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"value": "946000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "shtag_8807431": { "value": "202000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ext:RiservaLegaleMember", "unit": "iso4217:EUR" } }, "shtag_8807432": { "value": "-24275000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "shtag_8807433": { "value": "314865000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "shtag_8807434": { "value": "291738000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "shtag_8807435": { "value": "3789000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherEquityInterestMember", "unit": "iso4217:EUR" } }, "shtag_8807436": { "value": "295527000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:8156004E40D6A02C5046", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "v1-page15-body-tag8807125": { "value": "

  1. General information

Moltiply Group\u00a0S.p.A.\u00a0(the \"Company\" or the \"Issuer\") is the holding company of a group of firms (the \"Group\") with a relevant position - through the entities of its \"Broking Division\" (also named \"Mavriq\") - in the market for the online comparison, promotion and intermediation of products provided by banks, insurance companies, e-commerce operators and utility providers in Italy (main websites www.mutuionline.it, www.segugio.it, www.trovaprezzi.it) Spain (www.rastreator.com), France (www.lelynx.fr), Netherlands (www.pricewise.nl) and Mexico\u00a0(www.rastreator.mx)\u00a0and - through the companies of its \"BPO Division\" (also named \"Moltiply BPO&Tech\") - in the Italian market for the provision of complex business process outsourcing services and IT platforms for the financial sector.\u00a0

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, 2024 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, 2024 and published in the EU regulations as of this date.

  69. 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 the\u00a0indirect method for the preparation of the statement of cash flows.

The statement of changes in shareholders' equity was prepared according with IAS 1.

  70. These consolidated financial statements have been prepared in Euro, the currency of the primary economic environment in which the Group operates.

  71. All the amounts included in the tables of the following notes are in thousands of Euros, except where otherwise stated.

  72. 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, 2025.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807130": { "value": "

  1. General information

Moltiply Group\u00a0S.p.A.\u00a0(the \"Company\" or the \"Issuer\") is the holding company of a group of firms (the \"Group\") with a relevant position - through the entities of its \"Broking Division\" (also named \"Mavriq\") - in the market for the online comparison, promotion and intermediation of products provided by banks, insurance companies, e-commerce operators and utility providers in Italy (main websites www.mutuionline.it, www.segugio.it, www.trovaprezzi.it) Spain (www.rastreator.com), France (www.lelynx.fr), Netherlands (www.pricewise.nl) and Mexico\u00a0(www.rastreator.mx)\u00a0and - through the companies of its \"BPO Division\" (also named \"Moltiply BPO&Tech\") - in the Italian market for the provision of complex business process outsourcing services and IT platforms for the financial sector.\u00a0

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, 2024 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, 2024 and published in the EU regulations as of this date.

  69. 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 the\u00a0indirect method for the preparation of the statement of cash flows.

The statement of changes in shareholders' equity was prepared according with IAS 1.

  70. These consolidated financial statements have been prepared in Euro, the currency of the primary economic environment in which the Group operates.

  71. All the amounts included in the tables of the following notes are in thousands of Euros, except where otherwise stated.

  72. 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, 2025.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-p_1176-tag8807126": { "value": "Moltiply Group\u00a0S.p.A.\u00a0(the \"Company\" or the \"Issuer\") is the holding company of a group of firms (the \"Group\") with a relevant position - through the entities of its \"Broking Division\" (also named \"Mavriq\") - in the market for the online comparison, promotion and intermediation of products provided by banks, insurance companies, e-commerce operators and utility providers in Italy (main websites www.mutuionline.it, www.segugio.it, www.trovaprezzi.it) Spain (www.rastreator.com), France (www.lelynx.fr), Netherlands (www.pricewise.nl) and Mexico\u00a0(www.rastreator.mx)\u00a0and - through the companies of its \"BPO Division\" (also named \"Moltiply BPO&Tech\") - in the Italian market for the provision of complex business process outsourcing services and IT platforms for the financial sector.\u00a0", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-p_1176-tag8807127": { "value": "Moltiply Group\u00a0S.p.A.\u00a0", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-p_1176-tag8807128": { "value": "Moltiply Group\u00a0S.p.A.\u00a0", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-p_1176-tag8807129": { "value": "\u00a0S.p.A.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807131": { "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, 2024 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-p_1180-tag8807132": { "value": "indirect method for the preparation of the statement of cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807133": { "value": "

The Board of Directors approved the publication of the present document on March 14, 2025.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807134": { "value": "

  2. 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, 2024.

The consolidated financial statements of the Group include the financial statements of Moltiply Group 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:

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:

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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807191": { "value": "

  3. 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, 2024 are:


  73. \u00a0

Name

Registered office

\u00a0Share capital (Euro)\u00a0

Consolidation method

% of ownership

Moltiply Group S.p.A. (holding)

Milan (Italy)\u00a0- 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%

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 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 Engineering S.r.l.\u00a0

Milan (Italy) - via F.Casati 1/A

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\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%

Evolve S.r.l.**

Milan (Italy) - via F.Casati 1/A

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0475,186\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%

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%

Lucky Fox 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%

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%

Mavriq 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%

Mia Pensione S.r.l.

Milan (Italy) - via F.Casati 1/A

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,000\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%

Pricewise B.V.

Amsterdam (Netherlands) Donauweg 10, 1043 AJ

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,000\u00a0

Line-by-line

80%

Pricewise Energie en Communicatie B.V.***

Amsterdam (Netherlands) Donauweg 10, 1043 AJ

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,000\u00a0

Line-by-line

100%

Pricewise Verzekeringen en Financi\u00eble diensten B.V.***

Amsterdam (Netherlands) Donauweg 10, 1043 AJ

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,000\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%

Rastreator Tarifas 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%

Switcho S.r.l.

Milan (Italy) - Via L. Mascheroni, 15

\u00a0\u00a0\u00a0\u00a01,020,472\u00a0

Line-by-line

80%

Moltiply Tech S.r.l.**

Milan (Italy) - Via Elia Lombardini, 13

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a050,000\u00a0

Line-by-line

100%

Feedaty S.r.l.

Milan (Italy) - via F.Casati 1/A

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0415,654\u00a0

Line-by-line

92%

Centro Finanziamenti S.p.A.

Milan (Italy) - via F.Casati 1/A

\u00a0\u00a0\u00a0\u00a02,000,000\u00a0

According to IFRS 5

100%

Dotware S.r.l.

Bucharest (Romania) - Soseaua Virtutii no.1E

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a053\u00a0

Equity method

20%

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

33.3%

\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

** percentage ownership refers to the share held by Pricewise \u00a0B.V.

\u00a0

\u00a0

\u00a0


  75. \u00a0

  76. Compared to the financial year ended December 31, 2023, the consolidation area changed with reference to the acquisition of 80% of share capital of Pricewise B.V., 80% of share capital of Switcho S.r.l., 51% of share capital of Mia Pensione S.r.l., 100% of share capital of Evolve S.r.l., and the establishment of Lucky Fox S.r.l..


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 exchange rate as at 31 December 2024 for the conversion of balance sheet items, and the average exchange rate for the period for the conversion of income statement items.\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807190": { "value": "

  3. 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, 2024 are:


  73. \u00a0

Name

Registered office

\u00a0Share capital (Euro)\u00a0

Consolidation method

% of ownership

Moltiply Group S.p.A. (holding)

Milan (Italy)\u00a0- 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%

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 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 Engineering S.r.l.\u00a0

Milan (Italy) - via F.Casati 1/A

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\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%

Evolve S.r.l.**

Milan (Italy) - via F.Casati 1/A

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0475,186\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%

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%

Lucky Fox 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%

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%

Mavriq 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%

Mia Pensione S.r.l.

Milan (Italy) - via F.Casati 1/A

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,000\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%

Pricewise B.V.

Amsterdam (Netherlands) Donauweg 10, 1043 AJ

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,000\u00a0

Line-by-line

80%

Pricewise Energie en Communicatie B.V.***

Amsterdam (Netherlands) Donauweg 10, 1043 AJ

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,000\u00a0

Line-by-line

100%

Pricewise Verzekeringen en Financi\u00eble diensten B.V.***

Amsterdam (Netherlands) Donauweg 10, 1043 AJ

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,000\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%

Rastreator Tarifas 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%

Switcho S.r.l.

Milan (Italy) - Via L. Mascheroni, 15

\u00a0\u00a0\u00a0\u00a01,020,472\u00a0

Line-by-line

80%

Moltiply Tech S.r.l.**

Milan (Italy) - Via Elia Lombardini, 13

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a050,000\u00a0

Line-by-line

100%

Feedaty S.r.l.

Milan (Italy) - via F.Casati 1/A

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0415,654\u00a0

Line-by-line

92%

Centro Finanziamenti S.p.A.

Milan (Italy) - via F.Casati 1/A

\u00a0\u00a0\u00a0\u00a02,000,000\u00a0

According to IFRS 5

100%

Dotware S.r.l.

Bucharest (Romania) - Soseaua Virtutii no.1E

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a053\u00a0

Equity method

20%

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

33.3%

\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

** percentage ownership refers to the share held by Pricewise \u00a0B.V.

\u00a0

\u00a0

\u00a0


  75. \u00a0

  76. Compared to the financial year ended December 31, 2023, the consolidation area changed with reference to the acquisition of 80% of share capital of Pricewise B.V., 80% of share capital of Switcho S.r.l., 51% of share capital of Mia Pensione S.r.l., 100% of share capital of Evolve S.r.l., and the establishment of Lucky Fox S.r.l..


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 exchange rate as at 31 December 2024 for the conversion of balance sheet items, and the average exchange rate for the period for the conversion of income statement items.\u00a0

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807189": { "value": "

  3. 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, 2024 are:


  73. \u00a0

Name

Registered office

\u00a0Share capital (Euro)\u00a0

Consolidation method

% of ownership

Moltiply Group S.p.A. (holding)

Milan (Italy)\u00a0- 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%

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 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 Engineering S.r.l.\u00a0

Milan (Italy) - via F.Casati 1/A

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\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%

Evolve S.r.l.**

Milan (Italy) - via F.Casati 1/A

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0475,186\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%

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%

Lucky Fox 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%

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%

Mavriq 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%

Mia Pensione S.r.l.

Milan (Italy) - via F.Casati 1/A

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,000\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%

Pricewise B.V.

Amsterdam (Netherlands) Donauweg 10, 1043 AJ

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,000\u00a0

Line-by-line

80%

Pricewise Energie en Communicatie B.V.***

Amsterdam (Netherlands) Donauweg 10, 1043 AJ

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,000\u00a0

Line-by-line

100%

Pricewise Verzekeringen en Financi\u00eble diensten B.V.***

Amsterdam (Netherlands) Donauweg 10, 1043 AJ

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,000\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%

Rastreator Tarifas 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%

Switcho S.r.l.

Milan (Italy) - Via L. Mascheroni, 15

\u00a0\u00a0\u00a0\u00a01,020,472\u00a0

Line-by-line

80%

Moltiply Tech S.r.l.**

Milan (Italy) - Via Elia Lombardini, 13

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a050,000\u00a0

Line-by-line

100%

Feedaty S.r.l.

Milan (Italy) - via F.Casati 1/A

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0415,654\u00a0

Line-by-line

92%

Centro Finanziamenti S.p.A.

Milan (Italy) - via F.Casati 1/A

\u00a0\u00a0\u00a0\u00a02,000,000\u00a0

According to IFRS 5

100%

Dotware S.r.l.

Bucharest (Romania) - Soseaua Virtutii no.1E

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a053\u00a0

Equity method

20%

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

33.3%

\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

** percentage ownership refers to the share held by Pricewise \u00a0B.V.

\u00a0

\u00a0

\u00a0


  75. \u00a0

  76. Compared to the financial year ended December 31, 2023, the consolidation area changed with reference to the acquisition of 80% of share capital of Pricewise B.V., 80% of share capital of Switcho S.r.l., 51% of share capital of Mia Pensione S.r.l., 100% of share capital of Evolve S.r.l., and the establishment of Lucky Fox S.r.l..


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 exchange rate as at 31 December 2024 for the conversion of balance sheet items, and the average exchange rate for the period for the conversion of income statement items.\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-tbl_11.tr_1.tc_1.p_0-tag8807135": { "value": "Milan (Italy)\u00a0- via F.Casati 1/A", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-tbl_11.tr_1.tc_1.p_0-tag8807136": { "value": "Milan (Italy)", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-tbl_11.tr_1.tc_1.p_0-tag8807137": { "value": "Italy", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807139": { "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 exchange rate as at 31 December 2024 for the conversion of balance sheet items, and the average exchange rate for the period for the conversion of income statement items.\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807138": { "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 exchange rate as at 31 December 2024 for the conversion of balance sheet items, and the average exchange rate for the period for the conversion of income statement items.\u00a0

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807235": { "value": "

  4. 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.

  1. 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:

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.

  2. 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:

\"Picture

The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.

  3. 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.

  4. 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:

Positions that are affected by the application of IFRS 16, with a significant effect for the Group are linked to:\u00a0

  5. 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.

  77. It is worth pointing out that the Group, based on shareholders' agreements related to the acquisition of Agenzia Italia S.p.A., Pricewise, Switcho S.r.l., Feedaty S.r.l., 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

  78. 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.

  6. 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.

  7. 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.

  8. Assets and liabilities held for sale

The Group classifies assets and liabilities as held for sale if their carrying amount will be recovered principally through a sale transaction, rather than through their continuing use, and if the conditions of IFRS 5 are met. In particular, assets are measured at the lower of their carrying amount and their fair value less costs to sell.\u00a0

Assets and liabilities held for sale are excluded from the result from operating activities and are presented in the income statement in a single line as net result from discontinued operations.

  9. 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.

  10. 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

  11. 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.

  12. 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

  13. 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.

  14. 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.

  15. 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.

  16. 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.

  17. 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:

  18. Government grants

Government grants are recognized when it is reasonably certain that the Group will respect the related conditions and they will be received.

  19. 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.

  20. 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.

  21. 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.

  22. 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

  79. IFRS 9 sets out the accounting of financial instruments with reference to the following areas: classification and measurement, impairment and hedge accounting.\u00a0

  80. The main areas of intervention on the discipline operated by the standard are described below.

Classification and measurement of the financial assets and liabilities

  81. 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

  82. 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.

  83. Impairment

  84. 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

  85. Hedge accounting\u00a0

  86. 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.

  23. 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.

  24. 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

  25. New principles effective starting from the financial year ended December 31, 2024 not relevant to the Group

  87. The following standards, amendments and interpretations, applicable from January 1st, 2024, are not relevant or they did not involve effects for the Group:


Finally, with reference to the Pillar Two Global anti-Base Erosion rules (\"Pillar Two\") and the related requirements provided by IAS 12 and IAS 11, we point out that as the Group's consolidated revenues are less than Euro 750 million, doesn't fall within the scope of the Pillar Two Model Rules. Therefore, the mandatory recognition exception in IAS 12.4A does not apply to the Group.

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  1. 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:

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.

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(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:

Amortization is usually calculated on a straight-line basis over 5 years, which represents the estimated useful life of the assets.

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  2. 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:

\"Picture

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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807143": { "value": "

  3. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807144": { "value": "

  4. 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:

Positions that are affected by the application of IFRS 16, with a significant effect for the Group are linked to:\u00a0

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807145": { "value": "

  5. 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.

  77. It is worth pointing out that the Group, based on shareholders' agreements related to the acquisition of Agenzia Italia S.p.A., Pricewise, Switcho S.r.l., Feedaty S.r.l., 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

  78. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807146": { "value": "

  77. It is worth pointing out that the Group, based on shareholders' agreements related to the acquisition of Agenzia Italia S.p.A., Pricewise, Switcho S.r.l., Feedaty S.r.l., 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

  78. 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%.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807147": { "value": "

  6. 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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807149": { "value": "

  7. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807148": { "value": "

  7. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807236": { "value": "

  8. Assets and liabilities held for sale

The Group classifies assets and liabilities as held for sale if their carrying amount will be recovered principally through a sale transaction, rather than through their continuing use, and if the conditions of IFRS 5 are met. In particular, assets are measured at the lower of their carrying amount and their fair value less costs to sell.\u00a0

Assets and liabilities held for sale are excluded from the result from operating activities and are presented in the income statement in a single line as net result from discontinued operations.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807150": { "value": "

  9. 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.

  10. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807152": { "value": "

  11. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807151": { "value": "

  11. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807166": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807153": { "value": "

  12. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807154": { "value": "

  13. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807155": { "value": "

  14. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807157": { "value": "

  15. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807156": { "value": "

  15. 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:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807158": { "value": "

  16. 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.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807159": { "value": "

  17. 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:

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807160": { "value": "

  18. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807161": { "value": "

  19. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807162": { "value": "

  20. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807164": { "value": "

  21. 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:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807163": { "value": "

  21. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807167": { "value": "

  22. 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

  79. IFRS 9 sets out the accounting of financial instruments with reference to the following areas: classification and measurement, impairment and hedge accounting.\u00a0

  80. The main areas of intervention on the discipline operated by the standard are described below.

Classification and measurement of the financial assets and liabilities

  81. 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

  82. 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.

  83. Impairment

  84. 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

  85. Hedge accounting\u00a0

  86. 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:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807165": { "value": "

  22. 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

  79. IFRS 9 sets out the accounting of financial instruments with reference to the following areas: classification and measurement, impairment and hedge accounting.\u00a0

  80. The main areas of intervention on the discipline operated by the standard are described below.

Classification and measurement of the financial assets and liabilities

  81. 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

  82. 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.

  83. Impairment

  84. 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

  85. Hedge accounting\u00a0

  86. 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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807169": { "value": "

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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807168": { "value": "

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:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807170": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807171": { "value": "

  23. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807172": { "value": "

  24. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807174": { "value": "

  25. New principles effective starting from the financial year ended December 31, 2024 not relevant to the Group

  87. The following standards, amendments and interpretations, applicable from January 1st, 2024, are not relevant or they did not involve effects for the Group:


Finally, with reference to the Pillar Two Global anti-Base Erosion rules (\"Pillar Two\") and the related requirements provided by IAS 12 and IAS 11, we point out that as the Group's consolidated revenues are less than Euro 750 million, doesn't fall within the scope of the Pillar Two Model Rules. Therefore, the mandatory recognition exception in IAS 12.4A does not apply to the Group.

", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807173": { "value": "

  25. New principles effective starting from the financial year ended December 31, 2024 not relevant to the Group

  87. The following standards, amendments and interpretations, applicable from January 1st, 2024, are not relevant or they did not involve effects for the Group:


Finally, with reference to the Pillar Two Global anti-Base Erosion rules (\"Pillar Two\") and the related requirements provided by IAS 12 and IAS 11, we point out that as the Group's consolidated revenues are less than Euro 750 million, doesn't fall within the scope of the Pillar Two Model Rules. Therefore, the mandatory recognition exception in IAS 12.4A does not apply to the Group.

", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807175": { "value": "

  5. 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



Interest rate exposure:




Fixed rate*

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0166,255\u00a0

Fixed rate* for at least 12 months, then variable

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a039,568\u00a0

Variable rate (Euribor)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0118,381\u00a0

\u00a0

\u00a0


* Contractually fixed rate or variable rate covered by a swap to a fixed rate

  88. A possible unfavorable variation of the Euribor, equal to 1.0%, should produce an additional overall expense for the Group equal to Euro 1,184 thousand in 2025.\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 Mony shares, amounting to Euro 101,937 thousand as of December 31, 2024, denominated in pounds. With regard to this investment, it should be noted that the management doesn't consider any additional risk elements (e.g. market risk) not already reflected in the related financial reports or in the market value of the stock, which could consequently lead to possible decreases in the value of the investment itself.

Therefore, this risk is considered limited for the Group.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807176": { "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 137,167 thousand, of which the overdue portion as of \u00a0December 31, 2024 is equal to Euro 28,879 thousand, of which Euro 5,445 thousand is overdue for over 90 days.

Most of the gross overdue receivables were paid by the clients during the first months of 2025. As of the date of approval of this report, receivables not yet collected, overdue as of December 31, 2024, amount to Euro 6,861 thousand, of which Euro 3,947 thousand are receivables already overdue for over 90 days as of December 31, 2024.

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 8,377 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 2024 the revenues from the main client of the Group represent 5.3% of total consolidated revenues.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807177": { "value": "

Liquidity risk

Liquidity risk represents the risk that a company is not able to procure financial resources to support short-term operations.

The total amount of liquidity as of December 31, 2024 is Euro 137,490 thousand, and current financial liabilities equal to Euro 168,204 thousand.\u00a0

As of the date of approval of this report, the Company refinanced the majority of its bank debt, resulting in a reduction of current financial liabilities below the amount of liquidity. Therefore, the management believes that liquidity risk for the group is limited.

", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807178": { "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.

", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807179": { "value": "

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

For a more detailed analysis, please refer to the consolidated Consolidated Sustainability Reporting, available within this Report.\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807181": { "value": "

  6. 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 Mavriq and BPO&Tech Division:

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,
2024

December 31,
2023

\u00a0

\u00a0

\u00a0

Mavriq Division revenues

221,122

188,122

Moltiply \u00a0BPO&Tech Division revenues

232,856

213,214

\u00a0

\u00a0

\u00a0

Total revenues

453,978

401,336


Operating income by Division

\u00a0

\u00a0

Years ended

(euro thousand)

December 31,
2024

December 31,
2023

\u00a0

\u00a0

\u00a0

Mavriq Division operating income

43,723

40,667

Moltiply BPO&Tech Division operating income

29,719

22,474

\u00a0

\u00a0

\u00a0

Total operating income

73,442

63,141

\u00a0

\u00a0

\u00a0

Financial income

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,803\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,941\u00a0

Financial expenses

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(16,737)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(15,750)

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\u00a0677\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0129\u00a0

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(6,824)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,400)

\u00a0

\u00a0

\u00a0

Net income before income tax expense

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a059,361\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a050,061\u00a0


As follows we provide the concentration of revenues by client for each Division:

\u00a0

Years ended

(euro thousand)

December 31,
2024

(a)

December 31,
2023

(a)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Client A

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a019,480\u00a0

8.8%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,465\u00a0

7.2%

Client B

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,111\u00a0

5.0%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,233\u00a0

5.4%

Client C

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,799\u00a0

4.9%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,078\u00a0

5.4%

Client D

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,298\u00a0

3.8%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,504\u00a0

3.5%

Other Clients

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0171,434\u00a0

77.5%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0147,842\u00a0

78.6%

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total Mavriq Division revenues

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0221,122\u00a0

100.0%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0188,122\u00a0

100.0%

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Client E

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,890\u00a0

6.0%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,835\u00a0

4.6%

Client F

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,806\u00a0

5.9%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,154\u00a0

3.8%

Client G

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012,808\u00a0

5.5%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,153\u00a0

3.8%

Client H

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,907\u00a0

4.7%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,004\u00a0

3.8%

Other Clients

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0181,445\u00a0

77.9%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0179,068\u00a0

84.0%

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total Moltiply BPO&Tech \u00a0Division revenues

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0232,856\u00a0

100.0%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0213,214\u00a0

100.0%

\u00a0

Assets by Division\u00a0

The allocation of property, plant and equipment shared by both Divisions is based on space occupied.

(euro thousand)

\u00a0As of
December 31, 2024\u00a0

\u00a0As of
December 31, 2023\u00a0

\u00a0

\u00a0

\u00a0

Mavriq Division assets

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0375,735\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0348,281\u00a0

Moltiply BPO&Tech Division assets

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0297,211\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0294,199\u00a0

Not allocated

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0129,138\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0159,270\u00a0

Cash and cash equivalents

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0137,490\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0150,097\u00a0

\u00a0

\u00a0

\u00a0

Total assets

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0939,574\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0951,847\u00a0


The item \"not allocated\" mainly includes the value of the Mony Group shares, equal to Euro 101,937 thousand as of December 31, 2024, and the assets attributable to the Issuer and the subsidiary P.P.&E. S.r.l..

Liabilities by Division

(euro thousand)

\u00a0As of
December 31, 2024\u00a0

\u00a0As of
December 31, 2023\u00a0

\u00a0

\u00a0

\u00a0

Mavriq Division liabilities

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a077,715\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a047,648\u00a0

Moltiply BPO&Tech Division liabilities

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0140,156\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0124,766\u00a0

Not allocated

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0426,176\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0449,302\u00a0

\u00a0

\u00a0

\u00a0

Total liabilities

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0644,047\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0621,716\u00a0

\u00a0

The item \"not allocated\" mainly includes the financial liabilities of the Issuer for Euro 423,627 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807180": { "value": "

  6. 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 Mavriq and BPO&Tech Division:

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,
2024

December 31,
2023

\u00a0

\u00a0

\u00a0

Mavriq Division revenues

221,122

188,122

Moltiply \u00a0BPO&Tech Division revenues

232,856

213,214

\u00a0

\u00a0

\u00a0

Total revenues

453,978

401,336


Operating income by Division

\u00a0

\u00a0

Years ended

(euro thousand)

December 31,
2024

December 31,
2023

\u00a0

\u00a0

\u00a0

Mavriq Division operating income

43,723

40,667

Moltiply BPO&Tech Division operating income

29,719

22,474

\u00a0

\u00a0

\u00a0

Total operating income

73,442

63,141

\u00a0

\u00a0

\u00a0

Financial income

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,803\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,941\u00a0

Financial expenses

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(16,737)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(15,750)

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\u00a0677\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0129\u00a0

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(6,824)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,400)

\u00a0

\u00a0

\u00a0

Net income before income tax expense

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a059,361\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a050,061\u00a0


As follows we provide the concentration of revenues by client for each Division:

\u00a0

Years ended

(euro thousand)

December 31,
2024

(a)

December 31,
2023

(a)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Client A

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a019,480\u00a0

8.8%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,465\u00a0

7.2%

Client B

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,111\u00a0

5.0%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,233\u00a0

5.4%

Client C

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,799\u00a0

4.9%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,078\u00a0

5.4%

Client D

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,298\u00a0

3.8%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,504\u00a0

3.5%

Other Clients

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0171,434\u00a0

77.5%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0147,842\u00a0

78.6%

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total Mavriq Division revenues

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0221,122\u00a0

100.0%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0188,122\u00a0

100.0%

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Client E

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,890\u00a0

6.0%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,835\u00a0

4.6%

Client F

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013,806\u00a0

5.9%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,154\u00a0

3.8%

Client G

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012,808\u00a0

5.5%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,153\u00a0

3.8%

Client H

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,907\u00a0

4.7%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,004\u00a0

3.8%

Other Clients

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0181,445\u00a0

77.9%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0179,068\u00a0

84.0%

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total Moltiply BPO&Tech \u00a0Division revenues

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0232,856\u00a0

100.0%

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0213,214\u00a0

100.0%

\u00a0

Assets by Division\u00a0

The allocation of property, plant and equipment shared by both Divisions is based on space occupied.

(euro thousand)

\u00a0As of
December 31, 2024\u00a0

\u00a0As of
December 31, 2023\u00a0

\u00a0

\u00a0

\u00a0

Mavriq Division assets

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0375,735\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0348,281\u00a0

Moltiply BPO&Tech Division assets

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0297,211\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0294,199\u00a0

Not allocated

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0129,138\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0159,270\u00a0

Cash and cash equivalents

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0137,490\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0150,097\u00a0

\u00a0

\u00a0

\u00a0

Total assets

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0939,574\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0951,847\u00a0


The item \"not allocated\" mainly includes the value of the Mony Group shares, equal to Euro 101,937 thousand as of December 31, 2024, and the assets attributable to the Issuer and the subsidiary P.P.&E. S.r.l..

Liabilities by Division

(euro thousand)

\u00a0As of
December 31, 2024\u00a0

\u00a0As of
December 31, 2023\u00a0

\u00a0

\u00a0

\u00a0

Mavriq Division liabilities

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a077,715\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a047,648\u00a0

Moltiply BPO&Tech Division liabilities

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0140,156\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0124,766\u00a0

Not allocated

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0426,176\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0449,302\u00a0

\u00a0

\u00a0

\u00a0

Total liabilities

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0644,047\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0621,716\u00a0

\u00a0

The item \"not allocated\" mainly includes the financial liabilities of the Issuer for Euro 423,627 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807182": { "value": "

  7. Business combinations

Acquisition of Switcho

On June 28, 2024 the Group, through subsidiary Mavriq S.r.l., signed a binding agreement aimed at the acquisition of 80% of the shares of Switcho S.r.l. (\"Switcho\") from Marco Tricarico, Redi Vyshka, Francesco Laffi (the \"Founders\") and private investors, among which Azimut. Shares representing 72.1% of Switcho's capital were acquired at the time of the signing, while on September 25, 2024 \u00a0were acquired the remaining shares to reach the 80%. The founders will retain 20% of the shares (subject to cross put and call options with Mavriq S.r.l., exercisable upon approval of the financial statements for the year ending December 31, 2026) and will continue to manage the company into its new phase of growth. The consideration defined for the purchase of 80% is equal to Euro 18,080 thousand, in addition to which there is an earn-out linked to future economic performance, which at the date of acquisition was estimated at Euro 4,000 thousand.

Following the analysis aimed at determining the\u00a0fair value\u00a0of the assets, mainly represented by the software platform (software) and the trademark, the liabilities and potential liabilities of each acquired entity, we allocated the purchase price paid for the acquisition (\"purchase price allocation\"), as follows:

\u00a0

\u00a0

Cash and cash equivalent

3,876

Non-current assets

10,035

of which allocated software

5,582

of which allocated trademark

3,043

Current assets

4,573

Non-current liabilities

(3,358)

of which tax effect on allocated software

(2,407)

Current liabilities

(3,417)

\u00a0

\u00a0

Fair value of net assets purchased

11,709

\u00a0

\u00a0

Price Paid (A)

28,121

\u00a0

\u00a0

Difference between price paid and fair value of net purchased assets

16,412

\u00a0

\u00a0

Goodwill

16,412

\u00a0

\u00a0

Cash of the entity at the date of the acquisition (B)

3,876

\u00a0

\u00a0

Net cash flow absorbed by the acquisition (A-B)

24,245


Therefore we have determined a provisional goodwill equal to Euro 16,412 thousand, allocated to Switcho, considered a CGU.

  89. The results of the acquired company will be included in the Telco & Energy Comparison business line, within the Mavriq Division, starting from July 1st, 2024.

The total costs linked to the acquisition are equal to Euro 262 thousand and are recorded in the income statement among \"Service costs\".

Acquisition of Pricewise B.V.

On May 15, 2024 the Group signed a binding contract with Pricewise Group B.V., for the acquisition (through subsidiary Mavriq S.r.l.) of 80% of the share capital of Pricewise B.V. (\"Pricewise\"). Pricewise is a longstanding operator in the Netherlands, among the leaders in online comparison and intermediation of energy, telecommunications, and insurance contracts through the www.pricewise.nl website. Founder Hans de Kok will retain 20% of the shares (subject to cross put and call options with Mavriq S.r.l.) and will continue to lead the company as CEO in its new phase of growth. On September 18, 2024, following the obtaining of the required regulatory approvals, the closing of the transaction took place. The consideration (equity value) paid for the purchase of 80% is equal to Euro 20,653 thousand.

Following the analysis aimed at determining the\u00a0fair value\u00a0of the assets, mainly represented by the software platform (software) and the trademark, the liabilities and potential liabilities of each acquired entity, we allocated the purchase price paid for the acquisition (\"purchase price allocation\"), as follows:


\u00a0

\u00a0

Cash and cash equivalent

2,405

Non-current assets

10,154

of which allocated software

6,624

of which allocated trademark

3,267

Current assets

1,806

Non-current liabilities

(2,513)

of which tax effect on allocated software

(2,513)

Current liabilities

(1,584)

\u00a0

\u00a0

Fair value of net assets purchased

10,268

\u00a0

\u00a0

Price Paid (A)

26,274

\u00a0

\u00a0

Difference between price paid and fair value of net purchased assets

16,006

\u00a0

\u00a0

Goodwill

16,006

\u00a0

\u00a0

Cash of the entity at the date of the acquisition (B)

2,405

\u00a0

\u00a0

Net cash flow absorbed by the acquisition (A-B)

23,869


Therefore we have determined a residual goodwill equal to Euro 16,006 thousand, allocated to Pricewise, considered a CGU.

  90. The results of the acquired company are included in the\u00a0International Markets\u00a0business line, within the Mavriq Division, starting from October 1st, 2024.

The total costs linked to the acquisition are equal to Euro 468 thousand and are recorded in the income statement among \"Service costs\".

Acquisition of Mia Pensione S.r.l.

  91. On November 18, 2024, the Group acquired 51% of the share capital of Mia Pensione S.r.l., for a consideration equal to Euro 3,774 thousand. The founders will retain 49% of the shares, subject to cross put and call options exercisable upon approval of the financial statements for the year ending December 31, 2026 for 24% and December 31, 2028 for the remaining 25%.

  92. The initial allocation of the purchase price relative to the business combination has not been completed as of the date of approval of the annual report, as we have decided to take advantage of the option provided by paragraph 45 of IFRS 3 which allows the provisional allocation of the purchase cost. The reasons for this decision are linked to the fact that we are still acquiring the required information to define the fair value of the assets, the liabilities and the potential liabilities of the acquired entity. Such allocation will be completed as soon as we have sufficient information to define the fair value of the assets, the liabilities and the potential liabilities of the acquired entity and in any case within one year of the acquisition date.

  93. The following table shows the main asset and liabilities of the acquired company at the date of acquisition and the determination of provisional goodwill:

\u00a0

\u00a0

Cash and cash equivalent

388

Non-current assets

709

Current assets

680

Non-current liabilities

(79)

Current liabilities

(1,112)

\u00a0

\u00a0

Fair value of net assets purchased

586

\u00a0

\u00a0

Price Paid (A)

6,971

\u00a0

\u00a0

Difference between price paid and fair value of net purchased assets

6,385

\u00a0

\u00a0

Higher value provisionally allocated to goodwill

6,385

\u00a0

\u00a0

Cash of the entity at the date of the acquisition (B)

388

\u00a0

\u00a0

Net cash flow absorbed by the acquisition (A-B)

6,583


Therefore we have determined a provisional goodwill equal to Euro 6,385 thousand, allocated to Mia Pensione, considered a CGU.

  94. The results of the acquired company will be included in the Moltiply Loans business line, within the Moltiply BPO&Tech Division, starting from November 18, 2024.

  95. Acquisition of Evolve S.r.l.

  96. On 17 December 2024, the Group acquired 100% of the share capital of Evolve S.r.l. through its subsidiary Agenzia Italia S.p.A., for a consideration equal to Euro 1,800 thousand. Evolve S.r.l. was an outsourcer of Agenzia Italia S.p.A..

  97. The initial allocation of the purchase price relative to the business combination has not been completed as of the date of approval of the annual report, as we have decided to take advantage of the option provided by paragraph 45 of IFRS 3 which allows the provisional allocation of the purchase cost. The reasons for this decision are linked to the fact that we are still acquiring the required information to define the fair value of the assets, the liabilities and the potential liabilities of the acquired entity. Such allocation will be completed as soon as we have sufficient information to define the fair value of the assets, the liabilities and the potential liabilities of the acquired entity and in any case within one year of the acquisition date.

  98. The following table shows the main asset and liabilities of the acquired company at the date of acquisition and the determination of provisional goodwill:

\u00a0

\u00a0

Cash and cash equivalent

789

Non-current assets

1,080

Current assets

1,574

Non-current liabilities

(1,266)

Current liabilities

(1,283)

\u00a0

\u00a0

Fair value of net assets purchased

894

\u00a0

\u00a0

Price Paid (A)

1,800

\u00a0

\u00a0

Difference between price paid and fair value of net purchased assets

906

\u00a0

\u00a0

Higher value provisionally allocated to goodwill

906

\u00a0

\u00a0

Cash of the entity at the date of the acquisition (B)

789

\u00a0

\u00a0

Net cash flow absorbed by the acquisition (A-B)

1,011


Therefore we have determined a provisional goodwill equal to Euro 906 thousand, allocated to Agenzia Italia's existing CGU, considering that the acquired entity represents a supplier of Agenzia Italia S.p.A.

The results of the acquired company will be included in the \"Moltiply Lease\" business line, within the Moltiply BPO&Tech Division, starting from January 1, 2025.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page15-body-tag8807183": { "value": "

NON-CURRENT ASSETS

  8. Intangible assets

The following table presents the situation and the variation of the item as of and for the year ended December 31, 2024 and 2023:

(euro thousand)

\u00a0Proprietary software\u00a0

\u00a0Trademarks, licenses and
other rights\u00a0

\u00a0Goodwill\u00a0

\u00a0Other intangible assets\u00a0

\u00a0Total\u00a0

\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

16,622

528

-

-

14,177

Increases through acquisitions

91,099

20,175

59,023

-

170,297

Amortization expense

(37,753)

(3,426)

-

(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

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Increases

16,622

167

-

4

16,793

Increases through acquisitions

13,918

6,258

39,708

-

59,884

Amortization expense

(37,753)

(3,426)

-

(853)

(42,032)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Net value as of December 31, 2024

106,095

28,954

339,780

6,108

480,937


The item \"Proprietary\u00a0software\" includes the higher value of the software recognized following the consolidation of Rastreator (Euro 16,071 thousand), of \u00a0LeLynx SAS (Euro 10,271 thousand), of \u00a0Moltiply Tech S.r.l. (Euro 27,900 thousand), of \u00a0Pricewise B.V. (Euro 6,293 thousand), of Switcho S.r.l. (Euro 5,024 thousand) of the Lercari Group (Euro 4,820 thousand), of SOS Tariffe (Euro 2,947 thousand), of Feedaty (Euro 1,300 thousand), of the Onda Group (Euro 2,992 thousand) and of Luna Service (Euro 394 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, 2024, are related to purchases and capitalizations for Euro 15,194 thousand, and to the recognition of the higher value following the completion of purchase price allocation of Switcho and Pricewise.

The item \"Trademarks, licenses and other rights\" includes the higher value of the trademark recognized following the consolidation of Rastreator (Euro 9,978 thousand), of LeLynx (Euro 5,503 thousand), the Lercari Group (Euro 3,000 thousand), of Pricewise B.V. (Euro 3,185 thousand), of Switcho S.r.l. (Euro 2,891 thousand) of SOS Tariffe (Euro 1,797 thousand) and the value of the licenses for the utilization of third-party software. The increases in the financial year ended December 31, 2024 mainly to the recognition of the higher value of software as a result of the completion of purchase price allocation of Switcho S.r.l. and Pricewise B.V..

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 39,708 thousand refers to the recognition of the goodwill allocated following the acquisition of Switcho S.r.l., Pricewise B.V., Mia Pensione S.r.l. and Evolve S.r.l..

  9. Recoverability of intangible assets

The following table presents the detailed goodwill reported as of December 31, 2024 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.

(euro thousand)

\u00a0As of December 31, 2024\u00a0

\u00a0As of December 31, 2023\u00a0




Agenzia Italia S.p.A.

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a092,787\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a091,882\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\u00a056,376\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\u00a036,098\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

Switcho S.r.l.

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a016,412\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

Pricewise B.V.

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a016,006\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\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\u00a06,489\u00a0

Mia Pensione S.r.l.

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,385\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

Feedaty 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\u00a0339,780\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0300,072\u00a0

\u00a0

Each goodwill recorded in the financial statements as of December 31, 2024 and indicated above belongs to a specific CGU.

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, 2025.

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 assumptions for the first year of the business plan correspond to those of the annual budget of the specific CGU, while the assumptions for the subsequent years subject to explicit estimation are developed starting from the economic trend of the previous years, with assumptions on the evolution of revenues and cost structure, deemed reasonable and consistent with the market perspectives and the operating plans of the CGU. Finally, the estimated cash flows include flows related to the evolution of working capital, capital expenditure, and any other relevant asset items.

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:

Based on the above, applying in particular the Capital Asset Pricing Model, the discount rate is 10.44% for the Mavriq Division and 9.55% for the Moltiply BPO&Tech Division.\u00a0It is specified that a WACC of 8.14% was instead applied for the LeLynx CGU, a WACC of 9.57% was applied for the Rastreator CGU, while a WACC of 7.29% was instead applied for the Pricewise CGU.

As of December 31, 2024, 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:

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, 2024.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807184": { "value": "

  10. 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, 2024 and 2023:

(euro thousand)

\u00a0Land and
buildings\u00a0

\u00a0Plant and
machinery\u00a0

\u00a0Other tangible assets\u00a0

\u00a0Total\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\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, 2023

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

\u00a0

\u00a0

\u00a0

\u00a0

Cost as of January 1, 2024

40,164

20,171

14,052

74,387

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

IFRS 16 - Additions of the period

4,707

-

1,039

5,746

Additions

1,724

1,330

1,243

4,297

Others

25

14

669

708

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cost as of December 31, 2024

46,620

21,515

17,003

85,138

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Accumulated depreciation as of January 1, 2024

18,121

15,252

9,762

43,134

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Depreciation expense

3,853

1,718

1,758

7,329

of which IFRS 16 effect

3,604

-

598

4,202

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Accumulated depreciation as of December 31, 2024

21,974

16,970

11,520

50,463

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Net book value as of December 31, 2024

24,646

4,545

5,483

34,675

\u00a0\u00a0

As of December 31, 2024, the net value of property, plant and equipment is equal to Euro 34,675 thousand (Euro 31,253 thousand as of December 31, 2023). During the financial year ended December 31, 2024 we record increases for a total amount of Euro 10,751 thousand, of which Euro 5,746 thousand related to the adoption of IFRS 16 (for which please refer to the table below).

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, 2024 mainly refers to the operating office of 7Pixel S.r.l., in Giussago (Province of Pavia) for Euro 5,505 thousand (of which Euro 892 thousand related to the land), to the building and land located in Cagliari, respectively equal to Euro 1,905 thousand and Euro 372 thousand, to the building located in Monastir (Province of Cagliari) for Euro 2,097 thousand, to the building and land located in Matera respectively equal to Euro 1,101 thousand and Euro 208 thousand, to the building located in San Vendemiano (TV) for Euro 2,161 thousand and to the right of use deriving from the adoption of IFRS 16 standard for Euro 11,472 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 1,243 thousand, mainly related to office machinery and furniture, and other movements for Euro 669 thousand, related to fixed assets of newly acquired companies.

  102. Changes in the values of the rights of use and the leasing liabilities during the financial year ended December 31, 2024 is shown below:

(euro thousand)

Buildings

Vehicles

Total property, plant and equipment

Lease liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As of January 1, 2024

10,369

1,114

11,483

12,151

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Increases / (decreases)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,949\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0932\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04,881\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,157\u00a0

Increases through acquisitions

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0758\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0107\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0865\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

Amortization

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3,604)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(598)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,202)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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\u00a0\u00a0\u00a0\u00a0(557)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As of December 31, 2024

11,472

1,555

13,027

13,751


The main increases refer to the right of use assets attributable to the companies acquired during 2024, and in particular refer to the building rental agreements subscribed by them.

", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807186": { "value": "

  102. Changes in the values of the rights of use and the leasing liabilities during the financial year ended December 31, 2024 is shown below:

(euro thousand)

Buildings

Vehicles

Total property, plant and equipment

Lease liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As of January 1, 2024

10,369

1,114

11,483

12,151

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Increases / (decreases)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,949\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0932\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04,881\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,157\u00a0

Increases through acquisitions

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0758\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0107\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0865\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

Amortization

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3,604)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(598)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,202)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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\u00a0\u00a0\u00a0\u00a0(557)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As of December 31, 2024

11,472

1,555

13,027

13,751


The main increases refer to the right of use assets attributable to the companies acquired during 2024, and in particular refer to the building rental agreements subscribed by them.

", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807188": { "value": "

  11. Participations measured with the equity method

The item includes the participation in the subsidiaries shown in the table below, \u00a0which shows the changes in this item for financial year ended December 31, 2024:

(Euro thousand)

\u00a0As of December 31, 2023\u00a0

\u00a0Acquisitions\u00a0

\u00a0Net income of the year attributable to the Group\u00a0

\u00a0Others\u00a0

\u00a0As of December 31, 2024\u00a0

\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\u00a0\u00a053\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(53)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\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\u00a0\u00a0898\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a034\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0932\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\u00a0\u00a020\u00a0

\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a028\u00a0

Dotware

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a028\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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(42)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\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\u00a0\u00a0437\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(49)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0388\u00a0

Mopso 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\u00a0290\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0290\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\u00a0365\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(20)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0345\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\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-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\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

Total

\u00a0\u00a0\u00a0\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0326\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(21)

(95)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,986\u00a0

  104. \u00a0\u00a0\u00a0\u00a0

The item \"Participations measured with the equity method\" shows an increase of Euro 211 thousand, \u00a0mainly attributable for Euro 290 thousand to the acquisition of minority interests in Mopso S.r.l., and partially offset by the depreciation of the period for Euro 95 thousand and by the negative result of the period pertaining to the Group for Euro 21 thousand.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807187": { "value": "

  11. Participations measured with the equity method

The item includes the participation in the subsidiaries shown in the table below, \u00a0which shows the changes in this item for financial year ended December 31, 2024:

(Euro thousand)

\u00a0As of December 31, 2023\u00a0

\u00a0Acquisitions\u00a0

\u00a0Net income of the year attributable to the Group\u00a0

\u00a0Others\u00a0

\u00a0As of December 31, 2024\u00a0

\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\u00a0\u00a053\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(53)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\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\u00a0\u00a0898\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a034\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0932\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\u00a0\u00a020\u00a0

\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a028\u00a0

Dotware

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a028\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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(42)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\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\u00a0\u00a0437\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(49)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0388\u00a0

Mopso 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\u00a0290\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0290\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\u00a0365\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(20)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0345\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\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-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\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

Total

\u00a0\u00a0\u00a0\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0326\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(21)

(95)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,986\u00a0

  104. \u00a0\u00a0\u00a0\u00a0

The item \"Participations measured with the equity method\" shows an increase of Euro 211 thousand, \u00a0mainly attributable for Euro 290 thousand to the acquisition of minority interests in Mopso S.r.l., and partially offset by the depreciation of the period for Euro 95 thousand and by the negative result of the period pertaining to the Group for Euro 21 thousand.

", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807193": { "value": "

  12. Financial assets at fair value

The following table presents the variation of the item as of and for the financial year ended December 31, 2024:

\u00a0\u00a0

(euro thousand)

\u00a0As of December 31, 2023\u00a0

\u00a0Purchases/
Increases\u00a0

\u00a0Other movements\u00a0

\u00a0Revaluations/
(Depreciations)\u00a0

\u00a0Reimbursements/
Sales\u00a0

\u00a0As of December 31, 2024\u00a0








Mony Group PLC

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0141,865\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(39,928)\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0101,937\u00a0

Igloo notes

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,080\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \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\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1)\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(182)\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0172\u00a0

PIV and DPP credits

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0984\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,116\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,100\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\u00a01,427\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,011)\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0416\u00a0







\u00a0

Financial assets at fair value

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0151,711\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,116\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(40,940)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(182)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0111,705\u00a0


Financial assets at fair value show a balance equal to Euro 111,705 thousand as of December 31, 2024 (Euro 151,711 thousand as of December 31, 2023), and include n. 44,000,000 Mony Group PLC ordinary shares (equal to 8.21% of the share capital) for an amount equal to Euro 101,937 thousand. \u00a0The \"Revaluations/(Depreciations)\" item refers to the lower market value of the shares compared to the purchase price, for Euro 39,928 thousand (net of the positive effect equal to Euro 4,677 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.

The item \"Mark to market interest rate hedging instruments\" refers to the positive value, equal to Euro 416 thousand, of interest rate derivatives hedges on loans.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807192": { "value": "

  12. Financial assets at fair value

The following table presents the variation of the item as of and for the financial year ended December 31, 2024:

\u00a0\u00a0

(euro thousand)

\u00a0As of December 31, 2023\u00a0

\u00a0Purchases/
Increases\u00a0

\u00a0Other movements\u00a0

\u00a0Revaluations/
(Depreciations)\u00a0

\u00a0Reimbursements/
Sales\u00a0

\u00a0As of December 31, 2024\u00a0








Mony Group PLC

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0141,865\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(39,928)\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0101,937\u00a0

Igloo notes

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,080\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \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\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1)\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(182)\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0172\u00a0

PIV and DPP credits

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0984\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,116\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,100\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\u00a01,427\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,011)\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0416\u00a0







\u00a0

Financial assets at fair value

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0151,711\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,116\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(40,940)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(182)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0111,705\u00a0


Financial assets at fair value show a balance equal to Euro 111,705 thousand as of December 31, 2024 (Euro 151,711 thousand as of December 31, 2023), and include n. 44,000,000 Mony Group PLC ordinary shares (equal to 8.21% of the share capital) for an amount equal to Euro 101,937 thousand. \u00a0The \"Revaluations/(Depreciations)\" item refers to the lower market value of the shares compared to the purchase price, for Euro 39,928 thousand (net of the positive effect equal to Euro 4,677 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.

The item \"Mark to market interest rate hedging instruments\" refers to the positive value, equal to Euro 416 thousand, of interest rate derivatives hedges on loans.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807185": { "value": "

  12. Financial assets at fair value

The following table presents the variation of the item as of and for the financial year ended December 31, 2024:

\u00a0\u00a0

(euro thousand)

\u00a0As of December 31, 2023\u00a0

\u00a0Purchases/
Increases\u00a0

\u00a0Other movements\u00a0

\u00a0Revaluations/
(Depreciations)\u00a0

\u00a0Reimbursements/
Sales\u00a0

\u00a0As of December 31, 2024\u00a0








Mony Group PLC

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0141,865\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(39,928)\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0101,937\u00a0

Igloo notes

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,080\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \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\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1)\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(182)\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0172\u00a0

PIV and DPP credits

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0984\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,116\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,100\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\u00a01,427\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,011)\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0416\u00a0







\u00a0

Financial assets at fair value

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0151,711\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,116\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(40,940)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(182)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0111,705\u00a0


Financial assets at fair value show a balance equal to Euro 111,705 thousand as of December 31, 2024 (Euro 151,711 thousand as of December 31, 2023), and include n. 44,000,000 Mony Group PLC ordinary shares (equal to 8.21% of the share capital) for an amount equal to Euro 101,937 thousand. \u00a0The \"Revaluations/(Depreciations)\" item refers to the lower market value of the shares compared to the purchase price, for Euro 39,928 thousand (net of the positive effect equal to Euro 4,677 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.

The item \"Mark to market interest rate hedging instruments\" refers to the positive value, equal to Euro 416 thousand, of interest rate derivatives hedges on loans.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807194": { "value": "

  13. 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, 2024 and 2023:

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

\u00a0

Year ended December 31, 2024

(euro thousand)

As of January 1, 2024

Accrual

Other movements

Utilization

As of December 31, 2024

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\u00a01,876\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0770\u00a0

\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(345)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,292\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,292\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\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\u00a040,512\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0212\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(9,257)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a031,467\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,257\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a022,210\u00a0

Defined benefit program liability

\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\u00a0572\u00a0

\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(89)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0504\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0504\u00a0

Tax loss carry forwards

\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,519)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0170\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0158\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total deferred tax assets

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a044,107\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,554\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(18)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(11,210)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a034,433\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,707\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a022,726\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(32,982)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,920)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,551\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(29,351)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(8,551)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(20,800)

Dividends deliberated not yet paid

\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(3)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(178)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(178)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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(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\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0673\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(18)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(18)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total deferred tax liabilities

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(33,848)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,923)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,224\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(29,547)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(8,729)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(20,818)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,259\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3,369)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(18)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,986)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04,886\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,978\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,908\u00a0


Deferred tax assets, shown net of deferred tax liabilities, include Euro 26,259 thousand related to the revaluation of software, trademarks and real estate assets owned by some entities of the Group, according to 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\". It is worth pointing out that such amount is shown net of deferred tax liabilities related to the higher values recognized to the software and trademark of Lercari Group at the acquisition of the participation (for Euro 2,182 thousand) and to the higher values recognized to the software and trademark of SOS Tariffe at the acquisition of the participation (for Euro 1,324 thousand). The amount of deferred tax assets related to such revaluation used during the financial year is equal to Euro 6,582 thousand.

Among deferred tax liabilities referring to differences between the tax bases of assets and their carrying amounts, as of December 31, 2024, 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 25,869 thousand. With reference to such provisions, the increases of the period, attributable to the corporate acquisitions of the period, amount to Euro 4,920 thousand, while the utilizations amount to Euro 8,797 thousand.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807195": { "value": "

  14. Other non-current assets

The following table presents the situation of the item as of December 31, 2024 and 2023:

\u00a0

(euro thousand)

\u00a0As of December 31, 2024\u00a0

\u00a0As of December 31, 2023\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\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0131\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\u00a0401\u00a0

\u00a0\u00a0\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

Other security deposits

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,810\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,659\u00a0




Other non current assets

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,211\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,305\u00a0


The item as of December 31, 2024, equal to Euro 6,211 thousand, includes a security deposit linked to a tax claim related to subsidiary Rastreator Comparador Correduria de Seguros SLU, equal to Euro 5,810 thousand. The outcome of this litigation is covered by a specific\u00a0tax indemnity\u00a0issued by the sellers as part of the purchase of the company. However, please refer to the section on potential liabilities.

The item also includes security deposits related to lease agreements for Euro 401 thousand.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807196": { "value": "

CURRENT ASSETS

  15. 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 8,108 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 the net financial position as of December 31, 2024 and 2023, 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, 2024

December 31, 2023

Change

\u00a0%\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

A.

Cash and current bank accounts

\u00a0

137,490

150,097

(12,607)

-8.4%

B.

Cash equivalents

\u00a0

-

-

-

N/A

C.

Other current financial assets

\u00a0

-

1,761

(1,761)

-100.0%

D.

Liquidity (A) + (B) + (C)

\u00a0

137,490

151,858

(14,368)

-9.5%

E.

Current financial liabilities

\u00a0

(78,592)

(4,305)

(74,287)

1725.6%

F.

Current portion of non-current financial liabilities

\u00a0

(89,612)

(79,505)

(10,107)

12.7%

G.

Current indebtedness (E) + (F)

\u00a0

(168,204)

(83,810)

(84,394)

100.7%

H.

Net current financial position (D) + (G)

\u00a0

(30,714)

68,048

(98,762)

-145.1%

I.

Non-current financial liabilities

\u00a0

(289,761)

(368,249)

78,488

-21.3%

J.

Bonds issued

\u00a0

-

-

-

N/A

K.

Trade and other non-current payables

\u00a0

-

-

-

N/A

L.

Non-current indebtedness (I) + (J) + (K)

\u00a0

(289,761)

(368,249)

78,488

-21.3%

M.

Net financial position (H) + (L)

\u00a0

(320,475)

(300,201)

(20,274)

6.8%

  105. \u00a0


The net financial position as of December 31, 2024 shows a negative cash balance of Euro 320,475 thousand, worsening for Euro 20,274 thousand if compared to December 31, 2023. The worsening is mainly due to the cash absorbed by the acquisition of the period for Euro 34,436 thousand (net of acquired cash), to the recalculation of the estimated liabilities for the\u00a0put/call\u00a0options on the residual minority stakes of for Euro 38,687 thousand (partially through profit and loss and partially through shareholders' equity), to the recognition of estimated liabilities for the put/call option on the residual stake in newly acquired Switcho S.r.l., Pricewise B.V., Mia Pensione S.r.l. and Evolve S.r.l. for Euro 16,754 thousand, and to the investments in tangible and intangible assets for Euro 5,896 thousand, partially offset by the cash generated by operating activities, equal to Euro 101,473 thousand (Euro 92,506 thousand before changes in net working capital).

", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807197": { "value": "

Cash and cash equivalents include cash in hand and bank deposits. The item includes cash on bank deposits with specific destinations for Euro 8,108 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 the net financial position as of December 31, 2024 and 2023, 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, 2024

December 31, 2023

Change

\u00a0%\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

A.

Cash and current bank accounts

\u00a0

137,490

150,097

(12,607)

-8.4%

B.

Cash equivalents

\u00a0

-

-

-

N/A

C.

Other current financial assets

\u00a0

-

1,761

(1,761)

-100.0%

D.

Liquidity (A) + (B) + (C)

\u00a0

137,490

151,858

(14,368)

-9.5%

E.

Current financial liabilities

\u00a0

(78,592)

(4,305)

(74,287)

1725.6%

F.

Current portion of non-current financial liabilities

\u00a0

(89,612)

(79,505)

(10,107)

12.7%

G.

Current indebtedness (E) + (F)

\u00a0

(168,204)

(83,810)

(84,394)

100.7%

H.

Net current financial position (D) + (G)

\u00a0

(30,714)

68,048

(98,762)

-145.1%

I.

Non-current financial liabilities

\u00a0

(289,761)

(368,249)

78,488

-21.3%

J.

Bonds issued

\u00a0

-

-

-

N/A

K.

Trade and other non-current payables

\u00a0

-

-

-

N/A

L.

Non-current indebtedness (I) + (J) + (K)

\u00a0

(289,761)

(368,249)

78,488

-21.3%

M.

Net financial position (H) + (L)

\u00a0

(320,475)

(300,201)

(20,274)

6.8%

  105. \u00a0


The net financial position as of December 31, 2024 shows a negative cash balance of Euro 320,475 thousand, worsening for Euro 20,274 thousand if compared to December 31, 2023. The worsening is mainly due to the cash absorbed by the acquisition of the period for Euro 34,436 thousand (net of acquired cash), to the recalculation of the estimated liabilities for the\u00a0put/call\u00a0options on the residual minority stakes of for Euro 38,687 thousand (partially through profit and loss and partially through shareholders' equity), to the recognition of estimated liabilities for the put/call option on the residual stake in newly acquired Switcho S.r.l., Pricewise B.V., Mia Pensione S.r.l. and Evolve S.r.l. for Euro 16,754 thousand, and to the investments in tangible and intangible assets for Euro 5,896 thousand, partially offset by the cash generated by operating activities, equal to Euro 101,473 thousand (Euro 92,506 thousand before changes in net working capital).

", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807198": { "value": "

  16. Assets and liabilities held for sale

It should be noted that in March 2025, the Group reached an agreement to sell the entire share capital of Centro Finanziamenti S.p.A., therefore, in accordance with IFRS 5, the assets and liabilities of this subsidiary are classified as held for sale, as shown below:

(euro thousand)

\u00a0December \u00a031, 2024\u00a0


\u00a0

Intangible assets

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a084\u00a0

Property, plant and equipment

\u00a0\u00a0\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\u00a0

Deferred tax Assets

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a051\u00a0

Cash and cash equivalents

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,698\u00a0

Current financial assets

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a080\u00a0

Trade receivables

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0122\u00a0

Tax receivables

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0247\u00a0

Other current assets

\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

Assets held for sale

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,330\u00a0

\u00a0

\u00a0

Provisions for risks and charges

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0126\u00a0

Defined benefit program liabilities

\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

Other non current liabilities

\u00a0\u00a0\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\u00a0

Trade and other payables

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0177\u00a0

Tax payables

\u00a0\u00a0\u00a0\u00a0\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 current assets

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0430\u00a0

\u00a0

\u00a0

Liabilities held for sale

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0783\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807199": { "value": "

  17. Trade receivables\u00a0

The following table presents the situation of the item as of December 31, 2024 and 2023:

(migliaia di Euro)

\u00a0Al 31 dicembre 2024\u00a0

\u00a0Al 31 dicembre 2023\u00a0




Crediti commerciali

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0145,544\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0143,359\u00a0

(fondo svalutazione crediti)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(8,377)\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(8,333)\u00a0


\u00a0


Totale crediti commerciali

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0137,167\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0135,026\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 consideration upon the occurrence of certain contractual events, and that IFRS 15 standard defines as \"contract assets\". In particular, the consideration refers to:\u00a0

The following tables present the variation of the allowance for doubtful receivables in the financial years ended December 31, 2024 and 2023:

Year ended December 31, 2023

(migliaia di Euro)

\u00a0Al 31 dicembre 2022\u00a0

\u00a0Variazione area di consolidamento\u00a0

\u00a0Accantonamenti\u00a0

\u00a0Utilizzi\u00a0

\u00a0Rilasci\u00a0

\u00a0Al 31 dicembre 2023\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Fondo svalutazione crediti

\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\u00a039\u00a0

\u00a0\u00a0\u00a0\u00a0\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\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\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,333\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Totale

\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\u00a039\u00a0

\u00a0\u00a0\u00a0\u00a0\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\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\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,333\u00a0

\u00a0

Year ended December 31, 2024

(migliaia di Euro)

\u00a0Al 31 dicembre 2023\u00a0

\u00a0Variazione area di consolidamento\u00a0

\u00a0Accantonamenti\u00a0

\u00a0Utilizzi\u00a0

\u00a0Rilasci\u00a0

\u00a0Al 31 dicembre 2024\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Fondo svalutazione crediti

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,333\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,086\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(803)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(245)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,377\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Totale

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,333\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,086\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(803)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(245)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,377\u00a0


Provisions for the year mainly include adjustments to the bad debt provision recorded by subsidiary Agenzia Italia S.p.A..

", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807200": { "value": "

The following tables present the variation of the allowance for doubtful receivables in the financial years ended December 31, 2024 and 2023:

Year ended December 31, 2023

(migliaia di Euro)

\u00a0Al 31 dicembre 2022\u00a0

\u00a0Variazione area di consolidamento\u00a0

\u00a0Accantonamenti\u00a0

\u00a0Utilizzi\u00a0

\u00a0Rilasci\u00a0

\u00a0Al 31 dicembre 2023\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Fondo svalutazione crediti

\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\u00a039\u00a0

\u00a0\u00a0\u00a0\u00a0\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\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\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,333\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Totale

\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\u00a039\u00a0

\u00a0\u00a0\u00a0\u00a0\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\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\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,333\u00a0

\u00a0

Year ended December 31, 2024

(migliaia di Euro)

\u00a0Al 31 dicembre 2023\u00a0

\u00a0Variazione area di consolidamento\u00a0

\u00a0Accantonamenti\u00a0

\u00a0Utilizzi\u00a0

\u00a0Rilasci\u00a0

\u00a0Al 31 dicembre 2024\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Fondo svalutazione crediti

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,333\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,086\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(803)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(245)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,377\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Totale

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,333\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,086\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(803)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(245)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,377\u00a0


Provisions for the year mainly include adjustments to the bad debt provision recorded by subsidiary Agenzia Italia S.p.A..

", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807201": { "value": "

  18. Tax receivables

This item, equal to Euro 5,266 thousand as of December 31, 2024 (Euro 7,384 thousand as of December 31, 2023), refers to the credit for current taxes due to the payments of advances by the companies of the Group during 2024 higher than the amount of the tax due on the taxable income.\u00a0

  26. Tax payables \u00a0

Tax payables include payables for current taxes. As of December 31, 2024, the item includes the liabilities for accrued IRES and IRAP for Euro 2,680 thousand, and liabilities related to foreign income taxes for Euro 915 thousand.

", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807202": { "value": "

  19. Other current assets

The following table presents the situation of the item as of December 31, 2024 and 2023:

(euro thousand)

\u00a0As of December 31, 2024\u00a0

\u00a0As of December 31, 2023\u00a0

\u00a0



Accruals and prepayments

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,145\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,482\u00a0

Advances to suppliers

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,220\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0786\u00a0

Others

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,889\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\u00a0997\u00a0

VAT receivables

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,667\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,702\u00a0

\u00a0



\u00a0



Total other current assets

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015,921\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,967\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.\u00a0

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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807203": { "value": "

NON-CURRENT LIABILITIES

  20. Long-term debts and other financial liabilities \u00a0

The following table presents the situation of the item as of December 31, 2024 and 2023:

\u00a0

(euro thousand)

\u00a0As of December 31, 2024\u00a0

\u00a0As of December 31, 2023\u00a0




Long-term bank borrowings

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0234,711\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0296,461\u00a0

Term between 1 and 5 years

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0234,554\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0296,461\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\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\u00a0\u00a0- \u00a0\u00a0




Other non-current financial liabilities

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a055,050\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a071,788\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\u00a026,913\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a022,286\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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a039,501\u00a0

Put/call option liability Feedaty S.r.l.

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,473\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,456\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\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\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

Put/call option liability Switcho S.r.l.

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,754\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

Put/call option liability Pricewise B.V.

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,785\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

Put/call option liability Mia Pensione S.r.l.

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,215\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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 derivative intruments on loans

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,172\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0620\u00a0

Non-current lease liabilities

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,738\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,892\u00a0




Totale long-term debts and other financial liabilities

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0289,761\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0368,249\u00a0


Bank loans

Non-current bank borrowings refer to the outstanding loans from Intesa SanPaolo S.p.A. for Euro 90,423 thousand, Cr\u00e9dit Agricole Italia S.p.A., for Euro 36,596 thousand, Banco BPM S.p.A., for Euro 43,669 thousand, Credito Emiliano S.p.A. for Euro 17,661 thousand, Unicredit S.p.A. for Euro 44,734 thousand, other financial institutions for Euro 2,028 thousand.

The repayment schedule is as follows:

(euro thousand)

\u00a0As of December 31, 2024\u00a0

\u00a0As of December 31, 2023\u00a0




- between one and two years

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a090,519\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a083,384\u00a0

- between two and three years

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a078,714\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a082,098\u00a0

- between three and four years

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a063,737\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a069,884\u00a0

- between four and five years

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,584\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a061,095\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\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\u00a0\u00a0\u00a0- \u00a0\u00a0




Total

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0234,711\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0296,461\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%.

  106. 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 such loan, 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.

On August 6, 2024, subsidiary Agenzia Italia S.p.A. signed a loan agreement with Banco BPM S.p.A., for an amount equal to Euro 15,000 thousand, expiring on December 31, 2027, with a variable interest rate equal to 6-month Euribor, increased by a spread of 1.20%.

With regard to such loan, subsidiary Agenzia Italia S.p.A. is obliged to comply with the following financial covenant, as resulting from the 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 2.0.

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 2.5; 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 1.0 but lower that 1.5, 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 1.5, 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%.

On June 24, 2024 the Issuer signed a loan agreement with Credito Emiliano S.p.A., for an amount equal to Euro 10,000 thousand, expiring on June 24, 2029, with a variable interest rate equal to 3-month Euribor, increased by a spread of 1.20%.\u00a0

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 Mony shares, the amount of which as of December 31, 2024 is equal to Euro 101,937 thousand.

The Group has complied with the above covenants as of December 31, 2024.\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, 2023\u00a0

\u00a0Cash flows\u00a0

\u00a0Others\u00a0

\u00a0As of December 31, 2024\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\u00a050,709\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(14,113)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a036,596\u00a0

Credito Emiliano S.p.A.

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a018,230\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,000\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(10,969)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a017,261\u00a0

Intesa SanPaolo S.p.A.

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0122,781\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(32,358)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a090,423\u00a0

Banco BPM S.p.A.

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a038,119\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015,000\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(9,450)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a043,669\u00a0

Unicredit S.p.A.

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a066,622\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(21,888)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a044,734\u00a0

Other financial institutions

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,000\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a028\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,028\u00a0

\u00a0





Long-term borrowings

296,461

27,000

(88,750)

234,711


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

Other non-current financial liabilities are composed of the estimated liability for the exercise of the put/call option on the residual 15.5% stake of Agenzia Italia S.p.A., on the residual 8% stake of \u00a0Feedaty S.r.l., on the residual 20% stake of \u00a0Switcho S.r.l., on the residual 20% stake of \u00a0Pricewise B.V., on the residual 49% of Mia Pensione S.r.l., and the leasing liabilities deriving from the adoption of IFRS 16.

CURRENT LIABILITIES

  24. Short-term debts and other financial liabilities

The following table presents the situation of the item as of December 31, 2024 and 2023:

(euro thousand)

\u00a0As of December 31, 2024\u00a0

\u00a0As of December 31, 2023\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\u00a0\u00a0\u00a0\u00a0-\u00a0

\u00a0\u00a0\u00a0\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



Current portion of long-term loans:

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a089,611\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a079,505\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\u00a014,115\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014,084\u00a0

Credito Emiliano S.p.A.

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,539\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,573\u00a0

Intesa SanPaolo S.p.A.

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a032,566\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a032,372\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\u00a08,925\u00a0

\u00a0\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\u00a022,134\u00a0

\u00a0\u00a0\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\u00a0\u00a0\u00a0\u00a0969\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,540\u00a0

Other financial institutions

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0363\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\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 financial liabilities:

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a078,593\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04,259\u00a0

Current lease liabilities

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,016\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04,259\u00a0

Liability for exercise put/call Gruppo Lercari s.r.l.

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a073,577\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0-\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\u00a0168,204\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a083,810\u00a0

\u00a0

The item \"Short-term debts and other financial liabilities\" amounting to Euro 168,204 thousand as of December 31, 2024, includes the current portions of bank borrowings, the interest payable on the outstanding loans, the current portion of the lease liabilities (according to IFRS 16), and the estimated liability for the exercise of the put/call option on the residual 49,9% stake of Gruppo Lercari S.r.l..

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, 2023\u00a0

\u00a0Cash flows\u00a0

\u00a0Others\u00a0

\u00a0As of December 31, 2024\u00a0

\u00a0





Intesa SanPaolo S.p.A.

\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(32,341)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a032,535\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a032,566\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\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(8,192)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,158\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,539\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\u00a014,084\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(14,250)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014,281\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a014,115\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\u00a08,205\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(8,752)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,472\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,925\u00a0

Unicredit S.p.A.

\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(14,978)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a022,381\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a022,134\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\u00a02,540\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,712)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0141\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0969\u00a0

Other financial institutions

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0- \u00a0\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(192)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0555\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0363\u00a0






Short-term borrowings

79,505

(80,417)

90,523

89,611


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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807205": { "value": "

  21. 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, 2024 and 2023:

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


Year ended December 31, 2024

(euro thousand)

\u00a0As of December 31, 2023\u00a0

\u00a0Change in the scope of consolidation\u00a0

\u00a0Accrual\u00a0

\u00a0Utilization\u00a0

\u00a0Releases\u00a0

\u00a0As of December 31, 2024\u00a0








Provision for early repayment of loans

126

(126)

-

-

-

-

Other provisions for risks

563

-

797

(35)

-

1,325








Total

689

(126)

797

(35)

-

1,325


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 Mortgages Business Line. The item also includes the quantification of liabilities deemed probable with regard to labour disputes, for Euro 873 thousand.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807204": { "value": "

  21. 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, 2024 and 2023:

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


Year ended December 31, 2024

(euro thousand)

\u00a0As of December 31, 2023\u00a0

\u00a0Change in the scope of consolidation\u00a0

\u00a0Accrual\u00a0

\u00a0Utilization\u00a0

\u00a0Releases\u00a0

\u00a0As of December 31, 2024\u00a0








Provision for early repayment of loans

126

(126)

-

-

-

-

Other provisions for risks

563

-

797

(35)

-

1,325








Total

689

(126)

797

(35)

-

1,325


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 Mortgages Business Line. The item also includes the quantification of liabilities deemed probable with regard to labour disputes, for Euro 873 thousand.

", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807206": { "value": "

  22. Defined benefit program liabilities\u00a0

The following table presents the situation of the item as of December 31, 2024 and 2023:

(euro thousand)

\u00a0As of December 31, 2024\u00a0

\u00a0As of December 31, 2023\u00a0




Employee termination benefits

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a022,508\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020,435\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\u00a0237\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0203\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\u00a02,095\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0841\u00a0




Total defined benefit program liabilities

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a024,840\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a021,479\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 2024.

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, 2024 and 2023:

\u00a0

\u00a0As of December 31, 2024\u00a0

\u00a0As of December 31, 2023\u00a0




ECONOMIC ASSUMPTIONS



Inflation rate

2.00%

2.00%

Discount rate

3.37%

3.17%

Salary growth rate

3.00%

3.00%

TFR growth rate

3.00%

3.00%

\u00a0

\u00a0

\u00a0


\u00a0

\u00a0

DEMOGRAPHIC ASSUMPTIONS

\u00a0

\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 losses deriving from the liability as of December 31, 2024, equal to Euro 34 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, 2024 and 2023:

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

\u00a0

\u00a0

Current service cost

3,297

Interest cost

660

Change in the scope of consolidation

805

Benefits paid

(2,732)

Losses /(Gains) of the year

43

\u00a0

\u00a0

Value as of December 31, 2024

22,508


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, 2024

December 31, 2023

\u00a0

\u00a0

\u00a0

Current personnel cost

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3,297)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3,362)

Implicit interest cost

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(660)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(706)

\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(3,957)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,068)


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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807207": { "value": "

  23. Other non-current liabilities

The item, equal to Euro 11,076 thousand as of December 31, 2024, mainly includes the non-current portion of the consideration still to be paid for the purchase of Moltiply Tech S.r.l. for Euro 3,000 thousand, of Pricewise B.V. for Euro 1,291, of Rastreator.com Ltd for Euro 5,581 thousand (which is subject to the collection of the security deposit owned by Rastreator Comparador Correduria de Seguros SLU), and Sovime S.r.l. for Euro 703 thousand.\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807208": { "value": "

  25. Trade and other payables

Trade and other payables include the payables to suppliers for the purchase of goods and services, for Euro 61,628 thousand as of December 31, 2024, compared to Euro 51,840 thousand as of December 31, 2023.

", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807209": { "value": "

  27. Other current liabilities

The following table presents the situation of the item as of December 31, 2024 and 2023:

(euro thousand)

\u00a0As of December 31, 2024\u00a0

\u00a0As of December 31, 2023\u00a0




Liabilities to personnel

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a027,540\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a025,804\u00a0

Social security liabilities

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,256\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,908\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\u00a04,769\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04,471\u00a0

Accruals

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,079\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,779\u00a0

VAT liabilities

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,634\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,212\u00a0

Advances from clients

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,987\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a016,238\u00a0

Other liabilities

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a017,570\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011,983\u00a0




Total other current liabilities

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a082,835\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a079,395\u00a0


Liabilities to personnel are mainly liabilities for salaries accrued in December, paid at the beginning of 2025, for accrued holidays and for deferred expenses as of December 31, 2024 that are still to be paid and bonus liabilities for the financial year 2024 not yet paid as of December 31, 2024. 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\u00a0outsourcing\u00a0activities performed by the Moltiply Lease and Moltiply Claims business line.

The item \"Advances from clients\" mainly includes the liabilities to clients of the Moltiply Lease business line, for advances received from clients of subsidiary Agenzia Italia S.p.A. in relation to car stamp duty to be paid shortly, equal to Euro 1,719 thousand, the liabilities to clients of the Moltiply Claims business line for advances received for claim settlements, for Euro 8,655 thousand and the liabilities to clients of the Moltiply Loans business line for Euro 1,595 thousand.

The item \"Other liabilities\" mainly includes the current portion of the consideration still to be paid for the purchase of Moltiply Tech S.r.l. for Euro 8,454 thousand, for the purchase of Switcho S.r.l. for Euro 4,000 thousand, for the purchase of Pricewise for Euro 2,582 thousand and of other participations for a total amount of Euro 1,094 thousand.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807210": { "value": "

The item \"Accruals\" mainly includes deferred revenues linked to\u00a0outsourcing\u00a0activities performed by the Moltiply Lease and Moltiply Claims business line.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807211": { "value": "

  28. Shareholders' equity

The following table presents the situation of the item as of December 31, 2024 and 2023:

(euro thousand)

\u00a0As of December 31, 2024\u00a0

\u00a0As of December 31, 2023\u00a0




Share capital

946

947

Legal reserve

202

202

Other reserves

(24,275)

48,739

Retaind earnings

314,865

277,643




Total Group shareholders' equity

291,738

327,531




Other reserves of minority interest

2,542

1,933

Retained income of minority interest

1,247

670




Total shareholders' equity

295,527

330,134


  107. For the changes in shareholders' equity, refer to the relevant table.

  108. On April 29, 2024 the shareholders' meeting resolved the distribution of a dividend of Euro\u00a00.12\u00a0per share. Such dividend has been paid out with ex-dividend date July 8, 2024 record date July 9, 2024 and payable date July 10, 2024.

  109. Following this resolution, the total amount paid for dividends is equal to Euro 4,491 thousand.

  110. The Company, as of December 31, 2024, 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, 2023.

  111. As of December 31, 2024, the Issuer holds 2,614,991 own shares, equal to 6.537% of ordinary share capital, for a total cost of Euro 41,652 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 66 thousand as of December 31, 2024, 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, 2024 and 2023:

(euro thousand)

\u00a0As of December 31, 2024\u00a0

\u00a0As of December 31, 2023\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(66)\u00a0

\u00a0\u00a0\u00a0\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




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\u00a0946\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0944\u00a0

(euro thousand)

\u00a0As of December 31, 2024\u00a0

\u00a0As of December 31, 2023\u00a0




Other reserves gross of own shares

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0332,444\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0371,183\u00a0

Surplus on own shares

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(41,652)\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(44,599)\u00a0




Total other reserves

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0290,792\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0326,584\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807213": { "value": "

On April 29, 2024 the shareholders' meeting resolved the distribution of a dividend of Euro\u00a00.12\u00a0per share. Such dividend has been paid out with ex-dividend date July 8, 2024 record date July 9, 2024 and payable date July 10, 2024.

Following this resolution, the total amount paid for dividends is equal to Euro 4,491 thousand.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-p_1655-tag8807212": { "value": "0.12", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "v1-page17-body-tag8807215": { "value": "

  29. Stock option plans

  112. The following table summarizes the variation of the stock options during the year:\u00a0

\u00a0

\u00a0

Stock options as of January 1, 2024

1,152,282

Stock options offered in 2024

297,150

Stock options cancelled due to resignations in 2024

(11,000)

Stock options exercised in 2024

(244,282)

Stock options as of December 31, 2024

1,194,150

(of which vested as of December 31, 2025)

609,500

\u00a0

\u00a0

  113. \u00a0\u00a0

  114. The outstanding stock options as of December 31, 2024 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

July 5, 2019

July 8, 2022

July 7, 2025

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0150,000\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015.887\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\u00a022.755\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\u00a044.379\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\u00a030.316\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07.33\u00a0

April 29, 2021

November 2, 2022

November 2, 2025

November 1, 2028

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0167,000\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a021.868\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06.19\u00a0

April 29, 2021

November 11, 2022

November 11, 2025

10 novembre 2028

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a040,000\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a023.031\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\u00a017,500\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a028.880\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\u00a027.585\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\u00a0266,500\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a026.172\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07.16\u00a0

April 29, 2024

February 1, 2024

February 1, 2027

January 31, 2030

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a029,900\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a031.747\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08.72\u00a0

April 29, 2024

May 15, 2024

May 15, 2027

May 14, 2030

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0105,000\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a035.300\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010.60\u00a0

April 29, 2024

May 22, 2024

May 22, 2027

May 21, 2030

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,500\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a036.060\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010.76\u00a0

April 29, 2024

June 20, 2024

June 20, 2027

June 19, 2030

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,850\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a036.409\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08.69\u00a0

April 29, 2024

November 29, 2024

November 29, 2027

November 28, 2030

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0152,900\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a035.588\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010.76\u00a0





\u00a0



\u00a0

\u00a0

\u00a0

Totale opzioni

\u00a0\u00a0\u00a0\u00a0\u00a01,194,150\u00a0

\u00a0

\u00a0


  116. The weighted average price of the shares for the year ended December 31, 2024 is equal to Euro 34.966.

  117. Personnel costs for the year ended December 31, 2024 include Euro 2,140 thousand related to the Group's stock option plan (Euro 1,146 thousand for the year ended December 31, 2023)

", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807214": { "value": "

  29. Stock option plans

  112. The following table summarizes the variation of the stock options during the year:\u00a0

\u00a0

\u00a0

Stock options as of January 1, 2024

1,152,282

Stock options offered in 2024

297,150

Stock options cancelled due to resignations in 2024

(11,000)

Stock options exercised in 2024

(244,282)

Stock options as of December 31, 2024

1,194,150

(of which vested as of December 31, 2025)

609,500

\u00a0

\u00a0

  113. \u00a0\u00a0

  114. The outstanding stock options as of December 31, 2024 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

July 5, 2019

July 8, 2022

July 7, 2025

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0150,000\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a015.887\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\u00a022.755\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\u00a044.379\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\u00a030.316\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07.33\u00a0

April 29, 2021

November 2, 2022

November 2, 2025

November 1, 2028

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0167,000\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a021.868\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06.19\u00a0

April 29, 2021

November 11, 2022

November 11, 2025

10 novembre 2028

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a040,000\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a023.031\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\u00a017,500\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a028.880\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\u00a027.585\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\u00a0266,500\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a026.172\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07.16\u00a0

April 29, 2024

February 1, 2024

February 1, 2027

January 31, 2030

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a029,900\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a031.747\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08.72\u00a0

April 29, 2024

May 15, 2024

May 15, 2027

May 14, 2030

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0105,000\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a035.300\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010.60\u00a0

April 29, 2024

May 22, 2024

May 22, 2027

May 21, 2030

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,500\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a036.060\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010.76\u00a0

April 29, 2024

June 20, 2024

June 20, 2027

June 19, 2030

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,850\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a036.409\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08.69\u00a0

April 29, 2024

November 29, 2024

November 29, 2027

November 28, 2030

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0152,900\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a035.588\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010.76\u00a0





\u00a0



\u00a0

\u00a0

\u00a0

Totale opzioni

\u00a0\u00a0\u00a0\u00a0\u00a01,194,150\u00a0

\u00a0

\u00a0


  116. The weighted average price of the shares for the year ended December 31, 2024 is equal to Euro 34.966.

  117. Personnel costs for the year ended December 31, 2024 include Euro 2,140 thousand related to the Group's stock option plan (Euro 1,146 thousand for the year ended December 31, 2023)

", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807216": { "value": "

NOTES TO THE MAIN ITEMS OF THE CONSOLIDATED INCOME STATEMENT

  30. Revenues\u00a0

  118. The following table presents the details of the item for the financial years ended December 31, 2024 and 2023:

\u00a0

Years ended

(euro thousand)

December 31,
2024

December 31,
2023

\u00a0

\u00a0

\u00a0

Mavriq Division revenues

221,122

188,122

Moltiply \u00a0BPO&Tech Division revenues

232,856

213,214

\u00a0

\u00a0

\u00a0

Total revenues

453,978

401,336


  120. For comments on the evolution of revenues, please refer to the management report.

", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807217": { "value": "

  31. Other income

  121. The following table presents the details of the item for the financial years ended December 31, 2024 and 2023:

\u00a0

Years ended

(euro thousand)

\u00a0As of December 31, 2024\u00a0

\u00a0As of December 31, 2023\u00a0




Reimbursement of costs

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07,996\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,360\u00a0

Others

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,201\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,119\u00a0

Grants

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0173\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0152\u00a0




Total other income

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010,370\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,631\u00a0


  123. The item \"Reimbursement of costs\" includes incomes from the re-invoicing of expenses incurred on behalf of customers.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807219": { "value": "

  32. Services costs

The following table presents the details of the item for the financial years ended December 31, 2024 and 2023:

\u00a0

Years ended

(euro thousand)

\u00a0As of December 31, 2024\u00a0

\u00a0As of December 31, 2023\u00a0

\u00a0

\u00a0

\u00a0

Marketing expenses

(91,531)

(72,411)

Notarial and appraisal services

(44,300)

(41,387)

Technical, legal and administrative advice

(20,133)

(20,920)

Commission payout

(4,339)

(4,759)

Rental and lease expenses

(7,114)

(6,518)

Post and courier expenses

(3,670)

(3,729)

IT Services

(3,832)

(2,065)

Utilities and cleaning costs

(2,056)

(1,961)

Telecommunications

(1,993)

(1,828)

Travel expenses

(1,881)

(1,740)

Other general expenses

(12,587)

(12,551)

\u00a0

\u00a0

\u00a0

Total services costs

(193,436)

(169,869)


\"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.

\"Notary and appraisal services\" mainly refer to services purchased by the Moltiply BPO&Tech Division. The increase is mainly attributable to higher costs incurred within the Moltiply Claims 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.\u00a0

\"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 Moltiply BPO&Tech Division.\u00a0

\"IT Services\" refer to the various IT services acquired to support the operating activities of the Moltiply Lease 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 4,869 thousand.

", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807218": { "value": "

  32. Services costs

The following table presents the details of the item for the financial years ended December 31, 2024 and 2023:

\u00a0

Years ended

(euro thousand)

\u00a0As of December 31, 2024\u00a0

\u00a0As of December 31, 2023\u00a0

\u00a0

\u00a0

\u00a0

Marketing expenses

(91,531)

(72,411)

Notarial and appraisal services

(44,300)

(41,387)

Technical, legal and administrative advice

(20,133)

(20,920)

Commission payout

(4,339)

(4,759)

Rental and lease expenses

(7,114)

(6,518)

Post and courier expenses

(3,670)

(3,729)

IT Services

(3,832)

(2,065)

Utilities and cleaning costs

(2,056)

(1,961)

Telecommunications

(1,993)

(1,828)

Travel expenses

(1,881)

(1,740)

Other general expenses

(12,587)

(12,551)

\u00a0

\u00a0

\u00a0

Total services costs

(193,436)

(169,869)


\"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.

\"Notary and appraisal services\" mainly refer to services purchased by the Moltiply BPO&Tech Division. The increase is mainly attributable to higher costs incurred within the Moltiply Claims 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.\u00a0

\"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 Moltiply BPO&Tech Division.\u00a0

\"IT Services\" refer to the various IT services acquired to support the operating activities of the Moltiply Lease 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 4,869 thousand.

", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807220": { "value": "

  33. Personnel costs

The following table presents the details of the item for the financial years ended December 31, 2024 and 2023:

\u00a0

Years ended

(euro thousand)

\u00a0As of December 31, 2024\u00a0

\u00a0As of December 31, 2023\u00a0

\u00a0

\u00a0

\u00a0

Wages and salaries

(94,816)

(90,658)

Social security contributions

(27,122)

(24,560)

Professional collaborators and project workers costs

(5,125)

(2,918)

Directors' compensation

(6,719)

(6,524)

Defined benefit program costs

(5,491)

(5,282)

Other costs

(1,641)

(1,656)

Stock options

(2,140)

(1,416)

\u00a0

\u00a0

\u00a0

Total personnel costs

(143,054)

(133,014)


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, 2024

December 31, 2023

\u00a0

\u00a0

\u00a0

Employees

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,173\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,912\u00a0

Collaborators\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0450\u00a0

\u00a0\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

Average headcount

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,623\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,243\u00a0

\u00a0

\u00a0

\u00a0

Headcount in Italy

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,508\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,289\u00a0

Headcount in Romania

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0665\u00a0

\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\u00a0\u00a0143\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0157\u00a0

Headcount in India

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0138\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0152\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\u00a0\u00a035\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a040\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\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\u00a014\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\u00a0\u00a092\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a056\u00a0

Headcount in Netherlands

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a023\u00a0

\u00a0\u00a0\u00a0\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 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\u00a0\u00a05\u00a0

\u00a0\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

", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807221": { "value": "

  34. Other operating costs

Other operating costs as of December 31, 2024 amount to Euro 20,249 thousand (Euro 12,678 thousand as of December 31, 2023) and mainly include non-deductible VAT costs for Euro 10,181 thousand \u00a0(Euro 8,426 thousand as of December 31, 2023), tax charges for Euro 5,866 thousand (Euro 565 thousand in the financial year ended December 31, 2023) and Euro 1,177 thousand related to provisions (Euro 934 thousand in the financial year ended December 31, 2023).

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807222": { "value": "

  35. Depreciation and amortization

The following table presents the details of the item for the financial years ended December 31, 2024 and 2023:

(euro thousand)

\u00a0As of December 31, 2024\u00a0

\u00a0As of December 31, 2023\u00a0




Amortization of intangible assets

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(42,032)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(37,547)

of which related to purchase price allocation

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(32,654)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(30,660)




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(7,329)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(7,404)

of which IFRS 16 effect

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,202)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,248)




Total depreciation and amortization

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(49,361)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(44,951)


Depreciation and amortization costs in the financial year ended December 31, 2024, 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 Pricewise and Switcho.\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807223": { "value": "

  36. Net financial income

The following table presents the details of the item for the financial years ended December 31, 2024 and 2023:

\u00a0

Years ended

(euro thousand)

\u00a0As of December 31, 2024\u00a0

\u00a0As of December 31, 2023\u00a0




Financial income

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,803\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,941\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\u00a0677\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0129\u00a0

Interest expense - borrowings

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(14,949)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(14,100)

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(663)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(479)

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(660)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(706)

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(6,824)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(4,400)




Net financial income/(loss)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(14,081)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(13,080)


Financial income mainly includes the dividends received from Mony Group PLC for Euro 6,261 thousand and 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 the interest expenses on bank loans.\u00a0

The item \"Other financial expenses\" includes Euro 551 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 losses deriving from the recalculation of estimated liabilities for the exercise of put/call options on the remaining minority shares.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807224": { "value": "

  37. Income tax expense

The following table presents the details of the item for the financial years ended December 31, 2024 and 2023:

\u00a0

Years ended

(euro thousand)

\u00a0As of December 31, 2024\u00a0

\u00a0As of December 31, 2023\u00a0




Current income taxes

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(15,068)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(13,072)

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\u00a0\u00a0\u00a0(435)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,639)




Income tax expense

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(15,503)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(14,711)


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\u00a0purchase price allocations\u00a0for Euro 6,407 thousand.

With reference to the Pillar Two Global anti-Base Erosion rules (\"Pillar Two\") and the related requirements provided by IAS 12 and IAS 11, we point out that as the Group's consolidated revenues are less than Euro 750 million, doesn't fall within the scope of the Pillar Two Model Rules. Therefore, the mandatory recognition exception in IAS 12.4A does not apply to the Group.

The reconciliation between the theoretical tax rate and the effective tax rate for the years ended December 31, 2024 and 2023 is provided in the following table:


\u00a0

Years ended

\u00a0

\u00a0As of December 31, 2024\u00a0

\u00a0As of December 31, 2023\u00a0




Theoretical tax rate / Corporate income tax (IRES)

24.0%

24.0%

Differences due to costs non-deductible for IRES

3.5%

3.3%

Differences of the tax rate on foreign company income

-0.7%

-0.8%

Impact of the tax benefits

-17.2%

-13.6%

Deferred tax assets DL 104/2020 art. 110

12.3%

12.2%

Others

0.0%

0.1%

IRAP

4.2%

4.1%

\u00a0

\u00a0

\u00a0

Effective tax/effective income tax rate

26.1%

29.4%

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807225": { "value": "

  38. Discontinued operations

It should be noted that in March 2025, the Group reached an agreement to sell the entire share capital of Centro Finanziamenti S.p.A., therefore, in accordance with IFRS 5, the economic results of this subsidiary are classified among the \"discontinued operations\". Centro Finanziamenti S.p.A.'s results for the financial year are shown below:

\u00a0

\u00a0Years ended\u00a0

(euro thousand)

\u00a0December \u00a031, 2024\u00a0

\u00a0December \u00a031, 2023\u00a0

\u00a0

\u00a0

\u00a0

Revenues

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0771\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,851\u00a0

Other income

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a016\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a090\u00a0

Services costs

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,023)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,749)

Personnel costs

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(855)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(982)

Other operating costs

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(29)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(98)

\u00a0

\u00a0

\u00a0

EBITDA

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,120)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0112\u00a0

\u00a0

\u00a0

\u00a0

Depreciation and amortization

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(132)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(152)

\u00a0

\u00a0

\u00a0

Operating income

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,252)

\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

Financial income

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a070\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a055\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(4)

\u00a0

\u00a0

\u00a0

Net income before income tax expense

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,182)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011\u00a0

\u00a0

\u00a0

\u00a0

Income tax expense

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0284\u00a0

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011\u00a0

\u00a0

\u00a0

\u00a0

Net Result of Discontinued Operations

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(898)

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a022\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807226": { "value": "

  39. 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 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 of the company.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807227": { "value": "

  40. Classes of financial assets and liabilities

In the balance sheet as of December 31, 2024 financial assets and liabilities are classified as follows:

All the financial liabilities recorded in the balance sheet as of December 31, 2024 and 2023 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 discounting of future cash flows (income approach). The costs deriving from the measurement of these liabilities recorded in the income statement.

Among financial assets as of December 31, 2024 are the shares of Mony Group PLC (Euro 101,937 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807228": { "value": "

  41. 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, 2024:

Name

Office

Holding period of the office

Term of the office

Compensation for the office

Non-
monetary benefits

Bonus and other incentives

Other

From

To

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Marco Pescarmona

Chairman

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

400

31

500

377

Alessandro Fracassi

CEO

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

400

9

500

374

Giulia Bianchi Frangipane

Director

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

51

-

-

-

Fausto Boni

Director

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

40

-

-

-

Matteo De Brabant

Director

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

45

-

-

-

Klaus Gummerer

Director

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

48

-

-

-

Guido Crespi

Director

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

47

-

-

-

Maria Chiara Franceschetti

Director

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

42

-

-

-

Stefania Santarelli

Director

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

45

-

-

-

Camilla Cionini Visani

Director

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

47

-

-

-

Cristian Novello

Chairman of the board of st. aud.

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

30

-

-

-

Marcello Del Prete

Statutory auditor

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

41

-

-

-

Roberta Incorvaia

Statutory auditor

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

13

-

-

-

Alessio Santarelli

Manager with strategic responsibilities

1/1/2024

12/31/2024

n/a

-

9

500

483

\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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807229": { "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, 2024:

Name

Office

Holding period of the office

Term of the office

Compensation for the office

Non-
monetary benefits

Bonus and other incentives

Other

From

To

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Marco Pescarmona

Chairman

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

400

31

500

377

Alessandro Fracassi

CEO

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

400

9

500

374

Giulia Bianchi Frangipane

Director

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

51

-

-

-

Fausto Boni

Director

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

40

-

-

-

Matteo De Brabant

Director

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

45

-

-

-

Klaus Gummerer

Director

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

48

-

-

-

Guido Crespi

Director

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

47

-

-

-

Maria Chiara Franceschetti

Director

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

42

-

-

-

Stefania Santarelli

Director

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

45

-

-

-

Camilla Cionini Visani

Director

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

47

-

-

-

Cristian Novello

Chairman of the board of st. aud.

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

30

-

-

-

Marcello Del Prete

Statutory auditor

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

41

-

-

-

Roberta Incorvaia

Statutory auditor

1/1/2024

12/31/2024

Appr. of 2026 fin. stat.

13

-

-

-

Alessio Santarelli

Manager with strategic responsibilities

1/1/2024

12/31/2024

n/a

-

9

500

483

\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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807230": { "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, 2024, separating the fees paid for audit services from the fees paid for other attestation services:


\u00a0

Year ended

\u00a0

December 31, 2024

(euro thousand)

Moltiply Group S.p.A.

Subsidiaries

\u00a0

\u00a0

\u00a0

Audit

204

547

Sustainability report

84

-

\u00a0

\u00a0

\u00a0

Total fees paid to the independent auditor\u00a0

288

547

", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807231": { "value": "

  42. 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 2024. For a complete disclosure, please refer to the National Register of State Aid.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807232": { "value": "

  43. Subsequent events\u00a0

Stock option exercise

After December 31, 2024, following the exercise of stock options by employees of the Group, the Issuer sold a total of 4,000 own shares in portfolio, equal to 0.010% of the share capital.

As of the date of approval of this consolidated financial report the Issuer owns in total 2,610,991 own shares, equal to 6.527 % of share capital, for a total cost equal to Euro 41,652 thousand.

Agreement for the sale of Centro Finanziamenti S.p.A.

On March 7, 2025 the Group reached an agreement for the sale of the entire capital of Centro Finanziamenti S.p.A., a company registered in the Register of Financial Intermediaries pursuant to Article 106 of the Consolidated Banking Act, for Euro 3,462 thousand. The finalisation of the transaction is subject to the approval of the Bank of Italy.

Signing of new financing package

On 3 March 2025, the Group signed a loan agreement for Euro 450 million (400 million term line and 50 million revolving line) with Intesa Sanpaolo, Unicredit and Banco BPM, aimed at carrying out a potential extraordinary transaction, refinancing part of its existing exposure, and to support the group's financial needs. At the date of approval of this Report, it should be noted that the loan has not yet been used.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page17-body-tag8807233": { "value": "

  44. Earnings per share

Earnings per share for the year ended December 31, 2024, equal to Euro 1,11, are calculated by dividing the net income attributable to the shareholders of the Issuer for the year (Euro 41,713 thousand) by the weighted average number of shares outstanding during the financial year ended December 31, 2024 (37,635,548 shares).

For the financial year ended December 31, 2024 diluted earnings per share are equal to Euro 1,08 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 823,441.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:8156004E40D6A02C5046", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }