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"iso4217:EUR" } }, "shtag_6449995": { "value": "330131000", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "v1-page35-body-tag6450456": { "value": "Notes to the consolidated financial statements
General information
Gruppo MutuiOnline S.p.A. (the \"Company\" or the \"Issuer\") is the holding company of a group of firms (the \"Group\") with a significant position - through the entities of its \"Broking Division\" - in the Italian market for the online comparison, promotion and intermediation of products provided by financial institutions, e-commerce operators and utility providers (main websites www.mutuionline.it, www.prestitionline.it, www.segugio.it, www.trovaprezzi.it and www.sostariffe.it) and - through the companies of its \"BPO Division\" - in the Italian market for the provision of complex business process outsourcing services for the financial sector. Since February 2023, the Broking Division also has a significant position in the Spanish (www.rastreator.com), French (www.lelynx.fr) and Mexican (www.rastreator.mx) markets for the online comparison and intermediation mainly of insurance products.
This consolidated annual report, including the consolidated statement of financial position, consolidated comprehensive income statement, consolidated statement of cash flows and consolidated statement of changes in shareholders' equity as of and for the year ended December 31, 2023 and the relevant notes, has been prepared in accordance with IFRS issued by the International Accounting Standard Board (\"IASB\") and the related interpretations SIC/IFRIC, adopted by the European Commission. Besides it has been prepared in accordance with CONSOB resolutions No. 15519 and No. 15520 dated July 27, 2006, with ESMA orientation 32-382-1138 of March 4, 2021, with the guidance Consob n. 5/21 of April 29, 2021, and with art. 149-duodecies\u00a0of the Issuer Regulations.\u00a0
IFRS should be understood as the International Financial Reporting Standards, the International Accounting Standards (\"IAS\"), the interpretations of the International Financial Reporting Interpretation Committee (\"IFRIC\"), previously denominated Standing Interpretations Committee (\"SIC\"), as adopted by the European Commission as of December 31, 2023 and published in the EU regulations as of this date.
In particular, the IFRS have been consistently applied to all the periods presented.
The Group has elected the \"non-current/current\" presentation for the statement of financial position, the presentation of costs by nature for the income statement, the comprehensive income statements and\u00a0the indirect method for the preparation of the statement of cash flows.
The statement of changes in shareholders' equity was prepared according with IAS 1.
These consolidated financial statements have been prepared in Euro, the currency of the primary economic environment in which the Group operates.
All the amounts included in the tables of the following notes are in thousands of Euros, except where otherwise stated.
These consolidated financial statements have been prepared according to the going concern assumption, due to the economic and financial results achieved.
The Board of Directors approved the publication of the present document on March 14, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page35-p_517-tag6450457": { "value": "Gruppo MutuiOnline S.p.A. (the \"Company\" or the \"Issuer\") is the holding company of a group of firms (the \"Group\") with a significant position - through the entities of its \"Broking Division\" - in the Italian market for the online comparison, promotion and intermediation of products provided by financial institutions, e-commerce operators and utility providers (main websites www.mutuionline.it, www.prestitionline.it, www.segugio.it, www.trovaprezzi.it and www.sostariffe.it) and - through the companies of its \"BPO Division\" - in the Italian market for the provision of complex business process outsourcing services for the financial sector. Since February 2023, the Broking Division also has a significant position in the Spanish (www.rastreator.com), French (www.lelynx.fr) and Mexican (www.rastreator.mx) markets for the online comparison and intermediation mainly of insurance products.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page35-body-tag6450458": { "value": "This consolidated annual report, including the consolidated statement of financial position, consolidated comprehensive income statement, consolidated statement of cash flows and consolidated statement of changes in shareholders' equity as of and for the year ended December 31, 2023 and the relevant notes, has been prepared in accordance with IFRS issued by the International Accounting Standard Board (\"IASB\") and the related interpretations SIC/IFRIC, adopted by the European Commission. Besides it has been prepared in accordance with CONSOB resolutions No. 15519 and No. 15520 dated July 27, 2006, with ESMA orientation 32-382-1138 of March 4, 2021, with the guidance Consob n. 5/21 of April 29, 2021, and with art. 149-duodecies\u00a0of the Issuer Regulations.\u00a0
IFRS should be understood as the International Financial Reporting Standards, the International Accounting Standards (\"IAS\"), the interpretations of the International Financial Reporting Interpretation Committee (\"IFRIC\"), previously denominated Standing Interpretations Committee (\"SIC\"), as adopted by the European Commission as of December 31, 2023 and published in the EU regulations as of this date.
In particular, the IFRS have been consistently applied to all the periods presented.
The Group has elected the \"non-current/current\" presentation for the statement of financial position, the presentation of costs by nature for the income statement, the comprehensive income statements and\u00a0the indirect method for the preparation of the statement of cash flows.
The statement of changes in shareholders' equity was prepared according with IAS 1.
These consolidated financial statements have been prepared in Euro, the currency of the primary economic environment in which the Group operates.
All the amounts included in the tables of the following notes are in thousands of Euros, except where otherwise stated.
These consolidated financial statements have been prepared according to the going concern assumption, due to the economic and financial results achieved.
The Board of Directors approved the publication of the present document on March 14, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page35-body-tag6450459": { "value": "This consolidated annual report, including the consolidated statement of financial position, consolidated comprehensive income statement, consolidated statement of cash flows and consolidated statement of changes in shareholders' equity as of and for the year ended December 31, 2023 and the relevant notes, has been prepared in accordance with IFRS issued by the International Accounting Standard Board (\"IASB\") and the related interpretations SIC/IFRIC, adopted by the European Commission. Besides it has been prepared in accordance with CONSOB resolutions No. 15519 and No. 15520 dated July 27, 2006, with ESMA orientation 32-382-1138 of March 4, 2021, with the guidance Consob n. 5/21 of April 29, 2021, and with art. 149-duodecies\u00a0of the Issuer Regulations.\u00a0
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page35-p_521-tag6450460": { "value": "the indirect method for the preparation of the statement of cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page35-body-tag6450461": { "value": "The Board of Directors approved the publication of the present document on March 14, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page35-body-tag6450462": { "value": "Basis of preparation of the consolidated financial statements
The following consolidation procedures have been applied in the preparation of the consolidated financial statements as of and for the year ended December 31, 2023.
The consolidated financial statements of the Group include the financial statements of Gruppo MutuiOnline S.p.A. and its subsidiaries, over which the Company exercises direct or indirect control and the value measured with the equity method of joint ventures and of associated companies. Subsidiaries are consolidated from the date when control is acquired until the date when it ceases. Control is connected with the ongoing existence of all the following conditions:
power over the investee;
the possibility of achieving a return resulting from ownership of the investment;
the investor's ability to use its power over the investee to affect the amount of its return.
The existence of potential voting rights exercisable, if substantial, at the reporting date is also taken into consideration for the purposes of determining control.
Furthermore, it is worth pointing out that once control of an entity is obtained, transactions, in which further minority interests are acquired or sold, without modifying the control exercised on the subsidiary, are considered transactions with the shareholders and therefore should be recorded as equity transactions, without recording any effect in the comprehensive income statement. Subsidiaries are consolidated on a line-by-line basis. The criteria adopted for consolidation on a line-by-line basis are:
the assets and liabilities, income and expenses of the entirely consolidated entities are taken line by line, attributing to minority interest the portion of the shareholders' equity and net income for the year due to it; this portion is disclosed separately in the consolidated statement of financial position and consolidated comprehensive income statement;
the purchase method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured as the fair value of the assets acquired, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Assets, liabilities and possible liabilities acquired are booked at the fair value at the date of the acquisition. The excess of the cost of acquisition over the fair value of the Group's share of the identifiable net assets acquired is recognized as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement, after an audit of the correct measurement of the fair value of the assets and the liabilities acquired and of the cost of acquisition.\u00a0Business combinations between entities under \"common control\" are accounted for with the pooling of interest method, thus recognizing assets and liabilities of the acquired entity without fair value adjustments, but adjusted for eventual differences of accounting standards used and IFRS;
inter-company transactions and balances, as well as the relevant tax effects, are eliminated. Significant unrealized inter-company gains and losses are eliminated; as an exception, unrealized losses are not eliminated when they provide evidence for impairment of the asset transferred;
gains and losses from the disposal of investments in subsidiaries are recognized in the income statement for an amount equal to the difference between the sale price and the net assets of the investment.
A joint venture is an arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
Associated companies are companies, which are neither subsidiaries nor joint-ventures, on which the Issuer exercises a significant influence. Significant influence is presumed when the Issuer owns, directly or indirectly, more than 20% of the ordinary share capital of a company.
Joint ventures and associated companies are evaluated with the equity method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page37-body-tag6449585": { "value": "Scope of consolidation
The consolidation area includes all the entities on which the Issuer exercises control, directly or indirectly, and the companies on which the Issuer exercises a significant influence.\u00a0
The controlled and associated entities as of December 31, 2023 are:
Name | Registered office | \u00a0Share capital (Euro)\u00a0 | Consolidation method | % of ownership |
Gruppo MutuiOnline\u00a0S.p.A.\u00a0(holding) | Milan\u00a0(Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a01,012,354\u00a0 | Line-by-line | Holding |
65Plus S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a075,416\u00a0 | Line-by-line | 72% |
7Pixel S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,500\u00a0 | Line-by-line | 100% |
Above Comparison S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Agenzia Italia S.p.A. | Conegliano (Italy) - Via Vittorio Alfieri, 1 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Line-by-line | 84.5% |
Centro Finanziamenti S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a02,000,000\u00a0 | Line-by-line | 100% |
Centro Istruttorie S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0500,000\u00a0 | Line-by-line | 100% |
Centro Servizi Asset Mangement S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
CercAssicurazioni.it S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Line-by-line | 100% |
Lercari Motor S.r.l.* | Milan (Italy) - Via Gonzaga 7 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a050,000\u00a0 | Line-by-line | 100% |
Eagle & Wise Service S.r.l.\u00a0 | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0400,000\u00a0 | Line-by-line | 100% |
Eagle Agency S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000\u00a0 | Line-by-line | 100% |
EuroServizi per i Notai S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 60% |
Europa Centro Servizi S.r.l. | Messina (Italy) - Via Giuseppe Garibaldi 268 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020,000\u00a0 | Line-by-line | 100% |
Finprom S.r.l. | Arad (Romania) - Str. Cocorilor n. 24/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,618\u00a0 | Line-by-line | 100% |
Finprom Insurance S.r.l.* | Arad (Romania) - Str. Cocorilor n. 24/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a040\u00a0 | Line-by-line | 100% |
Forensic Experts S.r.l.* | Bologna (Italy) - Via F. Bandiera 4 Castenaso | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 51% |
Global Care S.r.l.* | Milan (Italy) - Piazza della Repubblica, 7 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Green Call Service S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Line-by-line | 60% |
Gruppo Lercari S.r.l. | Genova (Italy) - Via Roma, 8/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0759,597\u00a0 | Line-by-line | 50.1% |
Incomparable S.a.r.l. | Lussemburgo - Rue Belle - Vue n.3 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012,000\u00a0 | Line-by-line | 100% |
Innovazione Finanziaria SIM S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a02,000,000\u00a0 | Line-by-line | 100% |
Klikkapromo S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
LeLynx SAS | Parigi - 34 Quai de la Loire\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100\u00a0 | Line-by-line | 100% |
Lercari S.r.l.* | Milan (Italy) - Piazza della Repubblica, 7\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0500,000\u00a0 | Line-by-line | 100% |
Lercari International Ltd* | London (UK) - \u00a06 New London Street | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,233\u00a0 | Line-by-line | 100% |
Luna Service S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012,500\u00a0 | Line-by-line | 100% |
MOL BPO S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Money360.it S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0120,000\u00a0 | Line-by-line | 100% |
MutuiOnline S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a01,000,000\u00a0 | Line-by-line | 100% |
Onda S.r.l.* | Lucca (Italy) - \u00a0via Romana 615/P | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a070,000\u00a0 | Line-by-line | 100% |
PP&E S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Line-by-line | 100% |
Preminen Price Comparison Holdings Ltd | London (UK) - North Side 7-10 Chandos Street | \u00a0\u00a0\u00a0\u00a03,932,584\u00a0 | Line-by-line | 100% |
Preminen Mexico S.A. de C.V | Citt\u00e0 del Messico (Messico) - C/ Varsovia 36 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,451\u00a0 | Line-by-line | 100% |
Quinservizi S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0150,000\u00a0 | Line-by-line | 100% |
Rastreator.com Limited | London (UK) - North Side 7-10 Chandos Street | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a080\u00a0 | Line-by-line | 100% |
Rastreator Comparador Corredur\u00eda de Seguros SLU | Madrid (Spagna) - C. de S\u00e1nchez Pacheco, 85 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
San Filippo S.r.l.* | Genova (Italy) - Via Roma, 8/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000\u00a0 | Line-by-line | 100% |
Segugio.it S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Service Lercari S.r.l.* | Genova (Italy) - Via Roma, 8/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a050,000\u00a0 | Line-by-line | 100% |
SOS Tariffe S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Sovime S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,500\u00a0 | Line-by-line | 100% |
Surf S.r.l.* | Ponte Buggianese (Italy) - Via Buggianese 4 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Trebi Generalconsult S.r.l.** | Milan (Italy) - Via Elia Lombardini, 13 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a050,000\u00a0 | Line-by-line | 100% |
Zoorate S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0415,654\u00a0 | Line-by-line | 92% |
EuroSTA S.r.l. | Rome (Italy) - Via Antonio Pacinotti n. 73 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Equity method | 40% |
Geckoway S.r.l. | Rome (Italia) - Via Fasana 21 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a068,000\u00a0 | Equity method | 20% |
CFN Generale Fiduciaria S.p.A. | Milan (Italy) - Galleria De Cristoforis, 3\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0270,475\u00a0 | Equity method | 35% |
CFN Generale Trustee S.r.l. | Milan (Italy) - Via Brera, 8 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Equity method | 25% |
Generale Servizi Amministrativi S.r.l. | Milan (Italy) - Via Brera 8 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Equity method | 35% |
Preminen MENA Price Comparison W.L.L | Bahrain - Road no. 3618, Block 436 Building 852 | \u00a0\u00a0\u00a0\u00a02,439,024\u00a0 | Equity method | 30% |
Tax & Tech S.r.l. | Milan (Italy) - via Brera 8 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Equity method | 33% |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
*percentage of ownership refers to the share held by Gruppo Lercari S.r.l. | \u00a0 | \u00a0 | \u00a0 | |
** percentage ownership refers to the share held by Agenzia Italia S.p.A. | \u00a0 | \u00a0 | \u00a0 |
\u00a0
\u00a0
During the financial year ended December 31, 2023 the consolidation area changed with reference to the acquisition of 100% of Rastreator.com Ltd, Preminen Price Comparison Holdings Ltd, LeLynx SAS, which entered into the consolidation area on February 1, 2023, and Green Call Service S.r.l., which entered into the consolidation area on April 17, 2023.
For the calculation of the equivalent value in Euro of the financial and economic amounts in foreign currency of the foreign subsidiaries and branches, we applied the following exchange rates:
\u00a0 | 2023 | 2022 |
ALL (Lek) / Euro | ||
Balance sheet items | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0103.790\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0114.460\u00a0 |
Income statement items | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0108.780\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0118.930\u00a0 |
GBP / Euro | ||
Balance sheet items | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.869\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.887\u00a0 |
Income statement items | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.870\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.853\u00a0 |
MXN / Euro | ||
Balance sheet items | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a018.723\u00a0 | \u00a0n/a\u00a0 |
Income statement items | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a019.183\u00a0 | \u00a0n/a\u00a0 |
INR / Euro | ||
Balance sheet items | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a091.905\u00a0 | \u00a0n/a\u00a0 |
Income statement items | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a089.300\u00a0 | \u00a0n/a\u00a0 |
RON / Euro | ||
Balance sheet items | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04.976\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04.950\u00a0 |
Income statement items | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04.947\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04.932\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Balance sheet items have been converted by using the exchange rate as of December 31, 2023, while income statement items have been converted by using the average exchange rate of the year.\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page37-body-tag6449586": { "value": "Scope of consolidation
The consolidation area includes all the entities on which the Issuer exercises control, directly or indirectly, and the companies on which the Issuer exercises a significant influence.\u00a0
The controlled and associated entities as of December 31, 2023 are:
Name | Registered office | \u00a0Share capital (Euro)\u00a0 | Consolidation method | % of ownership |
Gruppo MutuiOnline\u00a0S.p.A.\u00a0(holding) | Milan\u00a0(Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a01,012,354\u00a0 | Line-by-line | Holding |
65Plus S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a075,416\u00a0 | Line-by-line | 72% |
7Pixel S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,500\u00a0 | Line-by-line | 100% |
Above Comparison S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Agenzia Italia S.p.A. | Conegliano (Italy) - Via Vittorio Alfieri, 1 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Line-by-line | 84.5% |
Centro Finanziamenti S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a02,000,000\u00a0 | Line-by-line | 100% |
Centro Istruttorie S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0500,000\u00a0 | Line-by-line | 100% |
Centro Servizi Asset Mangement S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
CercAssicurazioni.it S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Line-by-line | 100% |
Lercari Motor S.r.l.* | Milan (Italy) - Via Gonzaga 7 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a050,000\u00a0 | Line-by-line | 100% |
Eagle & Wise Service S.r.l.\u00a0 | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0400,000\u00a0 | Line-by-line | 100% |
Eagle Agency S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000\u00a0 | Line-by-line | 100% |
EuroServizi per i Notai S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 60% |
Europa Centro Servizi S.r.l. | Messina (Italy) - Via Giuseppe Garibaldi 268 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020,000\u00a0 | Line-by-line | 100% |
Finprom S.r.l. | Arad (Romania) - Str. Cocorilor n. 24/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,618\u00a0 | Line-by-line | 100% |
Finprom Insurance S.r.l.* | Arad (Romania) - Str. Cocorilor n. 24/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a040\u00a0 | Line-by-line | 100% |
Forensic Experts S.r.l.* | Bologna (Italy) - Via F. Bandiera 4 Castenaso | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 51% |
Global Care S.r.l.* | Milan (Italy) - Piazza della Repubblica, 7 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Green Call Service S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Line-by-line | 60% |
Gruppo Lercari S.r.l. | Genova (Italy) - Via Roma, 8/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0759,597\u00a0 | Line-by-line | 50.1% |
Incomparable S.a.r.l. | Lussemburgo - Rue Belle - Vue n.3 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012,000\u00a0 | Line-by-line | 100% |
Innovazione Finanziaria SIM S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a02,000,000\u00a0 | Line-by-line | 100% |
Klikkapromo S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
LeLynx SAS | Parigi - 34 Quai de la Loire\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100\u00a0 | Line-by-line | 100% |
Lercari S.r.l.* | Milan (Italy) - Piazza della Repubblica, 7\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0500,000\u00a0 | Line-by-line | 100% |
Lercari International Ltd* | London (UK) - \u00a06 New London Street | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,233\u00a0 | Line-by-line | 100% |
Luna Service S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012,500\u00a0 | Line-by-line | 100% |
MOL BPO S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Money360.it S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0120,000\u00a0 | Line-by-line | 100% |
MutuiOnline S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a01,000,000\u00a0 | Line-by-line | 100% |
Onda S.r.l.* | Lucca (Italy) - \u00a0via Romana 615/P | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a070,000\u00a0 | Line-by-line | 100% |
PP&E S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Line-by-line | 100% |
Preminen Price Comparison Holdings Ltd | London (UK) - North Side 7-10 Chandos Street | \u00a0\u00a0\u00a0\u00a03,932,584\u00a0 | Line-by-line | 100% |
Preminen Mexico S.A. de C.V | Citt\u00e0 del Messico (Messico) - C/ Varsovia 36 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,451\u00a0 | Line-by-line | 100% |
Quinservizi S.p.A. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0150,000\u00a0 | Line-by-line | 100% |
Rastreator.com Limited | London (UK) - North Side 7-10 Chandos Street | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a080\u00a0 | Line-by-line | 100% |
Rastreator Comparador Corredur\u00eda de Seguros SLU | Madrid (Spagna) - C. de S\u00e1nchez Pacheco, 85 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
San Filippo S.r.l.* | Genova (Italy) - Via Roma, 8/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000\u00a0 | Line-by-line | 100% |
Segugio.it S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Service Lercari S.r.l.* | Genova (Italy) - Via Roma, 8/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a050,000\u00a0 | Line-by-line | 100% |
SOS Tariffe S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Sovime S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,500\u00a0 | Line-by-line | 100% |
Surf S.r.l.* | Ponte Buggianese (Italy) - Via Buggianese 4 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Line-by-line | 100% |
Trebi Generalconsult S.r.l.** | Milan (Italy) - Via Elia Lombardini, 13 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a050,000\u00a0 | Line-by-line | 100% |
Zoorate S.r.l. | Milan (Italy) - via F.Casati 1/A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0415,654\u00a0 | Line-by-line | 92% |
EuroSTA S.r.l. | Rome (Italy) - Via Antonio Pacinotti n. 73 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Equity method | 40% |
Geckoway S.r.l. | Rome (Italia) - Via Fasana 21 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a068,000\u00a0 | Equity method | 20% |
CFN Generale Fiduciaria S.p.A. | Milan (Italy) - Galleria De Cristoforis, 3\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0270,475\u00a0 | Equity method | 35% |
CFN Generale Trustee S.r.l. | Milan (Italy) - Via Brera, 8 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Equity method | 25% |
Generale Servizi Amministrativi S.r.l. | Milan (Italy) - Via Brera 8 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0 | Equity method | 35% |
Preminen MENA Price Comparison W.L.L | Bahrain - Road no. 3618, Block 436 Building 852 | \u00a0\u00a0\u00a0\u00a02,439,024\u00a0 | Equity method | 30% |
Tax & Tech S.r.l. | Milan (Italy) - via Brera 8 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0 | Equity method | 33% |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
*percentage of ownership refers to the share held by Gruppo Lercari S.r.l. | \u00a0 | \u00a0 | \u00a0 | |
** percentage ownership refers to the share held by Agenzia Italia S.p.A. | \u00a0 | \u00a0 | \u00a0 |
\u00a0
\u00a0
During the financial year ended December 31, 2023 the consolidation area changed with reference to the acquisition of 100% of Rastreator.com Ltd, Preminen Price Comparison Holdings Ltd, LeLynx SAS, which entered into the consolidation area on February 1, 2023, and Green Call Service S.r.l., which entered into the consolidation area on April 17, 2023.
Scope of consolidation
The consolidation area includes all the entities on which the Issuer exercises control, directly or indirectly, and the companies on which the Issuer exercises a significant influence.\u00a0
The controlled and associated entities as of December 31, 2023 are:
Name
Registered office
\u00a0Share capital (Euro)\u00a0
Consolidation method
% of ownership
Gruppo MutuiOnline\u00a0S.p.A.\u00a0(holding)
Milan\u00a0(Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a01,012,354\u00a0
Line-by-line
Holding
65Plus S.r.l.
Milan (Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a075,416\u00a0
Line-by-line
72%
7Pixel S.r.l.
Milan (Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,500\u00a0
Line-by-line
100%
Above Comparison S.r.l.
Milan (Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0
Line-by-line
100%
Agenzia Italia S.p.A.
Conegliano (Italy) - Via Vittorio Alfieri, 1
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0
Line-by-line
84.5%
Centro Finanziamenti S.p.A.
Milan (Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a02,000,000\u00a0
Line-by-line
100%
Centro Istruttorie S.p.A.
Milan (Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0500,000\u00a0
Line-by-line
100%
Centro Servizi Asset Mangement S.r.l.
Milan (Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0
Line-by-line
100%
CercAssicurazioni.it S.r.l.
Milan (Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0
Line-by-line
100%
Lercari Motor S.r.l.*
Milan (Italy) - Via Gonzaga 7
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a050,000\u00a0
Line-by-line
100%
Eagle & Wise Service S.r.l.\u00a0
Milan (Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0400,000\u00a0
Line-by-line
100%
Eagle Agency S.r.l.
Milan (Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000\u00a0
Line-by-line
100%
EuroServizi per i Notai S.r.l.
Milan (Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0
Line-by-line
60%
Europa Centro Servizi S.r.l.
Messina (Italy) - Via Giuseppe Garibaldi 268
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020,000\u00a0
Line-by-line
100%
Finprom S.r.l.
Arad (Romania) - Str. Cocorilor n. 24/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,618\u00a0
Line-by-line
100%
Finprom Insurance S.r.l.*
Arad (Romania) - Str. Cocorilor n. 24/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a040\u00a0
Line-by-line
100%
Forensic Experts S.r.l.*
Bologna (Italy) - Via F. Bandiera 4 Castenaso
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0
Line-by-line
51%
Global Care S.r.l.*
Milan (Italy) - Piazza della Repubblica, 7
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0
Line-by-line
100%
Green Call Service S.r.l.
Milan (Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0
Line-by-line
60%
Gruppo Lercari S.r.l.
Genova (Italy) - Via Roma, 8/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0759,597\u00a0
Line-by-line
50.1%
Incomparable S.a.r.l.
Lussemburgo - Rue Belle - Vue n.3
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012,000\u00a0
Line-by-line
100%
Innovazione Finanziaria SIM S.p.A.
Milan (Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a02,000,000\u00a0
Line-by-line
100%
Klikkapromo S.r.l.
Milan (Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0
Line-by-line
100%
LeLynx SAS
Parigi - 34 Quai de la Loire\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100\u00a0
Line-by-line
100%
Lercari S.r.l.*
Milan (Italy) - Piazza della Repubblica, 7\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0500,000\u00a0
Line-by-line
100%
Lercari International Ltd*
London (UK) - \u00a06 New London Street
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,233\u00a0
Line-by-line
100%
Luna Service S.r.l.
Milan (Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012,500\u00a0
Line-by-line
100%
MOL BPO S.r.l.
Milan (Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0
Line-by-line
100%
Money360.it S.p.A.
Milan (Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0120,000\u00a0
Line-by-line
100%
MutuiOnline S.p.A.
Milan (Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a01,000,000\u00a0
Line-by-line
100%
Onda S.r.l.*
Lucca (Italy) - \u00a0via Romana 615/P
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a070,000\u00a0
Line-by-line
100%
PP&E S.r.l.
Milan (Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0
Line-by-line
100%
Preminen Price Comparison Holdings Ltd
London (UK) - North Side 7-10 Chandos Street
\u00a0\u00a0\u00a0\u00a03,932,584\u00a0
Line-by-line
100%
Preminen Mexico S.A. de C.V
Citt\u00e0 del Messico (Messico) - C/ Varsovia 36
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,451\u00a0
Line-by-line
100%
Quinservizi S.p.A.
Milan (Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0150,000\u00a0
Line-by-line
100%
Rastreator.com Limited
London (UK) - North Side 7-10 Chandos Street
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a080\u00a0
Line-by-line
100%
Rastreator Comparador Corredur\u00eda de Seguros SLU
Madrid (Spagna) - C. de S\u00e1nchez Pacheco, 85
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0
Line-by-line
100%
San Filippo S.r.l.*
Genova (Italy) - Via Roma, 8/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000\u00a0
Line-by-line
100%
Segugio.it S.r.l.
Milan (Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0
Line-by-line
100%
Service Lercari S.r.l.*
Genova (Italy) - Via Roma, 8/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a050,000\u00a0
Line-by-line
100%
SOS Tariffe S.r.l.
Milan (Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0
Line-by-line
100%
Sovime S.r.l.
Milan (Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,500\u00a0
Line-by-line
100%
Surf S.r.l.*
Ponte Buggianese (Italy) - Via Buggianese 4
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0
Line-by-line
100%
Trebi Generalconsult S.r.l.**
Milan (Italy) - Via Elia Lombardini, 13
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a050,000\u00a0
Line-by-line
100%
Zoorate S.r.l.
Milan (Italy) - via F.Casati 1/A
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0415,654\u00a0
Line-by-line
92%
EuroSTA S.r.l.
Rome (Italy) - Via Antonio Pacinotti n. 73
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0
Equity method
40%
Geckoway S.r.l.
Rome (Italia) - Via Fasana 21
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a068,000\u00a0
Equity method
20%
CFN Generale Fiduciaria S.p.A.
Milan (Italy) - Galleria De Cristoforis, 3\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0270,475\u00a0
Equity method
35%
CFN Generale Trustee S.r.l.
Milan (Italy) - Via Brera, 8
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0
Equity method
25%
Generale Servizi Amministrativi S.r.l.
Milan (Italy) - Via Brera 8
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100,000\u00a0
Equity method
35%
Preminen MENA Price Comparison W.L.L
Bahrain - Road no. 3618, Block 436 Building 852
\u00a0\u00a0\u00a0\u00a02,439,024\u00a0
Equity method
30%
Tax & Tech S.r.l.
Milan (Italy) - via Brera 8
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0
Equity method
33%
*percentage of ownership refers to the share held by Gruppo Lercari S.r.l.
\u00a0
\u00a0
\u00a0
** percentage ownership refers to the share held by Agenzia Italia S.p.A.
During the financial year ended December 31, 2023 the consolidation area changed with reference to the acquisition of 100% of Rastreator.com Ltd, Preminen Price Comparison Holdings Ltd, LeLynx SAS, which entered into the consolidation area on February 1, 2023, and Green Call Service S.r.l., which entered into the consolidation area on April 17, 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page37-tbl_7.tr_1.tc_0.p_0-tag6449587": { "value": "Gruppo MutuiOnline\u00a0S.p.A.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page37-tbl_7.tr_1.tc_0.p_0-tag6449588": { "value": "Gruppo MutuiOnline\u00a0S.p.A.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page37-tbl_7.tr_1.tc_0.p_0-tag6449589": { "value": "S.p.A.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page37-tbl_7.tr_1.tc_1.p_0-tag6449591": { "value": "Milan", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page37-tbl_7.tr_1.tc_1.p_0-tag6449583": { "value": "Italy", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page37-body-tag6449590": { "value": "For the calculation of the equivalent value in Euro of the financial and economic amounts in foreign currency of the foreign subsidiaries and branches, we applied the following exchange rates:
\u00a0 | 2023 | 2022 |
ALL (Lek) / Euro | ||
Balance sheet items | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0103.790\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0114.460\u00a0 |
Income statement items | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0108.780\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0118.930\u00a0 |
GBP / Euro | ||
Balance sheet items | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.869\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.887\u00a0 |
Income statement items | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.870\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00.853\u00a0 |
MXN / Euro | ||
Balance sheet items | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a018.723\u00a0 | \u00a0n/a\u00a0 |
Income statement items | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a019.183\u00a0 | \u00a0n/a\u00a0 |
INR / Euro | ||
Balance sheet items | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a091.905\u00a0 | \u00a0n/a\u00a0 |
Income statement items | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a089.300\u00a0 | \u00a0n/a\u00a0 |
RON / Euro | ||
Balance sheet items | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04.976\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04.950\u00a0 |
Income statement items | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04.947\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04.932\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Balance sheet items have been converted by using the exchange rate as of December 31, 2023, while income statement items have been converted by using the average exchange rate of the year.\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page38-body-tag6451752": { "value": "Accounting policies
The consolidated financial statements are prepared at cost, with the exception of items specifically described in the following notes, for which the measurement at fair value is adopted. The fair value is the price at which an asset could be exchanged, or a liability discharged, between knowledgeable, willing parties in an arm's length transaction.
IFRS 13 provides for a hierarchy of fair value which classifies on three levels the inputs for the assessment adopted to evaluate fair value. The hierarchy of fair value gives the highest priority to quoted prices (not adjusted) on active markets for the same assets and liabilities (data of Level 1) and the lowest priority to unobservable inputs (data of Level 3).\u00a0
Level 1 inputs are quoted prices (not adjusted) for the same assets and liabilities on active markets, which the entity may access as of the assessment date.
Level 2 inputs are inputs different from the quoted prices included in Level 1 which can be observed directly or indirectly for the asset or the liability.\u00a0
Level inputs 3 are unobservable inputs for the asset or the liability.
Receivables are derecognized if the right to receive the cash flows has been transferred or when the entity no longer controls such financial assets.
Payables are derecognized only when they are settled or the specific obligation is met or canceled or expired.
The principal accounting policies are set out below.
Intangible assets
Intangible assets are non-monetary assets that are distinctly identifiable and able to generate future economic benefits. These items are recognized at purchase cost and/or internal production cost, including all costs to bring the assets available for use, net of accumulated amortization and impairment, if any.\u00a0
The item includes the goodwill referred to business combinations.
Amortization commences when the asset is available for use and is systematically calculated on a straight-line basis over the estimated useful life of the asset.\u00a0
(a) \u00a0\u00a0\u00a0\u00a0Research and development costs
Research and development costs are recognized as an expense as incurred.\u00a0Costs incurred on development projects are recognized as intangible assets when:
development activity is clearly identified and its costs can be measured reliably;
technological feasibility is demonstrated;
the intention of completing the project and selling the intangible goods generated are demonstrated;
a prospective market exists or, in case of internal use, the benefits of the intangible asset for the production of intangible goods generated by the project is demonstrated;
the necessary technological and financial resources for the completion of the project are available.\u00a0
Amortization is usually calculated on a straight-line basis over 5 years, which represents the estimated useful life of the assets.
(b) \u00a0\u00a0\u00a0\u00a0Trademarks, licenses and other rights
Licenses and other rights are amortized on a straight-line basis in order to allocate their acquisition cost over the shorter of useful life and duration of the relevant contracts, starting from the moment of acquisition of the rights and usually lasting for a period of 3 to 5 years.
\u00a0For trademarks and customer equity values, amortization is calculated using the straight-line method and it is equal to a period of 10 years.
Property, plant and equipment\u00a0
Property, plant and equipment are stated at historical cost of acquisition or production less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition.\u00a0
All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be reliably measured. When assets are composed of different identifiable components whose useful life is significantly different, each component is depreciated separately applying the \"component approach\".\u00a0
Depreciation is charged to each asset on a systematic basis over the estimated useful life from the date of initial recognition.
Property, plant and equipment are depreciated with useful lives as follows:
Description of the main categories of the item \"Property, plan and equipment\" | \u00a0Period\u00a0 |
\u00a0 | \u00a0 |
Land | not depreciated |
Buildings | 30 years |
Generic equipment | 5 years |
Specific equipment | 2,5-7 years |
Leasehold improvements | shorter of contract duration and usedful life |
Hardware | 2-5 years |
Office equipment | 2-5 years |
Furniture and fittings | 8 years |
Auto vehicles | 4 years |
\u00a0 | \u00a0 |
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
Investments measured with the equity method
A joint venture is an arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
An associated entity is a company, which is neither a subsidiary nor a joint venture, on which the Issuer exercises a significant influence. Significant influence is presumed when the Issuer owns, directly or indirectly, more than 20% of the ordinary share capital of a company.
Joint ventures and investments in associated entities are measured for an amount equal to the corresponding fraction of equity in the last financial statements of the same entities, after the transfer of dividends and the application of adjustments in accordance with the disclosures for the preparation of the financial statements.\u00a0
Gains and losses arising from changes of the adjusted equity of associated companies are recorded in the income statement for the period in which they arise.
Leases
IFRS 16 sets out the principles for the recognition, measurement, presentation and the disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model similar to the accounting for finance leases under IAS 17. At the commencement date of a lease, a lessee recognizes a liability to make lease payments (i.e. the lease liability) and an asset representing the right to use the underlying asset during the lease (i.e. the right of use asset). Lessees separately recognize the interest expenses on the lease liability and the depreciation expense on the right of use asset.
Lessees will be also required to re-measure the lease liability on the occurrence of certain events (e.g. a change in the lease term, a change in the future lease payments resulting from a change in an index or rate used to establish those payments). The lessee will generally recognize the re-measurement amount of the lease liability as an adjustment to the right of use of the asset.
The standard includes two recognition exemptions for lessees:
leases of low value assets (a situation that could arise for the Group with reference to operating leases for office equipment such as photocopiers, currently recognized in the balance sheet under the item \"Other operating costs\");
short-term leasing contracts (e.g. leases with a lease term of 12 months or less).
Positions that are affected by the application of IFRS 16, with a significant effect for the Group are linked to:\u00a0
leasing contracts for the office site of the Group;\u00a0
cars under long-term rental contracts used by Group personnel.
Business combinations\u00a0
Business combinations are valued with the acquisition method.\u00a0
The cost of the acquisition is determined by the sum of the considerations transferred in a business combination, measured at the fair value at the acquisition date, the acquired liabilities and the equity instruments issued. The assets, the acquired liabilities and the potential liabilities in a business combination are initially measured at their fair value.
The minority interests in the acquired entity are measured at their fair value and at the\u00a0pro-quota\u00a0value of the net assets recognized for the acquired company.
The surplus between the considerations transferred, the amount of the minority interests and the fair value of the non-controlling participations held before the acquisition date, compared to the fair value of the controlling stake of the net assets acquired, is recorded as goodwill.
If the value of the net assets acquired at the acquisition date exceeds the sum of the considerations transferred, of the minority interests and of the fair value of any previously held participation in the acquired company, this surplus is recorded as income of the closed transaction in the income statement.
It is worth pointing out that the Group, based on shareholders' agreements related to the acquisition of Agenzia Italia S.p.A., considers applicable IAS 32 rather than IFRS 10, and recognized in the consolidated financial statement the financial liability related to the put/call option over the shares not yet purchased, without recognizing non-controlling interest. According to such approach, the business combination is accounted on the basis of the assumption that the Group could get economic benefits also on shares under the put/call option. No non-controlling interest was recognized also when we determined the goodwill arising from the acquisition.\u00a0
With reference to the acquisition of Lercari Group, the Group has applied the approach, provided for by IFRS 10, of the partial recognition of minority interests, on the basis of which, at the end of the financial year, the minority interests have been reclassified as financial liabilities, related to the put/call option on the residual stake of 49.9%.
According to provisions of IFRS 3, in step acquisitions (acquisitions achieved in stages) a business combination is achieved only after control has been obtained, and at this moment all the acquired entity's identifiable net assets should be measured at the fair value; minority interests should be measured based on their fair value or based on the proportionate share of the fair value of identifiable net assets of the acquired entity (a method already permitted under the previous version of IFRS 3).
In a step acquisition of an associate, the previously held investment, until then accounted according to IAS 39 (\"Financial instruments: recognition and measurement\"), or according to IAS 28 (\"Investments in Associates\") or according to IFRS 11 (\"Joint arrangements), shall be treated as if it had been sold and repurchased as of the date on which control is acquired. This participation should be measured at its \"sale\" date fair value and the resulting profit or loss of this measurement should be recorded in the income statement. In addition, any value previously recorded in the shareholder's equity, which should be charged in the income statement after the sale of the relevant assets, should be reclassified in the income statement. The goodwill or income (in case of badwill) deriving from the deal concluded with the subsequent acquisition should be determined as the sum of the compensation paid to acquire the control, the value of minority interests (measured according to one of the methods permitted by the standard), and the fair value of the previously held minority shareholdings, net of the fair value of the identifiable net assets of the acquired entity.\u00a0
In addition, according to IFRS 3 the costs related to the acquisition of business combinations are recognized as expenses in the period in which these costs are incurred. Finally, under IFRS 3 contingent consideration is recognized as a part of the transfer price of the acquired net assets and is measured at the acquisition date fair value. The fair value of these liabilities is restated as of the date of each financial report. Similarly, if the combination agreement includes the right to return some consideration components if specified conditions are met, that right is classified as an asset by the acquirer. Any subsequent changes in the fair value of the net assets acquired should be recognized as adjustments to the original accounting treatment only if they are determined by additional or better information about the fair value and occur within 12 months from the acquisition date; all other changes must be recorded in profit or loss.
Impairment
The Group verifies, at least annually, whether there are indicators of a potential loss in value of intangible and tangible assets. If the Group finds that such indications exist, it estimates the recoverable value of the relevant asset.
In addition, intangible assets with an indefinite useful life or that are not available for use and goodwill are subject to an impairment test each year, or more frequently if there is an indication that the asset may have been subject to a loss in value.
The ability to recover the assets is ascertained by comparing the reported value to the related recoverable value, which is represented by the greater of the fair value less disposal costs and the value in use.
In the absence of a binding sale agreement, the fair value is estimated on the basis of recent transaction values in an active market, or based on the best information available to determine the amount that could be obtained from selling the asset.
The value in use is determined by discounting expected cash flows resulting from the use of the asset, and if significant and reasonably determinable, the cash flows resulting from its sale at the end of its useful life.
Cash flows are determined on the basis of reasonable, documentable assumptions representing the best estimate of the future economic conditions that will occur during the remaining useful life of the asset, with greater weight given to outside information.
The discount rate applied takes into account the implicit risk of the business segment.
When it is not possible to determine the recoverable value of an individual asset, the Group estimates the recoverable value of the unit that incorporates the asset and generates cash flows (\"CGU\", shorthand of Cash Generating Unit).
A loss of value is reported if the recoverable value of an asset is lower than its carrying value.
This loss is booked to the income statement unless the asset was previously written up through a shareholders' equity reserve. In this case, the reduction in value is first allocated to the revaluation reserve.
If, in a future period, a loss on assets, other than goodwill, does not materialize or is reduced, the carrying value of the asset or CGU is increased up to the new estimate of recoverable value, and may not exceed the value that would have been determined if no loss from a reduction in value had been reported.
The recovery of a loss of value is posted to the income statement, unless the asset was previously reported at its revalued amount. In this case, the recovery in value is first allocated to the revaluation reserve.
The value in use of an asset that does not generate independent cash flows is determined in relation to the CGU to which this asset belongs. Impairment is recognized in the income statement whenever the carrying amount of the asset and of the related CGU exceeds its recoverable value. Whenever the circumstances causing the impairment cease to exist, the book value of the asset, except the goodwill, is restored with the recognition in the income statement, up to the net value that the asset would have had if it were not impaired and regularly depreciated.
Goodwill is not amortized,\u00a0but is subject annually, or more frequently if specific events or changes in circumstances indicate that the asset might be impaired, to tests in order to identify possible impairments. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses.
The impairment of goodwill recorded as of the date of the financial report is shown in the income statement under depreciation of intangible assets.
Cash and cash equivalents
Cash and cash equivalents include cash, bank deposits and highly liquid short-term investments (readily convertible to cash within three months). Overdrafts are included in short-term borrowings and are measured at fair value.
Financial assets at fair value through OCI
Upon initial recognition, the Group can elect to irrevocably classify its equity investments as equity instruments designated at fair value through other comprehensive income (\"OCI\") when they meet the definition of equity under IAS 32 \"Financial Instruments: Presentation\" and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized in the profit and loss statement when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.
Financial assets at fair value through profit and loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Financial assets at fair value through profit and loss are classified in the financial statements at fair value and the fair value changes are recorded in profit and loss.\u00a0
Trade receivables
Trade receivables are valued initially at fair value and subsequently at amortized cost using the effective interest rate basis.\u00a0
Any losses arising as a result of impairment reviews are recognized in the income statement. In particular, IFRS 9 requires the Group to record expected credit losses on all its debt securities, loans and trade receivables, either over a 12-month period or on a lifetime basis (e.g. lifetime expected loss). The Group opted for the simplified approach and therefore records the expected losses on all trade receivable based on their residual contractual duration. The Group however continues to analytically consider the specificity of the sector and of some clients in its assessments.
In the presence of impairment indicators, the values of the assets are reduced to the present value of expected future cash flows and the differences are recognized in the income statement, with a provision for bad debts as counterbalance, offsetting trade receivables. If in subsequent periods the reasons for such impairments are no longer valid, the values of the assets are reinstated up to the amortized cost as if the impairment had never occurred.
Own shares
Own shares are booked as a reduction of shareholders' equity. Being the shares without nominal value, the purchase cost is deducted from the share capital for an amount implicitly corresponding to the nominal value and from the distributable reserves for an amount equal to the remaining part of the purchase cost.\u00a0
Trade payables and financial liabilities
Financial liabilities, trade payables and other debts are initially recognized at fair value, net of transaction costs incurred, and are subsequently stated at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. Amortization is determined based on the effective interest rate which equates, at the initial moment, the present value of cash flows connected with the liability and its initial recorded amount (amortized cost method).
Whenever expected future cash flows change, and these could be reliably estimated, the value of the liability is recalculated on the basis of the new cash flows and the initial effective interest rate.
Provisions for risks and charges
Provisions are recognized when; (i) the existence of a current obligation, legal or implicit, arising from a past event, is probable; (ii) it is probable that the fulfillment of the obligation will be onerous; (iii) the amount of the obligation can be reliably estimated. Provisions are recognized based on the best estimate of the expenditure required to settle the present obligation or to transfer it to a third party at the balance sheet date. When the financial effect of the timing of the obligation is significant and the dates of the payments can be reliably estimated, the provision is discounted back. Provisions are measured at the present value of the payments expected to be required to settle the obligation using a rate that reflects current market assessments of the time value of money and the risks specific to the obligation.
Defined benefit program liability
Employee termination benefits (\"Trattamento Fine Rapporto\", or \"TFR\"), which are compulsory for Italian companies in accordance with the civil code, are considered by IFRS as a defined benefit program, based, among other things, on the period of employment and the remuneration of the employee during a predefined period.\u00a0
The TFR liability is determined by independent actuaries using the Projected Unit Credit Method to account for the time value of money. According to \"revised\" IAS 19 the adjustments deriving from the changes in actuarial assumptions are recorded in equity, by means of the recognition in the comprehensive income statements.\u00a0
The implicit interest cost for the adjustment of the present value of the TFR liability over time is recognized in the financial expenses in the income statement.
The legislative changes that become effective in 2007 had no material impact on the evaluation method adopted by the Group because the percentage of employees adhering to the funds at the relevant date was low and besides the greater part of employees of the companies of the Group is employed in companies that did not exceeded the limits, provided by the new law and calculated on the average number of employees in 2006, over which a company is obliged to contribute the accrued fund to the National Institute for Social Security (\"INPS\") when employees choose to keep their TFR in the company.
The Group also introduced a long-term incentive plan in favor of certain employees, linked to certain economic indicators achieved by the Group in the medium term. In accordance with IAS 19, the cost of this plan is recognized on a straight-line basis over the duration of the plan, in the income statement under personnel costs, together with interest and remeasurements of the related liability.
Share based payments
The Group has a stock option plan for the benefit of directors, employees and other personnel. As per IFRS 2 (\"Share based payments\"), stock option plans are valued at the fair value of the option at grant date, using methods that take into account the exercise price and vesting period of the option, the current stock price, the expected volatility and dividend payout of the shares, and the risk-free interest rate determined on the day of the option grant.\u00a0
As of the grant date, the expense related to the stock option plan is recognized on a straight-line basis in personnel costs in the income statement over the vesting period of the option, and in a reserve in shareholders' equity.
Revenue recognition
Revenues and other income are recognized net of discounts, allowances and bonuses and of the provision for possible repayments of commissions upon early repayment or insolvency of brokered loans.
IFRS 15 provides for the recognition of revenues for an amount which reflects the compensation at which the entity believes to be entitled in the economic transaction with the customer for the transfer of products and services.
Revenues are recognized in the income statement when it is probable that future economic benefits will flow to the Group.
The methods of revenue recognition for the main activities of the Group are as follows:\u00a0
(a) \u00a0\u00a0\u00a0\u00a0\u00a0Credit, insurance, telecommunications and energy broking services, and e-commerce price comparison
Revenues from credit, insurance, telecommunications and energy broking services are recognized upon the actual disbursement of loans by lenders, the actual underwriting of contracts by insurance companies or the subscription of the contract for telecommunications or energy. The Group is entitled to receive its commission for the service provided only when the operation is closed with the disbursement of a loan, the activation/renewal of an insurance policy or a utility contract.
Those revenues include fees whose recognition is based on information coming from consumers and not yet confirmed by the client companies as of the end of the financial year.
Revenues from e-commerce price comparison activities are recorded at the time of click (in the case of pay per click) or at the time of product purchase (in the case of pay per sale).
(b) \u00a0\u00a0\u00a0\u00a0\u00a0BPO services
Revenues from BPO services are recognized based on the type of services provided and contractual conditions agreed with clients. In particular, we can identify the following categories of services provided:
provision of services whose revenues accrue upon the completion of each phase of processing, regardless of the effective outcome of the process;\u00a0
provision of services whose revenues accrue upon the completion of the processing and is subject to the effective closing of a transaction, such as a loan disbursement. In such case, the measurement of the revenue, in accordance with IFRS 15, depends on the stages effectively accomplished, on their contractual value, and the probabilities of success of the applications;\u00a0
promotion and placement of financial products, whose revenues are represented by success fees based on the amount of the operations finalized;
agreements which provide for document collection activities concerning Investment Services BPO. The standard provides for the evaluation of revenues based on their stand-alone selling price: when the unit value of any job is decreasing during the years of the contract effectiveness, without any justification deriving from economies of learning and at the same value of the service provided. Considering the ongoing agreement with the client, and the analysis performed on the basis of the available data, the Group believes it is not appropriate to proceed with a linearization of the unit value of revenues associated to each job;\u00a0
agreements, regarding the provision of administrative credit collection services on behalf of insurance companies. In such case, we take into consideration, for the determination of the total compensation of the contract, both the possible implicit financial impact in transactions where the timing of payments agreed by the parties gives the customer a financial benefit, and the probability of cashing these receivables, on which the fees due to the company are established.
Government grants
Government grants are recognized when it is reasonably certain that the Group will respect the related conditions and they will be received.
Cost recognition
Costs are recognized as the assets and services are consumed during the relevant period or when they are sustained, when it is not possible to determine future economic benefits.
Financial income and expenses
Interest income and expenses are recognized in the accrual period on the net value of the relevant financial assets and liabilities using the effective interest rate method.
Financial expenses are recognized on an accrual basis and recorded in the income statement in the accrual period.
Taxation
Current income taxes are accounted on the basis of estimated taxable income and the relevant applicable tax rates.
Deferred income taxes are determined based on temporary differences arising between the tax bases of assets and liabilities (excluding goodwill) and their carrying amounts, and differences arising from undistributed reserves registered in the shareholders' equity of the subsidiaries when the timing of reversal of these differences is under the Group's control and they will probably reverse within a reliably foreseeable period. Deferred income tax assets, including those on tax loss carryforwards, and not offset by deferred tax liabilities, are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income taxes are calculated using tax rates (and laws) that are expected to apply when the related deferred income tax assets are realized or the deferred income tax liabilities are settled.\u00a0
Current and deferred income taxes are recognized in the income statement with the exception of the items that are recognized directly in shareholders' equity in which case the tax effect is accounted for in the relevant equity reserve. Current and deferred tax assets and liabilities are netted only when the entity has a legally enforceable right to offset the recognized amounts.
Substitute tax relates to the revaluation of assets according to Italian tax legislation and is recognized in income tax expense in the income statement. Other taxes, not related to income, are recognized in other operating costs in the income statement.
Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
IFRS 9 Adoption
IFRS 9 sets out the accounting of financial instruments with reference to the following areas: classification and measurement, impairment and hedge accounting.\u00a0
The main areas of intervention on the discipline operated by the standard are described below.
Classification and measurement of the financial assets and liabilities
The Group does not own at present any financial liability measured at fair value through profit and loss due to the adoption of the so-called fair value option.\u00a0
Concerning financial assets, the new standard provides that the classification of the assets depends on the characteristics of the financial flows linked to such assets and to the business model used by the Group for their management. The Group at present does not own nor managed during the financial year any financial asset, such as debt securities, with sale purpose nor in absolute terms, except for the financial instruments managed as part of the core business of the company Centro Finanziamenti S.p.A. and for the financial instruments acquired following the change in the consolidation area occurred in the period. In addition, the Group does not own participations as investments which could be included under IFRS 9 or derivatives, even embedded ones. Trade receivables are held to be cashed at the contractual maturities of the cash flows related to them in capital and interest, where applicable. The Group assessed the characteristics of the contractual cash flows of these instruments and concluded that they respect the criteria for the measurement at amortized cost according to IFRS 9. Therefore, it was not necessary to reclassify these financial instruments. We can reach the same conclusions for the items recorded as cash and cash equivalents.
Impairment
IFRS 9 requires the Group to record expected credit losses on all its debt securities, loans and trade receivables, either over a 12-month period or on a lifetime basis (e.g. lifetime expected loss). The Group opted for the simplified approach and therefore records the expected losses on every trade receivable based on their residual contractual duration. The standard allows the adoption of matrixes for the measurement of the provision, capable of incorporating forecast information and not limited to historical evidences, as a practical expedient. The Group however continues to analytically consider the specificity of the sector and of some clients in its assessments.\u00a0
Hedge accounting\u00a0
Given that IFRS 9 does not modify the general principle according to which an entity accounts for the effective hedging instruments, the main changes compared to the previous regulation IAS 39 are the following: (i) the hedge effectiveness test is only perspective and can also be based on qualitative aspects, replacing the previous 80-125% test and focusing on the economic relationship between hedge and hedged element; (ii) the possibility to designate as subject to hedging only a component of risk also for non-financial elements (provided that the risk component can be separately identifiable and reliably estimated); (iii) introduction of the cost of hedging concept; (iv) greater possibility to designate groups of elements as subject to hedging, including stratifications and some net positions. Without hedge accounting, the changes in the fair value of derivatives will continue to be recorded in the income statement.
Earnings per share\u00a0
(a) \u00a0\u00a0\u00a0\u00a0Basic
Basic earnings per share are calculated by dividing the net income attributable to the Group by the weighted average number of ordinary shares outstanding during the year, excluding own shares.
(b) \u00a0\u00a0\u00a0\u00a0Diluted
Diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares outstanding, excluding own shares, assuming the exercise of all potentially dilutive rights, whilst the Group's net income is adjusted to account for the effect of the conversion, net of taxes. The diluted earnings per share are not calculated in the event of losses, given that any such calculation would result in an improvement in the Group's results.
Accounting estimates and judgments
The preparation of the financial statements requires the application by the directors of principles and accounting methodologies that sometimes require the use of estimates and judgments based on historical experience and other assumptions that are believed to be reasonable under the circumstances. The application of these estimates and assumptions impacts on the amounts included in the statement of financial position, income statement, statement of cash flows and the notes to the financial statements. The resulting accounting estimates could differ from the related actual results because of the uncertainty influencing the assumptions.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below.
(a) \u00a0\u00a0\u00a0\u00a0Deferred taxes
Deferred tax assets/liabilities are recognized on the basis of expectations of future earnings. The estimate of future earnings for purposes of the recognition of deferred taxes depends on factors that could vary over time and significantly affect the amount of deferred tax assets/liabilities.
(b) \u00a0\u00a0\u00a0\u00a0Stock options
The valuation of stock option plans is based on valuation techniques that take into consideration the expected volatility of share prices and the dividend yield. Should different assumptions be applied, the valuation of the stock option plans and the related expenses could be different.
(c) \u00a0\u00a0\u00a0\u00a0Impairment test for the evaluation of goodwill and participations
The impairment test provides for the use of valuation methods based on estimations and assumptions which could be subject to significant changes with subsequent impacts on the results of the evaluations done.
(d) \u00a0\u00a0\u00a0\u00a0Fair value of net assets acquired in a business combination\u00a0
Pursuant to IFRS 3, the Group records the identifiable acquired assets and liabilities at fair value as of the date of acquisition of control. The residual amount is recorded as goodwill arising from the acquisition. These values are determined by estimating the identifiable assets and liabilities, based on reasonable and realistic assumptions using the information available at the date when control was acquired, which had an effect on the value of the recognized assets, liabilities and goodwill, as well as on the revenues and expenses for the period.\u00a0
New principles effective starting from the financial year ended December 31, 2023 not relevant to the Group
The following standards, amendments and interpretations, applicable from January 1st, 2023, are not relevant or they did not involve effects for the Group:
IFRS 17 Insurance Contracts;
Definition of Accounting Estimates\u00a0-\u00a0Amendments to IAS 8;
Disclosure of Accounting Policies\u00a0-\u00a0Amendments to IAS 1 and IFRS Practice Statement 2;
Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u00a0-\u00a0Amendments to IAS 12.
With reference to amendments to IAS 12, we specify that Group has applied the temporary exemption provided by the amendments to IAS 12, issued by IASB on May 23, 2023, regarding the recognition and related disclosure to be provided in the consolidated financial statements in relation to deferred tax assets and liabilities arising from the application of the minimum level of taxation (\"Global Minimum Tax\") provided by Directive (EU) 2022/2523 of 14 December 2022, under the so-called \"Pillar Two\".\u00a0
On 28 December 2023, Legislative Decree No. 209 of 27 December 2023 implementing the international tax reform which came into effect on December 29, 2023, containing the Italian provisions related to Pillar Two was published in the Official Gazette.\u00a0
In light of the above, a preliminary analysis was conducted in order to aimed at estimating the potential expected impacts deriving from the application of Pillar Two at a Group level in 2024.
The Group conducted an assessment of its potential exposure to income taxes (both current and deferred), which showed that the effective Pillar Two tax rates in the jurisdictions in which the Group operates exceed 15%. Based on available information, it is believed that there will be no significant exposure to Pillar Two income taxes in these jurisdictions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page38-body-tag6451750": { "value": "Accounting policies
The consolidated financial statements are prepared at cost, with the exception of items specifically described in the following notes, for which the measurement at fair value is adopted. The fair value is the price at which an asset could be exchanged, or a liability discharged, between knowledgeable, willing parties in an arm's length transaction.
IFRS 13 provides for a hierarchy of fair value which classifies on three levels the inputs for the assessment adopted to evaluate fair value. The hierarchy of fair value gives the highest priority to quoted prices (not adjusted) on active markets for the same assets and liabilities (data of Level 1) and the lowest priority to unobservable inputs (data of Level 3).\u00a0
Level 1 inputs are quoted prices (not adjusted) for the same assets and liabilities on active markets, which the entity may access as of the assessment date.
Level 2 inputs are inputs different from the quoted prices included in Level 1 which can be observed directly or indirectly for the asset or the liability.\u00a0
Level inputs 3 are unobservable inputs for the asset or the liability.
Receivables are derecognized if the right to receive the cash flows has been transferred or when the entity no longer controls such financial assets.
Payables are derecognized only when they are settled or the specific obligation is met or canceled or expired.
The principal accounting policies are set out below.
Intangible assets
Intangible assets are non-monetary assets that are distinctly identifiable and able to generate future economic benefits. These items are recognized at purchase cost and/or internal production cost, including all costs to bring the assets available for use, net of accumulated amortization and impairment, if any.\u00a0
The item includes the goodwill referred to business combinations.
Amortization commences when the asset is available for use and is systematically calculated on a straight-line basis over the estimated useful life of the asset.\u00a0
(a) \u00a0\u00a0\u00a0\u00a0Research and development costs
Research and development costs are recognized as an expense as incurred.\u00a0Costs incurred on development projects are recognized as intangible assets when:
development activity is clearly identified and its costs can be measured reliably;
technological feasibility is demonstrated;
the intention of completing the project and selling the intangible goods generated are demonstrated;
a prospective market exists or, in case of internal use, the benefits of the intangible asset for the production of intangible goods generated by the project is demonstrated;
the necessary technological and financial resources for the completion of the project are available.\u00a0
Amortization is usually calculated on a straight-line basis over 5 years, which represents the estimated useful life of the assets.
(b) \u00a0\u00a0\u00a0\u00a0Trademarks, licenses and other rights
Licenses and other rights are amortized on a straight-line basis in order to allocate their acquisition cost over the shorter of useful life and duration of the relevant contracts, starting from the moment of acquisition of the rights and usually lasting for a period of 3 to 5 years.
\u00a0For trademarks and customer equity values, amortization is calculated using the straight-line method and it is equal to a period of 10 years.
Property, plant and equipment\u00a0
Property, plant and equipment are stated at historical cost of acquisition or production less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition.\u00a0
All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be reliably measured. When assets are composed of different identifiable components whose useful life is significantly different, each component is depreciated separately applying the \"component approach\".\u00a0
Depreciation is charged to each asset on a systematic basis over the estimated useful life from the date of initial recognition.
Property, plant and equipment are depreciated with useful lives as follows:
Description of the main categories of the item \"Property, plan and equipment\" | \u00a0Period\u00a0 |
\u00a0 | \u00a0 |
Land | not depreciated |
Buildings | 30 years |
Generic equipment | 5 years |
Specific equipment | 2,5-7 years |
Leasehold improvements | shorter of contract duration and usedful life |
Hardware | 2-5 years |
Office equipment | 2-5 years |
Furniture and fittings | 8 years |
Auto vehicles | 4 years |
\u00a0 | \u00a0 |
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
Investments measured with the equity method
A joint venture is an arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
An associated entity is a company, which is neither a subsidiary nor a joint venture, on which the Issuer exercises a significant influence. Significant influence is presumed when the Issuer owns, directly or indirectly, more than 20% of the ordinary share capital of a company.
Joint ventures and investments in associated entities are measured for an amount equal to the corresponding fraction of equity in the last financial statements of the same entities, after the transfer of dividends and the application of adjustments in accordance with the disclosures for the preparation of the financial statements.\u00a0
Gains and losses arising from changes of the adjusted equity of associated companies are recorded in the income statement for the period in which they arise.
Leases
IFRS 16 sets out the principles for the recognition, measurement, presentation and the disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model similar to the accounting for finance leases under IAS 17. At the commencement date of a lease, a lessee recognizes a liability to make lease payments (i.e. the lease liability) and an asset representing the right to use the underlying asset during the lease (i.e. the right of use asset). Lessees separately recognize the interest expenses on the lease liability and the depreciation expense on the right of use asset.
Lessees will be also required to re-measure the lease liability on the occurrence of certain events (e.g. a change in the lease term, a change in the future lease payments resulting from a change in an index or rate used to establish those payments). The lessee will generally recognize the re-measurement amount of the lease liability as an adjustment to the right of use of the asset.
The standard includes two recognition exemptions for lessees:
leases of low value assets (a situation that could arise for the Group with reference to operating leases for office equipment such as photocopiers, currently recognized in the balance sheet under the item \"Other operating costs\");
short-term leasing contracts (e.g. leases with a lease term of 12 months or less).
Positions that are affected by the application of IFRS 16, with a significant effect for the Group are linked to:\u00a0
leasing contracts for the office site of the Group;\u00a0
cars under long-term rental contracts used by Group personnel.
Business combinations\u00a0
Business combinations are valued with the acquisition method.\u00a0
The cost of the acquisition is determined by the sum of the considerations transferred in a business combination, measured at the fair value at the acquisition date, the acquired liabilities and the equity instruments issued. The assets, the acquired liabilities and the potential liabilities in a business combination are initially measured at their fair value.
The minority interests in the acquired entity are measured at their fair value and at the\u00a0pro-quota\u00a0value of the net assets recognized for the acquired company.
The surplus between the considerations transferred, the amount of the minority interests and the fair value of the non-controlling participations held before the acquisition date, compared to the fair value of the controlling stake of the net assets acquired, is recorded as goodwill.
If the value of the net assets acquired at the acquisition date exceeds the sum of the considerations transferred, of the minority interests and of the fair value of any previously held participation in the acquired company, this surplus is recorded as income of the closed transaction in the income statement.
It is worth pointing out that the Group, based on shareholders' agreements related to the acquisition of Agenzia Italia S.p.A., considers applicable IAS 32 rather than IFRS 10, and recognized in the consolidated financial statement the financial liability related to the put/call option over the shares not yet purchased, without recognizing non-controlling interest. According to such approach, the business combination is accounted on the basis of the assumption that the Group could get economic benefits also on shares under the put/call option. No non-controlling interest was recognized also when we determined the goodwill arising from the acquisition.\u00a0
With reference to the acquisition of Lercari Group, the Group has applied the approach, provided for by IFRS 10, of the partial recognition of minority interests, on the basis of which, at the end of the financial year, the minority interests have been reclassified as financial liabilities, related to the put/call option on the residual stake of 49.9%.
According to provisions of IFRS 3, in step acquisitions (acquisitions achieved in stages) a business combination is achieved only after control has been obtained, and at this moment all the acquired entity's identifiable net assets should be measured at the fair value; minority interests should be measured based on their fair value or based on the proportionate share of the fair value of identifiable net assets of the acquired entity (a method already permitted under the previous version of IFRS 3).
In a step acquisition of an associate, the previously held investment, until then accounted according to IAS 39 (\"Financial instruments: recognition and measurement\"), or according to IAS 28 (\"Investments in Associates\") or according to IFRS 11 (\"Joint arrangements), shall be treated as if it had been sold and repurchased as of the date on which control is acquired. This participation should be measured at its \"sale\" date fair value and the resulting profit or loss of this measurement should be recorded in the income statement. In addition, any value previously recorded in the shareholder's equity, which should be charged in the income statement after the sale of the relevant assets, should be reclassified in the income statement. The goodwill or income (in case of badwill) deriving from the deal concluded with the subsequent acquisition should be determined as the sum of the compensation paid to acquire the control, the value of minority interests (measured according to one of the methods permitted by the standard), and the fair value of the previously held minority shareholdings, net of the fair value of the identifiable net assets of the acquired entity.\u00a0
In addition, according to IFRS 3 the costs related to the acquisition of business combinations are recognized as expenses in the period in which these costs are incurred. Finally, under IFRS 3 contingent consideration is recognized as a part of the transfer price of the acquired net assets and is measured at the acquisition date fair value. The fair value of these liabilities is restated as of the date of each financial report. Similarly, if the combination agreement includes the right to return some consideration components if specified conditions are met, that right is classified as an asset by the acquirer. Any subsequent changes in the fair value of the net assets acquired should be recognized as adjustments to the original accounting treatment only if they are determined by additional or better information about the fair value and occur within 12 months from the acquisition date; all other changes must be recorded in profit or loss.
Impairment
The Group verifies, at least annually, whether there are indicators of a potential loss in value of intangible and tangible assets. If the Group finds that such indications exist, it estimates the recoverable value of the relevant asset.
In addition, intangible assets with an indefinite useful life or that are not available for use and goodwill are subject to an impairment test each year, or more frequently if there is an indication that the asset may have been subject to a loss in value.
The ability to recover the assets is ascertained by comparing the reported value to the related recoverable value, which is represented by the greater of the fair value less disposal costs and the value in use.
In the absence of a binding sale agreement, the fair value is estimated on the basis of recent transaction values in an active market, or based on the best information available to determine the amount that could be obtained from selling the asset.
The value in use is determined by discounting expected cash flows resulting from the use of the asset, and if significant and reasonably determinable, the cash flows resulting from its sale at the end of its useful life.
Cash flows are determined on the basis of reasonable, documentable assumptions representing the best estimate of the future economic conditions that will occur during the remaining useful life of the asset, with greater weight given to outside information.
The discount rate applied takes into account the implicit risk of the business segment.
When it is not possible to determine the recoverable value of an individual asset, the Group estimates the recoverable value of the unit that incorporates the asset and generates cash flows (\"CGU\", shorthand of Cash Generating Unit).
A loss of value is reported if the recoverable value of an asset is lower than its carrying value.
This loss is booked to the income statement unless the asset was previously written up through a shareholders' equity reserve. In this case, the reduction in value is first allocated to the revaluation reserve.
If, in a future period, a loss on assets, other than goodwill, does not materialize or is reduced, the carrying value of the asset or CGU is increased up to the new estimate of recoverable value, and may not exceed the value that would have been determined if no loss from a reduction in value had been reported.
The recovery of a loss of value is posted to the income statement, unless the asset was previously reported at its revalued amount. In this case, the recovery in value is first allocated to the revaluation reserve.
The value in use of an asset that does not generate independent cash flows is determined in relation to the CGU to which this asset belongs. Impairment is recognized in the income statement whenever the carrying amount of the asset and of the related CGU exceeds its recoverable value. Whenever the circumstances causing the impairment cease to exist, the book value of the asset, except the goodwill, is restored with the recognition in the income statement, up to the net value that the asset would have had if it were not impaired and regularly depreciated.
Goodwill is not amortized,\u00a0but is subject annually, or more frequently if specific events or changes in circumstances indicate that the asset might be impaired, to tests in order to identify possible impairments. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses.
The impairment of goodwill recorded as of the date of the financial report is shown in the income statement under depreciation of intangible assets.
Cash and cash equivalents
Cash and cash equivalents include cash, bank deposits and highly liquid short-term investments (readily convertible to cash within three months). Overdrafts are included in short-term borrowings and are measured at fair value.
Financial assets at fair value through OCI
Upon initial recognition, the Group can elect to irrevocably classify its equity investments as equity instruments designated at fair value through other comprehensive income (\"OCI\") when they meet the definition of equity under IAS 32 \"Financial Instruments: Presentation\" and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized in the profit and loss statement when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.
Financial assets at fair value through profit and loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Financial assets at fair value through profit and loss are classified in the financial statements at fair value and the fair value changes are recorded in profit and loss.\u00a0
Trade receivables
Trade receivables are valued initially at fair value and subsequently at amortized cost using the effective interest rate basis.\u00a0
Any losses arising as a result of impairment reviews are recognized in the income statement. In particular, IFRS 9 requires the Group to record expected credit losses on all its debt securities, loans and trade receivables, either over a 12-month period or on a lifetime basis (e.g. lifetime expected loss). The Group opted for the simplified approach and therefore records the expected losses on all trade receivable based on their residual contractual duration. The Group however continues to analytically consider the specificity of the sector and of some clients in its assessments.
In the presence of impairment indicators, the values of the assets are reduced to the present value of expected future cash flows and the differences are recognized in the income statement, with a provision for bad debts as counterbalance, offsetting trade receivables. If in subsequent periods the reasons for such impairments are no longer valid, the values of the assets are reinstated up to the amortized cost as if the impairment had never occurred.
Own shares
Own shares are booked as a reduction of shareholders' equity. Being the shares without nominal value, the purchase cost is deducted from the share capital for an amount implicitly corresponding to the nominal value and from the distributable reserves for an amount equal to the remaining part of the purchase cost.\u00a0
Trade payables and financial liabilities
Financial liabilities, trade payables and other debts are initially recognized at fair value, net of transaction costs incurred, and are subsequently stated at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. Amortization is determined based on the effective interest rate which equates, at the initial moment, the present value of cash flows connected with the liability and its initial recorded amount (amortized cost method).
Whenever expected future cash flows change, and these could be reliably estimated, the value of the liability is recalculated on the basis of the new cash flows and the initial effective interest rate.
Provisions for risks and charges
Provisions are recognized when; (i) the existence of a current obligation, legal or implicit, arising from a past event, is probable; (ii) it is probable that the fulfillment of the obligation will be onerous; (iii) the amount of the obligation can be reliably estimated. Provisions are recognized based on the best estimate of the expenditure required to settle the present obligation or to transfer it to a third party at the balance sheet date. When the financial effect of the timing of the obligation is significant and the dates of the payments can be reliably estimated, the provision is discounted back. Provisions are measured at the present value of the payments expected to be required to settle the obligation using a rate that reflects current market assessments of the time value of money and the risks specific to the obligation.
Defined benefit program liability
Employee termination benefits (\"Trattamento Fine Rapporto\", or \"TFR\"), which are compulsory for Italian companies in accordance with the civil code, are considered by IFRS as a defined benefit program, based, among other things, on the period of employment and the remuneration of the employee during a predefined period.\u00a0
The TFR liability is determined by independent actuaries using the Projected Unit Credit Method to account for the time value of money. According to \"revised\" IAS 19 the adjustments deriving from the changes in actuarial assumptions are recorded in equity, by means of the recognition in the comprehensive income statements.\u00a0
The implicit interest cost for the adjustment of the present value of the TFR liability over time is recognized in the financial expenses in the income statement.
The legislative changes that become effective in 2007 had no material impact on the evaluation method adopted by the Group because the percentage of employees adhering to the funds at the relevant date was low and besides the greater part of employees of the companies of the Group is employed in companies that did not exceeded the limits, provided by the new law and calculated on the average number of employees in 2006, over which a company is obliged to contribute the accrued fund to the National Institute for Social Security (\"INPS\") when employees choose to keep their TFR in the company.
The Group also introduced a long-term incentive plan in favor of certain employees, linked to certain economic indicators achieved by the Group in the medium term. In accordance with IAS 19, the cost of this plan is recognized on a straight-line basis over the duration of the plan, in the income statement under personnel costs, together with interest and remeasurements of the related liability.
Share based payments
The Group has a stock option plan for the benefit of directors, employees and other personnel. As per IFRS 2 (\"Share based payments\"), stock option plans are valued at the fair value of the option at grant date, using methods that take into account the exercise price and vesting period of the option, the current stock price, the expected volatility and dividend payout of the shares, and the risk-free interest rate determined on the day of the option grant.\u00a0
As of the grant date, the expense related to the stock option plan is recognized on a straight-line basis in personnel costs in the income statement over the vesting period of the option, and in a reserve in shareholders' equity.
Revenue recognition
Revenues and other income are recognized net of discounts, allowances and bonuses and of the provision for possible repayments of commissions upon early repayment or insolvency of brokered loans.
IFRS 15 provides for the recognition of revenues for an amount which reflects the compensation at which the entity believes to be entitled in the economic transaction with the customer for the transfer of products and services.
Revenues are recognized in the income statement when it is probable that future economic benefits will flow to the Group.
The methods of revenue recognition for the main activities of the Group are as follows:\u00a0
(a) \u00a0\u00a0\u00a0\u00a0\u00a0Credit, insurance, telecommunications and energy broking services, and e-commerce price comparison
Revenues from credit, insurance, telecommunications and energy broking services are recognized upon the actual disbursement of loans by lenders, the actual underwriting of contracts by insurance companies or the subscription of the contract for telecommunications or energy. The Group is entitled to receive its commission for the service provided only when the operation is closed with the disbursement of a loan, the activation/renewal of an insurance policy or a utility contract.
Those revenues include fees whose recognition is based on information coming from consumers and not yet confirmed by the client companies as of the end of the financial year.
Revenues from e-commerce price comparison activities are recorded at the time of click (in the case of pay per click) or at the time of product purchase (in the case of pay per sale).
(b) \u00a0\u00a0\u00a0\u00a0\u00a0BPO services
Revenues from BPO services are recognized based on the type of services provided and contractual conditions agreed with clients. In particular, we can identify the following categories of services provided:
provision of services whose revenues accrue upon the completion of each phase of processing, regardless of the effective outcome of the process;\u00a0
provision of services whose revenues accrue upon the completion of the processing and is subject to the effective closing of a transaction, such as a loan disbursement. In such case, the measurement of the revenue, in accordance with IFRS 15, depends on the stages effectively accomplished, on their contractual value, and the probabilities of success of the applications;\u00a0
promotion and placement of financial products, whose revenues are represented by success fees based on the amount of the operations finalized;
agreements which provide for document collection activities concerning Investment Services BPO. The standard provides for the evaluation of revenues based on their stand-alone selling price: when the unit value of any job is decreasing during the years of the contract effectiveness, without any justification deriving from economies of learning and at the same value of the service provided. Considering the ongoing agreement with the client, and the analysis performed on the basis of the available data, the Group believes it is not appropriate to proceed with a linearization of the unit value of revenues associated to each job;\u00a0
agreements, regarding the provision of administrative credit collection services on behalf of insurance companies. In such case, we take into consideration, for the determination of the total compensation of the contract, both the possible implicit financial impact in transactions where the timing of payments agreed by the parties gives the customer a financial benefit, and the probability of cashing these receivables, on which the fees due to the company are established.
Government grants
Government grants are recognized when it is reasonably certain that the Group will respect the related conditions and they will be received.
Cost recognition
Costs are recognized as the assets and services are consumed during the relevant period or when they are sustained, when it is not possible to determine future economic benefits.
Financial income and expenses
Interest income and expenses are recognized in the accrual period on the net value of the relevant financial assets and liabilities using the effective interest rate method.
Financial expenses are recognized on an accrual basis and recorded in the income statement in the accrual period.
Taxation
Current income taxes are accounted on the basis of estimated taxable income and the relevant applicable tax rates.
Deferred income taxes are determined based on temporary differences arising between the tax bases of assets and liabilities (excluding goodwill) and their carrying amounts, and differences arising from undistributed reserves registered in the shareholders' equity of the subsidiaries when the timing of reversal of these differences is under the Group's control and they will probably reverse within a reliably foreseeable period. Deferred income tax assets, including those on tax loss carryforwards, and not offset by deferred tax liabilities, are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income taxes are calculated using tax rates (and laws) that are expected to apply when the related deferred income tax assets are realized or the deferred income tax liabilities are settled.\u00a0
Current and deferred income taxes are recognized in the income statement with the exception of the items that are recognized directly in shareholders' equity in which case the tax effect is accounted for in the relevant equity reserve. Current and deferred tax assets and liabilities are netted only when the entity has a legally enforceable right to offset the recognized amounts.
Substitute tax relates to the revaluation of assets according to Italian tax legislation and is recognized in income tax expense in the income statement. Other taxes, not related to income, are recognized in other operating costs in the income statement.
Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
IFRS 9 Adoption
IFRS 9 sets out the accounting of financial instruments with reference to the following areas: classification and measurement, impairment and hedge accounting.\u00a0
The main areas of intervention on the discipline operated by the standard are described below.
Classification and measurement of the financial assets and liabilities
The Group does not own at present any financial liability measured at fair value through profit and loss due to the adoption of the so-called fair value option.\u00a0
Concerning financial assets, the new standard provides that the classification of the assets depends on the characteristics of the financial flows linked to such assets and to the business model used by the Group for their management. The Group at present does not own nor managed during the financial year any financial asset, such as debt securities, with sale purpose nor in absolute terms, except for the financial instruments managed as part of the core business of the company Centro Finanziamenti S.p.A. and for the financial instruments acquired following the change in the consolidation area occurred in the period. In addition, the Group does not own participations as investments which could be included under IFRS 9 or derivatives, even embedded ones. Trade receivables are held to be cashed at the contractual maturities of the cash flows related to them in capital and interest, where applicable. The Group assessed the characteristics of the contractual cash flows of these instruments and concluded that they respect the criteria for the measurement at amortized cost according to IFRS 9. Therefore, it was not necessary to reclassify these financial instruments. We can reach the same conclusions for the items recorded as cash and cash equivalents.
Impairment
IFRS 9 requires the Group to record expected credit losses on all its debt securities, loans and trade receivables, either over a 12-month period or on a lifetime basis (e.g. lifetime expected loss). The Group opted for the simplified approach and therefore records the expected losses on every trade receivable based on their residual contractual duration. The standard allows the adoption of matrixes for the measurement of the provision, capable of incorporating forecast information and not limited to historical evidences, as a practical expedient. The Group however continues to analytically consider the specificity of the sector and of some clients in its assessments.\u00a0
Hedge accounting\u00a0
Given that IFRS 9 does not modify the general principle according to which an entity accounts for the effective hedging instruments, the main changes compared to the previous regulation IAS 39 are the following: (i) the hedge effectiveness test is only perspective and can also be based on qualitative aspects, replacing the previous 80-125% test and focusing on the economic relationship between hedge and hedged element; (ii) the possibility to designate as subject to hedging only a component of risk also for non-financial elements (provided that the risk component can be separately identifiable and reliably estimated); (iii) introduction of the cost of hedging concept; (iv) greater possibility to designate groups of elements as subject to hedging, including stratifications and some net positions. Without hedge accounting, the changes in the fair value of derivatives will continue to be recorded in the income statement.
Earnings per share\u00a0
(a) \u00a0\u00a0\u00a0\u00a0Basic
Basic earnings per share are calculated by dividing the net income attributable to the Group by the weighted average number of ordinary shares outstanding during the year, excluding own shares.
(b) \u00a0\u00a0\u00a0\u00a0Diluted
Diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares outstanding, excluding own shares, assuming the exercise of all potentially dilutive rights, whilst the Group's net income is adjusted to account for the effect of the conversion, net of taxes. The diluted earnings per share are not calculated in the event of losses, given that any such calculation would result in an improvement in the Group's results.
Accounting estimates and judgments
The preparation of the financial statements requires the application by the directors of principles and accounting methodologies that sometimes require the use of estimates and judgments based on historical experience and other assumptions that are believed to be reasonable under the circumstances. The application of these estimates and assumptions impacts on the amounts included in the statement of financial position, income statement, statement of cash flows and the notes to the financial statements. The resulting accounting estimates could differ from the related actual results because of the uncertainty influencing the assumptions.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below.
(a) \u00a0\u00a0\u00a0\u00a0Deferred taxes
Deferred tax assets/liabilities are recognized on the basis of expectations of future earnings. The estimate of future earnings for purposes of the recognition of deferred taxes depends on factors that could vary over time and significantly affect the amount of deferred tax assets/liabilities.
(b) \u00a0\u00a0\u00a0\u00a0Stock options
The valuation of stock option plans is based on valuation techniques that take into consideration the expected volatility of share prices and the dividend yield. Should different assumptions be applied, the valuation of the stock option plans and the related expenses could be different.
(c) \u00a0\u00a0\u00a0\u00a0Impairment test for the evaluation of goodwill and participations
The impairment test provides for the use of valuation methods based on estimations and assumptions which could be subject to significant changes with subsequent impacts on the results of the evaluations done.
(d) \u00a0\u00a0\u00a0\u00a0Fair value of net assets acquired in a business combination\u00a0
Pursuant to IFRS 3, the Group records the identifiable acquired assets and liabilities at fair value as of the date of acquisition of control. The residual amount is recorded as goodwill arising from the acquisition. These values are determined by estimating the identifiable assets and liabilities, based on reasonable and realistic assumptions using the information available at the date when control was acquired, which had an effect on the value of the recognized assets, liabilities and goodwill, as well as on the revenues and expenses for the period.\u00a0
New principles effective starting from the financial year ended December 31, 2023 not relevant to the Group
The following standards, amendments and interpretations, applicable from January 1st, 2023, are not relevant or they did not involve effects for the Group:
IFRS 17 Insurance Contracts;
Definition of Accounting Estimates\u00a0-\u00a0Amendments to IAS 8;
Disclosure of Accounting Policies\u00a0-\u00a0Amendments to IAS 1 and IFRS Practice Statement 2;
Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u00a0-\u00a0Amendments to IAS 12.
With reference to amendments to IAS 12, we specify that Group has applied the temporary exemption provided by the amendments to IAS 12, issued by IASB on May 23, 2023, regarding the recognition and related disclosure to be provided in the consolidated financial statements in relation to deferred tax assets and liabilities arising from the application of the minimum level of taxation (\"Global Minimum Tax\") provided by Directive (EU) 2022/2523 of 14 December 2022, under the so-called \"Pillar Two\".\u00a0
On 28 December 2023, Legislative Decree No. 209 of 27 December 2023 implementing the international tax reform which came into effect on December 29, 2023, containing the Italian provisions related to Pillar Two was published in the Official Gazette.\u00a0
In light of the above, a preliminary analysis was conducted in order to aimed at estimating the potential expected impacts deriving from the application of Pillar Two at a Group level in 2024.
The Group conducted an assessment of its potential exposure to income taxes (both current and deferred), which showed that the effective Pillar Two tax rates in the jurisdictions in which the Group operates exceed 15%. Based on available information, it is believed that there will be no significant exposure to Pillar Two income taxes in these jurisdictions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page38-body-tag6449592": { "value": "Intangible assets
Intangible assets are non-monetary assets that are distinctly identifiable and able to generate future economic benefits. These items are recognized at purchase cost and/or internal production cost, including all costs to bring the assets available for use, net of accumulated amortization and impairment, if any.\u00a0
The item includes the goodwill referred to business combinations.
Amortization commences when the asset is available for use and is systematically calculated on a straight-line basis over the estimated useful life of the asset.\u00a0
(a) \u00a0\u00a0\u00a0\u00a0Research and development costs
Research and development costs are recognized as an expense as incurred.\u00a0Costs incurred on development projects are recognized as intangible assets when:
development activity is clearly identified and its costs can be measured reliably;
technological feasibility is demonstrated;
the intention of completing the project and selling the intangible goods generated are demonstrated;
a prospective market exists or, in case of internal use, the benefits of the intangible asset for the production of intangible goods generated by the project is demonstrated;
the necessary technological and financial resources for the completion of the project are available.\u00a0
Amortization is usually calculated on a straight-line basis over 5 years, which represents the estimated useful life of the assets.
(b) \u00a0\u00a0\u00a0\u00a0Trademarks, licenses and other rights
Licenses and other rights are amortized on a straight-line basis in order to allocate their acquisition cost over the shorter of useful life and duration of the relevant contracts, starting from the moment of acquisition of the rights and usually lasting for a period of 3 to 5 years.
\u00a0For trademarks and customer equity values, amortization is calculated using the straight-line method and it is equal to a period of 10 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page38-body-tag6449593": { "value": "Intangible assets
Intangible assets are non-monetary assets that are distinctly identifiable and able to generate future economic benefits. These items are recognized at purchase cost and/or internal production cost, including all costs to bring the assets available for use, net of accumulated amortization and impairment, if any.\u00a0
Amortization commences when the asset is available for use and is systematically calculated on a straight-line basis over the estimated useful life of the asset.\u00a0
(a) \u00a0\u00a0\u00a0\u00a0Research and development costs
Research and development costs are recognized as an expense as incurred.\u00a0Costs incurred on development projects are recognized as intangible assets when:
development activity is clearly identified and its costs can be measured reliably;
technological feasibility is demonstrated;
the intention of completing the project and selling the intangible goods generated are demonstrated;
a prospective market exists or, in case of internal use, the benefits of the intangible asset for the production of intangible goods generated by the project is demonstrated;
the necessary technological and financial resources for the completion of the project are available.\u00a0
Amortization is usually calculated on a straight-line basis over 5 years, which represents the estimated useful life of the assets.
(b) \u00a0\u00a0\u00a0\u00a0Trademarks, licenses and other rights
Licenses and other rights are amortized on a straight-line basis in order to allocate their acquisition cost over the shorter of useful life and duration of the relevant contracts, starting from the moment of acquisition of the rights and usually lasting for a period of 3 to 5 years.
\u00a0For trademarks and customer equity values, amortization is calculated using the straight-line method and it is equal to a period of 10 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page38-body-tag6449594": { "value": "(a) \u00a0\u00a0\u00a0\u00a0Research and development costs
Research and development costs are recognized as an expense as incurred.\u00a0Costs incurred on development projects are recognized as intangible assets when:
development activity is clearly identified and its costs can be measured reliably;
technological feasibility is demonstrated;
the intention of completing the project and selling the intangible goods generated are demonstrated;
a prospective market exists or, in case of internal use, the benefits of the intangible asset for the production of intangible goods generated by the project is demonstrated;
the necessary technological and financial resources for the completion of the project are available.\u00a0
Amortization is usually calculated on a straight-line basis over 5 years, which represents the estimated useful life of the assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page38-body-tag6449595": { "value": "Property, plant and equipment\u00a0
Property, plant and equipment are stated at historical cost of acquisition or production less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition.\u00a0
All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be reliably measured. When assets are composed of different identifiable components whose useful life is significantly different, each component is depreciated separately applying the \"component approach\".\u00a0
Depreciation is charged to each asset on a systematic basis over the estimated useful life from the date of initial recognition.
Property, plant and equipment are depreciated with useful lives as follows:
Description of the main categories of the item \"Property, plan and equipment\" | \u00a0Period\u00a0 |
\u00a0 | \u00a0 |
Land | not depreciated |
Buildings | 30 years |
Generic equipment | 5 years |
Specific equipment | 2,5-7 years |
Leasehold improvements | shorter of contract duration and usedful life |
Hardware | 2-5 years |
Office equipment | 2-5 years |
Furniture and fittings | 8 years |
Auto vehicles | 4 years |
\u00a0 | \u00a0 |
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page39-body-tag6450467": { "value": "Investments measured with the equity method
A joint venture is an arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
An associated entity is a company, which is neither a subsidiary nor a joint venture, on which the Issuer exercises a significant influence. Significant influence is presumed when the Issuer owns, directly or indirectly, more than 20% of the ordinary share capital of a company.
Joint ventures and investments in associated entities are measured for an amount equal to the corresponding fraction of equity in the last financial statements of the same entities, after the transfer of dividends and the application of adjustments in accordance with the disclosures for the preparation of the financial statements.\u00a0
Gains and losses arising from changes of the adjusted equity of associated companies are recorded in the income statement for the period in which they arise.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page39-body-tag6450466": { "value": "Investments measured with the equity method
A joint venture is an arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
An associated entity is a company, which is neither a subsidiary nor a joint venture, on which the Issuer exercises a significant influence. Significant influence is presumed when the Issuer owns, directly or indirectly, more than 20% of the ordinary share capital of a company.
Joint ventures and investments in associated entities are measured for an amount equal to the corresponding fraction of equity in the last financial statements of the same entities, after the transfer of dividends and the application of adjustments in accordance with the disclosures for the preparation of the financial statements.\u00a0
Gains and losses arising from changes of the adjusted equity of associated companies are recorded in the income statement for the period in which they arise.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page39-body-tag6450465": { "value": "Investments measured with the equity method
A joint venture is an arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
An associated entity is a company, which is neither a subsidiary nor a joint venture, on which the Issuer exercises a significant influence. Significant influence is presumed when the Issuer owns, directly or indirectly, more than 20% of the ordinary share capital of a company.
Joint ventures and investments in associated entities are measured for an amount equal to the corresponding fraction of equity in the last financial statements of the same entities, after the transfer of dividends and the application of adjustments in accordance with the disclosures for the preparation of the financial statements.\u00a0
Gains and losses arising from changes of the adjusted equity of associated companies are recorded in the income statement for the period in which they arise.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page39-body-tag6449598": { "value": "IFRS 16 sets out the principles for the recognition, measurement, presentation and the disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model similar to the accounting for finance leases under IAS 17. At the commencement date of a lease, a lessee recognizes a liability to make lease payments (i.e. the lease liability) and an asset representing the right to use the underlying asset during the lease (i.e. the right of use asset). Lessees separately recognize the interest expenses on the lease liability and the depreciation expense on the right of use asset.
Lessees will be also required to re-measure the lease liability on the occurrence of certain events (e.g. a change in the lease term, a change in the future lease payments resulting from a change in an index or rate used to establish those payments). The lessee will generally recognize the re-measurement amount of the lease liability as an adjustment to the right of use of the asset.
The standard includes two recognition exemptions for lessees:
leases of low value assets (a situation that could arise for the Group with reference to operating leases for office equipment such as photocopiers, currently recognized in the balance sheet under the item \"Other operating costs\");
short-term leasing contracts (e.g. leases with a lease term of 12 months or less).
Positions that are affected by the application of IFRS 16, with a significant effect for the Group are linked to:\u00a0
leasing contracts for the office site of the Group;\u00a0
cars under long-term rental contracts used by Group personnel.
Business combinations\u00a0
Business combinations are valued with the acquisition method.\u00a0
The cost of the acquisition is determined by the sum of the considerations transferred in a business combination, measured at the fair value at the acquisition date, the acquired liabilities and the equity instruments issued. The assets, the acquired liabilities and the potential liabilities in a business combination are initially measured at their fair value.
The minority interests in the acquired entity are measured at their fair value and at the\u00a0pro-quota\u00a0value of the net assets recognized for the acquired company.
The surplus between the considerations transferred, the amount of the minority interests and the fair value of the non-controlling participations held before the acquisition date, compared to the fair value of the controlling stake of the net assets acquired, is recorded as goodwill.
If the value of the net assets acquired at the acquisition date exceeds the sum of the considerations transferred, of the minority interests and of the fair value of any previously held participation in the acquired company, this surplus is recorded as income of the closed transaction in the income statement.
It is worth pointing out that the Group, based on shareholders' agreements related to the acquisition of Agenzia Italia S.p.A., considers applicable IAS 32 rather than IFRS 10, and recognized in the consolidated financial statement the financial liability related to the put/call option over the shares not yet purchased, without recognizing non-controlling interest. According to such approach, the business combination is accounted on the basis of the assumption that the Group could get economic benefits also on shares under the put/call option. No non-controlling interest was recognized also when we determined the goodwill arising from the acquisition.\u00a0
With reference to the acquisition of Lercari Group, the Group has applied the approach, provided for by IFRS 10, of the partial recognition of minority interests, on the basis of which, at the end of the financial year, the minority interests have been reclassified as financial liabilities, related to the put/call option on the residual stake of 49.9%.
According to provisions of IFRS 3, in step acquisitions (acquisitions achieved in stages) a business combination is achieved only after control has been obtained, and at this moment all the acquired entity's identifiable net assets should be measured at the fair value; minority interests should be measured based on their fair value or based on the proportionate share of the fair value of identifiable net assets of the acquired entity (a method already permitted under the previous version of IFRS 3).
In a step acquisition of an associate, the previously held investment, until then accounted according to IAS 39 (\"Financial instruments: recognition and measurement\"), or according to IAS 28 (\"Investments in Associates\") or according to IFRS 11 (\"Joint arrangements), shall be treated as if it had been sold and repurchased as of the date on which control is acquired. This participation should be measured at its \"sale\" date fair value and the resulting profit or loss of this measurement should be recorded in the income statement. In addition, any value previously recorded in the shareholder's equity, which should be charged in the income statement after the sale of the relevant assets, should be reclassified in the income statement. The goodwill or income (in case of badwill) deriving from the deal concluded with the subsequent acquisition should be determined as the sum of the compensation paid to acquire the control, the value of minority interests (measured according to one of the methods permitted by the standard), and the fair value of the previously held minority shareholdings, net of the fair value of the identifiable net assets of the acquired entity.\u00a0
In addition, according to IFRS 3 the costs related to the acquisition of business combinations are recognized as expenses in the period in which these costs are incurred. Finally, under IFRS 3 contingent consideration is recognized as a part of the transfer price of the acquired net assets and is measured at the acquisition date fair value. The fair value of these liabilities is restated as of the date of each financial report. Similarly, if the combination agreement includes the right to return some consideration components if specified conditions are met, that right is classified as an asset by the acquirer. Any subsequent changes in the fair value of the net assets acquired should be recognized as adjustments to the original accounting treatment only if they are determined by additional or better information about the fair value and occur within 12 months from the acquisition date; all other changes must be recorded in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page39-body-tag6449602": { "value": "Business combinations\u00a0
Business combinations are valued with the acquisition method.\u00a0
The cost of the acquisition is determined by the sum of the considerations transferred in a business combination, measured at the fair value at the acquisition date, the acquired liabilities and the equity instruments issued. The assets, the acquired liabilities and the potential liabilities in a business combination are initially measured at their fair value.
The minority interests in the acquired entity are measured at their fair value and at the\u00a0pro-quota\u00a0value of the net assets recognized for the acquired company.
The surplus between the considerations transferred, the amount of the minority interests and the fair value of the non-controlling participations held before the acquisition date, compared to the fair value of the controlling stake of the net assets acquired, is recorded as goodwill.
If the value of the net assets acquired at the acquisition date exceeds the sum of the considerations transferred, of the minority interests and of the fair value of any previously held participation in the acquired company, this surplus is recorded as income of the closed transaction in the income statement.
It is worth pointing out that the Group, based on shareholders' agreements related to the acquisition of Agenzia Italia S.p.A., considers applicable IAS 32 rather than IFRS 10, and recognized in the consolidated financial statement the financial liability related to the put/call option over the shares not yet purchased, without recognizing non-controlling interest. According to such approach, the business combination is accounted on the basis of the assumption that the Group could get economic benefits also on shares under the put/call option. No non-controlling interest was recognized also when we determined the goodwill arising from the acquisition.\u00a0
With reference to the acquisition of Lercari Group, the Group has applied the approach, provided for by IFRS 10, of the partial recognition of minority interests, on the basis of which, at the end of the financial year, the minority interests have been reclassified as financial liabilities, related to the put/call option on the residual stake of 49.9%.
According to provisions of IFRS 3, in step acquisitions (acquisitions achieved in stages) a business combination is achieved only after control has been obtained, and at this moment all the acquired entity's identifiable net assets should be measured at the fair value; minority interests should be measured based on their fair value or based on the proportionate share of the fair value of identifiable net assets of the acquired entity (a method already permitted under the previous version of IFRS 3).
In a step acquisition of an associate, the previously held investment, until then accounted according to IAS 39 (\"Financial instruments: recognition and measurement\"), or according to IAS 28 (\"Investments in Associates\") or according to IFRS 11 (\"Joint arrangements), shall be treated as if it had been sold and repurchased as of the date on which control is acquired. This participation should be measured at its \"sale\" date fair value and the resulting profit or loss of this measurement should be recorded in the income statement. In addition, any value previously recorded in the shareholder's equity, which should be charged in the income statement after the sale of the relevant assets, should be reclassified in the income statement. The goodwill or income (in case of badwill) deriving from the deal concluded with the subsequent acquisition should be determined as the sum of the compensation paid to acquire the control, the value of minority interests (measured according to one of the methods permitted by the standard), and the fair value of the previously held minority shareholdings, net of the fair value of the identifiable net assets of the acquired entity.\u00a0
In addition, according to IFRS 3 the costs related to the acquisition of business combinations are recognized as expenses in the period in which these costs are incurred. Finally, under IFRS 3 contingent consideration is recognized as a part of the transfer price of the acquired net assets and is measured at the acquisition date fair value. The fair value of these liabilities is restated as of the date of each financial report. Similarly, if the combination agreement includes the right to return some consideration components if specified conditions are met, that right is classified as an asset by the acquirer. Any subsequent changes in the fair value of the net assets acquired should be recognized as adjustments to the original accounting treatment only if they are determined by additional or better information about the fair value and occur within 12 months from the acquisition date; all other changes must be recorded in profit or loss.
Impairment
The Group verifies, at least annually, whether there are indicators of a potential loss in value of intangible and tangible assets. If the Group finds that such indications exist, it estimates the recoverable value of the relevant asset.
In addition, intangible assets with an indefinite useful life or that are not available for use and goodwill are subject to an impairment test each year, or more frequently if there is an indication that the asset may have been subject to a loss in value.
The ability to recover the assets is ascertained by comparing the reported value to the related recoverable value, which is represented by the greater of the fair value less disposal costs and the value in use.
In the absence of a binding sale agreement, the fair value is estimated on the basis of recent transaction values in an active market, or based on the best information available to determine the amount that could be obtained from selling the asset.
The value in use is determined by discounting expected cash flows resulting from the use of the asset, and if significant and reasonably determinable, the cash flows resulting from its sale at the end of its useful life.
Cash flows are determined on the basis of reasonable, documentable assumptions representing the best estimate of the future economic conditions that will occur during the remaining useful life of the asset, with greater weight given to outside information.
The discount rate applied takes into account the implicit risk of the business segment.
When it is not possible to determine the recoverable value of an individual asset, the Group estimates the recoverable value of the unit that incorporates the asset and generates cash flows (\"CGU\", shorthand of Cash Generating Unit).
A loss of value is reported if the recoverable value of an asset is lower than its carrying value.
This loss is booked to the income statement unless the asset was previously written up through a shareholders' equity reserve. In this case, the reduction in value is first allocated to the revaluation reserve.
If, in a future period, a loss on assets, other than goodwill, does not materialize or is reduced, the carrying value of the asset or CGU is increased up to the new estimate of recoverable value, and may not exceed the value that would have been determined if no loss from a reduction in value had been reported.
The recovery of a loss of value is posted to the income statement, unless the asset was previously reported at its revalued amount. In this case, the recovery in value is first allocated to the revaluation reserve.
The value in use of an asset that does not generate independent cash flows is determined in relation to the CGU to which this asset belongs. Impairment is recognized in the income statement whenever the carrying amount of the asset and of the related CGU exceeds its recoverable value. Whenever the circumstances causing the impairment cease to exist, the book value of the asset, except the goodwill, is restored with the recognition in the income statement, up to the net value that the asset would have had if it were not impaired and regularly depreciated.
Goodwill is not amortized,\u00a0but is subject annually, or more frequently if specific events or changes in circumstances indicate that the asset might be impaired, to tests in order to identify possible impairments. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses.
The impairment of goodwill recorded as of the date of the financial report is shown in the income statement under depreciation of intangible assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page39-body-tag6449600": { "value": "Business combinations\u00a0
Business combinations are valued with the acquisition method.\u00a0
The cost of the acquisition is determined by the sum of the considerations transferred in a business combination, measured at the fair value at the acquisition date, the acquired liabilities and the equity instruments issued. The assets, the acquired liabilities and the potential liabilities in a business combination are initially measured at their fair value.
The minority interests in the acquired entity are measured at their fair value and at the\u00a0pro-quota\u00a0value of the net assets recognized for the acquired company.
The surplus between the considerations transferred, the amount of the minority interests and the fair value of the non-controlling participations held before the acquisition date, compared to the fair value of the controlling stake of the net assets acquired, is recorded as goodwill.
If the value of the net assets acquired at the acquisition date exceeds the sum of the considerations transferred, of the minority interests and of the fair value of any previously held participation in the acquired company, this surplus is recorded as income of the closed transaction in the income statement.
It is worth pointing out that the Group, based on shareholders' agreements related to the acquisition of Agenzia Italia S.p.A., considers applicable IAS 32 rather than IFRS 10, and recognized in the consolidated financial statement the financial liability related to the put/call option over the shares not yet purchased, without recognizing non-controlling interest. According to such approach, the business combination is accounted on the basis of the assumption that the Group could get economic benefits also on shares under the put/call option. No non-controlling interest was recognized also when we determined the goodwill arising from the acquisition.\u00a0
With reference to the acquisition of Lercari Group, the Group has applied the approach, provided for by IFRS 10, of the partial recognition of minority interests, on the basis of which, at the end of the financial year, the minority interests have been reclassified as financial liabilities, related to the put/call option on the residual stake of 49.9%.
According to provisions of IFRS 3, in step acquisitions (acquisitions achieved in stages) a business combination is achieved only after control has been obtained, and at this moment all the acquired entity's identifiable net assets should be measured at the fair value; minority interests should be measured based on their fair value or based on the proportionate share of the fair value of identifiable net assets of the acquired entity (a method already permitted under the previous version of IFRS 3).
In a step acquisition of an associate, the previously held investment, until then accounted according to IAS 39 (\"Financial instruments: recognition and measurement\"), or according to IAS 28 (\"Investments in Associates\") or according to IFRS 11 (\"Joint arrangements), shall be treated as if it had been sold and repurchased as of the date on which control is acquired. This participation should be measured at its \"sale\" date fair value and the resulting profit or loss of this measurement should be recorded in the income statement. In addition, any value previously recorded in the shareholder's equity, which should be charged in the income statement after the sale of the relevant assets, should be reclassified in the income statement. The goodwill or income (in case of badwill) deriving from the deal concluded with the subsequent acquisition should be determined as the sum of the compensation paid to acquire the control, the value of minority interests (measured according to one of the methods permitted by the standard), and the fair value of the previously held minority shareholdings, net of the fair value of the identifiable net assets of the acquired entity.\u00a0
In addition, according to IFRS 3 the costs related to the acquisition of business combinations are recognized as expenses in the period in which these costs are incurred. Finally, under IFRS 3 contingent consideration is recognized as a part of the transfer price of the acquired net assets and is measured at the acquisition date fair value. The fair value of these liabilities is restated as of the date of each financial report. Similarly, if the combination agreement includes the right to return some consideration components if specified conditions are met, that right is classified as an asset by the acquirer. Any subsequent changes in the fair value of the net assets acquired should be recognized as adjustments to the original accounting treatment only if they are determined by additional or better information about the fair value and occur within 12 months from the acquisition date; all other changes must be recorded in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page39-body-tag6449599": { "value": "Business combinations\u00a0
Business combinations are valued with the acquisition method.\u00a0
The cost of the acquisition is determined by the sum of the considerations transferred in a business combination, measured at the fair value at the acquisition date, the acquired liabilities and the equity instruments issued. The assets, the acquired liabilities and the potential liabilities in a business combination are initially measured at their fair value.
The minority interests in the acquired entity are measured at their fair value and at the\u00a0pro-quota\u00a0value of the net assets recognized for the acquired company.
The surplus between the considerations transferred, the amount of the minority interests and the fair value of the non-controlling participations held before the acquisition date, compared to the fair value of the controlling stake of the net assets acquired, is recorded as goodwill.
If the value of the net assets acquired at the acquisition date exceeds the sum of the considerations transferred, of the minority interests and of the fair value of any previously held participation in the acquired company, this surplus is recorded as income of the closed transaction in the income statement.
It is worth pointing out that the Group, based on shareholders' agreements related to the acquisition of Agenzia Italia S.p.A., considers applicable IAS 32 rather than IFRS 10, and recognized in the consolidated financial statement the financial liability related to the put/call option over the shares not yet purchased, without recognizing non-controlling interest. According to such approach, the business combination is accounted on the basis of the assumption that the Group could get economic benefits also on shares under the put/call option. No non-controlling interest was recognized also when we determined the goodwill arising from the acquisition.\u00a0
With reference to the acquisition of Lercari Group, the Group has applied the approach, provided for by IFRS 10, of the partial recognition of minority interests, on the basis of which, at the end of the financial year, the minority interests have been reclassified as financial liabilities, related to the put/call option on the residual stake of 49.9%.
According to provisions of IFRS 3, in step acquisitions (acquisitions achieved in stages) a business combination is achieved only after control has been obtained, and at this moment all the acquired entity's identifiable net assets should be measured at the fair value; minority interests should be measured based on their fair value or based on the proportionate share of the fair value of identifiable net assets of the acquired entity (a method already permitted under the previous version of IFRS 3).
In a step acquisition of an associate, the previously held investment, until then accounted according to IAS 39 (\"Financial instruments: recognition and measurement\"), or according to IAS 28 (\"Investments in Associates\") or according to IFRS 11 (\"Joint arrangements), shall be treated as if it had been sold and repurchased as of the date on which control is acquired. This participation should be measured at its \"sale\" date fair value and the resulting profit or loss of this measurement should be recorded in the income statement. In addition, any value previously recorded in the shareholder's equity, which should be charged in the income statement after the sale of the relevant assets, should be reclassified in the income statement. The goodwill or income (in case of badwill) deriving from the deal concluded with the subsequent acquisition should be determined as the sum of the compensation paid to acquire the control, the value of minority interests (measured according to one of the methods permitted by the standard), and the fair value of the previously held minority shareholdings, net of the fair value of the identifiable net assets of the acquired entity.\u00a0
In addition, according to IFRS 3 the costs related to the acquisition of business combinations are recognized as expenses in the period in which these costs are incurred. Finally, under IFRS 3 contingent consideration is recognized as a part of the transfer price of the acquired net assets and is measured at the acquisition date fair value. The fair value of these liabilities is restated as of the date of each financial report. Similarly, if the combination agreement includes the right to return some consideration components if specified conditions are met, that right is classified as an asset by the acquirer. Any subsequent changes in the fair value of the net assets acquired should be recognized as adjustments to the original accounting treatment only if they are determined by additional or better information about the fair value and occur within 12 months from the acquisition date; all other changes must be recorded in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page40-body-tag6449603": { "value": "Impairment
The Group verifies, at least annually, whether there are indicators of a potential loss in value of intangible and tangible assets. If the Group finds that such indications exist, it estimates the recoverable value of the relevant asset.
In addition, intangible assets with an indefinite useful life or that are not available for use and goodwill are subject to an impairment test each year, or more frequently if there is an indication that the asset may have been subject to a loss in value.
The ability to recover the assets is ascertained by comparing the reported value to the related recoverable value, which is represented by the greater of the fair value less disposal costs and the value in use.
In the absence of a binding sale agreement, the fair value is estimated on the basis of recent transaction values in an active market, or based on the best information available to determine the amount that could be obtained from selling the asset.
The value in use is determined by discounting expected cash flows resulting from the use of the asset, and if significant and reasonably determinable, the cash flows resulting from its sale at the end of its useful life.
Cash flows are determined on the basis of reasonable, documentable assumptions representing the best estimate of the future economic conditions that will occur during the remaining useful life of the asset, with greater weight given to outside information.
The discount rate applied takes into account the implicit risk of the business segment.
When it is not possible to determine the recoverable value of an individual asset, the Group estimates the recoverable value of the unit that incorporates the asset and generates cash flows (\"CGU\", shorthand of Cash Generating Unit).
A loss of value is reported if the recoverable value of an asset is lower than its carrying value.
This loss is booked to the income statement unless the asset was previously written up through a shareholders' equity reserve. In this case, the reduction in value is first allocated to the revaluation reserve.
If, in a future period, a loss on assets, other than goodwill, does not materialize or is reduced, the carrying value of the asset or CGU is increased up to the new estimate of recoverable value, and may not exceed the value that would have been determined if no loss from a reduction in value had been reported.
The recovery of a loss of value is posted to the income statement, unless the asset was previously reported at its revalued amount. In this case, the recovery in value is first allocated to the revaluation reserve.
The value in use of an asset that does not generate independent cash flows is determined in relation to the CGU to which this asset belongs. Impairment is recognized in the income statement whenever the carrying amount of the asset and of the related CGU exceeds its recoverable value. Whenever the circumstances causing the impairment cease to exist, the book value of the asset, except the goodwill, is restored with the recognition in the income statement, up to the net value that the asset would have had if it were not impaired and regularly depreciated.
Goodwill is not amortized,\u00a0but is subject annually, or more frequently if specific events or changes in circumstances indicate that the asset might be impaired, to tests in order to identify possible impairments. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses.
The impairment of goodwill recorded as of the date of the financial report is shown in the income statement under depreciation of intangible assets.
Impairment
IFRS 9 requires the Group to record expected credit losses on all its debt securities, loans and trade receivables, either over a 12-month period or on a lifetime basis (e.g. lifetime expected loss). The Group opted for the simplified approach and therefore records the expected losses on every trade receivable based on their residual contractual duration. The standard allows the adoption of matrixes for the measurement of the provision, capable of incorporating forecast information and not limited to historical evidences, as a practical expedient. The Group however continues to analytically consider the specificity of the sector and of some clients in its assessments.\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page40-body-tag6451692": { "value": "Cash and cash equivalents
Cash and cash equivalents include cash, bank deposits and highly liquid short-term investments (readily convertible to cash within three months). Overdrafts are included in short-term borrowings and are measured at fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page40-body-tag6449604": { "value": "Cash and cash equivalents
Cash and cash equivalents include cash, bank deposits and highly liquid short-term investments (readily convertible to cash within three months). Overdrafts are included in short-term borrowings and are measured at fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page40-body-tag6449605": { "value": "Financial assets at fair value through OCI
Upon initial recognition, the Group can elect to irrevocably classify its equity investments as equity instruments designated at fair value through other comprehensive income (\"OCI\") when they meet the definition of equity under IAS 32 \"Financial Instruments: Presentation\" and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized in the profit and loss statement when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.
Financial assets at fair value through profit and loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Financial assets at fair value through profit and loss are classified in the financial statements at fair value and the fair value changes are recorded in profit and loss.\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page40-body-tag6451693": { "value": "Financial assets at fair value through profit and loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Financial assets at fair value through profit and loss are classified in the financial statements at fair value and the fair value changes are recorded in profit and loss.\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page40-body-tag6449608": { "value": "Trade receivables
Trade receivables are valued initially at fair value and subsequently at amortized cost using the effective interest rate basis.\u00a0
Any losses arising as a result of impairment reviews are recognized in the income statement. In particular, IFRS 9 requires the Group to record expected credit losses on all its debt securities, loans and trade receivables, either over a 12-month period or on a lifetime basis (e.g. lifetime expected loss). The Group opted for the simplified approach and therefore records the expected losses on all trade receivable based on their residual contractual duration. The Group however continues to analytically consider the specificity of the sector and of some clients in its assessments.
In the presence of impairment indicators, the values of the assets are reduced to the present value of expected future cash flows and the differences are recognized in the income statement, with a provision for bad debts as counterbalance, offsetting trade receivables. If in subsequent periods the reasons for such impairments are no longer valid, the values of the assets are reinstated up to the amortized cost as if the impairment had never occurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page40-body-tag6449607": { "value": "Trade receivables
Trade receivables are valued initially at fair value and subsequently at amortized cost using the effective interest rate basis.\u00a0
Any losses arising as a result of impairment reviews are recognized in the income statement. In particular, IFRS 9 requires the Group to record expected credit losses on all its debt securities, loans and trade receivables, either over a 12-month period or on a lifetime basis (e.g. lifetime expected loss). The Group opted for the simplified approach and therefore records the expected losses on all trade receivable based on their residual contractual duration. The Group however continues to analytically consider the specificity of the sector and of some clients in its assessments.
In the presence of impairment indicators, the values of the assets are reduced to the present value of expected future cash flows and the differences are recognized in the income statement, with a provision for bad debts as counterbalance, offsetting trade receivables. If in subsequent periods the reasons for such impairments are no longer valid, the values of the assets are reinstated up to the amortized cost as if the impairment had never occurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page40-body-tag6449609": { "value": "Any losses arising as a result of impairment reviews are recognized in the income statement. In particular, IFRS 9 requires the Group to record expected credit losses on all its debt securities, loans and trade receivables, either over a 12-month period or on a lifetime basis (e.g. lifetime expected loss). The Group opted for the simplified approach and therefore records the expected losses on all trade receivable based on their residual contractual duration. The Group however continues to analytically consider the specificity of the sector and of some clients in its assessments.
In the presence of impairment indicators, the values of the assets are reduced to the present value of expected future cash flows and the differences are recognized in the income statement, with a provision for bad debts as counterbalance, offsetting trade receivables. If in subsequent periods the reasons for such impairments are no longer valid, the values of the assets are reinstated up to the amortized cost as if the impairment had never occurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page40-body-tag6449610": { "value": "Own shares
Own shares are booked as a reduction of shareholders' equity. Being the shares without nominal value, the purchase cost is deducted from the share capital for an amount implicitly corresponding to the nominal value and from the distributable reserves for an amount equal to the remaining part of the purchase cost.\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page40-body-tag6449612": { "value": "Trade payables and financial liabilities
Financial liabilities, trade payables and other debts are initially recognized at fair value, net of transaction costs incurred, and are subsequently stated at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. Amortization is determined based on the effective interest rate which equates, at the initial moment, the present value of cash flows connected with the liability and its initial recorded amount (amortized cost method).
Whenever expected future cash flows change, and these could be reliably estimated, the value of the liability is recalculated on the basis of the new cash flows and the initial effective interest rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page40-body-tag6449611": { "value": "Trade payables and financial liabilities
Financial liabilities, trade payables and other debts are initially recognized at fair value, net of transaction costs incurred, and are subsequently stated at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. Amortization is determined based on the effective interest rate which equates, at the initial moment, the present value of cash flows connected with the liability and its initial recorded amount (amortized cost method).
Whenever expected future cash flows change, and these could be reliably estimated, the value of the liability is recalculated on the basis of the new cash flows and the initial effective interest rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page41-body-tag6449615": { "value": "Provisions for risks and charges
Provisions are recognized when; (i) the existence of a current obligation, legal or implicit, arising from a past event, is probable; (ii) it is probable that the fulfillment of the obligation will be onerous; (iii) the amount of the obligation can be reliably estimated. Provisions are recognized based on the best estimate of the expenditure required to settle the present obligation or to transfer it to a third party at the balance sheet date. When the financial effect of the timing of the obligation is significant and the dates of the payments can be reliably estimated, the provision is discounted back. Provisions are measured at the present value of the payments expected to be required to settle the obligation using a rate that reflects current market assessments of the time value of money and the risks specific to the obligation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page41-body-tag6449618": { "value": "Defined benefit program liability
Employee termination benefits (\"Trattamento Fine Rapporto\", or \"TFR\"), which are compulsory for Italian companies in accordance with the civil code, are considered by IFRS as a defined benefit program, based, among other things, on the period of employment and the remuneration of the employee during a predefined period.\u00a0
The TFR liability is determined by independent actuaries using the Projected Unit Credit Method to account for the time value of money. According to \"revised\" IAS 19 the adjustments deriving from the changes in actuarial assumptions are recorded in equity, by means of the recognition in the comprehensive income statements.\u00a0
The implicit interest cost for the adjustment of the present value of the TFR liability over time is recognized in the financial expenses in the income statement.
The legislative changes that become effective in 2007 had no material impact on the evaluation method adopted by the Group because the percentage of employees adhering to the funds at the relevant date was low and besides the greater part of employees of the companies of the Group is employed in companies that did not exceeded the limits, provided by the new law and calculated on the average number of employees in 2006, over which a company is obliged to contribute the accrued fund to the National Institute for Social Security (\"INPS\") when employees choose to keep their TFR in the company.
The Group also introduced a long-term incentive plan in favor of certain employees, linked to certain economic indicators achieved by the Group in the medium term. In accordance with IAS 19, the cost of this plan is recognized on a straight-line basis over the duration of the plan, in the income statement under personnel costs, together with interest and remeasurements of the related liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page41-body-tag6449617": { "value": "Defined benefit program liability
Employee termination benefits (\"Trattamento Fine Rapporto\", or \"TFR\"), which are compulsory for Italian companies in accordance with the civil code, are considered by IFRS as a defined benefit program, based, among other things, on the period of employment and the remuneration of the employee during a predefined period.\u00a0
The TFR liability is determined by independent actuaries using the Projected Unit Credit Method to account for the time value of money. According to \"revised\" IAS 19 the adjustments deriving from the changes in actuarial assumptions are recorded in equity, by means of the recognition in the comprehensive income statements.\u00a0
The implicit interest cost for the adjustment of the present value of the TFR liability over time is recognized in the financial expenses in the income statement.
The legislative changes that become effective in 2007 had no material impact on the evaluation method adopted by the Group because the percentage of employees adhering to the funds at the relevant date was low and besides the greater part of employees of the companies of the Group is employed in companies that did not exceeded the limits, provided by the new law and calculated on the average number of employees in 2006, over which a company is obliged to contribute the accrued fund to the National Institute for Social Security (\"INPS\") when employees choose to keep their TFR in the company.
The Group also introduced a long-term incentive plan in favor of certain employees, linked to certain economic indicators achieved by the Group in the medium term. In accordance with IAS 19, the cost of this plan is recognized on a straight-line basis over the duration of the plan, in the income statement under personnel costs, together with interest and remeasurements of the related liability.
(b) \u00a0\u00a0\u00a0\u00a0Stock options
The valuation of stock option plans is based on valuation techniques that take into consideration the expected volatility of share prices and the dividend yield. Should different assumptions be applied, the valuation of the stock option plans and the related expenses could be different.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page41-body-tag6449616": { "value": "Share based payments
The Group has a stock option plan for the benefit of directors, employees and other personnel. As per IFRS 2 (\"Share based payments\"), stock option plans are valued at the fair value of the option at grant date, using methods that take into account the exercise price and vesting period of the option, the current stock price, the expected volatility and dividend payout of the shares, and the risk-free interest rate determined on the day of the option grant.\u00a0
As of the grant date, the expense related to the stock option plan is recognized on a straight-line basis in personnel costs in the income statement over the vesting period of the option, and in a reserve in shareholders' equity.
(b) \u00a0\u00a0\u00a0\u00a0Stock options
The valuation of stock option plans is based on valuation techniques that take into consideration the expected volatility of share prices and the dividend yield. Should different assumptions be applied, the valuation of the stock option plans and the related expenses could be different.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page41-body-tag6449620": { "value": "Revenue recognition
Revenues and other income are recognized net of discounts, allowances and bonuses and of the provision for possible repayments of commissions upon early repayment or insolvency of brokered loans.
IFRS 15 provides for the recognition of revenues for an amount which reflects the compensation at which the entity believes to be entitled in the economic transaction with the customer for the transfer of products and services.
Revenues are recognized in the income statement when it is probable that future economic benefits will flow to the Group.
The methods of revenue recognition for the main activities of the Group are as follows:\u00a0
(a) \u00a0\u00a0\u00a0\u00a0\u00a0Credit, insurance, telecommunications and energy broking services, and e-commerce price comparison
Revenues from credit, insurance, telecommunications and energy broking services are recognized upon the actual disbursement of loans by lenders, the actual underwriting of contracts by insurance companies or the subscription of the contract for telecommunications or energy. The Group is entitled to receive its commission for the service provided only when the operation is closed with the disbursement of a loan, the activation/renewal of an insurance policy or a utility contract.
Those revenues include fees whose recognition is based on information coming from consumers and not yet confirmed by the client companies as of the end of the financial year.
Revenues from e-commerce price comparison activities are recorded at the time of click (in the case of pay per click) or at the time of product purchase (in the case of pay per sale).
(b) \u00a0\u00a0\u00a0\u00a0\u00a0BPO services
Revenues from BPO services are recognized based on the type of services provided and contractual conditions agreed with clients. In particular, we can identify the following categories of services provided:
provision of services whose revenues accrue upon the completion of each phase of processing, regardless of the effective outcome of the process;\u00a0
provision of services whose revenues accrue upon the completion of the processing and is subject to the effective closing of a transaction, such as a loan disbursement. In such case, the measurement of the revenue, in accordance with IFRS 15, depends on the stages effectively accomplished, on their contractual value, and the probabilities of success of the applications;\u00a0
promotion and placement of financial products, whose revenues are represented by success fees based on the amount of the operations finalized;
agreements which provide for document collection activities concerning Investment Services BPO. The standard provides for the evaluation of revenues based on their stand-alone selling price: when the unit value of any job is decreasing during the years of the contract effectiveness, without any justification deriving from economies of learning and at the same value of the service provided. Considering the ongoing agreement with the client, and the analysis performed on the basis of the available data, the Group believes it is not appropriate to proceed with a linearization of the unit value of revenues associated to each job;\u00a0
agreements, regarding the provision of administrative credit collection services on behalf of insurance companies. In such case, we take into consideration, for the determination of the total compensation of the contract, both the possible implicit financial impact in transactions where the timing of payments agreed by the parties gives the customer a financial benefit, and the probability of cashing these receivables, on which the fees due to the company are established.
Revenue recognition
Revenues and other income are recognized net of discounts, allowances and bonuses and of the provision for possible repayments of commissions upon early repayment or insolvency of brokered loans.
IFRS 15 provides for the recognition of revenues for an amount which reflects the compensation at which the entity believes to be entitled in the economic transaction with the customer for the transfer of products and services.
Revenues are recognized in the income statement when it is probable that future economic benefits will flow to the Group.
The methods of revenue recognition for the main activities of the Group are as follows:\u00a0
(a) \u00a0\u00a0\u00a0\u00a0\u00a0Credit, insurance, telecommunications and energy broking services, and e-commerce price comparison
Revenues from credit, insurance, telecommunications and energy broking services are recognized upon the actual disbursement of loans by lenders, the actual underwriting of contracts by insurance companies or the subscription of the contract for telecommunications or energy. The Group is entitled to receive its commission for the service provided only when the operation is closed with the disbursement of a loan, the activation/renewal of an insurance policy or a utility contract.
Those revenues include fees whose recognition is based on information coming from consumers and not yet confirmed by the client companies as of the end of the financial year.
Revenues from e-commerce price comparison activities are recorded at the time of click (in the case of pay per click) or at the time of product purchase (in the case of pay per sale).
(b) \u00a0\u00a0\u00a0\u00a0\u00a0BPO services
Revenues from BPO services are recognized based on the type of services provided and contractual conditions agreed with clients. In particular, we can identify the following categories of services provided:
provision of services whose revenues accrue upon the completion of each phase of processing, regardless of the effective outcome of the process;\u00a0
provision of services whose revenues accrue upon the completion of the processing and is subject to the effective closing of a transaction, such as a loan disbursement. In such case, the measurement of the revenue, in accordance with IFRS 15, depends on the stages effectively accomplished, on their contractual value, and the probabilities of success of the applications;\u00a0
promotion and placement of financial products, whose revenues are represented by success fees based on the amount of the operations finalized;
agreements which provide for document collection activities concerning Investment Services BPO. The standard provides for the evaluation of revenues based on their stand-alone selling price: when the unit value of any job is decreasing during the years of the contract effectiveness, without any justification deriving from economies of learning and at the same value of the service provided. Considering the ongoing agreement with the client, and the analysis performed on the basis of the available data, the Group believes it is not appropriate to proceed with a linearization of the unit value of revenues associated to each job;\u00a0
agreements, regarding the provision of administrative credit collection services on behalf of insurance companies. In such case, we take into consideration, for the determination of the total compensation of the contract, both the possible implicit financial impact in transactions where the timing of payments agreed by the parties gives the customer a financial benefit, and the probability of cashing these receivables, on which the fees due to the company are established.
Government grants
Government grants are recognized when it is reasonably certain that the Group will respect the related conditions and they will be received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page42-body-tag6451695": { "value": "Cost recognition
Costs are recognized as the assets and services are consumed during the relevant period or when they are sustained, when it is not possible to determine future economic benefits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page42-body-tag6451698": { "value": "Financial income and expenses
Interest income and expenses are recognized in the accrual period on the net value of the relevant financial assets and liabilities using the effective interest rate method.
Financial expenses are recognized on an accrual basis and recorded in the income statement in the accrual period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page42-body-tag6451697": { "value": "Financial income and expenses
Interest income and expenses are recognized in the accrual period on the net value of the relevant financial assets and liabilities using the effective interest rate method.
Financial expenses are recognized on an accrual basis and recorded in the income statement in the accrual period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page42-body-tag6451696": { "value": "Financial income and expenses
Interest income and expenses are recognized in the accrual period on the net value of the relevant financial assets and liabilities using the effective interest rate method.
Financial expenses are recognized on an accrual basis and recorded in the income statement in the accrual period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page42-body-tag6451699": { "value": "Taxation
Current income taxes are accounted on the basis of estimated taxable income and the relevant applicable tax rates.
Deferred income taxes are determined based on temporary differences arising between the tax bases of assets and liabilities (excluding goodwill) and their carrying amounts, and differences arising from undistributed reserves registered in the shareholders' equity of the subsidiaries when the timing of reversal of these differences is under the Group's control and they will probably reverse within a reliably foreseeable period. Deferred income tax assets, including those on tax loss carryforwards, and not offset by deferred tax liabilities, are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income taxes are calculated using tax rates (and laws) that are expected to apply when the related deferred income tax assets are realized or the deferred income tax liabilities are settled.\u00a0
Current and deferred income taxes are recognized in the income statement with the exception of the items that are recognized directly in shareholders' equity in which case the tax effect is accounted for in the relevant equity reserve. Current and deferred tax assets and liabilities are netted only when the entity has a legally enforceable right to offset the recognized amounts.
Substitute tax relates to the revaluation of assets according to Italian tax legislation and is recognized in income tax expense in the income statement. Other taxes, not related to income, are recognized in other operating costs in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page42-body-tag6451700": { "value": "Deferred income taxes are determined based on temporary differences arising between the tax bases of assets and liabilities (excluding goodwill) and their carrying amounts, and differences arising from undistributed reserves registered in the shareholders' equity of the subsidiaries when the timing of reversal of these differences is under the Group's control and they will probably reverse within a reliably foreseeable period. Deferred income tax assets, including those on tax loss carryforwards, and not offset by deferred tax liabilities, are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income taxes are calculated using tax rates (and laws) that are expected to apply when the related deferred income tax assets are realized or the deferred income tax liabilities are settled.\u00a0
Current and deferred income taxes are recognized in the income statement with the exception of the items that are recognized directly in shareholders' equity in which case the tax effect is accounted for in the relevant equity reserve. Current and deferred tax assets and liabilities are netted only when the entity has a legally enforceable right to offset the recognized amounts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page42-body-tag6451704": { "value": "Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
IFRS 9 Adoption
IFRS 9 sets out the accounting of financial instruments with reference to the following areas: classification and measurement, impairment and hedge accounting.\u00a0
The main areas of intervention on the discipline operated by the standard are described below.
Classification and measurement of the financial assets and liabilities
The Group does not own at present any financial liability measured at fair value through profit and loss due to the adoption of the so-called fair value option.\u00a0
Concerning financial assets, the new standard provides that the classification of the assets depends on the characteristics of the financial flows linked to such assets and to the business model used by the Group for their management. The Group at present does not own nor managed during the financial year any financial asset, such as debt securities, with sale purpose nor in absolute terms, except for the financial instruments managed as part of the core business of the company Centro Finanziamenti S.p.A. and for the financial instruments acquired following the change in the consolidation area occurred in the period. In addition, the Group does not own participations as investments which could be included under IFRS 9 or derivatives, even embedded ones. Trade receivables are held to be cashed at the contractual maturities of the cash flows related to them in capital and interest, where applicable. The Group assessed the characteristics of the contractual cash flows of these instruments and concluded that they respect the criteria for the measurement at amortized cost according to IFRS 9. Therefore, it was not necessary to reclassify these financial instruments. We can reach the same conclusions for the items recorded as cash and cash equivalents.
Impairment
IFRS 9 requires the Group to record expected credit losses on all its debt securities, loans and trade receivables, either over a 12-month period or on a lifetime basis (e.g. lifetime expected loss). The Group opted for the simplified approach and therefore records the expected losses on every trade receivable based on their residual contractual duration. The standard allows the adoption of matrixes for the measurement of the provision, capable of incorporating forecast information and not limited to historical evidences, as a practical expedient. The Group however continues to analytically consider the specificity of the sector and of some clients in its assessments.\u00a0
Hedge accounting\u00a0
Given that IFRS 9 does not modify the general principle according to which an entity accounts for the effective hedging instruments, the main changes compared to the previous regulation IAS 39 are the following: (i) the hedge effectiveness test is only perspective and can also be based on qualitative aspects, replacing the previous 80-125% test and focusing on the economic relationship between hedge and hedged element; (ii) the possibility to designate as subject to hedging only a component of risk also for non-financial elements (provided that the risk component can be separately identifiable and reliably estimated); (iii) introduction of the cost of hedging concept; (iv) greater possibility to designate groups of elements as subject to hedging, including stratifications and some net positions. Without hedge accounting, the changes in the fair value of derivatives will continue to be recorded in the income statement.
Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
IFRS 9 Adoption
IFRS 9 sets out the accounting of financial instruments with reference to the following areas: classification and measurement, impairment and hedge accounting.\u00a0
The main areas of intervention on the discipline operated by the standard are described below.
Classification and measurement of the financial assets and liabilities
The Group does not own at present any financial liability measured at fair value through profit and loss due to the adoption of the so-called fair value option.\u00a0
Concerning financial assets, the new standard provides that the classification of the assets depends on the characteristics of the financial flows linked to such assets and to the business model used by the Group for their management. The Group at present does not own nor managed during the financial year any financial asset, such as debt securities, with sale purpose nor in absolute terms, except for the financial instruments managed as part of the core business of the company Centro Finanziamenti S.p.A. and for the financial instruments acquired following the change in the consolidation area occurred in the period. In addition, the Group does not own participations as investments which could be included under IFRS 9 or derivatives, even embedded ones. Trade receivables are held to be cashed at the contractual maturities of the cash flows related to them in capital and interest, where applicable. The Group assessed the characteristics of the contractual cash flows of these instruments and concluded that they respect the criteria for the measurement at amortized cost according to IFRS 9. Therefore, it was not necessary to reclassify these financial instruments. We can reach the same conclusions for the items recorded as cash and cash equivalents.
Impairment
IFRS 9 requires the Group to record expected credit losses on all its debt securities, loans and trade receivables, either over a 12-month period or on a lifetime basis (e.g. lifetime expected loss). The Group opted for the simplified approach and therefore records the expected losses on every trade receivable based on their residual contractual duration. The standard allows the adoption of matrixes for the measurement of the provision, capable of incorporating forecast information and not limited to historical evidences, as a practical expedient. The Group however continues to analytically consider the specificity of the sector and of some clients in its assessments.\u00a0
Hedge accounting\u00a0
Given that IFRS 9 does not modify the general principle according to which an entity accounts for the effective hedging instruments, the main changes compared to the previous regulation IAS 39 are the following: (i) the hedge effectiveness test is only perspective and can also be based on qualitative aspects, replacing the previous 80-125% test and focusing on the economic relationship between hedge and hedged element; (ii) the possibility to designate as subject to hedging only a component of risk also for non-financial elements (provided that the risk component can be separately identifiable and reliably estimated); (iii) introduction of the cost of hedging concept; (iv) greater possibility to designate groups of elements as subject to hedging, including stratifications and some net positions. Without hedge accounting, the changes in the fair value of derivatives will continue to be recorded in the income statement.
Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
IFRS 9 Adoption
IFRS 9 sets out the accounting of financial instruments with reference to the following areas: classification and measurement, impairment and hedge accounting.\u00a0
The main areas of intervention on the discipline operated by the standard are described below.
Classification and measurement of the financial assets and liabilities
The Group does not own at present any financial liability measured at fair value through profit and loss due to the adoption of the so-called fair value option.\u00a0
Concerning financial assets, the new standard provides that the classification of the assets depends on the characteristics of the financial flows linked to such assets and to the business model used by the Group for their management. The Group at present does not own nor managed during the financial year any financial asset, such as debt securities, with sale purpose nor in absolute terms, except for the financial instruments managed as part of the core business of the company Centro Finanziamenti S.p.A. and for the financial instruments acquired following the change in the consolidation area occurred in the period. In addition, the Group does not own participations as investments which could be included under IFRS 9 or derivatives, even embedded ones. Trade receivables are held to be cashed at the contractual maturities of the cash flows related to them in capital and interest, where applicable. The Group assessed the characteristics of the contractual cash flows of these instruments and concluded that they respect the criteria for the measurement at amortized cost according to IFRS 9. Therefore, it was not necessary to reclassify these financial instruments. We can reach the same conclusions for the items recorded as cash and cash equivalents.
Impairment
IFRS 9 requires the Group to record expected credit losses on all its debt securities, loans and trade receivables, either over a 12-month period or on a lifetime basis (e.g. lifetime expected loss). The Group opted for the simplified approach and therefore records the expected losses on every trade receivable based on their residual contractual duration. The standard allows the adoption of matrixes for the measurement of the provision, capable of incorporating forecast information and not limited to historical evidences, as a practical expedient. The Group however continues to analytically consider the specificity of the sector and of some clients in its assessments.\u00a0
Hedge accounting\u00a0
Given that IFRS 9 does not modify the general principle according to which an entity accounts for the effective hedging instruments, the main changes compared to the previous regulation IAS 39 are the following: (i) the hedge effectiveness test is only perspective and can also be based on qualitative aspects, replacing the previous 80-125% test and focusing on the economic relationship between hedge and hedged element; (ii) the possibility to designate as subject to hedging only a component of risk also for non-financial elements (provided that the risk component can be separately identifiable and reliably estimated); (iii) introduction of the cost of hedging concept; (iv) greater possibility to designate groups of elements as subject to hedging, including stratifications and some net positions. Without hedge accounting, the changes in the fair value of derivatives will continue to be recorded in the income statement.
Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
IFRS 9 Adoption
IFRS 9 sets out the accounting of financial instruments with reference to the following areas: classification and measurement, impairment and hedge accounting.\u00a0
The main areas of intervention on the discipline operated by the standard are described below.
Classification and measurement of the financial assets and liabilities
The Group does not own at present any financial liability measured at fair value through profit and loss due to the adoption of the so-called fair value option.\u00a0
Concerning financial assets, the new standard provides that the classification of the assets depends on the characteristics of the financial flows linked to such assets and to the business model used by the Group for their management. The Group at present does not own nor managed during the financial year any financial asset, such as debt securities, with sale purpose nor in absolute terms, except for the financial instruments managed as part of the core business of the company Centro Finanziamenti S.p.A. and for the financial instruments acquired following the change in the consolidation area occurred in the period. In addition, the Group does not own participations as investments which could be included under IFRS 9 or derivatives, even embedded ones. Trade receivables are held to be cashed at the contractual maturities of the cash flows related to them in capital and interest, where applicable. The Group assessed the characteristics of the contractual cash flows of these instruments and concluded that they respect the criteria for the measurement at amortized cost according to IFRS 9. Therefore, it was not necessary to reclassify these financial instruments. We can reach the same conclusions for the items recorded as cash and cash equivalents.
Impairment
IFRS 9 requires the Group to record expected credit losses on all its debt securities, loans and trade receivables, either over a 12-month period or on a lifetime basis (e.g. lifetime expected loss). The Group opted for the simplified approach and therefore records the expected losses on every trade receivable based on their residual contractual duration. The standard allows the adoption of matrixes for the measurement of the provision, capable of incorporating forecast information and not limited to historical evidences, as a practical expedient. The Group however continues to analytically consider the specificity of the sector and of some clients in its assessments.\u00a0
Hedge accounting\u00a0
Given that IFRS 9 does not modify the general principle according to which an entity accounts for the effective hedging instruments, the main changes compared to the previous regulation IAS 39 are the following: (i) the hedge effectiveness test is only perspective and can also be based on qualitative aspects, replacing the previous 80-125% test and focusing on the economic relationship between hedge and hedged element; (ii) the possibility to designate as subject to hedging only a component of risk also for non-financial elements (provided that the risk component can be separately identifiable and reliably estimated); (iii) introduction of the cost of hedging concept; (iv) greater possibility to designate groups of elements as subject to hedging, including stratifications and some net positions. Without hedge accounting, the changes in the fair value of derivatives will continue to be recorded in the income statement.
Impairment
IFRS 9 requires the Group to record expected credit losses on all its debt securities, loans and trade receivables, either over a 12-month period or on a lifetime basis (e.g. lifetime expected loss). The Group opted for the simplified approach and therefore records the expected losses on every trade receivable based on their residual contractual duration. The standard allows the adoption of matrixes for the measurement of the provision, capable of incorporating forecast information and not limited to historical evidences, as a practical expedient. The Group however continues to analytically consider the specificity of the sector and of some clients in its assessments.\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page42-body-tag6451708": { "value": "Hedge accounting\u00a0
Given that IFRS 9 does not modify the general principle according to which an entity accounts for the effective hedging instruments, the main changes compared to the previous regulation IAS 39 are the following: (i) the hedge effectiveness test is only perspective and can also be based on qualitative aspects, replacing the previous 80-125% test and focusing on the economic relationship between hedge and hedged element; (ii) the possibility to designate as subject to hedging only a component of risk also for non-financial elements (provided that the risk component can be separately identifiable and reliably estimated); (iii) introduction of the cost of hedging concept; (iv) greater possibility to designate groups of elements as subject to hedging, including stratifications and some net positions. Without hedge accounting, the changes in the fair value of derivatives will continue to be recorded in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page42-body-tag6451706": { "value": "Hedge accounting\u00a0
Given that IFRS 9 does not modify the general principle according to which an entity accounts for the effective hedging instruments, the main changes compared to the previous regulation IAS 39 are the following: (i) the hedge effectiveness test is only perspective and can also be based on qualitative aspects, replacing the previous 80-125% test and focusing on the economic relationship between hedge and hedged element; (ii) the possibility to designate as subject to hedging only a component of risk also for non-financial elements (provided that the risk component can be separately identifiable and reliably estimated); (iii) introduction of the cost of hedging concept; (iv) greater possibility to designate groups of elements as subject to hedging, including stratifications and some net positions. Without hedge accounting, the changes in the fair value of derivatives will continue to be recorded in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page42-body-tag6451705": { "value": "Hedge accounting\u00a0
Given that IFRS 9 does not modify the general principle according to which an entity accounts for the effective hedging instruments, the main changes compared to the previous regulation IAS 39 are the following: (i) the hedge effectiveness test is only perspective and can also be based on qualitative aspects, replacing the previous 80-125% test and focusing on the economic relationship between hedge and hedged element; (ii) the possibility to designate as subject to hedging only a component of risk also for non-financial elements (provided that the risk component can be separately identifiable and reliably estimated); (iii) introduction of the cost of hedging concept; (iv) greater possibility to designate groups of elements as subject to hedging, including stratifications and some net positions. Without hedge accounting, the changes in the fair value of derivatives will continue to be recorded in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page42-body-tag6451709": { "value": "Earnings per share\u00a0
(a) \u00a0\u00a0\u00a0\u00a0Basic
Basic earnings per share are calculated by dividing the net income attributable to the Group by the weighted average number of ordinary shares outstanding during the year, excluding own shares.
(b) \u00a0\u00a0\u00a0\u00a0Diluted
Diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares outstanding, excluding own shares, assuming the exercise of all potentially dilutive rights, whilst the Group's net income is adjusted to account for the effect of the conversion, net of taxes. The diluted earnings per share are not calculated in the event of losses, given that any such calculation would result in an improvement in the Group's results.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page42-body-tag6451711": { "value": "Accounting estimates and judgments
The preparation of the financial statements requires the application by the directors of principles and accounting methodologies that sometimes require the use of estimates and judgments based on historical experience and other assumptions that are believed to be reasonable under the circumstances. The application of these estimates and assumptions impacts on the amounts included in the statement of financial position, income statement, statement of cash flows and the notes to the financial statements. The resulting accounting estimates could differ from the related actual results because of the uncertainty influencing the assumptions.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below.
(a) \u00a0\u00a0\u00a0\u00a0Deferred taxes
Deferred tax assets/liabilities are recognized on the basis of expectations of future earnings. The estimate of future earnings for purposes of the recognition of deferred taxes depends on factors that could vary over time and significantly affect the amount of deferred tax assets/liabilities.
(b) \u00a0\u00a0\u00a0\u00a0Stock options
The valuation of stock option plans is based on valuation techniques that take into consideration the expected volatility of share prices and the dividend yield. Should different assumptions be applied, the valuation of the stock option plans and the related expenses could be different.
(c) \u00a0\u00a0\u00a0\u00a0Impairment test for the evaluation of goodwill and participations
The impairment test provides for the use of valuation methods based on estimations and assumptions which could be subject to significant changes with subsequent impacts on the results of the evaluations done.
(d) \u00a0\u00a0\u00a0\u00a0Fair value of net assets acquired in a business combination\u00a0
Pursuant to IFRS 3, the Group records the identifiable acquired assets and liabilities at fair value as of the date of acquisition of control. The residual amount is recorded as goodwill arising from the acquisition. These values are determined by estimating the identifiable assets and liabilities, based on reasonable and realistic assumptions using the information available at the date when control was acquired, which had an effect on the value of the recognized assets, liabilities and goodwill, as well as on the revenues and expenses for the period.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page42-body-tag6451710": { "value": "Accounting estimates and judgments
The preparation of the financial statements requires the application by the directors of principles and accounting methodologies that sometimes require the use of estimates and judgments based on historical experience and other assumptions that are believed to be reasonable under the circumstances. The application of these estimates and assumptions impacts on the amounts included in the statement of financial position, income statement, statement of cash flows and the notes to the financial statements. The resulting accounting estimates could differ from the related actual results because of the uncertainty influencing the assumptions.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below.
(a) \u00a0\u00a0\u00a0\u00a0Deferred taxes
Deferred tax assets/liabilities are recognized on the basis of expectations of future earnings. The estimate of future earnings for purposes of the recognition of deferred taxes depends on factors that could vary over time and significantly affect the amount of deferred tax assets/liabilities.
(b) \u00a0\u00a0\u00a0\u00a0Stock options
The valuation of stock option plans is based on valuation techniques that take into consideration the expected volatility of share prices and the dividend yield. Should different assumptions be applied, the valuation of the stock option plans and the related expenses could be different.
(c) \u00a0\u00a0\u00a0\u00a0Impairment test for the evaluation of goodwill and participations
The impairment test provides for the use of valuation methods based on estimations and assumptions which could be subject to significant changes with subsequent impacts on the results of the evaluations done.
(d) \u00a0\u00a0\u00a0\u00a0Fair value of net assets acquired in a business combination\u00a0
Pursuant to IFRS 3, the Group records the identifiable acquired assets and liabilities at fair value as of the date of acquisition of control. The residual amount is recorded as goodwill arising from the acquisition. These values are determined by estimating the identifiable assets and liabilities, based on reasonable and realistic assumptions using the information available at the date when control was acquired, which had an effect on the value of the recognized assets, liabilities and goodwill, as well as on the revenues and expenses for the period.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page42-body-tag6451712": { "value": "New principles effective starting from the financial year ended December 31, 2023 not relevant to the Group
The following standards, amendments and interpretations, applicable from January 1st, 2023, are not relevant or they did not involve effects for the Group:
IFRS 17 Insurance Contracts;
Definition of Accounting Estimates\u00a0-\u00a0Amendments to IAS 8;
Disclosure of Accounting Policies\u00a0-\u00a0Amendments to IAS 1 and IFRS Practice Statement 2;
Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u00a0-\u00a0Amendments to IAS 12.
With reference to amendments to IAS 12, we specify that Group has applied the temporary exemption provided by the amendments to IAS 12, issued by IASB on May 23, 2023, regarding the recognition and related disclosure to be provided in the consolidated financial statements in relation to deferred tax assets and liabilities arising from the application of the minimum level of taxation (\"Global Minimum Tax\") provided by Directive (EU) 2022/2523 of 14 December 2022, under the so-called \"Pillar Two\".\u00a0
On 28 December 2023, Legislative Decree No. 209 of 27 December 2023 implementing the international tax reform which came into effect on December 29, 2023, containing the Italian provisions related to Pillar Two was published in the Official Gazette.\u00a0
In light of the above, a preliminary analysis was conducted in order to aimed at estimating the potential expected impacts deriving from the application of Pillar Two at a Group level in 2024.
The Group conducted an assessment of its potential exposure to income taxes (both current and deferred), which showed that the effective Pillar Two tax rates in the jurisdictions in which the Group operates exceed 15%. Based on available information, it is believed that there will be no significant exposure to Pillar Two income taxes in these jurisdictions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page42-body-tag6451713": { "value": "Financial risk analysis
Risk management of the Group is based on the principle that operating risk or financial risk is managed by the person in charge of the business process involved.
The main risks are reported and discussed at Group top management level in order to create the conditions for their coverage, assurance and assessment of residual risk.
Exchange and interest rate risk
Currently the financial risk management policies of the companies of the Group provide a balanced split between fixed-rate and variable-rate loans, aimed at optimizing the cost of the loans over time. As of today, the risk of incurring greater interest costs as a result of unfavorable variations of market interest rates, as better analyzed in the following, is mitigated by the subscription of hedging derivatives, which change the rate from floating to fixed, on a portion of the Group's debt.
The following table provides a summary of the exposure to changes in interest rates of the Group's financial debt:
\u00a0 | \u00a0 |
(Euro thousand) | Principal outstanding |
\u00a0 | \u00a0 |
Interest rate exposure: | \u00a0 |
\u00a0 | \u00a0 |
Fixed rate* | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0160,664\u00a0 |
Fixed rate* for at least 12 months, then variable | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a064,383\u00a0 |
Variable rate (Euribor) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0150,919\u00a0 |
\u00a0 | \u00a0 |
* Contractually fixed rate or variable rate covered by a swap to a fixed rate
A possible unfavorable variation of the Euribor, equal to 1.0%, should produce an additional overall expense for the Group equal to Euro 1,509 thousand in 2024.\u00a0
For the remaining loans already described in paragraph 2.4.1, a fixed rate is applied instead.
As regards to the coverage of exchange rate risk, it is worth pointing out that, as of the reference date of this report, there are no significant assets or liabilities denominated in currencies different from the Euro, with the exception of the Moneysupermarket.com Group PLC shares, amounting to Euro 141,865 thousand as of December 31, 2023, denominated in pounds, whose fluctuation can be considered limited.\u00a0
Therefore, this risk is considered limited for the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page43-body-tag6449622": { "value": "Credit risk
The current assets of the Group, with the exception of cash and cash equivalents, are constituted mainly by trade receivables for an amount of Euro 135,026 thousand, of which the overdue portion as of \u00a0December 31, 2023 is equal to Euro 32,863 thousand, of which Euro 7,206 thousand is overdue for over 90 days.
Most of the gross overdue receivables were paid by the clients during the first months of 2024. As of the date of approval of this report, receivables not yet collected, overdue as of December 31, 2023, amount to Euro 9,655 thousand, of which Euro 5,656 thousand are receivables already overdue for over 90 days as of December 31, 2023.
Trade receivables are mainly from banks, financial intermediaries, insurance companies, leasing/rental companies and public sector entities, considered highly reliable but, facing receivables for which we consider a credit risk could arise, we allotted an allowance for doubtful receivables equal to Euro 8,333 thousand.
The Group monitors counterparty risk by analyzing the solvency and standing of customers before entering into business relations with them and trying to limit an excessively high concentration of receivables from a few counterparties.
For this purpose, it is worth mentioning that we do not notice any significant concentration of revenues on any client: in 2023 the revenues from the main client of the Group represent 3.9% of total consolidated revenues.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page43-body-tag6449623": { "value": "Liquidity risk
The total amount of liquidity as of December 31, 2023 is Euro\u00a0150,097\u00a0thousand, and current financial liabilities equal to Euro 83,310 thousand; therefore, the management believes that liquidity risk for the Group is limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page43-body-tag6449624": { "value": "Current geopolitical situation - crisis in Ukraine
With regards to the current geopolitical situation, it should be noted preliminary that the Group is not directly exposed to the Russian and Ukrainian economies. The consequences of the invasion of Ukraine by the Russian Federation are not currently such as to give rise to concern for the businesses of companies of the Group and are not expected to have any impact on their ability to continue operating as going concerns: however, any significant fall in consumer confidence and/or disposable income could have a negative impact on the activity volumes of the various lines of business. The Group also constantly monitors the trend of inflation and energy costs, whose impacts are not considered significant in view of the nature of the businesses of the Group companies.
Operating risk and going concern
The technological component is an essential element for the operating activities of the Group; therefore, there is the risk that the possible malfunctioning of the technological infrastructure may cause an interruption of client services or loss of data. However, the companies of the Group have developed a series of plans, procedures and tools to guarantee business continuity and data security.\u00a0
Considering the economic and financial situation, in particular the level of available reserves, and taking into account the trend of the net working capital and of the economic and financial situation, the separated and consolidated financial reports have been prepared considering the assumption of going concern as fulfilled.
It should in fact be considered that the Group, as in previous years, achieved positive economic results, and, despite uncertain macroeconomic scenarios, that future economic forecasts are also positive. Finally, the Group has adequate financial resources to meet its future obligations over a period of at least 12 months from the date of approval of the financial statements, and it can, where necessary, activate additional levers to rapidly liquidate significant investments.Risk linked to Climate Change
With regard to possible impacts related to climate change, the Group, operating in the service sector, has not identified any particular physical risks or significant transitional risks. Therefore, a quantitative assessment of the impacts of physical and transitional risks has not been carried out. With reference to climate change and energy transition, the management, considering the characteristics of the business models of the Group companies, has not identified significant impacts on the economic results or working practices adopted by the Group.
For a more detailed analysis, please refer to the consolidated non-financial statement 2023, available on the Group's website.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page43-body-tag6449627": { "value": "Current geopolitical situation - crisis in Ukraine
With regards to the current geopolitical situation, it should be noted preliminary that the Group is not directly exposed to the Russian and Ukrainian economies. The consequences of the invasion of Ukraine by the Russian Federation are not currently such as to give rise to concern for the businesses of companies of the Group and are not expected to have any impact on their ability to continue operating as going concerns: however, any significant fall in consumer confidence and/or disposable income could have a negative impact on the activity volumes of the various lines of business. The Group also constantly monitors the trend of inflation and energy costs, whose impacts are not considered significant in view of the nature of the businesses of the Group companies.
Risk linked to Climate ChangeWith regard to possible impacts related to climate change, the Group, operating in the service sector, has not identified any particular physical risks or significant transitional risks. Therefore, a quantitative assessment of the impacts of physical and transitional risks has not been carried out. With reference to climate change and energy transition, the management, considering the characteristics of the business models of the Group companies, has not identified significant impacts on the economic results or working practices adopted by the Group.
For a more detailed analysis, please refer to the consolidated non-financial statement 2023, available on the Group's website.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page43-body-tag6449626": { "value": "Segment reporting
The primary segment reporting is by business segments; the board of directors of the Issuer identifies the business segments of the Group in Broking and BPO Division:
Broking Division: the division operates in the Italian market for credit and insurance distribution, operating as a credit intermediary and insurance broker. The credit products that we broker are mainly mortgages and personal loans, provided to retail clients primarily through remote channels and secondarily through the territorial network. The lenders using the credit intermediation services of the Broking Division are primary universal and specialized banks and include some of the main financial institutions operating in the Italian market. The brokered insurance products are mainly auto and motorcycle insurance policies, distributed through remote channels. Moreover, the Division also performs comparison and/or promotion of further products, including e-commerce products, bank accounts and utilities (ADSL, electricity and gas). Since February 2023, the division has extended its presence to Spain, France and Mexico, where it conducts online distribution mainly of insurance products.
BPO Division (Business Process Outsourcing Division): operates in the Italian market for outsourcing services to financial institutions, which consist principally of performing complex commercial, underwriting and portfolio servicing activities related to mortgages and secured loans, in the market for management and claim settlement outsourcing services, in the market of BPO and IT services for leasing and long-term rental operators and, finally, in the market for the provision of back office outsourcing services supporting financial advisors and investment companies. The financial institutions using the services of the BPO Division include primary national and international financial institutions.
Detailed information relative to each division is provided below. For this purpose, it is worth highlighting that the allocation of the costs incurred by the Issuer and by PP&E S.r.l. for the benefit of each Division is based on the relevant headcount in Italy at the end of the period.
Revenues by Division
\u00a0 | Years ended | |
(euro thousand) | December 31, | December 31, |
\u00a0 | \u00a0 | \u00a0 |
Broking Division revenues | 188,122 | 131,042 |
BPO Division revenues | 216,065 | 179,728 |
\u00a0 | \u00a0 | \u00a0 |
Total revenues | 404,187 | 310,770 |
Operating income by Division
\u00a0
\u00a0 | Years ended | |
(euro thousand) | December 31, | December 31, |
\u00a0 | \u00a0 | \u00a0 |
Broking Division operating income | 40,667 | 39,284 |
BPO Division operating income | 22,434 | 27,258 |
\u00a0 | \u00a0 | \u00a0 |
Total operating income | 63,101 | 66,542 |
\u00a0 | \u00a0 | \u00a0 |
Financial income | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,996\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0356\u00a0 |
Financial expenses | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(15,754) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,869) |
Income/(losses) from participations | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0129\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a046\u00a0 |
Income/(losses) from financial assets/liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,400) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,690\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Net income before income tax expense | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a050,072\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a065,765\u00a0 |
As follows we provide the concentration of revenues by client for each Division:
\u00a0 | Years ended | |||
(euro thousand) | December 31, | (a) | December 31, | (a) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Client A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,465\u00a0 | 7.2% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,149\u00a0 | 7.7% |
Client B | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,233\u00a0 | 5.4% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,661\u00a0 | 6.6% |
Client C | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,078\u00a0 | 5.4% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,477\u00a0 | 6.5% |
Client D | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,504\u00a0 | 3.5% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,545\u00a0 | 5.8% |
Other Clients | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0147,842\u00a0 | 78.6% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a096,210\u00a0 | 73.4% |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total Broking Division revenues | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0188,122\u00a0 | 100.0% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0131,042\u00a0 | 100.0% |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Client E | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,835\u00a0 | 4.6% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014,531\u00a0 | 8.1% |
Client F | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,154\u00a0 | 3.8% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,919\u00a0 | 5.0% |
Client G | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,153\u00a0 | 3.8% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,301\u00a0 | 4.6% |
Client H | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,004\u00a0 | 3.7% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,693\u00a0 | 3.7% |
Other Clients | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0181,919\u00a0 | 84.2% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0141,284\u00a0 | 78.6% |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total BPO Division revenues | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0216,065\u00a0 | 100.0% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0179,728\u00a0 | 100.0% |
Percentage of total Division revenues
Assets by Division\u00a0
The allocation of property, plant and equipment shared by both Divisions is based on space occupied.
(euro thousand) | \u00a0As of | \u00a0As of |
\u00a0 | \u00a0 | \u00a0 |
Broking Division assets | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0348,281\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0192,265\u00a0 |
BPO Division assets | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0294,199\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0291,849\u00a0 |
Not allocated | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0159,270\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0135,420\u00a0 |
Cash and cash equivalents | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0150,097\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0269,647\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Total assets | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0951,847\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0889,181\u00a0 |
The item \"not allocated\" mainly includes the value of the Moneysupermarket.com Group PLC shares, equal to Euro 141,865 thousand, and the assets attributable to the Issuer and the subsidiary P.P.&E. S.r.l..
Liabilities by Division
(euro thousand) | \u00a0As of | \u00a0As of |
\u00a0 | \u00a0 | \u00a0 |
Broking Division liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a047,648\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a031,125\u00a0 |
BPO Division liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0124,766\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0125,906\u00a0 |
Not allocated | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0449,302\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0459,826\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Total liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0621,716\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0616,857\u00a0 |
The item \"not allocated\" mainly includes the financial liabilities of the Issuer for Euro 432,726 thousand, and the other liabilities attributable to the Issuer and the subsidiary P.P.&E. S.r.l..
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page43-body-tag6449625": { "value": "Segment reporting
The primary segment reporting is by business segments; the board of directors of the Issuer identifies the business segments of the Group in Broking and BPO Division:
Broking Division: the division operates in the Italian market for credit and insurance distribution, operating as a credit intermediary and insurance broker. The credit products that we broker are mainly mortgages and personal loans, provided to retail clients primarily through remote channels and secondarily through the territorial network. The lenders using the credit intermediation services of the Broking Division are primary universal and specialized banks and include some of the main financial institutions operating in the Italian market. The brokered insurance products are mainly auto and motorcycle insurance policies, distributed through remote channels. Moreover, the Division also performs comparison and/or promotion of further products, including e-commerce products, bank accounts and utilities (ADSL, electricity and gas). Since February 2023, the division has extended its presence to Spain, France and Mexico, where it conducts online distribution mainly of insurance products.
BPO Division (Business Process Outsourcing Division): operates in the Italian market for outsourcing services to financial institutions, which consist principally of performing complex commercial, underwriting and portfolio servicing activities related to mortgages and secured loans, in the market for management and claim settlement outsourcing services, in the market of BPO and IT services for leasing and long-term rental operators and, finally, in the market for the provision of back office outsourcing services supporting financial advisors and investment companies. The financial institutions using the services of the BPO Division include primary national and international financial institutions.
Detailed information relative to each division is provided below. For this purpose, it is worth highlighting that the allocation of the costs incurred by the Issuer and by PP&E S.r.l. for the benefit of each Division is based on the relevant headcount in Italy at the end of the period.
Revenues by Division
\u00a0 | Years ended | |
(euro thousand) | December 31, | December 31, |
\u00a0 | \u00a0 | \u00a0 |
Broking Division revenues | 188,122 | 131,042 |
BPO Division revenues | 216,065 | 179,728 |
\u00a0 | \u00a0 | \u00a0 |
Total revenues | 404,187 | 310,770 |
Operating income by Division
\u00a0
\u00a0 | Years ended | |
(euro thousand) | December 31, | December 31, |
\u00a0 | \u00a0 | \u00a0 |
Broking Division operating income | 40,667 | 39,284 |
BPO Division operating income | 22,434 | 27,258 |
\u00a0 | \u00a0 | \u00a0 |
Total operating income | 63,101 | 66,542 |
\u00a0 | \u00a0 | \u00a0 |
Financial income | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,996\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0356\u00a0 |
Financial expenses | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(15,754) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,869) |
Income/(losses) from participations | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0129\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a046\u00a0 |
Income/(losses) from financial assets/liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,400) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,690\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Net income before income tax expense | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a050,072\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a065,765\u00a0 |
As follows we provide the concentration of revenues by client for each Division:
\u00a0 | Years ended | |||
(euro thousand) | December 31, | (a) | December 31, | (a) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Client A | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,465\u00a0 | 7.2% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,149\u00a0 | 7.7% |
Client B | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,233\u00a0 | 5.4% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,661\u00a0 | 6.6% |
Client C | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,078\u00a0 | 5.4% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,477\u00a0 | 6.5% |
Client D | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,504\u00a0 | 3.5% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,545\u00a0 | 5.8% |
Other Clients | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0147,842\u00a0 | 78.6% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a096,210\u00a0 | 73.4% |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total Broking Division revenues | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0188,122\u00a0 | 100.0% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0131,042\u00a0 | 100.0% |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Client E | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,835\u00a0 | 4.6% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014,531\u00a0 | 8.1% |
Client F | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,154\u00a0 | 3.8% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,919\u00a0 | 5.0% |
Client G | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,153\u00a0 | 3.8% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,301\u00a0 | 4.6% |
Client H | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,004\u00a0 | 3.7% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,693\u00a0 | 3.7% |
Other Clients | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0181,919\u00a0 | 84.2% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0141,284\u00a0 | 78.6% |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total BPO Division revenues | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0216,065\u00a0 | 100.0% | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0179,728\u00a0 | 100.0% |
Percentage of total Division revenues
Assets by Division\u00a0
The allocation of property, plant and equipment shared by both Divisions is based on space occupied.
(euro thousand) | \u00a0As of | \u00a0As of |
\u00a0 | \u00a0 | \u00a0 |
Broking Division assets | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0348,281\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0192,265\u00a0 |
BPO Division assets | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0294,199\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0291,849\u00a0 |
Not allocated | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0159,270\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0135,420\u00a0 |
Cash and cash equivalents | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0150,097\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0269,647\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Total assets | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0951,847\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0889,181\u00a0 |
The item \"not allocated\" mainly includes the value of the Moneysupermarket.com Group PLC shares, equal to Euro 141,865 thousand, and the assets attributable to the Issuer and the subsidiary P.P.&E. S.r.l..
Liabilities by Division
(euro thousand) | \u00a0As of | \u00a0As of |
\u00a0 | \u00a0 | \u00a0 |
Broking Division liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a047,648\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a031,125\u00a0 |
BPO Division liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0124,766\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0125,906\u00a0 |
Not allocated | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0449,302\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0459,826\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Total liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0621,716\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0616,857\u00a0 |
The item \"not allocated\" mainly includes the financial liabilities of the Issuer for Euro 432,726 thousand, and the other liabilities attributable to the Issuer and the subsidiary P.P.&E. S.r.l..
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page46-body-tag6449628": { "value": "Business combinations
Acquisition of Rastreator.com Ltd, LeLynx SAS and Preminen Price Comparison Holdings Ltd\u00a0
On February 1st, 2023 the Group completed the acquisition of 100% of Rastreator.com Ltd, Preminen Price Comparison Holdings Ltd and LeLynx SAS, in accordance with the terms illustrated in the consolidated financial statement as of December 31, 2022. The consideration paid for the acquisition amounts to Euro 150,356 thousand. The main assets of the acquired companies are the Rastreator.com, LeLynx.fr and Rastreator.mx portals, which represent leading operators in the sector of the online comparison and intermediation of mainly insurance products in Spain, France and Mexico.
Following the analysis aimed at determining the fair value of the assets, mainly represented by the software platforms and the trademarks, the liabilities and potential liabilities of each acquired entity, we allocated the purchase price paid for the acquisition, as follows:
\u00a0 | LeLynx SAS | Rastreator CGU | Total |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cash and cash equivalent | 3,623 | 5,221 | 8,844 |
Non-current assets | 26,804 | 51,177 | 77,981 |
of which allocated software | 16,656 | 26,061 | 42,717 |
of which allocated trademark | 6,808 | 12,344 | 19,152 |
Current assets | 4,020 | 12,907 | 16,927 |
Non-current liabilities | (6,314) | (13,540) | (19,854) |
of which tax effect on allocated software | (5,866) | (9,601) | (15,467) |
Current liabilities | (12,258) | (8,178) | (20,436) |
\u00a0 | \u00a0 | \u00a0 | - |
Fair value of net assets purchased | 15,875 | 47,587 | 63,462 |
\u00a0 | \u00a0 | \u00a0 | - |
Price Paid (A) | 51,974 | 103,963 | 155,937 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Difference between price paid and fair value of net purchased assets | 36,099 | 56,376 | 92,475 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Goodwill | 36,099 | 56,376 | 92,475 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cash of the entity at the date of the acquisition (B) | 3,623 | 5,221 | 8,844 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net cash flow absorbed by the acquisition (A-B) | 48,351 | 98,742 | 147,093 |
Specifically, the\u00a0Rastreator CGU\u00a0(attributable to Rastreator Comparador Correduria de Seguros SLU and Preminen Mexico S.A. de C.V.) and the\u00a0LeLynx CGU\u00a0(attributable to LeLynx SAS) were identified.
The results of the acquired companies are included in the new \"International markets\" business line, within the Broking Division, starting from the acquisition date.
The total costs linked to the acquisition are equal to Euro 2,230 thousand and are recorded in the income statement among \"Service costs\".
Acquisition of Green Call Service S.r.l.
On April 17, 2023 the Group acquired, through the subsidiary Europa Centro Servizi S.r.l., 60% of the share capital of Green Call Service S.r.l., a company which offers telemarketing and communication services through call centers, for an amount equal to Euro 183 thousand.
Following the analysis aimed at determining the fair value of the assets, the liabilities and potential liabilities, the management defined the allocation of the purchase price paid for the acquisition of Green Call Service S.r.l., as follows:
\u00a0 | \u00a0 |
Cash and cash equivalent | 93 |
Non-current assets | 69 |
Current assets | 52 |
Non-current liabilities | (63) |
Current liabilities | (43) |
\u00a0 | \u00a0 |
Fair value of net assets purchased | 108 |
\u00a0 | \u00a0 |
Price Paid (A) | 183 |
\u00a0 | \u00a0 |
Difference between price paid and fair value of net purchased assets | 75 |
\u00a0 | \u00a0 |
Higher value allocated to goodwill | 75 |
\u00a0 | \u00a0 |
Cash of the entity at the date of the acquisition (B) | 93 |
\u00a0 | \u00a0 |
Net cash flow absorbed by the acquisition (A-B) | 90 |
The results of Green Call Service S.r.l. will be included in the Real Estate Service BPO business line, within the BPO Division, starting from the acquisition date.\u00a0
Completion of the purchase price allocation of Trebi Generalconsult S.r.l.
We remind that, on October 28, 2022, the Group acquired, through subsidiary Agenzia Italia S.p.A., 100% of the share capital of Trebi Generalconsult S.r.l. (\"Trebi\"). The agreed consideration for the purchase of 100% of the share capital of Trebi is equal to Euro 89,500 thousand, of which Euro 77,500 thousand paid at closing and Euro 12,000 thousand retained as escrow to guarantee potential indemnity obligations arising from the sale and purchase agreement, with progressive release over a four-year period.
As a result of the completion of the purchase price allocation during 2023, a higher software value of Euro 46,500 thousand and deferred tax liabilities of Euro 12,974 thousand were recognized, as detailed below:
\u00a0 | Provisional Allocation | PPA | Final Allocation |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cash and cash equivalent | 7,497 | \u00a0 | 7,497 |
Non-current assets | 2,145 | 46,500 | 48,645 |
of which allocated software | - | 46,500 | 46,500 |
Current assets | 7,254 | \u00a0 | 7,254 |
Non-current liabilities | (3,142) | (12,974) | (16,116) |
of which tax effect on allocated software | - | (12,974) | (12,974) |
Current liabilities | (4,374) | \u00a0 | (4,374) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Fair value of net assets purchased | 9,380 | \u00a0 | 42,906 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Price Paid (A) | 89,500 | \u00a0 | 89,500 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Difference between price paid and fair value of net purchased assets | 80,120 | \u00a0 | 46,594 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Goodwill | 80,120 | (33,526) | 46,594 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cash of the entity at the date of the acquisition (B) | 7,497 | \u00a0 | 7,497 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net cash flow absorbed by the acquisition (A-B) | 82,003 | \u00a0 | 82,003 |
NON-CURRENT ASSETS
Intangible assets
The following table presents the situation and the variation of the item as of and for the year ended December 31, 2023 and 2022:
(euro thousand) | \u00a0Proprietary software\u00a0 | \u00a0Trademarks, licenses and | \u00a0Goodwill\u00a0 | \u00a0Other intangible assets\u00a0 | \u00a0Total\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net value as of December 31, 2021 | 40,389 | 9,947 | 152,395 | 25 | 202,756 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Increases | 7,513 | 538 | - | 23 | 8,074 |
Other movements | 7,178 | 66 | 88,654 | 8,538 | 104,436 |
Amortization expense | (13,023) | (1,957) | - | (770) | (15,750) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net value as of December 31, 2022 | 42,057 | 8,594 | 241,049 | 7,816 | 299,516 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Increases | 13,649 | 528 | - | - | 14,177 |
Increases through acquisitions | 91,099 | 20,175 | 59,023 | - | 170,297 |
Amortization expense | (33,497) | (3,342) | - | (859) | (37,698) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net value as of December 31, 2023 | 113,308 | 25,955 | 300,072 | 6,957 | 446,292 |
The item \"Proprietary software\" includes the higher value of the software recognized following the consolidation of Rastreator (Euro 21,283 thousand), of LeLynx SAS (Euro 13,602 thousand), of \u00a0Trebi Generalconsulting S.r.l. (Euro 37,200 thousand), of the Lercari Group (Euro 9,640 thousand), of SOS Tariffe (Euro 5,895 thousand), of Zoorate (Euro 2,218 thousand), of the Onda Group (Euro 4,231 thousand) of Luna Service (Euro 591 thousand), and personnel costs capitalized for the creation and development of the proprietary software platforms used by Group companies to perform their activities. The increases in the financial year ended December 31, 2023, are related to purchases and capitalizations for Euro 13,649 thousand, and to the recognition of the higher value of the software following the consolidation of foreign companies.
The item \"Trademarks, licenses and other rights\" includes the higher value of the trademark recognized following the consolidation of Rastreator (Euro 11,212 thousand), of LeLynx (Euro 6,184 thousand), the Lercari Group (Euro 3,500 thousand), of SOS Tariffe (Euro 2,096 thousand) and the value of the licenses for the utilization of third-party software. The increases in the financial year ended December 31, 2023 mainly to the recognition of the higher value of software as a result of the consolidation of foreign companies.
The item \"Goodwill\" includes the goodwill emerged from the allocation of the purchase prices of the investments acquired. The increase of the year equal to Euro 56,376 thousand refers to the recognition of the goodwill allocated following the acquisition of Rastreator (Euro 56,376 thousand), of LeLynx SAS (Euro 36,099 thousand), of Green Call Service S.r.l. (Euro 75 thousand), partly offset by the decrease of goodwill related to Trebi Generalconsult S.r.l., which after the completion of the purchase price allocation, decreases by Euro 33,526 thousand, as described in the section on business combinations.
The item \"Other intangible assets\" mainly includes the customer equity value allocated following the consolidation of Europa Centro Servizi S.r.l. in 2022 (and amortized over a 10-year time horizon) equal to Euro 6,963 thousand as of December 31, 2023.
Recoverability of intangible assets
The following table presents the detailed goodwill reported as of December 31, 2023 and subject to impairment test, which differs if compared to the previous year due to the recognition of the goodwill arising from the acquisition made during the fiscal year.
\u00a0
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Agenzia Italia S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a091,882\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0125,408\u00a0 |
Rastreator | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a056,376\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
Gruppo Lercari | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a046,184\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a046,184\u00a0 |
LeLynx SA | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a036,098\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
7Pixel S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a033,374\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a033,374\u00a0 |
SOS Tariffe S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,147\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,147\u00a0 |
Eagle&Wise Service S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,292\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,292\u00a0 |
Quinservizi S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,583\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,583\u00a0 |
Europa Centro Servizi S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,489\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,414\u00a0 |
Zoorate S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0746\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0746\u00a0 |
CESAM S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0595\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0595\u00a0 |
Luna Service S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0176\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0176\u00a0 |
EuroServizi per i Notai S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0130\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0130\u00a0 |
Total goodwill | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0300,072\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0241,049\u00a0 |
Each goodwill recorded in the financial statements as of December 31, 2023 and indicated above belongs to a specific CGU.
We specify that, starting from 2023, the results attributable to the company Trebi Generalconsult S.r.l. are included in the CGU Agenzia Italia S.p.A. CGU, as the parent company, while the results of the companies Sovime S.r.l. and Green Call Service S.r.l. are now included in the Europa Centro Servizi S.r.l. CGU, as the parent company. This change has been supported by impairment tests before and after the change.
As regards the determination of the recoverable amount of the CGUs, based on the value-in-use method, the cash flows generated by the CGUs themselves have been estimated. Forecasts of operating cash flows derive from the related business plans of four years' duration, approved by the Board of Directors of the Issuer held on March 14, 2024.
The main assumptions regarding the value-in-use of the CGUs are the operating cash flows during the four-year forecast period, the discount rate and the growth rate used to determine the terminal value, equal to 2.0%.
The composition of future cash flows has been determined based on reasonable, prudent and consistent criteria regarding the attribution of future general expenditures, capital investment, financial balance and the main macroeconomic variables. Finally, it is worth pointing out that cash flow forecasts refer to ordinary activities and, therefore, they are not comprehensive of cash flows deriving from possible extraordinary activities.
The terminal value has been estimated with the discounted cash flow formula for perpetuities.\u00a0
The value-in-use of the CGUs has been determined by discounting the value of the estimated future cash flows, including the terminal value, which are supposed to be derived from ongoing activities, at a discount rate, net of taxes, adjusted for risk and reflecting the weighted average cost of capital.
In particular, the discount rate used is calculated starting from the Weighted Average Cost of Capital (\"WACC\") of the two Divisions of the Group, for the determination of which, reference was made to indicators and parameters observable on the reference market of the CGUs in question, at the current value of money. In particular, the determination of the WACC refers to the following parameters:
Risk free rate: 2.32%, equal to the yield on 10-year Bunds at the beginning of January 2024;
Market equity risk premium: 7.81%, source: Damodaran, Italy, January 2024; such value already includes the risk about Italian public debt;
Beta unlevered (different for the two Divisions): 1.26 for the Broking Division and 1.08 for the BPO Division using as a source 3-year unlevered betas provided by Infrontanalytics.com, for a set of comparable operators, as of the beginning of January 2024;
Target financial structure: D/E ratio of 0.20.\u00a0
Based on the above, the discount rate is 10.28% for the Broking Division and 9.20% for the BPO Division. It is specified that a WACC of 7.77% was instead applied for LeLynx CGU, while a WACC of 9.40% was applied for Rastreator CGU.
As of December 31, 2023, the in-use values of the CGUs evaluated, determined as described above, are higher if compared to the carrying amounts of the assets allocated to them, goodwill included. \u00a0\u00a0
Keeping into consideration the actual situation of volatility of the markets and of uncertainty upon future economic perspectives, we developed a sensitivity analysis on the recoverable value of goodwill.\u00a0
In particular, we developed a sensitivity analysis on the recoverable amount of the CGUs, assuming an increase of the discount rate, a decrease on the perpetual growth rate.\u00a0
The sensitivity analysis, pursuant to paragraph 134 of IAS 36, of the results of impairment test for the CGUs for which we that did not notice any impairment shows the following margins of tolerance:
Discount rate: the value in-use of the CGUs remains higher compared to the book value of the CGUs also forecasting an increase of discount rate as follows:\u00a0
increase of discount rate until 19.94% for the Agenzia Italia CGU;
increase of discount rate until 21.61% for the 7Pixel CGU;
increase of discount rate until 11.01% for the Rastreator CGU;
increase of discount rate until 10.83% for the LeLynx CGU;
increase of discount rate until 22.53% for the Eagle & Wise CGU;
increase of discount rate until 19.77% for the Europa CGU;
increase of discount rate until over 100% for the Quinservizi CGU;
increase of discount rate until 12.82% for the Gruppo Lercari CGU;
increase of discount rate until 13.43% for the SOS Tariffe CGU.
growth rate \"g\": the value in-use of the CGUs remains higher compared to the book value of the CGUs also forecasting a drop of the implicit growth rate (\"g rate\") as follows:
decrease of \"g rate\" until -16.36% for the Agenzia Italia CGU;
decrease of \"g rate\" until -20.11% for the 7Pixel CGU;\u00a0
decrease of \"g rate\" until -0.08% for the Rastreator CGU ;
decrease of \"g rate\" until -1.98% for the LeLynx CGU ;
decrease of \"g rate\" until -26.92% for the Eagle & Wise CGU;
decrease of \"g rate\" until -17.48% for the Europa CGU;
decrease of \"g rate\" over -100.00% for the Quinservizi CGU;
decrease of \"g rate\" until -3.06% for the Gruppo Lercari CGU;
decrease of \"g rate\" until -2.39% for the SOS Tariffe CGU.
Based on the analyses performed, the Directors of the Issuer considered recoverable the book value of the goodwill recorded in the consolidated financial statements as of December 31, 2023.
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The following table presents the situation and the variation of the item as of and for the year ended December 31, 2023 and 2022:
(euro thousand) | \u00a0Proprietary software\u00a0 | \u00a0Trademarks, licenses and | \u00a0Goodwill\u00a0 | \u00a0Other intangible assets\u00a0 | \u00a0Total\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net value as of December 31, 2021 | 40,389 | 9,947 | 152,395 | 25 | 202,756 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Increases | 7,513 | 538 | - | 23 | 8,074 |
Other movements | 7,178 | 66 | 88,654 | 8,538 | 104,436 |
Amortization expense | (13,023) | (1,957) | - | (770) | (15,750) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net value as of December 31, 2022 | 42,057 | 8,594 | 241,049 | 7,816 | 299,516 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Increases | 13,649 | 528 | - | - | 14,177 |
Increases through acquisitions | 91,099 | 20,175 | 59,023 | - | 170,297 |
Amortization expense | (33,497) | (3,342) | - | (859) | (37,698) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net value as of December 31, 2023 | 113,308 | 25,955 | 300,072 | 6,957 | 446,292 |
The item \"Proprietary software\" includes the higher value of the software recognized following the consolidation of Rastreator (Euro 21,283 thousand), of LeLynx SAS (Euro 13,602 thousand), of \u00a0Trebi Generalconsulting S.r.l. (Euro 37,200 thousand), of the Lercari Group (Euro 9,640 thousand), of SOS Tariffe (Euro 5,895 thousand), of Zoorate (Euro 2,218 thousand), of the Onda Group (Euro 4,231 thousand) of Luna Service (Euro 591 thousand), and personnel costs capitalized for the creation and development of the proprietary software platforms used by Group companies to perform their activities. The increases in the financial year ended December 31, 2023, are related to purchases and capitalizations for Euro 13,649 thousand, and to the recognition of the higher value of the software following the consolidation of foreign companies.
The item \"Trademarks, licenses and other rights\" includes the higher value of the trademark recognized following the consolidation of Rastreator (Euro 11,212 thousand), of LeLynx (Euro 6,184 thousand), the Lercari Group (Euro 3,500 thousand), of SOS Tariffe (Euro 2,096 thousand) and the value of the licenses for the utilization of third-party software. The increases in the financial year ended December 31, 2023 mainly to the recognition of the higher value of software as a result of the consolidation of foreign companies.
The item \"Goodwill\" includes the goodwill emerged from the allocation of the purchase prices of the investments acquired. The increase of the year equal to Euro 56,376 thousand refers to the recognition of the goodwill allocated following the acquisition of Rastreator (Euro 56,376 thousand), of LeLynx SAS (Euro 36,099 thousand), of Green Call Service S.r.l. (Euro 75 thousand), partly offset by the decrease of goodwill related to Trebi Generalconsult S.r.l., which after the completion of the purchase price allocation, decreases by Euro 33,526 thousand, as described in the section on business combinations.
The item \"Other intangible assets\" mainly includes the customer equity value allocated following the consolidation of Europa Centro Servizi S.r.l. in 2022 (and amortized over a 10-year time horizon) equal to Euro 6,963 thousand as of December 31, 2023.
Recoverability of intangible assets
The following table presents the detailed goodwill reported as of December 31, 2023 and subject to impairment test, which differs if compared to the previous year due to the recognition of the goodwill arising from the acquisition made during the fiscal year.
\u00a0
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Agenzia Italia S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a091,882\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0125,408\u00a0 |
Rastreator | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a056,376\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
Gruppo Lercari | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a046,184\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a046,184\u00a0 |
LeLynx SA | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a036,098\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
7Pixel S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a033,374\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a033,374\u00a0 |
SOS Tariffe S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,147\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,147\u00a0 |
Eagle&Wise Service S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,292\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,292\u00a0 |
Quinservizi S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,583\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,583\u00a0 |
Europa Centro Servizi S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,489\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,414\u00a0 |
Zoorate S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0746\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0746\u00a0 |
CESAM S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0595\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0595\u00a0 |
Luna Service S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0176\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0176\u00a0 |
EuroServizi per i Notai S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0130\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0130\u00a0 |
Total goodwill | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0300,072\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0241,049\u00a0 |
Each goodwill recorded in the financial statements as of December 31, 2023 and indicated above belongs to a specific CGU.
We specify that, starting from 2023, the results attributable to the company Trebi Generalconsult S.r.l. are included in the CGU Agenzia Italia S.p.A. CGU, as the parent company, while the results of the companies Sovime S.r.l. and Green Call Service S.r.l. are now included in the Europa Centro Servizi S.r.l. CGU, as the parent company. This change has been supported by impairment tests before and after the change.
As regards the determination of the recoverable amount of the CGUs, based on the value-in-use method, the cash flows generated by the CGUs themselves have been estimated. Forecasts of operating cash flows derive from the related business plans of four years' duration, approved by the Board of Directors of the Issuer held on March 14, 2024.
The main assumptions regarding the value-in-use of the CGUs are the operating cash flows during the four-year forecast period, the discount rate and the growth rate used to determine the terminal value, equal to 2.0%.
The composition of future cash flows has been determined based on reasonable, prudent and consistent criteria regarding the attribution of future general expenditures, capital investment, financial balance and the main macroeconomic variables. Finally, it is worth pointing out that cash flow forecasts refer to ordinary activities and, therefore, they are not comprehensive of cash flows deriving from possible extraordinary activities.
The terminal value has been estimated with the discounted cash flow formula for perpetuities.\u00a0
The value-in-use of the CGUs has been determined by discounting the value of the estimated future cash flows, including the terminal value, which are supposed to be derived from ongoing activities, at a discount rate, net of taxes, adjusted for risk and reflecting the weighted average cost of capital.
In particular, the discount rate used is calculated starting from the Weighted Average Cost of Capital (\"WACC\") of the two Divisions of the Group, for the determination of which, reference was made to indicators and parameters observable on the reference market of the CGUs in question, at the current value of money. In particular, the determination of the WACC refers to the following parameters:
Risk free rate: 2.32%, equal to the yield on 10-year Bunds at the beginning of January 2024;
Market equity risk premium: 7.81%, source: Damodaran, Italy, January 2024; such value already includes the risk about Italian public debt;
Beta unlevered (different for the two Divisions): 1.26 for the Broking Division and 1.08 for the BPO Division using as a source 3-year unlevered betas provided by Infrontanalytics.com, for a set of comparable operators, as of the beginning of January 2024;
Target financial structure: D/E ratio of 0.20.\u00a0
Based on the above, the discount rate is 10.28% for the Broking Division and 9.20% for the BPO Division. It is specified that a WACC of 7.77% was instead applied for LeLynx CGU, while a WACC of 9.40% was applied for Rastreator CGU.
As of December 31, 2023, the in-use values of the CGUs evaluated, determined as described above, are higher if compared to the carrying amounts of the assets allocated to them, goodwill included. \u00a0\u00a0
Keeping into consideration the actual situation of volatility of the markets and of uncertainty upon future economic perspectives, we developed a sensitivity analysis on the recoverable value of goodwill.\u00a0
In particular, we developed a sensitivity analysis on the recoverable amount of the CGUs, assuming an increase of the discount rate, a decrease on the perpetual growth rate.\u00a0
The sensitivity analysis, pursuant to paragraph 134 of IAS 36, of the results of impairment test for the CGUs for which we that did not notice any impairment shows the following margins of tolerance:
Discount rate: the value in-use of the CGUs remains higher compared to the book value of the CGUs also forecasting an increase of discount rate as follows:\u00a0
increase of discount rate until 19.94% for the Agenzia Italia CGU;
increase of discount rate until 21.61% for the 7Pixel CGU;
increase of discount rate until 11.01% for the Rastreator CGU;
increase of discount rate until 10.83% for the LeLynx CGU;
increase of discount rate until 22.53% for the Eagle & Wise CGU;
increase of discount rate until 19.77% for the Europa CGU;
increase of discount rate until over 100% for the Quinservizi CGU;
increase of discount rate until 12.82% for the Gruppo Lercari CGU;
increase of discount rate until 13.43% for the SOS Tariffe CGU.
growth rate \"g\": the value in-use of the CGUs remains higher compared to the book value of the CGUs also forecasting a drop of the implicit growth rate (\"g rate\") as follows:
decrease of \"g rate\" until -16.36% for the Agenzia Italia CGU;
decrease of \"g rate\" until -20.11% for the 7Pixel CGU;\u00a0
decrease of \"g rate\" until -0.08% for the Rastreator CGU ;
decrease of \"g rate\" until -1.98% for the LeLynx CGU ;
decrease of \"g rate\" until -26.92% for the Eagle & Wise CGU;
decrease of \"g rate\" until -17.48% for the Europa CGU;
decrease of \"g rate\" over -100.00% for the Quinservizi CGU;
decrease of \"g rate\" until -3.06% for the Gruppo Lercari CGU;
decrease of \"g rate\" until -2.39% for the SOS Tariffe CGU.
Based on the analyses performed, the Directors of the Issuer considered recoverable the book value of the goodwill recorded in the consolidated financial statements as of December 31, 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page50-body-tag6451714": { "value": "Recoverability of intangible assets
The following table presents the detailed goodwill reported as of December 31, 2023 and subject to impairment test, which differs if compared to the previous year due to the recognition of the goodwill arising from the acquisition made during the fiscal year.
\u00a0
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Agenzia Italia S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a091,882\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0125,408\u00a0 |
Rastreator | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a056,376\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
Gruppo Lercari | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a046,184\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a046,184\u00a0 |
LeLynx SA | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a036,098\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
7Pixel S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a033,374\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a033,374\u00a0 |
SOS Tariffe S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,147\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,147\u00a0 |
Eagle&Wise Service S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,292\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,292\u00a0 |
Quinservizi S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,583\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,583\u00a0 |
Europa Centro Servizi S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,489\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,414\u00a0 |
Zoorate S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0746\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0746\u00a0 |
CESAM S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0595\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0595\u00a0 |
Luna Service S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0176\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0176\u00a0 |
EuroServizi per i Notai S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0130\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0130\u00a0 |
Total goodwill | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0300,072\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0241,049\u00a0 |
Each goodwill recorded in the financial statements as of December 31, 2023 and indicated above belongs to a specific CGU.
We specify that, starting from 2023, the results attributable to the company Trebi Generalconsult S.r.l. are included in the CGU Agenzia Italia S.p.A. CGU, as the parent company, while the results of the companies Sovime S.r.l. and Green Call Service S.r.l. are now included in the Europa Centro Servizi S.r.l. CGU, as the parent company. This change has been supported by impairment tests before and after the change.
As regards the determination of the recoverable amount of the CGUs, based on the value-in-use method, the cash flows generated by the CGUs themselves have been estimated. Forecasts of operating cash flows derive from the related business plans of four years' duration, approved by the Board of Directors of the Issuer held on March 14, 2024.
The main assumptions regarding the value-in-use of the CGUs are the operating cash flows during the four-year forecast period, the discount rate and the growth rate used to determine the terminal value, equal to 2.0%.
The composition of future cash flows has been determined based on reasonable, prudent and consistent criteria regarding the attribution of future general expenditures, capital investment, financial balance and the main macroeconomic variables. Finally, it is worth pointing out that cash flow forecasts refer to ordinary activities and, therefore, they are not comprehensive of cash flows deriving from possible extraordinary activities.
The terminal value has been estimated with the discounted cash flow formula for perpetuities.\u00a0
The value-in-use of the CGUs has been determined by discounting the value of the estimated future cash flows, including the terminal value, which are supposed to be derived from ongoing activities, at a discount rate, net of taxes, adjusted for risk and reflecting the weighted average cost of capital.
In particular, the discount rate used is calculated starting from the Weighted Average Cost of Capital (\"WACC\") of the two Divisions of the Group, for the determination of which, reference was made to indicators and parameters observable on the reference market of the CGUs in question, at the current value of money. In particular, the determination of the WACC refers to the following parameters:
Risk free rate: 2.32%, equal to the yield on 10-year Bunds at the beginning of January 2024;
Market equity risk premium: 7.81%, source: Damodaran, Italy, January 2024; such value already includes the risk about Italian public debt;
Beta unlevered (different for the two Divisions): 1.26 for the Broking Division and 1.08 for the BPO Division using as a source 3-year unlevered betas provided by Infrontanalytics.com, for a set of comparable operators, as of the beginning of January 2024;
Target financial structure: D/E ratio of 0.20.\u00a0
Based on the above, the discount rate is 10.28% for the Broking Division and 9.20% for the BPO Division. It is specified that a WACC of 7.77% was instead applied for LeLynx CGU, while a WACC of 9.40% was applied for Rastreator CGU.
As of December 31, 2023, the in-use values of the CGUs evaluated, determined as described above, are higher if compared to the carrying amounts of the assets allocated to them, goodwill included. \u00a0\u00a0
Keeping into consideration the actual situation of volatility of the markets and of uncertainty upon future economic perspectives, we developed a sensitivity analysis on the recoverable value of goodwill.\u00a0
In particular, we developed a sensitivity analysis on the recoverable amount of the CGUs, assuming an increase of the discount rate, a decrease on the perpetual growth rate.\u00a0
The sensitivity analysis, pursuant to paragraph 134 of IAS 36, of the results of impairment test for the CGUs for which we that did not notice any impairment shows the following margins of tolerance:
Discount rate: the value in-use of the CGUs remains higher compared to the book value of the CGUs also forecasting an increase of discount rate as follows:\u00a0
increase of discount rate until 19.94% for the Agenzia Italia CGU;
increase of discount rate until 21.61% for the 7Pixel CGU;
increase of discount rate until 11.01% for the Rastreator CGU;
increase of discount rate until 10.83% for the LeLynx CGU;
increase of discount rate until 22.53% for the Eagle & Wise CGU;
increase of discount rate until 19.77% for the Europa CGU;
increase of discount rate until over 100% for the Quinservizi CGU;
increase of discount rate until 12.82% for the Gruppo Lercari CGU;
increase of discount rate until 13.43% for the SOS Tariffe CGU.
growth rate \"g\": the value in-use of the CGUs remains higher compared to the book value of the CGUs also forecasting a drop of the implicit growth rate (\"g rate\") as follows:
decrease of \"g rate\" until -16.36% for the Agenzia Italia CGU;
decrease of \"g rate\" until -20.11% for the 7Pixel CGU;\u00a0
decrease of \"g rate\" until -0.08% for the Rastreator CGU ;
decrease of \"g rate\" until -1.98% for the LeLynx CGU ;
decrease of \"g rate\" until -26.92% for the Eagle & Wise CGU;
decrease of \"g rate\" until -17.48% for the Europa CGU;
decrease of \"g rate\" over -100.00% for the Quinservizi CGU;
decrease of \"g rate\" until -3.06% for the Gruppo Lercari CGU;
decrease of \"g rate\" until -2.39% for the SOS Tariffe CGU.
Based on the analyses performed, the Directors of the Issuer considered recoverable the book value of the goodwill recorded in the consolidated financial statements as of December 31, 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page51-body-tag6451715": { "value": "Property, plant and equipment
The following table presents the situation and the variation of the item as of and for the year ended December 31, 2023 and 2022:
(euro thousand) | \u00a0Land and | \u00a0Plant and | \u00a0Other tangible assets\u00a0 | \u00a0Total\u00a0 |
Cost as of January 1, 2022 | 28,306 | 16,084 | 9,734 | 54,124 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
IFRS 16 - Additions of the period | 4,153 | - | 717 | 4,870 |
Additions | 503 | 1,883 | 812 | 3,198 |
Others | - | 2 | 300 | 302 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cost as of December 31, 2022 | 32,962 | 17,969 | 11,563 | 62,494 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Accumulated depreciation as of January 1, 2022 | 10,710 | 11,870 | 6,876 | 29,455 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Depreciation expense | 3,520 | 1,613 | 1,143 | 6,276 |
of which IFRS 16 effect | 3,112 | - | 360 | 3,472 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Accumulated depreciation as of December 31, 2022 | 14,230 | 13,483 | 8,019 | 35,731 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net book value as of December 31, 2022 | 18,732 | 4,486 | 3,544 | 26,763 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cost as of January 1, 2023 | 32,962 | 17,969 | 11,563 | 62,494 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
IFRS 16 - Additions of the period | 3,121 | - | 389 | 3,510 |
Additions | 2,403 | 2,202 | 423 | 5,028 |
Others | 1,678 | - | 1,677 | 3,355 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cost as of December 31, 2023 | 40,164 | 20,171 | 14,052 | 74,387 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Accumulated depreciation as of January 1, 2022 | 14,230 | 13,483 | 8,019 | 35,731 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Depreciation expense | 3,891 | 1,769 | 1,743 | 7,403 |
of which IFRS 16 effect | 3,787 | - | 461 | 4,248 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Accumulated depreciation as of December 31, 2023 | 18,121 | 15,252 | 9,762 | 43,134 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Net book value as of December 31, 2023 | 22,043 | 4,919 | 4,290 | 31,253 |
\u00a0
As of December 31, 2023, the net value of property, plant and equipment is equal to Euro 31,253 thousand (Euro 26,763 thousand as of December 31, 2022). During the financial year ended December 31, 2023 we record increases for a total amount of Euro 11,893 thousand, of which Euro 3,510 thousand related to the adoption of IFRS 16 (for which please refer to the table below), Euro 2,403 thousand related to buildings, Euro 2,202 refer to the purchase of plant and machinery, \u00a0Euro 423 thousand refer to the purchase of other tangible assets, mainly related to office equipment and furniture.
The other movements include the property, plant and equipment acquired with the corporate acquisitions of the period.\u00a0
The net book value of \"Land and buildings\" as of December 31, 2023 mainly refers to the operating office of 7Pixel S.r.l., in Giussago (Province of Pavia) for Euro 5,696 thousand (of which Euro 892 thousand related to the land), to the building and land located in Cagliari, respectively equal to Euro 1,951 thousand and Euro 372 thousand, to the building located in Monastir (Province of Cagliari) for Euro 1,922 thousand, to the building located in San Vendemiano (Province of Treviso) for Euro 2,105 thousand and to the right of use deriving from the adoption of IFRS 16 standard for Euro 10,355 thousand, in relation to the rental contracts for operating offices not owned by the Group.
The item \"Plant and machinery\" includes investments in generic electronic office equipment, in the different operating offices of the Group, and for production hardware.\u00a0
The item \"Other tangible assets\" includes investments in furniture and fittings, specific equipment and vehicles. Increases for the period included purchases for Euro 423 thousand, mainly related to office machinery and furniture, and other movements for Euro 1,679 thousand, related to fixed assets of newly acquired companies.
Changes in the values of the rights of use and the leasing liabilities during the financial year ended December 31, 2023 is shown below:
\u00a0
(euro thousand) | Buildings | Vehicles | Total property, plant and equipment | Lease liabilities |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
As of January 1, 2023 | 8,549 | 1,217 | 9,766 | 10,528 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Increases / (decreases) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,121\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0355\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,476\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(599) |
Increases through acquisitions | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,486\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,486\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,551\u00a0 |
Amortization | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3,787) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(458) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,245) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 |
Financial expenses | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(329) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
As of Dcember 31, 2023 | 10,369 | 1,114 | 11,483 | 12,151 |
The main increases refer to the right of use assets attributable to the companies acquired during 2023, and in particular refer to the building rental agreements subscribed by them.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page52-body-tag6449633": { "value": "Changes in the values of the rights of use and the leasing liabilities during the financial year ended December 31, 2023 is shown below:
\u00a0
(euro thousand) | Buildings | Vehicles | Total property, plant and equipment | Lease liabilities |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
As of January 1, 2023 | 8,549 | 1,217 | 9,766 | 10,528 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Increases / (decreases) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,121\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0355\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,476\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(599) |
Increases through acquisitions | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,486\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,486\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,551\u00a0 |
Amortization | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3,787) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(458) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,245) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 |
Financial expenses | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(329) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
As of Dcember 31, 2023 | 10,369 | 1,114 | 11,483 | 12,151 |
The main increases refer to the right of use assets attributable to the companies acquired during 2023, and in particular refer to the building rental agreements subscribed by them.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page52-body-tag6449636": { "value": "Participations measured with the equity method
The item includes the participation in the subsidiaries CFN Generale Fiduciaria S.p.A., Generale Servizi Amministrativi S.r.l, CFN Generale Trustee S.r.l., EuroSTA S.r.l., Tax & Tech S.r.l. and Geckoway S.r.l..
The following table shows the changes in this item for financial year ended December 31, 2023:
(Euro thousand) | \u00a0As of December 31, 2022\u00a0 | \u00a0Net income of the year attributable to the Group\u00a0 | \u00a0Others\u00a0 | \u00a0As of December 31, 2023\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Geckoway S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a045\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a053\u00a0 |
CFN Generale Fiduciaria S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0640\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0258\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0898\u00a0 |
CFN Generale Trustee S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(5) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020\u00a0 |
Generale Servizi Amministrativi S.r.l.\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0247\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0190\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0437\u00a0 |
EuroSTA S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(40) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0405\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0365\u00a0 |
Tax & Tech S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0942\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0411\u00a0 | 423 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,776\u00a0 |
\u00a0\u00a0\u00a0
The item \"Participations measured with the equity method\" shows an increase of Euro 834 thousand attributable for Euro 411 thousand to the result for the period pertaining to the Group, and for Euro 423 thousand to the acquisition of the minority interests in EuroSTA S.r.l. and Tax & Tech S.r.l., and to the share capital increase in the associated company CFN Generale Trustee S.r.l..
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page52-body-tag6449635": { "value": "Participations measured with the equity method
The item includes the participation in the subsidiaries CFN Generale Fiduciaria S.p.A., Generale Servizi Amministrativi S.r.l, CFN Generale Trustee S.r.l., EuroSTA S.r.l., Tax & Tech S.r.l. and Geckoway S.r.l..
The following table shows the changes in this item for financial year ended December 31, 2023:
(Euro thousand) | \u00a0As of December 31, 2022\u00a0 | \u00a0Net income of the year attributable to the Group\u00a0 | \u00a0Others\u00a0 | \u00a0As of December 31, 2023\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Geckoway S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a045\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a053\u00a0 |
CFN Generale Fiduciaria S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0640\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0258\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0898\u00a0 |
CFN Generale Trustee S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(5) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020\u00a0 |
Generale Servizi Amministrativi S.r.l.\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0247\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0190\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0437\u00a0 |
EuroSTA S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(40) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0405\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0365\u00a0 |
Tax & Tech S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0942\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0411\u00a0 | 423 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,776\u00a0 |
\u00a0\u00a0\u00a0
The item \"Participations measured with the equity method\" shows an increase of Euro 834 thousand attributable for Euro 411 thousand to the result for the period pertaining to the Group, and for Euro 423 thousand to the acquisition of the minority interests in EuroSTA S.r.l. and Tax & Tech S.r.l., and to the share capital increase in the associated company CFN Generale Trustee S.r.l..
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page52-body-tag6449634": { "value": "Participations measured with the equity method
The item includes the participation in the subsidiaries CFN Generale Fiduciaria S.p.A., Generale Servizi Amministrativi S.r.l, CFN Generale Trustee S.r.l., EuroSTA S.r.l., Tax & Tech S.r.l. and Geckoway S.r.l..
The following table shows the changes in this item for financial year ended December 31, 2023:
(Euro thousand) | \u00a0As of December 31, 2022\u00a0 | \u00a0Net income of the year attributable to the Group\u00a0 | \u00a0Others\u00a0 | \u00a0As of December 31, 2023\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Geckoway S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a045\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a053\u00a0 |
CFN Generale Fiduciaria S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0640\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0258\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0898\u00a0 |
CFN Generale Trustee S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(5) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020\u00a0 |
Generale Servizi Amministrativi S.r.l.\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0247\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0190\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0437\u00a0 |
EuroSTA S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(40) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0405\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0365\u00a0 |
Tax & Tech S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0942\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0411\u00a0 | 423 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,776\u00a0 |
\u00a0\u00a0\u00a0
The item \"Participations measured with the equity method\" shows an increase of Euro 834 thousand attributable for Euro 411 thousand to the result for the period pertaining to the Group, and for Euro 423 thousand to the acquisition of the minority interests in EuroSTA S.r.l. and Tax & Tech S.r.l., and to the share capital increase in the associated company CFN Generale Trustee S.r.l..
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page52-body-tag6451716": { "value": "Financial assets at fair value
The following table presents the variation of the item as of and for the financial year ended December 31, 2023:
(euro thousand) | \u00a0As of December 31, 2022\u00a0 | \u00a0Purchases/ | \u00a0Other movements\u00a0 | \u00a0Revaluations/ | \u00a0Reimbursements/ | \u00a0As of December 31, 2023\u00a0 |
Moneysupermarket.com Group PLC shares | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a095,448\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a046,417\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0141,865\u00a0 |
Igloo notes | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04,737\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,343\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,080\u00a0 |
Other securities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,753\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0283\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2,681)\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0355\u00a0 |
Mark to market interest rate hedging instruments | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,702\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2,275)\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,427\u00a0 |
\u00a0 | ||||||
Financial assets at fair value | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0106,640\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,343\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0283\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a044,142\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2,681) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0150,727\u00a0 |
\u00a0\u00a0
Financial assets at fair value show a balance equal to Euro 150,727 thousand as of December 31, 2023 (Euro 106,640 thousand as of December 31, 2022), and include n. 44,000,000 Moneysupermarket.com Group PLC ordinary shares (equal to 8.21% of the share capital) for an amount equal to Euro 141,865 thousand. \u00a0The \"Revaluations/(Depreciations)\" item refers to the higher market value of the shares compared to the purchase price, for Euro 46,417 thousand (of which Euro 550 thousand arising from the different exchange rate). Such financial assets are evaluated at fair value through OCI.\u00a0
The item also includes notes related to the \"Igloo\" securitization promoted by subsidiary Centro Finanziamenti S.p.A. for Euro 7,080 thousand (of which Euro 2,343 thousand subscribed during 2023).
The item \"Mark to market interest rate hedging instruments\" refers to the positive value, equal to Euro 1,427 thousand, of interest rate derivatives hedges on loans.
Current financial assets
As of December 31, 2023, current financial assets amount\u00a0to\u00a0Euro 1,761 thousand, and refer to the current financial assets of subsidiary Centro Finanziamenti S.p.A.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page52-body-tag6449637": { "value": "Financial assets at fair value
The following table presents the variation of the item as of and for the financial year ended December 31, 2023:
(euro thousand) | \u00a0As of December 31, 2022\u00a0 | \u00a0Purchases/ | \u00a0Other movements\u00a0 | \u00a0Revaluations/ | \u00a0Reimbursements/ | \u00a0As of December 31, 2023\u00a0 |
Moneysupermarket.com Group PLC shares | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a095,448\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a046,417\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0141,865\u00a0 |
Igloo notes | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04,737\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,343\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,080\u00a0 |
Other securities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,753\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0283\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2,681)\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0355\u00a0 |
Mark to market interest rate hedging instruments | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,702\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2,275)\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,427\u00a0 |
\u00a0 | ||||||
Financial assets at fair value | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0106,640\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,343\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0283\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a044,142\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2,681) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0150,727\u00a0 |
\u00a0\u00a0
Financial assets at fair value show a balance equal to Euro 150,727 thousand as of December 31, 2023 (Euro 106,640 thousand as of December 31, 2022), and include n. 44,000,000 Moneysupermarket.com Group PLC ordinary shares (equal to 8.21% of the share capital) for an amount equal to Euro 141,865 thousand. \u00a0The \"Revaluations/(Depreciations)\" item refers to the higher market value of the shares compared to the purchase price, for Euro 46,417 thousand (of which Euro 550 thousand arising from the different exchange rate). Such financial assets are evaluated at fair value through OCI.\u00a0
The item also includes notes related to the \"Igloo\" securitization promoted by subsidiary Centro Finanziamenti S.p.A. for Euro 7,080 thousand (of which Euro 2,343 thousand subscribed during 2023).
The item \"Mark to market interest rate hedging instruments\" refers to the positive value, equal to Euro 1,427 thousand, of interest rate derivatives hedges on loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page53-body-tag6449639": { "value": "The item \"Mark to market interest rate hedging instruments\" refers to the positive value, equal to Euro 1,427 thousand, of interest rate derivatives hedges on loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page53-body-tag6451717": { "value": "Deferred tax assets and liabilities
The following tables present the situation and the variation of the item as of and for the financial year ended December 31, 2023 and 2022:
Year ended December 31, 2022
(euro thousand) | As of January 1, 2022 | Accrual | Other movements | Utilization | As of December 31, 2022 | Expiring within 1 year | Expiring after 1 year |
Deferred tax assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Costs with different tax deductibility | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,723\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0261\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(668) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,329\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,329\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
Differences between the tax bases of assets and their carrying amounts | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a058,711\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(9,219) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a049,494\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,135\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a040,359\u00a0 |
Defined benefit program liability | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0529\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0121\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(834) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(184) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(184) |
Tax loss carry forwards | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a092\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0944\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,033\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,033\u00a0 |
Total deferred tax assets | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a061,055\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,328\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(10,724) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a051,672\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,464\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a041,208\u00a0 |
Deferred tax liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Differences between the tax bases of assets and their carrying amounts | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(10,984) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,382) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,814\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(12,552) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3,031) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(9,521) |
Dividends deliberated not yet paid | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(97) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(383) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(471) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(471) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
Others | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(23) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(889) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a019\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(893) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(893) |
Total deferred tax liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(11,104) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(5,654) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,842\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(13,916) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3,502) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(10,414) |
Total | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a049,951\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,326) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(7,882) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a037,756\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,962\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,794\u00a0 |
Year ended December 31, 2023
(euro thousand) | As of January 1, 2023 | Accrual | Other movements | Utilization | As of December 31, 2023 | Expiring within 1 year | Expiring after 1 year |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deferred tax assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Costs with different tax deductibility | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,329\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0954\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a064\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(471) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,876\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,876\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
Differences between the tax bases of assets and their carrying amounts | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a049,494\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0246\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(9,228) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a040,512\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,228\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a031,284\u00a0 |
Defined benefit program liability | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(184) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0181\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a033\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030\u00a0 |
Tax loss carry forwards | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,033\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,461\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,805) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,689\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,689\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total deferred tax assets | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a051,672\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,195\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,525\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(11,471) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a044,107\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,104\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a033,003\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Deferred tax liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Differences between the tax bases of assets and their carrying amounts | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(12,552) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(28,478) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,048\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(32,982) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(8,048) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(24,934) |
Dividends deliberated not yet paid | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(471) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(9) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0305\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(175) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(175) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
Others | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(893) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(493) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0695\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(691) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(691) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total deferred tax liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(13,916) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(28,980) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,048\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(33,848) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(8,223) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(25,625) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Total | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a037,756\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(27,785) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,525\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2,423) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,259\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,881\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,378\u00a0 |
Among deferred tax assets referring to differences between the tax bases of assets and their carrying amounts there is, as of December 31, 2023, the amount of Euro 38,737 thousand, related to the revaluation of software, trademarks and real estate properties owned by some entities of the Group, among the measures introduced by the Art. 110 of the Law Decree n. 104/2020, converted in the Law n. 126/2020, enacting \"Urgent measures to support and relaunch the economy\". During the financial year ended December 31, 2023, we booked the use in the period of deferred tax assets relating to the higher value of assets revalued in 2020, for Euro 6,583 thousand.
Among deferred tax liabilities referring to differences between the tax bases of assets and their carrying amounts, as of December 31, 2023, there is the amount related to the tax effect of the higher values recognized to the intangible assets as a result of the consolidation of the acquired companies for a total amount equal to Euro 32,631 thousand. With reference to such provisions, the increases of the period, attributable to the corporate acquisitions of the period, amount to Euro 15,467 thousand, while the utilizations amount to Euro 8,021 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page55-body-tag6451718": { "value": "Other non-current assets
The following table presents the situation of the item as of December 31, 2023 and 2022:
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Loan to\u00a0joint venture | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0131\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0263\u00a0 |
Security deposits on lease contracts\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0515\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0183\u00a0 |
Other security deposits | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,659\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
Other non current assets | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,305\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0446\u00a0 |
The item as of December 31, 2023, equal to Euro 6,305 thousand, includes a security deposit linked to a tax claim related to subsidiary Rastreator Comparador Correduria de Seguros SLU, equal to Euro 5,659 thousand. The outcome of this litigation is covered by a specific tax indemnity issued by the sellers as part of the purchase of the company. However, please refer to the section on potential liabilities.
The item also includes a loan granted to the associate company CFN Generale Trustee S.r.l. for Euro 131 thousand, and security deposits related to lease agreements for Euro 515 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page55-body-tag6451719": { "value": "CURRENT ASSETS
Cash and cash equivalents
Cash and cash equivalents include cash in hand and bank deposits. The item includes cash on bank deposits with specific destinations for Euro 9,805 thousand, used for claims settlement activities on behalf of clients, and readily liquidable short-term bank deposits for Euro 37,000 thousand.
For comments on the evolution of cash and cash equivalents, please refer to the management report.
The following table presents net financial position prepared according to ESMA orientation 32-382-1138 of March 4, 2021 and to Consob guidance n. 5/21 of April 29, 2021:
\u00a0 | \u00a0 | \u00a0 | As of | \u00a0 | \u00a0 | |
\u00a0 | (euro thousand) | \u00a0 | December 31, 2023 | December 31, 2022 | Change | \u00a0%\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
A. | Cash and current bank accounts | \u00a0 | 150,097 | 269,647 | (119,550) | -44.3% |
B. | Cash equivalents | \u00a0 | - | - | - | N/A |
C. | Other current financial assets | \u00a0 | 1,761 | 7,430 | (5,669) | -76.3% |
D. | Liquidity (A) + (B) + (C) | \u00a0 | 151,858 | 277,077 | (125,219) | -45.2% |
E. | Current financial liabilities | \u00a0 | (4,305) | (11,948) | 7,643 | -64.0% |
F. | Current portion of non-current financial liabilities | \u00a0 | (79,505) | (54,346) | (25,159) | 46.3% |
G. | Current indebtedness (E) + (F) | \u00a0 | (83,810) | (66,294) | (17,516) | 26.4% |
H. | Net current financial position (D) + (G) | \u00a0 | 68,048 | 210,783 | (142,735) | -67.7% |
I. | Non-current financial liabilities | \u00a0 | (368,249) | (406,030) | 37,781 | -9.3% |
J. | Bonds issued | \u00a0 | - | - | - | N/A |
K. | Trade and other non-current payables | \u00a0 | - | - | - | N/A |
L. | Non-current indebtedness (I) + (J) + (K) | \u00a0 | (368,249) | (406,030) | 37,781 | -9.3% |
M. | Net financial position (H) + (L) | \u00a0 | (300,201) | (195,247) | (104,954) | 53.8% |
The net financial position as of December 31, 2023 shows a negative cash balance, for Euro 300,201 thousand, worsening by Euro 104,954 thousand compared to the previous financial year. The worsening is mainly attributable to the cash absorbed by the acquisition of 100% of the share capital of Rastreator.com Ltd, Preminen Price Comparison Holdings Ltd and LeLynx SAS, for Euro 141,512 thousand (net of cash acquired), to the recalculation of the estimated liabilities for the put/call options on the residual minority stakes for Euro 12,381 thousand, to the purchase of own shares for Euro 10,073 thousand and the payment of dividends for Euro 4,615 thousand, partly offset by cash generated from operating activities for Euro 93,401 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page55-body-tag6451720": { "value": "Cash and cash equivalents
Cash and cash equivalents include cash in hand and bank deposits. The item includes cash on bank deposits with specific destinations for Euro 9,805 thousand, used for claims settlement activities on behalf of clients, and readily liquidable short-term bank deposits for Euro 37,000 thousand.
For comments on the evolution of cash and cash equivalents, please refer to the management report.
The following table presents net financial position prepared according to ESMA orientation 32-382-1138 of March 4, 2021 and to Consob guidance n. 5/21 of April 29, 2021:
\u00a0 | \u00a0 | \u00a0 | As of | \u00a0 | \u00a0 | |
\u00a0 | (euro thousand) | \u00a0 | December 31, 2023 | December 31, 2022 | Change | \u00a0%\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
A. | Cash and current bank accounts | \u00a0 | 150,097 | 269,647 | (119,550) | -44.3% |
B. | Cash equivalents | \u00a0 | - | - | - | N/A |
C. | Other current financial assets | \u00a0 | 1,761 | 7,430 | (5,669) | -76.3% |
D. | Liquidity (A) + (B) + (C) | \u00a0 | 151,858 | 277,077 | (125,219) | -45.2% |
E. | Current financial liabilities | \u00a0 | (4,305) | (11,948) | 7,643 | -64.0% |
F. | Current portion of non-current financial liabilities | \u00a0 | (79,505) | (54,346) | (25,159) | 46.3% |
G. | Current indebtedness (E) + (F) | \u00a0 | (83,810) | (66,294) | (17,516) | 26.4% |
H. | Net current financial position (D) + (G) | \u00a0 | 68,048 | 210,783 | (142,735) | -67.7% |
I. | Non-current financial liabilities | \u00a0 | (368,249) | (406,030) | 37,781 | -9.3% |
J. | Bonds issued | \u00a0 | - | - | - | N/A |
K. | Trade and other non-current payables | \u00a0 | - | - | - | N/A |
L. | Non-current indebtedness (I) + (J) + (K) | \u00a0 | (368,249) | (406,030) | 37,781 | -9.3% |
M. | Net financial position (H) + (L) | \u00a0 | (300,201) | (195,247) | (104,954) | 53.8% |
The net financial position as of December 31, 2023 shows a negative cash balance, for Euro 300,201 thousand, worsening by Euro 104,954 thousand compared to the previous financial year. The worsening is mainly attributable to the cash absorbed by the acquisition of 100% of the share capital of Rastreator.com Ltd, Preminen Price Comparison Holdings Ltd and LeLynx SAS, for Euro 141,512 thousand (net of cash acquired), to the recalculation of the estimated liabilities for the put/call options on the residual minority stakes for Euro 12,381 thousand, to the purchase of own shares for Euro 10,073 thousand and the payment of dividends for Euro 4,615 thousand, partly offset by cash generated from operating activities for Euro 93,401 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page55-body-tag6451721": { "value": "Trade receivables\u00a0
The following table presents the situation of the item as of December 31, 2023 and 2022:
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Trade receivables | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0143,103\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0131,319\u00a0 |
(allowance for doubtful receivables) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(8,333)\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(7,571)\u00a0 |
Total trade receivables | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0134,770\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0123,748\u00a0 |
Trade receivables refer to ordinary sales to client companies operating in the banking and financial sector.
It is worth pointing out that trade receivables include a portion related to the estimation of conditional considerations upon the occurrence of certain contractual events, and that IFRS 15 standard defines as \"contract assets\". In particular, the considerations refer to:\u00a0
mortgage underwriting and closing services, for which in some cases the contractual remuneration is subject to the effective disbursement of the loan, for Euro 731 thousand;
administrative activities aimed at credit collection on behalf of insurance companies, for which the fees are subject to the effective collection of the credits, for Euro 3,080 thousand.\u00a0
The following tables present the variation of the allowance for doubtful receivables in the financial years ended December 31, 2023 and 2022:
Year ended December 31, 2022
(euro thousand) | \u00a0As of December 31, 2021\u00a0 | \u00a0Change in the scope of consolidation\u00a0 | \u00a0Accrual\u00a0 | \u00a0Utilization\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Provision for bad debts | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,876\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0828\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,040\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(173) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,571\u00a0 |
Total | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,876\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0828\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,040\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(173) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,571\u00a0 |
Year ended December 31, 2023
(euro thousand) | \u00a0As of December 31, 2022\u00a0 | \u00a0Change in the scope of consolidation\u00a0 | \u00a0Accrual\u00a0 | \u00a0Utilization\u00a0 | \u00a0As of December 31, 2023\u00a0 |
Provision for bad debts | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,571\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a039\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0934\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(211) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,333\u00a0 |
Total | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,571\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a039\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0934\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(211) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,333\u00a0 |
\u00a0
The change in the scope of consolidation mainly refers to the provision for bad debts of the acquired foreign companies, included in the consolidation area during the financial year ended December 31, 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page55-body-tag6451722": { "value": "The following tables present the variation of the allowance for doubtful receivables in the financial years ended December 31, 2023 and 2022:
Year ended December 31, 2022
(euro thousand) | \u00a0As of December 31, 2021\u00a0 | \u00a0Change in the scope of consolidation\u00a0 | \u00a0Accrual\u00a0 | \u00a0Utilization\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Provision for bad debts | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,876\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0828\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,040\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(173) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,571\u00a0 |
Total | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,876\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0828\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,040\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(173) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,571\u00a0 |
Year ended December 31, 2023
(euro thousand) | \u00a0As of December 31, 2022\u00a0 | \u00a0Change in the scope of consolidation\u00a0 | \u00a0Accrual\u00a0 | \u00a0Utilization\u00a0 | \u00a0As of December 31, 2023\u00a0 |
Provision for bad debts | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,571\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a039\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0934\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(211) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,333\u00a0 |
Total | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,571\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a039\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0934\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(211) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,333\u00a0 |
\u00a0
The change in the scope of consolidation mainly refers to the provision for bad debts of the acquired foreign companies, included in the consolidation area during the financial year ended December 31, 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page55-body-tag6449645": { "value": "Tax receivables
This item, equal to Euro 7,384 thousand as of December 31, 2023 (Euro 10,896 thousand as of December 31, 2022), refers to the credit for current taxes due to the payments of advances by the companies of the Group during 2023 higher than the amount of the tax due on the taxable income.\u00a0
Tax payables \u00a0
Tax payables include payables for current taxes. As of December 31, 2023, the item includes the liabilities for accrued IRES and IRAP for Euro 2,133 thousand, and liabilities related to foreign income taxes for Euro 746 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page55-body-tag6451724": { "value": "Other current assets
The following table presents the situation of the item as of December 31, 2023 and 2022:
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
\u00a0 | ||
Accruals and prepayments | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,482\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,349\u00a0 |
Advances to suppliers | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0786\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,106\u00a0 |
Others | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0997\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0917\u00a0 |
VAT receivables | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,702\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,778\u00a0 |
\u00a0 | ||
\u00a0 | ||
Total other current assets | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,967\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,150\u00a0 |
The item \"Accruals and prepayments\" mainly includes the payments for software licenses, leases and maintenance services already paid but pertaining to subsequent financial years as well as revenues already accrued on services not yet completed. The increase compared to the previous year is the result of the higher costs for the use of third-party software licenses, and the enlargement of the consolidation area.
The item \"Advances to suppliers\" mainly includes advance payments for consulting and services not yet performed.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page55-body-tag6451725": { "value": "NON-CURRENT LIABILITIES
Long-term debts and other financial liabilities \u00a0
The following table presents the situation of the item as of December 31, 2023 and 2022:
\u00a0
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Long-term bank borrowings | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0296,461\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0348,553\u00a0 |
Term between 1 and 5 years | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0296,461\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0296,377\u00a0 |
Term over 5 years | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a052,176\u00a0 |
Other non-current financial liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a071,788\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a057,477\u00a0 |
Put/call option liability Agenzia Italia S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a022,286\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a017,895\u00a0 |
Put/call option liability Gruppo Lercari S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a039,501\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a031,502\u00a0 |
Put/call option liability Zoorate S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,456\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,498\u00a0 |
Put/call option liability Green Call Service S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a033\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
Liabilities for derivatives on loans | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0620\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
Non-current lease liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,892\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,582\u00a0 |
Totale long-term debts and other financial liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0368,249\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0406,030\u00a0 |
Bank loans
Non-current bank borrowings refer to the outstanding loans from Intesa SanPaolo S.p.A. for Euro 122,781 thousand, Cr\u00e9dit Agricole Italia S.p.A., for Euro 50,709 thousand, Banco BPM S.p.A., for Euro 38,119 thousand, Credito Emiliano S.p.A. for Euro 18,230 thousand, Unicredit S.p.A. for Euro 66,622 thousand.
The repayment schedule is as follows:
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
- between one and two years | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a083,384\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a080,396\u00a0 |
- between two and three years | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a082,098\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a081,595\u00a0 |
- between three and four years | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a069,884\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a073,358\u00a0 |
- between four and five years | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a061,095\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a061,028\u00a0 |
- more than five | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a052,176\u00a0 |
Total | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0296,461\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0348,553\u00a0 |
Loans from Cr\u00e9dit Agricole Italia S.p.A.
On March 30, 2020 the Issuer signed a loan agreement with Cr\u00e9dit Agricole Italia S.p.A., for an amount equal to Euro 15,000 thousand, expiring on June 30, 2026, at a yearly fixed rate equal to 1.05%.
On August 9, 2022 the Issuer signed a loan agreement with Credit Agricole Italia S.p.A., disbursed in the fourth quarter for Euro 60,000 thousand, with expiration date at June 30, 2028, with a variable interest rate equal to 3-month Euribor, increased by a spread of 1.65%.
With regard to such loans, the Issuer is obliged to comply with the following consolidated financial covenant: ratio between Net Financial Position and EBITDA not over 3.25 in 2022, and not over 3.00 starting from 2023.
Loan from Banco BPM S.p.A.
On September 5, 2022, \u00a0the Issuer signed a loan agreement with Banco BPM S.p.A., for a total amount equal to Euro 50,000 thousand, with a variable interest rate equal to 6-month Euribor, increased by a spread of 1.80% on a credit line equal to Euro 35,000 thousand (\"Line A\"), with expiration date at June 30, 2028, and a spread of 2.00% on a bullet credit line equal to Euro 15,000 thousand (\"Line B\"), with expiration date at December 31, 2028. In addition, on 50% of the financed amount, and until the expiration date of each credit line, a derivative contract was signed into to hedge the interest rate, which is converted to a fixed rate at 2.39% for the Line A, and 2.485% for the Line B, increased by the margins described above.
With regard to the loan obtained from Banco BPM S.p.A., the Issuer is obliged to comply with the following consolidated financial covenant, as resulting from the consolidated financial statement for each full and half year, clarifying that the economic data are to be considered on an yearly basis: ratio between Net Financial Position and EBITDA not over 3.0.
Loans from Intesa SanPaolo S.p.A.
On March 30, 2021 the Issuer signed a loan agreement with Intesa SanPaolo S.p.A., for an amount equal to Euro 80,000 thousand, expiring March 30, 2028, with a fixed interest rate equal to 1.45%. We point out that such loan was partially used for the early reimbursement of the previous loans of the same bank, which had a residual debt equal to Euro 37,009 thousand.
On July 29, 2022 the Issuer signed a loan agreement with Intesa SanPaolo S.p.A, composed of two tranches, respectively of Euro 40,000 thousand and 60,000 thousand, both disbursed in 2022. The contract provides, for both tranches of the loan, an expiration date of December 31, 2028, with an interest rate equal to the 6-month Euribor rate, increased by a margin of 2.00%. In addition, on 60% of the disbursed amount, and until December 31, 2026, a derivative contract was signed to hedge the interest rate, which is converted to a fixed rate at 1.396%, increased by the margin of 2.00%.
As regard the loan obtained from Intesa SanPaolo S.p.A., the Group is obliged to comply with the following consolidated financial covenants: i) ratio between Net Financial Position and EBITDA not over 3.5 in 2022, not over 3.0 in 2023 and not over 2.5 starting from 2024; ii) ratio between Net Financial Position and Equity not over 2.0. In addition, in the event that the ratio between Net Financial Position and EBITDA should result higher than 2.0 but lower that 2.5, the Issuer is obliged not to distribute profits and/or reserves made up of undistributed profits from previous years in excess of 50%, while in the event that such ratio should result higher than 2.5, the Issuer is obliged not to distribute profits and/or reserves made up of undistributed profits from previous years in excess of 25%.
Loans from Unicredit S.p.A.
On February 26, 2021 the Issuer signed a loan agreement with Unicredit S.p.A., for an amount equal to Euro 10,000 thousand, expiring February 28, 2026, with a variable interest rate equal to 3-month Euribor increased by 1.60%. On such loan we took a derivative contract to hedge the variable rate, which converts the 3-month Euribor interest rate into a yearly fixed rate of minus 0.15%.
On August 9, 2022 the Issuer signed a loan agreement with Unicredit S.p.A., for an amount equal to Euro 50,000 thousand, with expiration date at August 31, 2028, with a variable interest rate equal to 3-month Euribor, increased by a spread of 1.80%. In addition, on 60% of the financed amount, equal to Euro 30,000 thousand, and until August 29, 2025, a derivative contract was signed into to hedge the interest rate, which is converted to a fixed rate at 1.435%, increased by the margin of 1.80%.\u00a0
On November 20, 2023 the Issuer signed a loan agreement with Unicredit S.p.A., for an amount equal to Euro 30,000 thousand, with a variable interest rate equal to 3-month Euribor, increased by a spread of 1.72%. In addition, on 50% of the disbursed amount, a derivative contract was signed to hedge the interest rate, which is converted to a fixed rate at 3.37%, increased by a spread of 1.72%;
As regard the loans obtained from Unicredit S.p.A., the Group is obliged to comply with the following consolidated financial covenant, as resulting from the consolidated financial statements for each full and half year, clarifying that the economic data are to be considered on a yearly basis: ratio between Net Financial Position and EBITDA not over 3.0. In addition, in the event that such ratio should be higher than 2.25, the Issuer is obliged not to distribute or resolve the distribution of profits of the year in amounts exceeding 50% of the consolidated annual net income.
Loans from Credito Emiliano S.p.A.
On September 9, 2021 the Issuer signed a loan agreement with Credito Emiliano S.p.A., for an amount equal to Euro 20,000 thousand, expiring September 9, 2026, with a fixed interest rate equal to 0.58%. We point out that such loan was mainly used for the early reimbursement of the previous loans of the same bank, which had a residual debt equal to Euro 16,798 thousand.
On November 2, 2022 the Issuer signed a loan agreement with Credito Emiliano S.p.A., for an amount equal to Euro 10,000 thousand, with expiration date at November 2, 2026, with a variable interest rate equal to Euribor 1-month, increased by a spread of 0.90%.
On October 30, 2023 the Issuer signed a loan agreement with Credito Emiliano S.p.A., for an amount equal to Euro 5,000 thousand, with expiration date at October 30, 2028, with a variable interest rate equal to Euribor 3-month, increased by a spread of 0.90%.
As regard the loans obtained from Credito Emiliano S.p.A., the Group is obliged to comply with the following consolidated financial covenant, as resulting from the consolidated financial statements for each full and half year: ratio between Net Financial Position and EBITDA not over 3.0.
Covenant calculation
It is specified that for the calculation of the above ratios, based on the current contractual agreements with all the banks, the calculation of the Net Financial Position also includes the value of the Moneysupermarket.com shares, the amount of which as of December 31, 2023 is equal to Euro 141,865 thousand.
The Group has complied with the above covenants as of December 31, 2023.\u00a0
Changes in liabilities
We provide below the table required by IAS 7 about the changes of the liabilities related to financing activities:
(euro thousand) | \u00a0As of December 31, 2022\u00a0 | \u00a0Cash flows\u00a0 | \u00a0Others\u00a0 | \u00a0As of December 31, 2023\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cr\u00e9dit Agricole Italia S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a073,165\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(8,450) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(14,006) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a050,709\u00a0 |
Credito Emiliano S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020,683\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,000\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(7,453) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a018,230\u00a0 |
Intesa SanPaolo S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0154,764\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(31,983) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0122,781\u00a0 |
Banco BPM S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a046,316\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(8,197) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a038,119\u00a0 |
Unicredit S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a051,097\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(14,475) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a066,622\u00a0 |
BPER Banca S:p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,528\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2,528) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Long-term borrowings | 348,553 | 26,550 | (78,642) | 296,461 |
\u00a0
The \"Cash flows\" column includes the non-current portion of the new obtained loans as well as the non-current portion of early repaid loans.\u00a0
The \"Others\" column refers to the reclassification among current liabilities of the portions of the loans that will expire during the next twelve months.
Other non-current financial liabilities
Finally, \"Other non-current financial liabilities\" are composed of the estimated liability for the exercise of the put/call option on the residual 49,9% stake of Gruppo Lercari S.r.l., equal to Euro 39,501 thousand, the estimated liability for the exercise of the put/call option on the residual 15.5% stake of Agenzia Italia S.p.A., equal to Euro 22,286 thousand, the estimated liability for the exercise of the put/call option on the residual 8% stake of \u00a0Zoorate S.r.l., equal to Euro 1,456 thousand, the estimated liability for the exercise of the put/call option on the residual 40% stake of Green Call S.r.l., equal to Euro 33 thousand, the liabilities for derivatives on loans for Euro 620 thousand and the leasing liabilities deriving from the adoption of IFRS 16, for Euro 7,892 thousand.
CURRENT LIABILITIES
Short-term debts and other financial liabilities
The following table presents the situation of the item as of December 31, 2023 and 2022:
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Short-term bank debts | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a046\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,000\u00a0 |
\u00a0 | ||
Current portion of long-term loans: | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a079,505\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a054,346\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Cr\u00e9dit Agricole Italia S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014,084\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,214\u00a0 |
Credito Emiliano S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,573\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,993\u00a0 |
Intesa SanPaolo S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a032,372\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a024,609\u00a0 |
Banca Popolare di Milano S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,205\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,683\u00a0 |
Unicredit S:p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014,731\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,201\u00a0 |
BPER Banca S:p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,540\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,646\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Other financial liabilities: | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04,259\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,948\u00a0 |
Current lease liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04,259\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,948\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Short-term debts and other financial liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a083,810\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a066,294\u00a0 |
The item \"Short-term debts and other financial liabilities\" amounting to Euro 83,810 thousand as of December 31, 2023, includes the current portions of bank borrowings and the interest payable on the outstanding loans, for an amount equal to Euro 79,505 thousand and the current portion of the lease liabilities (according to IFRS 16) for Euro 4,259 thousand.\u00a0
We provide below the table required by IAS 7 about the changes of the liabilities related to financing activities:
(euro thousand) | \u00a0As of December 31, 2022\u00a0 | \u00a0Cash flows\u00a0 | \u00a0Others\u00a0 | \u00a0As of December 31, 2023\u00a0 |
\u00a0 | ||||
Intesa SanPaolo S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a024,609\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(24,487) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a032,250\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a032,372\u00a0 |
Credito Emiliano S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,993\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(6,662) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,242\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,573\u00a0 |
Cr\u00e9dit Agricole Italia S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,214\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(7,350) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014,220\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014,084\u00a0 |
Banco BPM S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,683\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(8,756) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,278\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,205\u00a0 |
Unicredit S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,201\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(5,125) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014,655\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014,731\u00a0 |
BPER Banca S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,646\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,652) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,546\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,540\u00a0 |
Short-term borrowings | 54,346 | (54,032) | 79,191 | 79,505 |
The \"Cash flows\" column includes the current portion of the new obtained loans, net of the reimbursements of the period.
The \"Others\" column refers to the reclassification among current liabilities of the portions of the loans that will expire during the next twelve months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page55-body-tag6451726": { "value": "NON-CURRENT LIABILITIES
Long-term debts and other financial liabilities \u00a0
The following table presents the situation of the item as of December 31, 2023 and 2022:
\u00a0
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Long-term bank borrowings | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0296,461\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0348,553\u00a0 |
Term between 1 and 5 years | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0296,461\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0296,377\u00a0 |
Term over 5 years | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a052,176\u00a0 |
Other non-current financial liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a071,788\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a057,477\u00a0 |
Put/call option liability Agenzia Italia S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a022,286\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a017,895\u00a0 |
Put/call option liability Gruppo Lercari S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a039,501\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a031,502\u00a0 |
Put/call option liability Zoorate S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,456\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,498\u00a0 |
Put/call option liability Green Call Service S.r.l. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a033\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
Liabilities for derivatives on loans | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0620\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
Non-current lease liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,892\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,582\u00a0 |
Totale long-term debts and other financial liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0368,249\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0406,030\u00a0 |
Bank loans
Non-current bank borrowings refer to the outstanding loans from Intesa SanPaolo S.p.A. for Euro 122,781 thousand, Cr\u00e9dit Agricole Italia S.p.A., for Euro 50,709 thousand, Banco BPM S.p.A., for Euro 38,119 thousand, Credito Emiliano S.p.A. for Euro 18,230 thousand, Unicredit S.p.A. for Euro 66,622 thousand.
The repayment schedule is as follows:
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
- between one and two years | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a083,384\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a080,396\u00a0 |
- between two and three years | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a082,098\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a081,595\u00a0 |
- between three and four years | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a069,884\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a073,358\u00a0 |
- between four and five years | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a061,095\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a061,028\u00a0 |
- more than five | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a052,176\u00a0 |
Total | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0296,461\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0348,553\u00a0 |
Loans from Cr\u00e9dit Agricole Italia S.p.A.
On March 30, 2020 the Issuer signed a loan agreement with Cr\u00e9dit Agricole Italia S.p.A., for an amount equal to Euro 15,000 thousand, expiring on June 30, 2026, at a yearly fixed rate equal to 1.05%.
On August 9, 2022 the Issuer signed a loan agreement with Credit Agricole Italia S.p.A., disbursed in the fourth quarter for Euro 60,000 thousand, with expiration date at June 30, 2028, with a variable interest rate equal to 3-month Euribor, increased by a spread of 1.65%.
With regard to such loans, the Issuer is obliged to comply with the following consolidated financial covenant: ratio between Net Financial Position and EBITDA not over 3.25 in 2022, and not over 3.00 starting from 2023.
Loan from Banco BPM S.p.A.
On September 5, 2022, \u00a0the Issuer signed a loan agreement with Banco BPM S.p.A., for a total amount equal to Euro 50,000 thousand, with a variable interest rate equal to 6-month Euribor, increased by a spread of 1.80% on a credit line equal to Euro 35,000 thousand (\"Line A\"), with expiration date at June 30, 2028, and a spread of 2.00% on a bullet credit line equal to Euro 15,000 thousand (\"Line B\"), with expiration date at December 31, 2028. In addition, on 50% of the financed amount, and until the expiration date of each credit line, a derivative contract was signed into to hedge the interest rate, which is converted to a fixed rate at 2.39% for the Line A, and 2.485% for the Line B, increased by the margins described above.
With regard to the loan obtained from Banco BPM S.p.A., the Issuer is obliged to comply with the following consolidated financial covenant, as resulting from the consolidated financial statement for each full and half year, clarifying that the economic data are to be considered on an yearly basis: ratio between Net Financial Position and EBITDA not over 3.0.
Loans from Intesa SanPaolo S.p.A.
On March 30, 2021 the Issuer signed a loan agreement with Intesa SanPaolo S.p.A., for an amount equal to Euro 80,000 thousand, expiring March 30, 2028, with a fixed interest rate equal to 1.45%. We point out that such loan was partially used for the early reimbursement of the previous loans of the same bank, which had a residual debt equal to Euro 37,009 thousand.
On July 29, 2022 the Issuer signed a loan agreement with Intesa SanPaolo S.p.A, composed of two tranches, respectively of Euro 40,000 thousand and 60,000 thousand, both disbursed in 2022. The contract provides, for both tranches of the loan, an expiration date of December 31, 2028, with an interest rate equal to the 6-month Euribor rate, increased by a margin of 2.00%. In addition, on 60% of the disbursed amount, and until December 31, 2026, a derivative contract was signed to hedge the interest rate, which is converted to a fixed rate at 1.396%, increased by the margin of 2.00%.
As regard the loan obtained from Intesa SanPaolo S.p.A., the Group is obliged to comply with the following consolidated financial covenants: i) ratio between Net Financial Position and EBITDA not over 3.5 in 2022, not over 3.0 in 2023 and not over 2.5 starting from 2024; ii) ratio between Net Financial Position and Equity not over 2.0. In addition, in the event that the ratio between Net Financial Position and EBITDA should result higher than 2.0 but lower that 2.5, the Issuer is obliged not to distribute profits and/or reserves made up of undistributed profits from previous years in excess of 50%, while in the event that such ratio should result higher than 2.5, the Issuer is obliged not to distribute profits and/or reserves made up of undistributed profits from previous years in excess of 25%.
Loans from Unicredit S.p.A.
On February 26, 2021 the Issuer signed a loan agreement with Unicredit S.p.A., for an amount equal to Euro 10,000 thousand, expiring February 28, 2026, with a variable interest rate equal to 3-month Euribor increased by 1.60%. On such loan we took a derivative contract to hedge the variable rate, which converts the 3-month Euribor interest rate into a yearly fixed rate of minus 0.15%.
On August 9, 2022 the Issuer signed a loan agreement with Unicredit S.p.A., for an amount equal to Euro 50,000 thousand, with expiration date at August 31, 2028, with a variable interest rate equal to 3-month Euribor, increased by a spread of 1.80%. In addition, on 60% of the financed amount, equal to Euro 30,000 thousand, and until August 29, 2025, a derivative contract was signed into to hedge the interest rate, which is converted to a fixed rate at 1.435%, increased by the margin of 1.80%.\u00a0
On November 20, 2023 the Issuer signed a loan agreement with Unicredit S.p.A., for an amount equal to Euro 30,000 thousand, with a variable interest rate equal to 3-month Euribor, increased by a spread of 1.72%. In addition, on 50% of the disbursed amount, a derivative contract was signed to hedge the interest rate, which is converted to a fixed rate at 3.37%, increased by a spread of 1.72%;
As regard the loans obtained from Unicredit S.p.A., the Group is obliged to comply with the following consolidated financial covenant, as resulting from the consolidated financial statements for each full and half year, clarifying that the economic data are to be considered on a yearly basis: ratio between Net Financial Position and EBITDA not over 3.0. In addition, in the event that such ratio should be higher than 2.25, the Issuer is obliged not to distribute or resolve the distribution of profits of the year in amounts exceeding 50% of the consolidated annual net income.
Loans from Credito Emiliano S.p.A.
On September 9, 2021 the Issuer signed a loan agreement with Credito Emiliano S.p.A., for an amount equal to Euro 20,000 thousand, expiring September 9, 2026, with a fixed interest rate equal to 0.58%. We point out that such loan was mainly used for the early reimbursement of the previous loans of the same bank, which had a residual debt equal to Euro 16,798 thousand.
On November 2, 2022 the Issuer signed a loan agreement with Credito Emiliano S.p.A., for an amount equal to Euro 10,000 thousand, with expiration date at November 2, 2026, with a variable interest rate equal to Euribor 1-month, increased by a spread of 0.90%.
On October 30, 2023 the Issuer signed a loan agreement with Credito Emiliano S.p.A., for an amount equal to Euro 5,000 thousand, with expiration date at October 30, 2028, with a variable interest rate equal to Euribor 3-month, increased by a spread of 0.90%.
As regard the loans obtained from Credito Emiliano S.p.A., the Group is obliged to comply with the following consolidated financial covenant, as resulting from the consolidated financial statements for each full and half year: ratio between Net Financial Position and EBITDA not over 3.0.
Covenant calculation
It is specified that for the calculation of the above ratios, based on the current contractual agreements with all the banks, the calculation of the Net Financial Position also includes the value of the Moneysupermarket.com shares, the amount of which as of December 31, 2023 is equal to Euro 141,865 thousand.
The Group has complied with the above covenants as of December 31, 2023.\u00a0
Changes in liabilities
We provide below the table required by IAS 7 about the changes of the liabilities related to financing activities:
(euro thousand) | \u00a0As of December 31, 2022\u00a0 | \u00a0Cash flows\u00a0 | \u00a0Others\u00a0 | \u00a0As of December 31, 2023\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cr\u00e9dit Agricole Italia S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a073,165\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(8,450) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(14,006) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a050,709\u00a0 |
Credito Emiliano S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020,683\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,000\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(7,453) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a018,230\u00a0 |
Intesa SanPaolo S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0154,764\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(31,983) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0122,781\u00a0 |
Banco BPM S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a046,316\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(8,197) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a038,119\u00a0 |
Unicredit S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a051,097\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(14,475) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a066,622\u00a0 |
BPER Banca S:p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,528\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(2,528) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Long-term borrowings | 348,553 | 26,550 | (78,642) | 296,461 |
\u00a0
The \"Cash flows\" column includes the non-current portion of the new obtained loans as well as the non-current portion of early repaid loans.\u00a0
The \"Others\" column refers to the reclassification among current liabilities of the portions of the loans that will expire during the next twelve months.
CURRENT LIABILITIES
Short-term debts and other financial liabilities
The following table presents the situation of the item as of December 31, 2023 and 2022:
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Short-term bank debts | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a046\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,000\u00a0 |
\u00a0 | ||
Current portion of long-term loans: | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a079,505\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a054,346\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Cr\u00e9dit Agricole Italia S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014,084\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,214\u00a0 |
Credito Emiliano S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,573\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,993\u00a0 |
Intesa SanPaolo S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a032,372\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a024,609\u00a0 |
Banca Popolare di Milano S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,205\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,683\u00a0 |
Unicredit S:p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014,731\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,201\u00a0 |
BPER Banca S:p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,540\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,646\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Other financial liabilities: | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04,259\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,948\u00a0 |
Current lease liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04,259\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,948\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Short-term debts and other financial liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a083,810\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a066,294\u00a0 |
The item \"Short-term debts and other financial liabilities\" amounting to Euro 83,810 thousand as of December 31, 2023, includes the current portions of bank borrowings and the interest payable on the outstanding loans, for an amount equal to Euro 79,505 thousand and the current portion of the lease liabilities (according to IFRS 16) for Euro 4,259 thousand.\u00a0
We provide below the table required by IAS 7 about the changes of the liabilities related to financing activities:
(euro thousand) | \u00a0As of December 31, 2022\u00a0 | \u00a0Cash flows\u00a0 | \u00a0Others\u00a0 | \u00a0As of December 31, 2023\u00a0 |
\u00a0 | ||||
Intesa SanPaolo S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a024,609\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(24,487) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a032,250\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a032,372\u00a0 |
Credito Emiliano S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,993\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(6,662) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,242\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,573\u00a0 |
Cr\u00e9dit Agricole Italia S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,214\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(7,350) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014,220\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014,084\u00a0 |
Banco BPM S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,683\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(8,756) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,278\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,205\u00a0 |
Unicredit S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,201\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(5,125) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014,655\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014,731\u00a0 |
BPER Banca S.p.A. | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,646\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,652) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,546\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,540\u00a0 |
Short-term borrowings | 54,346 | (54,032) | 79,191 | 79,505 |
The \"Cash flows\" column includes the current portion of the new obtained loans, net of the reimbursements of the period.
The \"Others\" column refers to the reclassification among current liabilities of the portions of the loans that will expire during the next twelve months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page55-body-tag6449643": { "value": "Provisions for risks and charges
The following tables present the situation and the variation of the item as of and for the financial year ended December 31, 2023 and 2022:
Year ended December 31, 2022
(euro thousand) | \u00a0As of December 31, 2021\u00a0 | \u00a0Change in the scope of consolidation\u00a0 | \u00a0Accrual\u00a0 | \u00a0Utilization\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Provision for early repayment of mortgages | 180 | - | - | - | 180 |
Other provisions for risks | 1,702 | 3 | 18 | (147) | 1,576 |
Total | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,882\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a018\u00a0 | (147) | 1,756 |
Year ended December 31, 2023
(euro thousand) | \u00a0As of December 31, 2022\u00a0 | \u00a0Change in the scope of consolidation\u00a0 | \u00a0Accrual\u00a0 | \u00a0Utilization\u00a0 | \u00a0Releases\u00a0 | \u00a0As of December 31, 2023\u00a0 |
Provision for early repayment of loans | 180 | - | - | - | (54) | 126 |
Other provisions for risks | 1,576 | 67 | 144 | (1,224) | - | 563 |
Total | 1,756 | 67 | 144 | (1,224) | (54) | 689 |
The provision for early repayment of loans includes a provision, booked during 2019, of Euro 126 thousand, which refers to an estimation of the economic indemnities that may have to be paid to customers and/or assignees by a company of the Group which provides loans subsequently transferred to other intermediaries, in the event of requests for early repayment, pursuant to the judgment of the Court of Justice of the European Union of September 11, 2019 about the repayment of upfront costs in case of early reimbursement of loans. As of December 31, 2023, no changes to the provision for early repayment of loans were deemed necessary based on the assessments made. The release of the period refers to the provision, accrued in the previous years, related to the estimation of possible repayment of commissions received for mortgages intermediated in the year ended at the financial statements date, if particular clauses of the agreements with the banks provide for the reversal of the fees in case of loan prepayment or borrower default.\u00a0
The \"Other provisions for risks\" include, for Euro 349 thousand, the estimation of the liability deriving from the probable charging by some suppliers of the Group of additional costs compared to the previously foreseeable amount, related to professional services supplied to the Mortgage BPO Business Line. During the fiscal year this provision was utilized for Euro 526 thousand. Other utilizations mainly refer, for Euro 626 thousand, to the settlement and scrapping of the liability due in relation with social security claims, reclassified among the \"Other current liabilities\".
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page55-body-tag6449642": { "value": "Provisions for risks and charges
The following tables present the situation and the variation of the item as of and for the financial year ended December 31, 2023 and 2022:
Year ended December 31, 2022
(euro thousand) | \u00a0As of December 31, 2021\u00a0 | \u00a0Change in the scope of consolidation\u00a0 | \u00a0Accrual\u00a0 | \u00a0Utilization\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Provision for early repayment of mortgages | 180 | - | - | - | 180 |
Other provisions for risks | 1,702 | 3 | 18 | (147) | 1,576 |
Total | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,882\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a018\u00a0 | (147) | 1,756 |
Year ended December 31, 2023
(euro thousand) | \u00a0As of December 31, 2022\u00a0 | \u00a0Change in the scope of consolidation\u00a0 | \u00a0Accrual\u00a0 | \u00a0Utilization\u00a0 | \u00a0Releases\u00a0 | \u00a0As of December 31, 2023\u00a0 |
Provision for early repayment of loans | 180 | - | - | - | (54) | 126 |
Other provisions for risks | 1,576 | 67 | 144 | (1,224) | - | 563 |
Total | 1,756 | 67 | 144 | (1,224) | (54) | 689 |
The provision for early repayment of loans includes a provision, booked during 2019, of Euro 126 thousand, which refers to an estimation of the economic indemnities that may have to be paid to customers and/or assignees by a company of the Group which provides loans subsequently transferred to other intermediaries, in the event of requests for early repayment, pursuant to the judgment of the Court of Justice of the European Union of September 11, 2019 about the repayment of upfront costs in case of early reimbursement of loans. As of December 31, 2023, no changes to the provision for early repayment of loans were deemed necessary based on the assessments made. The release of the period refers to the provision, accrued in the previous years, related to the estimation of possible repayment of commissions received for mortgages intermediated in the year ended at the financial statements date, if particular clauses of the agreements with the banks provide for the reversal of the fees in case of loan prepayment or borrower default.\u00a0
The \"Other provisions for risks\" include, for Euro 349 thousand, the estimation of the liability deriving from the probable charging by some suppliers of the Group of additional costs compared to the previously foreseeable amount, related to professional services supplied to the Mortgage BPO Business Line. During the fiscal year this provision was utilized for Euro 526 thousand. Other utilizations mainly refer, for Euro 626 thousand, to the settlement and scrapping of the liability due in relation with social security claims, reclassified among the \"Other current liabilities\".
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page56-body-tag6449644": { "value": "Defined benefit program liabilities\u00a0
The following table presents the situation of the item as of December 31, 2023 and 2022:
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Employee termination benefits | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020,435\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a018,420\u00a0 |
Directors' termination benefits | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0203\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0460\u00a0 |
Long Term Incentive Plan liability | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0841\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0145\u00a0 |
Total defined benefit program liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a021,479\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a019,025\u00a0 |
The liability for Long Term Incentive Plan refers to the estimated liability due to the employees benefiting from long term incentive plans, the amount of which is estimated on the basis of allocations previously made and assumptions about the evolution in subsequent years of the economic parameters whose values will determine the actual disbursements. The increase compared to the previous year is mainly attributable to new incentive allocations made during 2023.
The economic and demographic assumptions used for the actuarial determination of the defined benefit program liabilities are provided below for the years ended December 31, 2023 and 2022:
\u00a0 | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
ECONOMIC ASSUMPTIONS | ||
Inflation rate | 2.00% | 2.50% |
Discount rate | 3.17% | 3.70% |
Salary growth rate | 3.00% | 3.00% |
TFR growth rate | 3.00% | 3.38% |
\u00a0 | \u00a0 | \u00a0 |
\u00a0 | \u00a0 |
DEMOGRAPHIC ASSUMPTIONS | |
\u00a0 | \u00a0 |
Expected mortality rate | Expected mortality rate of Italian population, according with data from\u00a0Ragioneria Generale dello Stato\u00a0(RG48) |
Expected invalidity rate | Data split by sex, driven by the INPS model and projected to 2010. Expectations are constructed using the age and gender of the living pensioners at January 1, 1987 beginning from 1984, 1985, 1986 for the personnel of the credit sector. |
Expected termination rate | As regards the expected termination, a rate of 7.50% p.a. has been applied for all employees.\u00a0 |
Expected retirements | It is expected that employees will reach the pensionable age provided within local laws |
Expected early repayment rate | A rate of 3% p.a. has been applied. |
\u00a0 | \u00a0 |
\u00a0
Actuarial gains deriving from the liability as of December 31, 2023, equal to Euro 242 thousand, are recorded in equity, with the recognition in the comprehensive income statement.
The following table presents the variation of the employee termination benefit liability for the year ended December 31, 2023 and 2022:
(euro thousand) | \u00a0 |
Value as of December 31, 2021 | 17,936 |
\u00a0 | \u00a0 |
Current service cost | 3,141 |
Interest cost | 182 |
Change in the scope of consolidation | 2,766 |
Benefits paid | (2,191) |
Losses /(Gains) of the year | (3,414) |
\u00a0 | \u00a0 |
Value as of December 31, 2022 | 18,420 |
\u00a0 | \u00a0 |
Current service cost | 3,362 |
Interest cost | 706 |
Change in the scope of consolidation | 22 |
Benefits paid | (1,833) |
Losses /(Gains) of the year | (242) |
\u00a0 | \u00a0 |
Value as of December 31, 2023 | 20,435 |
Expenses related to the defined benefit program liability that are recognized in the income statement are as follows:
\u00a0 | Years ended | |
(euro thousand) | December 31, 2023 | December 31, 2022 |
\u00a0 | \u00a0 | \u00a0 |
Current personnel cost | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3,362) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3,141) |
Implicit interest cost | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(706) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(182) |
\u00a0 | \u00a0 | \u00a0 |
Total expenses related to the defined benefit program | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,068) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3,323) |
As regards the discount rate, the reference rate used for the valorization of this parameter is the Iboxx Eurozone Corporate AA 10+ index (maturity over 10 years) as of the valuation date. This term is in fact linked to the average residual permanence of the employees of the Group, weighed with the expected payments.
The directors' termination benefits for the companies of the Group are recognized pursuant to the resolutions of the relevant shareholders' meetings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page57-body-tag6449646": { "value": "Other non-current liabilities
The item, equal to Euro 13,375 thousand as of December 31, 2023, mainly includes the non-current portion of the consideration still to be paid for the acquisition of Trebi Generalconsult S.r.l. for Euro 6,000 thousand, Onda S.r.l. for Euro 500 thousand, Gema Motor S.r.l. for Euro 94 thousand, Europa Centro Servizi S.r.l. for Euro 171 thousand and Sovime S.r.l. for Euro 889 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page58-body-tag6449653": { "value": "Trade and other payables
Trade and other payables include the payables to suppliers for the purchase of goods and services, for Euro 51,840 thousand as of December 31, 2023, compared to Euro 41,980 thousand as of December 31, 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page58-body-tag6449647": { "value": "Other current liabilities
The following table presents the situation of the item as of December 31, 2023 and 2022:
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Liabilities to personnel | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a025,804\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a018,981\u00a0 |
Social security liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,908\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,686\u00a0 |
Social security liabilities on behalf of employees | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04,471\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,735\u00a0 |
Accruals | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,779\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,791\u00a0 |
VAT liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,212\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,678\u00a0 |
Advances from clients | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a016,238\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,220\u00a0 |
Other liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,983\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,554\u00a0 |
Total other current liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a079,395\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a060,645\u00a0 |
Liabilities to personnel are mainly liabilities for salaries accrued in December, paid at the beginning of 2024, for accrued holidays and for deferred expenses as of December 31, 2023 that are still to be paid and bonus liabilities for the financial year 2023 not yet paid as of December 31, 2023. The increase compared to the previous year is mainly due to the increase in the average number of employees.
The item \"Accruals\" mainly includes deferred revenues linked to outsourcing activities performed by the Leasing & Rental BPO/IT business line, and deferred revenues linked to the activities of subsidiary Zoorate S.r.l..\u00a0
The item \"Advances from clients\" mainly includes payables to customers of the Insurance BPO business line for advances received for claim settlements for Euro 9,789 thousand, payables to customers of the Loans BPO business line for Euro 2,963 thousand, payables of the subsidiary Centro Finanziamenti S.p.A. to its loan buyers for expected early repayments on the transferred loans for Euro 954 thousand, and payables to customers of the Leasing & Rental BPO/IT business line, for advances received by subsidiary Agenzia Italia S.p.A. in relation to car stamp duties to be paid in the short term, amounting to Euro 2,518 thousand.\u00a0
The item \"Other payables\" mainly includes the unpaid portion of the consideration for the acquisition of the Lercari Group, Onda S.r.l., Trebi Generalconsult S.r.l., Sovime S.r.l. e Lercari Motor S.r.l., for a total amount equal to Euro 7,844 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page58-body-tag6449648": { "value": "The item \"Accruals\" mainly includes deferred revenues linked to outsourcing activities performed by the Leasing & Rental BPO/IT business line, and deferred revenues linked to the activities of subsidiary Zoorate S.r.l..\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page58-body-tag6449652": { "value": "Shareholders' equity
The following table presents the situation of the item as of December 31, 2023 and 2022:
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Share capital | 944 | 949 |
Legal reserve | 202 | 202 |
Other reserves | 48,739 | 21,736 |
Retaind earnings | 277,643 | 247,438 |
Total Group shareholders' equity | 327,528 | 270,325 |
Other reserves of minority interest | 1,933 | 1,345 |
Retained income of minority interest | 670 | 654 |
Total shareholders' equity | 330,131 | 272,324 |
For the changes in shareholders' equity, refer to the relevant table.
On April 27, 2023 the shareholders' meeting resolved the distribution of a dividend of Euro\u00a00.12\u00a0per share, for a total amount of Euro 4,493 thousand. Such dividend has been paid out with ex-dividend date July 3, 2023 record date July 4, 2023 and payable date July 5, 2023.
The Company, as of December 31, 2023, has a share capital of Euro 1,012,354.01, formed by 40,000,000 ordinary shares without nominal value, unchanged if compared to December 31, 2022.
As of December 31, 2023, the Issuer holds 2,747,026 own shares, equal to 6.87% of ordinary share capital, for a total cost of Euro 44,667 thousand. Being the shares without nominal value, the purchase cost is deducted from the share capital for an amount implicitly corresponding to the nominal value, equal to Euro 68 thousand as of December 31, 2023, and from available reserves for an amount equal to the remaining part of the purchase cost.
The following table presents the impact of the purchase and sale of own shares by the companies of the Group on the consolidated share capital and net equity of the shareholders of the Issuer as of December 31, 2023 and 2022:
\u00a0
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Share capital underwritten and paid | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,012\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,012\u00a0 |
Own shares' nominal value | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(68)\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(63)\u00a0 |
Total share capital | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0944\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0949\u00a0 |
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Other reserves gross of own shares | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0371,183\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0307,177\u00a0 |
Surplus on own shares | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(44,599)\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(37,801)\u00a0 |
Total other reserves | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0326,584\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0269,376\u00a0 |
Shareholders' equity
The following table presents the situation of the item as of December 31, 2023 and 2022:
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Share capital | 944 | 949 |
Legal reserve | 202 | 202 |
Other reserves | 48,739 | 21,736 |
Retaind earnings | 277,643 | 247,438 |
Total Group shareholders' equity | 327,528 | 270,325 |
Other reserves of minority interest | 1,933 | 1,345 |
Retained income of minority interest | 670 | 654 |
Total shareholders' equity | 330,131 | 272,324 |
For the changes in shareholders' equity, refer to the relevant table.
On April 27, 2023 the shareholders' meeting resolved the distribution of a dividend of Euro\u00a00.12\u00a0per share, for a total amount of Euro 4,493 thousand. Such dividend has been paid out with ex-dividend date July 3, 2023 record date July 4, 2023 and payable date July 5, 2023.
The Company, as of December 31, 2023, has a share capital of Euro 1,012,354.01, formed by 40,000,000 ordinary shares without nominal value, unchanged if compared to December 31, 2022.
As of December 31, 2023, the Issuer holds 2,747,026 own shares, equal to 6.87% of ordinary share capital, for a total cost of Euro 44,667 thousand. Being the shares without nominal value, the purchase cost is deducted from the share capital for an amount implicitly corresponding to the nominal value, equal to Euro 68 thousand as of December 31, 2023, and from available reserves for an amount equal to the remaining part of the purchase cost.
The following table presents the impact of the purchase and sale of own shares by the companies of the Group on the consolidated share capital and net equity of the shareholders of the Issuer as of December 31, 2023 and 2022:
\u00a0
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Share capital underwritten and paid | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,012\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,012\u00a0 |
Own shares' nominal value | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(68)\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(63)\u00a0 |
Total share capital | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0944\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0949\u00a0 |
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Other reserves gross of own shares | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0371,183\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0307,177\u00a0 |
Surplus on own shares | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(44,599)\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(37,801)\u00a0 |
Total other reserves | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0326,584\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0269,376\u00a0 |
On April 27, 2023 the shareholders' meeting resolved the distribution of a dividend of Euro\u00a00.12\u00a0per share, for a total amount of Euro 4,493 thousand. Such dividend has been paid out with ex-dividend date July 3, 2023 record date July 4, 2023 and payable date July 5, 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page58-p_998-tag6449654": { "value": "0.12", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "v1-page58-body-tag6449649": { "value": "The Company, as of December 31, 2023, has a share capital of Euro 1,012,354.01, formed by 40,000,000 ordinary shares without nominal value, unchanged if compared to December 31, 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page58-body-tag6449659": { "value": "Stock option plans
The following table summarizes the variation of the stock options during the year:\u00a0
Stock options as of January 1, 2023 | 1,088,507 | ||
Stock options offered in 2023 | \u00a0 | 312,500 | |
Stock options cancelled due to resignations in 2023 | \u00a0 | (25,500) | |
Stock options exercised in 2023 | \u00a0 | (228,725) | |
Stock options as of December 31, 2023 | \u00a0 | 1,146,782 | |
(of which vested as of December 31, 2024) | \u00a0 | 572,782 | |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0
The outstanding stock options as of December 31, 2023 are as follows:
Date of shareholders' meeting resolution | Date of assignment | Vesting date | Expiry date | # options | Strike price | Value of the option |
April 27, 2017 | March 12, 2018 | March 12, 2021 | March 11, 2024 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0225,282\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013.549\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02.61\u00a0 |
April 27, 2017 | July 5, 2019 | July 8, 2022 | July 7, 2025 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0160,000\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015.887\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03.21\u00a0 |
April 27, 2017 | September 1, 2020 | September 1, 2023 | August 31, 2026 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a024,000\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a022.755\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04.90\u00a0 |
April 29, 2021 | November 15, 2021 | November 15, 2024 | November 14, 2027 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0163,500\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a044.379\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08.77\u00a0 |
April 29, 2021 | May 12, 2022 | May 12, 2025 | May 11, 2028 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a065,000\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030.316\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06.86\u00a0 |
April 29, 2021 | November 2, 2022 | November 2, 2025 | November 1, 2028 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0212,000\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a021.868\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09.24\u00a0 |
April 29, 2021 | February 5, 2023 | February 5, 2026 | February 6, 2029 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a023,000\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a028.880\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08.75\u00a0 |
April 29, 2021 | May 2, 2023 | May 2, 2026 | May 1, 2029 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,500\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a027.585\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07.98\u00a0 |
April 29, 2021 | September 7, 2023 | September 7, 2026 | September 6, 2029 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0270,500\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a026.172\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07.16\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | |||
\u00a0 | \u00a0 | \u00a0 | Total options | \u00a0\u00a0\u00a0\u00a0\u00a01,146,782\u00a0 | \u00a0 | \u00a0 |
The weighted average price of the shares for the year ended December 31, 2023 is equal to Euro 27.237.
Personnel costs for the year ended December 31, 2023 include Euro 1.146 thousand related to the Group's stock option plan. In the income statement for the year ended December 31, 2022 there are costs equal to Euro 797 thousand related to the stock option plan.
Stock option plans
The following table summarizes the variation of the stock options during the year:\u00a0
Stock options as of January 1, 2023 | 1,088,507 | ||
Stock options offered in 2023 | \u00a0 | 312,500 | |
Stock options cancelled due to resignations in 2023 | \u00a0 | (25,500) | |
Stock options exercised in 2023 | \u00a0 | (228,725) | |
Stock options as of December 31, 2023 | \u00a0 | 1,146,782 | |
(of which vested as of December 31, 2024) | \u00a0 | 572,782 | |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
\u00a0
The outstanding stock options as of December 31, 2023 are as follows:
Date of shareholders' meeting resolution | Date of assignment | Vesting date | Expiry date | # options | Strike price | Value of the option |
April 27, 2017 | March 12, 2018 | March 12, 2021 | March 11, 2024 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0225,282\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013.549\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02.61\u00a0 |
April 27, 2017 | July 5, 2019 | July 8, 2022 | July 7, 2025 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0160,000\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015.887\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03.21\u00a0 |
April 27, 2017 | September 1, 2020 | September 1, 2023 | August 31, 2026 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a024,000\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a022.755\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04.90\u00a0 |
April 29, 2021 | November 15, 2021 | November 15, 2024 | November 14, 2027 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0163,500\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a044.379\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08.77\u00a0 |
April 29, 2021 | May 12, 2022 | May 12, 2025 | May 11, 2028 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a065,000\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030.316\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06.86\u00a0 |
April 29, 2021 | November 2, 2022 | November 2, 2025 | November 1, 2028 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0212,000\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a021.868\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09.24\u00a0 |
April 29, 2021 | February 5, 2023 | February 5, 2026 | February 6, 2029 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a023,000\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a028.880\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08.75\u00a0 |
April 29, 2021 | May 2, 2023 | May 2, 2026 | May 1, 2029 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,500\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a027.585\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07.98\u00a0 |
April 29, 2021 | September 7, 2023 | September 7, 2026 | September 6, 2029 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0270,500\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a026.172\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07.16\u00a0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | |||
\u00a0 | \u00a0 | \u00a0 | Total options | \u00a0\u00a0\u00a0\u00a0\u00a01,146,782\u00a0 | \u00a0 | \u00a0 |
The weighted average price of the shares for the year ended December 31, 2023 is equal to Euro 27.237.
Personnel costs for the year ended December 31, 2023 include Euro 1.146 thousand related to the Group's stock option plan. In the income statement for the year ended December 31, 2022 there are costs equal to Euro 797 thousand related to the stock option plan.
NOTES TO THE MAIN ITEMS OF THE CONSOLIDATED INCOME STATEMENT
Revenues\u00a0
The following table presents the details of the item for the financial years ended December 31, 2023 and 2022:
\u00a0 | Years ended | |
(euro thousand) | December 31, | December 31, |
\u00a0 | \u00a0 | \u00a0 |
Broking Division revenues | 188,122 | 131,042 |
BPO Division revenues | 216,065 | 179,728 |
\u00a0 | \u00a0 | \u00a0 |
Total revenues | 404,187 | 310,770 |
For comments on the evolution of revenues, please refer to the management report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page59-body-tag6449657": { "value": "Revenues\u00a0
The following table presents the details of the item for the financial years ended December 31, 2023 and 2022:
\u00a0 | Years ended | |
(euro thousand) | December 31, | December 31, |
\u00a0 | \u00a0 | \u00a0 |
Broking Division revenues | 188,122 | 131,042 |
BPO Division revenues | 216,065 | 179,728 |
\u00a0 | \u00a0 | \u00a0 |
Total revenues | 404,187 | 310,770 |
For comments on the evolution of revenues, please refer to the management report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page59-body-tag6449655": { "value": "Revenues\u00a0
The following table presents the details of the item for the financial years ended December 31, 2023 and 2022:
\u00a0 | Years ended | |
(euro thousand) | December 31, | December 31, |
\u00a0 | \u00a0 | \u00a0 |
Broking Division revenues | 188,122 | 131,042 |
BPO Division revenues | 216,065 | 179,728 |
\u00a0 | \u00a0 | \u00a0 |
Total revenues | 404,187 | 310,770 |
For comments on the evolution of revenues, please refer to the management report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page60-body-tag6449663": { "value": "Other income
The following table presents the details of the item for the financial years ended December 31, 2023 and 2022:
\u00a0 | Years ended | |
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Reimbursement of costs | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,450\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,836\u00a0 |
Others | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,119\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,625\u00a0 |
Grants | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0152\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0187\u00a0 |
Total other income | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,721\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,648\u00a0 |
The item \"Reimbursement of costs\" includes incomes from the re-invoicing of expenses incurred on behalf of customers.
Other income
The following table presents the details of the item for the financial years ended December 31, 2023 and 2022:
\u00a0 | Years ended | |
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Reimbursement of costs | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,450\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,836\u00a0 |
Others | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,119\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,625\u00a0 |
Grants | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0152\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0187\u00a0 |
Total other income | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,721\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,648\u00a0 |
The item \"Reimbursement of costs\" includes incomes from the re-invoicing of expenses incurred on behalf of customers.
Services costs
The following table presents the details of the item for the financial years ended December 31, 2023 and 2022:
\u00a0 | Years ended | |
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Marketing expenses | (72,418) | (49,089) |
Notarial and appraisal services | (41,387) | (32,888) |
Technical, legal and administrative advice | (21,602) | (17,216) |
Commission payout | (5,483) | (6,145) |
Rental and lease expenses | (6,832) | (4,688) |
Post and courier expenses | (3,729) | (3,365) |
IT Services | (2,065) | (2,030) |
Utilities and cleaning costs | (1,961) | (1,890) |
Telecommunications | (1,828) | (1,372) |
Travel expenses | (1,740) | (1,270) |
Other general expenses | (12,573) | (8,060) |
\u00a0 | \u00a0 | \u00a0 |
Total services costs | (171,618) | (128,013) |
\"Marketing expenses\" refer to activities aimed at increasing the awareness and reputation of the Group and of its brands and to acquire new perspective clients. The significant increase compared to the previous year is due to the enlargement of the consolidation area, and in particular to marketing costs incurred by foreign subsidiaries.
\"Notary and appraisal services\" mainly refer to services purchased by the BPO Division. The increase is mainly attributable to higher costs incurred within the Insurance BPO business line.\u00a0
\"Technical, legal and administrative advice\" costs refer to expenses incurred for professional advice for legal, financial and fiscal matters, for audit activities, for administrative and operating support, as well as for IT and technology consulting. The increase compared to the previous year is the result of the higher costs of the Group for strategic, financial, fiscal and compliance advice, mainly in relation to the acquisitions in the period.
\"Commission payout\" is related in particular to the broking fees paid to the agents of the Money360 network.
\"Rental and lease expenses\" include mainly the fees paid by the companies of the Group for software use costs. The increase compared to the previous year is due to the higher software use costs and to the enlargement of the consolidation area.
\"Postage and delivery charges\" refer mainly to expenses incurred for the shipping of documentation on behalf of the clients of the BPO Division.\u00a0
\"IT Services\" refer to the various IT services acquired to support the operating activities of the Leasing & Rental BPO/IT business line.
The \"Other general expenses\" include costs of various services, such as administrative and document scanning services used by subsidiary Agenzia Italia S.p.A., for Euro 4,688 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page60-body-tag6449660": { "value": "Services costs
The following table presents the details of the item for the financial years ended December 31, 2023 and 2022:
\u00a0 | Years ended | |
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Marketing expenses | (72,418) | (49,089) |
Notarial and appraisal services | (41,387) | (32,888) |
Technical, legal and administrative advice | (21,602) | (17,216) |
Commission payout | (5,483) | (6,145) |
Rental and lease expenses | (6,832) | (4,688) |
Post and courier expenses | (3,729) | (3,365) |
IT Services | (2,065) | (2,030) |
Utilities and cleaning costs | (1,961) | (1,890) |
Telecommunications | (1,828) | (1,372) |
Travel expenses | (1,740) | (1,270) |
Other general expenses | (12,573) | (8,060) |
\u00a0 | \u00a0 | \u00a0 |
Total services costs | (171,618) | (128,013) |
\"Marketing expenses\" refer to activities aimed at increasing the awareness and reputation of the Group and of its brands and to acquire new perspective clients. The significant increase compared to the previous year is due to the enlargement of the consolidation area, and in particular to marketing costs incurred by foreign subsidiaries.
\"Notary and appraisal services\" mainly refer to services purchased by the BPO Division. The increase is mainly attributable to higher costs incurred within the Insurance BPO business line.\u00a0
\"Technical, legal and administrative advice\" costs refer to expenses incurred for professional advice for legal, financial and fiscal matters, for audit activities, for administrative and operating support, as well as for IT and technology consulting. The increase compared to the previous year is the result of the higher costs of the Group for strategic, financial, fiscal and compliance advice, mainly in relation to the acquisitions in the period.
\"Commission payout\" is related in particular to the broking fees paid to the agents of the Money360 network.
\"Rental and lease expenses\" include mainly the fees paid by the companies of the Group for software use costs. The increase compared to the previous year is due to the higher software use costs and to the enlargement of the consolidation area.
\"Postage and delivery charges\" refer mainly to expenses incurred for the shipping of documentation on behalf of the clients of the BPO Division.\u00a0
\"IT Services\" refer to the various IT services acquired to support the operating activities of the Leasing & Rental BPO/IT business line.
The \"Other general expenses\" include costs of various services, such as administrative and document scanning services used by subsidiary Agenzia Italia S.p.A., for Euro 4,688 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page61-body-tag6449665": { "value": "The \"Other general expenses\" include costs of various services, such as administrative and document scanning services used by subsidiary Agenzia Italia S.p.A., for Euro 4,688 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page61-body-tag6449664": { "value": "Personnel costs
The following table presents the details of the item for the financial years ended December 31, 2023 and 2022:
\u00a0 | Years ended | |
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Wages and salaries | (91,057) | (67,160) |
Social security contributions | (24,705) | (18,075) |
Professional collaborators and project workers costs | (3,133) | (2,610) |
Directors' compensation | (6,684) | (5,613) |
Defined benefit program costs | (5,317) | (4,635) |
Other costs | (1,684) | (598) |
Stock options | (1,416) | (979) |
\u00a0 | \u00a0 | \u00a0 |
Total personnel costs | (133,996) | (99,670) |
The increase compared to the previous financial year is mainly due to the growth of the average headcount, due to the enlargement of the consolidation area.
The average headcount is as follows:
\u00a0 | Years ended | |
\u00a0 | December 31, 2023 | December 31, 2022 |
\u00a0 | \u00a0 | \u00a0 |
Employees | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,912\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,455\u00a0 |
Professional collaborators and project workers | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0331\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Average headcount | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,243\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,555\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Headcount in Italy | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,289\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,927\u00a0 |
Headcount in Romania | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0531\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0531\u00a0 |
Headcount in Spagna | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0157\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
Headcount in India | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0152\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
Headcount in Francia | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a040\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
Headcount in Messico | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0 |
Headcount in Albania | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a056\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a093\u00a0 |
Headcount in Germany | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04\u00a0 |
\u00a0 | \u00a0 | \u00a0 |
Other operating costs
Other operating costs as of December 31, 2023 amount to Euro 12,776 thousand (Euro 11,681 thousand as of December 31, 2022) and mainly include non-deductible VAT costs relating to the financial years ended December 31, 2023 and 2022, respectively equal to Euro 8,426 thousand and Euro 7,511 thousand, and Euro 934 thousand related to provisions (Euro 1,058 thousand in the financial year ended December 31, 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page63-body-tag6449671": { "value": "Depreciation and amortization
The following table presents the details of the item for the financial years ended December 31, 2023 and 2022:
\u00a0 | Years ended | |
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Amortization of intangible assets | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(37,698) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(15,750) |
of which related to purchase price allocation | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(30,660) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(11,115) |
Depreciation of property, plant and equipment | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(7,405) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(6,276) |
of which IFRS 16 effect | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,248) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3,472) |
Total depreciation and amortization | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(45,103) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(22,026) |
Depreciation and amortization costs in the financial year ended December 31, 2023 includes the amortization costs related to the higher values of the software and trademark following the consolidation of acquired companies.\u00a0
The increase of the amortization of intangible assets is mainly attributable to the higher values of the intangible assets recognized following the completion of the consolidation of the Rastreator and LeLynx CGUs, and the completion of the purchase price allocation related to the acquisition of Trebi Generalconsult S.r.l..
The increase of the amortization costs of property, plant and equipment, is due to the higher value of such item, partially attributable to the adoption of the IFRS 16 accounting standard.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page63-body-tag6451728": { "value": "Net financial income
The following table presents the details of the item for the financial years ended December 31, 2023 and 2022:
\u00a0 | Years ended | |
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Financial income | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,996\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0356\u00a0 |
Income/(losses) from participations | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0129\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a046\u00a0 |
Interest expense - borrowings | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(14,100) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,079) |
Other financial expenses | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(534) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(143) |
Dividends paid to third-party shareholders | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(465) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(465) |
Implicit interest cost on defined benefit program liability | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(706) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(182) |
Income/(losses) from financial assets/liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,349) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,690\u00a0 |
Net financial income/(loss) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(13,029) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(777) |
Financial income mainly includes the interest income accrued in the period from the use of Group's available liquidity.\u00a0
Gains from participations refers to the evaluation with the equity method of the participations in the associated companies CFN Generale Fiduciaria S.p.A. and GSA S.r.l..
The item \"Interest expense - borrowings\" mainly includes Euro 14,100 thousand for the interest expenses on bank loans, significantly increasing compared to the previous year, as a result of the higher interest rates on variable-rate loans.
The item \"Other financial expenses\" includes Euro 329 thousand related to the accounting of the right of use in relation to rental buildings, according to IFRS 16.
Dividends paid to third-party shareholders refer to the dividend paid by Agenzia Italia S.p.A. to third-party shareholders for Euro 465 thousand.
The item \"Income/(Losses) from financial assets/liabilities\" mainly includes the dividends received from Moneysupermarket.com Group PLC for Euro 5,989 thousand, partially offset by the losses deriving from the recalculation of estimated liabilities for the exercise of put/call options on the remaining shares of Agenzia Italia S.p.A. and Zoorate S.r.l. for Euro 4,349 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page63-body-tag6451727": { "value": "Net financial income
The following table presents the details of the item for the financial years ended December 31, 2023 and 2022:
\u00a0 | Years ended | |
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Financial income | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,996\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0356\u00a0 |
Income/(losses) from participations | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0129\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a046\u00a0 |
Interest expense - borrowings | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(14,100) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,079) |
Other financial expenses | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(534) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(143) |
Dividends paid to third-party shareholders | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(465) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(465) |
Implicit interest cost on defined benefit program liability | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(706) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(182) |
Income/(losses) from financial assets/liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,349) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,690\u00a0 |
Net financial income/(loss) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(13,029) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(777) |
Financial income mainly includes the interest income accrued in the period from the use of Group's available liquidity.\u00a0
Gains from participations refers to the evaluation with the equity method of the participations in the associated companies CFN Generale Fiduciaria S.p.A. and GSA S.r.l..
The item \"Interest expense - borrowings\" mainly includes Euro 14,100 thousand for the interest expenses on bank loans, significantly increasing compared to the previous year, as a result of the higher interest rates on variable-rate loans.
The item \"Other financial expenses\" includes Euro 329 thousand related to the accounting of the right of use in relation to rental buildings, according to IFRS 16.
Dividends paid to third-party shareholders refer to the dividend paid by Agenzia Italia S.p.A. to third-party shareholders for Euro 465 thousand.
The item \"Income/(Losses) from financial assets/liabilities\" mainly includes the dividends received from Moneysupermarket.com Group PLC for Euro 5,989 thousand, partially offset by the losses deriving from the recalculation of estimated liabilities for the exercise of put/call options on the remaining shares of Agenzia Italia S.p.A. and Zoorate S.r.l. for Euro 4,349 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page63-body-tag6449670": { "value": "Net financial income
The following table presents the details of the item for the financial years ended December 31, 2023 and 2022:
\u00a0 | Years ended | |
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Financial income | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,996\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0356\u00a0 |
Income/(losses) from participations | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0129\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a046\u00a0 |
Interest expense - borrowings | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(14,100) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,079) |
Other financial expenses | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(534) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(143) |
Dividends paid to third-party shareholders | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(465) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(465) |
Implicit interest cost on defined benefit program liability | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(706) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(182) |
Income/(losses) from financial assets/liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,349) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,690\u00a0 |
Net financial income/(loss) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(13,029) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(777) |
Financial income mainly includes the interest income accrued in the period from the use of Group's available liquidity.\u00a0
Gains from participations refers to the evaluation with the equity method of the participations in the associated companies CFN Generale Fiduciaria S.p.A. and GSA S.r.l..
The item \"Interest expense - borrowings\" mainly includes Euro 14,100 thousand for the interest expenses on bank loans, significantly increasing compared to the previous year, as a result of the higher interest rates on variable-rate loans.
The item \"Other financial expenses\" includes Euro 329 thousand related to the accounting of the right of use in relation to rental buildings, according to IFRS 16.
Dividends paid to third-party shareholders refer to the dividend paid by Agenzia Italia S.p.A. to third-party shareholders for Euro 465 thousand.
The item \"Income/(Losses) from financial assets/liabilities\" mainly includes the dividends received from Moneysupermarket.com Group PLC for Euro 5,989 thousand, partially offset by the losses deriving from the recalculation of estimated liabilities for the exercise of put/call options on the remaining shares of Agenzia Italia S.p.A. and Zoorate S.r.l. for Euro 4,349 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page63-body-tag6449669": { "value": "Net financial income
The following table presents the details of the item for the financial years ended December 31, 2023 and 2022:
\u00a0 | Years ended | |
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Financial income | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,996\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0356\u00a0 |
Income/(losses) from participations | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0129\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a046\u00a0 |
Interest expense - borrowings | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(14,100) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,079) |
Other financial expenses | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(534) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(143) |
Dividends paid to third-party shareholders | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(465) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(465) |
Implicit interest cost on defined benefit program liability | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(706) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(182) |
Income/(losses) from financial assets/liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,349) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,690\u00a0 |
Net financial income/(loss) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(13,029) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(777) |
Net financial income
The following table presents the details of the item for the financial years ended December 31, 2023 and 2022:
\u00a0 | Years ended | |
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Financial income | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,996\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0356\u00a0 |
Income/(losses) from participations | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0129\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a046\u00a0 |
Interest expense - borrowings | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(14,100) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,079) |
Other financial expenses | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(534) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(143) |
Dividends paid to third-party shareholders | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(465) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(465) |
Implicit interest cost on defined benefit program liability | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(706) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(182) |
Income/(losses) from financial assets/liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,349) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,690\u00a0 |
Net financial income/(loss) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(13,029) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(777) |
Financial income mainly includes the interest income accrued in the period from the use of Group's available liquidity.\u00a0
Gains from participations refers to the evaluation with the equity method of the participations in the associated companies CFN Generale Fiduciaria S.p.A. and GSA S.r.l..
The item \"Interest expense - borrowings\" mainly includes Euro 14,100 thousand for the interest expenses on bank loans, significantly increasing compared to the previous year, as a result of the higher interest rates on variable-rate loans.
The item \"Other financial expenses\" includes Euro 329 thousand related to the accounting of the right of use in relation to rental buildings, according to IFRS 16.
Dividends paid to third-party shareholders refer to the dividend paid by Agenzia Italia S.p.A. to third-party shareholders for Euro 465 thousand.
The item \"Income/(Losses) from financial assets/liabilities\" mainly includes the dividends received from Moneysupermarket.com Group PLC for Euro 5,989 thousand, partially offset by the losses deriving from the recalculation of estimated liabilities for the exercise of put/call options on the remaining shares of Agenzia Italia S.p.A. and Zoorate S.r.l. for Euro 4,349 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page63-body-tag6449667": { "value": "Net financial income
The following table presents the details of the item for the financial years ended December 31, 2023 and 2022:
\u00a0 | Years ended | |
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Financial income | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,996\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0356\u00a0 |
Income/(losses) from participations | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0129\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a046\u00a0 |
Interest expense - borrowings | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(14,100) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,079) |
Other financial expenses | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(534) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(143) |
Dividends paid to third-party shareholders | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(465) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(465) |
Implicit interest cost on defined benefit program liability | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(706) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(182) |
Income/(losses) from financial assets/liabilities | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,349) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,690\u00a0 |
Net financial income/(loss) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(13,029) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(777) |
Financial income mainly includes the interest income accrued in the period from the use of Group's available liquidity.\u00a0
Gains from participations refers to the evaluation with the equity method of the participations in the associated companies CFN Generale Fiduciaria S.p.A. and GSA S.r.l..
The item \"Interest expense - borrowings\" mainly includes Euro 14,100 thousand for the interest expenses on bank loans, significantly increasing compared to the previous year, as a result of the higher interest rates on variable-rate loans.
The item \"Other financial expenses\" includes Euro 329 thousand related to the accounting of the right of use in relation to rental buildings, according to IFRS 16.
Dividends paid to third-party shareholders refer to the dividend paid by Agenzia Italia S.p.A. to third-party shareholders for Euro 465 thousand.
The item \"Income/(Losses) from financial assets/liabilities\" mainly includes the dividends received from Moneysupermarket.com Group PLC for Euro 5,989 thousand, partially offset by the losses deriving from the recalculation of estimated liabilities for the exercise of put/call options on the remaining shares of Agenzia Italia S.p.A. and Zoorate S.r.l. for Euro 4,349 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page64-body-tag6451729": { "value": "Income tax expense
The following table presents the details of the item for the financial years ended December 31, 2023 and 2022:
\u00a0 | Years ended | |
(euro thousand) | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Current income taxes | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(13,072) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(11,299) |
Income/(losses) from deferred tax assets | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,639) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(6,937) |
Income tax expense | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(14,711) | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(18,236) |
The \"Income/(losses) from deferred tax assets\" item mainly includes the utilization of the period of the deferred tax assets related to the higher value of assets revaluated during 2020, for Euro 6,583\u00a0thousand, and the absorption of deferred tax liabilities related to higher values allocated as a result of purchase price allocations for Euro 5,630 thousand.
With reference to amendments to IAS 12, we specify that Group has applied the temporary exemption provided by the amendments to IAS 12, issued by IASB on May 23, 2023, regarding the recognition and related disclosure to be provided in the consolidated financial statements in relation to deferred tax assets and liabilities arising from the application of the minimum level of taxation (\"Global Minimum Tax\") provided by Directive (EU) 2022/2523 of 14 December 2022, under the (\"Pillar Two\").\u00a0
On 28 December 2023, Legislative Decree No. 209 of 27 December 2023 implementing the international tax reform which came into effect on December 29, 2023, containing the Italian provisions related to Pillar Two was published in the Official Gazette.\u00a0
In light of the above, a preliminary analysis was conducted in order to aimed at estimating the potential expected impacts deriving from the application of Pillar Two at a Group level in 2024.
The Group conducted an assessment of its potential exposure to income taxes (both current and deferred), which showed that the effective Pillar Two tax rates in the jurisdictions in which the Group operates exceed 15%. Based on available information, it is believed that there will be no significant exposure to Pillar Two income taxes in these jurisdictions.
The reconciliation between the theoretical tax rate and the effective tax rate for the years ended December 31, 2023 and 2022 is provided in the following table:
\u00a0 | Years ended | |
\u00a0 | \u00a0As of December 31, 2023\u00a0 | \u00a0As of December 31, 2022\u00a0 |
Corporate income tax (IRES) | ||
Theoretical tax rate | 24.0% | 24.0% |
Differences due to costs non-deductible for IRES | 3.3% | 3.7% |
Differences of the tax rate on foreign company income | -0.8% | 0.0% |
Impact of the tax benefits | -13.6% | -13.3% |
Deferred tax assets DL 104/2020 art. 110 | 12.2% | 10.1% |
Others | 0.1% | 0.0% |
IRAP | 4.1% | 3.3% |
\u00a0 | \u00a0 | \u00a0 |
Effective tax/effective income tax rate | 29.4% | 27.8% |
\u00a0 | \u00a0 | \u00a0 |
Potential liabilities
In addition to what described in the previous notes, we do not recognize any further potential liability.
We specify, however, that with respect to the newly acquired company Rastreator Comparador Correduria de Seguros SLU, there is an open tax claim inherent to potential irregularities related to value added tax, the outcome of which is covered by a specific tax indemnity issued by the sellers as part of the purchase\u00a0of the company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page64-body-tag6449679": { "value": "Potential liabilities
In addition to what described in the previous notes, we do not recognize any further potential liability.
We specify, however, that with respect to the newly acquired company Rastreator Comparador Correduria de Seguros SLU, there is an open tax claim inherent to potential irregularities related to value added tax, the outcome of which is covered by a specific tax indemnity issued by the sellers as part of the purchase\u00a0of the company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page64-body-tag6449678": { "value": "Potential liabilities
In addition to what described in the previous notes, we do not recognize any further potential liability.
We specify, however, that with respect to the newly acquired company Rastreator Comparador Correduria de Seguros SLU, there is an open tax claim inherent to potential irregularities related to value added tax, the outcome of which is covered by a specific tax indemnity issued by the sellers as part of the purchase\u00a0of the company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page64-body-tag6449675": { "value": "Classes of financial assets and liabilities
In the balance sheet as of December 31, 2023 financial assets and liabilities are classified as follows:
Cash and cash equivalents for Euro 150,097 thousand (Euro 269,647 thousand in 2022);
Loans and trade receivables for Euro 135,157 thousand (Euro 124,011 thousand in 2022).
All the financial liabilities recorded in the balance sheet as of December 31, 2023 and 2022 are stated at amortized cost, except the earn outs, measured at fair value (category 3). The method for the assessment at fair value of these liabilities is based on the income approach. The costs deriving from the measurement of these liabilities recorded in the income statement for the financial year ended December 31, 2023, is equal to Euro 4,349 thousand.
Among financial assets as of December 31, 2023 are the shares of Moneysupermarket.com Group PLC (Euro 141,865 thousand), measured at fair value (category 1) through OCI, and the\u00a0notes\u00a0of the \"Igloo\" securitization (Euro 7,080 thousand) measured at fair value through profit and loss.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page64-body-tag6449674": { "value": "Classes of financial assets and liabilities
In the balance sheet as of December 31, 2023 financial assets and liabilities are classified as follows:
Cash and cash equivalents for Euro 150,097 thousand (Euro 269,647 thousand in 2022);
Loans and trade receivables for Euro 135,157 thousand (Euro 124,011 thousand in 2022).
All the financial liabilities recorded in the balance sheet as of December 31, 2023 and 2022 are stated at amortized cost, except the earn outs, measured at fair value (category 3). The method for the assessment at fair value of these liabilities is based on the income approach. The costs deriving from the measurement of these liabilities recorded in the income statement for the financial year ended December 31, 2023, is equal to Euro 4,349 thousand.
Among financial assets as of December 31, 2023 are the shares of Moneysupermarket.com Group PLC (Euro 141,865 thousand), measured at fair value (category 1) through OCI, and the\u00a0notes\u00a0of the \"Igloo\" securitization (Euro 7,080 thousand) measured at fair value through profit and loss.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page64-body-tag6449673": { "value": "Classes of financial assets and liabilities
In the balance sheet as of December 31, 2023 financial assets and liabilities are classified as follows:
Cash and cash equivalents for Euro 150,097 thousand (Euro 269,647 thousand in 2022);
Loans and trade receivables for Euro 135,157 thousand (Euro 124,011 thousand in 2022).
All the financial liabilities recorded in the balance sheet as of December 31, 2023 and 2022 are stated at amortized cost, except the earn outs, measured at fair value (category 3). The method for the assessment at fair value of these liabilities is based on the income approach. The costs deriving from the measurement of these liabilities recorded in the income statement for the financial year ended December 31, 2023, is equal to Euro 4,349 thousand.
Among financial assets as of December 31, 2023 are the shares of Moneysupermarket.com Group PLC (Euro 141,865 thousand), measured at fair value (category 1) through OCI, and the\u00a0notes\u00a0of the \"Igloo\" securitization (Euro 7,080 thousand) measured at fair value through profit and loss.\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page64-body-tag6449676": { "value": "Related parties
Related party transactions, including intra-group transactions, are part of the ordinary business operations of the Group, and do not include any unusual or atypical transactions.
Compensation paid to the members of the governing and controlling bodies, general managers and managers with strategic responsibilities\u00a0
The following table shows the compensation paid to the members of the governing and controlling bodies, general managers and managers with strategic responsibilities in the year ended December 31, 2023:
Name | Office | Holding period of the office | Term of the office | Compensation for the office | Non- | Bonus and other incentives | Other | |
From | To | |||||||
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Marco Pescarmona | Chairman | 1/1/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 400 | 31 | 500 | 294 |
Alessandro Fracassi | CEO | 1/1/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 400 | 14 | 500 | 292 |
Giulia Bianchi Frangipane | Director | 1/1/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 47 | - | - | - |
Fausto Boni | Director | 1/1/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 37 | - | - | - |
Matteo De Brabant | Director | 1/1/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 42 | - | - | - |
Klaus Gummerer | Director | 1/1/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 42 | - | - | - |
Guido Crespi | Director | 4/28/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 41 | - | - | - |
Maria Chiara Franceschetti | Director | 4/28/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 38 | - | - | - |
Stefania Santarelli | Director | 4/28/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 40 | - | - | - |
Camilla Cionini Visani | Director | 4/28/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 41 | - | - | - |
Anna Maria Artoni | Director (ceased) | 1/1/2023 | 4/27/2023 | Appr. of 2025 fin. stat. | 39 | - | - | - |
Chiara Burberi | Director (ceased) | 1/1/2023 | 4/27/2023 | Appr. of 2025 fin. stat. | 40 | - | - | - |
Valeria Lattuada | Director (ceased) | 1/1/2023 | 4/27/2023 | Appr. of 2025 fin. stat. | 40 | - | - | - |
Marco Zampetti | Director (ceased) | 1/1/2023 | 4/27/2023 | Appr. of 2025 fin. stat. | 84 | - | - | - |
Cristian Novello | Chairman of the board of st. aud. | 1/1/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 20 | - | - | - |
Paolo Burlando | Statutory auditor | 1/1/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 46 | - | - | - |
Francesca Masotti | Statutory auditor | 1/1/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 38 | - | - | - |
Alessio Santarelli | Manager with strategic responsibilities | 1/1/2023 | 12/31/2023 | N/A | - | 16 | 500 | 416 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
The column \"other\" includes the compensation for office in subsidiaries, wages received as employees, and the provisions for benefits upon termination.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page64-body-tag6449677": { "value": "Compensation paid to the members of the governing and controlling bodies, general managers and managers with strategic responsibilities\u00a0
The following table shows the compensation paid to the members of the governing and controlling bodies, general managers and managers with strategic responsibilities in the year ended December 31, 2023:
Name | Office | Holding period of the office | Term of the office | Compensation for the office | Non- | Bonus and other incentives | Other | |
From | To | |||||||
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Marco Pescarmona | Chairman | 1/1/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 400 | 31 | 500 | 294 |
Alessandro Fracassi | CEO | 1/1/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 400 | 14 | 500 | 292 |
Giulia Bianchi Frangipane | Director | 1/1/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 47 | - | - | - |
Fausto Boni | Director | 1/1/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 37 | - | - | - |
Matteo De Brabant | Director | 1/1/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 42 | - | - | - |
Klaus Gummerer | Director | 1/1/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 42 | - | - | - |
Guido Crespi | Director | 4/28/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 41 | - | - | - |
Maria Chiara Franceschetti | Director | 4/28/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 38 | - | - | - |
Stefania Santarelli | Director | 4/28/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 40 | - | - | - |
Camilla Cionini Visani | Director | 4/28/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 41 | - | - | - |
Anna Maria Artoni | Director (ceased) | 1/1/2023 | 4/27/2023 | Appr. of 2025 fin. stat. | 39 | - | - | - |
Chiara Burberi | Director (ceased) | 1/1/2023 | 4/27/2023 | Appr. of 2025 fin. stat. | 40 | - | - | - |
Valeria Lattuada | Director (ceased) | 1/1/2023 | 4/27/2023 | Appr. of 2025 fin. stat. | 40 | - | - | - |
Marco Zampetti | Director (ceased) | 1/1/2023 | 4/27/2023 | Appr. of 2025 fin. stat. | 84 | - | - | - |
Cristian Novello | Chairman of the board of st. aud. | 1/1/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 20 | - | - | - |
Paolo Burlando | Statutory auditor | 1/1/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 46 | - | - | - |
Francesca Masotti | Statutory auditor | 1/1/2023 | 12/31/2023 | Appr. of 2025 fin. stat. | 38 | - | - | - |
Alessio Santarelli | Manager with strategic responsibilities | 1/1/2023 | 12/31/2023 | N/A | - | 16 | 500 | 416 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
The column \"other\" includes the compensation for office in subsidiaries, wages received as employees, and the provisions for benefits upon termination.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page65-body-tag6451746": { "value": "Fees paid to the independent auditors
The following table provides the fees paid to the independent auditors by the Issuer and its subsidiaries during the year ended December 31, 2023, separating the fees paid for audit services from the fees paid for other attestation services:
\u00a0 | Year ended | |
\u00a0 | December 31, 2023 | |
(euro thousand) | Gruppo MutuiOnline S.p.A. | Subsidiaries |
\u00a0 | \u00a0 | \u00a0 |
Audit | 188 | 361 |
Audit of non financial disclosure pursuant to Lesislative Decree 254/2016 | 29 | - |
\u00a0 | \u00a0 | \u00a0 |
Total fees paid to the independent auditor\u00a0 | 217 | 361 |
Disclosure on public grants pursuant to article 1, comma 125, of Law 124/2017
In relation to the provisions of Article 1,\u00a0comma\u00a0125, of Law 124/2017, subsequently reworded by Article 35 of Law Decree 34/2019, regarding the obligation to provide evidence in the notes of the financial statements of any public disbursements received during the financial year by way of grants, subsidies, advantages, contributions or aids, in cash or in kind, not of a general nature (therefore excluding tax benefits and contributions that may be granted to subjects which meet certain conditions), but attributable to bilateral relations with the subjects referred to in paragraph 125 of that article, the Group has not received public funds during 2023. For a complete disclosure, please refer to the National Register of State Aid.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page65-body-tag6451748": { "value": "Subsequent events\u00a0
Purchase of own shares
Pursuant to the share buyback program within the limits and with the purposes of the authorization granted by the shareholders' meeting of April 27, 2023, after December 31, 2023, the Group purchased 74,277 own shares, equal to 0.186% of the share capital.
In addition, after December 31, 2023, following the exercise of stock options by employees of the Group, the Issuer sold a total of 233,282 own shares in portfolio, equal to 0.583% of the share capital.
As of the date of approval of this consolidated financial report the Issuer owns in total 2,588,021 own shares, equal to 6.470 % of share capital, for a total cost equal to Euro 44,667 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page65-body-tag6451749": { "value": "Earnings per share
Earnings per share for the year ended December 31, 2023, equal to Euro 0,93, are calculated by dividing the net income attributable to the shareholders of the Issuer for the year (Euro 34,691 thousand) by the weighted average number of shares outstanding during the financial year ended December 31, 2023 (37,362,841 shares).
For the financial year ended December 31, 2023 diluted earnings per share are equal to Euro 0.91 as the average number of equity instruments (stock options) that meet the requirements provided by IAS 33 to generate dilutive effects on the earnings per share is equal to 878,106.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }