Position at January 1 Goodwill relationships
and content
Brand names
Other
assets
assets
2023
2022
Cost value
4,394
1,134
808
494
3
2,439
2,011
8,844
8,498
Accumulated amortization and impairment
\u2013
(579)
(432)
(425)
(3)
(1,439)
(1,363)
(2,802)
(2,698)
Book value at January 1
4,394
555
376
69
0
1,000
648
6,042
5,800
Movements
Investments
\u2013
\u2013
\u2013
\u2013
\u2013
0
298
298
264
Acquired through business combinations
Note 8
26
27
23
0
\u2013
50
1
77
112
Disposal of assets
\u2013
\u2013
\u2013
\u2013
\u2013
0
0
0
0
Net expenditures
26
27
23
0
0
50
299
375
376
Amortization
Note 13
\u2013
(70)
(65)
(11)
0
(146)
(204)
(350)
(335)
Impairment
Note 13
\u2013
\u2013
\u2013
\u2013
\u2013
0
(5)
(5)
(33)
Reclassi\ufb01cations
Note 8
9
\u2013
(13)
\u2013
\u2013
(13)
1
(3)
2
Foreign exchange differences
(107)
(10)
(8)
(1)
0
(19)
(13)
(139)
232
Total movements
(72)
(53)
(63)
(12)
0
(128)
78
(122)
242
Position at December 31
Cost value
4,322
1,105
690
457
3
2,255
2,083
8,660
8,844
Accumulated amortization and impairment
\u2013
(603)
(377)
(400)
(3)
(1,383)
(1,357)
(2,740)
(2,802)
Book value at December 31
4,322
502
313
57
0
872
726
5,920
6,042
*
Goodwill
The group measures goodwill at the acquisition date as the sum of the fair value of the
consideration (including deferred and contingent consideration) and the recognized
amount of any non-controlling interests in the acquiree, less the net recognized fair value
amount of the identi\ufb01able assets acquired and liabilities assumed. Any deferred and
contingent consideration payable (such as earnout arrangements) is recognized at fair
value at the acquisition date.
Costs related to acquisitions which the group incurs in a business combination are
expensed as incurred.
Goodwill associated with divested operations is allocated and measured on the basis of
the relative value of the divested operation and the portion of the cash-generating unit
(CGU) retained.
Goodwill is tested for impairment annually, at July 1, and when an impairment trigger has been identi\ufb01ed
Impairment tests require estimates of discount rates, future cash flows, and perpetual
growth rates. These estimates are made by management of the business to which the
assets belong. The future cash flows cover a \ufb01ve-year period and are based on Vision &
Strategy Plans (VSPs), prepared by management, and approved by the Executive Board.
The annual goodwill impairment test did not result in the recognition of an impairment.
The outcome of the group\u2019s sensitivity analysis was that no reasonably possible change in
any of the key assumptions would cause the carrying amount to exceed the recoverable
amount. The allowed change in growth, discount rate, and adjusted operating pro\ufb01t margin
was at least 300 basis points for each of the groups of cash-generating units.
On top of the annual goodwill impairment test, the group performed an in-depth
impairment triggering event analysis on its other non-current assets, consisting mainly
of acquired identi\ufb01able intangible assets. In this analysis, the development of new sales,
attrition rates of existing customers, growth rates, and cost measures were the main
drivers. The group concluded that there were no impairment triggers for the majority of the
other non-current assets. In 2023, the group recognized additional amortization on certain
acquired identi\ufb01able intangible assets due to the shortening of useful lives.
Carrying amounts of goodwill and acquired identifiable intangible assets per operating
segment
Acquired
identifiable Pro-forma
Goodwill
intangible assets
2023
2022
Health
1,111
149
1,260
1,300
Tax & Accounting
1,188
96
1,284
1,321
Financial & Corporate Compliance
987
172
1,159
1,217
Legal & Regulatory
573
152
725
743
Corporate Performance & ESG
463
303
766
813
Total
4,322
872
5,194
5,394
*
*
Comparative pro-forma \ufb01gures are restated due to new organizational structure. For more information, see
Note 1 \u2013 General and basis of preparation.
Impairment testing of goodwill
The group performs an annual impairment test by comparing the carrying amount of the
groups of CGUs to which the goodwill belongs, net of related deferred taxes, to the
recoverable amount of the groups of CGUs. The groups of CGUs for goodwill impairment
testing represent the lowest level at which goodwill is monitored by management,
whereby management considers the integration of the group\u2019s business operations and the
global leverage of assets, capital, and staff. Acquisitions are integrated into existing business
operations and the goodwill arising from a business combination is allocated to the groups
of CGUs that are expected to bene\ufb01t from the synergies of the acquisition. The composition
of the groups of CGUs to which goodwill has been allocated changed in 2023:
\u2022 The group changed its reporting segment structure with a new segment, Corporate
Performance & ESG;
\u2022 The former groups of CGUs Health Learning, Research & Practice and Clinical Solutions are
combined into the Health group of CGUs; and
\u2022 The remainder of the former groups of CGUs Tax & Accounting Americas and Asia Paci\ufb01c
and Tax & Accounting Europe are combined into the Tax & Accounting group of CGUs.
This resulted in \ufb01ve groups of CGUs (2022: six groups of CGUs). The goodwill has been
reallocated retrospectively January 1, 2023, using the relative value approach.
The recoverable amount is determined based on the higher of the value-in-use and the fair
value less costs of disposal. If there is sufficient headroom, the group only determines the
value-in-use. The recoverable amount is determined by discounting the future cash flows to
be generated from the continuing use of the groups of CGUs. These valuations are based on
non-observable market data. The recoverable amount calculations in 2023 were determined in
a consistent manner with prior years. The cash flow projections are based on actual operating
results and the long-term VSPs, as approved by the Executive Board.
The 2023 annual impairment test showed that the recoverable amount exceeded the carrying
amount for all identi\ufb01ed groups of CGUs for goodwill impairment testing.
Key assumptions
The group\u2019s key assumptions include assumptions that are based on non-observable market
data (level 3 input). The period over which the group estimates its cash flow projections is
\ufb01ve years. After \ufb01ve years, cash flow projections are extrapolated using an appropriate
perpetual growth rate that is consistent with the long-term average market growth rate.
The 2023 weighted-average long-term growth rate is 2.3% for the U.S. and 2.0% for Europe
(2022: 2.2% for the U.S. and 2.0% for Europe). In addition, the following key assumptions were
used in the projections:
\u2022 Revenue growth: based on actual experience, an analysis of market growth, and the
expected development of market share; and
\u2022 Adjusted operating pro\ufb01t margin development: based on actual experience and
management\u2019s long-term projections. Adjusted operating pro\ufb01t is deemed the best
approximation for future cash flows.
The estimated pre-tax cash flows are discounted to their present value using a pre-tax
weighted-average discount rate for the individual groups of CGUs between 10.3% and 10.8%
(2022: between 9.6% and 10.2%) with a weighted average of 10.4% (2022: 9.9%).
In determining the discount rate, the group used a risk-free rate based on the long-term yield on Dutch government bonds and U.S. treasury bonds with a maturity of 20 years, adjusted for country risk premiums and country-speci\ufb01c inflation differentials. In determining the discount rate at the moment of performing the annual impairment test, the group applied the following assumptions:
2023
2022
Risk-free rate United States (in %)
4.2
3.6
Risk-free rate Europe (in %)
2.8
2.1
Market risk premium United States (in %)
5.5
6.0
Market risk premium Europe (in %)
6.0
6.8
Tax rate United States (in %)
26.0
26.0
Tax rate Europe (in %)
25.8
25.8
Re-levered beta
0.80
0.79
Sensitivity analysis The impairment test includes an assessment if a reasonably possible change in a key assumption would cause the carrying amount of goodwill to exceed the recoverable amount. The sensitivity per group of CGUs for the 2023 and 2022 goodwill impairment tests, respectively, is as follows:
Applied Allowed change (in basis points)
weighted- Decrease Allocated
2023 sensitivity per group of CGUs average Decline Increase in adjusted goodwill at
in millions of euros, unless otherwise growth in growth in discount operating December
stated rate rate rate profit margin 31, 2023
Health
2.3%
>300
>300
>300
1,111
Tax & Accounting
2.2%
>300
>300
>300
1,188
Financial & Corporate Compliance
2.3%
>300
>300
>300
987
Legal & Regulatory
2.3%
>300
>300
>300
573
Corporate Performance & ESG
2.2%
>300
>300
>300
463
Total
2.3%
4,322
Applied Allowed change (in basis points)
weighted- Decrease Allocated
2022 sensitivity per group of CGUs average Decline Increase in adjusted goodwill at
in millions of euros, unless otherwise growth in growth in discount operating December 31,
stated rate rate rate profit margin 2022
Health Learning, Research & Practice
2.1%
>300
>300
>300
567
Clinical Solutions
2.2%
>300
>300
>300
557
Tax & Accounting Americas and
Asia Paci\ufb01c
2.1%
>300
>300
>300
1,131
Tax & Accounting Europe
2.0%
>300
>300
>300
411
Financial & Corporate Compliance
2.2%
>300
>300
>300
1,122
Legal & Regulatory
2.2%
>300
>300
>300
606
Total
2.2%
4,394
* * The 2022 sensitivity per group of CGUs is based on the reporting segment structure at December 31, 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-438": { "value": "
Note 17 \u2013 Goodwill and intangible assets other than goodwill
Acquired
identifiable Other
Customer Technology intangible intangible
Position at January 1 Goodwill relationships
and content
Brand names
Other
assets
assets
2023
2022
Cost value
4,394
1,134
808
494
3
2,439
2,011
8,844
8,498
Accumulated amortization and impairment
\u2013
(579)
(432)
(425)
(3)
(1,439)
(1,363)
(2,802)
(2,698)
Book value at January 1
4,394
555
376
69
0
1,000
648
6,042
5,800
Movements
Investments
\u2013
\u2013
\u2013
\u2013
\u2013
0
298
298
264
Acquired through business combinations
Note 8
26
27
23
0
\u2013
50
1
77
112
Disposal of assets
\u2013
\u2013
\u2013
\u2013
\u2013
0
0
0
0
Net expenditures
26
27
23
0
0
50
299
375
376
Amortization
Note 13
\u2013
(70)
(65)
(11)
0
(146)
(204)
(350)
(335)
Impairment
Note 13
\u2013
\u2013
\u2013
\u2013
\u2013
0
(5)
(5)
(33)
Reclassi\ufb01cations
Note 8
9
\u2013
(13)
\u2013
\u2013
(13)
1
(3)
2
Foreign exchange differences
(107)
(10)
(8)
(1)
0
(19)
(13)
(139)
232
Total movements
(72)
(53)
(63)
(12)
0
(128)
78
(122)
242
Position at December 31
Cost value
4,322
1,105
690
457
3
2,255
2,083
8,660
8,844
Accumulated amortization and impairment
\u2013
(603)
(377)
(400)
(3)
(1,383)
(1,357)
(2,740)
(2,802)
Book value at December 31
4,322
502
313
57
0
872
726
5,920
6,042
* * Investments in 2022 exclude capital expenditure by the disposal groups classi\ufb01ed as held for sale of \u20ac3 million. At both December 31, 2023, and December 31, 2022, the vast majority of the book value of other intangible assets relates to development of software. In both 2023 and 2022, the amortization and impairment of intangible assets are, for the vast majority, reported under general and administrative costs in the consolidated statement of pro\ufb01t or loss Material accounting policy information Goodwill The group measures goodwill at the acquisition date as the sum of the fair value of the consideration (including deferred and contingent consideration) and the recognized amount of any non-controlling interests in the acquiree, less the net recognized fair value amount of the identi\ufb01able assets acquired and liabilities assumed. Any deferred and contingent consideration payable (such as earnout arrangements) is recognized at fair value at the acquisition date. Costs related to acquisitions which the group incurs in a business combination are expensed as incurred. Goodwill associated with divested operations is allocated and measured on the basis of the relative value of the divested operation and the portion of the cash-generating unit (CGU) retained. Acquired identifiable intangible assets Identi\ufb01able intangible assets acquired through business combinations mainly consist of customer relationships (subscriber accounts), technology (databases, software, and product technology), and brand names. Other intangible assets Other intangible assets mainly relate to purchased and internally developed information systems and software. Useful lives of assets The useful lives of assets are estimated in line with common market practice. The group reviews the remaining useful lives and the amortization methods of its assets annually. If the expected remaining useful lives of assets are different from previous estimates, the amortization period shall be changed accordingly, which will impact the amortization in pro\ufb01t or loss prospectively. Apart from goodwill (which has an inde\ufb01nite useful life), intangible assets are amortized on a straight-line basis over their estimated useful lives from the day they are available for use. The estimated useful lives are as follows: \u2022 Customer relationships: \ufb01ve to 29 years; \u2022 Technology and content: \ufb01ve to 29 years; \u2022 Brand names: \ufb01ve to 20 years; \u2022 Other acquired identi\ufb01able intangible assets: \ufb01ve to 10 years; and \u2022 Other intangible assets: three to \ufb01ve years . Estimates and judgments Measurement \u2013 other intangible assets Development costs are capitalized if the group can demonstrate the technical feasibility of completing the asset so that it will be available for use or sale, the intention to complete the asset, the ability to sell or use the asset, how the asset will yield probable future economic bene\ufb01ts, the availability of adequate technical, \ufb01nancial, and other resources to complete the asset, and the ability to reliably measure the expenditure attributable to the asset. Capitalization of software depends on several judgments. While management has procedures in place to control the software development process, there is uncertainty regarding the outcome of the development process (timing of technological developments, technological obsolescence, and/or competitive pressures). Measurement \u2013 acquired identifiable intangible assets Upon acquisition, the values of intangible assets acquired are estimated, usually applying one of the methodologies below: \u2022 Relief from royalty approach: this approach assumes that if the identi\ufb01able intangible asset was not owned, it would be acquired through a royalty agreement. The value of owning the asset equals the bene\ufb01ts from not having to pay royalty fees; \u2022 Multi-period excess earnings method: under this approach, cash flows associated with the speci\ufb01c acquired identi\ufb01able intangible assets are determined. Contributory charges of other assets that are being used to generate the cash flows are deducted from these cash flows. The net cash flows are discounted to arrive at the value of the asset; or \u2022 Cost method: the cost method reflects the cost that would currently be required to replace the asset. These valuations are usually performed by management of the acquiring CGU in close cooperation with an external consulting \ufb01rm, requiring estimates such as future cash flows, royalty rates, discount rates, useful lives, churn rates, and rates of return. The methodologies applied in this respect are in line with common market practice. Impairment test At the end of each reporting period, it is assessed whether there is an indication that an intangible asset may be impaired. If any such indication exists, the group estimates the recoverable amount of the asset. If the recoverable amount is below the carrying value, the asset is impaired. Goodwill is tested for impairment annually, at July 1, and when an impairment trigger has been identi\ufb01ed Impairment tests require estimates of discount rates, future cash flows, and perpetual growth rates. These estimates are made by management of the business to which the assets belong. The future cash flows cover a \ufb01ve-year period and are based on Vision & Strategy Plans (VSPs), prepared by management, and approved by the Executive Board. The annual goodwill impairment test did not result in the recognition of an impairment. The outcome of the group\u2019s sensitivity analysis was that no reasonably possible change in any of the key assumptions would cause the carrying amount to exceed the recoverable amount. The allowed change in growth, discount rate, and adjusted operating pro\ufb01t margin was at least 300 basis points for each of the groups of cash-generating units. On top of the annual goodwill impairment test, the group performed an in-depth impairment triggering event analysis on its other non-current assets, consisting mainly of acquired identi\ufb01able intangible assets. In this analysis, the development of new sales, attrition rates of existing customers, growth rates, and cost measures were the main drivers. The group concluded that there were no impairment triggers for the majority of the other non-current assets. In 2023, the group recognized additional amortization on certain acquired identi\ufb01able intangible assets due to the shortening of useful lives. Carrying amounts of goodwill and acquired identifiable intangible assets per operating segment
Acquired
identifiable Pro-forma
Goodwill
intangible assets
2023
2022
Health
1,111
149
1,260
1,300
Tax & Accounting
1,188
96
1,284
1,321
Financial & Corporate Compliance
987
172
1,159
1,217
Legal & Regulatory
573
152
725
743
Corporate Performance & ESG
463
303
766
813
Total
4,322
872
5,194
5,394
* * Comparative pro-forma \ufb01gures are restated due to new organizational structure. For more information, see Note 1 \u2013 General and basis of preparation. Impairment testing of goodwill The group performs an annual impairment test by comparing the carrying amount of the groups of CGUs to which the goodwill belongs, net of related deferred taxes, to the recoverable amount of the groups of CGUs. The groups of CGUs for goodwill impairment testing represent the lowest level at which goodwill is monitored by management, whereby management considers the integration of the group\u2019s business operations and the global leverage of assets, capital, and staff. Acquisitions are integrated into existing business operations and the goodwill arising from a business combination is allocated to the groups of CGUs that are expected to bene\ufb01t from the synergies of the acquisition. The composition of the groups of CGUs to which goodwill has been allocated changed in 2023: \u2022 The group changed its reporting segment structure with a new segment, Corporate Performance & ESG; \u2022 The former groups of CGUs Health Learning, Research & Practice and Clinical Solutions are combined into the Health group of CGUs; and \u2022 The remainder of the former groups of CGUs Tax & Accounting Americas and Asia Paci\ufb01c and Tax & Accounting Europe are combined into the Tax & Accounting group of CGUs. This resulted in \ufb01ve groups of CGUs (2022: six groups of CGUs). The goodwill has been reallocated retrospectively January 1, 2023, using the relative value approach. The recoverable amount is determined based on the higher of the value-in-use and the fair value less costs of disposal. If there is sufficient headroom, the group only determines the value-in-use. The recoverable amount is determined by discounting the future cash flows to be generated from the continuing use of the groups of CGUs. These valuations are based on non-observable market data. The recoverable amount calculations in 2023 were determined in a consistent manner with prior years. The cash flow projections are based on actual operating results and the long-term VSPs, as approved by the Executive Board. The 2023 annual impairment test showed that the recoverable amount exceeded the carrying amount for all identi\ufb01ed groups of CGUs for goodwill impairment testing. Key assumptions The group\u2019s key assumptions include assumptions that are based on non-observable market data (level 3 input). The period over which the group estimates its cash flow projections is \ufb01ve years. After \ufb01ve years, cash flow projections are extrapolated using an appropriate perpetual growth rate that is consistent with the long-term average market growth rate. The 2023 weighted-average long-term growth rate is 2.3% for the U.S. and 2.0% for Europe (2022: 2.2% for the U.S. and 2.0% for Europe). In addition, the following key assumptions were used in the projections: \u2022 Revenue growth: based on actual experience, an analysis of market growth, and the expected development of market share; and \u2022 Adjusted operating pro\ufb01t margin development: based on actual experience and management\u2019s long-term projections. Adjusted operating pro\ufb01t is deemed the best approximation for future cash flows. The estimated pre-tax cash flows are discounted to their present value using a pre-tax weighted-average discount rate for the individual groups of CGUs between 10.3% and 10.8% (2022: between 9.6% and 10.2%) with a weighted average of 10.4% (2022: 9.9%). In determining the discount rate, the group used a risk-free rate based on the long-term yield on Dutch government bonds and U.S. treasury bonds with a maturity of 20 years, adjusted for country risk premiums and country-speci\ufb01c inflation differentials. In determining the discount rate at the moment of performing the annual impairment test, the group applied the following assumptions:
2023
2022
Risk-free rate United States (in %)
4.2
3.6
Risk-free rate Europe (in %)
2.8
2.1
Market risk premium United States (in %)
5.5
6.0
Market risk premium Europe (in %)
6.0
6.8
Tax rate United States (in %)
26.0
26.0
Tax rate Europe (in %)
25.8
25.8
Re-levered beta
0.80
0.79
Sensitivity analysis The impairment test includes an assessment if a reasonably possible change in a key assumption would cause the carrying amount of goodwill to exceed the recoverable amount. The sensitivity per group of CGUs for the 2023 and 2022 goodwill impairment tests, respectively, is as follows:
Applied Allowed change (in basis points)
weighted- Decrease Allocated
2023 sensitivity per group of CGUs average Decline Increase in adjusted goodwill at
in millions of euros, unless otherwise growth in growth in discount operating December
stated rate rate rate profit margin 31, 2023
Health
2.3%
>300
>300
>300
1,111
Tax & Accounting
2.2%
>300
>300
>300
1,188
Financial & Corporate Compliance
2.3%
>300
>300
>300
987
Legal & Regulatory
2.3%
>300
>300
>300
573
Corporate Performance & ESG
2.2%
>300
>300
>300
463
Total
2.3%
4,322
Applied Allowed change (in basis points)
weighted- Decrease Allocated
2022 sensitivity per group of CGUs average Decline Increase in adjusted goodwill at
in millions of euros, unless otherwise growth in growth in discount operating December 31,
stated rate rate rate profit margin 2022
Health Learning, Research & Practice
2.1%
>300
>300
>300
567
Clinical Solutions
2.2%
>300
>300
>300
557
Tax & Accounting Americas and
Asia Paci\ufb01c
2.1%
>300
>300
>300
1,131
Tax & Accounting Europe
2.0%
>300
>300
>300
411
Financial & Corporate Compliance
2.2%
>300
>300
>300
1,122
Legal & Regulatory
2.2%
>300
>300
>300
606
Total
2.2%
4,394
* * The 2022 sensitivity per group of CGUs is based on the reporting segment structure at December 31, 2022. Impairment testing of acquired identifiable intangible assets and other intangible assets The following impairments were recognized on the acquired identi\ufb01able intangible assets and other intangible assets:
2023
2022
Acquired identi\ufb01able intangible assets \u2013 certain assets within Health
\u2013
20
Other intangible assets
5
13
Total
Note 13
5
33
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-439": { "value": "
Note 17 \u2013 Goodwill and intangible assets other than goodwill
Acquired
identifiable Other
Customer Technology intangible intangible
Position at January 1 Goodwill relationships
and content
Brand names
Other
assets
assets
2023
2022
Cost value
4,394
1,134
808
494
3
2,439
2,011
8,844
8,498
Accumulated amortization and impairment
\u2013
(579)
(432)
(425)
(3)
(1,439)
(1,363)
(2,802)
(2,698)
Book value at January 1
4,394
555
376
69
0
1,000
648
6,042
5,800
Movements
Investments
\u2013
\u2013
\u2013
\u2013
\u2013
0
298
298
264
Acquired through business combinations
Note 8
26
27
23
0
\u2013
50
1
77
112
Disposal of assets
\u2013
\u2013
\u2013
\u2013
\u2013
0
0
0
0
Net expenditures
26
27
23
0
0
50
299
375
376
Amortization
Note 13
\u2013
(70)
(65)
(11)
0
(146)
(204)
(350)
(335)
Impairment
Note 13
\u2013
\u2013
\u2013
\u2013
\u2013
0
(5)
(5)
(33)
Reclassi\ufb01cations
Note 8
9
\u2013
(13)
\u2013
\u2013
(13)
1
(3)
2
Foreign exchange differences
(107)
(10)
(8)
(1)
0
(19)
(13)
(139)
232
Total movements
(72)
(53)
(63)
(12)
0
(128)
78
(122)
242
Position at December 31
Cost value
4,322
1,105
690
457
3
2,255
2,083
8,660
8,844
Accumulated amortization and impairment
\u2013
(603)
(377)
(400)
(3)
(1,383)
(1,357)
(2,740)
(2,802)
Book value at December 31
4,322
502
313
57
0
872
726
5,920
6,042
* * Investments in 2022 exclude capital expenditure by the disposal groups classi\ufb01ed as held for sale of \u20ac3 million. At both December 31, 2023, and December 31, 2022, the vast majority of the book value of other intangible assets relates to development of software. In both 2023 and 2022, the amortization and impairment of intangible assets are, for the vast majority, reported under general and administrative costs in the consolidated statement of pro\ufb01t or loss Material accounting policy information Goodwill The group measures goodwill at the acquisition date as the sum of the fair value of the consideration (including deferred and contingent consideration) and the recognized amount of any non-controlling interests in the acquiree, less the net recognized fair value amount of the identi\ufb01able assets acquired and liabilities assumed. Any deferred and contingent consideration payable (such as earnout arrangements) is recognized at fair value at the acquisition date. Costs related to acquisitions which the group incurs in a business combination are expensed as incurred. Goodwill associated with divested operations is allocated and measured on the basis of the relative value of the divested operation and the portion of the cash-generating unit (CGU) retained. Acquired identifiable intangible assets Identi\ufb01able intangible assets acquired through business combinations mainly consist of customer relationships (subscriber accounts), technology (databases, software, and product technology), and brand names. Other intangible assets Other intangible assets mainly relate to purchased and internally developed information systems and software. Useful lives of assets The useful lives of assets are estimated in line with common market practice. The group reviews the remaining useful lives and the amortization methods of its assets annually. If the expected remaining useful lives of assets are different from previous estimates, the amortization period shall be changed accordingly, which will impact the amortization in pro\ufb01t or loss prospectively. Apart from goodwill (which has an inde\ufb01nite useful life), intangible assets are amortized on a straight-line basis over their estimated useful lives from the day they are available for use. The estimated useful lives are as follows: \u2022 Customer relationships: \ufb01ve to 29 years; \u2022 Technology and content: \ufb01ve to 29 years; \u2022 Brand names: \ufb01ve to 20 years; \u2022 Other acquired identi\ufb01able intangible assets: \ufb01ve to 10 years; and \u2022 Other intangible assets: three to \ufb01ve years Carrying amounts of goodwill and acquired identifiable intangible assets per operating segment
Acquired
identifiable Pro-forma
Goodwill
intangible assets
2023
2022
Health
1,111
149
1,260
1,300
Tax & Accounting
1,188
96
1,284
1,321
Financial & Corporate Compliance
987
172
1,159
1,217
Legal & Regulatory
573
152
725
743
Corporate Performance & ESG
463
303
766
813
Total
4,322
872
5,194
5,394
* * Comparative pro-forma \ufb01gures are restated due to new organizational structure. For more information, see Note 1 \u2013 General and basis of preparation. Impairment testing of goodwill The group performs an annual impairment test by comparing the carrying amount of the groups of CGUs to which the goodwill belongs, net of related deferred taxes, to the recoverable amount of the groups of CGUs. The groups of CGUs for goodwill impairment testing represent the lowest level at which goodwill is monitored by management, whereby management considers the integration of the group\u2019s business operations and the global leverage of assets, capital, and staff. Acquisitions are integrated into existing business operations and the goodwill arising from a business combination is allocated to the groups of CGUs that are expected to bene\ufb01t from the synergies of the acquisition. The composition of the groups of CGUs to which goodwill has been allocated changed in 2023: \u2022 The group changed its reporting segment structure with a new segment, Corporate Performance & ESG; \u2022 The former groups of CGUs Health Learning, Research & Practice and Clinical Solutions are combined into the Health group of CGUs; and \u2022 The remainder of the former groups of CGUs Tax & Accounting Americas and Asia Paci\ufb01c and Tax & Accounting Europe are combined into the Tax & Accounting group of CGUs. This resulted in \ufb01ve groups of CGUs (2022: six groups of CGUs). The goodwill has been reallocated retrospectively January 1, 2023, using the relative value approach. The recoverable amount is determined based on the higher of the value-in-use and the fair value less costs of disposal. If there is sufficient headroom, the group only determines the value-in-use. The recoverable amount is determined by discounting the future cash flows to be generated from the continuing use of the groups of CGUs. These valuations are based on non-observable market data. The recoverable amount calculations in 2023 were determined in a consistent manner with prior years. The cash flow projections are based on actual operating results and the long-term VSPs, as approved by the Executive Board. The 2023 annual impairment test showed that the recoverable amount exceeded the carrying amount for all identi\ufb01ed groups of CGUs for goodwill impairment testing. Key assumptions The group\u2019s key assumptions include assumptions that are based on non-observable market data (level 3 input). The period over which the group estimates its cash flow projections is \ufb01ve years. After \ufb01ve years, cash flow projections are extrapolated using an appropriate perpetual growth rate that is consistent with the long-term average market growth rate. The 2023 weighted-average long-term growth rate is 2.3% for the U.S. and 2.0% for Europe (2022: 2.2% for the U.S. and 2.0% for Europe). In addition, the following key assumptions were used in the projections: \u2022 Revenue growth: based on actual experience, an analysis of market growth, and the expected development of market share; and \u2022 Adjusted operating pro\ufb01t margin development: based on actual experience and management\u2019s long-term projections. Adjusted operating pro\ufb01t is deemed the best approximation for future cash flows. The estimated pre-tax cash flows are discounted to their present value using a pre-tax weighted-average discount rate for the individual groups of CGUs between 10.3% and 10.8% (2022: between 9.6% and 10.2%) with a weighted average of 10.4% (2022: 9.9%).
In determining the discount rate, the group used a risk-free rate based on the long-term yield
on Dutch government bonds and U.S. treasury bonds with a maturity of 20 years, adjusted
for country risk premiums and country-speci\ufb01c inflation differentials. In determining the
discount rate at the moment of performing the annual impairment test, the group applied
the following assumptions:
2023
2022
Risk-free rate United States (in %)
4.2
3.6
Risk-free rate Europe (in %)
2.8
2.1
Market risk premium United States (in %)
5.5
6.0
Market risk premium Europe (in %)
6.0
6.8
Tax rate United States (in %)
26.0
26.0
Tax rate Europe (in %)
25.8
25.8
Re-levered beta
0.80
0.79
Sensitivity analysis
The impairment test includes an assessment if a reasonably possible change in a key
assumption would cause the carrying amount of goodwill to exceed the recoverable amount.
The sensitivity per group of CGUs for the 2023 and 2022 goodwill impairment tests,
respectively, is as follows:
Applied Allowed change (in basis points)
weighted- Decrease Allocated
2023 sensitivity per group of CGUs average Decline Increase in adjusted goodwill at
in millions of euros, unless otherwise growth in growth in discount operating December
stated rate rate rate profit margin 31, 2023
Health
2.3%
>300
>300
>300
1,111
Tax & Accounting
2.2%
>300
>300
>300
1,188
Financial & Corporate Compliance
2.3%
>300
>300
>300
987
Legal & Regulatory
2.3%
>300
>300
>300
573
Corporate Performance & ESG
2.2%
>300
>300
>300
463
Total
2.3%
4,322
Applied Allowed change (in basis points)
weighted- Decrease Allocated
2022 sensitivity per group of CGUs average Decline Increase in adjusted goodwill at
in millions of euros, unless otherwise growth in growth in discount operating December 31,
stated rate rate rate profit margin 2022
Health Learning, Research & Practice
2.1%
>300
>300
>300
567
Clinical Solutions
2.2%
>300
>300
>300
557
Tax & Accounting Americas and
Asia Paci\ufb01c
2.1%
>300
>300
>300
1,131
Tax & Accounting Europe
2.0%
>300
>300
>300
411
Financial & Corporate Compliance
2.2%
>300
>300
>300
1,122
Legal & Regulatory
2.2%
>300
>300
>300
606
Total
2.2%
4,394
*
*
The 2022 sensitivity per group of CGUs is based on the reporting segment structure at December 31, 2022.
Impairment testing of acquired identifiable intangible assets and other intangible assets
The following impairments were recognized on the acquired identi\ufb01able intangible assets
and other intangible assets:
2023
2022
Acquired identi\ufb01able intangible assets \u2013 certain assets within Health
\u2013
20
Other intangible assets
5
13
Total
Note 13
5
33
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-440": { "value": "Material accounting policy information Goodwill The group measures goodwill at the acquisition date as the sum of the fair value of the consideration (including deferred and contingent consideration) and the recognized amount of any non-controlling interests in the acquiree, less the net recognized fair value amount of the identi\ufb01able assets acquired and liabilities assumed. Any deferred and contingent consideration payable (such as earnout arrangements) is recognized at fair value at the acquisition date. Costs related to acquisitions which the group incurs in a business combination are expensed as incurred. Goodwill associated with divested operations is allocated and measured on the basis of the relative value of the divested operation and the portion of the cash-generating unit (CGU) retained. Acquired identifiable intangible assets Identi\ufb01able intangible assets acquired through business combinations mainly consist of customer relationships (subscriber accounts), technology (databases, software, and product technology), and brand names. Other intangible assets Other intangible assets mainly relate to purchased and internally developed information systems and software. Useful lives of assets The useful lives of assets are estimated in line with common market practice. The group reviews the remaining useful lives and the amortization methods of its assets annually. If the expected remaining useful lives of assets are different from previous estimates, the amortization period shall be changed accordingly, which will impact the amortization in pro\ufb01t or loss prospectively. Apart from goodwill (which has an inde\ufb01nite useful life), intangible assets are amortized on a straight-line basis over their estimated useful lives from the day they are available for use. The estimated useful lives are as follows: \u2022 Customer relationships: \ufb01ve to 29 years; \u2022 Technology and content: \ufb01ve to 29 years; \u2022 Brand names: \ufb01ve to 20 years; \u2022 Other acquired identi\ufb01able intangible assets: \ufb01ve to 10 years; and \u2022 Other intangible assets: three to \ufb01ve years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-441": { "value": "Acquired identifiable intangible assets Identi\ufb01able intangible assets acquired through business combinations mainly consist of customer relationships (subscriber accounts), technology (databases, software, and product technology), and brand names. Other intangible assets Other intangible assets mainly relate to purchased and internally developed information systems and software. Useful lives of assets The useful lives of assets are estimated in line with common market practice. The group reviews the remaining useful lives and the amortization methods of its assets annually. If the expected remaining useful lives of assets are different from previous estimates, the amortization period shall be changed accordingly, which will impact the amortization in pro\ufb01t or loss prospectively. Apart from goodwill (which has an inde\ufb01nite useful life), intangible assets are amortized on a straight-line basis over their estimated useful lives from the day they are available for use. The estimated useful lives are as follows: \u2022 Customer relationships: \ufb01ve to 29 years; \u2022 Technology and content: \ufb01ve to 29 years; \u2022 Brand names: \ufb01ve to 20 years; \u2022 Other acquired identi\ufb01able intangible assets: \ufb01ve to 10 years; and \u2022 Other intangible assets: three to \ufb01ve years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-442": { "value": "Useful lives of assets The useful lives of assets are estimated in line with common market practice. The group reviews the remaining useful lives and the amortization methods of its assets annually. If the expected remaining useful lives of assets are different from previous estimates, the amortization period shall be changed accordingly, which will impact the amortization in pro\ufb01t or loss prospectively. Apart from goodwill (which has an inde\ufb01nite useful life), intangible assets are amortized on a straight-line basis over their estimated useful lives from the day they are available for use. The estimated useful lives are as follows: \u2022 Customer relationships: \ufb01ve to 29 years; \u2022 Technology and content: \ufb01ve to 29 years; \u2022 Brand names: \ufb01ve to 20 years; \u2022 Other acquired identi\ufb01able intangible assets: \ufb01ve to 10 years; and \u2022 Other intangible assets: three to \ufb01ve years . Depreciation is recognized in the consolidated statement of pro\ufb01t or loss on a straight-line basis over the estimated useful life of each component of property, plant, and equipment. Land is not depreciated. The estimated useful lives for property, plant, and equipment are as follows: \u2022 Buildings: 20 to 40 years; \u2022 Leasehold improvements: equal to the lease term, unless the economic life of the leasehold improvement is shorter; and \u2022 Other PPE: three to 10 years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-443": { "value": "Impairment test At the end of each reporting period, it is assessed whether there is an indication that an intangible asset may be impaired. If any such indication exists, the group estimates the recoverable amount of the asset. If the recoverable amount is below the carrying value, the asset is impaired. Goodwill is tested for impairment annually, at July 1, and when an impairment trigger has been identi\ufb01ed Impairment tests require estimates of discount rates, future cash flows, and perpetual growth rates. These estimates are made by management of the business to which the assets belong. The future cash flows cover a \ufb01ve-year period and are based on Vision & Strategy Plans (VSPs), prepared by management, and approved by the Executive Board. The annual goodwill impairment test did not result in the recognition of an impairment. The outcome of the group\u2019s sensitivity analysis was that no reasonably possible change in any of the key assumptions would cause the carrying amount to exceed the recoverable amount. The allowed change in growth, discount rate, and adjusted operating pro\ufb01t margin was at least 300 basis points for each of the groups of cash-generating units. On top of the annual goodwill impairment test, the group performed an in-depth impairment triggering event analysis on its other non-current assets, consisting mainly of acquired identi\ufb01able intangible assets. In this analysis, the development of new sales, attrition rates of existing customers, growth rates, and cost measures were the main drivers. The group concluded that there were no impairment triggers for the majority of the other non-current assets. In 2023, the group recognized additional amortization on certain acquired identi\ufb01able intangible assets due to the shortening of useful lives. Impairment testing of goodwill The group performs an annual impairment test by comparing the carrying amount of the groups of CGUs to which the goodwill belongs, net of related deferred taxes, to the recoverable amount of the groups of CGUs. The groups of CGUs for goodwill impairment testing represent the lowest level at which goodwill is monitored by management, whereby management considers the integration of the group\u2019s business operations and the global leverage of assets, capital, and staff. Acquisitions are integrated into existing business operations and the goodwill arising from a business combination is allocated to the groups of CGUs that are expected to bene\ufb01t from the synergies of the acquisition. The composition of the groups of CGUs to which goodwill has been allocated changed in 2023: \u2022 The group changed its reporting segment structure with a new segment, Corporate Performance & ESG; \u2022 The former groups of CGUs Health Learning, Research & Practice and Clinical Solutions are combined into the Health group of CGUs; and \u2022 The remainder of the former groups of CGUs Tax & Accounting Americas and Asia Paci\ufb01c and Tax & Accounting Europe are combined into the Tax & Accounting group of CGUs. This resulted in \ufb01ve groups of CGUs (2022: six groups of CGUs). The goodwill has been reallocated retrospectively January 1, 2023, using the relative value approach. The recoverable amount is determined based on the higher of the value-in-use and the fair value less costs of disposal. If there is sufficient headroom, the group only determines the value-in-use. The recoverable amount is determined by discounting the future cash flows to be generated from the continuing use of the groups of CGUs. These valuations are based on non-observable market data. The recoverable amount calculations in 2023 were determined in a consistent manner with prior years. The cash flow projections are based on actual operating results and the long-term VSPs, as approved by the Executive Board. The 2023 annual impairment test showed that the recoverable amount exceeded the carrying amount for all identi\ufb01ed groups of CGUs for goodwill impairment testing. Key assumptions The group\u2019s key assumptions include assumptions that are based on non-observable market data (level 3 input). The period over which the group estimates its cash flow projections is \ufb01ve years. After \ufb01ve years, cash flow projections are extrapolated using an appropriate perpetual growth rate that is consistent with the long-term average market growth rate. The 2023 weighted-average long-term growth rate is 2.3% for the U.S. and 2.0% for Europe (2022: 2.2% for the U.S. and 2.0% for Europe). In addition, the following key assumptions were used in the projections: \u2022 Revenue growth: based on actual experience, an analysis of market growth, and the expected development of market share; and \u2022 Adjusted operating pro\ufb01t margin development: based on actual experience and management\u2019s long-term projections. Adjusted operating pro\ufb01t is deemed the best approximation for future cash flows. The estimated pre-tax cash flows are discounted to their present value using a pre-tax weighted-average discount rate for the individual groups of CGUs between 10.3% and 10.8% (2022: between 9.6% and 10.2%) with a weighted average of 10.4% (2022: 9.9%). In determining the discount rate, the group used a risk-free rate based on the long-term yield on Dutch government bonds and U.S. treasury bonds with a maturity of 20 years, adjusted for country risk premiums and country-speci\ufb01c inflation differentials. In determining the discount rate at the moment of performing the annual impairment test, the group applied the following assumptions:
2023
2022
Risk-free rate United States (in %)
4.2
3.6
Risk-free rate Europe (in %)
2.8
2.1
Market risk premium United States (in %)
5.5
6.0
Market risk premium Europe (in %)
6.0
6.8
Tax rate United States (in %)
26.0
26.0
Tax rate Europe (in %)
25.8
25.8
Re-levered beta
0.80
0.79
Sensitivity analysis The impairment test includes an assessment if a reasonably possible change in a key assumption would cause the carrying amount of goodwill to exceed the recoverable amount. The sensitivity per group of CGUs for the 2023 and 2022 goodwill impairment tests, respectively, is as follows:
Applied Allowed change (in basis points)
weighted- Decrease Allocated
2023 sensitivity per group of CGUs average Decline Increase in adjusted goodwill at
in millions of euros, unless otherwise growth in growth in discount operating December
stated rate rate rate profit margin 31, 2023
Health
2.3%
>300
>300
>300
1,111
Tax & Accounting
2.2%
>300
>300
>300
1,188
Financial & Corporate Compliance
2.3%
>300
>300
>300
987
Legal & Regulatory
2.3%
>300
>300
>300
573
Corporate Performance & ESG
2.2%
>300
>300
>300
463
Total
2.3%
4,322
Applied Allowed change (in basis points)
weighted- Decrease Allocated
2022 sensitivity per group of CGUs average Decline Increase in adjusted goodwill at
in millions of euros, unless otherwise growth in growth in discount operating December 31,
stated rate rate rate profit margin 2022
Health Learning, Research & Practice
2.1%
>300
>300
>300
567
Clinical Solutions
2.2%
>300
>300
>300
557
Tax & Accounting Americas and
Asia Paci\ufb01c
2.1%
>300
>300
>300
1,131
Tax & Accounting Europe
2.0%
>300
>300
>300
411
Financial & Corporate Compliance
2.2%
>300
>300
>300
1,122
Legal & Regulatory
2.2%
>300
>300
>300
606
Total
2.2%
4,394
* * The 2022 sensitivity per group of CGUs is based on the reporting segment structure at December 31, 2022. Impairment testing of acquired identifiable intangible assets and other intangible assets The following impairments were recognized on the acquired identi\ufb01able intangible assets and other intangible assets:
2023
2022
Acquired identi\ufb01able intangible assets \u2013 certain assets within Health
\u2013
20
Other intangible assets
5
13
Total
Note 13
5
33
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-444": { "value": "Impairment test At the end of each reporting period, it is assessed whether there is an indication that an intangible asset may be impaired. If any such indication exists, the group estimates the recoverable amount of the asset. If the recoverable amount is below the carrying value, the asset is impaired. Goodwill is tested for impairment annually, at July 1, and when an impairment trigger has been identi\ufb01ed Impairment of right-of-use assets The group determined whether there were impairment triggers regarding the right-of-use asset and accounts for any impairment loss identi\ufb01ed. This primarily applies to real estate leases. The impairment of a real estate right-of-use asset becomes relevant in case of vacated office space. If vacated office space is identi\ufb01ed, this space is considered a CGU on its own when that space can practically be sublet. An impairment is recognized when the recoverable amount is lower than the carrying value. Mostly, the recoverable amount will be based on expected future sublease receipts estimated by an external real estate broker. The carrying value may include not only the right-of-use asset, but also any directly related associated assets such as leasehold improvements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-445": { "value": "Impairment test At the end of each reporting period, it is assessed whether there is an indication that an intangible asset may be impaired. If any such indication exists, the group estimates the recoverable amount of the asset. If the recoverable amount is below the carrying value, the asset is impaired. Goodwill is tested for impairment annually, at July 1, and when an impairment trigger has been identi\ufb01ed Impairment of right-of-use assets The group determined whether there were impairment triggers regarding the right-of-use asset and accounts for any impairment loss identi\ufb01ed. This primarily applies to real estate leases. The impairment of a real estate right-of-use asset becomes relevant in case of vacated office space. If vacated office space is identi\ufb01ed, this space is considered a CGU on its own when that space can practically be sublet. An impairment is recognized when the recoverable amount is lower than the carrying value. Mostly, the recoverable amount will be based on expected future sublease receipts estimated by an external real estate broker. The carrying value may include not only the right-of-use asset, but also any directly related associated assets such as leasehold improvements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-446": { "value": "Note 18 \u2013 Property, plant, and equipment
Land and
Position at January 1
buildings
Other PPE
2023
2022
Cost value
121
196
317
380
Accumulated depreciation and
impairment
(87)
(151)
(238)
(305)
Book value at January 1
34
45
79
75
Movements
Investments
5
21
26
28
Acquired through business
combinations
Note 8
\u2013
0
0
\u2013
Disposal of assets
\u2013
(1)
(1)
0
Net expenditures
5
20
25
28
Depreciation
Note 13
(6)
(17)
(23)
(26)
Impairment
Note 13
0
0
0
(1)
Foreign exchange differences
(1)
(1)
(2)
3
Total movements
(2)
2
0
4
Position at December 31
Cost value
92
176
268
317
Accumulated depreciation and
impairment
(60)
(129)
(189)
(238)
Book value at December 31
32
47
79
79
Material accounting policy information Property, plant, and equipment (PPE), consisting of land, buildings, and other assets such as office and IT equipment, are valued at cost less accumulated depreciation and impairment. Leasehold improvements are presented as part of land and buildings. Depreciation is recognized in the consolidated statement of pro\ufb01t or loss on a straight-line basis over the estimated useful life of each component of property, plant, and equipment. Land is not depreciated. The estimated useful lives for property, plant, and equipment are as follows: \u2022 Buildings: 20 to 40 years; \u2022 Leasehold improvements: equal to the lease term, unless the economic life of the leasehold improvement is shorter; and \u2022 Other PPE: three to 10 years.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-447": { "value": "Material accounting policy information Property, plant, and equipment (PPE), consisting of land, buildings, and other assets such as office and IT equipment, are valued at cost less accumulated depreciation and impairment. Leasehold improvements are presented as part of land and buildings. Depreciation is recognized in the consolidated statement of pro\ufb01t or loss on a straight-line basis over the estimated useful life of each component of property, plant, and equipment. Land is not depreciated. The estimated useful lives for property, plant, and equipment are as follows: \u2022 Buildings: 20 to 40 years; \u2022 Leasehold improvements: equal to the lease term, unless the economic life of the leasehold improvement is shorter; and \u2022 Other PPE: three to 10 years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-448": { "value": "Note 19 \u2013 Leasing Material accounting policy information The group primarily leases real estate and, to a lesser extent, IT equipment and cars. The \ufb01xed rental periods mostly vary from one year to 15 years and may have renewal and/or termination options. For real estate and IT equipment, lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The group elected to exclude all short-term leases and all leases for which the underlying asset is of low value, and not to apply IFRS 16 to leases of intangible assets (such as software). For IT equipment and car leases, the group elected to apply the practical expedient to not separate non-lease components from lease components, and instead to account for these components as a single lease component. Payments associated with short-term leases and low-value leases are recognized on a straight-line basis as an expense in pro\ufb01t or loss. Short-term leases have a term of 12 months or less, considering any reasonably certain optional lease periods. Low-value leases comprise small items of office furniture and IT equipment. The group is to a very limited extent a lessor. Estimates and judgments IFRS 16 requires management to make estimates for setting the discount rate and to apply judgments in the assessment of renewal and termination options (i.e., optional lease periods) in the lease contracts. Discount rate The discount rate applied is based on the incremental borrowing rate for the respective leases considering the primary economic environment of the lease, the currency, the credit risk premium, the lease term, and the nature of the leased asset. Renewal and termination options Renewal and termination options are included in several real estate and other lease contracts. These terms are used to maximize operational flexibility in terms of managing contracts. Most contract-speci\ufb01c renewal and termination options are exercisable only by the group and not by the respective lessor. In determining the lease term, the group considers all facts and circumstances that create an economic incentive to use the optional lease period. Optional lease periods are only included in the lease term if it is reasonably certain that the optional lease periods will be used. The assessment is reviewed if a signi\ufb01cant change in circumstances occurs which affects this assessment and that is within the control of the group. Real estate leases that are annually renewed or that have an inde\ufb01nite contract term are on average leased for \ufb01ve years. Usually, optional periods arising from renewal options of other real estate leases are not considered to be reasonably certain, since the rent is often reset at the market price on the renewal option date. Optional periods after termination option dates are often included in the lease term due to termination penalties included in the contract. Impairment of right-of-use assets The group determined whether there were impairment triggers regarding the right-of-use asset and accounts for any impairment loss identi\ufb01ed. This primarily applies to real estate leases. The impairment of a real estate right-of-use asset becomes relevant in case of vacated office space. If vacated office space is identi\ufb01ed, this space is considered a CGU on its own when that space can practically be sublet. An impairment is recognized when the recoverable amount is lower than the carrying value. Mostly, the recoverable amount will be based on expected future sublease receipts estimated by an external real estate broker. The carrying value may include not only the right-of-use asset, but also any directly related associated assets such as leasehold improvements.
Movement schedule of right-of-use assets
Other
Position at January 1 Real estate
leases
2023
2022
Cost value
596
89
685
658
Accumulated depreciation and impairment
(338)
(64)
(402)
(357)
Book value at January 1
258
25
283
301
Movements
Additions from new leases
16
11
27
27
Acquired through business combinations
Note 8
0
\u2013
0
2
Additions from contract modi\ufb01cations and
reassessment of options
7
1
8
27
Other movements from contract
modi\ufb01cations and reassessment of options
(3)
(1)
(4)
(14)
Net additions
20
11
31
42
Depreciation
Note 13
(50)
(17)
(67)
(71)
Foreign exchange differences
(6)
0
(6)
11
Total movements
(36)
(6)
(42)
(18)
Position at December 31
Cost value
575
48
623
685
Accumulated depreciation and impairment
(353)
(29)
(382)
(402)
Book value at December 31
222
19
241
283
Contractual maturities of lease liabilities
2023
2022
Within one year
65
69
Between one and two years
55
59
Between two and three years
44
50
Between three and four years
36
40
Between four and \ufb01ve years
30
34
Between \ufb01ve and ten years
72
86
Ten years and more
1
10
Effect of discounting
(31)
(35)
Total lease liabilities at December 31
Note 28
272
313
Cash outflow for leases
2023
2022
Interest portion of lease payments
9
9
Repayment of principal portion of lease liabilities
65
72
Total
74
81
Other disclosures At December 31, 2023, the weighted-average discount rate is 3.1% (2022: 2.8%). At December 31, 2023, the future undiscounted cash outflows arising from leases not yet commenced and to which the group is committed amounted to \u20ac2 million (2022: \u20ac9 million). The group\u2019s lease agreements do not impact any covenants. The total expenses arising from short-term leases and low-value leases are insigni\ufb01cant.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-449": { "value": "Material accounting policy information The group primarily leases real estate and, to a lesser extent, IT equipment and cars. The \ufb01xed rental periods mostly vary from one year to 15 years and may have renewal and/or termination options. For real estate and IT equipment, lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The group elected to exclude all short-term leases and all leases for which the underlying asset is of low value, and not to apply IFRS 16 to leases of intangible assets (such as software). For IT equipment and car leases, the group elected to apply the practical expedient to not separate non-lease components from lease components, and instead to account for these components as a single lease component. Payments associated with short-term leases and low-value leases are recognized on a straight-line basis as an expense in pro\ufb01t or loss. Short-term leases have a term of 12 months or less, considering any reasonably certain optional lease periods. Low-value leases comprise small items of office furniture and IT equipment. The group is to a very limited extent a lessor. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-450": { "value": "
Note 20 \u2013 Investments in equity-accounted associates
The group\u2019s share in equity-accounted associates at December 31 is:
ownership in %
2023
2022
Haoyisheng (Beijing, China)
22
22
Movement schedule of equity-accounted associates
2023
2022
Position at January 1
11
10
Share of pro\ufb01t of equity-accounted associates, net of tax
1
0
Foreign exchange differences
(1)
1
Position at December 31
11
11
For the equity-accounted associates at December 31, 2023, and December 31, 2022, the
\ufb01nancial information (at 100%) and the group\u2019s weighted-proportionate share is as follows:
Total equity-accounted
associates
Group\u2019s share
2023
2022
2023
2022
Total assets
38
34
8
8
Total liabilities
22
17
5
4
Total equity
16
17
3
4
Revenues
30
31
6
7
Net pro\ufb01t for the year
3
1
1
0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-451": { "value": "Note 20 \u2013 Investments in equity-accounted associates The group\u2019s share in equity-accounted associates at December 31 is:
ownership in %
2023
2022
Haoyisheng (Beijing, China)
22
22
Movement schedule of equity-accounted associates
2023
2022
Position at January 1
11
10
Share of pro\ufb01t of equity-accounted associates, net of tax
1
0
Foreign exchange differences
(1)
1
Position at December 31
11
11
For the equity-accounted associates at December 31, 2023, and December 31, 2022, the \ufb01nancial information (at 100%) and the group\u2019s weighted-proportionate share is as follows:
Total equity-accounted
associates
Group\u2019s share
2023
2022
2023
2022
Total assets
38
34
8
8
Total liabilities
22
17
5
4
Total equity
16
17
3
4
Revenues
30
31
6
7
Net pro\ufb01t for the year
3
1
1
0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-452": { "value": "
Note 21 \u2013 Financial assets
2023
2022
Financial assets at fair value through pro\ufb01t or loss
0
0
Finance lease receivables
1
1
Derivative \ufb01nancial instruments
Note 29
\u2013
17
Other non-current \ufb01nancial assets
5
5
Total
6
23
The credit risk exposure of the \ufb01nancial assets is considered immaterial. Refer to Note 29 \u2013 Financial risk management. Note 28 \u2013 Net debt
Nominal
Effective interest Repayment Repayment
in millions of euros, unless Nominal interest rate in commitments commitments
otherwise stated value rate in % % 1-5 years
>5 years
2023
2022
Bonds 2008-2028 (100.00
*
)
\u20ac36
6.812
6.748
36
\u2013
36
36
Bonds 2014-2024 (99.164
*
)
\u20ac400
2.640
2.500
\u2013
\u2013
0
399
Bonds 2017-2027 (99.659
*
)
\u20ac500
1.575
1.500
499
\u2013
499
499
Bonds 2020-2030 (99.292
*
)
\u20ac500
0.862
0.750
\u2013
496
496
496
Bonds 2021-2028 (99.958
*
)
\u20ac500
0.307
0.250
499
\u2013
499
498
Bonds 2022-2026 (99.922
*
)
\u20ac500
3.096
3.000
499
\u2013
499
498
Bonds 2023-2031 (99.417
*
)
\u20ac700
3.877
3.750
\u2013
694
694
\u2013
Bonds, measured at
amortized cost
1,533
1,190
2,723
2,426
Private placements
2008-2038, measured at
amortized cost
\u2013
127
127
142
Deferred and contingent
acquisition payables,
measured at fair value
1
\u2013
1
2
Other debt, measured at
amortized cost
21
\u2013
21
16
Derivative \ufb01nancial
instruments, measured
at fair value
\u2013
5
5
\u2013
Other long-term debt
22
5
27
18
Total long-term debt
(excluding lease liabilities)
1,555
1,322
2,877
2,586
Lease liabilities
209
244
Total long-term debt
3,086
2,830
** *** **** * Issue price of the \ufb01nancial instrument. ** These bonds are classi\ufb01ed as short-term bonds. Refer also to the table on the following page. *** For further details on these debt-related derivative \ufb01nancial instruments, refer to Note 29 \u2013 Financial risk management. **** For the repayment commitments of lease liabilities, refer to Note 19 \u2013 Leasing.
Reconciliation long-term debt to net debt
2023
2022
Total long-term debt
3,086
2,830
Borrowings and bank overdrafts:
Euro Commercial Paper program
50
\u2013
Bank overdrafts, measured at amortized cost
Note 26
146
16
Total borrowings and bank overdrafts
196
16
Bonds 2013-2023
\u2013
700
Bonds 2014-2024
400
\u2013
Short-term lease liabilities
63
69
Deferred and contingent acquisition payables measured
at fair value
Note 29
4
2
Total short-term debt
663
787
Gross debt
3,749
3,617
Minus:
Cash and cash equivalents
Note 26
(1,135)
(1,346)
Derivative financial instruments:
Non-current assets
Note 21
\u2013
(17)
Current assets
Note 25
(2)
(1)
Net debt
2,612
2,253
Material accounting policy information Non-derivative financial liabilities measured at amortized cost Financial liabilities measured at amortized cost are bonds, the Euro Commercial Paper program, private placements, other long- and short-term debt, and trade payables .
Reconciliation of liabilities arising from financing activities
Gross debt, excluding lease liabilities, derivative financial instruments, and bank overdrafts
Balance at Foreign Other Balance at
January 1, Net cash Acquisitions/ Unwinding exchange non-cash December
2023 flows Divestments of discount differences movements 31, 2023
Bonds
3,126
(4)
\u2013
3
\u2013
(2)
3,123
Private
placements
142
\u2013
\u2013
0
(15)
\u2013
127
Other gross debt
20
55
1
\u2013
0
\u2013
76
Total
3,288
51
1
3
(15)
(2)
3,326
Balance at Foreign Other Balance at
January 1, Net cash Acquisitions/ Unwinding exchange non-cash December
2022 flows Divestments of discount differences movements 31, 2022
Bonds
2,625
500
\u2013
3
\u2013
(2)
3,126
Private
placements
153
\u2013
\u2013
0
(11)
\u2013
142
Other gross debt
12
5
2
\u2013
1
\u2013
20
Total
2,790
505
2
3
(10)
(2)
3,288
Lease liabilities
current and non current
2023
2022
Position at January 1
313
331
Additions from new leases
27
27
Acquired through business combinations
Note 8
0
2
Contract modi\ufb01cations and reassessments of options
4
10
Repayment of lease liabilities (interest and principal portion)
(74)
(80)
Unwinding of discount of lease liabilities
Note 14
9
9
Foreign exchange differences
(7)
14
Position at December 31
272
313
For material accounting policy information and estimates and judgments on lease liabilities, refer to Note 19 \u2013 Leasing. Loan maturity The following amounts of gross debt (excluding lease liabilities) at December 31, 2023, are due within and after \ufb01ve years:
2023
2025
12
2026
509
2027
499
2028
535
Due after 2028
1,322
Long-term debt
2,877
Short-term debt (2024)
600
Total (excluding lease liabilities)
3,477
At December 31, 2022, \u20ac718 million was short-term debt, \u20ac1,414 million was due in 2024, 2025, 2026, and 2027, and \u20ac1,172 million was due after 2027. Financial liabilities measured at amortized cost Bonds The group has senior bonds outstanding for an amount of \u20ac3,123 million at December 31, 2023 (2022: \u20ac3,126 million). The nominal interest rates on the bonds are \ufb01xed until redemption. On March 27, 2023, the group issued a \u20ac700 million eight-year senior unsecured Eurobond. The bonds were sold at an issue price of 99.417 percent and carry an annual coupon of 3.750 percent. The senior unsecured bonds will mature on April 3, 2031. The net proceeds of the offering are used for general corporate purposes. Private placements The group holds private placements in Japanese yen. These private placements (\u00a520,000 million) are converted to and hedged against the euro via cross-currency interest rate swaps. These swaps have been collateralized for credit risk in line with the treasury risk management policies. There is no collateral outstanding at December 31, 2023 (2022: no collateral outstanding). Multi-currency revolving credit facility The group has a \u20ac600 million multi-currency revolving credit facility, which will mature in 2025. This facility has multi-year environmental, social, and governance KPIs, which are linked to the interest rates in the facility. The interest rates in the facility are variable. The facility is used for general corporate purposes. At December 31, 2023, no amounts were drawn under the facility (December 31, 2022: no amounts drawn). The facility is subject to customary conditions, including a \ufb01nancial credit covenant. The facility covenant requires that the consolidated net senior borrowings (excluding fully subordinated debt) to adjusted EBITDA shall not exceed 3.5. In 2023 and 2022, the group was comfortably within the thresholds stipulated in the \ufb01nancial covenant of the facility. Euro Commercial Paper program The group has a Euro Commercial Paper (ECP) program in place, under which it may issue unsecured, short-term debt (ECP notes) for a maximum of \u20ac1.0 billion. The program provides flexible funding for short-term cash needs at attractive rates. At December 31, 2023, \u20ac50 million of ECP notes were outstanding (2022: no ECP notes outstanding). Defaults and/or breaches There were no defaults or breaches on the loans and borrowings during 2023 or 2022. Note 29 \u2013 Financial risk management Risk management framework The group\u2019s activities are exposed to a variety of \ufb01nancial risks, including market, liquidity, and credit risk. Identi\ufb01cation and management of \ufb01nancial risks are carried out by the central treasury department (Corporate Treasury), whereby the treasury operations are conducted within a framework of policies and guidelines (Treasury Policy), which are approved by the Executive Board and the Supervisory Board. The Treasury Policy is reviewed at least annually, considering market circumstances and market volatility, and is based on assumptions concerning future events, subject to uncertainties and risks that are outside of the group\u2019s control. The Treasury Committee, comprising the Vice President Group Accounting & Reporting, Controller Corporate Office, Executive Vice President Treasury & Risk, and representatives of Corporate Treasury and Treasury Back-Office, meets quarterly to review treasury activities and compliance with the Treasury Policy and reports directly to the Executive Board and the Audit Committee. The Treasury Back-Office reports deviations directly to the CFO and the Executive Vice President Treasury & Risk. Under the group\u2019s Internal Control Framework, the \ufb01nancial reporting controls, including policies and procedures, of the Corporate Treasury Department are periodically reviewed. Corporate Treasury reports quarterly to the Audit Committee on its compliance with the Treasury Policy. The group\u2019s funding activities are carried out by Corporate Treasury using long-term capital market instruments and committed credit facilities to ensure optimal \ufb01nancial flexibility and capital efficiency. The borrowings, together with cash generated from operations, are lent or contributed as equity to the operating companies. The group targets a net-debt-to-EBITDA ratio of approximately 2.5. However, the group could temporarily deviate from this relative indebtedness ratio. At December 31, 2023, the net-debt-to-EBITDA ratio was 1.5 (2022: 1.3). All treasury activities, in particular the use of derivative \ufb01nancial instruments, are subject to the principle of risk minimization and are executed by specialized treasury personnel. For this reason, \ufb01nancial transactions and risk positions are managed in a central treasury management and payment system. It is the group\u2019s policy that material currency translation exposures and variable interest exposures are partially hedged by Corporate Treasury in accordance with the annual treasury plan approved by the Audit Committee. The group does not purchase or hold derivative \ufb01nancial instruments for speculative purposes. The group\u2019s risk pro\ufb01le is de\ufb01ned and reviewed regularly. Although the economic environment has become more challenging because of the volatility in \ufb01nancial markets, the exposure to \ufb01nancial risks for the group\u2019s activities has not signi\ufb01cantly changed, nor has the approach to these risks. Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the group\u2019s pro\ufb01t or loss or the value of its \ufb01nancial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return. Currency risk The group has identi\ufb01ed transaction and translation risks as currency risks. The transaction risk exposure within individual group entities is relatively immaterial. The transaction prices invoiced to customers for goods and/or services are mainly denominated in the customers\u2019 local currencies. Given the nature of the business, almost all related costs are also incurred in those local currencies. Derivative \ufb01nancial instruments to hedge transaction risks are therefore not frequently used. Translation risk is the risk that exchange rate gains or losses arise from translating the statements of pro\ufb01t or loss, cash flows, and \ufb01nancial position of foreign subsidiaries to the group\u2019s presentation currency (euro) for consolidation purposes. The group\u2019s risk management strategy practice is that material currency translation exposures (including U.S. dollar net investments) are partially hedged by Corporate Treasury. Currency translation exposures which impact the consolidated statements of \ufb01nancial position and/or pro\ufb01t or loss by 10% or more are considered material. The currency translation exposure on the consolidated statement of cash flows is partly mitigated by matching cash inflows and outflows in the same currency. The group\u2019s main translation risk is its exposure to the U.S. dollar. In line with its risk management strategy, the group manages the translation risk using three types of risk mitigating actions, of which two types of transactions are designated as a hedge and for which the group applies hedge accounting. Hedge accounting Material accounting policy information Derivative financial instruments and hedging activities The group holds derivative \ufb01nancial instruments to hedge risk exposures. Derivative \ufb01nancial instruments are initially recognized at fair value on the date a derivative contract is concluded and are subsequently remeasured at fair value. The method of recognizing gains or losses depends on whether the derivative is designated as a hedging instrument and if so, the nature of the item being hedged. The group designates derivatives as either: \u2022 Hedges of a risk associated with a recognized asset or liability or a highly probable forecast transaction (cash flow hedge); \u2022 Hedges of a net investment in a foreign operation (net investment hedge); or \u2022 Currency forward instruments to protect the group\u2019s net pro\ufb01t (not qualifying for hedge accounting). With respect to foreign currency forwards used in the cash flow hedges and the net investment hedges, the group designates as a hedging instrument only the change in the value of the spot component of a forward contract (and not the forward element). The differential between the contracted forward rate and the market spot rate, de\ufb01ned as forward points, is recognized in other comprehensive income and accumulated in the hedge reserve within total equity. Cash flow hedge The effective part of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognized in other comprehensive income, and accumulated in the hedge reserve within total equity. Amounts accumulated in the hedge reserve are reclassi\ufb01ed to pro\ufb01t or loss within the line where the result from the hedged transaction is recognized, in the same period the hedged item affects the pro\ufb01t or loss. The gain or loss relating to the ineffective part of the hedging relationship is recognized in pro\ufb01t or loss within \ufb01nancing results. Reclassification of hedge reserve to profit or loss When a hedging instrument matures or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in the hedge reserve at that time remains in the hedge reserve and is only reclassi\ufb01ed when the hedged transaction is ultimately recognized in pro\ufb01t or loss. When a hedged transaction is no longer expected to occur, the cumulative gain or loss in the hedge reserve is reclassi\ufb01ed to pro\ufb01t or loss. Net investment hedge Fair value changes of derivative \ufb01nancial instruments used to hedge the net investment in foreign operations, which are determined to be an effective hedge, are recognized directly in other comprehensive income in the translation reserve. Gains and losses accumulated in the translation reserve are reclassi\ufb01ed to pro\ufb01t or loss when the foreign operation is disposed. If a hedging relationship is terminated and the derivative \ufb01nancial instrument is not sold, future changes in the fair value of the derivative \ufb01nancial instrument are recognized in pro\ufb01t or loss. The gain or loss relating to the ineffective part of the hedging relationship is recognized in pro\ufb01t or loss within \ufb01nancing results. Derivatives that do not qualify for hedge accounting Changes in the fair value of any derivative \ufb01nancial instruments that do not qualify for hedge accounting are recognized in pro\ufb01t or loss within \ufb01nancing results. Net investment hedge The group partially protects total equity from foreign exchange differences using U.S. dollar currency forward contracts qualifying as net investment hedges, which partially offset the translation risk on U.S. dollar-denominated subsidiaries and long-term receivables of the U.S. operations, being the hedged items. The fair value changes of the net investment hedge partially offset the currency differences on translation of U.S. dollar-denominated subsidiaries and long-term receivables from U.S. operations, both recognized in other comprehensive income. The group had U.S. dollar forward contracts outstanding for a total notional amount of \u20ac249 million ($275 million) at December 31, 2023 (2022: \u20ac258 million or $275 million). These hedges created a U.S. dollar balance sheet cover with a future settlement date, recognized as a \ufb01nancial asset with a fair value of \u20ac2 million at December 31, 2023. The group had U.S. dollar liabilities outstanding for a total notional amount of \u20ac432 million ($477 million) at December 31, 2023 (2022: \u20ac473 million or $505 million). The U.S. dollar liabilities include net investment hedges and other U.S. dollar-denominated liabilities. The U.S. dollar balance sheet cover of 11% (2022: 11%) is de\ufb01ned as the sum of U.S. dollar net investment hedges and other U.S. dollar liabilities outstanding divided by the group\u2019s net investment in U.S. dollar-denominated assets. Cash flow hedge The group protects against the translation differences on the Japanese yen private placement (2023 and 2022: \u00a520,000 million) and the related interest payments, using cash flow hedges by means of four cross-currency interest rate swaps. The fair value changes of the cash flow hedges are recognized in equity until the hedging relationship with the corresponding hedged instrument is terminated. At that moment, the translation differences are reclassi\ufb01ed to pro\ufb01t or loss. Currency forwards The group partially protects net pro\ufb01t from foreign exchange differences using U.S. dollar and other currency forwards not qualifying for hedge accounting. The fair value changes of these currency forwards are recognized in \ufb01nancing results and partially offset any translation risk on pro\ufb01t or loss elements. In 2023, the group swapped 88% (2022: 74%) of the net \ufb01nancing results of \u20ac27 million (2022: \u20ac56 million) into U.S. dollars using foreign exchange derivatives of $20 million (2022: $40 million). Sensitivity Based on the percentage of 88% for net \ufb01nancing results payable in U.S. dollars, an instantaneous 1% decline of the U.S. dollar against the euro at December 31, 2023, with all other variables held constant, would result in a decrease of approximately \u20ac0.2 million in net \ufb01nancing results (2022: \u20ac0.4 million). Hedge effectiveness Before applying hedge accounting, the group assesses, in accordance with the group\u2019s risk management policies and the parameters of the hedge, whether the designated hedge is highly effective. In 2023, the group did not record ineffectiveness because of hedging activities (2022: no ineffectiveness). The group measures hedge effectiveness on a forward-looking basis at the inception of the hedging relationship and on an ongoing basis at reporting dates through a qualitative assessment of the critical terms of the hedging instrument and the hedged item. The hedge values will generally move in the opposite direction because of the same risk and hence an economic relationship exists. The results of these effectiveness tests all satis\ufb01ed the effectiveness criterion during the year. Currency risk sensitivity The following table details the group\u2019s sensitivity to a 1% weakening of the U.S. dollar against the euro:
2023
2022
Revenues
(38)
(37)
Adjusted operating pro\ufb01t
(13)
(12)
Operating pro\ufb01t
(12)
(11)
Adjusted net pro\ufb01t
(8)
(8)
Pro\ufb01t for the year
(8)
(7)
Shareholders\u2019 equity at December 31
(36)
(38)
Adjusted free cash flow
(11)
(12)
Sensitivity analysis A sensitivity analysis on the derivative \ufb01nancial instruments portfolio yields the following results, assuming an instantaneous 1% decrease of the U.S. dollar and Japanese yen against the euro from their levels at December 31, 2023, and an instantaneous 1% increase of the U.S. dollar, Japanese yen, and euro interest rates:
Exchange Interest
in millions, unless Type of rate movement rate movement
otherwise stated
Hedged risk
Amount
instrument \u20ac \u20ac
Changes in \u00a5 floating Cross-currency
interest payments and interest
Cash flow hedge
\u00a5 exchange rates
\u00a520,000
rate swaps
(1)
(1)
Changes of the U.S. dollar
net investments due to
Net investment fluctuations of U.S. dollar Forward
hedge
exchange rates
$275
contracts
2
0
Interest rate risk The group is exposed to interest rate risk. The group aims to mitigate the impact on its results and cash flows of interest rate movements, both by arranging \ufb01xed or variable rate funding and by use of derivative \ufb01nancial instruments. At December 31, 2023, the group\u2019s interest rate position (excluding cash and cash equivalents and lease liabilities) was 99% (2022: 100%) carried at a \ufb01xed rate. The credit facility and the Euro Commercial Paper program have a variable interest rate. Note 29 \u2013 Financial risk management continued Assuming the same mix of variable and \ufb01xed interest rate instruments, an instantaneous increase of interest rates of 1% compared to the rates on December 31, 2023, with all other variables held constant, would hardly result, on an annual basis, in an increase of net \ufb01nancing results (identical at December 31, 2022). During 2023, there were no IBOR-replacements that impacted the results for the group. Liquidity risk Liquidity risk is the risk that the group will encounter difficulty in meeting the obligations associated with its \ufb01nancial liabilities that are settled by delivering cash or another \ufb01nancial asset. The group\u2019s approach to manage liquidity is to ensure, as far as possible, that it will have enough liquidity to meet its liabilities when they are due. The group actively manages liquidity risk by maintaining enough cash and cash equivalents, and by the availability of committed borrowing capacity. To reduce liquidity risk, the group has established the following minimum requirements: \u2022 No more than 25% of outstanding gross debt minus available cash should be repayable within a 12-month period; \u2022 Acquiring of funding to start at least one year in advance of all maturing debt or alternative committed funding should be in place; and \u2022 Minimum headroom of \u20ac500 million (sum of unused committed credit facilities, cash and cash equivalents, and derivative \ufb01nancial assets, minus other short-term debt, current deferred acquisition payables, current derivative \ufb01nancial liabilities, and bank overdrafts). Per December 31, 2023, the group has access to the unused part of the committed credit facilities of \u20ac600 million in total (2022: \u20ac600 million), cash and cash equivalents of \u20ac1,135 million (2022: \u20ac1,346 million), and has derivative \ufb01nancial assets totaling \u20ac2 million (2022: \u20ac18 million), minus other short-term debt, current deferred and contingent acquisition payables, bank overdrafts, Euro Commercial Paper, and current derivative \ufb01nancial liabilities totaling \u20ac200 million (2022: \u20ac18 million). The headroom was \u20ac1,537 million at year-end 2023 (2022: \u20ac1,946 million). No assets have been collateralized or in any other way secured under debt contracts. Exposure to liquidity risk The following tables relate to the remaining contractual cash flows of \ufb01nancial liabilities at the reporting date. These tables show net cash flow amounts for derivative \ufb01nancial instruments that have simultaneous cash settlements. The amounts for the non-derivative \ufb01nancial instruments are gross and undiscounted and include estimated interest payments and exclude the impact of netting agreements. For the remaining contractual cash flows of lease liabilities, refer to Note 19 \u2013 Leasing.
Contractual cash flows 2023 Contractual cash flows 2022
Contractual Less More Contractual Less More
Carrying undiscounted than 1-2 2-5 than Carrying undiscounted than 1-2 2-5 than
Non-derivative financial liabilities amount cash flows 1 year years years 5 years Non-derivative financial liabilities amount cash flows 1 year years years 5 years
(excl. lease liabilities) (excl. lease liabilities)
Bonds: Bonds:
Bonds 2008-2028
36
47
2
2
43
\u2013
Bonds 2008-2028
36
49
2
2
7
38
Bonds 2014-2024
400
410
410
\u2013
\u2013
\u2013
Bonds 2013-2023
700
720
720
\u2013
\u2013
\u2013
Bonds 2017-2027
499
531
8
8
515
\u2013
Bonds 2014-2024
399
420
10
410
\u2013
\u2013
Bonds 2020-2030
496
527
4
4
11
508
Bonds 2017-2027
499
539
8
8
523
\u2013
Bonds 2021-2028
499
506
1
1
504
\u2013
Bonds 2020-2030
496
530
4
4
11
511
Bonds 2022-2026
499
545
15
15
515
\u2013
Bonds 2021-2028
498
507
1
1
4
501
Bonds 2023-2031
694
910
26
26
79
779
Bonds 2022-2026
498
560
15
15
530
\u2013
Private placements: Private placements:
Private placements 2008-2038
127
189
4
4
13
168
Private placements 2008-2038
142
216
5
5
14
192
Long- and short-term deferred and Long- and short-term deferred and
contingent acquisition payables
5
5
4
1
\u2013
\u2013
contingent acquisition payables
4
4
2
2
\u2013
\u2013
Other debt
21
21
\u2013
11
10
\u2013
Other debt
16
16
\u2013
8
8
\u2013
Borrowings and bank overdrafts
196
196
196
\u2013
\u2013
\u2013
Borrowings and bank overdrafts
16
16
16
\u2013
\u2013
\u2013
Trade payables
183
183
183
\u2013
\u2013
\u2013
Trade payables
147
147
147
\u2013
\u2013
\u2013
Total
3,655
4,070
853
72
1,690
1,455
Total
3,451
3,724
930
455
1,097
1,242
Derivative financial instruments Derivative financial instruments
(Receipts) (252)
(252)
(Receipts)
(260)
(260)
Payments
249
249
Payments
258
258
Foreign exchange derivatives
(2)
(3)
(3)
0
0
0
Foreign exchange derivatives
(1)
(2)
(2)
0
0
0
(Receipts)
(189)
(4)
(4)
(13)
(168)
(Receipts)
(216)
(5)
(5)
(14)
(192)
Payments
238
8
8
23
199
Payments
245
8
8
23
206
Cross-currency interest rate swaps
5
49
4
4
10
31
Cross-currency interest rate swaps
(17)
29
3
3
9
14
Total derivative \ufb01nancial liabilities/(assets)
3
46
1
4
10
31
Total derivative \ufb01nancial liabilities/(assets)
(18)
27
1
3
9
14
Credit risk Credit risk represents the loss that would be recognized if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obligations, and arises principally from the group\u2019s receivables from customers, unbilled revenues, and investments in debt securities. The carrying amount of non-derivative \ufb01nancial assets represents the maximum credit exposure and amounted to \u20ac2,347 million at December 31, 2023 (2022: \u20ac2,572 million). Financial instruments and excess cash at financial institutions The group is exposed to credit risks due to its use of derivatives and because of excess cash deposited at banks. It is the group\u2019s policy to conclude \ufb01nancial transactions under ISDA (International Swap Dealers Association) master agreements. Cash invested and \ufb01nancial transactions are only concluded with \ufb01nancial institutions with strong credit ratings (at least a credit rating of A-/A3). Furthermore, credit limits per counterparty are in place and are monitored periodically. At December 31, 2023, there were no material credit risk concentrations outstanding while the average weighted credit rating of counterparties was A+ (2022: A). The aim is to spread transactions among counterparties. No credit limits were materially exceeded during the reporting period and management does not expect any losses from non-performance by these counterparties on current outstanding contracts. Trade receivables and unbilled revenues The group has a natural exposure to credit risk in its operational business. This exposure of the group\u2019s operating companies to credit risk is inherently limited, considering the diversi\ufb01ed customer portfolio of the group, and since a substantial part of the transactions is prepaid by customers. The group\u2019s operating companies actively monitor the solvency of their key accounts and assess creditworthiness of customers before concluding a contract. The group determines the impairment on trade receivables and unbilled revenues using the lifetime expected credit loss model, whereby the historical credit losses on trade receivables (a credit event) are used as a base for the future expected credit losses. The accounting policy and the assumptions are periodically evaluated by the group using macroeconomic data and historical back-testing of the assumptions. At December 31, 2023, the loss allowances on trade receivables and unbilled revenues amounted to \u20ac85 million. The majority of these loss allowances relate to trade receivables that are overdue for more than one year, as legislation in various countries does not allow a write-off until a certain number of years is passed. The trade receivables and unbilled revenues that are not overdue for more than one year or have no speci\ufb01c impairment risk have sound creditworthiness and meet the credit rating grades as de\ufb01ned in the internal policy for assessing the impairment of \ufb01nancial assets. For each trade receivable less than one year overdue, there is a loss allowance of at least 0.5% of the outstanding balance. For material accounting policy information and estimates and judgments applied in determining the loss allowances on trade receivables and unbilled revenues, refer to Note 9 \u2013 Sales costs and Note 24 \u2013 Contract assets and liabilities. Fair value of financial instruments The following table shows the carrying amounts and fair values of \ufb01nancial assets and liabilities (excluding lease liabilities), including their levels in the fair value hierarchy.
2023
2022
Non-derivative financial instruments:
Carrying value
Fair value
Level 1
Level 2
Level 3
Carrying value
Fair value
Financial assets at fair value through pro\ufb01t or loss
0
0
0
0
0
Unbilled revenues
97
97
101
101
Trade receivables
1,087
1,087
1,088
1,088
Miscellaneous receivables
10
10
13
13
Interest receivable
2
2
5
5
Cash and cash equivalents
1,135
1,135
1,346
1,346
Total non-derivative \ufb01nancial assets
2,331
2,331
0
2,553
2,553
Bonds 2008-2028
36
41
41
36
41
Bonds 2013-2023
\u2013
\u2013
700
701
Bonds 2014-2024
400
398
398
399
396
Bonds 2017-2027
499
479
479
499
459
Bonds 2020-2030
496
435
435
496
399
Bonds 2021-2028
499
449
449
498
417
Bonds 2022-2026
499
501
501
498
489
Bonds 2023-2031
694
727
727
\u2013
\u2013
Private placements 2008-2038
127
149
149
142
172
Long- and short-term deferred and contingent acquisition payables
5
5
5
4
4
Other debt
21
21
16
16
Borrowings and bank overdrafts
196
196
16
16
Trade payables
183
183
147
147
Interest payable
42
42
39
39
Total non-derivative \ufb01nancial liabilities
3,697
3,626
3,030
149
5
3,490
3,296
Derivative financial instruments:
Non-current assets
\u2013
\u2013
17
17
Current assets
2
2
2
1
1
Total derivative \ufb01nancial assets
2
2
2
18
18
Non-current liabilities
5
5
5
\u2013
\u2013
Total derivative \ufb01nancial liabilities
5
5
5
0
0
* * * * * * * * * * Fair value approximates the carrying amount. Fair value hierarchy The fair values have been determined by the group based on market data and appropriate valuation methods/quotes. Valuation methods include: \u2022 Level 1: reference to quoted prices (unadjusted) in active markets for similar assets and liabilities; \u2022 Level 2: inputs other than quoted prices that are observable for the asset or liability and that may have a signi\ufb01cant impact on the fair value, either directly (i.e., as prices) or indirectly (i.e., derived from prices) based on discounted cash flow analyses, using data input of observable \ufb01nancial markets and \ufb01nancial institutions; and \u2022 Level 3: inputs that are not based on observable market data. The valuation method can be based on discounted cash flow analyses, or other models that are substantially identical. There has been no change in the fair value hierarchy compared to 2022. The Level 3 fair value movements in non-derivative \ufb01nancial liabilities are as follows:
2023
2022
Balance at January 1
4
2
Acquired through business combinations
Note 8
4
3
Settlements
Note 8
(3)
(1)
Fair value changes of contingent considerations
Note 11
0
0
Foreign exchange differences
0
0
Balance at December 31
5
4
Deferred and contingent acquisition payables Material accounting policy information Non-derivative \ufb01nancial liabilities at fair value through pro\ufb01t or loss comprise deferred and contingent considerations and are measured at fair value. Changes therein are recognized in pro\ufb01t or loss. The contingent considerations are based on a discounted cash flow model, which considers the present value of expected payments, using a risk-adjusted discount rate. The expected payment is determined by considering possible scenarios, the amount to be paid under each scenario, and the probability of each scenario. The estimated fair value could increase (or decrease) if assumptions change. The fair value of the deferred and contingent acquisition payables balance amounted to \u20ac5 million (2022: \u20ac4 million) and can be presented as follows:
Fair value Maximum Fair value
December 31, Of which: Of which: exposure December 31,
2023 short term long term (undiscounted) 2022
Total
5
4
1
5
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-453": { "value": "Note 22 \u2013 Tax assets and liabilities
Deferred tax assets and liabilities
temporary differences arising from:
Assets
Liabilities
2023
2022
Intangible assets
6
(398)
(392)
(395)
Property, plant, and equipment, right-of-use
assets, and lease liabilities
79
(58)
21
17
Employee bene\ufb01ts
45
(8)
37
38
Tax value of loss carry-forwards recognized
23
\u2013
23
31
Other items
102
(21)
81
72
Total before set-off of tax
255
(485)
(230)
(237)
Set-off of tax
(204)
204
0
0
Position at December 31
51
(281)
(230)
(237)
Estimates and judgments The actual recognition of deferred tax assets depends on the generation of future taxable income during the periods in which the temporary differences become deductible. Based on projected future taxable income and available strategies, the group considers the future realization of these deferred tax assets as probable. Other items mainly include recognition of deferred tax assets and liabilities for temporary differences on working capital items.
Movements in temporary differences 2023
Recognized Recognized in
Balance at in profit or equity and OCI Foreign Balance at
January 1, Acquisitions/ loss comprehensive exchange December
2023 divestments (Note 15) income differences 31, 2023
Intangible assets
(395)
(7)
1
\u2013
9
(392)
PPE, right-of-use
assets, and lease
liabilities
17
\u2013
4
\u2013
0
21
Employee bene\ufb01ts
38
\u2013
0
0
(1)
37
Tax value of loss carry-
forwards recognized
31
\u2013
(7)
\u2013
(1)
23
Other items
72
(1)
10
0
0
81
Total
(237)
(8)
8
0
7
(230)
Movements in temporary differences 2022
Recognized Recognized in
Balance at in profit or equity and OCI Foreign Balance at
January 1, Acquisitions/ loss comprehensive exchange December
2022 divestments (Note 15) income differences 31, 2022
Intangible assets
(390)
(19)
31
\u2013
(17)
(395)
PPE, right-of-use
assets, and lease
liabilities
1
\u2013
16
\u2013
0
17
Employee bene\ufb01ts
37
\u2013
4
(5)
2
38
Tax value of loss carry-
forwards recognized
38
\u2013
(9)
\u2013
2
31
Other items
82
0
(18)
4
4
72
Total
(232)
(19)
24
(1)
(9)
(237)
Movements in overall tax position
Position at January 1
2023
2022
Current income tax assets
61
59
Current income tax liabilities
(129)
(142)
Deferred tax assets
62
62
Deferred tax liabilities
(299)
(294)
Overall tax position
(305)
(315)
Movements
Total income tax expense
Note 15
(290)
(249)
Deferred tax from acquisitions and divestments
(8)
(19)
Current income tax from acquisitions and divestments
0
(1)
Deferred tax on items recognized directly in OCI
0
(1)
Paid income tax
325
289
Foreign exchange differences
6
(9)
Total movements
33
10
Position at December 31
Current income tax assets
86
61
Current income tax liabilities
(128)
(129)
Deferred tax assets
51
62
Deferred tax liabilities
(281)
(299)
Overall tax position
(272)
(305)
The current income tax liabilities include, to a large extent, uncertain tax positions. For most
of these uncertain tax positions, it is expected that the audit by tax authorities will \ufb01nalize
beyond one year. For the estimates and judgments applied to uncertain tax positions, refer to
Note 15 \u2013 Income tax expense.
The group paid income taxes for the amounts of \u20ac181 million (2022: \u20ac162 million) in North
America, \u20ac133 million (2022: \u20ac119 million) in Europe, and \u20ac11 million (2022: \u20ac8 million) in Asia
Paci\ufb01c and Rest of World.
The amount of deferred tax assets arising from recognized tax loss carry-forwards, which
relate to tax jurisdictions where the group continued to incur tax losses in the current and/or
preceding year, was \u20ac0 million at December 31, 2023 (2022: \u20ac0 million). It is considered
probable based on forecasts that future taxable pro\ufb01ts will be available.
Unrecognized tax losses and temporary differences
The group has not recognized deferred tax assets that relate to unused tax losses and
temporary differences amounting to \u20ac408 million (2022: \u20ac352 million), as it is not probable
that future taxable pro\ufb01t will be available against which the group can use the bene\ufb01ts.
Of these unused tax losses and temporary differences, 13% expire within the next \ufb01ve
years (2022: 12%), 1% expire after \ufb01ve years (2022: 4%), and 86% carry forward inde\ufb01nitely
(2022: 84%).
In addition, the group has not recognized net deferred tax assets of \u20ac17 million (2022:
\u20ac21 million) relating to unused state tax losses in the U.S. Of these unused state tax losses,
35% expire within the next \ufb01ve years (2022: 23%) and 65% expire after \ufb01ve years (2022: 77%).
Deferred tax on items recognized immediately in other comprehensive income and equity
2023
2022
Amount Amount Amount Amount
before net of before net of
Exchange differences on translation of
foreign operations, recycling of foreign
tax
Tax
tax
tax
Tax
tax
exchange differences on loss of control, and
net investment hedges
(124)
0
(124)
216
4
220
Gains/(losses) on cash flow hedges
(7)
\u2013
(7)
29
\u2013
29
Remeasurement gains/(losses) on de\ufb01ned
bene\ufb01t plans
(1)
0
(1)
18
(5)
13
Recognized in other comprehensive income
(132)
0
(132)
263
(1)
262
Share-based payments
31
\u2013
31
28
\u2013
28
Recognized in equity
31
0
31
28
0
28
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-454": { "value": "
Movements in overall tax position
Position at January 1
2023
2022
Current income tax assets
61
59
Current income tax liabilities
(129)
(142)
Deferred tax assets
62
62
Deferred tax liabilities
(299)
(294)
Overall tax position
(305)
(315)
Movements
Total income tax expense
Note 15
(290)
(249)
Deferred tax from acquisitions and divestments
(8)
(19)
Current income tax from acquisitions and divestments
0
(1)
Deferred tax on items recognized directly in OCI
0
(1)
Paid income tax
325
289
Foreign exchange differences
6
(9)
Total movements
33
10
Position at December 31
Current income tax assets
86
61
Current income tax liabilities
(128)
(129)
Deferred tax assets
51
62
Deferred tax liabilities
(281)
(299)
Overall tax position
(272)
(305)
The current income tax liabilities include, to a large extent, uncertain tax positions. For most of these uncertain tax positions, it is expected that the audit by tax authorities will \ufb01nalize beyond one year. For the estimates and judgments applied to uncertain tax positions, refer to Note 15 \u2013 Income tax expense. The group paid income taxes for the amounts of \u20ac181 million (2022: \u20ac162 million) in North America, \u20ac133 million (2022: \u20ac119 million) in Europe, and \u20ac11 million (2022: \u20ac8 million) in Asia Paci\ufb01c and Rest of World. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-455": { "value": "
Note 23 \u2013 Inventories
2023
2022
Work in progress
27
27
Finished products and trade goods
57
52
Total
84
79
Material accounting policy information Inventories also include internally developed commercial software products. The cost of internally produced goods includes the development, manufacturing, content-creation, and publishing costs. At December 31, 2023, the provision for obsolescence deducted from the inventory carrying values amounted to \u20ac17 million (2022: \u20ac18 million). In 2023, an amount of \u20ac4 million was recognized as an expense for the change in the provision for obsolescence (2022: \u20ac5 million) and is presented as part of cost of revenues in the consolidated statement of pro\ufb01t or loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-456": { "value": "Material accounting policy information Inventories also include internally developed commercial software products. The cost of internally produced goods includes the development, manufacturing, content-creation, and publishing costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-457": { "value": "
2023
2022
Trade receivables
1,087
1,088
Non-current contract assets
18
17
Current contract assets
160
153
Non-current deferred income
102
112
Current deferred income
1,899
1,858
Other current contract liabilities
86
88
Impairment Any impairment of assets relating to contracts with customers is measured, presented, and disclosed in accordance with IFRS 9. The determination of the provision for impairment is based on the group\u2019s historical average of three years of credit losses, which is used as a proxy for expected losses on trade receivables with similar characteristics and credit pro\ufb01le, adjusted as appropriate to reflect the current conditions and estimates of future economic conditions. Trade receivables longer than one year overdue and trade receivables with speci\ufb01c risk with no reasonable expectation of recovery, are impaired and provided for in full, unless reliable supporting information is available to conclude otherwise. The group presents its impairment losses in the notes to the consolidated \ufb01nancial statements. General In general, the group applies payment terms in line with common industry practice. There are no signi\ufb01cant contracts with a material \ufb01nancing component. There are contracts with variable consideration, but the related estimates are almost never constrained. Most of the contracts with customers require prepayment of the consideration. Within the CT Corporation business of Financial & Corporate Compliance, the group acts as an agent between the customer and governmental organizations in the U.S. for some costs that are explicitly chargeable to the customer under the contract. Trade receivables and unbilled revenues are shown net of impairment losses amounting to \u20ac85 million (2022: \u20ac85 million). The fair value of the receivables approximates the carrying amount. Impairment losses on trade receivables and unbilled revenues are presented as part of sales costs in the consolidated statement of pro\ufb01t or loss.
Loss allowances
2023
2022
Position at January 1
85
83
Additions to loss allowances
Note 9
34
33
Releases from loss allowances
Note 9
(11)
(12)
Usage of loss allowances
(22)
(22)
Foreign exchange differences
(1)
3
Position at December 31
85
85
For further information on credit risk, refer to Note 29 \u2013 Financial risk management.
Contract assets
Cost to Cost to
Unbilled obtain a fulfill a
current and non-current revenues contract
contract
2023
2022
Position at January 1
101
41
28
170
157
Recognized as revenues in the year
502
\u2013
\u2013
502
465
Newly recognized cost to ful\ufb01ll a
contract
\u2013
\u2013
519
519
473
Transferred to trade receivables
(501)
\u2013
(506)
(1,007)
(932)
Newly recognized cost to obtain a
contract
\u2013
30
\u2013
30
28
Amortization of capitalized sales
commissions
Note 9
\u2013
(29)
\u2013
(29)
(29)
Autonomous movements in contract
assets
1
1
13
15
5
Acquired through business
combinations
Note 8
\u2013
\u2013
\u2013
0
1
Foreign exchange differences
(5)
(1)
(1)
(7)
7
Position at December 31
97
41
40
178
170
The group did not recognize an impairment on the unbilled revenues during the year (2022: nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-458": { "value": "
Unbilled revenues and deferred income
When either party to a customer contract has performed, the group recognizes unbilled
revenues or deferred income, depending on the relationship between the group\u2019s
performance and the timing of the customer\u2019s payment. If the value of the services
rendered by the group exceeds the invoiced amounts, unbilled revenues are recognized. If
the invoiced amounts exceed the value of services rendered, deferred income is recognized.
Unbilled revenues are recognized when the group\u2019s right to consideration is conditional on
something other than the passage of time, for example future performance of the entity.
Deferred income represents the part of the amount invoiced to customers that has not yet
met the criteria for revenue recognition and thus still must be earned as revenues by means
of the delivery of goods and/or services in the future. Deferred income is recognized at its
nominal value.
For contracts whereby neither party has performed, trade receivables and deferred income
balances are presented on a net basis.
Deferred income
current and non-current
2023
2022
Position at January 1
1,970
1,822
New and existing contracts with customers
4,300
3,944
Recognized as revenues from opening balance
(1,858)
(1,709)
Recognized as revenues in the year on new and existing contracts
(2,309)
(2,137)
Change in netting against trade receivables
(53)
(25)
Autonomous movements in deferred income
80
73
Acquired through business combinations
Note 8
6
0
Foreign exchange differences
(55)
75
Position at December 31
2,001
1,970
No material amount of revenues was recognized in 2023 from performance obligations
satis\ufb01ed or partially satis\ufb01ed in previous years because of events such as changes in
transaction price. Furthermore, the group did not have material changes in deferred income
because of contract modi\ufb01cations or changes in estimates.
The aggregate amount of the transaction price allocated to the remaining performance
obligations that are unsatis\ufb01ed at year-end 2023 was \u20ac4,402 million (2022: \u20ac4,055 million), of
which \u20ac2,287 million was included in deferred income (2022: \u20ac1,970 million). The unful\ufb01lled
performance obligations not recognized in deferred income relate to multi-year contracts
agreed with customers, whereby the group expects to satisfy these performance obligations
for a large part within one year and for the remainder between one to \ufb01ve years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-459": { "value": "Cost to obtain a contract Incremental costs for obtaining a contract (primarily sales commissions) will be capitalized and amortized if the contract term is expected to be longer than 12 months, as the practical expedient of IFRS 15 is applied. The amortization period will usually be one to \ufb01ve years, or the underlying contract life if longer, subject to the nature of the underlying performance obligations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-460": { "value": "Impairment Any impairment of assets relating to contracts with customers is measured, presented, and disclosed in accordance with IFRS 9. The determination of the provision for impairment is based on the group\u2019s historical average of three years of credit losses, which is used as a proxy for expected losses on trade receivables with similar characteristics and credit pro\ufb01le, adjusted as appropriate to reflect the current conditions and estimates of future economic conditions. Trade receivables longer than one year overdue and trade receivables with speci\ufb01c risk with no reasonable expectation of recovery, are impaired and provided for in full, unless reliable supporting information is available to conclude otherwise. The group presents its impairment losses in the notes to the consolidated \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-461": { "value": "
Loss allowances
2023
2022
Position at January 1
85
83
Additions to loss allowances
Note 9
34
33
Releases from loss allowances
Note 9
(11)
(12)
Usage of loss allowances
(22)
(22)
Foreign exchange differences
(1)
3
Position at December 31
85
85
For further information on credit risk, refer to Note 29 \u2013 Financial risk management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-462": { "value": "
Other contract liabilities
2023
2022
Position at January 1
88
80
Additions to provision for returns, refunds, and other
121
140
Usage of provision for returns, refunds, and other
(121)
(136)
Autonomous movements in other contract liabilities
0
4
Acquired through business combinations
Note 8
\u2013
1
Foreign exchange differences
(2)
3
Position at December 31
86
88
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-463": { "value": "
Note 25 \u2013 Other receivables
2023
2022
Prepaid royalties
14
16
Non-current other receivables
14
16
Prepaid royalties
56
55
Other prepayments
116
157
VAT, sales tax, and other taxation
16
19
Miscellaneous receivables
10
13
Interest receivable
2
5
Derivative \ufb01nancial instruments
Note 29
2
1
Current other receivables
202
250
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-464": { "value": "
Note 26 \u2013 Cash and cash equivalents
2023
2022
Deposits
649
909
Cash and bank balances
486
437
Total cash and cash equivalents in the consolidated statement
of \ufb01nancial position
1,135
1,346
Minus: Bank overdrafts used for cash management purposes
Note 28
(146)
(16)
Total cash and cash equivalents minus bank overdrafts
989
1,330
Material accounting policy information Cash and cash equivalents comprise cash and bank balances, and deposits that are held as part of the group\u2019s cash management for the purpose of meeting short-term cash commitments. Bank overdrafts predominantly result from cash pool arrangements and are presented within borrowings and bank overdrafts in current liabilities. The group discloses the \ufb01nancial assets and \ufb01nancial liabilities within these arrangements on a gross basis. An amount of \u20ac1 million (2022: \u20ac0 million) relates to cash and cash equivalent balances of entities that the group does not fully own. At December 31, 2023, bank balances include an amount of \u20ac48 million (2022: \u20ac38 million) of restricted cash, primarily due to local exchange control regulations that restrict exporting cash and/or capital from the relevant country.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-465": { "value": "Material accounting policy information Cash and cash equivalents comprise cash and bank balances, and deposits that are held as part of the group\u2019s cash management for the purpose of meeting short-term cash commitments. Bank overdrafts predominantly result from cash pool arrangements and are presented within borrowings and bank overdrafts in current liabilities. The group discloses the \ufb01nancial assets and \ufb01nancial liabilities within these arrangements on a gross basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-466": { "value": "
At December 31, 2023, bank balances include an amount of \u20ac48 million (2022: \u20ac38 million)
of restricted cash, primarily due to local exchange control regulations that restrict exporting
cash and/or capital from the relevant country.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-467": { "value": "
Note 27 \u2013 Trade and other payables
2023
2022
Trade payables
165
147
Salaries, holiday allowances, and other bene\ufb01ts
285
276
VAT, sales tax, social security premiums, and other taxation
91
95
Pension-related payables
28
28
Royalty payables
87
88
Other accruals and payables
295
315
Interest payable
42
39
Deferred and contingent acquisition payables
Note 29
4
2
Total
997
990
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-468": { "value": "
Note 27 \u2013 Trade and other payables
2023
2022
Trade payables
165
147
Salaries, holiday allowances, and other bene\ufb01ts
285
276
VAT, sales tax, social security premiums, and other taxation
91
95
Pension-related payables
28
28
Royalty payables
87
88
Other accruals and payables
295
315
Interest payable
42
39
Deferred and contingent acquisition payables
Note 29
4
2
Total
997
990
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-469": { "value": "
Nominal
Effective interest Repayment Repayment
in millions of euros, unless Nominal interest rate in commitments commitments
otherwise stated value rate in % % 1-5 years
>5 years
2023
2022
Bonds 2008-2028 (100.00
*
)
\u20ac36
6.812
6.748
36
\u2013
36
36
Bonds 2014-2024 (99.164
*
)
\u20ac400
2.640
2.500
\u2013
\u2013
0
399
Bonds 2017-2027 (99.659
*
)
\u20ac500
1.575
1.500
499
\u2013
499
499
Bonds 2020-2030 (99.292
*
)
\u20ac500
0.862
0.750
\u2013
496
496
496
Bonds 2021-2028 (99.958
*
)
\u20ac500
0.307
0.250
499
\u2013
499
498
Bonds 2022-2026 (99.922
*
)
\u20ac500
3.096
3.000
499
\u2013
499
498
Bonds 2023-2031 (99.417
*
)
\u20ac700
3.877
3.750
\u2013
694
694
\u2013
Bonds, measured at
amortized cost
1,533
1,190
2,723
2,426
Private placements
2008-2038, measured at
amortized cost
\u2013
127
127
142
Deferred and contingent
acquisition payables,
measured at fair value
1
\u2013
1
2
Other debt, measured at
amortized cost
21
\u2013
21
16
Derivative \ufb01nancial
instruments, measured
at fair value
\u2013
5
5
\u2013
Other long-term debt
22
5
27
18
Total long-term debt
(excluding lease liabilities)
1,555
1,322
2,877
2,586
Lease liabilities
209
244
Total long-term debt
3,086
2,830
**
***
****
*
Issue price of the \ufb01nancial instrument.
**
These bonds are classi\ufb01ed as short-term bonds. Refer also to the table on the following page.
***
For further details on these debt-related derivative \ufb01nancial instruments, refer to Note 29 \u2013 Financial
risk management.
****
For the repayment commitments of lease liabilities, refer to Note 19 \u2013 Leasing.
Reconciliation long-term debt to net debt
2023
2022
Total long-term debt
3,086
2,830
Borrowings and bank overdrafts:
Euro Commercial Paper program
50
\u2013
Bank overdrafts, measured at amortized cost
Note 26
146
16
Total borrowings and bank overdrafts
196
16
Bonds 2013-2023
\u2013
700
Bonds 2014-2024
400
\u2013
Short-term lease liabilities
63
69
Deferred and contingent acquisition payables measured
at fair value
Note 29
4
2
Total short-term debt
663
787
Gross debt
3,749
3,617
Minus:
Cash and cash equivalents
Note 26
(1,135)
(1,346)
Derivative financial instruments:
Non-current assets
Note 21
\u2013
(17)
Current assets
Note 25
(2)
(1)
Net debt
2,612
2,253
Material accounting policy information Non-derivative financial liabilities measured at amortized cost Financial liabilities measured at amortized cost are bonds, the Euro Commercial Paper program, private placements, other long- and short-term debt, and trade payables . Reconciliation of liabilities arising from financing activities Gross debt, excluding lease liabilities, derivative financial instruments, and bank overdrafts Balance at Foreign Other Balance at January 1, Net cash Acquisitions/ Unwinding exchange non-cash December 2023 flows Divestments of discount differences movements 31, 2023 Bonds 3,126 (4) \u2013 3 \u2013 (2) 3,123 Private placements 142 \u2013 \u2013 0 (15) \u2013 127 Other gross debt 20 55 1 \u2013 0 \u2013 76 Total 3,288 51 1 3 (15) (2) 3,326 Balance at Foreign Other Balance at January 1, Net cash Acquisitions/ Unwinding exchange non-cash December 2022 flows Divestments of discount differences movements 31, 2022 Bonds 2,625 500 \u2013 3 \u2013 (2) 3,126 Private placements 153 \u2013 \u2013 0 (11) \u2013 142 Other gross debt 12 5 2 \u2013 1 \u2013 20 Total 2,790 505 2 3 (10) (2) 3,288
Loan maturity
The following amounts of gross debt (excluding lease liabilities) at December 31, 2023, are due
within and after \ufb01ve years:
2023
2025
12
2026
509
2027
499
2028
535
Due after 2028
1,322
Long-term debt
2,877
Short-term debt (2024)
600
Total (excluding lease liabilities)
3,477
At December 31, 2022, \u20ac718 million was short-term debt, \u20ac1,414 million was due in 2024, 2025,
2026, and 2027, and \u20ac1,172 million was due after 2027.
Financial liabilities measured at amortized cost
Bonds
The group has senior bonds outstanding for an amount of \u20ac3,123 million at December 31, 2023
(2022: \u20ac3,126 million). The nominal interest rates on the bonds are \ufb01xed until redemption.
On March 27, 2023, the group issued a \u20ac700 million eight-year senior unsecured Eurobond.
The bonds were sold at an issue price of 99.417 percent and carry an annual coupon of
3.750 percent. The senior unsecured bonds will mature on April 3, 2031. The net proceeds of
the offering are used for general corporate purposes.
Private placements
The group holds private placements in Japanese yen. These private placements
(\u00a520,000 million) are converted to and hedged against the euro via cross-currency interest
rate swaps. These swaps have been collateralized for credit risk in line with the treasury risk
management policies. There is no collateral outstanding at December 31, 2023 (2022: no
collateral outstanding).
Multi-currency revolving credit facility
The group has a \u20ac600 million multi-currency revolving credit facility, which will mature in
2025. This facility has multi-year environmental, social, and governance KPIs, which are linked
to the interest rates in the facility. The interest rates in the facility are variable. The facility
is used for general corporate purposes.
At December 31, 2023, no amounts were drawn under the facility (December 31, 2022:
no amounts drawn). The facility is subject to customary conditions, including a \ufb01nancial
credit covenant. The facility covenant requires that the consolidated net senior borrowings
(excluding fully subordinated debt) to adjusted EBITDA shall not exceed 3.5. In 2023 and
2022, the group was comfortably within the thresholds stipulated in the \ufb01nancial covenant
of the facility.
Euro Commercial Paper program
The group has a Euro Commercial Paper (ECP) program in place, under which it may issue
unsecured, short-term debt (ECP notes) for a maximum of \u20ac1.0 billion. The program
provides flexible funding for short-term cash needs at attractive rates. At December 31, 2023,
\u20ac50 million of ECP notes were outstanding (2022: no ECP notes outstanding).
Defaults and/or breaches
There were no defaults or breaches on the loans and borrowings during 2023 or 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-470": { "value": "
Nominal
Effective interest Repayment Repayment
in millions of euros, unless Nominal interest rate in commitments commitments
otherwise stated value rate in % % 1-5 years
>5 years
2023
2022
Bonds 2008-2028 (100.00
*
)
\u20ac36
6.812
6.748
36
\u2013
36
36
Bonds 2014-2024 (99.164
*
)
\u20ac400
2.640
2.500
\u2013
\u2013
0
399
Bonds 2017-2027 (99.659
*
)
\u20ac500
1.575
1.500
499
\u2013
499
499
Bonds 2020-2030 (99.292
*
)
\u20ac500
0.862
0.750
\u2013
496
496
496
Bonds 2021-2028 (99.958
*
)
\u20ac500
0.307
0.250
499
\u2013
499
498
Bonds 2022-2026 (99.922
*
)
\u20ac500
3.096
3.000
499
\u2013
499
498
Bonds 2023-2031 (99.417
*
)
\u20ac700
3.877
3.750
\u2013
694
694
\u2013
Bonds, measured at
amortized cost
1,533
1,190
2,723
2,426
Private placements
2008-2038, measured at
amortized cost
\u2013
127
127
142
Deferred and contingent
acquisition payables,
measured at fair value
1
\u2013
1
2
Other debt, measured at
amortized cost
21
\u2013
21
16
Derivative \ufb01nancial
instruments, measured
at fair value
\u2013
5
5
\u2013
Other long-term debt
22
5
27
18
Total long-term debt
(excluding lease liabilities)
1,555
1,322
2,877
2,586
Lease liabilities
209
244
Total long-term debt
3,086
2,830
** *** **** * Issue price of the \ufb01nancial instrument. ** These bonds are classi\ufb01ed as short-term bonds. Refer also to the table on the following page. *** For further details on these debt-related derivative \ufb01nancial instruments, refer to Note 29 \u2013 Financial risk management. **** For the repayment commitments of lease liabilities, refer to Note 19 \u2013 Leasing.
Reconciliation long-term debt to net debt
2023
2022
Total long-term debt
3,086
2,830
Borrowings and bank overdrafts:
Euro Commercial Paper program
50
\u2013
Bank overdrafts, measured at amortized cost
Note 26
146
16
Total borrowings and bank overdrafts
196
16
Bonds 2013-2023
\u2013
700
Bonds 2014-2024
400
\u2013
Short-term lease liabilities
63
69
Deferred and contingent acquisition payables measured
at fair value
Note 29
4
2
Total short-term debt
663
787
Gross debt
3,749
3,617
Minus:
Cash and cash equivalents
Note 26
(1,135)
(1,346)
Derivative financial instruments:
Non-current assets
Note 21
\u2013
(17)
Current assets
Note 25
(2)
(1)
Net debt
2,612
2,253
Material accounting policy information Non-derivative financial liabilities measured at amortized cost Financial liabilities measured at amortized cost are bonds, the Euro Commercial Paper program, private placements, other long- and short-term debt, and trade payables . Reconciliation of liabilities arising from financing activities Gross debt, excluding lease liabilities, derivative financial instruments, and bank overdrafts Balance at Foreign Other Balance at January 1, Net cash Acquisitions/ Unwinding exchange non-cash December 2023 flows Divestments of discount differences movements 31, 2023 Bonds 3,126 (4) \u2013 3 \u2013 (2) 3,123 Private placements 142 \u2013 \u2013 0 (15) \u2013 127 Other gross debt 20 55 1 \u2013 0 \u2013 76 Total 3,288 51 1 3 (15) (2) 3,326 Balance at Foreign Other Balance at January 1, Net cash Acquisitions/ Unwinding exchange non-cash December 2022 flows Divestments of discount differences movements 31, 2022 Bonds 2,625 500 \u2013 3 \u2013 (2) 3,126 Private placements 153 \u2013 \u2013 0 (11) \u2013 142 Other gross debt 12 5 2 \u2013 1 \u2013 20 Total 2,790 505 2 3 (10) (2) 3,288 Loan maturity The following amounts of gross debt (excluding lease liabilities) at December 31, 2023, are due within and after \ufb01ve years:
2023
2025
12
2026
509
2027
499
2028
535
Due after 2028
1,322
Long-term debt
2,877
Short-term debt (2024)
600
Total (excluding lease liabilities)
3,477
At December 31, 2022, \u20ac718 million was short-term debt, \u20ac1,414 million was due in 2024, 2025, 2026, and 2027, and \u20ac1,172 million was due after 2027. Financial liabilities measured at amortized cost Bonds The group has senior bonds outstanding for an amount of \u20ac3,123 million at December 31, 2023 (2022: \u20ac3,126 million). The nominal interest rates on the bonds are \ufb01xed until redemption. On March 27, 2023, the group issued a \u20ac700 million eight-year senior unsecured Eurobond. The bonds were sold at an issue price of 99.417 percent and carry an annual coupon of 3.750 percent. The senior unsecured bonds will mature on April 3, 2031. The net proceeds of the offering are used for general corporate purposes. Private placements The group holds private placements in Japanese yen. These private placements (\u00a520,000 million) are converted to and hedged against the euro via cross-currency interest rate swaps. These swaps have been collateralized for credit risk in line with the treasury risk management policies. There is no collateral outstanding at December 31, 2023 (2022: no collateral outstanding). Multi-currency revolving credit facility The group has a \u20ac600 million multi-currency revolving credit facility, which will mature in 2025. This facility has multi-year environmental, social, and governance KPIs, which are linked to the interest rates in the facility. The interest rates in the facility are variable. The facility is used for general corporate purposes. At December 31, 2023, no amounts were drawn under the facility (December 31, 2022: no amounts drawn). The facility is subject to customary conditions, including a \ufb01nancial credit covenant. The facility covenant requires that the consolidated net senior borrowings (excluding fully subordinated debt) to adjusted EBITDA shall not exceed 3.5. In 2023 and 2022, the group was comfortably within the thresholds stipulated in the \ufb01nancial covenant of the facility. Euro Commercial Paper program The group has a Euro Commercial Paper (ECP) program in place, under which it may issue unsecured, short-term debt (ECP notes) for a maximum of \u20ac1.0 billion. The program provides flexible funding for short-term cash needs at attractive rates. At December 31, 2023, \u20ac50 million of ECP notes were outstanding (2022: no ECP notes outstanding). Defaults and/or breaches There were no defaults or breaches on the loans and borrowings during 2023 or 2022. The group\u2019s funding activities are carried out by Corporate Treasury using long-term capital market instruments and committed credit facilities to ensure optimal \ufb01nancial flexibility and capital efficiency. The borrowings, together with cash generated from operations, are lent or contributed as equity to the operating companies. The group targets a net-debt-to-EBITDA ratio of approximately 2.5. However, the group could temporarily deviate from this relative indebtedness ratio. At December 31, 2023, the net-debt-to-EBITDA ratio was 1.5 (2022: 1.3).
Contractual cash flows 2023 Contractual cash flows 2022
Contractual Less More Contractual Less More
Carrying undiscounted than 1-2 2-5 than Carrying undiscounted than 1-2 2-5 than
Non-derivative financial liabilities amount cash flows 1 year years years 5 years Non-derivative financial liabilities amount cash flows 1 year years years 5 years
(excl. lease liabilities) (excl. lease liabilities)
Bonds: Bonds:
Bonds 2008-2028
36
47
2
2
43
\u2013
Bonds 2008-2028
36
49
2
2
7
38
Bonds 2014-2024
400
410
410
\u2013
\u2013
\u2013
Bonds 2013-2023
700
720
720
\u2013
\u2013
\u2013
Bonds 2017-2027
499
531
8
8
515
\u2013
Bonds 2014-2024
399
420
10
410
\u2013
\u2013
Bonds 2020-2030
496
527
4
4
11
508
Bonds 2017-2027
499
539
8
8
523
\u2013
Bonds 2021-2028
499
506
1
1
504
\u2013
Bonds 2020-2030
496
530
4
4
11
511
Bonds 2022-2026
499
545
15
15
515
\u2013
Bonds 2021-2028
498
507
1
1
4
501
Bonds 2023-2031
694
910
26
26
79
779
Bonds 2022-2026
498
560
15
15
530
\u2013
Private placements: Private placements:
Private placements 2008-2038
127
189
4
4
13
168
Private placements 2008-2038
142
216
5
5
14
192
Long- and short-term deferred and Long- and short-term deferred and
contingent acquisition payables
5
5
4
1
\u2013
\u2013
contingent acquisition payables
4
4
2
2
\u2013
\u2013
Other debt
21
21
\u2013
11
10
\u2013
Other debt
16
16
\u2013
8
8
\u2013
Borrowings and bank overdrafts
196
196
196
\u2013
\u2013
\u2013
Borrowings and bank overdrafts
16
16
16
\u2013
\u2013
\u2013
Trade payables
183
183
183
\u2013
\u2013
\u2013
Trade payables
147
147
147
\u2013
\u2013
\u2013
Total
3,655
4,070
853
72
1,690
1,455
Total
3,451
3,724
930
455
1,097
1,242
Derivative financial instruments Derivative financial instruments
(Receipts) (252)
(252)
(Receipts)
(260)
(260)
Payments
249
249
Payments
258
258
Foreign exchange derivatives
(2)
(3)
(3)
0
0
0
Foreign exchange derivatives
(1)
(2)
(2)
0
0
0
(Receipts)
(189)
(4)
(4)
(13)
(168)
(Receipts)
(216)
(5)
(5)
(14)
(192)
Payments
238
8
8
23
199
Payments
245
8
8
23
206
Cross-currency interest rate swaps
5
49
4
4
10
31
Cross-currency interest rate swaps
(17)
29
3
3
9
14
Total derivative \ufb01nancial liabilities/(assets)
3
46
1
4
10
31
Total derivative \ufb01nancial liabilities/(assets)
(18)
27
1
3
9
14
Fair value of financial instruments The following table shows the carrying amounts and fair values of \ufb01nancial assets and liabilities (excluding lease liabilities), including their levels in the fair value hierarchy.
2023
2022
Non-derivative financial instruments:
Carrying value
Fair value
Level 1
Level 2
Level 3
Carrying value
Fair value
Financial assets at fair value through pro\ufb01t or loss
0
0
0
0
0
Unbilled revenues
97
97
101
101
Trade receivables
1,087
1,087
1,088
1,088
Miscellaneous receivables
10
10
13
13
Interest receivable
2
2
5
5
Cash and cash equivalents
1,135
1,135
1,346
1,346
Total non-derivative \ufb01nancial assets
2,331
2,331
0
2,553
2,553
Bonds 2008-2028
36
41
41
36
41
Bonds 2013-2023
\u2013
\u2013
700
701
Bonds 2014-2024
400
398
398
399
396
Bonds 2017-2027
499
479
479
499
459
Bonds 2020-2030
496
435
435
496
399
Bonds 2021-2028
499
449
449
498
417
Bonds 2022-2026
499
501
501
498
489
Bonds 2023-2031
694
727
727
\u2013
\u2013
Private placements 2008-2038
127
149
149
142
172
Long- and short-term deferred and contingent acquisition payables
5
5
5
4
4
Other debt
21
21
16
16
Borrowings and bank overdrafts
196
196
16
16
Trade payables
183
183
147
147
Interest payable
42
42
39
39
Total non-derivative \ufb01nancial liabilities
3,697
3,626
3,030
149
5
3,490
3,296
Derivative financial instruments:
Non-current assets
\u2013
\u2013
17
17
Current assets
2
2
2
1
1
Total derivative \ufb01nancial assets
2
2
2
18
18
Non-current liabilities
5
5
5
\u2013
\u2013
Total derivative \ufb01nancial liabilities
5
5
5
0
0
* * * * * * * * * ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-471": { "value": "
Nominal
Effective interest Repayment Repayment
in millions of euros, unless Nominal interest rate in commitments commitments
otherwise stated value rate in % % 1-5 years
>5 years
2023
2022
Bonds 2008-2028 (100.00
*
)
\u20ac36
6.812
6.748
36
\u2013
36
36
Bonds 2014-2024 (99.164
*
)
\u20ac400
2.640
2.500
\u2013
\u2013
0
399
Bonds 2017-2027 (99.659
*
)
\u20ac500
1.575
1.500
499
\u2013
499
499
Bonds 2020-2030 (99.292
*
)
\u20ac500
0.862
0.750
\u2013
496
496
496
Bonds 2021-2028 (99.958
*
)
\u20ac500
0.307
0.250
499
\u2013
499
498
Bonds 2022-2026 (99.922
*
)
\u20ac500
3.096
3.000
499
\u2013
499
498
Bonds 2023-2031 (99.417
*
)
\u20ac700
3.877
3.750
\u2013
694
694
\u2013
Bonds, measured at
amortized cost
1,533
1,190
2,723
2,426
Private placements
2008-2038, measured at
amortized cost
\u2013
127
127
142
Deferred and contingent
acquisition payables,
measured at fair value
1
\u2013
1
2
Other debt, measured at
amortized cost
21
\u2013
21
16
Derivative \ufb01nancial
instruments, measured
at fair value
\u2013
5
5
\u2013
Other long-term debt
22
5
27
18
Total long-term debt
(excluding lease liabilities)
1,555
1,322
2,877
2,586
Lease liabilities
209
244
Total long-term debt
3,086
2,830
** *** **** * Issue price of the \ufb01nancial instrument. ** These bonds are classi\ufb01ed as short-term bonds. Refer also to the table on the following page. *** For further details on these debt-related derivative \ufb01nancial instruments, refer to Note 29 \u2013 Financial risk management. **** For the repayment commitments of lease liabilities, refer to Note 19 \u2013 Leasing.
Reconciliation long-term debt to net debt
2023
2022
Total long-term debt
3,086
2,830
Borrowings and bank overdrafts:
Euro Commercial Paper program
50
\u2013
Bank overdrafts, measured at amortized cost
Note 26
146
16
Total borrowings and bank overdrafts
196
16
Bonds 2013-2023
\u2013
700
Bonds 2014-2024
400
\u2013
Short-term lease liabilities
63
69
Deferred and contingent acquisition payables measured
at fair value
Note 29
4
2
Total short-term debt
663
787
Gross debt
3,749
3,617
Minus:
Cash and cash equivalents
Note 26
(1,135)
(1,346)
Derivative financial instruments:
Non-current assets
Note 21
\u2013
(17)
Current assets
Note 25
(2)
(1)
Net debt
2,612
2,253
Derivative financial instruments and hedging activities The group holds derivative \ufb01nancial instruments to hedge risk exposures. Derivative \ufb01nancial instruments are initially recognized at fair value on the date a derivative contract is concluded and are subsequently remeasured at fair value. The method of recognizing gains or losses depends on whether the derivative is designated as a hedging instrument and if so, the nature of the item being hedged. The group designates derivatives as either: \u2022 Hedges of a risk associated with a recognized asset or liability or a highly probable forecast transaction (cash flow hedge); \u2022 Hedges of a net investment in a foreign operation (net investment hedge); or \u2022 Currency forward instruments to protect the group\u2019s net pro\ufb01t (not qualifying for hedge accounting). With respect to foreign currency forwards used in the cash flow hedges and the net investment hedges, the group designates as a hedging instrument only the change in the value of the spot component of a forward contract (and not the forward element). The differential between the contracted forward rate and the market spot rate, de\ufb01ned as forward points, is recognized in other comprehensive income and accumulated in the hedge reserve within total equity. Cash flow hedge The effective part of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognized in other comprehensive income, and accumulated in the hedge reserve within total equity. Amounts accumulated in the hedge reserve are reclassi\ufb01ed to pro\ufb01t or loss within the line where the result from the hedged transaction is recognized, in the same period the hedged item affects the pro\ufb01t or loss. The gain or loss relating to the ineffective part of the hedging relationship is recognized in pro\ufb01t or loss within \ufb01nancing results. Reclassification of hedge reserve to profit or loss When a hedging instrument matures or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in the hedge reserve at that time remains in the hedge reserve and is only reclassi\ufb01ed when the hedged transaction is ultimately recognized in pro\ufb01t or loss. When a hedged transaction is no longer expected to occur, the cumulative gain or loss in the hedge reserve is reclassi\ufb01ed to pro\ufb01t or loss. Net investment hedge Fair value changes of derivative \ufb01nancial instruments used to hedge the net investment in foreign operations, which are determined to be an effective hedge, are recognized directly in other comprehensive income in the translation reserve. Gains and losses accumulated in the translation reserve are reclassi\ufb01ed to pro\ufb01t or loss when the foreign operation is disposed. If a hedging relationship is terminated and the derivative \ufb01nancial instrument is not sold, future changes in the fair value of the derivative \ufb01nancial instrument are recognized in pro\ufb01t or loss. The gain or loss relating to the ineffective part of the hedging relationship is recognized in pro\ufb01t or loss within \ufb01nancing results. Derivatives that do not qualify for hedge accounting Changes in the fair value of any derivative \ufb01nancial instruments that do not qualify for hedge accounting are recognized in pro\ufb01t or loss within \ufb01nancing results. Net investment hedge The group partially protects total equity from foreign exchange differences using U.S. dollar currency forward contracts qualifying as net investment hedges, which partially offset the translation risk on U.S. dollar-denominated subsidiaries and long-term receivables of the U.S. operations, being the hedged items. The fair value changes of the net investment hedge partially offset the currency differences on translation of U.S. dollar-denominated subsidiaries and long-term receivables from U.S. operations, both recognized in other comprehensive income. The group had U.S. dollar forward contracts outstanding for a total notional amount of \u20ac249 million ($275 million) at December 31, 2023 (2022: \u20ac258 million or $275 million). These hedges created a U.S. dollar balance sheet cover with a future settlement date, recognized as a \ufb01nancial asset with a fair value of \u20ac2 million at December 31, 2023. The group had U.S. dollar liabilities outstanding for a total notional amount of \u20ac432 million ($477 million) at December 31, 2023 (2022: \u20ac473 million or $505 million). The U.S. dollar liabilities include net investment hedges and other U.S. dollar-denominated liabilities. The U.S. dollar balance sheet cover of 11% (2022: 11%) is de\ufb01ned as the sum of U.S. dollar net investment hedges and other U.S. dollar liabilities outstanding divided by the group\u2019s net investment in U.S. dollar-denominated assets. Cash flow hedge The group protects against the translation differences on the Japanese yen private placement (2023 and 2022: \u00a520,000 million) and the related interest payments, using cash flow hedges by means of four cross-currency interest rate swaps. The fair value changes of the cash flow hedges are recognized in equity until the hedging relationship with the corresponding hedged instrument is terminated. At that moment, the translation differences are reclassi\ufb01ed to pro\ufb01t or loss. Currency forwards The group partially protects net pro\ufb01t from foreign exchange differences using U.S. dollar and other currency forwards not qualifying for hedge accounting. The fair value changes of these currency forwards are recognized in \ufb01nancing results and partially offset any translation risk on pro\ufb01t or loss elements. In 2023, the group swapped 88% (2022: 74%) of the net \ufb01nancing results of \u20ac27 million (2022: \u20ac56 million) into U.S. dollars using foreign exchange derivatives of $20 million (2022: $40 million). Sensitivity Based on the percentage of 88% for net \ufb01nancing results payable in U.S. dollars, an instantaneous 1% decline of the U.S. dollar against the euro at December 31, 2023, with all other variables held constant, would result in a decrease of approximately \u20ac0.2 million in net \ufb01nancing results (2022: \u20ac0.4 million). Hedge effectiveness Before applying hedge accounting, the group assesses, in accordance with the group\u2019s risk management policies and the parameters of the hedge, whether the designated hedge is highly effective. In 2023, the group did not record ineffectiveness because of hedging activities (2022: no ineffectiveness). The group measures hedge effectiveness on a forward-looking basis at the inception of the hedging relationship and on an ongoing basis at reporting dates through a qualitative assessment of the critical terms of the hedging instrument and the hedged item. The hedge values will generally move in the opposite direction because of the same risk and hence an economic relationship exists. The results of these effectiveness tests all satis\ufb01ed the effectiveness criterion during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-472": { "value": "Material accounting policy information Non-derivative financial liabilities measured at amortized cost Financial liabilities measured at amortized cost are bonds, the Euro Commercial Paper program, private placements, other long- and short-term debt, and trade payables ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-473": { "value": "Material accounting policy information Non-derivative financial liabilities measured at amortized cost Financial liabilities measured at amortized cost are bonds, the Euro Commercial Paper program, private placements, other long- and short-term debt, and trade payables Material accounting policy information Non-derivative \ufb01nancial liabilities at fair value through pro\ufb01t or loss comprise deferred and contingent considerations and are measured at fair value. Changes therein are recognized in pro\ufb01t or loss. The contingent considerations are based on a discounted cash flow model, which considers the present value of expected payments, using a risk-adjusted discount rate. The expected payment is determined by considering possible scenarios, the amount to be paid under each scenario, and the probability of each scenario. The estimated fair value could increase (or decrease) if assumptions change. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-474": { "value": " These swaps have been collateralized for credit risk in line with the treasury risk management policies. There is no collateral outstanding at December 31, 2023 (2022: no collateral outstanding). No assets have been collateralized or in any other way secured under debt contracts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-475": { "value": "
Note 29 \u2013 Financial risk management
Risk management framework
The group\u2019s activities are exposed to a variety of \ufb01nancial risks, including market, liquidity,
and credit risk. Identi\ufb01cation and management of \ufb01nancial risks are carried out by the central
treasury department (Corporate Treasury), whereby the treasury operations are conducted
within a framework of policies and guidelines (Treasury Policy), which are approved by the
Executive Board and the Supervisory Board. The Treasury Policy is reviewed at least annually,
considering market circumstances and market volatility, and is based on assumptions
concerning future events, subject to uncertainties and risks that are outside of the group\u2019s
control. The Treasury Committee, comprising the Vice President Group Accounting &
Reporting, Controller Corporate Office, Executive Vice President Treasury & Risk,
and representatives of Corporate Treasury and Treasury Back-Office, meets quarterly to
review treasury activities and compliance with the Treasury Policy and reports directly to
the Executive Board and the Audit Committee. The Treasury Back-Office reports deviations
directly to the CFO and the Executive Vice President Treasury & Risk.
Under the group\u2019s Internal Control Framework, the \ufb01nancial reporting controls, including
policies and procedures, of the Corporate Treasury Department are periodically reviewed.
Corporate Treasury reports quarterly to the Audit Committee on its compliance with the
Treasury Policy.
The group\u2019s funding activities are carried out by Corporate Treasury using long-term capital
market instruments and committed credit facilities to ensure optimal \ufb01nancial flexibility and
capital efficiency. The borrowings, together with cash generated from operations, are lent or
contributed as equity to the operating companies. The group targets a net-debt-to-EBITDA
ratio of approximately 2.5. However, the group could temporarily deviate from this relative
indebtedness ratio. At December 31, 2023, the net-debt-to-EBITDA ratio was 1.5 (2022: 1.3).
All treasury activities, in particular the use of derivative \ufb01nancial instruments, are subject to
the principle of risk minimization and are executed by specialized treasury personnel. For this
reason, \ufb01nancial transactions and risk positions are managed in a central treasury
management and payment system. It is the group\u2019s policy that material currency translation
exposures and variable interest exposures are partially hedged by Corporate Treasury in
accordance with the annual treasury plan approved by the Audit Committee. The group does
not purchase or hold derivative \ufb01nancial instruments for speculative purposes. The group\u2019s
risk pro\ufb01le is de\ufb01ned and reviewed regularly. Although the economic environment has
become more challenging because of the volatility in \ufb01nancial markets, the exposure to
\ufb01nancial risks for the group\u2019s activities has not signi\ufb01cantly changed, nor has the approach
to these risks.
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and
interest rates, will affect the group\u2019s pro\ufb01t or loss or the value of its \ufb01nancial instruments.
The objective of market risk management is to manage and control market risk exposures
within acceptable parameters, while optimizing the return.
Currency risk
The group has identi\ufb01ed transaction and translation risks as currency risks. The transaction
risk exposure within individual group entities is relatively immaterial. The transaction prices
invoiced to customers for goods and/or services are mainly denominated in the customers\u2019
local currencies. Given the nature of the business, almost all related costs are also incurred
in those local currencies. Derivative \ufb01nancial instruments to hedge transaction risks are
therefore not frequently used.
Translation risk is the risk that exchange rate gains or losses arise from translating the
statements of pro\ufb01t or loss, cash flows, and \ufb01nancial position of foreign subsidiaries to the
group\u2019s presentation currency (euro) for consolidation purposes.
The group\u2019s risk management strategy practice is that material currency translation exposures
(including U.S. dollar net investments) are partially hedged by Corporate Treasury. Currency
translation exposures which impact the consolidated statements of \ufb01nancial
position and/or pro\ufb01t or loss by 10% or more are considered material. The currency
translation exposure on the consolidated statement of cash flows is partly mitigated by
matching cash inflows and outflows in the same currency. The group\u2019s main translation risk is
its exposure to the U.S. dollar.
In line with its risk management strategy, the group manages the translation risk using three
types of risk mitigating actions, of which two types of transactions are designated as a hedge
and for which the group applies hedge accounting.
Hedge accounting
Material accounting policy information
Derivative financial instruments and hedging activities
The group holds derivative \ufb01nancial instruments to hedge risk exposures.
Derivative \ufb01nancial instruments are initially recognized at fair value on the date a
derivative contract is concluded and are subsequently remeasured at fair value. The
method of recognizing gains or losses depends on whether the derivative is designated
as a hedging instrument and if so, the nature of the item being hedged.
The group designates derivatives as either:
\u2022 Hedges of a risk associated with a recognized asset or liability or a highly probable
forecast transaction (cash flow hedge);
\u2022 Hedges of a net investment in a foreign operation (net investment hedge); or
\u2022 Currency forward instruments to protect the group\u2019s net pro\ufb01t (not qualifying for
hedge accounting).
With respect to foreign currency forwards used in the cash flow hedges and the net
investment hedges, the group designates as a hedging instrument only the change in
the value of the spot component of a forward contract (and not the forward element).
The differential between the contracted forward rate and the market spot rate, de\ufb01ned
as forward points, is recognized in other comprehensive income and accumulated in the
hedge reserve within total equity.
Cash flow hedge
The effective part of changes in the fair value of derivatives that are designated and qualify
as cash flow hedges are recognized in other comprehensive income, and accumulated in
the hedge reserve within total equity. Amounts accumulated in the hedge reserve are
reclassi\ufb01ed to pro\ufb01t or loss within the line where the result from the hedged transaction
is recognized, in the same period the hedged item affects the pro\ufb01t or loss.
The gain or loss relating to the ineffective part of the hedging relationship is recognized
in pro\ufb01t or loss within \ufb01nancing results.
Reclassification of hedge reserve to profit or loss
When a hedging instrument matures or is sold, or when a hedge no longer meets the
criteria for hedge accounting, any cumulative gain or loss existing in the hedge reserve
at that time remains in the hedge reserve and is only reclassi\ufb01ed when the hedged
transaction is ultimately recognized in pro\ufb01t or loss. When a hedged transaction is no
longer expected to occur, the cumulative gain or loss in the hedge reserve is reclassi\ufb01ed
to pro\ufb01t or loss.
Net investment hedge
Fair value changes of derivative \ufb01nancial instruments used to hedge the net investment in
foreign operations, which are determined to be an effective hedge, are recognized directly
in other comprehensive income in the translation reserve. Gains and losses accumulated
in the translation reserve are reclassi\ufb01ed to pro\ufb01t or loss when the foreign operation is
disposed. If a hedging relationship is terminated and the derivative \ufb01nancial instrument
is not sold, future changes in the fair value of the derivative \ufb01nancial instrument are
recognized in pro\ufb01t or loss.
The gain or loss relating to the ineffective part of the hedging relationship is recognized
in pro\ufb01t or loss within \ufb01nancing results.
Derivatives that do not qualify for hedge accounting
Changes in the fair value of any derivative \ufb01nancial instruments that do not qualify for
hedge accounting are recognized in pro\ufb01t or loss within \ufb01nancing results.
Net investment hedge
The group partially protects total equity from foreign exchange differences using U.S. dollar
currency forward contracts qualifying as net investment hedges, which partially offset the
translation risk on U.S. dollar-denominated subsidiaries and long-term receivables of the
U.S. operations, being the hedged items. The fair value changes of the net investment
hedge partially offset the currency differences on translation of U.S. dollar-denominated
subsidiaries and long-term receivables from U.S. operations, both recognized in other
comprehensive income.
The group had U.S. dollar forward contracts outstanding for a total notional amount of
\u20ac249 million ($275 million) at December 31, 2023 (2022: \u20ac258 million or $275 million). These
hedges created a U.S. dollar balance sheet cover with a future settlement date, recognized
as a \ufb01nancial asset with a fair value of \u20ac2 million at December 31, 2023.
The group had U.S. dollar liabilities outstanding for a total notional amount of \u20ac432 million
($477 million) at December 31, 2023 (2022: \u20ac473 million or $505 million). The U.S. dollar
liabilities include net investment hedges and other U.S. dollar-denominated liabilities.
The U.S. dollar balance sheet cover of 11% (2022: 11%) is de\ufb01ned as the sum of U.S. dollar
net investment hedges and other U.S. dollar liabilities outstanding divided by the group\u2019s
net investment in U.S. dollar-denominated assets.
Cash flow hedge
The group protects against the translation differences on the Japanese yen private placement
(2023 and 2022: \u00a520,000 million) and the related interest payments, using cash flow hedges
by means of four cross-currency interest rate swaps. The fair value changes of the cash flow
hedges are recognized in equity until the hedging relationship with the corresponding hedged
instrument is terminated. At that moment, the translation differences are reclassi\ufb01ed to pro\ufb01t
or loss.
Currency forwards
The group partially protects net pro\ufb01t from foreign exchange differences using U.S. dollar and
other currency forwards not qualifying for hedge accounting. The fair value changes of these
currency forwards are recognized in \ufb01nancing results and partially offset any translation risk
on pro\ufb01t or loss elements.
In 2023, the group swapped 88% (2022: 74%) of the net \ufb01nancing results of \u20ac27 million
(2022: \u20ac56 million) into U.S. dollars using foreign exchange derivatives of $20 million
(2022: $40 million).
Sensitivity
Based on the percentage of 88% for net \ufb01nancing results payable in U.S. dollars, an
instantaneous 1% decline of the U.S. dollar against the euro at December 31, 2023, with all
other variables held constant, would result in a decrease of approximately \u20ac0.2 million in net
\ufb01nancing results (2022: \u20ac0.4 million).
Hedge effectiveness
Before applying hedge accounting, the group assesses, in accordance with the group\u2019s risk
management policies and the parameters of the hedge, whether the designated hedge is
highly effective. In 2023, the group did not record ineffectiveness because of hedging activities
(2022: no ineffectiveness). The group measures hedge effectiveness on a forward-looking
basis at the inception of the hedging relationship and on an ongoing basis at reporting dates
through a qualitative assessment of the critical terms of the hedging instrument and the
hedged item. The hedge values will generally move in the opposite direction because of the
same risk and hence an economic relationship exists. The results of these effectiveness tests
all satis\ufb01ed the effectiveness criterion during the year.
Currency risk sensitivity
The following table details the group\u2019s sensitivity to a 1% weakening of the U.S. dollar against
the euro:
2023
2022
Revenues
(38)
(37)
Adjusted operating pro\ufb01t
(13)
(12)
Operating pro\ufb01t
(12)
(11)
Adjusted net pro\ufb01t
(8)
(8)
Pro\ufb01t for the year
(8)
(7)
Shareholders\u2019 equity at December 31
(36)
(38)
Adjusted free cash flow
(11)
(12)
Sensitivity analysis
A sensitivity analysis on the derivative \ufb01nancial instruments portfolio yields the following
results, assuming an instantaneous 1% decrease of the U.S. dollar and Japanese yen against
the euro from their levels at December 31, 2023, and an instantaneous 1% increase of the
U.S. dollar, Japanese yen, and euro interest rates:
Exchange Interest
in millions, unless Type of rate movement rate movement
otherwise stated
Hedged risk
Amount
instrument \u20ac \u20ac
Changes in \u00a5 floating Cross-currency
interest payments and interest
Cash flow hedge
\u00a5 exchange rates
\u00a520,000
rate swaps
(1)
(1)
Changes of the U.S. dollar
net investments due to
Net investment fluctuations of U.S. dollar Forward
hedge
exchange rates
$275
contracts
2
0
Interest rate risk
The group is exposed to interest rate risk. The group aims to mitigate the impact on its results
and cash flows of interest rate movements, both by arranging \ufb01xed or variable rate funding and
by use of derivative \ufb01nancial instruments. At December 31, 2023, the group\u2019s interest rate position
(excluding cash and cash equivalents and lease liabilities) was 99% (2022: 100%) carried at a \ufb01xed
rate. The credit facility and the Euro Commercial Paper program have a variable interest rate.
Note 29 \u2013 Financial risk management continued
Assuming the same mix of variable and \ufb01xed interest rate instruments, an instantaneous
increase of interest rates of 1% compared to the rates on December 31, 2023, with all other
variables held constant, would hardly result, on an annual basis, in an increase of net
\ufb01nancing results (identical at December 31, 2022).
During 2023, there were no IBOR-replacements that impacted the results for the group.
Liquidity risk
Liquidity risk is the risk that the group will encounter difficulty in meeting the obligations
associated with its \ufb01nancial liabilities that are settled by delivering cash or another \ufb01nancial
asset. The group\u2019s approach to manage liquidity is to ensure, as far as possible, that it will
have enough liquidity to meet its liabilities when they are due.
The group actively manages liquidity risk by maintaining enough cash and cash equivalents,
and by the availability of committed borrowing capacity. To reduce liquidity risk, the group
has established the following minimum requirements:
\u2022 No more than 25% of outstanding gross debt minus available cash should be repayable
within a 12-month period;
\u2022 Acquiring of funding to start at least one year in advance of all maturing debt or alternative
committed funding should be in place; and
\u2022 Minimum headroom of \u20ac500 million (sum of unused committed credit facilities, cash and
cash equivalents, and derivative \ufb01nancial assets, minus other short-term debt, current
deferred acquisition payables, current derivative \ufb01nancial liabilities, and bank overdrafts).
Per December 31, 2023, the group has access to the unused part of the committed credit
facilities of \u20ac600 million in total (2022: \u20ac600 million), cash and cash equivalents of
\u20ac1,135 million (2022: \u20ac1,346 million), and has derivative \ufb01nancial assets totaling \u20ac2 million
(2022: \u20ac18 million), minus other short-term debt, current deferred and contingent acquisition
payables, bank overdrafts, Euro Commercial Paper, and current derivative \ufb01nancial liabilities
totaling \u20ac200 million (2022: \u20ac18 million). The headroom was \u20ac1,537 million at year-end 2023
(2022: \u20ac1,946 million).
No assets have been collateralized or in any other way secured under debt contracts.
Exposure to liquidity risk
The following tables relate to the remaining contractual cash flows of \ufb01nancial liabilities
at the reporting date. These tables show net cash flow amounts for derivative \ufb01nancial
instruments that have simultaneous cash settlements. The amounts for the non-derivative
\ufb01nancial instruments are gross and undiscounted and include estimated interest payments
and exclude the impact of netting agreements. For the remaining contractual cash flows
of lease liabilities, refer to Note 19 \u2013 Leasing.
Contractual cash flows 2023 Contractual cash flows 2022
Contractual Less More Contractual Less More
Carrying undiscounted than 1-2 2-5 than Carrying undiscounted than 1-2 2-5 than
Non-derivative financial liabilities amount cash flows 1 year years years 5 years Non-derivative financial liabilities amount cash flows 1 year years years 5 years
(excl. lease liabilities) (excl. lease liabilities)
Bonds: Bonds:
Bonds 2008-2028
36
47
2
2
43
\u2013
Bonds 2008-2028
36
49
2
2
7
38
Bonds 2014-2024
400
410
410
\u2013
\u2013
\u2013
Bonds 2013-2023
700
720
720
\u2013
\u2013
\u2013
Bonds 2017-2027
499
531
8
8
515
\u2013
Bonds 2014-2024
399
420
10
410
\u2013
\u2013
Bonds 2020-2030
496
527
4
4
11
508
Bonds 2017-2027
499
539
8
8
523
\u2013
Bonds 2021-2028
499
506
1
1
504
\u2013
Bonds 2020-2030
496
530
4
4
11
511
Bonds 2022-2026
499
545
15
15
515
\u2013
Bonds 2021-2028
498
507
1
1
4
501
Bonds 2023-2031
694
910
26
26
79
779
Bonds 2022-2026
498
560
15
15
530
\u2013
Private placements: Private placements:
Private placements 2008-2038
127
189
4
4
13
168
Private placements 2008-2038
142
216
5
5
14
192
Long- and short-term deferred and Long- and short-term deferred and
contingent acquisition payables
5
5
4
1
\u2013
\u2013
contingent acquisition payables
4
4
2
2
\u2013
\u2013
Other debt
21
21
\u2013
11
10
\u2013
Other debt
16
16
\u2013
8
8
\u2013
Borrowings and bank overdrafts
196
196
196
\u2013
\u2013
\u2013
Borrowings and bank overdrafts
16
16
16
\u2013
\u2013
\u2013
Trade payables
183
183
183
\u2013
\u2013
\u2013
Trade payables
147
147
147
\u2013
\u2013
\u2013
Total
3,655
4,070
853
72
1,690
1,455
Total
3,451
3,724
930
455
1,097
1,242
Derivative financial instruments Derivative financial instruments
(Receipts) (252)
(252)
(Receipts)
(260)
(260)
Payments
249
249
Payments
258
258
Foreign exchange derivatives
(2)
(3)
(3)
0
0
0
Foreign exchange derivatives
(1)
(2)
(2)
0
0
0
(Receipts)
(189)
(4)
(4)
(13)
(168)
(Receipts)
(216)
(5)
(5)
(14)
(192)
Payments
238
8
8
23
199
Payments
245
8
8
23
206
Cross-currency interest rate swaps
5
49
4
4
10
31
Cross-currency interest rate swaps
(17)
29
3
3
9
14
Total derivative \ufb01nancial liabilities/(assets)
3
46
1
4
10
31
Total derivative \ufb01nancial liabilities/(assets)
(18)
27
1
3
9
14
Credit risk Credit risk represents the loss that would be recognized if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obligations, and arises principally from the group\u2019s receivables from customers, unbilled revenues, and investments in debt securities. The carrying amount of non-derivative \ufb01nancial assets represents the maximum credit exposure and amounted to \u20ac2,347 million at December 31, 2023 (2022: \u20ac2,572 million). Financial instruments and excess cash at financial institutions The group is exposed to credit risks due to its use of derivatives and because of excess cash deposited at banks. It is the group\u2019s policy to conclude \ufb01nancial transactions under ISDA (International Swap Dealers Association) master agreements. Cash invested and \ufb01nancial transactions are only concluded with \ufb01nancial institutions with strong credit ratings (at least a credit rating of A-/A3). Furthermore, credit limits per counterparty are in place and are monitored periodically. At December 31, 2023, there were no material credit risk concentrations outstanding while the average weighted credit rating of counterparties was A+ (2022: A). The aim is to spread transactions among counterparties. No credit limits were materially exceeded during the reporting period and management does not expect any losses from non-performance by these counterparties on current outstanding contracts. Trade receivables and unbilled revenues The group has a natural exposure to credit risk in its operational business. This exposure of the group\u2019s operating companies to credit risk is inherently limited, considering the diversi\ufb01ed customer portfolio of the group, and since a substantial part of the transactions is prepaid by customers. The group\u2019s operating companies actively monitor the solvency of their key accounts and assess creditworthiness of customers before concluding a contract. The group determines the impairment on trade receivables and unbilled revenues using the lifetime expected credit loss model, whereby the historical credit losses on trade receivables (a credit event) are used as a base for the future expected credit losses. The accounting policy and the assumptions are periodically evaluated by the group using macroeconomic data and historical back-testing of the assumptions. At December 31, 2023, the loss allowances on trade receivables and unbilled revenues amounted to \u20ac85 million. The majority of these loss allowances relate to trade receivables that are overdue for more than one year, as legislation in various countries does not allow a write-off until a certain number of years is passed. The trade receivables and unbilled revenues that are not overdue for more than one year or have no speci\ufb01c impairment risk have sound creditworthiness and meet the credit rating grades as de\ufb01ned in the internal policy for assessing the impairment of \ufb01nancial assets. For each trade receivable less than one year overdue, there is a loss allowance of at least 0.5% of the outstanding balance. For material accounting policy information and estimates and judgments applied in determining the loss allowances on trade receivables and unbilled revenues, refer to Note 9 \u2013 Sales costs and Note 24 \u2013 Contract assets and liabilities. Fair value of financial instruments The following table shows the carrying amounts and fair values of \ufb01nancial assets and liabilities (excluding lease liabilities), including their levels in the fair value hierarchy.
2023
2022
Non-derivative financial instruments:
Carrying value
Fair value
Level 1
Level 2
Level 3
Carrying value
Fair value
Financial assets at fair value through pro\ufb01t or loss
0
0
0
0
0
Unbilled revenues
97
97
101
101
Trade receivables
1,087
1,087
1,088
1,088
Miscellaneous receivables
10
10
13
13
Interest receivable
2
2
5
5
Cash and cash equivalents
1,135
1,135
1,346
1,346
Total non-derivative \ufb01nancial assets
2,331
2,331
0
2,553
2,553
Bonds 2008-2028
36
41
41
36
41
Bonds 2013-2023
\u2013
\u2013
700
701
Bonds 2014-2024
400
398
398
399
396
Bonds 2017-2027
499
479
479
499
459
Bonds 2020-2030
496
435
435
496
399
Bonds 2021-2028
499
449
449
498
417
Bonds 2022-2026
499
501
501
498
489
Bonds 2023-2031
694
727
727
\u2013
\u2013
Private placements 2008-2038
127
149
149
142
172
Long- and short-term deferred and contingent acquisition payables
5
5
5
4
4
Other debt
21
21
16
16
Borrowings and bank overdrafts
196
196
16
16
Trade payables
183
183
147
147
Interest payable
42
42
39
39
Total non-derivative \ufb01nancial liabilities
3,697
3,626
3,030
149
5
3,490
3,296
Derivative financial instruments:
Non-current assets
\u2013
\u2013
17
17
Current assets
2
2
2
1
1
Total derivative \ufb01nancial assets
2
2
2
18
18
Non-current liabilities
5
5
5
\u2013
\u2013
Total derivative \ufb01nancial liabilities
5
5
5
0
0
* * * * * * * * * * Fair value approximates the carrying amount. Fair value hierarchy The fair values have been determined by the group based on market data and appropriate valuation methods/quotes. Valuation methods include: \u2022 Level 1: reference to quoted prices (unadjusted) in active markets for similar assets and liabilities; \u2022 Level 2: inputs other than quoted prices that are observable for the asset or liability and that may have a signi\ufb01cant impact on the fair value, either directly (i.e., as prices) or indirectly (i.e., derived from prices) based on discounted cash flow analyses, using data input of observable \ufb01nancial markets and \ufb01nancial institutions; and \u2022 Level 3: inputs that are not based on observable market data. The valuation method can be based on discounted cash flow analyses, or other models that are substantially identical. There has been no change in the fair value hierarchy compared to 2022. The Level 3 fair value movements in non-derivative \ufb01nancial liabilities are as follows:
2023
2022
Balance at January 1
4
2
Acquired through business combinations
Note 8
4
3
Settlements
Note 8
(3)
(1)
Fair value changes of contingent considerations
Note 11
0
0
Foreign exchange differences
0
0
Balance at December 31
5
4
Deferred and contingent acquisition payables Material accounting policy information Non-derivative \ufb01nancial liabilities at fair value through pro\ufb01t or loss comprise deferred and contingent considerations and are measured at fair value. Changes therein are recognized in pro\ufb01t or loss. The contingent considerations are based on a discounted cash flow model, which considers the present value of expected payments, using a risk-adjusted discount rate. The expected payment is determined by considering possible scenarios, the amount to be paid under each scenario, and the probability of each scenario. The estimated fair value could increase (or decrease) if assumptions change. The fair value of the deferred and contingent acquisition payables balance amounted to \u20ac5 million (2022: \u20ac4 million) and can be presented as follows:
Fair value Maximum Fair value
December 31, Of which: Of which: exposure December 31,
2023 short term long term (undiscounted) 2022
Total
5
4
1
5
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-476": { "value": "Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the group\u2019s pro\ufb01t or loss or the value of its \ufb01nancial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-477": { "value": "Material accounting policy information Derivative financial instruments and hedging activities The group holds derivative \ufb01nancial instruments to hedge risk exposures. Derivative \ufb01nancial instruments are initially recognized at fair value on the date a derivative contract is concluded and are subsequently remeasured at fair value. The method of recognizing gains or losses depends on whether the derivative is designated as a hedging instrument and if so, the nature of the item being hedged. The group designates derivatives as either: \u2022 Hedges of a risk associated with a recognized asset or liability or a highly probable forecast transaction (cash flow hedge); \u2022 Hedges of a net investment in a foreign operation (net investment hedge); or \u2022 Currency forward instruments to protect the group\u2019s net pro\ufb01t (not qualifying for hedge accounting). With respect to foreign currency forwards used in the cash flow hedges and the net investment hedges, the group designates as a hedging instrument only the change in the value of the spot component of a forward contract (and not the forward element). The differential between the contracted forward rate and the market spot rate, de\ufb01ned as forward points, is recognized in other comprehensive income and accumulated in the hedge reserve within total equity. Cash flow hedge The effective part of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognized in other comprehensive income, and accumulated in the hedge reserve within total equity. Amounts accumulated in the hedge reserve are reclassi\ufb01ed to pro\ufb01t or loss within the line where the result from the hedged transaction is recognized, in the same period the hedged item affects the pro\ufb01t or loss. The gain or loss relating to the ineffective part of the hedging relationship is recognized in pro\ufb01t or loss within \ufb01nancing results. Reclassification of hedge reserve to profit or loss When a hedging instrument matures or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in the hedge reserve at that time remains in the hedge reserve and is only reclassi\ufb01ed when the hedged transaction is ultimately recognized in pro\ufb01t or loss. When a hedged transaction is no longer expected to occur, the cumulative gain or loss in the hedge reserve is reclassi\ufb01ed to pro\ufb01t or loss. Net investment hedge Fair value changes of derivative \ufb01nancial instruments used to hedge the net investment in foreign operations, which are determined to be an effective hedge, are recognized directly in other comprehensive income in the translation reserve. Gains and losses accumulated in the translation reserve are reclassi\ufb01ed to pro\ufb01t or loss when the foreign operation is disposed. If a hedging relationship is terminated and the derivative \ufb01nancial instrument is not sold, future changes in the fair value of the derivative \ufb01nancial instrument are recognized in pro\ufb01t or loss. The gain or loss relating to the ineffective part of the hedging relationship is recognized in pro\ufb01t or loss within \ufb01nancing results. Derivatives that do not qualify for hedge accounting Changes in the fair value of any derivative \ufb01nancial instruments that do not qualify for hedge accounting are recognized in pro\ufb01t or loss within \ufb01nancing results. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-478": { "value": "Material accounting policy information Derivative financial instruments and hedging activities The group holds derivative \ufb01nancial instruments to hedge risk exposures. Derivative \ufb01nancial instruments are initially recognized at fair value on the date a derivative contract is concluded and are subsequently remeasured at fair value. The method of recognizing gains or losses depends on whether the derivative is designated as a hedging instrument and if so, the nature of the item being hedged. The group designates derivatives as either: \u2022 Hedges of a risk associated with a recognized asset or liability or a highly probable forecast transaction (cash flow hedge); \u2022 Hedges of a net investment in a foreign operation (net investment hedge); or \u2022 Currency forward instruments to protect the group\u2019s net pro\ufb01t (not qualifying for hedge accounting). With respect to foreign currency forwards used in the cash flow hedges and the net investment hedges, the group designates as a hedging instrument only the change in the value of the spot component of a forward contract (and not the forward element). The differential between the contracted forward rate and the market spot rate, de\ufb01ned as forward points, is recognized in other comprehensive income and accumulated in the hedge reserve within total equity. Cash flow hedge The effective part of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognized in other comprehensive income, and accumulated in the hedge reserve within total equity. Amounts accumulated in the hedge reserve are reclassi\ufb01ed to pro\ufb01t or loss within the line where the result from the hedged transaction is recognized, in the same period the hedged item affects the pro\ufb01t or loss. The gain or loss relating to the ineffective part of the hedging relationship is recognized in pro\ufb01t or loss within \ufb01nancing results. Reclassification of hedge reserve to profit or loss When a hedging instrument matures or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in the hedge reserve at that time remains in the hedge reserve and is only reclassi\ufb01ed when the hedged transaction is ultimately recognized in pro\ufb01t or loss. When a hedged transaction is no longer expected to occur, the cumulative gain or loss in the hedge reserve is reclassi\ufb01ed to pro\ufb01t or loss. Net investment hedge Fair value changes of derivative \ufb01nancial instruments used to hedge the net investment in foreign operations, which are determined to be an effective hedge, are recognized directly in other comprehensive income in the translation reserve. Gains and losses accumulated in the translation reserve are reclassi\ufb01ed to pro\ufb01t or loss when the foreign operation is disposed. If a hedging relationship is terminated and the derivative \ufb01nancial instrument is not sold, future changes in the fair value of the derivative \ufb01nancial instrument are recognized in pro\ufb01t or loss. The gain or loss relating to the ineffective part of the hedging relationship is recognized in pro\ufb01t or loss within \ufb01nancing results. Derivatives that do not qualify for hedge accounting Changes in the fair value of any derivative \ufb01nancial instruments that do not qualify for hedge accounting are recognized in pro\ufb01t or loss within \ufb01nancing results. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-479": { "value": "Material accounting policy information Derivative financial instruments and hedging activities The group holds derivative \ufb01nancial instruments to hedge risk exposures. Derivative \ufb01nancial instruments are initially recognized at fair value on the date a derivative contract is concluded and are subsequently remeasured at fair value. The method of recognizing gains or losses depends on whether the derivative is designated as a hedging instrument and if so, the nature of the item being hedged. The group designates derivatives as either: \u2022 Hedges of a risk associated with a recognized asset or liability or a highly probable forecast transaction (cash flow hedge); \u2022 Hedges of a net investment in a foreign operation (net investment hedge); or \u2022 Currency forward instruments to protect the group\u2019s net pro\ufb01t (not qualifying for hedge accounting). With respect to foreign currency forwards used in the cash flow hedges and the net investment hedges, the group designates as a hedging instrument only the change in the value of the spot component of a forward contract (and not the forward element). The differential between the contracted forward rate and the market spot rate, de\ufb01ned as forward points, is recognized in other comprehensive income and accumulated in the hedge reserve within total equity. Cash flow hedge The effective part of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognized in other comprehensive income, and accumulated in the hedge reserve within total equity. Amounts accumulated in the hedge reserve are reclassi\ufb01ed to pro\ufb01t or loss within the line where the result from the hedged transaction is recognized, in the same period the hedged item affects the pro\ufb01t or loss. The gain or loss relating to the ineffective part of the hedging relationship is recognized in pro\ufb01t or loss within \ufb01nancing results. Reclassification of hedge reserve to profit or loss When a hedging instrument matures or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in the hedge reserve at that time remains in the hedge reserve and is only reclassi\ufb01ed when the hedged transaction is ultimately recognized in pro\ufb01t or loss. When a hedged transaction is no longer expected to occur, the cumulative gain or loss in the hedge reserve is reclassi\ufb01ed to pro\ufb01t or loss. Net investment hedge Fair value changes of derivative \ufb01nancial instruments used to hedge the net investment in foreign operations, which are determined to be an effective hedge, are recognized directly in other comprehensive income in the translation reserve. Gains and losses accumulated in the translation reserve are reclassi\ufb01ed to pro\ufb01t or loss when the foreign operation is disposed. If a hedging relationship is terminated and the derivative \ufb01nancial instrument is not sold, future changes in the fair value of the derivative \ufb01nancial instrument are recognized in pro\ufb01t or loss. The gain or loss relating to the ineffective part of the hedging relationship is recognized in pro\ufb01t or loss within \ufb01nancing results. Derivatives that do not qualify for hedge accounting Changes in the fair value of any derivative \ufb01nancial instruments that do not qualify for hedge accounting are recognized in pro\ufb01t or loss within \ufb01nancing results. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-480": { "value": "Liquidity risk Liquidity risk is the risk that the group will encounter difficulty in meeting the obligations associated with its \ufb01nancial liabilities that are settled by delivering cash or another \ufb01nancial asset. The group\u2019s approach to manage liquidity is to ensure, as far as possible, that it will have enough liquidity to meet its liabilities when they are due. The group actively manages liquidity risk by maintaining enough cash and cash equivalents, and by the availability of committed borrowing capacity. To reduce liquidity risk, the group has established the following minimum requirements: \u2022 No more than 25% of outstanding gross debt minus available cash should be repayable within a 12-month period; \u2022 Acquiring of funding to start at least one year in advance of all maturing debt or alternative committed funding should be in place; and \u2022 Minimum headroom of \u20ac500 million (sum of unused committed credit facilities, cash and cash equivalents, and derivative \ufb01nancial assets, minus other short-term debt, current deferred acquisition payables, current derivative \ufb01nancial liabilities, and bank overdrafts). Per December 31, 2023, the group has access to the unused part of the committed credit facilities of \u20ac600 million in total (2022: \u20ac600 million), cash and cash equivalents of \u20ac1,135 million (2022: \u20ac1,346 million), and has derivative \ufb01nancial assets totaling \u20ac2 million (2022: \u20ac18 million), minus other short-term debt, current deferred and contingent acquisition payables, bank overdrafts, Euro Commercial Paper, and current derivative \ufb01nancial liabilities totaling \u20ac200 million (2022: \u20ac18 million). The headroom was \u20ac1,537 million at year-end 2023 (2022: \u20ac1,946 million). No assets have been collateralized or in any other way secured under debt contracts. Exposure to liquidity risk The following tables relate to the remaining contractual cash flows of \ufb01nancial liabilities at the reporting date. These tables show net cash flow amounts for derivative \ufb01nancial instruments that have simultaneous cash settlements. The amounts for the non-derivative \ufb01nancial instruments are gross and undiscounted and include estimated interest payments and exclude the impact of netting agreements. For the remaining contractual cash flows of lease liabilities, refer to Note 19 \u2013 Leasing. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-481": { "value": "Credit risk Credit risk represents the loss that would be recognized if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obligations, and arises principally from the group\u2019s receivables from customers, unbilled revenues, and investments in debt securities. The carrying amount of non-derivative \ufb01nancial assets represents the maximum credit exposure and amounted to \u20ac2,347 million at December 31, 2023 (2022: \u20ac2,572 million). Financial instruments and excess cash at financial institutions The group is exposed to credit risks due to its use of derivatives and because of excess cash deposited at banks. It is the group\u2019s policy to conclude \ufb01nancial transactions under ISDA (International Swap Dealers Association) master agreements. Cash invested and \ufb01nancial transactions are only concluded with \ufb01nancial institutions with strong credit ratings (at least a credit rating of A-/A3). Furthermore, credit limits per counterparty are in place and are monitored periodically. At December 31, 2023, there were no material credit risk concentrations outstanding while the average weighted credit rating of counterparties was A+ (2022: A). The aim is to spread transactions among counterparties. No credit limits were materially exceeded during the reporting period and management does not expect any losses from non-performance by these counterparties on current outstanding contracts. Trade receivables and unbilled revenues The group has a natural exposure to credit risk in its operational business. This exposure of the group\u2019s operating companies to credit risk is inherently limited, considering the diversi\ufb01ed customer portfolio of the group, and since a substantial part of the transactions is prepaid by customers. The group\u2019s operating companies actively monitor the solvency of their key accounts and assess creditworthiness of customers before concluding a contract. The group determines the impairment on trade receivables and unbilled revenues using the lifetime expected credit loss model, whereby the historical credit losses on trade receivables (a credit event) are used as a base for the future expected credit losses. The accounting policy and the assumptions are periodically evaluated by the group using macroeconomic data and historical back-testing of the assumptions. At December 31, 2023, the loss allowances on trade receivables and unbilled revenues amounted to \u20ac85 million. The majority of these loss allowances relate to trade receivables that are overdue for more than one year, as legislation in various countries does not allow a write-off until a certain number of years is passed. The trade receivables and unbilled revenues that are not overdue for more than one year or have no speci\ufb01c impairment risk have sound creditworthiness and meet the credit rating grades as de\ufb01ned in the internal policy for assessing the impairment of \ufb01nancial assets. For each trade receivable less than one year overdue, there is a loss allowance of at least 0.5% of the outstanding balance. For material accounting policy information and estimates and judgments applied in determining the loss allowances on trade receivables and unbilled revenues, refer to Note 9 \u2013 Sales costs and Note 24 \u2013 Contract assets and liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-482": { "value": "
Fair value of financial instruments
The following table shows the carrying amounts and fair values of \ufb01nancial assets and
liabilities (excluding lease liabilities), including their levels in the fair value hierarchy.
2023
2022
Non-derivative financial instruments:
Carrying value
Fair value
Level 1
Level 2
Level 3
Carrying value
Fair value
Financial assets at fair value through pro\ufb01t or loss
0
0
0
0
0
Unbilled revenues
97
97
101
101
Trade receivables
1,087
1,087
1,088
1,088
Miscellaneous receivables
10
10
13
13
Interest receivable
2
2
5
5
Cash and cash equivalents
1,135
1,135
1,346
1,346
Total non-derivative \ufb01nancial assets
2,331
2,331
0
2,553
2,553
Bonds 2008-2028
36
41
41
36
41
Bonds 2013-2023
\u2013
\u2013
700
701
Bonds 2014-2024
400
398
398
399
396
Bonds 2017-2027
499
479
479
499
459
Bonds 2020-2030
496
435
435
496
399
Bonds 2021-2028
499
449
449
498
417
Bonds 2022-2026
499
501
501
498
489
Bonds 2023-2031
694
727
727
\u2013
\u2013
Private placements 2008-2038
127
149
149
142
172
Long- and short-term deferred and contingent acquisition payables
5
5
5
4
4
Other debt
21
21
16
16
Borrowings and bank overdrafts
196
196
16
16
Trade payables
183
183
147
147
Interest payable
42
42
39
39
Total non-derivative \ufb01nancial liabilities
3,697
3,626
3,030
149
5
3,490
3,296
Derivative financial instruments:
Non-current assets
\u2013
\u2013
17
17
Current assets
2
2
2
1
1
Total derivative \ufb01nancial assets
2
2
2
18
18
Non-current liabilities
5
5
5
\u2013
\u2013
Total derivative \ufb01nancial liabilities
5
5
5
0
0
*
*
*
*
*
*
*
*
*
*
Fair value approximates the carrying amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-483": { "value": "
Fair value hierarchy
The fair values have been determined by the group based on market data and appropriate
valuation methods/quotes. Valuation methods include:
\u2022 Level 1: reference to quoted prices (unadjusted) in active markets for similar assets and
liabilities;
\u2022 Level 2: inputs other than quoted prices that are observable for the asset or liability and
that may have a signi\ufb01cant impact on the fair value, either directly (i.e., as prices) or
indirectly (i.e., derived from prices) based on discounted cash flow analyses, using data
input of observable \ufb01nancial markets and \ufb01nancial institutions; and
\u2022 Level 3: inputs that are not based on observable market data. The valuation method can be
based on discounted cash flow analyses, or other models that are substantially identical.
There has been no change in the fair value hierarchy compared to 2022.
The Level 3 fair value movements in non-derivative \ufb01nancial liabilities are as follows:
2023
2022
Balance at January 1
4
2
Acquired through business combinations
Note 8
4
3
Settlements
Note 8
(3)
(1)
Fair value changes of contingent considerations
Note 11
0
0
Foreign exchange differences
0
0
Balance at December 31
5
4
LTIP \u2013 TSR-condition The fair value of the shares based on the TSR performance condition, a market condition under IFRS 2 \u2013 Share-based Payment, is measured using a Monte Carlo simulation model considering the terms and conditions upon which the shares were awarded. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-484": { "value": "
Deferred and contingent acquisition payables
Material accounting policy information
Non-derivative \ufb01nancial liabilities at fair value through pro\ufb01t or loss comprise deferred and
contingent considerations and are measured at fair value. Changes therein are recognized
in pro\ufb01t or loss. The contingent considerations are based on a discounted cash flow model,
which considers the present value of expected payments, using a risk-adjusted discount
rate. The expected payment is determined by considering possible scenarios, the amount
to be paid under each scenario, and the probability of each scenario. The estimated fair
value could increase (or decrease) if assumptions change.
The fair value of the deferred and contingent acquisition payables balance amounted to
\u20ac5 million (2022: \u20ac4 million) and can be presented as follows:
Fair value Maximum Fair value
December 31, Of which: Of which: exposure December 31,
2023 short term long term (undiscounted) 2022
Total
5
4
1
5
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-485": { "value": "Material accounting policy information Non-derivative \ufb01nancial liabilities at fair value through pro\ufb01t or loss comprise deferred and contingent considerations and are measured at fair value. Changes therein are recognized in pro\ufb01t or loss. The contingent considerations are based on a discounted cash flow model, which considers the present value of expected payments, using a risk-adjusted discount rate. The expected payment is determined by considering possible scenarios, the amount to be paid under each scenario, and the probability of each scenario. The estimated fair value could increase (or decrease) if assumptions change. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-486": { "value": "Material accounting policy information Defined contribution plans Obligations for contributions to de\ufb01ned contribution plans are recognized as employee bene\ufb01t expenses in pro\ufb01t or loss in the period during which services are rendered by employees. Prepaid contributions are recognized as an asset to the extent that a cash refund or reduction in future payments is available. Defined benefit plans The group\u2019s net obligation in respect of de\ufb01ned employee bene\ufb01t plans is calculated separately for each plan by estimating the amount of future bene\ufb01ts that employees have earned in the current and prior periods, discounting that amount, and deducting the fair value of any plan assets. The calculation of de\ufb01ned bene\ufb01t obligations is performed annually by a quali\ufb01ed actuary using the projected unit credit method. When the calculation results in a potential asset for the group, the recognized asset is limited to the present value of economic bene\ufb01ts available in the form of any future refunds from the plan, or reductions in future contributions to the plan. To calculate the present value of economic bene\ufb01ts, consideration is given to any applicable minimum funding requirements. All remeasurement gains and losses of the net de\ufb01ned bene\ufb01t liabilities or assets, which consist of actuarial gains and losses, return on plan assets (excluding interest), and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in other comprehensive income, in the period in which they occur. The group determines the net interest expense or income on the net de\ufb01ned bene\ufb01t liability or asset for the period by applying the discount rate used to measure the de\ufb01ned bene\ufb01t obligation at the beginning of the annual period to the net de\ufb01ned bene\ufb01t liability or asset, considering any changes in the net de\ufb01ned bene\ufb01t liability or asset during the period resulting from contributions and bene\ufb01t payments. Net interest expense and other expenses related to de\ufb01ned bene\ufb01t plans, such as fund administration costs, are recognized in pro\ufb01t or loss, when incurred. When the bene\ufb01ts of a plan are changed or when a plan is curtailed, the resulting change in the de\ufb01ned bene\ufb01ts that relates to past service or the gain or loss on curtailment is recognized directly in pro\ufb01t or loss. The group recognizes gains and losses on the settlement of a de\ufb01ned bene\ufb01t plan when the settlement occurs. A curtailment occurs when an entity signi\ufb01cantly reduces the number of employees covered by a plan. Amendments to the terms of a de\ufb01ned bene\ufb01t plan will be considered plan amendments and will be fully accounted for as past service costs. If a plan amendment, curtailment, or settlement occurs, the current service cost and the net interest for the period after the remeasurement are determined using the assumptions applied for the remeasurement. Long-term service benefits The group\u2019s net obligation in respect of long-term service bene\ufb01ts, such as jubilee bene\ufb01ts, is the amount of future bene\ufb01ts that employees have earned in return for their service in the current and prior periods. The obligation is calculated using the projected unit credit method and is discounted to its present value, with the fair value of any related assets deducted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-487": { "value": "
Note 31 \u2013 Provisions
2023
2022
Provision for restructuring commitments
7
5
Provision for acquisition integration
1
0
Restructuring provisions
8
5
Legal provisions
12
13
Other provisions
6
6
Total
26
24
Of which short term
21
19
Material accounting policy information Restructuring provisions The restructuring provisions include liabilities arising from changes in the organizational structure, integration of activities following an acquisition, expected redundancy payments, and onerous contracts. Legal provisions For legal and judicial proceedings against the group, a legal provision is recognized only if both an adverse outcome is probable and the amount of the loss can be reliably estimated. If one of these conditions is not met, the proceeding or claim is disclosed as a contingent liability if material. Other provisions Other provisions primarily include provisions for dilapidation commitments on real estate leases. Estimates and judgments Legal provisions The group is involved in legal and judicial proceedings in the ordinary course of business. Provisions and contingencies related to these matters are periodically assessed based on the latest information available, usually after consultation with and the assistance of lawyers and other specialists. The prediction of the outcome and the assessment of a possible loss by management are based on management\u2019s judgments and estimates. The actual outcome of a proceeding or claim may differ from the estimated liability. Refer to Note 36 \u2013 Commitments, contingent assets, and contingent liabilities.
Movements in provisions
Restructuring Legal Other
Long-term provisions at provisions provisions
provisions
2023
2022
January 1
1
0
4
5
7
Add: short-term provisions
4
13
2
19
27
Total provisions at
January 1
5
13
6
24
34
Movements
Additions for restructuring
of stranded costs
Note 8
\u2013
\u2013
\u2013
0
2
Additions for acquisition
integration
Note 11
4
\u2013
\u2013
4
3
Other additions
8
1
1
10
9
Total additions
12
1
1
14
14
Appropriation of provisions
(9)
(1)
0
(10)
(15)
Release of provisions
0
(1)
(1)
(2)
(9)
Exchange differences
0
0
0
0
0
Total movements
3
(1)
0
2
(10)
Total provisions at
December 31
8
12
6
26
24
Less: short-term provisions
(8)
(11)
(2)
(21)
(19)
Long-term provisions at
December 31
0
1
4
5
5
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-488": { "value": "Material accounting policy information Restructuring provisions The restructuring provisions include liabilities arising from changes in the organizational structure, integration of activities following an acquisition, expected redundancy payments, and onerous contracts. Legal provisions For legal and judicial proceedings against the group, a legal provision is recognized only if both an adverse outcome is probable and the amount of the loss can be reliably estimated. If one of these conditions is not met, the proceeding or claim is disclosed as a contingent liability if material. Other provisions Other provisions primarily include provisions for dilapidation commitments on real estate leases. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-489": { "value": "
Note 32 \u2013 Capital and reserves
Share capital and number of shares
The authorized share capital amounts to \u20ac143.04 million, consisting of \u20ac71.52 million in
ordinary shares (596 million of ordinary shares with a nominal value of \u20ac0.12 per ordinary
share) and \u20ac71.52 million in preference shares (596 million of preference shares with a
nominal value of \u20ac0.12 per preference share).
Ordinary shares
The issued share capital consists of ordinary shares.
On August 31, 2023, the company completed the reduction in ordinary share capital approved
by shareholders at the Annual General Meeting of Shareholders held on May 10, 2023. In 2023,
the company canceled 9,000,000 ordinary shares to the amount of \u20ac947 million previously
held as treasury shares (2022: 5,000,000 ordinary shares were canceled to the amount of
\u20ac451 million). Consequently, in 2023, the total number of issued ordinary shares is reduced to
248,516,153 with a nominal value of \u20ac30 million (2022: 257,516,153 shares with a nominal value
of \u20ac31 million).
Incremental costs directly attributable to the issuance of ordinary shares are recognized as
a deduction from equity, net of any tax effects.
Preference shares
Preference share capital is classi\ufb01ed as equity if it is non-redeemable or redeemable only
at the company\u2019s option, and any dividends are discretionary. There are no preference
shares issued.
Repurchase and reissue of share capital (treasury shares)
When share capital recognized as equity is repurchased (treasury shares), the amount of the
consideration paid, including directly attributable costs, is recognized as a change in equity.
For a reconciliation of the weighted-average number of shares and earnings per share,
see Note 7 \u2013 Earnings per share.
Number of shares
Number of Minus: number of Total number of ordinary
ordinary shares treasury shares shares outstanding
in thousands of shares, unless
otherwise stated
2023
2022
2023
2022
2023
2022
At January 1
257,516
262,516
(8,802)
(4,324)
248,714
258,192
Cancelation of shares
(9,000)
(5,000)
9,000
5,000
0
0
Repurchased shares
\u2013
\u2013
(8,738)
(10,128)
(8,738)
(10,128)
Long-term incentive plan
\u2013
\u2013
535
650
535
650
At December 31
248,516
257,516
(8,005)
(8,802)
240,511
248,714
Issued share capital at \u20ac0.12 (\u20ac\u2019000)
29,822
30,902
Proposed dividend per share (\u20ac)
2.08
1.81
Proposed dividend distribution
(\u20ac\u2019000)
502,722
453,421
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-490": { "value": "Note 32 \u2013 Capital and reserves Share capital and number of shares The authorized share capital amounts to \u20ac143.04 million, consisting of \u20ac71.52 million in ordinary shares (596 million of ordinary shares with a nominal value of \u20ac0.12 per ordinary share) and \u20ac71.52 million in preference shares (596 million of preference shares with a nominal value of \u20ac0.12 per preference share). Ordinary shares The issued share capital consists of ordinary shares. On August 31, 2023, the company completed the reduction in ordinary share capital approved by shareholders at the Annual General Meeting of Shareholders held on May 10, 2023. In 2023, the company canceled 9,000,000 ordinary shares to the amount of \u20ac947 million previously held as treasury shares (2022: 5,000,000 ordinary shares were canceled to the amount of \u20ac451 million). Consequently, in 2023, the total number of issued ordinary shares is reduced to 248,516,153 with a nominal value of \u20ac30 million (2022: 257,516,153 shares with a nominal value of \u20ac31 million). Incremental costs directly attributable to the issuance of ordinary shares are recognized as a deduction from equity, net of any tax effects. Preference shares Preference share capital is classi\ufb01ed as equity if it is non-redeemable or redeemable only at the company\u2019s option, and any dividends are discretionary. There are no preference shares issued. Repurchase and reissue of share capital (treasury shares) When share capital recognized as equity is repurchased (treasury shares), the amount of the consideration paid, including directly attributable costs, is recognized as a change in equity. For a reconciliation of the weighted-average number of shares and earnings per share, see Note 7 \u2013 Earnings per share.
Number of shares
Number of Minus: number of Total number of ordinary
ordinary shares treasury shares shares outstanding
in thousands of shares, unless
otherwise stated
2023
2022
2023
2022
2023
2022
At January 1
257,516
262,516
(8,802)
(4,324)
248,714
258,192
Cancelation of shares
(9,000)
(5,000)
9,000
5,000
0
0
Repurchased shares
\u2013
\u2013
(8,738)
(10,128)
(8,738)
(10,128)
Long-term incentive plan
\u2013
\u2013
535
650
535
650
At December 31
248,516
257,516
(8,005)
(8,802)
240,511
248,714
Issued share capital at \u20ac0.12 (\u20ac\u2019000)
29,822
30,902
Proposed dividend per share (\u20ac)
2.08
1.81
Proposed dividend distribution
(\u20ac\u2019000)
502,722
453,421
Treasury shares Shares repurchased by the company are added to and held as treasury shares. Treasury shares are measured at cost, representing the market price on the acquisition date. The treasury share reserve is not available for distribution. Treasury shares are deducted from retained earnings. The group offsets the dilution of its performance share issuance annually via share repurchases. A part of the treasury shares is retained and used to meet future obligations under share-based incentive schemes. In 2023, the group executed a share buyback of \u20ac1,000 million (2022: \u20ac1,000 million). The group repurchased 8.7 million (2022: 10.1 million) of ordinary shares under this program at an average stock price of \u20ac114.44 (2022: \u20ac98.75). In 2023, the group used 0.5 million shares held in treasury for the vesting of the LTIP grant 2020-22. In October 2023, the company signed a mandate to execute up to \u20ac100 million in share buybacks for the period starting January 2, 2024, up to and including February 19, 2024.
Legal reserve participations
Legal reserve participations contain appropriations of pro\ufb01ts of group companies, which are
allocated to a legal reserve based on statutory and/or legal requirements. The legal reserve
is not available for distribution.
Hedge reserve
Hedge reserve relates to the effective portion of the changes in fair value of the hedging
instruments used for cash flow hedging and net investment hedging purposes. The hedge
reserve is a legal reserve and not available for distribution.
Translation reserve
Translation reserve contains foreign exchange differences arising from the translation of the
net investments in foreign operations. When a foreign operation is sold, accumulated
exchange differences that were recognized in equity prior to the sale are reclassi\ufb01ed from
equity to pro\ufb01t or loss as part of the gain or loss on divestment. The translation reserve is a
legal reserve and is not available for distribution.
Dividends
Dividends are recognized as a liability upon declaration. Pursuant to Article 29 of the Articles
of Association, and with the approval of the Supervisory Board, a proposal will be submitted
to the Annual General Meeting of Shareholders to make a total distribution of \u20ac2.08 per share
over \ufb01nancial year 2023 (dividend over \ufb01nancial year 2022: \u20ac1.81 per share).
The group applies a semi-annual dividend policy. On February 20, 2023, the Supervisory Board
and the Executive Board resolved to distribute an interim dividend of \u20ac0.72 per share, equal to
40% of prior year\u2019s dividend (2022 interim dividend: 40% of prior year\u2019s dividend). The interim
dividend of \u20ac176 million was paid on September 21, 2023. Subject to the approval of the
Annual General Meeting of Shareholders, a \ufb01nal dividend of \u20ac324 million, or \u20ac1. 36 per ordinary
share, will be paid in cash on June 4, 2024. Refer also to Note 49 \u2013 Profit appropriation.
Dividend distributions over financial year
2023
2022
2021
Originally proposed dividend over \ufb01nancial year
503
453
405
Actual payments:
Interim dividend (paid in the \ufb01nancial year)
176
160
140
Final dividend (paid in the subsequent \ufb01nancial year)
291
264
Total dividend distribution
451
404
In 2023, dividends paid to the shareholders of the company amounted to \u20ac467 million,
or \u20ac1 .90 per ordinary share, consisting of \u20ac176 million interim dividend 2023, or \u20ac0.72 per
ordinary share, and \u20ac291 million \ufb01nal dividend 2022, or \u20ac1.18 per ordinary share. In 2022,
dividends paid to the shareholders of the company amounted to \u20ac424 million, or \u20ac1 .6 6 per
ordinary share, consisting of \u20ac160 million interim dividend 2022, or \u20ac0.63 per ordinary share,
and \u20ac264 million \ufb01nal dividend 2021, or \u20ac1.03 per ordinary share.
Free distributable reserves
The share premium reserve, retained earnings, and undistributed pro\ufb01t for the year are
available for dividend distribution.
Option preference shares
The company has granted an option to purchase preference shares to the Wolters Kluwer
Preference Shares Foundation (Stichting Preferente Aandelen Wolters Kluwer). The dividend
on these shares would equal a normal market rate of return based on a weighted-average
interest rate applied by the European Central Bank. Therefore, the fair value of the option
is deemed to be zero.
Shareholder\u2019s equity movement schedule
For the equity movement schedule, refer to Note 46 \u2013 Shareholders\u2019 equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-491": { "value": "Note 32 \u2013 Capital and reserves Share capital and number of shares The authorized share capital amounts to \u20ac143.04 million, consisting of \u20ac71.52 million in ordinary shares (596 million of ordinary shares with a nominal value of \u20ac0.12 per ordinary share) and \u20ac71.52 million in preference shares (596 million of preference shares with a nominal value of \u20ac0.12 per preference share). Ordinary shares The issued share capital consists of ordinary shares. On August 31, 2023, the company completed the reduction in ordinary share capital approved by shareholders at the Annual General Meeting of Shareholders held on May 10, 2023. In 2023, the company canceled 9,000,000 ordinary shares to the amount of \u20ac947 million previously held as treasury shares (2022: 5,000,000 ordinary shares were canceled to the amount of \u20ac451 million). Consequently, in 2023, the total number of issued ordinary shares is reduced to 248,516,153 with a nominal value of \u20ac30 million (2022: 257,516,153 shares with a nominal value of \u20ac31 million). Incremental costs directly attributable to the issuance of ordinary shares are recognized as a deduction from equity, net of any tax effects. Preference shares Preference share capital is classi\ufb01ed as equity if it is non-redeemable or redeemable only at the company\u2019s option, and any dividends are discretionary. There are no preference shares issued. Repurchase and reissue of share capital (treasury shares) When share capital recognized as equity is repurchased (treasury shares), the amount of the consideration paid, including directly attributable costs, is recognized as a change in equity. For a reconciliation of the weighted-average number of shares and earnings per share, see Note 7 \u2013 Earnings per share.
Number of shares
Number of Minus: number of Total number of ordinary
ordinary shares treasury shares shares outstanding
in thousands of shares, unless
otherwise stated
2023
2022
2023
2022
2023
2022
At January 1
257,516
262,516
(8,802)
(4,324)
248,714
258,192
Cancelation of shares
(9,000)
(5,000)
9,000
5,000
0
0
Repurchased shares
\u2013
\u2013
(8,738)
(10,128)
(8,738)
(10,128)
Long-term incentive plan
\u2013
\u2013
535
650
535
650
At December 31
248,516
257,516
(8,005)
(8,802)
240,511
248,714
Issued share capital at \u20ac0.12 (\u20ac\u2019000)
29,822
30,902
Proposed dividend per share (\u20ac)
2.08
1.81
Proposed dividend distribution
(\u20ac\u2019000)
502,722
453,421
Treasury shares Shares repurchased by the company are added to and held as treasury shares. Treasury shares are measured at cost, representing the market price on the acquisition date. The treasury share reserve is not available for distribution. Treasury shares are deducted from retained earnings. The group offsets the dilution of its performance share issuance annually via share repurchases. A part of the treasury shares is retained and used to meet future obligations under share-based incentive schemes. In 2023, the group executed a share buyback of \u20ac1,000 million (2022: \u20ac1,000 million). The group repurchased 8.7 million (2022: 10.1 million) of ordinary shares under this program at an average stock price of \u20ac114.44 (2022: \u20ac98.75). In 2023, the group used 0.5 million shares held in treasury for the vesting of the LTIP grant 2020-22. In October 2023, the company signed a mandate to execute up to \u20ac100 million in share buybacks for the period starting January 2, 2024, up to and including February 19, 2024. Legal reserve participations Legal reserve participations contain appropriations of pro\ufb01ts of group companies, which are allocated to a legal reserve based on statutory and/or legal requirements. The legal reserve is not available for distribution. Hedge reserve Hedge reserve relates to the effective portion of the changes in fair value of the hedging instruments used for cash flow hedging and net investment hedging purposes. The hedge reserve is a legal reserve and not available for distribution. Translation reserve Translation reserve contains foreign exchange differences arising from the translation of the net investments in foreign operations. When a foreign operation is sold, accumulated exchange differences that were recognized in equity prior to the sale are reclassi\ufb01ed from equity to pro\ufb01t or loss as part of the gain or loss on divestment. The translation reserve is a legal reserve and is not available for distribution. Dividends Dividends are recognized as a liability upon declaration. Pursuant to Article 29 of the Articles of Association, and with the approval of the Supervisory Board, a proposal will be submitted to the Annual General Meeting of Shareholders to make a total distribution of \u20ac2.08 per share over \ufb01nancial year 2023 (dividend over \ufb01nancial year 2022: \u20ac1.81 per share). The group applies a semi-annual dividend policy. On February 20, 2023, the Supervisory Board and the Executive Board resolved to distribute an interim dividend of \u20ac0.72 per share, equal to 40% of prior year\u2019s dividend (2022 interim dividend: 40% of prior year\u2019s dividend). The interim dividend of \u20ac176 million was paid on September 21, 2023. Subject to the approval of the Annual General Meeting of Shareholders, a \ufb01nal dividend of \u20ac324 million, or \u20ac1. 36 per ordinary share, will be paid in cash on June 4, 2024. Refer also to Note 49 \u2013 Profit appropriation.
Dividend distributions over financial year
2023
2022
2021
Originally proposed dividend over \ufb01nancial year
503
453
405
Actual payments:
Interim dividend (paid in the \ufb01nancial year)
176
160
140
Final dividend (paid in the subsequent \ufb01nancial year)
291
264
Total dividend distribution
451
404
In 2023, dividends paid to the shareholders of the company amounted to \u20ac467 million, or \u20ac1 .90 per ordinary share, consisting of \u20ac176 million interim dividend 2023, or \u20ac0.72 per ordinary share, and \u20ac291 million \ufb01nal dividend 2022, or \u20ac1.18 per ordinary share. In 2022, dividends paid to the shareholders of the company amounted to \u20ac424 million, or \u20ac1 .6 6 per ordinary share, consisting of \u20ac160 million interim dividend 2022, or \u20ac0.63 per ordinary share, and \u20ac264 million \ufb01nal dividend 2021, or \u20ac1.03 per ordinary share. Free distributable reserves The share premium reserve, retained earnings, and undistributed pro\ufb01t for the year are available for dividend distribution. Option preference shares The company has granted an option to purchase preference shares to the Wolters Kluwer Preference Shares Foundation (Stichting Preferente Aandelen Wolters Kluwer). The dividend on these shares would equal a normal market rate of return based on a weighted-average interest rate applied by the European Central Bank. Therefore, the fair value of the option is deemed to be zero. Shareholder\u2019s equity movement schedule For the equity movement schedule, refer to Note 46 \u2013 Shareholders\u2019 equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-492": { "value": "Repurchase and reissue of share capital (treasury shares) When share capital recognized as equity is repurchased (treasury shares), the amount of the consideration paid, including directly attributable costs, is recognized as a change in equity. For a reconciliation of the weighted-average number of shares and earnings per share, see Note 7 \u2013 Earnings per share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-493": { "value": "Treasury shares Shares repurchased by the company are added to and held as treasury shares. Treasury shares are measured at cost, representing the market price on the acquisition date. The treasury share reserve is not available for distribution. Treasury shares are deducted from retained earnings. The group offsets the dilution of its performance share issuance annually via share repurchases. A part of the treasury shares is retained and used to meet future obligations under share-based incentive schemes. In 2023, the group executed a share buyback of \u20ac1,000 million (2022: \u20ac1,000 million). The group repurchased 8.7 million (2022: 10.1 million) of ordinary shares under this program at an average stock price of \u20ac114.44 (2022: \u20ac98.75). In 2023, the group used 0.5 million shares held in treasury for the vesting of the LTIP grant 2020-22. In October 2023, the company signed a mandate to execute up to \u20ac100 million in share buybacks for the period starting January 2, 2024, up to and including February 19, 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-494": { "value": "Shares repurchased by the company are added to and held as treasury shares. Treasury shares are measured at cost, representing the market price on the acquisition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-495": { "value": "Dividends Dividends are recognized as a liability upon declaration. Pursuant to Article 29 of the Articles of Association, and with the approval of the Supervisory Board, a proposal will be submitted to the Annual General Meeting of Shareholders to make a total distribution of \u20ac2.08 per share over \ufb01nancial year 2023 (dividend over \ufb01nancial year 2022: \u20ac1.81 per share). The group applies a semi-annual dividend policy. On February 20, 2023, the Supervisory Board and the Executive Board resolved to distribute an interim dividend of \u20ac0.72 per share, equal to 40% of prior year\u2019s dividend (2022 interim dividend: 40% of prior year\u2019s dividend). The interim dividend of \u20ac176 million was paid on September 21, 2023. Subject to the approval of the Annual General Meeting of Shareholders, a \ufb01nal dividend of \u20ac324 million, or \u20ac1. 36 per ordinary share, will be paid in cash on June 4, 2024. Refer also to Note 49 \u2013 Profit appropriation.
Dividend distributions over financial year
2023
2022
2021
Originally proposed dividend over \ufb01nancial year
503
453
405
Actual payments:
Interim dividend (paid in the \ufb01nancial year)
176
160
140
Final dividend (paid in the subsequent \ufb01nancial year)
291
264
Total dividend distribution
451
404
In 2023, dividends paid to the shareholders of the company amounted to \u20ac467 million, or \u20ac1 .90 per ordinary share, consisting of \u20ac176 million interim dividend 2023, or \u20ac0.72 per ordinary share, and \u20ac291 million \ufb01nal dividend 2022, or \u20ac1.18 per ordinary share. In 2022, dividends paid to the shareholders of the company amounted to \u20ac424 million, or \u20ac1 .6 6 per ordinary share, consisting of \u20ac160 million interim dividend 2022, or \u20ac0.63 per ordinary share, and \u20ac264 million \ufb01nal dividend 2021, or \u20ac1.03 per ordinary share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-496": { "value": "Dividends are recognized as a liability upon declaration.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-497": { "value": "324000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-498": { "value": "1.36", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-499": { "value": "1.9", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-500": { "value": "1.66", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:724500TEM53I0U077B74", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-501": { "value": "
Note 33 \u2013 Share-based payments
2023
2022
Long-term incentive plan
29
28
Restricted Stock Units
2
\u2013
Total equity-settled share-based payments
31
28
Long-term incentive plan Material accounting policy information The long-term incentive plan (LTIP) quali\ufb01es as an equity-settled share-based payments transaction. Executive Board members and senior management are awarded shares under the LTIP with performance conditions based on Diluted Earnings per Share (EPS) at constant currencies and Total Shareholder Return (TSR) for the LTIP awards 2020-22. The fair value of shares awarded is recognized as an expense with a corresponding increase in equity. The fair value is measured at the grant date and spread over the period during which the employees become unconditionally entitled to the shares. The amount recognized as an expense in each year is adjusted for actual forfeitures due to participants\u2019 resignations before the vesting date and for share awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that meet the related service (for EPS- and ROIC-conditions) and non-market performance conditions at the vesting date. LTIP \u2013 TSR-condition The fair value of the shares based on the TSR performance condition, a market condition under IFRS 2 \u2013 Share-based Payment, is measured using a Monte Carlo simulation model considering the terms and conditions upon which the shares were awarded. LTIP \u2013 Diluted (adjusted) EPS-condition and ROIC-condition The fair values of the shares based on the non-market performance conditions of diluted (adjusted) EPS and ROIC are equal to the opening share price of the Wolters Kluwer shares of the year of the grant, adjusted by the present value of the future dividend payments during the three-year performance period. General For the Executive Board, the LTIP awards depend partially on TSR performance (50% of the value of the conditionally awarded rights on shares) and partially on EPS performance (50% of the value of the conditionally awarded rights on shares). For senior management, the LTIP awards depend partially on TSR performance (50% of the conditionally awarded rights on shares) and partially on EPS performance (50% of the conditionally awarded rights on shares). The LTIP 2021-23, 2022-24, and 2023-25 awards are based on TSR performance (weighting of 50%), diluted adjusted EPS performance (weighting of 30%), and ROIC performance (weighting of 20%). The TSR-related LTIP awards for the Executive Board and senior management are based on the same payout schedules. In 2023, \u20ac29 million has been recognized within employee bene\ufb01t expenses in pro\ufb01t or loss (2022: \u20ac28 million) related to the total cost of the LTIP grants for 2021-23, 2022-24, and 2023-25. Refer to Note 12 \u2013 Employee benefit expenses. Conditionally awarded TSR-related LTIP shares The performance period of the LTIP is three years, at the beginning of which a base number of shares (norm payout) is conditionally awarded to each bene\ufb01ciary. For the conditional TSR awards, the payout of shares after three years fully depends on the group\u2019s TSR relative to a pre-de\ufb01ned group of 15 peer companies. Vesting of these conditional grants is subject to the condition that the participant stays with the group until the plan\u2019s maturity. The expense of TSR-related LTIP is recognized ratably in pro\ufb01t or loss over the performance period. Actual awards at the end of the performance period range from 0% to 150% of the norm payout. There are no payouts for the Executive Board and senior management if the group ends below the eighth position in the TSR ranking, while other payouts will be made as follows: 150% for \ufb01rst or second position, 125% for third or fourth position, 100% for \ufb01fth or sixth position, and 75% for seventh or eighth position. Conditionally awarded diluted (adjusted) EPS- and ROIC-related LTIP shares For the diluted (adjusted) EPS- and ROIC-related shares, there are no payouts if the performance over three years is less than 50% of the targets. In case of overachievement of the targets, the Executive Board and senior management can earn up to a maximum of 150% of the conditionally awarded shares. Key assumptions to the TSR shares The fair value of TSR shares is calculated at the grant date using a Monte Carlo simulation model. The LTIP 2023-25 fair value is estimated to be \u20ac68.72 as of January 1, 2023. The inputs to the valuation were the Wolters Kluwer share price of \u20ac97.76 on the grant date (January 1, 2023) and an expected volatility of 23.7% based on historical daily prices over the three years prior to January 1, 2022. Dividends are assumed to increase annually (from the 2023 dividend) based on historical trends and management plans. The model assumes a contractual life of three years and uses the risk-free rate on Dutch three-year government bonds. Fair value summary of conditionally awarded LTIP shares The fair value of each conditionally awarded share under the running LTIP grants for the Executive Board and senior management of the group, as determined by an external consulting \ufb01rm, is as follows:
Fair value of Adjusted Fair value Fair value
EPS and ROIC shares EPS shares TSR shares
in euros at grant date at grant date at grant date
LTIP 2023-25
91.37
\u2013
68.72
LTIP 2022-24
97.82
\u2013
71.71
LTIP 2021-23
64.06
\u2013
47.03
LTIP 2020-22
\u2013
60.68
40.85
The fair values of the conditionally awarded shares under the LTIP 2023-25 grants decreased compared to the prior year plan, mainly because of the lower share price of Wolters Kluwer at January 1, 2023, compared to January 1, 2022. LTIP 2020-22 The LTIP 2020-22 vested on December 31, 2022. On TSR, Wolters Kluwer ranked third relative to its peer group of 15 companies, resulting in a payout of 125% of the conditional base number of shares awarded to the Executive Board and senior management. The EPS-related shares resulted in a payout of 150%. A total of 535,063 shares were released on February 23, 2023. At that date, the volume- weighted-average share price of Wolters Kluwer N.V. was \u20ac109.9098.
LTIP 2020-22: number of shares vested and the cash equivalent thereof
Increase in Increase in
conditional conditional Payout/
Outstanding number of number of vested shares Cash value
number of shares, at December 31, TSR shares EPS shares February 23, vested
unless otherwise stated 2022 (25%) (50%) 2023 shares
Executive Board
110,061
16,445
22,142
148,648
16,338
Senior management
280,967
35,139
70,309
386,415
42,471
Total
391,028
51,584
92,451
535,063
58,809
* * Cash value in thousands of euros, calculated as the number of shares vested multiplied by the volume- weighted-average price on February 23, 2023. LTIP 2021-23 The LTIP 2021-23 vested on December 31, 2023. On TSR, Wolters Kluwer ranked third relative to its peer group of 15 companies, resulting in a payout of 125% of the conditional base number of shares awarded to the Executive Board and senior management. The EPS- and ROIC-related shares resulted in a payout of 150%. The shares will be released on February 22, 2024. The volume-weighted-average price for the shares released will be based on the average exchange prices traded on the Euronext Amsterdam N.V. on February 22, 2024, the \ufb01rst day following the publication of the company\u2019s annual results. Number of performance shares outstanding
LTIP 2021-23
Adjusted EPS- ROIC- TSR-
number of shares
Total
condition condition condition
Conditionally awarded grant 2021
456,649
132,695
88,463
235,491
Forfeited in previous years
(37,909)
(11,359)
(7,576)
(18,974)
Shares outstanding at January 1, 2023
418,740
121,336
80,887
216,517
Forfeited during the year
(21,981)
(6,595)
(4,397)
(10,989)
Effect of 150% vesting \u2013 EPS-performance
57,440
57,440
\u2013
\u2013
Effect of 150% vesting \u2013 ROIC-performance
38,326
\u2013
38,326
\u2013
Effect of 125% vesting \u2013 TSR-ranking
51,424
\u2013
\u2013
51,424
Vested at December 31, 2023
543,949
172,181
114,816
256,952
LTIP 2022-24
Adjusted EPS- ROIC- TSR-
base number of shares at 100% payout
Total
condition condition condition
Conditionally awarded grant 2022
303,253
88,324
58,886
156,043
Forfeited in previous years
(562)
(169)
(112)
(281)
Shares outstanding at January 1, 2023
302,691
88,155
58,774
155,762
Forfeited during the year
(19,211)
(5,761)
(3,841)
(9,609)
Shares outstanding at December 31, 2023
283,480
82,394
54,933
146,153
LTIP 2023-25 Adjusted EPS- ROIC- TSR-
base number of shares at 100% payout
Total
condition condition condition
Conditionally awarded grant 2023
338,699
98,605
65,708
174,386
Forfeited during the year
(989)
(297)
(198)
(494)
Shares outstanding at December 31, 2023
337,710
98,308
65,510
173,892
Overview of outstanding performance shares: LTIP 2022-24 and LTIP 2023-25
base numbers of shares at 100% payout
LTIP 2022-24
LTIP 2023-25
Total
Conditionally awarded grant 2022
303,253
\u2013
303,253
Forfeited in previous years
(562)
\u2013
(562)
Shares outstanding at January 1, 2023
302,691
0
302,691
Conditionally awarded grant 2023
\u2013
338,699
338,699
Forfeited during the year
(19,211)
(989)
(20,200)
Shares outstanding at December 31, 2023
283,480
337,710
621,190
Restricted Stock Units Material accounting policy information The Restricted Stock Unit (RSU) plan quali\ufb01es as an equity-settled share-based payments transaction. The fair value of shares awarded is recognized as an expense with a corresponding increase in equity. The fair value is measured at the grant date and spread over the period during which the employees become unconditionally entitled to the shares. The amount recognized as an expense is adjusted for actual forfeitures due to participants\u2019 resignations before the vesting date. RSU-condition The fair value of the RSU shares is equal to the share price of the Wolters Kluwer shares at the date of the grant, adjusted by the present value of the future dividend payments during the one-year, two-year, and three-year performance period, respectively. The amount recognized as an expense in each year is adjusted to reflect the number of share awards for which the related service conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that meet the related service conditions at the vesting date. General In 2023, the company launched a new equity-settled share-based payment plan, Restricted Stock Units (RSUs). With the launch of the RSU plan, the company is more closely aligning to a discretionary market compensation structure for key employees just below executives. RSU shares are granted and vest over time (with one-year, two-years, and three-years vesting periods), creating a retentive effect as vesting is conditioned on continued participation. There are no performance conditions that need to be met for the RSU shares to vest. In 2023, \u20ac2 million has been recognized within employee bene\ufb01t expenses in pro\ufb01t or loss (2022: nil) related to the total cost of the RSU grants. Refer to Note 12 \u2013 Employee benefit expenses. Fair value summary of conditionally awarded RSU shares The fair value of each conditionally awarded share under the running RSU grants is as follows:
Fair value Fair value Fair value
RSU shares RSU shares RSU shares
at grant date at grant date at grant date
in euros March 1 July 1 November 1
RSU shares 2023 \u2013 one-year vesting period
107.56
114.26
118.96
RSU shares 2023 \u2013 two-years vesting period
105.46
111.98
116.55
RSU shares 2023 \u2013 three-years vesting period
103.11
109.43
113.86
Overview of outstanding performance shares: RSU 2023
Grant date Grant date Grant date
Conditionally awarded number of RSU shares, Total number March 1, July 1, November 1,
grant 2023 of RSU shares 2023 2023 2023
One-year vesting period
11,951
333
589
Two-years vesting period
11,924
332
589
Three-years vesting period
11,832
332
588
Total shares conditionally awarded
38,470
35,707
997
1,766
Forfeitures during the year
(928)
(928)
\u2013
\u2013
Shares outstanding at December 31, 2023
37,542
34,779
997
1,766
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-502": { "value": "Material accounting policy information The long-term incentive plan (LTIP) quali\ufb01es as an equity-settled share-based payments transaction. Executive Board members and senior management are awarded shares under the LTIP with performance conditions based on Diluted Earnings per Share (EPS) at constant currencies and Total Shareholder Return (TSR) for the LTIP awards 2020-22. The fair value of shares awarded is recognized as an expense with a corresponding increase in equity. The fair value is measured at the grant date and spread over the period during which the employees become unconditionally entitled to the shares. The amount recognized as an expense in each year is adjusted for actual forfeitures due to participants\u2019 resignations before the vesting date and for share awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that meet the related service (for EPS- and ROIC-conditions) and non-market performance conditions at the vesting date. LTIP \u2013 TSR-condition The fair value of the shares based on the TSR performance condition, a market condition under IFRS 2 \u2013 Share-based Payment, is measured using a Monte Carlo simulation model considering the terms and conditions upon which the shares were awarded. LTIP \u2013 Diluted (adjusted) EPS-condition and ROIC-condition The fair values of the shares based on the non-market performance conditions of diluted (adjusted) EPS and ROIC are equal to the opening share price of the Wolters Kluwer shares of the year of the grant, adjusted by the present value of the future dividend payments during the three-year performance period. Material accounting policy information The Restricted Stock Unit (RSU) plan quali\ufb01es as an equity-settled share-based payments transaction. The fair value of shares awarded is recognized as an expense with a corresponding increase in equity. The fair value is measured at the grant date and spread over the period during which the employees become unconditionally entitled to the shares. The amount recognized as an expense is adjusted for actual forfeitures due to participants\u2019 resignations before the vesting date. RSU-condition The fair value of the RSU shares is equal to the share price of the Wolters Kluwer shares at the date of the grant, adjusted by the present value of the future dividend payments during the one-year, two-year, and three-year performance period, respectively. The amount recognized as an expense in each year is adjusted to reflect the number of share awards for which the related service conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that meet the related service conditions at the vesting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-503": { "value": "LTIP \u2013 TSR-condition The fair value of the shares based on the TSR performance condition, a market condition under IFRS 2 \u2013 Share-based Payment, is measured using a Monte Carlo simulation model considering the terms and conditions upon which the shares were awarded. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-504": { "value": "Note 34 \u2013 Related party transactions The company has related party relationships with its subsidiaries, equity-accounted associates, pension funds, and members of the Supervisory Board and the Executive Board. Related party transactions are conducted at arm\u2019s length with terms comparable to transactions with third parties. The group has no signi\ufb01cant transactions with, receivables from, or payables to its equity- accounted associates. For transactions with key management, refer to Note 37 \u2013 Remuneration of the Executive Board and the Supervisory Board and Remuneration report. The company has \ufb01led a list of subsidiaries and affiliated companies at the offices of the Chamber of Commerce of The Hague, the Netherlands. Note 37 \u2013 Remuneration of the Executive Board and the Supervisory Board Remuneration Executive Board The table below provides the total compensation of the Executive Board recognized in the consolidated statement of pro\ufb01t or loss:
in thousands of euros
2023
2022
Fixed compensation:
Salary
2,308
2,260
Social security
247
123
De\ufb01ned contribution plan
180
176
Other bene\ufb01ts
400
385
Total \ufb01xed compensation
3,135
2,944
Variable compensation:
STIP
2,736
2,818
LTIP
6,307
6,405
Total variable compensation
9,043
9,223
Sub-total \ufb01xed and variable compensation
12,178
12,167
Tax-related costs
(459)
(525)
Total remuneration Executive Board
11,719
11,642
* ** *** * Executive Board members are eligible for bene\ufb01ts such as health insurance, life insurance, a car, and to participate in whatever all-employee plans may be offered at any given point. ** LTIP share-based payments are based on IFRS accounting policies and therefore do not reflect the actual payout or value of performance shares released upon vesting. *** Tax-related costs are costs to the company pertaining to the Executive Board members ex-patriate assignments. Salary, social security, other bene\ufb01ts, STIP, and tax-related costs are short-term employee bene\ufb01ts, de\ufb01ned contribution plan is a post-employment bene\ufb01t, and LTIP is a share-based payment scheme. Shares owned by Executive Board members At December 31, 2023, the Executive Board jointly held 412,167 shares of the company (2022: 412,167 shares). Remuneration Supervisory Board The total remuneration of the Supervisory Board members was \u20ac720 thousand in 2023 (2022: \u20ac766 thousand). Shares owned by Supervisory Board members At December 31, 2023, Mrs. A.E. Ziegler held 1,894 American Depositary Receipts of shares of the company (2022: 1,894 ADRs). For further details, refer to Remuneration report.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-505": { "value": "Note 35 \u2013 Audit fees With reference to Section 2:382a (1) and (2) of the Dutch Civil Code, the following fees for the \ufb01nancial year have been charged by Deloitte Accountants B.V. to the group. Deloitte is not involved in most of the statutory audits of entities that are outside the scope of the group audit.
Audit fees 2023
Other Deloitte
Deloitte member firms and
Accountants B.V.
affiliates
Total Deloitte
Statutory audit of annual accounts
1.0
2.3
3.3
Other assurance services
0.1
0.3
0.4
Tax advisory services
\u2013
0.0
0.0
Other non-audit services
\u2013
0.0
0.0
Total
1.1
2.6
3.7
Audit fees 2022 Other Deloitte
Deloitte member firms and
Accountants B.V.
affiliates
Total Deloitte
Statutory audit of annual accounts
1.0
2.0
3.0
Other assurance services
0.1
0.1
0.2
Tax advisory services
\u2013
0.0
0.0
Other non-audit services
\u2013
0.0
0.0
Total
1.1
2.1
3.2
The audit fees for 2023 and 2022 include \ufb01nal invoicing with respect to the statutory audits of 2022 and 2021, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-506": { "value": "
Note 36 \u2013 Commitments, contingent assets, and contingent liabilities
Guarantees
The group has the following outstanding guarantees at December 31:
2023
2022
Parental performance guarantees to third parties
5
5
Guarantee to the trustees of the U.K. retirement plan
Note 30
21
20
Real estate and other guarantees
11
11
Drawn bank credit facilities
1
1
Total
38
37
At December 31, 2023, the total guarantees issued for bank credit facilities on behalf of several
subsidiaries amounted to \u20ac117 million (2022: \u20ac114 million), of which \u20ac116 million was not utilized
(2022: \u20ac113 million).
Legal and judicial proceedings
The group is involved in legal and judicial proceedings in the ordinary course of business.
Provisions and contingencies relating to these matters are periodically assessed based upon
the latest information available, usually with the assistance of lawyers and other specialists.
While it is not practically possible to estimate the success rate of proceedings or claims
against the group, the group has a policy to insure the group entities against such claims.
The group did not have material contingent liabilities arising from legal and judicial
proceedings at December 31, 2023, and December 31, 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-507": { "value": "Note 36 \u2013 Commitments, contingent assets, and contingent liabilities Guarantees The group has the following outstanding guarantees at December 31:
2023
2022
Parental performance guarantees to third parties
5
5
Guarantee to the trustees of the U.K. retirement plan
Note 30
21
20
Real estate and other guarantees
11
11
Drawn bank credit facilities
1
1
Total
38
37
At December 31, 2023, the total guarantees issued for bank credit facilities on behalf of several subsidiaries amounted to \u20ac117 million (2022: \u20ac114 million), of which \u20ac116 million was not utilized (2022: \u20ac113 million). Legal and judicial proceedings The group is involved in legal and judicial proceedings in the ordinary course of business. Provisions and contingencies relating to these matters are periodically assessed based upon the latest information available, usually with the assistance of lawyers and other specialists. While it is not practically possible to estimate the success rate of proceedings or claims against the group, the group has a policy to insure the group entities against such claims. The group did not have material contingent liabilities arising from legal and judicial proceedings at December 31, 2023, and December 31, 2022. Other commitments For any commitments with respect to the group\u2019s share buybacks, refer to Note 32 \u2013 Capital and reserves.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-508": { "value": "Note 36 \u2013 Commitments, contingent assets, and contingent liabilities Guarantees The group has the following outstanding guarantees at December 31:
2023
2022
Parental performance guarantees to third parties
5
5
Guarantee to the trustees of the U.K. retirement plan
Note 30
21
20
Real estate and other guarantees
11
11
Drawn bank credit facilities
1
1
Total
38
37
At December 31, 2023, the total guarantees issued for bank credit facilities on behalf of several subsidiaries amounted to \u20ac117 million (2022: \u20ac114 million), of which \u20ac116 million was not utilized (2022: \u20ac113 million). Legal and judicial proceedings The group is involved in legal and judicial proceedings in the ordinary course of business. Provisions and contingencies relating to these matters are periodically assessed based upon the latest information available, usually with the assistance of lawyers and other specialists. While it is not practically possible to estimate the success rate of proceedings or claims against the group, the group has a policy to insure the group entities against such claims. The group did not have material contingent liabilities arising from legal and judicial proceedings at December 31, 2023, and December 31, 2022. Other commitments For any commitments with respect to the group\u2019s share buybacks, refer to Note 32 \u2013 Capital and reserves.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-509": { "value": "Other commitments For any commitments with respect to the group\u2019s share buybacks, refer to Note 32 \u2013 Capital and reserves.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-510": { "value": "
Note 37 \u2013 Remuneration of the Executive Board and the
Supervisory Board
Remuneration Executive Board
The table below provides the total compensation of the Executive Board recognized in the
consolidated statement of pro\ufb01t or loss:
in thousands of euros
2023
2022
Fixed compensation:
Salary
2,308
2,260
Social security
247
123
De\ufb01ned contribution plan
180
176
Other bene\ufb01ts
400
385
Total \ufb01xed compensation
3,135
2,944
Variable compensation:
STIP
2,736
2,818
LTIP
6,307
6,405
Total variable compensation
9,043
9,223
Sub-total \ufb01xed and variable compensation
12,178
12,167
Tax-related costs
(459)
(525)
Total remuneration Executive Board
11,719
11,642
*
**
***
*
Executive Board members are eligible for bene\ufb01ts such as health insurance, life insurance, a car, and to
participate in whatever all-employee plans may be offered at any given point.
**
LTIP share-based payments are based on IFRS accounting policies and therefore do not reflect the actual
payout or value of performance shares released upon vesting.
***
Tax-related costs are costs to the company pertaining to the Executive Board members ex-patriate
assignments.
Salary, social security, other bene\ufb01ts, STIP, and tax-related costs are short-term employee
bene\ufb01ts, de\ufb01ned contribution plan is a post-employment bene\ufb01t, and LTIP is a share-based
payment scheme.
Shares owned by Executive Board members
At December 31, 2023, the Executive Board jointly held 412,167 shares of the company
(2022: 412,167 shares).
Remuneration Supervisory Board
The total remuneration of the Supervisory Board members was \u20ac720 thousand in 2023
(2022: \u20ac766 thousand).
Shares owned by Supervisory Board members
At December 31, 2023, Mrs. A.E. Ziegler held 1,894 American Depositary Receipts of shares
of the company (2022: 1,894 ADRs).
For further details, refer to Remuneration report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-511": { "value": "
Note 38 \u2013 Overview of significant subsidiaries
Below is a list of signi\ufb01cant subsidiaries at December 31, 2023, in alphabetical order
(legal entity name and the unit of the organizational structure it belongs to). The group
has a 100% interest in all these subsidiaries.
Australia
\u2022 Wolters Kluwer Australia Pty Limited (Tax & Accounting)
Belgium
\u2022 Wolters Kluwer Belgium NV (Tax & Accounting and Legal & Regulatory)
\u2022 Wolters Kluwer Financial Services Belgium NV (Corporate Performance & ESG)
Canada
\u2022 Wolters Kluwer Canada Limited (Tax & Accounting)
France
\u2022 Enablon S.A.S. (Corporate Performance & ESG)
Germany
\u2022 Akademische Arbeitsgemeinschaft Verlagsgesellschaft GmbH (Tax & Accounting)
\u2022 Wolters Kluwer Deutschland GmbH (Legal & Regulatory)
\u2022 Wolters Kluwer Tax & Accounting Deutschland GmbH (Tax & Accounting)
Ireland
\u2022 Wolters Kluwer Finance Ireland DAC (Corporate Office)
\u2022 Wolters Kluwer Ireland Holding Limited (Corporate Office)
Italy
\u2022 Tagetik Software S.r.l. (Corporate Performance & ESG)
\u2022 Wolters Kluwer Italia S.r.l. (Tax & Accounting and Legal & Regulatory)
Luxembourg
\u2022 Wolters Kluwer Financial Services Luxembourg S.A. (Corporate Performance & ESG)
Poland
\u2022 Wolters Kluwer Polska SP. z o.o. (Legal & Regulatory)
Spain
\u2022 Wolters Kluwer Tax and Accounting Espa\u00f1a, S.L. (Tax & Accounting)
The Netherlands
\u2022 eVision Industry Software B.V. (Corporate Performance & ESG)
\u2022 Wolters Kluwer Global Business Services B.V. (Global Business Services)
\u2022 Wolters Kluwer Holding Nederland B.V. (Legal & Regulatory)
\u2022 Wolters Kluwer International Holding B.V. (Corporate Office)
\u2022 Wolters Kluwer Nederland B.V. (Legal & Regulatory)
\u2022 Wolters Kluwer Technology B.V. (Digital eXperience Group)
\u2022 Wolters Kluwer USA Holding B.V. (Corporate Office)
United Kingdom
\u2022 Wolters Kluwer Holdings (UK) PLC (Tax & Accounting)
\u2022 Wolters Kluwer (UK) Limited (Tax & Accounting)
United States
\u2022 CCH Incorporated (Tax & Accounting, Legal & Regulatory, and Corporate Performance & ESG)
\u2022 C T Corporation System (Financial & Corporate Compliance)
\u2022 Emmi Solutions, LLC (Health)
\u2022 Enablon North America Corp. (Corporate Performance & ESG)
\u2022 eOriginal, Inc. (Financial & Corporate Compliance)
\u2022 Health Language, Inc. (Health)
\u2022 International Document Services, Inc. (Financial & Corporate Compliance)
\u2022 National Registered Agents, Inc. (Financial & Corporate Compliance)
\u2022 Ovid Technologies, Inc. (Health)
\u2022 Paperless Transaction Management, Inc. (Financial & Corporate Compliance)
\u2022 Universal Tax Systems, Inc. (Tax & Accounting)
\u2022 UpToDate, Inc. (Health)
\u2022 Wolters Kluwer DXG U.S., Inc. (Digital eXperience Group)
\u2022 Wolters Kluwer ELM Solutions, Inc. (Legal & Regulatory)
\u2022 Wolters Kluwer Financial Services, Inc. (Financial & Corporate Compliance and Corporate
Performance & ESG)
\u2022 Wolters Kluwer Health, Inc. (Health)
\u2022 Wolters Kluwer North America, Inc. (Corporate Office)
\u2022 Wolters Kluwer R&D U.S. LP (Digital eXperience Group)
\u2022 Wolters Kluwer United States Inc. (Global Business Services and Corporate Office)
\u2022 Wolters Kluwer U.S. Corporation (Corporate Office)
A subsidiary is categorized as signi\ufb01cant depending on its revenues, operating pro\ufb01t, net
pro\ufb01t, and/or total assets.
In addition to these signi\ufb01cant subsidiaries, the group has other consolidated entities in the
countries listed, and also in the following countries: Austria, Brazil, China, the Czech Republic,
Denmark, Hong Kong, Hungary, India, Indonesia, Japan, Malaysia, Mexico, New Zealand,
Norway, the Philippines, Portugal, Qatar, Romania, Russia, Singapore, Slovakia, South Africa,
South Korea, Sweden, Switzerland, Taiwan, and Ukraine.
The group also has branches in Finland, Saudi Arabia, Thailand, and the United Arab Emirates.
Apart from certain cash restrictions (refer to Note 26 \u2013 Cash and cash equivalents), there are
no signi\ufb01cant restrictions on the group\u2019s ability to access or use assets, or to settle liabilities.
There are no interests in consolidated structured entities.
Refer to Note 8 \u2013 Acquisitions and divestments for the consequences of losing control of
subsidiaries during 2023 and 2022.
The \ufb01nancial statements of the parent and the subsidiaries used in the preparation of the
consolidated \ufb01nancial statements have the same reporting date, except for the group\u2019s Indian
subsidiaries that have a March \ufb01nancial year end.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-512": { "value": "Note 38 \u2013 Overview of significant subsidiaries Below is a list of signi\ufb01cant subsidiaries at December 31, 2023, in alphabetical order (legal entity name and the unit of the organizational structure it belongs to). The group has a 100% interest in all these subsidiaries. Australia \u2022 Wolters Kluwer Australia Pty Limited (Tax & Accounting) Belgium \u2022 Wolters Kluwer Belgium NV (Tax & Accounting and Legal & Regulatory) \u2022 Wolters Kluwer Financial Services Belgium NV (Corporate Performance & ESG) Canada \u2022 Wolters Kluwer Canada Limited (Tax & Accounting) France \u2022 Enablon S.A.S. (Corporate Performance & ESG) Germany \u2022 Akademische Arbeitsgemeinschaft Verlagsgesellschaft GmbH (Tax & Accounting) \u2022 Wolters Kluwer Deutschland GmbH (Legal & Regulatory) \u2022 Wolters Kluwer Tax & Accounting Deutschland GmbH (Tax & Accounting) Ireland \u2022 Wolters Kluwer Finance Ireland DAC (Corporate Office) \u2022 Wolters Kluwer Ireland Holding Limited (Corporate Office) Italy \u2022 Tagetik Software S.r.l. (Corporate Performance & ESG) \u2022 Wolters Kluwer Italia S.r.l. (Tax & Accounting and Legal & Regulatory) Luxembourg \u2022 Wolters Kluwer Financial Services Luxembourg S.A. (Corporate Performance & ESG) Poland \u2022 Wolters Kluwer Polska SP. z o.o. (Legal & Regulatory) Spain \u2022 Wolters Kluwer Tax and Accounting Espa\u00f1a, S.L. (Tax & Accounting) The Netherlands \u2022 eVision Industry Software B.V. (Corporate Performance & ESG) \u2022 Wolters Kluwer Global Business Services B.V. (Global Business Services) \u2022 Wolters Kluwer Holding Nederland B.V. (Legal & Regulatory) \u2022 Wolters Kluwer International Holding B.V. (Corporate Office) \u2022 Wolters Kluwer Nederland B.V. (Legal & Regulatory) \u2022 Wolters Kluwer Technology B.V. (Digital eXperience Group) \u2022 Wolters Kluwer USA Holding B.V. (Corporate Office) United Kingdom \u2022 Wolters Kluwer Holdings (UK) PLC (Tax & Accounting) \u2022 Wolters Kluwer (UK) Limited (Tax & Accounting) United States \u2022 CCH Incorporated (Tax & Accounting, Legal & Regulatory, and Corporate Performance & ESG) \u2022 C T Corporation System (Financial & Corporate Compliance) \u2022 Emmi Solutions, LLC (Health) \u2022 Enablon North America Corp. (Corporate Performance & ESG) \u2022 eOriginal, Inc. (Financial & Corporate Compliance) \u2022 Health Language, Inc. (Health) \u2022 International Document Services, Inc. (Financial & Corporate Compliance) \u2022 National Registered Agents, Inc. (Financial & Corporate Compliance) \u2022 Ovid Technologies, Inc. (Health) \u2022 Paperless Transaction Management, Inc. (Financial & Corporate Compliance) \u2022 Universal Tax Systems, Inc. (Tax & Accounting) \u2022 UpToDate, Inc. (Health) \u2022 Wolters Kluwer DXG U.S., Inc. (Digital eXperience Group) \u2022 Wolters Kluwer ELM Solutions, Inc. (Legal & Regulatory) \u2022 Wolters Kluwer Financial Services, Inc. (Financial & Corporate Compliance and Corporate Performance & ESG) \u2022 Wolters Kluwer Health, Inc. (Health) \u2022 Wolters Kluwer North America, Inc. (Corporate Office) \u2022 Wolters Kluwer R&D U.S. LP (Digital eXperience Group) \u2022 Wolters Kluwer United States Inc. (Global Business Services and Corporate Office) \u2022 Wolters Kluwer U.S. Corporation (Corporate Office) A subsidiary is categorized as signi\ufb01cant depending on its revenues, operating pro\ufb01t, net pro\ufb01t, and/or total assets. In addition to these signi\ufb01cant subsidiaries, the group has other consolidated entities in the countries listed, and also in the following countries: Austria, Brazil, China, the Czech Republic, Denmark, Hong Kong, Hungary, India, Indonesia, Japan, Malaysia, Mexico, New Zealand, Norway, the Philippines, Portugal, Qatar, Romania, Russia, Singapore, Slovakia, South Africa, South Korea, Sweden, Switzerland, Taiwan, and Ukraine. The group also has branches in Finland, Saudi Arabia, Thailand, and the United Arab Emirates. Apart from certain cash restrictions (refer to Note 26 \u2013 Cash and cash equivalents), there are no signi\ufb01cant restrictions on the group\u2019s ability to access or use assets, or to settle liabilities. There are no interests in consolidated structured entities. Refer to Note 8 \u2013 Acquisitions and divestments for the consequences of losing control of subsidiaries during 2023 and 2022. The \ufb01nancial statements of the parent and the subsidiaries used in the preparation of the consolidated \ufb01nancial statements have the same reporting date, except for the group\u2019s Indian subsidiaries that have a March \ufb01nancial year end.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-513": { "value": "Note 39 \u2013 Events after the reporting period Subsequent events were evaluated up to February 20, 2024, which is the date the consolidated \ufb01nancial statements were authorized for issuance by the Executive Board and the Supervisory Board. There are no events to report.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-514": { "value": "N.V.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-515": { "value": "Authorization for issuance Alphen aan den Rijn, February 20, 2024 Executive Board N. McKinstry, CEO and Chair of the Executive Board K.B. Entricken, CFO and member of the Executive Board Supervisory Board A.E. Ziegler, Chair J.P. de Kreij, Vice-Chair J.A. Horan H.H. Kersten S. Vandebroek C.F.H.H. Vogelzang", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500TEM53I0U077B74", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }