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"fact-438": {
"value": "Parte generale 2 .1 These Consolidated Financial Statements as at December 31, 2022 were prepared, in application of Italian Legislative Decree no. 38 of February 28, 2005, in accordance with the IAS/IFRS International Financial Reporting Standards issued by the International Accounting Standards Board (IASB), endorsed by the European Commission, as established by EU Regulation no. 1606 of July 19, 2002, and currently in force, including the related interpretations of the International Financial Reporting Interpretations Committee (IFRIC) and the Standing Interpretations Committee (SIC). In terms of interpretation and support in the application, the following documents were used: \u25a0 the Conceptual Framework for Financial Reporting; \u25a0 Application Guidance, Basis for Conclusions, and any other documents prepared by the IASB or IFRIC to complete the issued accounting standards; \u25a0 the interpretative documents on the application of IAS/IFRS in Italy prepared by the Italian Accounting Body (OIC); \u25a0 ESMA (European Securities and Markets Authority) and Consob documents that refer to the application of specific provisions in the IFRS. STATEMENT OF COMPLIANCE WITH INTERNATIONAL ACCOUNTING STANDARDSName of the reporting entity or other means of identification: doValue S.p.A. Domicile of the entity: Italy Legal form of the entity: Joint-stock company Country of incorporation: Italy Address of the entity\u2019s registered office: Viale dell\u2019Agricoltura, 7 - 37135 Verona Principal place of business: Italy, Spain, Greece, Cyprus, Portugal Description of nature of entity\u2019s operations and principal activities: The activities of the doValue Group are concen- trated on the supply of services for banks and investors through the entire life cycle of loans and Real Estate assets (\u201cServicing\u201d) Name of ultimate parent of group: doValue S.p.A. Homepage of the reporting entity: www.dovalue.it LEI code of the reporting entity: 8156007AF7DB5FE05555 As required by IAS 8, the paragraph \u201cNew accounting standards\u201d reports the new international accounting standards, or amendments to standards already in force, the application of which became mandatory from the 2022 financial year. The consolidated financial statements are accompanied by the certification of the Financial Reporting Officer pursuant to Article 154-bis of Italian Legislative Decree 58/1998 and have undergone an audit by the audit firm EY S.p.A. in accordance with Italian Legislative Decree 39 of January 27, 2010. BASIS OF PREPARATION The Consolidated financial statements were prepared using the euro as the currency of account, in accordance with Article 5, paragraph 2, of Italian Legislative Decree 38/2005, and consist of: \u25a0 the Consolidated Financial Statements, which include the Consolidated Balance Sheet, the Consolidated Income Statement, the Statement of Consolidated Comprehensive Income, the Statement of Changes in Consolidated Shareholders\u2019 Equity and the Consolidated Statement of Cash flows (prepared using the \u201cindirect method\u201d); \u25a0 the Notes to the Financial Statements; and is accompanied by the relevant comparative information as at December 31, 2021, and the Directors\u2019 Report on the Group. In the Consolidated balance sheet, assets and liabilities are classified on a \u201ccurrent/non- current\u201d basis with assets classified as held for sale and liabilities included in a disposal group classified as held for sale presented separately. Current assets, which include cash and cash equivalents, are those that are expected to be realised, sold or consumed in the Group\u2019s normal operating cycle; current liabilities are those that are expected to be settled in the Group\u2019s normal operating cycle. The Consolidated income statement presents a classification of costs by nature, while a separate statement has been prepared for the statement of comprehensive income. The Consolidated cash flow statement is prepared using the indirect method, with cash flows from operating, investing and financing activities presented separately. The amounts stated are expressed in thousands of euros unless otherwise specified. These Financial Statements have been prepared in application of the framework established by IAS 1 and the specific accounting standards approved by the European Commission and illustrated in the \u201cMain items of the financial statements\u201d section of these Notes. The Consolidated financial statements were prepared on a going concern basis in accordance with the provisions of IAS 1, and in compliance with the principles of accrual accounting, the relevance and materiality of accounting information and the prevalence of economic substance over legal form and with a view to fostering consistency with future presentations. Assets and liabilities and costs and revenues are not offset against each other unless required or permitted by an International Accounting Standard. Comparative information for the previous year is shown for all figures in the comparative financial statements; changes to comparative figures are only made where they are considered to be material. The criteria adopted in these Consolidated financial statements as at December 31, 2022, for the recognition, classification, measurement and derecognition of assets and liabilities and the recognition of costs and revenues have not been updated from those adopted in the preparation of the Consolidated financial statements as at December 31, 2021. No exceptions were made to the application of IAS/IFRS accounting standards. The Consolidated Financial Statements are also prepared in accordance with the Commission Delegated Regulation (EU) no. 2019/815 of December 17, 2018, (in short \u201cESEF Regulation\u201d).",
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"value": "These Consolidated Financial Statements as at December 31, 2022 were prepared, in application of Italian Legislative Decree no. 38 of February 28, 2005, in accordance with the IAS/IFRS International Financial Reporting Standards issued by the International Accounting Standards Board (IASB), endorsed by the European Commission, as established by EU Regulation no. 1606 of July 19, 2002, and currently in force, including the related interpretations of the International Financial Reporting Interpretations Committee (IFRIC) and the Standing Interpretations Committee (SIC). In terms of interpretation and support in the application, the following documents were used: \u25a0 the Conceptual Framework for Financial Reporting; \u25a0 Application Guidance, Basis for Conclusions, and any other documents prepared by the IASB or IFRIC to complete the issued accounting standards; \u25a0 the interpretative documents on the application of IAS/IFRS in Italy prepared by the Italian Accounting Body (OIC); \u25a0 ESMA (European Securities and Markets Authority) and Consob documents that refer to the application of specific provisions in the IFRS. STATEMENT OF COMPLIANCE WITH INTERNATIONAL ACCOUNTING STANDARDSAs required by IAS 8, the paragraph \u201cNew accounting standards\u201d reports the new international accounting standards, or amendments to standards already in force, the application of which became mandatory from the 2022 financial year. The consolidated financial statements are accompanied by the certification of the Financial Reporting Officer pursuant to Article 154-bis of Italian Legislative Decree 58/1998 and have undergone an audit by the audit firm EY S.p.A. in accordance with Italian Legislative Decree 39 of January 27, 2010. ",
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"value": "Legal form of the entity: Joint-stock company ",
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"value": "Country of incorporation: Italy ",
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"fact-419": {
"value": "Address of the entity\u2019s registered office: Viale dell\u2019Agricoltura, 7 - 37135 Verona ",
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"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
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"value": "Principal place of business: Italy, Spain, Greece, Cyprus, Portugal ",
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"entity": "scheme:8156007AF7DB5FE05555",
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"value": "The activities of the doValue Group are concen- trated on the supply of services for banks and investors through the entire life cycle of loans and Real Estate assets (\u201cServicing\u201d) ",
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"value": "Name of ultimate parent of group: doValue S.p.A. ",
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},
"fact-381": {
"value": "BASIS OF PREPARATION The Consolidated financial statements were prepared using the euro as the currency of account, in accordance with Article 5, paragraph 2, of Italian Legislative Decree 38/2005, and consist of: \u25a0 the Consolidated Financial Statements, which include the Consolidated Balance Sheet, the Consolidated Income Statement, the Statement of Consolidated Comprehensive Income, the Statement of Changes in Consolidated Shareholders\u2019 Equity and the Consolidated Statement of Cash flows (prepared using the \u201cindirect method\u201d); \u25a0 the Notes to the Financial Statements; and is accompanied by the relevant comparative information as at December 31, 2021, and the Directors\u2019 Report on the Group. In the Consolidated balance sheet, assets and liabilities are classified on a \u201ccurrent/non- current\u201d basis with assets classified as held for sale and liabilities included in a disposal group classified as held for sale presented separately. Current assets, which include cash and cash equivalents, are those that are expected to be realised, sold or consumed in the Group\u2019s normal operating cycle; current liabilities are those that are expected to be settled in the Group\u2019s normal operating cycle. The Consolidated income statement presents a classification of costs by nature, while a separate statement has been prepared for the statement of comprehensive income. The Consolidated cash flow statement is prepared using the indirect method, with cash flows from operating, investing and financing activities presented separately. The amounts stated are expressed in thousands of euros unless otherwise specified. These Financial Statements have been prepared in application of the framework established by IAS 1 and the specific accounting standards approved by the European Commission and illustrated in the \u201cMain items of the financial statements\u201d section of these Notes. The Consolidated financial statements were prepared on a going concern basis in accordance with the provisions of IAS 1, and in compliance with the principles of accrual accounting, the relevance and materiality of accounting information and the prevalence of economic substance over legal form and with a view to fostering consistency with future presentations. Assets and liabilities and costs and revenues are not offset against each other unless required or permitted by an International Accounting Standard. Comparative information for the previous year is shown for all figures in the comparative financial statements; changes to comparative figures are only made where they are considered to be material. The criteria adopted in these Consolidated financial statements as at December 31, 2022, for the recognition, classification, measurement and derecognition of assets and liabilities and the recognition of costs and revenues have not been updated from those adopted in the preparation of the Consolidated financial statements as at December 31, 2021. No exceptions were made to the application of IAS/IFRS accounting standards. The Consolidated Financial Statements are also prepared in accordance with the Commission Delegated Regulation (EU) no. 2019/815 of December 17, 2018, (in short \u201cESEF Regulation\u201d).",
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"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
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"fact-382": {
"value": "SCOPE AND METHOD OF CONSOLIDATION The preparation of the Consolidated Financial Statements as at December 31, 2022, drew on the accounts on the same date of the companies included in the scope of consolidation reported in the table presented at the end of this paragraph. The accounts as at December 31, 2022, of the companies included in the scope of consolidation were reclassified and adjusted appropriately to take consolidation requirements into account and, where necessary, align them with the Group accounting policies. All of the companies in the scope of consolidation use the euro as their currency of account and, accordingly, no translations of foreign currency amounts have been necessary. The following section shows the consolidation principles adopted by the Group in preparing the Consolidated Financial Statements as at December 31, 2022. Subsidiaries Entities in which doValue holds direct or indirect control are considered subsidiaries. Control over an entity is obtained when the Group is exposed, or has rights, to variable returns from its involvement with the investee and, at the same time, has the ability to affect those returns through its power over the entity. In order to ascertain the existence of control, the following factors are considered: \u25a0 the purpose and design of the investee in order to identify the entity\u2019s objectives, the activities that determine its returns and how these activities are governed; \u25a0 power, in order to determine whether the investor has contractual rights that give it the ability to direct the relevant activities; to this end, only substantive rights that give the practical ability to govern are considered; \u25a0 the exposure or rights held in respect of the investee in order to assess whether the investor has relations with the investee whose returns are subject to changes that depend on the investee\u2019s performance; \u25a0 the ability to exercise its power over the investee to affect its returns; \u25a0 the existence of potential \u201cprincipal-agent\u201d relationships. It is generally presumed that holding a majority of voting rights gives the investor control over the investee. When the Group holds less than a majority of voting rights (or similar rights), it considers all relevant facts and circumstances to determine whether it controls the investee, including: \u25a0 contractual agreements with other holders of voting rights; \u25a0 rights deriving from contractual agreements; \u25a0 the Group\u2019s voting rights and potential voting rights. The Group reconsiders whether or not it has control over an investee if facts and circumstances indicate that there have been changes in one or more of the three elements relevant to the definition of control. The consolidation of a subsidiary begins when the Group obtains control and ends when the Group loses control. The book value of equity investments in companies consolidated on a line-by-line basis held by the Parent Company is eliminated - with the incorporation of the assets and liabilities of the investees - against the corresponding portion of shareholders\u2019 equity attributable to the Group. Assets and liabilities, off-balance-sheet transactions, income and charges, as well as profits and losses occurring between companies within the scope of consolidation are fully eliminated, in accordance with the consolidation methods adopted. The assets, liabilities, revenues and costs of the subsidiary acquired or sold during the year are included in the consolidated financial statements from the date on which the Group obtains control until the date on which the Group no longer exercises control over the company. The difference between the amount received for the subsidiary and the book value of its net assets (including goodwill) at the same date is recognised in the income statement under \u201cProfit (loss) from equity investments\u201d for companies subject to line-by-line consolidation. The shareholding that may be retained must be recognised at fair value. For companies included within the scope of consolidation for the first time, the fair value of the cost incurred to obtain control over the investee, including transactions costs, is measured as of the acquisition date. If the disposal does not involve a loss of control, the difference between the amount received in the disposal of a portion of a subsidiary and the associated book value of the net assets is recognised with a balancing entry in Shareholders\u2019 equity. Business combinations IFRS 3 is the reference accounting standard for business combinations. The transfer of control of a business (or an integrated set of activities and assets conducted and managed together) constitutes a business combination. To this end, control is considered transferred when the investor is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. IFRS 3 requires that an acquirer be identified for all business combinations. The latter is the entity that obtains control over another entity or group of assets. If it is not possible to identify a controlling entity on the basis of the definition of control described above, such as for example in the case of exchanges of equity interests, the acquirer shall be identified using circumstances such as: the entity whose fair value is significantly greater, the entity that transfers cash, or the entity that issues new equity interests. The acquisition, and therefore, the initial consolidation of the acquiree, must be recognised on the date on which the acquirer effectively obtains control over the company or assets acquired. When the transaction takes place as a single transfer, the date of transfer normally coincides with the acquisition date. However, it is always necessary to verify the possible presence of agreements between the parties that may lead to the transfer of control before the date of the exchange. The consideration transferred as part of a business combination must be determined as the sum of the fair value, at the date of the exchange, of the assets acquired, the liabilities incurred or assumed and the equity instruments issued by the acquirer in exchange for control. In transactions involving payment in cash (or when payment is made using financial instruments comparable to cash) the price is the agreed consideration, possibly discounted if payment is to be made in instalments over a period longer than short term. If the payment is made using an instrument other than cash, therefore through the issue of equity instruments, the price is equal to the fair value of the means of payment, net of the costs directly attributable to the capital issue. Adjustments subject to future events are included in the consideration of the business combination at the acquisition date, if they are provided for in the agreements and only if they are probable, can be reliably determined and realised within the twelve months following the date of acquisition of control, while indemnities for a reduction of the value of the assets used are not considered as they are already considered either in the fair value of the equity instruments or as a reduction of the premium or increase in the discount on the initial issue in the case of the issue of debt instruments. Any contingent consideration to be paid is recognised by the acquirer at fair value at the acquisition date. The purchaser shall classify an obligation to pay contingent consideration that meets the definition of a financial instrument as a financial liability or as shareholders\u2019 equity, based on the definitions of an equity instrument and a financial liability in IAS 32. The purchaser shall classify as an asset a right to the return of previously transferred consideration when certain conditions are met. The change in the fair value of the contingent consideration classified as an asset or liability, as a financial instrument that is subject to IFRS 9 Financial Instruments, must be recognised in the income statement in accordance with IFRS 9. The contingent consideration that does not fall under the scope of IFRS 9 is measured at fair value at the reporting date and the fair value changes are booked to the income statement. Acquisition-related costs are the costs the acquirer incurs to effect a business combination. By way of example, these may include professional fees paid to auditors, experts, legal consultants, costs for appraisals and auditing of accounts, preparation of information documents required by regulations, as well as finder\u2019s fees paid to identify potential targets to be acquired if it is contractually established that the payment is made only in the event of a positive outcome of the combination, as well as the costs of registering and issuing debt and equity securities. The acquirer shall recognise acquisition-related costs in the periods in which these costs are incurred and the services are received, with the exception of the costs of issuing debt or equity securities, which shall be recognised in accordance with IAS 32 and IAS 39. Business combinations are accounted for using the \u201cacquisition method\u201d, under which the identifiable assets acquired (including any intangible assets not previously recognised by the acquiree) and the identifiable liabilities assumed (including contingent liabilities) are recognised at their respective fair values on the acquisition date. In addition, for each business combination, any non-controlling interests in the acquiree can be recognised at fair value (with a consequent increase in the consideration transferred) or in proportion to the non-controlling interest in the identifiable net assets of the acquiree. If control is acquired in stages, the acquirer shall measure its previously held equity interest in the acquiree at its acquisition date fair value and recognise through profit or loss any difference compared to the previous carrying amount. The excess of the consideration transferred (represented by the fair value of the assets transferred, the liabilities incurred or the equity instruments issued by the acquirer), the amount of any non-controlling interests (determined as described above) and the fair value of interests previously held by the acquirer, over the fair value of the assets and liabilities acquired shall be recognised as goodwill. Conversely, if the latter exceeds the sum of the consideration, non- controlling interests and fair value of previously held interests, the difference shall be recognised in the income statement. Business combinations may be accounted for provisionally by the end of the financial year in which the business combination is carried out and must be completed within twelve months of the acquisition date. Pursuant to IFRS 10, the recognition of additional interests in companies that are already controlled is considered as an equity transaction, i.e. a transaction with shareholders acting in their capacity as shareholders. Therefore, differences between the acquisition costs and the book value of non-controlling interests acquired are booked to shareholders\u2019 equity pertaining to the Group; similarly, sales of non-controlling interests without loss of control do not generate gains/losses recognised in the income statement but rather are recognised as changes in Shareholders\u2019 Equity pertaining to the Group. Business combinations do not include transactions to obtain control over one or more entities that do not constitute a business or to obtain transitory control or, finally, if the business combination is carried out for the purpose of reorganisation, therefore between two or more companies or activities that already belong to the doValue Group and that does not involve a change in the control structure regardless of the percentage of third-party rights before and after the transaction (so-called combinations of entities under common control). These transactions are considered as having no economic substance. Accordingly, in the absence of an IAS/IFRS that specifically applies to the transaction and in compliance with the assumptions of IAS 8, which requires that - in the absence of a specific standard - an entity shall use its judgement in applying an accounting policy that produces relevant, reliable and prudent information that reflects the economic substance of the transaction, such transactions are accounted for by retaining the values of the acquiree in the financial statements of the acquirer. Mergers are a form of business combination, representing the most complete form of such combinations, as they involve the legal and financial merging of the entities participating in the transaction. Whether they involve the formation of a new legal entity (merger of equals) or the absorption of one entity by another existing entity, mergers are treated in accordance with the criteria discussed above. Specifically: \u25a0 if the transaction involves the transfer of control of an entity, it is treated as a business combination pursuant to IFRS 3; \u25a0 if the transaction does not involve the transfer of control, it is accounted for by retaining the accounting values of the merged company. Associates An associate is an entity over which an investor has significant influence but which is not controlled exclusively or jointly controlled. Significant influence is presumed when the investor: \u25a0 holds, directly or indirectly, at least 20% of the share capital of another entity, or \u25a0 is able, including through shareholders\u2019 agreements, to exercise significant influence through: - representation on the governing body of the company; - participation in decision-making processes, including participation in decisions about dividends or other distributions; - the existence of significant transactions between the investor and the investee; - the exchange of management personnel; - provision of essential technical information. Note that only companies that are governed through voting rights can be classified as subject to significant influence. Investments in associates are measured using the equity method. In accordance with IAS 36, the carrying amount of associates is tested as a single asset, comparing this with the recoverable amount (defined as the higher of its value in use and its fair value less costs of disposal). Equity method With the equity method, the investment in an associated company is initially recognised at cost. The book value of the equity investment in companies measured using the equity method include any goodwill (less any impairment loss) paid to purchase them. The investor\u2019s share of the profit or loss of the investee after the acquisition date is recognised in the income statement under \u201cProfit (loss) from equity investments\u201d. Any dividends distributed reduce the book value of the equity investment. If the investor\u2019s interest in a subsidiary\u2019s losses is equal to or greater than its book value, no further losses are recognised, unless the investor has assumed specific obligations to or made payments on behalf of the company. Gains and losses on transactions with associates or joint arrangements are eliminated in proportion to the percentage interest in the company. Any changes in the valuation reserves of associates or joint arrangements, which are recorded against the value changes in the associated item, are reported separately in the Statement of comprehensive income. As at December 31, 2022, there were no companies measured using the equity method. Investments in subsidiaries The following table reports the companies included in the scope of consolidation: Company name Headquarters and Registe- red Office Country Type of Relationship (1) Owner relationship Disponibilit\u00e0 voti % (2) Impresa partecipante Quota % 1. doValue S.p.A. Verona Italy Controllante 2. doNext S.p.A. (formerly Italfondiario S.p.A.) Rome Italy 1 doValue S.p.A. 100% 100% 3. doData S.r.l. Rome Italy 1 doValue S.p.A. 100% 100% 4. doValue Spain Servicing S.A. (formerly Altamira Asset Management S.A.) Madrid Spain 1 doValue S.p.A. 85% 85% 5. doValue Portugal, Unipessoal Limitada Lisbon Portugal 1 doValue Spain Servicing S.A. 100% 100% 6. Altamira Asset Management Cyprus Limited Nicosia Cyprus 1 doValue Spain Servicing S.A. 100% 100% 7. doValue Cyprus Limited Nicosia Cyprus 1 doValue S.p.A. + doValue Spain Servicing S.A. 94%+6% 94%+6% 8. doValue Greece Loans and Credits Claim Management Soci\u00e9t\u00e9 Anonyme Moschato Greece 1 doValue S.p.A. 80% 80% 9. doValue Greece Real Estate Services single member Soci\u00e9t\u00e9 Anonyme Moschato Greece 1 doValue S.p.A. 100% 100% 10. Zarco STC, S.A. Lisbon Portugal 1 doValue Portugal, Unipessoal Limitada 100% 100% 11. Adsolum Real Estate S.L. Madrid Spain 1 doValue Spain Servicing S.A. 100% 100% Notes to the: (1) Type of relationship: 1 = majority of voting rights at ordinary shareholders\u2019 meeting 2 = dominant influence at ordinary shareholders\u2019 meeting 3 = agreements with other shareholders 4 = other types of control 5 = centralised management pursuant to Article 39, paragraph 1, of Italian Legislative Decree 136/2015 6 = centralised management pursuant to Article 39, paragraph 2, of Italian Legislative Decree 136/2015 (2) Voting rights available in general meeting. The reported voting rights are considered effective 2 There were no changes to the scope of consolidation in 2022. However, the name of the Spanish company Altamira Asset Management S.A. was changed to doValue Spain Servicing S.A. at the beginning of 2023. Changes in the scope of consolidation The doValue Group determines the existence of control and, as a consequence, the scope of consolidation, by ascertaining compliance with the requirements envisaged by IFRS 10 with regard to entities in which it holds exposures: \u25a0 the existence of power over the entities\u2019 relevant activities; \u25a0 exposure to variable returns; \u25a0 the ability to affect the returns. The factors considered for the purpose of this assessment depend on the entity\u2019s method of governance, its purpose and its financial structure. This analysis led to the inclusion of the subsidiaries listed in the previous section within the scope of consolidation as at December 31, 2022.Significant valuations and assumptions for determining the scope of consolidation",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-1": {
"value": "Business combinations IFRS 3 is the reference accounting standard for business combinations. The transfer of control of a business (or an integrated set of activities and assets conducted and managed together) constitutes a business combination. To this end, control is considered transferred when the investor is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. IFRS 3 requires that an acquirer be identified for all business combinations. The latter is the entity that obtains control over another entity or group of assets. If it is not possible to identify a controlling entity on the basis of the definition of control described above, such as for example in the case of exchanges of equity interests, the acquirer shall be identified using circumstances such as: the entity whose fair value is significantly greater, the entity that transfers cash, or the entity that issues new equity interests. The acquisition, and therefore, the initial consolidation of the acquiree, must be recognised on the date on which the acquirer effectively obtains control over the company or assets acquired. When the transaction takes place as a single transfer, the date of transfer normally coincides with the acquisition date. However, it is always necessary to verify the possible presence of agreements between the parties that may lead to the transfer of control before the date of the exchange. The consideration transferred as part of a business combination must be determined as the sum of the fair value, at the date of the exchange, of the assets acquired, the liabilities incurred or assumed and the equity instruments issued by the acquirer in exchange for control. In transactions involving payment in cash (or when payment is made using financial instruments comparable to cash) the price is the agreed consideration, possibly discounted if payment is to be made in instalments over a period longer than short term. If the payment is made using an instrument other than cash, therefore through the issue of equity instruments, the price is equal to the fair value of the means of payment, net of the costs directly attributable to the capital issue. Adjustments subject to future events are included in the consideration of the business combination at the acquisition date, if they are provided for in the agreements and only if they are probable, can be reliably determined and realised within the twelve months following the date of acquisition of control, while indemnities for a reduction of the value of the assets used are not considered as they are already considered either in the fair value of the equity instruments or as a reduction of the premium or increase in the discount on the initial issue in the case of the issue of debt instruments. Any contingent consideration to be paid is recognised by the acquirer at fair value at the acquisition date. The purchaser shall classify an obligation to pay contingent consideration that meets the definition of a financial instrument as a financial liability or as shareholders\u2019 equity, based on the definitions of an equity instrument and a financial liability in IAS 32. The purchaser shall classify as an asset a right to the return of previously transferred consideration when certain conditions are met. The change in the fair value of the contingent consideration classified as an asset or liability, as a financial instrument that is subject to IFRS 9 Financial Instruments, must be recognised in the income statement in accordance with IFRS 9. The contingent consideration that does not fall under the scope of IFRS 9 is measured at fair value at the reporting date and the fair value changes are booked to the income statement. Acquisition-related costs are the costs the acquirer incurs to effect a business combination. By way of example, these may include professional fees paid to auditors, experts, legal consultants, costs for appraisals and auditing of accounts, preparation of information documents required by regulations, as well as finder\u2019s fees paid to identify potential targets to be acquired if it is contractually established that the payment is made only in the event of a positive outcome of the combination, as well as the costs of registering and issuing debt and equity securities. The acquirer shall recognise acquisition-related costs in the periods in which these costs are incurred and the services are received, with the exception of the costs of issuing debt or equity securities, which shall be recognised in accordance with IAS 32 and IAS 39. Business combinations are accounted for using the \u201cacquisition method\u201d, under which the identifiable assets acquired (including any intangible assets not previously recognised by the acquiree) and the identifiable liabilities assumed (including contingent liabilities) are recognised at their respective fair values on the acquisition date. In addition, for each business combination, any non-controlling interests in the acquiree can be recognised at fair value (with a consequent increase in the consideration transferred) or in proportion to the non-controlling interest in the identifiable net assets of the acquiree. If control is acquired in stages, the acquirer shall measure its previously held equity interest in the acquiree at its acquisition date fair value and recognise through profit or loss any difference compared to the previous carrying amount. The excess of the consideration transferred (represented by the fair value of the assets transferred, the liabilities incurred or the equity instruments issued by the acquirer), the amount of any non-controlling interests (determined as described above) and the fair value of interests previously held by the acquirer, over the fair value of the assets and liabilities acquired shall be recognised as goodwill. Conversely, if the latter exceeds the sum of the consideration, non- controlling interests and fair value of previously held interests, the difference shall be recognised in the income statement. Business combinations may be accounted for provisionally by the end of the financial year in which the business combination is carried out and must be completed within twelve months of the acquisition date. Pursuant to IFRS 10, the recognition of additional interests in companies that are already controlled is considered as an equity transaction, i.e. a transaction with shareholders acting in their capacity as shareholders. Therefore, differences between the acquisition costs and the book value of non-controlling interests acquired are booked to shareholders\u2019 equity pertaining to the Group; similarly, sales of non-controlling interests without loss of control do not generate gains/losses recognised in the income statement but rather are recognised as changes in Shareholders\u2019 Equity pertaining to the Group. Business combinations do not include transactions to obtain control over one or more entities that do not constitute a business or to obtain transitory control or, finally, if the business combination is carried out for the purpose of reorganisation, therefore between two or more companies or activities that already belong to the doValue Group and that does not involve a change in the control structure regardless of the percentage of third-party rights before and after the transaction (so-called combinations of entities under common control). These transactions are considered as having no economic substance. Accordingly, in the absence of an IAS/IFRS that specifically applies to the transaction and in compliance with the assumptions of IAS 8, which requires that - in the absence of a specific standard - an entity shall use its judgement in applying an accounting policy that produces relevant, reliable and prudent information that reflects the economic substance of the transaction, such transactions are accounted for by retaining the values of the acquiree in the financial statements of the acquirer. Mergers are a form of business combination, representing the most complete form of such combinations, as they involve the legal and financial merging of the entities participating in the transaction. Whether they involve the formation of a new legal entity (merger of equals) or the absorption of one entity by another existing entity, mergers are treated in accordance with the criteria discussed above. Specifically: \u25a0 if the transaction involves the transfer of control of an entity, it is treated as a business combination pursuant to IFRS 3; \u25a0 if the transaction does not involve the transfer of control, it is accounted for by retaining the accounting values of the merged company. Business combination The recognition of business combinations involves allocating the difference between the acquisition cost and the net book value to the assets and liabilities of the acquiree. For most of the assets and liabilities, the difference is allocated by recognising the assets and liabilities at their fair value. Any unallocated remainder is recognised as goodwill if positive; if negative, it is recognised in the income statement as revenue. In the process of allocating the cost of the business combination, the doValue Group uses all available information; however, this process implies, by definition, complex and subjective estimate elements. For information on the Group\u2019s business combinations, please refer to the specific \u201cBusiness combinations\u201d section.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-427": {
"value": "Associates An associate is an entity over which an investor has significant influence but which is not controlled exclusively or jointly controlled. Significant influence is presumed when the investor: \u25a0 holds, directly or indirectly, at least 20% of the share capital of another entity, or \u25a0 is able, including through shareholders\u2019 agreements, to exercise significant influence through: - representation on the governing body of the company; - participation in decision-making processes, including participation in decisions about dividends or other distributions; - the existence of significant transactions between the investor and the investee; - the exchange of management personnel; - provision of essential technical information. Note that only companies that are governed through voting rights can be classified as subject to significant influence. Investments in associates are measured using the equity method. In accordance with IAS 36, the carrying amount of associates is tested as a single asset, comparing this with the recoverable amount (defined as the higher of its value in use and its fair value less costs of disposal). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-383": {
"value": "SUBSEQUENT EVENTS In accordance with the provisions of IAS 10, following the closing date of the year and up to the approval of these financial statements, no significant events occurred that would require an adjustment to the results presented in the Consolidated Financial Statements. Please refer to the Directors\u2019 Report on the Group for a description of the significant events occurred after the end of the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-384": {
"value": "OTHER MATTERS Impacts of the COVID-19 pandemic and the military conflict in Ukraine COVID-19 effects The gradual normalisation of the health situation, partly as a result of the success of the vaccination campaign, albeit with different geographical methods and intensities, has allowed operators in the sector to return to more normal ways of carrying out collection activities. In 2022, the Group maintained the controls identified to deal with the evolution of the pandemic from its early stages, in compliance with all applicable regulations, following their constant updating over time (e.g. the Business Continuity & Crisis Management Committee, strengthening of digital channels). That being said, in accordance with the indications given by ESMA contained in the public statements, with a special reference to the last one issued in October 2022 \u201cEuropean common enforcement priorities for 2022 annual financial reports\u201d, and by CONSOB, referred to in the Warning Notices no. 6/20 of April 9, 2020, no. 8/20 of July 16, 2020 and no. 1/21 of February 16, 2021, the Group continued to carefully monitor the evolution of the situation in the main areas of interest and in the main countries in which it operates, in continuity with what was already indicated in the Consolidated Financial Statements as at December 31, 2021, in order to assess, based on the specific business circumstances and the availability of reliable information, the relevance of the impact of COVID-19 on the Group\u2019s business activities, financial position and economic performance for the year 2022. In this regard, there is no particular impact on the Group\u2019s operations and business, and therefore the final figures in 2022 are not significantly affected by the effects of the COVID-19 pandemic. In particular, with regard to non-financial assets and their value adjustments (IAS 36) if any, there were no significant changes due to the COVID-19 pandemic that would need to be further considered with respect to December 31, 2021. With regard to employees, the application of smart working was confirmed for all the Company\u2019s employees, alternating remote and in-person work in the Group\u2019s offices in compliance with regulations and with appropriate safeguards to protect the health of employees and the community. Finally, special attention is given to people in fragile situations. Impacts of the conflict in Ukraine In consideration of the continuing military and political tensions and the related negative impact on the global economy, the Group has taken a number of precautionary measures to identify, manage and, where necessary, mitigate the effects that could have an impact on the Group\u2019s business and results. In accordance with the guidance provided by ESMA in its public statements: \u25a0 of May 13, 2022, \u201cImplications of Russia\u2019s invasion of Ukraine on half-yearly financial reports\u201d, concerning the effects of Russia\u2019s invasion of Ukraine on the interim financial reports; \u25a0 of October 28, 2022, \u201cEuropean common enforcement priorities for 2022 annual financial reports\u201d, which highlights the priorities for disclosure in annual reports; as well as with Consob Warning Notice no. 3/22 of May 19, 2022, the Group carried out an analysis of the direct and indirect impact in relation to the aforementioned conflict, the result of which leads us to believe that the impact on the doValue Group to date can continue to be considered limited. With regard to direct effects: \u25a0 the transaction flows underlying the cash flows of Group companies are not denominated in the currencies of the countries involved in the conflict; \u25a0 the Group does not do business with financial institutions that are subject to restrictions/sanctions imposed by the European Union and the international community; \u25a0 Group companies do not do business with customers and suppliers located directly in the countries involved in the conflict; \u25a0 there are no significant positions managed through the mandated portfolios that are affected by the consequences of the conflict. With regard to the indirect effects, mainly related to the deterioration of the key general economic indicators, such as inflation, growth rate and interest rate trends, the Group, in subjecting intangible assets to impairment tests pursuant to IAS 36, did not highlight any significant changes compared to December 31, 2021. The future developments and consequences of the Russia-Ukraine conflict one year after the start of the war are still unpredictable and will continue to be constantly monitored.",
"dimensions": {
"concept": "dov:DisclosureOfEffectsTheCurrentInternationalCrisisExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-385": {
"value": "In preparing the Consolidated Financial Statements ast at December 31, 2022, the Directors consider the going concern assumption appropriate as, in their opinion, although the environment is impacted by the combination of the remaining effects of the pandemic, inflation, rising interest rates, a deteriorating economic climate, geopolitical risks and uncertainties related to future developments, no uncertainties have emerged related to events or circumstances that, considered individually or as a whole, could give rise to doubts regarding the business as a going concern. The assessment took into account the Group\u2019s equity, financial position as well as the outlook of the operations, despite the uncertainties linked to the macroeconomic and market environment; the possible presence of events or conditions linked to the climate, which may have an impact on the Group as a going concern was also assessed, also noting the absence of such cases. Please also refer to the specific paragraph of the Directors\u2019 Report on the Group. Going concern",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-428": {
"value": "RISKS AND UNCERTAINTIES ASSOCIATED WITH THE USE OF ESTIMATES The application of accounting policies sometimes involves the use of estimates and assumptions that affect the amounts recorded in the financial statements and the disclosures regarding contingent assets and liabilities. For the purposes of the assumptions underlying estimates, we consider all information available at the date of preparation of the financial statements and any assumptions considered reasonable in the light of past experience and current conditions in the financial markets. More specifically, estimation processes were adopted to support the book value of certain items recognised in the Consolidated Financial Statements as at December 31, 2022, as required by accounting standards. These processes are essentially based on estimates of future recoverability of the values recognised and were conducted on a going concern basis. These processes supported the book values recognised as at December 31, 2022. Estimates and assumptions are reviewed regularly. In view of the presence of uncertainty in the macroeconomic and market environment, the assumptions made, even if reasonable, might not hold in future scenarios in which the Group may operate. Accordingly, future results may differ from the estimates made for the purpose of preparing the financial statements, with the consequent probable need to make adjustments that currently cannot be foreseen or estimated to the book value of the assets and liabilities recognised in the financial statements. Moreover, the uncertainties of the future macroeconomic framework in which the Group operates have required a careful analysis and weighting of the new context in the parameters and information used in the valuation models of the recoverable amount of the Group\u2019s assets. These estimates and valuations are therefore difficult and inevitably involve elements of uncertainty, even in the presence of stable macroeconomic conditions. The following sections discuss the key accounting policies for the purposes of providing a true and fair representation of the Group\u2019s financial position and performance, both with regard to the materiality of the values in the financial statements and the considerable judgement required in performing the assessments. Estimation of accruing servicing revenues and the effects of the application of servicing contracts Sales revenues associated with servicing contracts for the recovery of receivables managed under mandate are recognised on an accruals basis according to the activities carried out by the Group, using IT procedures and complex accounting processes that take account of the different contractual terms of each mandate. Servicing contracts contain numerous clauses specifying the rights and duties of the Group in relations with the participating clients, which can generate income on the one hand and contingent liabilities on the other connected with the possibility of non-performance of contractual obligations. The amount of the estimated variable consideration is included in the transaction price in total or only to the extent that it is highly probable that when the uncertainty associated with the variable consideration is subsequently resolved, a significant downward adjustment of the amount of the cumulative revenues recorded will not occur. At end of the period, revenues accrued that have not yet been manifestly accepted by the customer are recognised. Depending on the terms of contract and the established practice, that acceptance may take the form of the issuance of an invoice or an explicit notice. At the date of the preparation of these financial statements, the portion of servicing revenues without such manifest acceptance amounted to 30% of total amounts to be invoiced as at December 31, 2022, and 7% of the aggregate Total Revenues of the consolidated income statement. In addition, any certain or contingent liabilities must be prudentially determined in order to assess compliance with the obligations set out in the servicing contracts, taking due account of natural differences in interpretation of contractual clauses in the context of actual recovery operations. Determination of the fair value of financial assets In the presence of financial instruments not listed on active markets or illiquid and complex instruments, it is necessary to adopt appropriate valuation processes that require the use of a certain degree of judgement concerning the choice of valuation models and the related input parameters, which may sometimes not be observable on the market. A degree of subjectivity is present in the valuation on whether it is possible to observe or not certain parameters and the consequent classification in correspondence with the levels of the fair value hierarchy. With particular reference to valuation methods and the unobservable inputs that may be used in fair value measurements, please see the specific Section Information on fair value. The Group has significant deferred tax assets mainly arising from temporary differences between the date on which certain business costs are recognised in the income statement and the date on which the same costs can be deducted. Deferred tax assets are written down to the extent that they are deemed unrecoverable given the outlook for performance and the resulting expected taxable income, taking due account of tax legislation, which allows those assets to be converted into tax credits under certain conditions, regardless of the Group\u2019s ability to generate future profits. In the Assets section on tax assets and tax liabilities in these Illustrative Notes, information is provided on the nature and checks carried out with regard to the recognition of deferred tax assets. Estimation of the recoverability of deferred tax assets Estimation of provisions for risks and charges The complexity of the situations that underline the existing disputes, along with the difficulties in the interpretation of applicable law, makes it difficult to estimate the liabilities that may result when pending lawsuits are settled. The valuation difficulties concern what may be due and how much time will elapse before liabilities materialise and are particularly evident if the procedure launched is in the initial phase and/or its preliminary investigation is in progress. Information about the Group\u2019s main risk positions related to legal disputes (revocatory action and pending lawsuits) and tax disputes, is provided in the Liabilities section of the Illustrative Notes dedicated to Provisions for risks and charges. At least on an annual basis, upon preparing the financial statements, intangible assets are tested for impairment. This impairment test is usually conducted by determining the value in use or the fair value of the assets and verifying that the book value of the intangible asset is less than the greater of the respective value in use and the fair value less costs to sell. Impairment testing for cash generating units (CGUs), to which almost all intangible assets with a definite life and goodwill have been attributed, is conducted with reference to value in use obtained through the application of the Discounted Cash Flow (DCF), under which the value of a CGU is determined through the sum of its prospective cash flows, discounted using a specific rate. A similar procedure is used to estimate the recoverability of the values recognised for active long-term servicing contracts, which assess the business plans of the portfolios under management in order to check their consequent capacity to generate adequate cash flows. However, note that the parameters and information used to check the recoverability of intangible assets, including goodwill (in particular the cash flow forecast for the various CGUs, as well as the discount rates used) are significantly influenced by macroeconomic conditions and market developments as well as the behaviour of counterparties, which could change unpredictably. Therefore, the Group assesses whether cthe general macroeconomic risks as well as those related to Russia\u2019s invasion of Ukraine and the climate risks could have a significant impact, such as the introduction of regulations on the reduction of the environmental impact linked to the properties under management (REO business), Estimation of impairment losses on intangible assets which can increase the direct costs of managing portfolios. These risks in relation to climate-related issues are included as significant assumptions if they have a significant impact on the estimated recoverable value. With regard to the activities carried out by the Group with reference to interventions on the properties under management as part of the Real Estate business, the detection of significant impacts on the estimates of the recovery values due to climatic risks is excluded. If the recoverable value of the assets undergoing impairment testing is determined on the basis of the associated fair value, it should also be noted that the significant and persistent volatility shown by the markets and the intrinsic difficulties in forecasting contractual cash flows mean that we cannot rule out the possibility that the valuations based on parameters drawn from the same markets and on contractual cash flow forecasts may subsequently prove not to be fully representative of the fair value of the assets. With reference to the intangible assets recognised, it should be noted that these assets are mainly measured on the basis of the definitive Purchase Price Allocation (PPA) of the two business combinations concluded in previous years; i.e., the acquisition of control of Altamira Asset Management S.A., now doValue Spain Servicing S.A., and its subsidiaries in June 2019 and that of Eurobank FPS (now doValue Greece) concluded in June 2020. The intangible asset arising from the payment by doValue Greece of a consideration for the acquisition of the right to be appointed as Servicer of the \u201cFrontier\u201d contract was also measured. Albeit taking into account the difficulty inherent in the formulation of even short- or medium-term forecasts in this climate of great ongoing uncertainty and considering that both doValue Spain and its subsidiaries and doValue Greece hold medium/long-term management contracts for existing loans (stock) and future positions (new flows) with leading banks and major investment funds, the Group carried out an impairment test in accordance with the international accounting standard IAS 36 \u201cImpairment of assets\u201d and considering the instructions issued by ESMA. The test was performed on the amounts of intangible assets and goodwill, resulting, as at December 31 2022, and the updating of amortisation pertaining to the period. To this end, following the business combinations, the Cash Generating Units (CGUs) were identified in the two geographical segmentation areas pertaining to doValue Spain and its subsidiaries and to doValue Greece, namely Iberia (Spain and Portugal) and Greece and Cyprus and the allocation of intangible assets and goodwill to the two separate CGUs was determined. For the purposes of impairment testing, the forward-looking information determined in accordance wit the 2023 Budget approved by the Board of Directors on December 22, 2022 and with the Group\u2019s 2022- 2024 Business Plan approved by the Board of Directors on January 25, 2022, which includes the most recent scenario assumptions collected by the subsidiaries that takes account of the trend of the main market and macroeconomic variables, estimating their effects from a forward-looking perspective. As regards the methodological approach, it should be noted that, for the purposes of estimating the recoverable value of intangible assets acquired through business combinations, doValue adopts the valuation models used in the PPA for consistency. Therefore, as regards impairment testing on the values of each single intangible assets, the following were used: \u25a0 as regards the estimate of the recoverable amount of intangible assets related to Servicing contracts: - the Multi-Period Excess Earnings Method, according to which the economic benefits of intangible assets can be assessed over more than one year by identifying the operating margin generated by the use of this activity and deducting a periodic charge therefrom, corresponding to the remuneration for the use of supplementary assets that contribute to generate the revenues thereof (contributory asset charge or CAC); - the Discounted Cash Flow Method, which allows the economic benefits of an intangible asset to be estimated over a number of financial years by identifying the cash flows generated by the use of this asset and deducting, from these, a periodic charge (contributory asset charge or CAC) as defined in the previous point; \u25a0 as regards the estimate of the recoverable amount of the brand connected with the Altamira transaction: the Relief-from-royalty method, according to which the value of an intangible asset can be assessed through the addition of new flows related to royalties that the Company plans to obtain for a certain period of time against the licensing of the trademark. The discount rate used in the impairment analyses carried out by doValue, expresses the cost of financing sources of the asset being assessed: the equity cost and the debt cost. In professional practice, the discount rate normally used is the WACC (weighted average cost of capital), determined using valuation techniques such as CAPM. The formula for calculating the weighted average cost of capital (WACC) is set out below: WACC=K d (1-t d ) D +K e E D+E D+E where \u25a0 K d , debt cost; \u25a0 K e , cost of equity; \u25a0 t d, tax rate; \u25a0 weight of the debt component on the financial structure; \u25a0 weight of the equity component on the financial structure. D D+E E D+E COST OF EQUITY The cost of equity, calculated using the Capital Asset Pricing Model (CAPM), measures the cost of equity, K e , for a certain security as an increase in the risk-free rate, based on the sensitivity of the return on the share, \u201c\u03b2\u201d, to the expected yield of the stock market to which it belongs, net of the same risk-free rate (equity risk premium \u2013 ERP). According to the above, the following formula can be written down: E(R j )= R f+\u03b2 j*[E(R m)-R f] where \u25a0 E(R m ), expected yield of the stock market; \u25a0 R f , risk-free yield rate; \u25a0 \u03b2 j , beta coefficient. In summary, the above equation can be written down as follows: K e=R f+\u03b2*ERP dove \u25a0 K e , cost of equity; \u25a0 R f ,risk-free yield rate; \u25a0 \u03b2, beta coefficient (measure of \u201csystematic risk\u201d); \u25a0 ERP, equity risk premium, E(R m )- R f . For the purposes of the WACC calculation of the above-mentioned intangible assets, in view of the fact that the related business can only be attributed to a specific country, the following was carried out: \u25a0 estimate the risk-free yield rate, calculated as the annual yield of the 10-year United States Treasury, measured as at December 31, 2022; \u25a0 estimate of the Group average \u201cunlevered\u201d beta (net of the financial leverage effect) of a set of comparable companies, starting from data supplied by reference financial analysts and recalculate it, in the \u201clevered\u201d form; \u25a0 estimate the equity risk premium by comparing the stock market volatility of the specific country with that corresponding to the same period in the US stock market, using data provided by New York University (Professor Damodaran database) as a source; \u25a0 use of values estimated to calculate the cost of equity, K_e=R_f+\u03b2\u207eERP; \u25a0 charge a cost of debt (\u207e K_d \u207e) equal to the average of the two market rates of the senior secured bonds issued in August 2020 and July 2021, respectively (average of the last 12 months) weighted by their nominal amount.The test conducted using the aforementioned models revealed impairment losses for \u20ac0.6 million from the comparison with the net book value of the assets (for the result of the test, please refer to the information provided in Note 1 \u201cIntangible assets\u201d, \u201cInformation on the Consolidated Balance Sheet\u201d section). As regards the impairment test on the goodwill, in order to make the comparison between the recoverable value and aggregate net book values of the two CGUs as at December 31, 2022, the following procedure was used. The recoverable value of a cash generating unit is the higher of fair value less costs to sell and value in use. The method adopted assumes that the recoverable value of a CGU is equal to the sum of: \u25a0 current value of the future profits generated over the selected time horizon; \u25a0 final value, or the value of the company at the end of the analytical flow forecast period. The operating cash flow is based on the estimate of the \u201centerprise value\u201d; the methodological estimate is based on operating flows generated by the core management of the CGUs, based on the operating income available for the remuneration of equity and third parties. Through the DCF method (known as Discounted Cash Flow) it is possible to determine the value of a CGU through the sum of prospective cash flows of the same, discounted through the special rate. In this case, the rate used for discounting is also the WACC (weighted average cost of capital), determined making use of evaluation techniques, such as the CAPM. For the purposes of the WACC calculation of goodwill, where the related business is only attributable to a specific Country, steps were taken to: \u25a0 estimate the risk-free yield rate, calculated as the annual yield of the 10-year United States Treasury, measured as at December 31, 2022; \u25a0 estimate of the Group average \u201cunlevered\u201d beta (net of the financial leverage effect) of a set of comparable companies, starting from data supplied by reference financial analysts and recalculate it, in the \u201clevered\u201d form; \u25a0 estimate the equity risk premium by comparing the stock market volatility of the specific country with that corresponding to the same period in the US stock market, using data provided by New York University (Professor Damodaran database) as a source; \u25a0 use of values estimated to calculate the cost of equity, K e = R f +\u03b2\u2219ERP; \u25a0 charge a cost of debt (K d ) equal to the average of the two market rates of the senior secured bonds issued in August 2020 and July 2021, respectively (average of the last 12 months) weighted by their nominal amount. Or, if the related business is attributable to more than one specific country: \u25a0 estimate the risk-free yield rate as the average of the risk-free yield rates of each reference country (see point 1) of the above list) weighted by the contribution of each Country to the Group\u2019s revenues; \u25a0 estimate beta in levered form as the average of the betas of each reference Country (see point 2) of the above list) weighted by the contribution of each Country to the Group\u2019s revenues; \u25a0 estimate the equity risk premium; \u25a0 use of values estimated to calculate the cost of equity, K e =R f +\u03b2\u2022ERP; \u25a0 charge a cost of debt (K d ) equal to the average of the two market rates of the senior secured bonds issued in August 2020 and July 2021, respectively (average of the last 12 months) weighted by their nominal amount. The book value of the CGU, to be used for comparison with the recoverable value in impairment testing, includes the book value of the only (non-current) assets that are directly attributable or divided according to a reasonable and uniform criterion, to the individual CGU, taking into account, in addition to goodwill, all the intangible assets falling within the CGU\u2019s scope of valuation and deferred taxes. This book value is determined consistently with the criterion by which the recoverable value of the CGU is determined on the basis of the cash flows used in the prospective disclosure. As regards the comparison between the recoverable value and the total net book value of the CGUs as at December 31, 2022, for both acquisitions, the model confirmed for both acquisitions a large amount of recoverable value, confirming the absence of impairment (for more details, please refer to the Notes, paragraphs Accounting Policies and Information on the balance sheet - Note 1 Intangible assets).",
"dimensions": {
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}
},
"fact-439": {
"value": "At least on an annual basis, upon preparing the financial statements, intangible assets are tested for impairment. This impairment test is usually conducted by determining the value in use or the fair value of the assets and verifying that the book value of the intangible asset is less than the greater of the respective value in use and the fair value less costs to sell. Impairment testing for cash generating units (CGUs), to which almost all intangible assets with a definite life and goodwill have been attributed, is conducted with reference to value in use obtained through the application of the Discounted Cash Flow (DCF), under which the value of a CGU is determined through the sum of its prospective cash flows, discounted using a specific rate. A similar procedure is used to estimate the recoverability of the values recognised for active long-term servicing contracts, which assess the business plans of the portfolios under management in order to check their consequent capacity to generate adequate cash flows. However, note that the parameters and information used to check the recoverability of intangible assets, including goodwill (in particular the cash flow forecast for the various CGUs, as well as the discount rates used) are significantly influenced by macroeconomic conditions and market developments as well as the behaviour of counterparties, which could change unpredictably. Therefore, the Group assesses whether cthe general macroeconomic risks as well as those related to Russia\u2019s invasion of Ukraine and the climate risks could have a significant impact, such as the introduction of regulations on the reduction of the environmental impact linked to the properties under management (REO business), Estimation of impairment losses on intangible assets which can increase the direct costs of managing portfolios. These risks in relation to climate-related issues are included as significant assumptions if they have a significant impact on the estimated recoverable value. With regard to the activities carried out by the Group with reference to interventions on the properties under management as part of the Real Estate business, the detection of significant impacts on the estimates of the recovery values due to climatic risks is excluded. If the recoverable value of the assets undergoing impairment testing is determined on the basis of the associated fair value, it should also be noted that the significant and persistent volatility shown by the markets and the intrinsic difficulties in forecasting contractual cash flows mean that we cannot rule out the possibility that the valuations based on parameters drawn from the same markets and on contractual cash flow forecasts may subsequently prove not to be fully representative of the fair value of the assets. With reference to the intangible assets recognised, it should be noted that these assets are mainly measured on the basis of the definitive Purchase Price Allocation (PPA) of the two business combinations concluded in previous years; i.e., the acquisition of control of Altamira Asset Management S.A., now doValue Spain Servicing S.A., and its subsidiaries in June 2019 and that of Eurobank FPS (now doValue Greece) concluded in June 2020. The intangible asset arising from the payment by doValue Greece of a consideration for the acquisition of the right to be appointed as Servicer of the \u201cFrontier\u201d contract was also measured. Albeit taking into account the difficulty inherent in the formulation of even short- or medium-term forecasts in this climate of great ongoing uncertainty and considering that both doValue Spain and its subsidiaries and doValue Greece hold medium/long-term management contracts for existing loans (stock) and future positions (new flows) with leading banks and major investment funds, the Group carried out an impairment test in accordance with the international accounting standard IAS 36 \u201cImpairment of assets\u201d and considering the instructions issued by ESMA. The test was performed on the amounts of intangible assets and goodwill, resulting, as at December 31 , 2022, and the updating of amortisation pertaining to the period. To this end, following the business combinations, the Cash Generating Units (CGUs) were identified in the two geographical segmentation areas pertaining to doValue Spain and its subsidiaries and to doValue Greece, namely Iberia (Spain and Portugal) and Greece and Cyprus and the allocation of intangible assets and goodwill to the two separate CGUs was determined. For the purposes of impairment testing, the forward-looking information determined in accordance wit h the 2023 Budget approved by the Board of Directors on December 22, 2022 and with the Group\u2019s 2022- 2024 Business Plan approved by the Board of Directors on January 25, 2022, which includes the most recent scenario assumptions collected by the subsidiaries that takes account of the trend of the main market and macroeconomic variables, estimating their effects from a forward-looking perspective. As regards the methodological approach, it should be noted that, for the purposes of estimating the recoverable value of intangible assets acquired through business combinations, doValue adopts the valuation models used in the PPA for consistency. Therefore, as regards impairment testing on the values of each single intangible assets, the following were used: \u25a0 as regards the estimate of the recoverable amount of intangible assets related to Servicing contracts: - the Multi-Period Excess Earnings Method, according to which the economic benefits of intangible assets can be assessed over more than one year by identifying the operating margin generated by the use of this activity and deducting a periodic charge therefrom, corresponding to the remuneration for the use of supplementary assets that contribute to generate the revenues thereof (contributory asset charge or CAC); - the Discounted Cash Flow Method, which allows the economic benefits of an intangible asset to be estimated over a number of financial years by identifying the cash flows generated by the use of this asset and deducting, from these, a periodic charge (contributory asset charge or CAC) as defined in the previous point; \u25a0 as regards the estimate of the recoverable amount of the brand connected with the Altamira transaction: the Relief-from-royalty method, according to which the value of an intangible asset can be assessed through the addition of new flows related to royalties that the Company plans to obtain for a certain period of time against the licensing of the trademark. The discount rate used in the impairment analyses carried out by doValue, expresses the cost of financing sources of the asset being assessed: the equity cost and the debt cost. In professional practice, the discount rate normally used is the WACC (weighted average cost of capital), determined using valuation techniques such as CAPM. The formula for calculating the weighted average cost of capital (WACC) is set out below: WACC=K d (1-t d ) D +K e E D+E D+E where \u25a0 K d , debt cost; \u25a0 K e , cost of equity; \u25a0 t d, tax rate; \u25a0 weight of the debt component on the financial structure; \u25a0 weight of the equity component on the financial structure. D D+E E D+E COST OF EQUITY The cost of equity, calculated using the Capital Asset Pricing Model (CAPM), measures the cost of equity,K e , for a certain security as an increase in the risk-free rate, based on the sensitivity of the return on the share, \u201c\u03b2\u201d, to the expected yield of the stock market to which it belongs, net of the same risk-free rate (equity risk premium \u2013 ERP). According to the above, the following formula can be written down: E(R j)= R f+\u03b2 j*[E(R m)-R f] where \u25a0 E(R m ), expected yield of the stock market; \u25a0 R f , risk-free yield rate; \u25a0 \u03b2 j , beta coefficient. In summary, the above equation can be written down as follows: K e=R f+\u03b2*ERP dove \u25a0 K e , cost of equity; \u25a0 R f ,risk-free yield rate; \u25a0 \u03b2, beta coefficient (measure of \u201csystematic risk\u201d); \u25a0 ERP, equity risk premium, E(R m )- R f . For the purposes of the WACC calculation of the above-mentioned intangible assets, in view of the fact that the related business can only be attributed to a specific country, the following was carried out: \u25a0 estimate the risk-free yield rate, calculated as the annual yield of the 10-year United StatesTreasury, measured as at December 31, 2022;\u25a0 estimate of the Group average \u201cunlevered\u201d beta (net of the financial leverage effect) of a set ofcomparable companies, starting from data supplied by reference financial analysts and recalculateit, in the \u201clevered\u201d form;\u25a0 estimate the equity risk premium by comparing the stock market volatility of the specific countrywith that corresponding to the same period in the US stock market, using data provided by NewYork University (Professor Damodaran database) as a source;\u25a0 use of values estimated to calculate the cost of equity, K_e=R_f+\u03b2\u207eERP;\u25a0 charge a cost of debt (\u207e K_d \u207e) equal to the average of the two market rates of the senior securedbonds issued in August 2020 and July 2021, respectively (average of the last 12 months) weightedby their nominal amount.The test conducted using the aforementioned models revealed impairment losses for \u20ac0.6 million from the comparison with the net book value of the assets (for the result of the test, please refer to the information provided in Note 1 \u201cIntangible assets\u201d, \u201cInformation on the Consolidated Balance Sheet\u201d section). As regards the impairment test on the goodwill, in order to make the comparison between the recoverable value and aggregate net book values of the two CGUs as at December 31, 2022, the following procedure was used. The recoverable value of a cash generating unit is the higher of fair value less costs to sell and value in use. The method adopted assumes that the recoverable value of a CGU is equal to the sum of: \u25a0 current value of the future profits generated over the selected time horizon; \u25a0 final value, or the value of the company at the end of the analytical flow forecast period. The operating cash flow is based on the estimate of the \u201centerprise value\u201d; the methodological estimate is based on operating flows generated by the core management of the CGUs, based on the operating income available for the remuneration of equity and third parties. Through the DCF method (known as Discounted Cash Flow) it is possible to determine the value of a CGU through the sum of prospective cash flows of the same, discounted through the special rate. In this case, the rate used for discounting is also the WACC (weighted average cost of capital), determined making use of evaluation techniques, such as the CAPM. For the purposes of the WACC calculation of goodwill, where the related business is only attributable to a specific Country, steps were taken to: \u25a0 estimate the risk-free yield rate, calculated as the annual yield of the 10-year United States Treasury, measured as at December 31, 2022; \u25a0 estimate of the Group average \u201cunlevered\u201d beta (net of the financial leverage effect) of a set of comparable companies, starting from data supplied by reference financial analysts and recalculate it, in the \u201clevered\u201d form; \u25a0 estimate the equity risk premium by comparing the stock market volatility of the specific country with that corresponding to the same period in the US stock market, using data provided by New York University (Professor Damodaran database) as a source; \u25a0 use of values estimated to calculate the cost of equity, K e = R f +\u03b2\u2219ERP; \u25a0 charge a cost of debt (K d ) equal to the average of the two market rates of the senior secured bonds issued in August 2020 and July 2021, respectively (average of the last 12 months) weighted by their nominal amount. Or, if the related business is attributable to more than one specific country: \u25a0 estimate the risk-free yield rate as the average of the risk-free yield rates of each reference country (see point 1) of the above list) weighted by the contribution of each Country to the Group\u2019s revenues; \u25a0 estimate beta in levered form as the average of the betas of each reference Country (see point 2) of the above list) weighted by the contribution of each Country to the Group\u2019s revenues; \u25a0 estimate the equity risk premium; \u25a0 use of values estimated to calculate the cost of equity, K e =R f +\u03b2\u2022ERP; \u25a0 charge a cost of debt (K d ) equal to the average of the two market rates of the senior secured bonds issued in August 2020 and July 2021, respectively (average of the last 12 months) weighted by their nominal amount. The book value of the CGU, to be used for comparison with the recoverable value in impairment testing, includes the book value of the only (non-current) assets that are directly attributable or divided according to a reasonable and uniform criterion, to the individual CGU, taking into account, in addition to goodwill, all the intangible assets falling within the CGU\u2019s scope of valuation and deferred taxes. This book value is determined consistently with the criterion by which the recoverable value of the CGU is determined on the basis of the cash flows used in the prospective disclosure. As regards the comparison between the recoverable value and the total net book value of the CGUs as at December 31, 2022, for both acquisitions, the model confirmed for both acquisitions a large amount of recoverable value, confirming the absence of impairment (for more details, please refer to the Notes, paragraphs Accounting Policies and Information on the balance sheet - Note 1 Intangible assets).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
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"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-386": {
"value": "At least on an annual basis, upon preparing the financial statements, intangible assets are tested for impairment. This impairment test is usually conducted by determining the value in use or the fair value of the assets and verifying that the book value of the intangible asset is less than the greater of the respective value in use and the fair value less costs to sell. Impairment testing for cash generating units (CGUs), to which almost all intangible assets with a definite life and goodwill have been attributed, is conducted with reference to value in use obtained through the application of the Discounted Cash Flow (DCF), under which the value of a CGU is determined through the sum of its prospective cash flows, discounted using a specific rate. A similar procedure is used to estimate the recoverability of the values recognised for active long-term servicing contracts, which assess the business plans of the portfolios under management in order to check their consequent capacity to generate adequate cash flows. However, note that the parameters and information used to check the recoverability of intangible assets, including goodwill (in particular the cash flow forecast for the various CGUs, as well as the discount rates used) are significantly influenced by macroeconomic conditions and market developments as well as the behaviour of counterparties, which could change unpredictably. Therefore, the Group assesses whether cthe general macroeconomic risks as well as those related to Russia\u2019s invasion of Ukraine and the climate risks could have a significant impact, such as the introduction of regulations on the reduction of the environmental impact linked to the properties under management (REO business), Estimation of impairment losses on intangible assets which can increase the direct costs of managing portfolios. These risks in relation to climate-related issues are included as significant assumptions if they have a significant impact on the estimated recoverable value. With regard to the activities carried out by the Group with reference to interventions on the properties under management as part of the Real Estate business, the detection of significant impacts on the estimates of the recovery values due to climatic risks is excluded. If the recoverable value of the assets undergoing impairment testing is determined on the basis of the associated fair value, it should also be noted that the significant and persistent volatility shown by the markets and the intrinsic difficulties in forecasting contractual cash flows mean that we cannot rule out the possibility that the valuations based on parameters drawn from the same markets and on contractual cash flow forecasts may subsequently prove not to be fully representative of the fair value of the assets. With reference to the intangible assets recognised, it should be noted that these assets are mainly measured on the basis of the definitive Purchase Price Allocation (PPA) of the two business combinations concluded in previous years; i.e., the acquisition of control of Altamira Asset Management S.A., now doValue Spain Servicing S.A., and its subsidiaries in June 2019 and that of Eurobank FPS (now doValue Greece) concluded in June 2020. The intangible asset arising from the payment by doValue Greece of a consideration for the acquisition of the right to be appointed as Servicer of the \u201cFrontier\u201d contract was also measured. Albeit taking into account the difficulty inherent in the formulation of even short- or medium-term forecasts in this climate of great ongoing uncertainty and considering that both doValue Spain and its subsidiaries and doValue Greece hold medium/long-term management contracts for existing loans (stock) and future positions (new flows) with leading banks and major investment funds, the Group carried out an impairment test in accordance with the international accounting standard IAS 36 \u201cImpairment of assets\u201d and considering the instructions issued by ESMA. The test was performed on the amounts of intangible assets and goodwill, resulting, as at December 31 , 2022, and the updating of amortisation pertaining to the period. To this end, following the business combinations, the Cash Generating Units (CGUs) were identified in the two geographical segmentation areas pertaining to doValue Spain and its subsidiaries and to doValue Greece, namely Iberia (Spain and Portugal) and Greece and Cyprus and the allocation of intangible assets and goodwill to the two separate CGUs was determined. For the purposes of impairment testing, the forward-looking information determined in accordance wit h the 2023 Budget approved by the Board of Directors on December 22, 2022 and with the Group\u2019s 2022- 2024 Business Plan approved by the Board of Directors on January 25, 2022, which includes the most recent scenario assumptions collected by the subsidiaries that takes account of the trend of the main market and macroeconomic variables, estimating their effects from a forward-looking perspective. As regards the methodological approach, it should be noted that, for the purposes of estimating the recoverable value of intangible assets acquired through business combinations, doValue adopts the valuation models used in the PPA for consistency. Therefore, as regards impairment testing on the values of each single intangible assets, the following were used: \u25a0 as regards the estimate of the recoverable amount of intangible assets related to Servicing contracts: - the Multi-Period Excess Earnings Method, according to which the economic benefits of intangible assets can be assessed over more than one year by identifying the operating margin generated by the use of this activity and deducting a periodic charge therefrom, corresponding to the remuneration for the use of supplementary assets that contribute to generate the revenues thereof (contributory asset charge or CAC); - the Discounted Cash Flow Method, which allows the economic benefits of an intangible asset to be estimated over a number of financial years by identifying the cash flows generated by the use of this asset and deducting, from these, a periodic charge (contributory asset charge or CAC) as defined in the previous point; \u25a0 as regards the estimate of the recoverable amount of the brand connected with the Altamira transaction: the Relief-from-royalty method, according to which the value of an intangible asset can be assessed through the addition of new flows related to royalties that the Company plans to obtain for a certain period of time against the licensing of the trademark. The discount rate used in the impairment analyses carried out by doValue, expresses the cost of financing sources of the asset being assessed: the equity cost and the debt cost. In professional practice, the discount rate normally used is the WACC (weighted average cost of capital), determined using valuation techniques such as CAPM. The formula for calculating the weighted average cost of capital (WACC) is set out below: WACC=K d (1-t d ) D +K e E D+E D+E where \u25a0 K d , debt cost; \u25a0 K e , cost of equity; \u25a0 t d, tax rate; \u25a0 weight of the debt component on the financial structure; \u25a0 weight of the equity component on the financial structure. D D+E E D+E COST OF EQUITY The cost of equity, calculated using the Capital Asset Pricing Model (CAPM), measures the cost of equity,K e , for a certain security as an increase in the risk-free rate, based on the sensitivity of the return on the share, \u201c\u03b2\u201d, to the expected yield of the stock market to which it belongs, net of the same risk-free rate (equity risk premium \u2013 ERP). According to the above, the following formula can be written down: E(R j)= R f+\u03b2 j*[E(R m)-R f] where \u25a0 E(R m ), expected yield of the stock market; \u25a0 R f , risk-free yield rate; \u25a0 \u03b2 j , beta coefficient. In summary, the above equation can be written down as follows: K e=R f+\u03b2*ERP dove \u25a0 K e , cost of equity; \u25a0 R f ,risk-free yield rate; \u25a0 \u03b2, beta coefficient (measure of \u201csystematic risk\u201d); \u25a0 ERP, equity risk premium, E(R m )- R f . For the purposes of the WACC calculation of the above-mentioned intangible assets, in view of the fact that the related business can only be attributed to a specific country, the following was carried out: \u25a0 estimate the risk-free yield rate, calculated as the annual yield of the 10-year United StatesTreasury, measured as at December 31, 2022;\u25a0 estimate of the Group average \u201cunlevered\u201d beta (net of the financial leverage effect) of a set ofcomparable companies, starting from data supplied by reference financial analysts and recalculateit, in the \u201clevered\u201d form;\u25a0 estimate the equity risk premium by comparing the stock market volatility of the specific countrywith that corresponding to the same period in the US stock market, using data provided by NewYork University (Professor Damodaran database) as a source;\u25a0 use of values estimated to calculate the cost of equity, K_e=R_f+\u03b2\u207eERP;\u25a0 charge a cost of debt (\u207e K_d \u207e) equal to the average of the two market rates of the senior securedbonds issued in August 2020 and July 2021, respectively (average of the last 12 months) weightedby their nominal amount.The test conducted using the aforementioned models revealed impairment losses for \u20ac0.6 million from the comparison with the net book value of the assets (for the result of the test, please refer to the information provided in Note 1 \u201cIntangible assets\u201d, \u201cInformation on the Consolidated Balance Sheet\u201d section). As regards the impairment test on the goodwill, in order to make the comparison between the recoverable value and aggregate net book values of the two CGUs as at December 31, 2022, the following procedure was used. The recoverable value of a cash generating unit is the higher of fair value less costs to sell and value in use. The method adopted assumes that the recoverable value of a CGU is equal to the sum of: \u25a0 current value of the future profits generated over the selected time horizon; \u25a0 final value, or the value of the company at the end of the analytical flow forecast period. The operating cash flow is based on the estimate of the \u201centerprise value\u201d; the methodological estimate is based on operating flows generated by the core management of the CGUs, based on the operating income available for the remuneration of equity and third parties. Through the DCF method (known as Discounted Cash Flow) it is possible to determine the value of a CGU through the sum of prospective cash flows of the same, discounted through the special rate. In this case, the rate used for discounting is also the WACC (weighted average cost of capital), determined making use of evaluation techniques, such as the CAPM. For the purposes of the WACC calculation of goodwill, where the related business is only attributable to a specific Country, steps were taken to: \u25a0 estimate the risk-free yield rate, calculated as the annual yield of the 10-year United States Treasury, measured as at December 31, 2022; \u25a0 estimate of the Group average \u201cunlevered\u201d beta (net of the financial leverage effect) of a set of comparable companies, starting from data supplied by reference financial analysts and recalculate it, in the \u201clevered\u201d form; \u25a0 estimate the equity risk premium by comparing the stock market volatility of the specific country with that corresponding to the same period in the US stock market, using data provided by New York University (Professor Damodaran database) as a source; \u25a0 use of values estimated to calculate the cost of equity, K e = R f +\u03b2\u2219ERP; \u25a0 charge a cost of debt (K d ) equal to the average of the two market rates of the senior secured bonds issued in August 2020 and July 2021, respectively (average of the last 12 months) weighted by their nominal amount. Or, if the related business is attributable to more than one specific country: \u25a0 estimate the risk-free yield rate as the average of the risk-free yield rates of each reference country (see point 1) of the above list) weighted by the contribution of each Country to the Group\u2019s revenues; \u25a0 estimate beta in levered form as the average of the betas of each reference Country (see point 2) of the above list) weighted by the contribution of each Country to the Group\u2019s revenues; \u25a0 estimate the equity risk premium; \u25a0 use of values estimated to calculate the cost of equity, K e =R f +\u03b2\u2022ERP; \u25a0 charge a cost of debt (K d ) equal to the average of the two market rates of the senior secured bonds issued in August 2020 and July 2021, respectively (average of the last 12 months) weighted by their nominal amount. The book value of the CGU, to be used for comparison with the recoverable value in impairment testing, includes the book value of the only (non-current) assets that are directly attributable or divided according to a reasonable and uniform criterion, to the individual CGU, taking into account, in addition to goodwill, all the intangible assets falling within the CGU\u2019s scope of valuation and deferred taxes. This book value is determined consistently with the criterion by which the recoverable value of the CGU is determined on the basis of the cash flows used in the prospective disclosure. As regards the comparison between the recoverable value and the total net book value of the CGUs as at December 31, 2022, for both acquisitions, the model confirmed for both acquisitions a large amount of recoverable value, confirming the absence of impairment (for more details, please refer to the Notes, paragraphs Accounting Policies and Information on the balance sheet - Note 1 Intangible assets).",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
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"fact-387": {
"value": "NEW ACCOUNTING STANDARDS The Group has adopted for the first time a number of accounting standards and amendments in preparing these Consolidated Financial Statements that took effect for financial years beginning as from January 1, 2022, with a list of them set out below, showing that they did not have any substantial effect on the balance sheet and income statement figures reported: \u25a0 Amendments issued by the IASB on May 14, 2020, to: - IFRS 3 Business Combinations: the reference in IFRS 3 to the revised Conceptual Framework has been updated without resulting in any changes to the provisions of the standard; - IAS 16 Property, Plant and Equipment: does not allow the amount received from the sale of goods produced before the asset was ready for use to be deducted from the cost of the fixed asset. These sales revenues and related costs will be recognised in the income statement; - IAS 37 Provisions, Contingent Liabilities and Contingent Assets: clarifies which cost items should be considered when assessing whether a contract will be loss-making; - Annual Improvements 2018-2020: amendments are made to the following accounting standards: Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards \u2013 Subsidiary as a first-time adopter, Amendment to IFRS 9 Financial Instruments \u2013 \u201cFees in the \u201c10 per cent\u201d test for derecognition of financial liabilities\u201d, IAS 41 Agriculture and the Illustrative Examples accompanying IFRS 16 Leases. On October 28, 2022, ESMA published its Public Statement announcing the priorities that listed issuers will need to focus on when preparing their IFRS 2022 financial statements, with a particular focus on climate issues, Russia\u2019s invasion of Ukraine and the macroeconomic environment in general. On May 19, 2022, Consob published the Warning Notice (no. 3/22): Conflict in Ukraine - Warning Notice for supervised issuers on financial reporting and compliance with the restrictive measures adopted by the European Union against Russia. The main accounting standards and interpretations that have been endorsed by the European Union but are not yet effective as at December 31, 2022 (as they will be effective from January 1, 2023) and for which the Group has not made use of the early application provisions, if any, are listed below: \u25a0 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 - Comparative Information (issued on December 9, 2021); \u25a0 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (issued on May 7, 2021); \u25a0 Amendments issued by the IASB on February 12, 2021: - Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies; - Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates; \u25a0 IFRS 17 Insurance Contracts (issued on May 18, 2017); including Amendments to IFRS 17 (issued on June 25, 2020). Lastly, the new accounting standards, amendments and interpretations issued by IASB, but still not endorsed by the European Union, are reported below: \u25a0 Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Classification of Liabilities as Current or Non-current - Deferral of Effective Date (issued on January 23, 2020 and July 15, 2020 respectively); \u25a0 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (issued on September 22, 2022).",
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"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-440": {
"value": "Main items of the financial statements 2 .2 RECOGNITION CRITERIA Intangible assets are non-monetary assets with multi-year utility, are identifiable, lack physical substance, are controlled by the company and will probably generate future economic benefits. Intangible assets mainly comprise goodwill, software, brands, patents and active long-term contracts mainly deriving from external business combinations. Goodwill is equal to the difference between the payment incurred for a business combination and the fair value of the identifiable net assets acquired, as set out in more detail in \u201cBusiness combinations\u201d section. Intangible assets other than goodwill are recognised at their purchase cost, including any direct costs incurred to prepare the asset for use, net of accumulated amortisation and any impairment loss. For cloud computing agreements covered by IAS 38, the purchase cost is to the present value of the payments due. Any expenses incurred subsequent to the acquisition: \u25a0 are recognised as an increase in the initial cost if they increase the future economic benefits of the underlying assets (i.e. if they increase their value or productive capacity); \u25a0 are recognised entirely through profit or loss for the year in which they are incurred in other cases (i.e., when they do not increase the original value of the assets, but merely conserve the original functionality). MEASUREMENT CRITERIA Intangible assets with definite useful life are amortised at constant rates over their useful life. Intangible assets with indefinite useful life are not amortised. The amortisation period and the amortisation method for an intangible asset with a definite useful life are reviewed at least at each financial year-end. Changes in the expected useful life or in the manner in which the future economic benefits associated with the asset will be realised are recognised through changes in the period or method of amortisation, as appropriate, and are considered changes in accounting estimates. The amortisation of intangible assets with a definite useful life is recognised in the income statement under \u201c Depreciation, amortisation and impairment\u201d. If there is objective evidence that an individual asset may have incurred an impairment loss, the carrying amount of the asset is compared with its recoverable amount, which is equal to the higher of its fair value less costs to sell and its value in use, understood as the present value of expected future cash flows originated by the asset. Any value adjustments are recognised in the income statement under \u201cDepreciation, amortisation and impairment\u201d. For intangible assets with indefinite life, the carrying amount is compared with the recoverable amount on an annual basis even if no evidence of impairment is found. If the carrying amount is greater than the recoverable amount, a loss is recognised in the income statement under IntangIble assets \u201cDepreciation, amortisation and impairment\u201d in an amount equal to the difference between the two values. The assessment of indefinite useful life is reviewed annually to determine whether this attribution continues to be sustainable, otherwise, the change from indefinite to definite useful life is applied on a prospective basis. If the value of a previously written-down intangible asset other than goodwill is written back, the new carrying amount shall not exceed the net carrying amount that it would have had if no impairment loss had been recognised on the asset in previous years. After initial recognition, goodwill is not subject to amortisation, therefore it is measured at cost net of accumulated impairment losses determined by a periodic check of the adequacy of the book value. More specifically, whenever there is evidence of impairment, and in any case at least once a year, goodwill is tested to ensure that it has incurred no impairment. To this end, the cash generating unit (\u201cCGU\u201d) to which the goodwill is allocated is identified. The amount of any impairment is determined on the basis of the difference between the book value of the cash generating unit to which the goodwill is allocated and its recoverable value, if lower. This recoverable value is equal to the greater of the fair value of the cash generating unit, less costs to sell, and its associated value in use. The value in use is the present value of the future cash flows expected from the cash generating units to which the goodwill has been allocated. The resulting value adjustments are recognised in the income statement. Any subsequent write-backs may not be recognised. The Group defined, in the \u201cImpairment Test Manual pursuant to IAS 36\u201d, a series of indicators of loss or impairment, so-called triggering events, in the presence of which the impairment test of intangible assets with a definite useful life and the CGUs to which the goodwill was attributed, must also be carried out during the year. DERECOGNITION CRITERIA An intangible asset is derecognised on disposal (i.e. on the date on which the acquirer obtains control of it) or when no future economic benefits are expected from its use or disposal. Any difference between the disposal value and the book value is recognised in the income statement under under \u201cAmortisation, depreciation and impairment\u201d. PROPERTY, PLANT AND EQUIPMENT RECOGNITION AND CLASSIFICATION CRITERIA The item includes: \u25a0 land and buildings \u25a0 furniture and fixtures \u25a0 plant and machinery \u25a0 other machinery and equipment and it breaks down into the following categories: \u25a0 assets used in the business; \u25a0 investment property. Rights of use of property, plant and equipment acquired with leasing contracts are also recorded under this item, as lessees, regardless of their legal classification. Assets used in the business have physical substance, are held for use in production or in the provision of goods and services or for administrative purposes and can be used for more than one financial period. Improvements to leasehold assets are improvements and incremental expenses for identifiable and separable items of property, plant and equipment. In this case, the assets are classified in specific sub-items (e.g. plant), depending on the nature of the asset in question. Normally, these investments are incurred in order to render properties leased from third parties suitable for their intended use. Investment property refers to real estate investments pursuant to IAS 40, i.e. properties held (owned outright or held through a finance lease) in order to earn rentals and/or for capital appreciation. Property, plant and equipment is initially recognised at cost, including all charges directly attributable to the \u201ccommissioning\u201d of the asset (transaction costs, professional fees, direct costs to transport the asset to the assigned location, installation costs, dismantling costs). Expenses incurred subsequently are added to the carrying amount of the asset or recognised as separate assets if it is probable that future economic benefits will be received in excess of those initially estimated and the cost can be reliably determined. All other expenses incurred subsequently (e.g. ordinary maintenance) are recognised in the income statement for the period in which they are incurred, under the item: \u25a0 Administrative expenses, if pertaining to assets used in the business; or \u25a0 Depreciation, amortisation and impairment, if pertaining to investment property. The initial measurement of the asset entailing the right-of-use includes the current value of the future payments due for leases, the payments due for the lease carried out on the date or prior to the date the contract began, the initial direct costs and any estimated costs for the dismantling, removal or restoration of the asset underlying the lease, less any bonuses received by the lessee for the lease. MEASUREMENT CRITERIA Subsequent to initial recognition, property, plant and equipment is recognised at cost net of cumulative depreciation and impairment. Assets with definite useful life are depreciated at constant rates over their useful life. Assets with indefinite useful life are not depreciated. The useful life of property, plant and equipment is reviewed at the end of each period, taking into account the conditions of use of the asset, the state of maintenance and expected obsolescence, as well as considering the impact of legislation on health, safety and environmental issues and, if these expectations differ from previous estimates, the depreciation charge for the current period and subsequent periods is adjusted. If there is objective evidence that an individual asset may have incurred an impairment loss, the carrying amount of the asset is compared with its recoverable amount, which is equal to the higher of an asset\u2019s fair value less costs to sell and its value in use, understood as the present value of expected future cash flows originated by the asset. Any value adjustments are recognised under \u201cAmortisation, depreciation and impairment\u201d in the consolidated income statement. If the value of a previously written-down asset is written back, the new carrying amount cannot exceed the net carrying amount that it would have had if no impairment loss had been recognised on the asset in previous years. The rights of use recorded under the assets relating to properties acquired through leases (IFRS 16) will be subject to periodic assessments for impairment on the basis of both the expected use and any market indications with respect to the cost to be incurred for the lease payments. DERECOGNITION CRITERIA Property, plant and equipment is derecognised on disposal (i.e. on the date on which the acquirer obtains control of it) or when, for the same, no future economic benefits are expected from its use or disposal. Any difference between the disposal value and the book value is recognised in the income statement under under \u201cAmortisation, depreciation and impairment\u201d. EXPENDITURE FOR LEASEHOLD IMPROVEMENTS Renovation costs for properties of which the entity is not the owner are capitalised in view of the fact that over the term of the lease the entity has control of the asset and future economic benefits will flow to the entity. These costs, which are classified under Property, plant and equipment, are depreciated over a period that does not exceed the term of the lease contract. EQUITY INVESTMENTS The criteria for initial recognition and subsequent measurement of equity investments are governed by IFRS 10 \u2013 Consolidated Financial Statements, IAS 27 \u2013 Separate Financial Statements, IAS 28 \u2013 Investments in Associates and Joint Ventures, and IFRS 11 \u2013 Joint Arrangements. These standards are explained in the \u201cScope and method of consolidation\u201d section above, where disclosure is also provided on the assessments and assumptions made to establish the existence o f control or significant influence. The remaining equity investments \u2013 other than subsidiaries, associates and joint ventures, and any reported under \u201cAssets held for sale\u201d and \u201cLiabilities associated with assets held for sale\u201d \u2013 are classified among financial assets depending on the category to which they belong. FINANCIAL ASSETS Financial assets measured at fair value through profit or loss RECOGNITION CRITERIA Financial assets are initially recognised at the settlement date for debt securities and equities, at the disbursement date for loans. In particular, at the time of settlement date accounting, any change in the fair value of the asset to be received in the period between that date and the previous trading date is recognised in the same way as for the asset purchased. Upon initial recognition, financial assets measured at fair value through profit or loss are recorded at fair value, which is represented, unless otherwise specified, by the consideration paid for the execution of the transaction, without considering transaction costs or income directly attributable to the instrument itself. CLASSIFICATION CRITERIA Financial assets other than those classified under \u201cFinancial assets measured at fair value through comprehensive income\u201d or \u201cFinancial assets measured at amortised cost\u201d are classified in this category. The item includes: \u25a0 financial assets that are mandatorily measured at fair value, which are represented by financial assets that do not meet the requirements for measurement at amortised cost or at fair value through comprehensive income. These are financial assets whose contractual terms do not exclusively provide for repayments of capital and payments of interest on the amount of capital to be repaid (failed \u201cSPPI test\u201d) or which are not held as part of a business model whose intent is to hold assets in order to collect contractual cash flows (\u201cHold to Collect\u201d business model) or whose intent is achieved through the collection of contractual cash flows or through the sale of the financial assets (\u201cHold to Collect and Sell\u201d business model); \u25a0 financial assets designated at fair value, i.e., financial assets so designated on initial recognition and for which the conditions are met. In this case, an entity may irrevocably designate a financial asset as measured at fair value through profit or loss on initial recognition if, and only if, doing so eliminates or significantly reduces a measurement inconsistency; \u25a0 financial assets held for trading, mainly represented by the positive value of derivative contracts held for trading purposes. Accordingly, this item reports: \u25a0 debt securities and loans held as part of a \u201cHold to Collect\u201d or \u201cHold to Collect and Sell\u201d business model, but whose cash flows are not represented solely by payments of principal and interest (in other words, they do not pass the SPPI test); \u25a0 units of undertakings for collective investment (CIUs); \u25a0 equity instruments - which do not represent interests in a subsidiary, associate or joint arrangement - for which the Group does not apply the permitted option, at the time of initial recognition, to designate the instrument as measured at fair value through comprehensive income; \u25a0 non-hedging derivatives. MEASUREMENT CRITERIA Following initial recognition, financial assets measured at fair value through profit or loss are measured at fair value. The effects of the application of this measurement criterion are recognised in the income statement. For the criteria used to determine fair value, please see the section \u201cInformation on fair value\u201d. DERECOGNITION CRITERIA Financial assets are only derecognised if the sale involves the transfer of substantially all the risks and benefits associated with the assets themselves. If a significant portion of the risks and benefits of the transferred financial assets has been retained, those assets continue to be recorded in the financial statements, even if ownership of the assets themselves has been effectively transferred. If it is not possible to ascertain the substantial transfer of the risks and benefits, the financial assets are derecognised if no form of control over them has been retained. Otherwise, the retention, also partially, of such control requires the entity to continue to recognise the assets in an amount equal to the residual continuing involvement, measured by the exposure to changes in the value of the transferred assets and to changes in their cash flows. Finally, the transferred financial assets are derecognised if the contractual rights to receive the related cash flows are retained with the simultaneous assumption of an obligation to pay only those flows, without material delay to other recipients. Financial assets measured at fair value through comprehensive income RECOGNITION CRITERIA Financial assets are initially recognised at the settlement date as regards equities. In particular, at the time of settlement date accounting, any change in the fair value of the asset to be received in the period between that date and the previous trading date is recognised in the same way as for the asset purchased. Upon initial recognition, financial assets measured at fair value through comprehensive income are recorded at fair value, which is represented, unless otherwise specified, by the consideration paid for the execution of the transaction, without considering transaction costs or income directly attributable to the instrument itself. CLASSIFICATION CRITERIA Financial assets other than those classified under \u201cFinancial assets measured at fair value through profit and loss\u201d or \u201cFinancial assets measured at amortised cost\u201d are classified in this category. This item includes therefore the equity instruments - which do not represent holdings in a subsidiary, associate or joint arrangement - for which the Group does not apply the permitted option, at the time of initial recognition, to designate the instrument as measured at fair value through comprehensive income. MEASUREMENT CRITERIA Following initial recognition, financial assets measured at fair value through comprehensive income are measured at fair value. The effects of the application of this measurement criterion are recognised in the Statement of Comprehensive Income and disclosed under Valuation reserves in shareholders\u2019 equity. For the criteria used to determine fair value, please see the section \u201cInformation on fair value\u201d. DERECOGNITION CRITERIA Financial assets are only derecognised if the sale involves the transfer of substantially all the risks and benefits associated with the assets themselves. If a significant portion of the risks and benefits of the transferred financial assets has been retained, those assets continue to be recorded in the financial statements, even if ownership of the assets themselves has been effectively transferred. If it is not possible to ascertain the substantial transfer of the risks and benefits, the financial assets are derecognised if no form of control over them has been retained. Otherwise, the retention, also partially, of such control requires the entity to continue to recognise the assets in an amount equal to the residual continuing involvement, measured by the exposure to changes in the value of the transferred assets and to changes in their cash flows. Finally, the transferred financial assets are derecognised if the contractual rights to receive the related cash flows are retained with the simultaneous assumption of an obligation to pay only those flows, without material delay to other recipients. Financial assets measured at amortised cost RECOGNITION CRITERIA The initial recognition of the financial asset takes place on the disbursement date of loans. The initial value is equal to the fair value of the financial instrument, normally equal for loans to the amount disbursed including costs/income directly attributable to the financial instrument. CLASSIFICATION CRITERIA A financial asset is classified under financial assets measured at amortised cost if: \u25a0 intent of the business model is to hold assets in order to collect contractual cash flows (\u201cHold to Collect\u201d); \u25a0 the associated cash flows represent solely payments of principal and interest. More specifically, assets recognised under this item include: \u25a0 the various technical forms of loans and receivables from banks that meet the requirements of the previous paragraph; \u25a0 the various technical forms of loans and receivables from customers that meet the requirements of the previous paragraph. MEASUREMENT CRITERIA Following initial recognition at fair value, these assets are measured at amortised cost, which involves the recognition of interest using the effective interest rate pro rata temporis over the term of the loan or receivable. The carrying amount of financial assets measured at amortised cost is adjusted in order to take account of write-downs/write-backs resulting from the assessment process (impairment) and refer to the specific paragraph \u201cImpairment of financial assets\u201d. DERECOGNITION CRITERIA Financial assets are only derecognised if the sale involves the transfer of substantially all the risks and benefits associated with the assets themselves. If a significant portion of the risks and benefits of the transferred financial assets has been retained, those assets continue to be recorded in the financial statements, even if ownership of the assets themselves has been effectively transferred. If it is not possible to ascertain the substantial transfer of the risks and benefits, the financial assets are derecognised if no form of control over them has been retained. Otherwise, the retention, also partially, of such control requires the entity to continue to recognise the assets in an amount equal to the residual continuing involvement, measured by the exposure to changes in the value of the transferred assets and to changes in their cash flows. Finally, the transferred financial assets are derecognised if the contractual rights to receive the related cash flows are retained with the simultaneous assumption of an obligation to pay only those flows, without material delay to other recipients. IMPAIRMENT OF FINANCIAL ASSETS Pursuant to IFRS 9, at each reporting date financial assets other than those measured at fair value through profit or loss undergo an assessment to determine whether there is evidence that the carrying amount of the assets cannot be fully recovered. An analogous analysis is conducted for commitments to disburse funds and for guarantees issued that fall within the scope of the impairment provisions of IFRS 9. If evidence of impairment is found, the financial assets in question - consistently, where present, with all other assets pertaining to the same counterparty - are considered impaired and are classified in stage 3. These exposures require the recognition of write-downs equal to the expected losses over their residual life. Financial assets for which there is no evidence of impairment (unimpaired financial instruments) shall be evaluated to determine whether there is evidence that the credit risk of the individual transaction has increased significantly since initial recognition. Following this assessment, the assets shall be classified (or, more properly, staged) as follows: \u25a0 where these indicators exist, the financial asset is classified in stage 2. Such valuation, consistent with the provisions of the international accounting standards and even in the absence of manifest impairment, requires for the recognition of write-downs equal to the expected losses over the residual life of the financial instrument; \u25a0 where these indicators are not present, the financial asset is classified in stage 1. Such valuation, consistent with the provisions of the international accounting standards and even in the absence of manifest impairment, requires the recognition of expected losses, for the specific financial instrument, over the following 12 months. The Group\u2019s impairment process is applied to financial assets measured at amortised cost, which may include: loans, trade receivables, debt securities and financial assets measured at fair value through comprehensive income including equities - not qualifying as control, connection and joint control - for which the Group applies the option envisaged, on initial recognition, for designation at fair value through comprehensive income. For trade receivables, in consideration of the provisions of IFRS 9 (paragraphs 5.5.15-16) and the immateriality of the financing component of such receivables, the Group has opted for the \u201cSimplified Approach\u201d that essentially provides for the calculation of total lifetime expected losses for the financial asset. Given that the residual life of trade receivables is generally less than one year, the 12-month and lifetime expected losses are the same. INVENTORIES The item reports property, plant and equipment classified under IAS 2 - Inventories regarding the real estate portfolio of the Group, which is held for sale. MEASUREMENT CRITERIA Properties undergoing renovation are measured at the lower of cost, plus expenses that increase their value and the capitalisable financial expenses, and the corresponding estimated realisable value, less the direct costs to sell. Trading properties are measured at the lower of cost and estimated realisable value, as determined from similar property transactions in terms of location and type. The estimated realisable value and the market value are determined on the basis of independent appraisals or any lower value at which Management is prepared to sell based on urban/land registry circumstances that do not correspond to the effective state of the property and legal issues (such as the illegal occupation of the properties). Any write-downs on the above appraisal are charged to the appropriate item in the income statement. If the reasons that led to the write-down of inventories cease to exist, write-downs recognised in previous periods are reversed through profit or loss up to the lower of cost and estimated realisable value. TRADE RECEIVABLES AND OTHER CURRENT ASSETS Current items essentially include receivables generated by the provision of non-financial services, items awaiting settlement and items that are not attributable to other items in the balance sheet, including tax items other than those recognised in a separate item, and accrued income other than that which must be capitalised in the related financial assets, including that deriving from contracts with customers pursuant to IFRS 15, paragraphs 116 et seq. For the impairment of trade receivables, in consideration of the provisions of IFRS 9 (paragraphs 5.5.15- 16) and the lack of importance of the financial component of such receivables, the Group has opted for the \u201cSimplified Approach\u201d as described above. CURRENT AND DEFERRED TAXES RECOGNITION CRITERIA Current tax assets and current tax liabilities are recognised in the balance sheet respectively, in Tax assets on the assets side and Tax liabilities on the liabilities side, while those deferred are recognised in Deferred tax assets and Deferred tax liabilities, respectively. In application of the \u201cbalance sheet method\u201d, items for current and deferred taxes include: \u25a0 current tax assets, i.e. excess payment of tax liabilities on the basis of current tax laws governing corporate income; \u25a0 current tax liabilities, i.e. tax liabilities to be settled on the basis of current tax laws governing corporate income; \u25a0 deferred tax assets, i.e. amounts of income taxes recoverable in future periods as a consequence of: - temporary deductible differences (represented mainly by costs deductible in future periods on the basis of current tax laws governing corporate income); - unutilised tax losses carried forward; - unutilised tax credits carried forward; - except in cases where: \u2022 the deferred tax asset connected to the temporary deductible differences derives from the initial recognition of an asset or liability in a transaction that does not represent a business combination and, at the time of the transaction itself, does not affect the balance sheet result or the result tax; \u2022 in the case of deductible temporary differences associated with investments in subsidiaries, associates and joint ventures, deferred tax assets are recognised only to the extent that it is probable that they will be reversed in the foreseeable future and that there will be sufficient taxable amounts that allow recovery of these temporary differences; - deferred tax liabilities, i.e. income tax liabilities to be settled in future periods as a consequence of temporary taxable differences (mainly represented by the deferral of taxation of revenues or the advance deduction of charges on the basis of current tax laws governing corporate income) except in cases when: \u2022 deferred tax liabilities derive from the initial recognition of goodwill or of an asset or liability in a transaction that does not represent a business combination and, at the time of the transaction itself, does not affect the balance sheet result or the tax result; \u2022 the reversal of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures can be controlled, and it is probable that it will not occur in the foreseeable future. In general, deferred tax assets and liabilities arise in the cases in which the deductibility or taxability of a cost or revenue is deferred with respect to their recognition for accounting purposes. Current tax items include payments on account (current assets) and liabilities to settle (current liabilities) for income taxes for the period. Current tax liabilities and the associated receivables for payments on account still outstanding at the end of the year are recognised as a net amount in a single item. Deferred tax assets and liabilities are recognised in the balance sheet in their full amount without offsetting. MEASUREMENT CRITERIA Current tax assets and liabilities are recognised by applying current tax rates and are recognised as charges (income) using the same accrual criteria adopted for the costs and revenues, which generated them. In particular, the current IRES and IRAP taxation has been calculated by applying the tax rates established by the laws in force in each Country. Deferred tax assets and liabilities are recognised on the basis of the tax rates that, at the end of the reporting date, are expected to be applicable in the period in which the asset will be realised or the liability will be eliminated, in accordance with current tax legislation. They are periodically reviewed in order to take account of any regulatory changes. Deferred tax assets are only recognised if their recovery through expected future taxable income is probable, measured on the basis of the Group\u2019s ability to produce taxable income in future financia l years. Deferred tax liabilities are always recognised. A requirement for the recognition of deferred tax assets is that it is considered reasonably certain in view of corporate developments that taxable income will be generated against which the temporary deductible differences will be used. In accordanc with the provisions of IAS 12, the probability that future taxable income will be sufficient to utilise the deferred tax assets is subject to periodic review. If that review suggests that future taxable income will be insufficient, the deferred tax assets are reduced in a corresponding amount. Current and deferred taxes are recognised in the income statement under Income tax expense, with the exception of taxes, which refer to items that are credited or debited, in the same or another financial year, directly in shareholders\u2019 equity, whose changes in value are recognised directly in valuation reserves in the Statement of comprehensive income. DERECOGNITION CRITERIA Deferred tax assets and liabilities are derecognised at the time they are recovered/realised. ASSETS HELD FOR SALE In accordance with IFRS 5, the Group classifies non-current assets and disposal groups as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through their continuing use. These non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and their fair value less selling costs. Selling costs are the additional costs directly attributable to the sale, excluding finance charges and taxes. The condition for classification as held for sale is considered satisfied only when the sale is highly probable and the asset or disposal group is available for immediate sale in its current condition. The actions required to complete the sale should indicate that it is unlikely that significant changes in the sale will occur or that the sale will be cancelled. Management must have committed to the sale, whic is expected to be completed within one year of the classification date. The depreciation of property, plant and equipment and amortisation of intangible assets ceases when they are classified as available for sale. The individual assets (or groups of assets held for sale) are recognised respectively under \u201cAssets held for sale\u201d and Liabilities associated with assets held for sale. Assets held for sale are excluded from the result of operating activities and are presented in the income statement in a single line as Net income (expense) of assets held for sale. LOANS AND OTHER FINANCING AND OTHER FINANCIAL LIABILITIES RECOGNITION AND CLASSIFICATION CRITERIA The indicated items include financial liabilities valued at amortised cost, represented by amounts due to banks, amounts due to other lenders and securities issued, as well as financial instruments initially recognised at fair value with changes recognised in the income statement. Liabilities recognised by the entity as a lessee in lease transactions are also included. These financial liabilities are recognised at the settlement date and initially recognised at fair value, which normally corresponds to the consideration received, net of transaction costs directly attributable to the financial liability. MEASUREMENT CRITERIA After initial recognition, financial liabilities, except those recognised at fair value with changes recognised in the income statement, are measured at amortised cost using the effective interest rate method. Gains and losses are recognised in the income statement when the liability is extinguished, as well as through the amortisation process. Amortised cost is calculated by recognising the discount or premium on the acquisition and the fees or costs that form part of the effective interest rate. Amortisation at the effective interest rate is included in financial expense in the income statement. Exception is made for short-term liabilities, for which the time factor is negligible, which continue to be carried at the amount received. DERECOGNITION CRITERIA A financial liability is derecognised when the obligation underlying the liability is extinguished, cancelled or fulfilled. If an existing financial liability is replaced by another from the same lender, under substantially different conditions, or the conditions of an existing liability are substantially modified, this exchange or modification is treated as a derecognition of the original liability, accompanied by the recognition of a new liability, with any differences between the carrying amounts recognised in profit or loss. PROVISIONS FOR RISKS AND CHARGES RECOGNITION CRITERIA Provisions for risks and charges consist of liabilities recognised when: \u25a0 the company has a present obligation (legal or constructive) as a result of a past event; \u25a0 it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; \u25a0 a reliable estimate can be made of the amount of the obligation. If these conditions are not met, no liability is recognised. The item includes provisions for legal obligations or connected with an employment relationship or disputes, including tax disputes, arising from a past event, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits, assuming that a reliable estimate can be made of the amount. The potential liabilities for employees are also accounted for. Where the time element is significant, provisions are discounted using a pre-tax discount rate that reflects, where appropriate, the specific risks of the liabilities. The provision can be recognised in the income statement under the item \u201cProvisions for risks and charges\u201d and also includes the interest expense accrued on the provisions that have been discounted or, for certain specific types of provision, as an offsetting entry to other items in the Income Statement. MEASUREMENT CRITERIA The amounts allocated to provisions are determined so that they represent the best estimate of the expense required to settle the obligation. The estimate is determined by considering the risks and uncertainties pertaining to the facts and circumstances involved. Specifically, when the effect of deferring the charge in time is significant, the amount of the provision is determined as the present value of the best estimate of the cost assumed necessary to extinguish the obligation. In this case, the discount rate used reflects current market assessments. Provisions are periodically reviewed and adjusted if necessary to reflect the current best estimate. When, following a review, it is found that the charge is unlikely to be incurred, the provision is reversed. DERECOGNITION CRITERIA A provision is used only against the charges for which it was initially recognised. Provisions for the year, recognised under Provisions for risks and charges in the income statement, include increases in provisions due to the passage of time and are reported net of any reversals. EMPLOYEE BENEFITS CLASSIFICATION CRITERIA Employee benefits, in addition to short-term benefits such as wages and salaries, relate to: \u25a0 post-employment benefits; \u25a0 other long-term benefits. Post-employment benefits are in turn divided between those based on defined-contribution plans and those based on defined-benefit plans, depending on the expected benefits: \u25a0 defined-contribution plans are post-employment benefit plans under which fixed contributions are made, with no legal or constructive obligation to pay further contributions if there are insufficient assets to meet all the benefits; \u25a0 defined-benefit plans are post-employment benefit plans other than defined-contribution plans. In this context, in Italy under Italian Law No. 296 of December 27, 2006 (2007 Finance Act): \u25a0 the severance indemnity (trattamento di fine rapporto - TFR) accruing from January 1, 2007, is a defined-contribution plan, which does not require actuarial calculation. The shares accrued can be allocated, at the employee\u2019s choice, (i) to forms of supplementary pension schemes or (ii) left in the company and paid into the INPS treasury fund. \u25a0 the TFR accrued at the dates indicated in the previous point remains instead as a defined-benefit plan, even if the benefit has already been fully accrued. As a result, an actuarial recalculation of the value of the debt at each date after December 31, 2006 is necessary. With regard to companies based in Greece, the remuneration policy is based on the requirements of Italian Law 2112/1920. In particular: \u25a0 in the case of ordinary retirement, the benefit is 40% of remuneration; \u25a0 in case of voluntary resignation, early retirement, death or in the event of disability, no compensation is payable. Moreover, these companies do not envisage any post-retirement supplement for defined-benefit plans, other than those resulting from the above-mentioned regulations. Other long-term employee benefits are employee benefits that are not payable wholly within twelve months after the end of the period in which the employees render the service. RECOGNITION AND MEASUREMENT CRITERIA The value of a defined-benefit obligation is equal to the present value of the future payments, expected to be required to settle the obligation arising from the employee\u2019s service in the current and prior periods. This present value is determined using the \u201cProjected Unit Credit Method\u201d. This method uniformly distributes the cost of the benefit over the working life of the employee, taking into account the provisions of the national law in each country. Employee benefits that qualify as other long-term benefits, such as those arising from seniority bonuses that are paid on achievement of a pre-determined length of service, are recorded on the basis of the valuation at the balance sheet date of the liability assumed, determined using the \u201cProjected Unit Credit Method\u201d. The TFR provision is recorded under liabilities in the corresponding item \u201cEmployee benefits\u201d, while other post-employment benefits and sundry long-term benefits are recorded under \u201cProvisions for risks and charges\u201d. The costs of servicing the programme (service costs) are recorded under personnel expenses, as are interest costs. Actuarial gains and losses (remeasurements) relating to post-employment defined-benefit plans are recognised in full under equity reserves in the year in which they occur. These actuarial gains and losses are shown in the Consolidated Statement of Comprehensive Income, as required by IAS 1. Actuarial gains and losses (remeasurements) relating to other long-term benefits are recognised in full under staff expenses in the period in which they occur. REVENUE RECOGNITION Revenues represent the transfer of goods or services to customers and are recognised in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. They are recognised using the 5-step model (identify the contract with the customer; identify the performance obligations in the contract; determine the transaction price; allocate the transaction price to the performance obligations; recognise the revenue when the entity satisfies the performance obligation). Revenues from contractual obligations with customers are recognised in the income statement when it is probable that the entity will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. This consideration must be allocated to the individual performance obligations contained in the contract and must be recognised as revenue in the income statement based on the timing of satisfaction of the performance obligation. Revenues can be recognised at a point in time or over time, as the entity satisfies the performance obligation. The consideration promised in the contract with the customer can include fixed amounts, variable amounts or both. If the entity receives consideration from the customer, which provides for reimbursement to the customer, in whole or in part, of the revenue received, a liability must be recognised against the expected future repayments. The estimate of this liability is updated at each annual or interim reporting date and based on the portion of the consideration that the entity expects to not be entitled to. If the entity receives payment or payment is due from the customer before control of the goods or services has been transferred to it, a contractual liability is recognised. Liabilities arising from contracts are recognised as revenue when the obligations to do so under the relevant contract are fulfilled (i.e. control of the goods or services has been transferred to the customer). REVENUES FROM CONTRACTS WITH CUSTOMERS AND OTHER REVENUES Revenues from sales linked to servicing contracts for the recovery of receivables managed under mandate are recognised on an accrual basis in accordance with IFRS 15 (hereinafter also the \u201cStandard\u201d). RECOGNITION CRITERIA The model used for recognition of the servicing revenues is aligned with fulfilment of the performance obligation. In many cases, this alignment is already provided for under the contract, therefore: \u25a0 if the commissions are paid on a one-off basis in order to pay for the supply of a service that is provided \u201cat a certain time\u201d, they will be recognised as revenues when they are received; \u25a0 if the commission is paid over time in order to pay for a service that is provided over time, it will be recognised as revenues upon receipt. However, if the commission is received in advance in exchange for a service obligation that is provided over time, in various reporting periods, the overall amount of the commission will be put into the financial statements and will be recognised as revenues over the applicable period in which the service is supplied. In these cases, the commission will be recognised as revenues in the income statement in proportion to the time (i.e. on a pro rata basis). Sales revenues associated with servicing contracts for the recovery of receivables managed under mandate are recognised on an accruals basis according to the activities carried out by the Group, using IT procedures and complex accounting processes that take account of the different contractual terms of each mandate. The servicing contracts envisage complex clauses of rights and obligations for the Group in relations with participating customers. In the summaries for the period, revenues accrued in the period that have not yet been manifestly accepted by the customer are recognised. Depending on the terms of contract and the established practice, that acceptance may take the form of the issuance of an invoice or an explicit notice. MEASUREMENT CRITERIA The Standard requires the entity to take account of the terms of the contract and its standard commercial practices to establish the price of the transaction. The price of the transaction is the amount of consideration that the entity believes it has the right to in exchange for the transfer to the customer of the goods or services promised. The consideration promised in the contract with the customer can include fixed amounts, variable amounts or both. In order to calculate the price of the transaction, the entity must consider the effect of all the following elements: a) variable consideration; b) limitation of the estimates of the variable consideration; c) existence in the contract of a significant loan component; d) non-monetary consideration; and e) consideration to pay to the customer. In particular, the contract consideration is variable as a result of refunds, discounts, rebates, incentives, credits, price concessions, performance bonuses, penalties or other similar items and may be contingent on the occurrence or non-occurrence of a future event. In the presence of variable consideration, revenue is recognised when it is possible to reliably estimate the revenue and only if it is highly probable that this consideration will not be reversed from the income statement, in whole or in a significant part, when the uncertainty associated with the variable consideration is subsequently resolved. Within the scope of the main servicing contracts of the Group, the following types of commissions are considered variable: \u25a0 Performance, extra-performance and basis commission: linked to the assets managed and the reaching collection targets, respectively; \u25a0 Transfer compensation and staff compensation: linked to the occurrence of the portfolio transfer event and at the discretion of the customer. With respect to the variable consideration estimation limit, variable commissions that depend on the occurrence of a future event are not recorded in the income statement before being ascertained through an estimation of them since the occurrence of the uncertainty (or the occurrence of the event) could mean the complete reversal of the estimated revenue if it had been previously recognised. In the case of receipt of advance payments from customers, there is a significant financing component in view of the time lag between the date on which the payment made by the customer is received and the transfer of the service, as well as the prevailing market rates. Therefore, the transaction price for these contracts is discounted, using the interest rate implicit in the contract (e.g. the interest rate that returns the spot price of the equipment to the value paid in advance). This rate is commensurate with the rate that would have been used in a separate financial transaction between the Group and the customer on the date the contract was signed. The Group applies the practical expedient for short-term advances received from customers. The amount of the promised consideration is not adjusted for material financial items if the period between the transfer of the promised goods or services and payment is less than or equal to one year. With respect to point d), the Group does not have any clauses in its servicing contracts that would lead to the identification of these cases. DIVIDENDS Dividends are recognised in the income statement of the year in which their distribution is authorised. COSTS Costs are recognised when they are incurred, on an accrual basis. Impairment losses are recognised in the income statement of the year in which they are ascertained. GOVERNMENT GRANTS Government grants are recognised when there is reasonable certainty that they will be received and that all the conditions relating to them will be met. Grants related to cost components are recognised as revenues and systematically distributed between the years in order to be commensurate with the recognition of the costs they intend to offset. The contribution related to an activity is recognised as revenue on a straight-line basis over the expected useful life of the related asset. OTHER INFORMATION TREASURY SHARES Changes in treasury shares in the portfolio are recognised directly in shareholders\u2019 equity, i.e. reducing the latter by the value of purchases and increasing it by the value of sales. This means that in the case of a subsequent transfer the difference between the sales price of the treasury shares and the associated repurchase cost, net of any tax effects, is fully recognised in shareholders\u2019 equity. ACCRUALS AND DEFERRALS Accruals and deferrals, which comprises charges and income pertaining to the period accrued on asset s and liabilities, are recognised as an adjustment to the assets and liabilities to which they refer. SHARE-BASED PAYMENTS Share-based payments are payments made to employees or comparable persons as payment for work or other services/assets received, based on shares representing capital, which consist in the grant of rights to receive shares upon meeting quantitative/qualitative objectives. The cost of transactions settled with equity instruments is determined by the fair value at the date of the assignment. The fair value of payments settled through the issue of shares is based on their stock market price. This cost, together with the corresponding increase in shareholders\u2019 equity under Other Reserves, is recognised under Personnel expenses over the period in which the conditions relating to the achievement of objectives and/or the provision of the service are met. The cumulative costs recognised for these transactions at the end of each financial year up to the vesting date are commensurate with the expiry of the vesting period and the best estimate of the number of equity instruments that will actually accrue. The cost or revenue in the statement of profit/(loss) for the year represents the change in the cumulative cost recorded at the beginning and at the end of the year. Service or performance conditions are not taken into account when determining the fair value of the plan at the award date. However, the probability that these conditions will be met is taken into account when defining the best estimate of the number of capital instruments that will accrue. Market conditions are reflected in the fair value at the award date. Any other plan-related condition that does not result in a service obligation is not considered an accrual condition. Non-vesting conditions are reflected in the fair value of the plan and result in the immediate recognition of the cost of the plan unless there are also service or performance conditions. 2 No cost is recognised for rights that do not reach maturity because performance and/or service conditions are not met. When rights include a market condition or a non-vesting condition, they are treated as if they had vested whether or not the market conditions or other non-vesting conditions to which they are subject are met, it being understood that all other performance and/or service conditions must be met. If the terms of the plan are changed, the minimum cost to be recognised is the fair value at the award date in the absence of the plan amendment, assuming the original terms of the plan are met. In addition, a cost is recognised for any change that increases the total fair value of the payment plan, or is otherwise favourable to employees; this cost is measured at the date of the change. When a plan is derecognised by the entity or the counterparty, any remaining element of the plan\u2019s fair value is expensed immediately in profit or loss. RELEVANT IAS/IFRS DEFINITIONS Several concepts relevant to IAS/IFRS, in addition to those already discussed in the previous chapters, are explained below. AMORTISED COST The amortised cost of a financial asset or liability is the amount at which it is measured at initial recognition minus the Principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount and adjusted for any write-down or unrecoverability (impairment). The effective interest rate method is a method for allocating interest income or expense over the life of a financial asset or liability. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the life of the financial instrument to the net carrying amount of the financial asset or liability. The calculation includes all fees and basis points paid or received between parties of a contract that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts. Fees and commissions that are considered an integral part of the effective interest rate include initial fees received for the disbursement or acquisition of a financial asset not classified as measured at fair value, such as, for example, those received as compensation for the assessment of the debtor\u2019s financial condition, the evaluation and registration of guarantees and, more generally, the completion of the transaction. Transaction costs, in turn, include fees and commissions paid to agents (including employees playing the role of commercial agents), consultants, mediators and other operators, contributions levied by regulatory bodies and stock markets, taxes and charges on the transfer. Transaction costs do not include lending costs or internal administrative or management costs. Information on fair value 2 .2 Paragraph 9 of IFRS 13 defines fair value as \u201cthe price that would be received for the sale of an asset or that would be paid for the transfer of a liability in an arm\u2019s length transaction at the measurement date\u201d. Measurement at fair value assumes that the sale of an asset or transfer of a liability takes place in a principal market, which can be defined as the market with the highest trading volumes and levels for the asset/liability being measured. In the absence of a principal market, the most advantageous market should be taken as the reference, i.e. the market that maximises the amount that would be received in the sale of an asset or minimises the amount that would be paid in the transfer of a liability, after taking into account transaction costs. With the aim of maximising the consistency and comparability of fair value measurements and related disclosures, IFRS 13 establishes a fair value hierarchy that divides the parameters used to measure fair value into three levels: \u25a0 Level 1: the fair value of the instrument is determined on the basis of listed prices observed on active markets; \u25a0 Level 2: the fair value of the instrument is determined on the basis of valuation models that use observable inputs onto active markets, such as: - prices listed on active markets for similar instruments; - observable parameters such as interest rates or yield curves, implied volatility, early payment risk, default rates and illiquidity factors; - parameters that are not observable but supported and confirmed by market data; \u25a0 Level 3: the fair value of the instrument is determined on the basis of valuation models that mainly use inputs that cannot be inferred from the market, which therefore involve the adoption of estimates and internal assumptions. This classification aims to establish a hierarchy in terms of objectivity of the fair value according to the degree of discretion adopted, giving priority to the use of parameters observable on the market. The fair value hierarchy is also defined on the basis of the input data used in the fair value calculation models and not on the basis of the valuation models themselves. FAIR VALUE LEVELS 2 AND 3: VALUATION TECHNIQUES AND INPUTS USED The information required by IFRS 13 with regard to accounting portfolios measured at fair value on a recurring basis is shown below. For financial assets not measured at fair value, the Group believes that the book value is a reasonable approximation of the fair value. At the date of preparation of the Consolidated Financial Statements as at December 31, 2022, there are no assets or liabilities measured at fair value on a non-recurring basis. Assets and liabilities measured at fair value on recurring basis ASSET BACKED SECURITIES ABSs are measured using the discounted cash flow model, which is based on an estimate of the cash flows paid by the security and an estimate of a spread for discounting. EQUITIES Equities are assigned to Level 1 when an active market price considered liquid is available and to Level 3 when there are no prices or the prices have been suspended permanently. Such instruments are classified as Level 2 only if the volume of activity on the listing market is significantly reduced. For equities measured at cost, an impairment loss is recognised if the cost exceeds the recoverable amount significantly and/or for a long time. INVESTMENT FUNDS Funds are classified as Level 1 if they are listed on an active market; if this does not occur, they are classified as Level 3 and are assessed through a credit adjustment of the NAV based on the specific characteristics of the individual fund. OTHER DERIVATIVE INSTRUMENTS The fair value of derivatives not traded on an active market derives from the application of mark-to- model valuation techniques. When there is an active market for the input parameters to the valuation model of the different components of the derivative, the fair value is determined on the basis of their market prices. Valuation techniques based on observable inputs are classified as Level 2 while those based on significant unobservable inputs are classified as Level 3. Description of assessment techniques In order to assess positions for which market sources do not provide a directly observable market price, specific valuation techniques that are common in the market and described below are used. DISCOUNTED CASH FLOW The valuation techniques based on the discounted cash flow generally consist in determining an estimate of the future cash flows expected over the life of the instrument. The model requires the estimate of cash flows and the adoption of market parameters for the discount: the discount rate or margin reflects the credit and/or funding spread required by the market for instruments with similar risk and liquidity profiles, in order to define a \u201cdiscounted value\u201d. The fair value of the contract is the sum of the discounted future cash flows. MARKET APPROACH A valuation technique that uses prices generated by market transactions involving assets, liabilities or groups of identical or comparable assets and liabilities. NAV The NAV (Net Asset Value) is the difference between the total value of the fund\u2019s assets and liabilities. An increase in NAV coincides with an increase in fair value. Usually, for funds classified at Level 3, the NAV is a risk-free valuation; therefore, in this case, the NAV is adjusted to consider the issuer\u2019s default risk. HIERARCHY OF FAIR VALUE Financial instruments are assigned to a certain fair value level based on whether the inputs used for valuation are observable. When the fair value is measured directly using an observable quoted price in an active market, the instrument will be classified within Level 1. When the fair value must be measured using a comparable approach or a pricing model, the instrument will be classified in either Level 2 or Level 3, depending on whether all significant inputs used in the valuation are observable. In the choice between the different valuation techniques, the one that maximises the use of the observable inputs is used. All transfers between the levels of the fair value hierarchy are made with reference to the end of the reporting period. The main factors that would prompt a transfer between fair value levels (both between Level 1 and Level 2 and within Level 3) include changes in market conditions and improvements in valuation models and the relative weights of unobservable inputs used in fair value measurement. FAIR VALUE HIERARCHY: ASSET AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS - BREAKDOWN BY FAIR VALUE LEVEL The following table reports the breakdown of assets and liabilities measured at fair value by fair value hierarchy input level. Level 3 of the category \u201cFinancial assets measured at fair value through profit or loss\u201d mainly includes: \u25a0 the value of the notes issued by the securitisation vehicle companies: - Romeo SPV and Mercuzio Securitisation, equal to 5% of the total securities; - Cairo, whose mezzanine notes were purchased on June 5, 2020 to coincide with the acquisition of the subsidiary doValue Greece; - Mexico, purchased in December 2021, remaining 5% of the total of subordinated securities issued by the vehicle; \u25a0 Units in collective investment undertakings (CIUs): the equivalent of the amount paid for the subscription of the remaining 26 units of the Italian Recovery Fund (formerly Atlante II), reserved real estate investment fund, net of redemptions; \u25a0 the fair value of the call option on equity instruments of the investee BidX1, subscribed at the same time as the purchase of the minority interest, which amounted to 17.7% of the company\u2019s share capital as at December 31, 2022. Level 3 of the category \u201cFinancial assets recognised at fair value through comprehensive income\u201d includes the value of the equity instruments relating to the aforementioned minority interest in the company BidX1, for which the Group applies the option for the designation at fair value through comprehensive income. The fair value of these financial liabilities was determined on the basis of the contracts for the acquisition of equity interests and the economic-financial parameters that can be drawn from the long-term plans of the acquired companies. Since these parameters are not observable on the market (either directly or indirectly), these liabilities are classified under Level 3. Level 3 of the category relating to \u201cOther financial liabilities\u201d includes: \u25a0 the Earn-out represented by the fair value of the liability relating to a portion of the acquisition price of Altamira now doValue Spain; \u25a0 the Earn-out represented by the fair value of the liability relating to a portion of the acquisition price of Eurobank FPS (now doValue Greece), which is linked to the achievement of certain EBITDA targets over a 10-year period; \u25a0 the fair value of the liability linked to the put option to purchase residual minority interests in the subsidiary doValue Spain, maturing in the future year. The fair value of these financial liabilities was determined on the basis of the contracts for the acquisition of equity interests and the economic-financial parameters that can be drawn from the long-term plans of the acquired companies. Since these parameters are not observable on the market (either directly or indirectly), these liabilities are classified under Level 3. (\u20ac/000) 12/31/2022 12/31/2021 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets measured at fair value through profit or loss - - 42,323 - - 46,465 Units in collective investment undertakings (CIUs) - - 23,628 - - 25,805 Debt securities - - 18,145 - - 18,881 Equities - - 197 - - 197 Non-hedging derivatives - - 353 - - 1,582 Financial assets measured at fair value through comprehensive income - - 10,171 - - 9,989 Equities - - 10,171 - - 9,989 Total - - 52,494 - - 56,454 Other financial liabilities - - 66,543 - - 45,282 Earn-out - - 44,649 - - 23,043 Put option on non-controlling interests - - 21,894 - - 22,239 Total - - 66,543 - - 45,282 ",
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"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-2": {
"value": "RECOGNITION CRITERIA Intangible assets are non-monetary assets with multi-year utility, are identifiable, lack physical substance, are controlled by the company and will probably generate future economic benefits. Intangible assets mainly comprise goodwill, software, brands, patents and active long-term contracts mainly deriving from external business combinations. Goodwill is equal to the difference between the payment incurred for a business combination and the fair value of the identifiable net assets acquired, as set out in more detail in \u201cBusiness combinations\u201d section. Intangible assets other than goodwill are recognised at their purchase cost, including any direct costs incurred to prepare the asset for use, net of accumulated amortisation and any impairment loss. For cloud computing agreements covered by IAS 38, the purchase cost is to the present value of the payments due. Any expenses incurred subsequent to the acquisition: \u25a0 are recognised as an increase in the initial cost if they increase the future economic benefits of the underlying assets (i.e. if they increase their value or productive capacity); \u25a0 are recognised entirely through profit or loss for the year in which they are incurred in other cases (i.e., when they do not increase the original value of the assets, but merely conserve the original functionality). MEASUREMENT CRITERIA Intangible assets with definite useful life are amortised at constant rates over their useful life. Intangible assets with indefinite useful life are not amortised. The amortisation period and the amortisation method for an intangible asset with a definite useful life are reviewed at least at each financial year-end. Changes in the expected useful life or in the manner in which the future economic benefits associated with the asset will be realised are recognised through changes in the period or method of amortisation, as appropriate, and are considered changes in accounting estimates. The amortisation of intangible assets with a definite useful life is recognised in the income statement under \u201c Depreciation, amortisation and impairment\u201d. If there is objective evidence that an individual asset may have incurred an impairment loss, the carrying amount of the asset is compared with its recoverable amount, which is equal to the higher of its fair value less costs to sell and its value in use, understood as the present value of expected future cash flows originated by the asset. Any value adjustments are recognised in the income statement under \u201cDepreciation, amortisation and impairment\u201d. For intangible assets with indefinite life, the carrying amount is compared with the recoverable amount on an annual basis even if no evidence of impairment is found. If the carrying amount is greater than the recoverable amount, a loss is recognised in the income statement under IntangIble assets \u201cDepreciation, amortisation and impairment\u201d in an amount equal to the difference between the two values. The assessment of indefinite useful life is reviewed annually to determine whether this attribution continues to be sustainable, otherwise, the change from indefinite to definite useful life is applied on a prospective basis. If the value of a previously written-down intangible asset other than goodwill is written back, the new carrying amount shall not exceed the net carrying amount that it would have had if no impairment loss had been recognised on the asset in previous years. After initial recognition, goodwill is not subject to amortisation, therefore it is measured at cost net of accumulated impairment losses determined by a periodic check of the adequacy of the book value. More specifically, whenever there is evidence of impairment, and in any case at least once a year, goodwill is tested to ensure that it has incurred no impairment. To this end, the cash generating unit (\u201cCGU\u201d) to which the goodwill is allocated is identified. The amount of any impairment is determined on the basis of the difference between the book value of the cash generating unit to which the goodwill is allocated and its recoverable value, if lower. This recoverable value is equal to the greater of the fair value of the cash generating unit, less costs to sell, and its associated value in use. The value in use is the present value of the future cash flows expected from the cash generating units to which the goodwill has been allocated. The resulting value adjustments are recognised in the income statement. Any subsequent write-backs may not be recognised. The Group defined, in the \u201cImpairment Test Manual pursuant to IAS 36\u201d, a series of indicators of loss or impairment, so-called triggering events, in the presence of which the impairment test of intangible assets with a definite useful life and the CGUs to which the goodwill was attributed, must also be carried out during the year. DERECOGNITION CRITERIA An intangible asset is derecognised on disposal (i.e. on the date on which the acquirer obtains control of it) or when no future economic benefits are expected from its use or disposal. Any difference between the disposal value and the book value is recognised in the income statement under under \u201cAmortisation, depreciation and impairment\u201d. ",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-429": {
"value": "PROPERTY, PLANT AND EQUIPMENT RECOGNITION AND CLASSIFICATION CRITERIA The item includes: \u25a0 land and buildings \u25a0 furniture and fixtures \u25a0 plant and machinery \u25a0 other machinery and equipment and it breaks down into the following categories: \u25a0 assets used in the business; \u25a0 investment property. Rights of use of property, plant and equipment acquired with leasing contracts are also recorded under this item, as lessees, regardless of their legal classification. Assets used in the business have physical substance, are held for use in production or in the provision of goods and services or for administrative purposes and can be used for more than one financial period. Improvements to leasehold assets are improvements and incremental expenses for identifiable and separable items of property, plant and equipment. In this case, the assets are classified in specific sub-items (e.g. plant), depending on the nature of the asset in question. Normally, these investments are incurred in order to render properties leased from third parties suitable for their intended use. Investment property refers to real estate investments pursuant to IAS 40, i.e. properties held (owned outright or held through a finance lease) in order to earn rentals and/or for capital appreciation. Property, plant and equipment is initially recognised at cost, including all charges directly attributable to the \u201ccommissioning\u201d of the asset (transaction costs, professional fees, direct costs to transport the asset to the assigned location, installation costs, dismantling costs). Expenses incurred subsequently are added to the carrying amount of the asset or recognised as separate assets if it is probable that future economic benefits will be received in excess of those initially estimated and the cost can be reliably determined. All other expenses incurred subsequently (e.g. ordinary maintenance) are recognised in the income statement for the period in which they are incurred, under the item: \u25a0 Administrative expenses, if pertaining to assets used in the business; or \u25a0 Depreciation, amortisation and impairment, if pertaining to investment property. The initial measurement of the asset entailing the right-of-use includes the current value of the future payments due for leases, the payments due for the lease carried out on the date or prior to the date the contract began, the initial direct costs and any estimated costs for the dismantling, removal or restoration of the asset underlying the lease, less any bonuses received by the lessee for the lease. MEASUREMENT CRITERIA Subsequent to initial recognition, property, plant and equipment is recognised at cost net of cumulative depreciation and impairment. Assets with definite useful life are depreciated at constant rates over their useful life. Assets with indefinite useful life are not depreciated. The useful life of property, plant and equipment is reviewed at the end of each period, taking into account the conditions of use of the asset, the state of maintenance and expected obsolescence, as well as considering the impact of legislation on health, safety and environmental issues and, if these expectations differ from previous estimates, the depreciation charge for the current period and subsequent periods is adjusted. If there is objective evidence that an individual asset may have incurred an impairment loss, the carrying amount of the asset is compared with its recoverable amount, which is equal to the higher of an asset\u2019s fair value less costs to sell and its value in use, understood as the present value of expected future cash flows originated by the asset. Any value adjustments are recognised under \u201cAmortisation, depreciation and impairment\u201d in the consolidated income statement. If the value of a previously written-down asset is written back, the new carrying amount cannot exceed the net carrying amount that it would have had if no impairment loss had been recognised on the asset in previous years. The rights of use recorded under the assets relating to properties acquired through leases (IFRS 16) will be subject to periodic assessments for impairment on the basis of both the expected use and any market indications with respect to the cost to be incurred for the lease payments. DERECOGNITION CRITERIA Property, plant and equipment is derecognised on disposal (i.e. on the date on which the acquirer obtains control of it) or when, for the same, no future economic benefits are expected from its use or disposal. Any difference between the disposal value and the book value is recognised in the income statement under under \u201cAmortisation, depreciation and impairment\u201d. EXPENDITURE FOR LEASEHOLD IMPROVEMENTS Renovation costs for properties of which the entity is not the owner are capitalised in view of the fact that over the term of the lease the entity has control of the asset and future economic benefits will flow to the entity. These costs, which are classified under Property, plant and equipment, are depreciated over a period that does not exceed the term of the lease contract. ",
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"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-3": {
"value": "PROPERTY, PLANT AND EQUIPMENT RECOGNITION AND CLASSIFICATION CRITERIA The item includes: \u25a0 land and buildings \u25a0 furniture and fixtures \u25a0 plant and machinery \u25a0 other machinery and equipment and it breaks down into the following categories: \u25a0 assets used in the business; \u25a0 investment property. Rights of use of property, plant and equipment acquired with leasing contracts are also recorded under this item, as lessees, regardless of their legal classification. Assets used in the business have physical substance, are held for use in production or in the provision of goods and services or for administrative purposes and can be used for more than one financial period. Improvements to leasehold assets are improvements and incremental expenses for identifiable and separable items of property, plant and equipment. In this case, the assets are classified in specific sub-items (e.g. plant), depending on the nature of the asset in question. Normally, these investments are incurred in order to render properties leased from third parties suitable for their intended use. Investment property refers to real estate investments pursuant to IAS 40, i.e. properties held (owned outright or held through a finance lease) in order to earn rentals and/or for capital appreciation. Property, plant and equipment is initially recognised at cost, including all charges directly attributable to the \u201ccommissioning\u201d of the asset (transaction costs, professional fees, direct costs to transport the asset to the assigned location, installation costs, dismantling costs). Expenses incurred subsequently are added to the carrying amount of the asset or recognised as separate assets if it is probable that future economic benefits will be received in excess of those initially estimated and the cost can be reliably determined. All other expenses incurred subsequently (e.g. ordinary maintenance) are recognised in the income statement for the period in which they are incurred, under the item: \u25a0 Administrative expenses, if pertaining to assets used in the business; or \u25a0 Depreciation, amortisation and impairment, if pertaining to investment property. The initial measurement of the asset entailing the right-of-use includes the current value of the future payments due for leases, the payments due for the lease carried out on the date or prior to the date the contract began, the initial direct costs and any estimated costs for the dismantling, removal or restoration of the asset underlying the lease, less any bonuses received by the lessee for the lease. MEASUREMENT CRITERIA Subsequent to initial recognition, property, plant and equipment is recognised at cost net of cumulative depreciation and impairment. Assets with definite useful life are depreciated at constant rates over their useful life. Assets with indefinite useful life are not depreciated. The useful life of property, plant and equipment is reviewed at the end of each period, taking into account the conditions of use of the asset, the state of maintenance and expected obsolescence, as well as considering the impact of legislation on health, safety and environmental issues and, if these expectations differ from previous estimates, the depreciation charge for the current period and subsequent periods is adjusted. If there is objective evidence that an individual asset may have incurred an impairment loss, the carrying amount of the asset is compared with its recoverable amount, which is equal to the higher of an asset\u2019s fair value less costs to sell and its value in use, understood as the present value of expected future cash flows originated by the asset. Any value adjustments are recognised under \u201cAmortisation, depreciation and impairment\u201d in the consolidated income statement. If the value of a previously written-down asset is written back, the new carrying amount cannot exceed the net carrying amount that it would have had if no impairment loss had been recognised on the asset in previous years. The rights of use recorded under the assets relating to properties acquired through leases (IFRS 16) will be subject to periodic assessments for impairment on the basis of both the expected use and any market indications with respect to the cost to be incurred for the lease payments. DERECOGNITION CRITERIA Property, plant and equipment is derecognised on disposal (i.e. on the date on which the acquirer obtains control of it) or when, for the same, no future economic benefits are expected from its use or disposal. Any difference between the disposal value and the book value is recognised in the income statement under under \u201cAmortisation, depreciation and impairment\u201d. EXPENDITURE FOR LEASEHOLD IMPROVEMENTS Renovation costs for properties of which the entity is not the owner are capitalised in view of the fact that over the term of the lease the entity has control of the asset and future economic benefits will flow to the entity. These costs, which are classified under Property, plant and equipment, are depreciated over a period that does not exceed the term of the lease contract. ",
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"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-388": {
"value": "EQUITY INVESTMENTS The criteria for initial recognition and subsequent measurement of equity investments are governed by IFRS 10 \u2013 Consolidated Financial Statements, IAS 27 \u2013 Separate Financial Statements, IAS 28 \u2013 Investments in Associates and Joint Ventures, and IFRS 11 \u2013 Joint Arrangements. These standards are explained in the \u201cScope and method of consolidation\u201d section above, where disclosure is also provided on the assessments and assumptions made to establish the existence o f control or significant influence. The remaining equity investments \u2013 other than subsidiaries, associates and joint ventures, and any reported under \u201cAssets held for sale\u201d and \u201cLiabilities associated with assets held for sale\u201d \u2013 are classified among financial assets depending on the category to which they belong. FINANCIAL ASSETS Financial assets measured at fair value through profit or loss RECOGNITION CRITERIA Financial assets are initially recognised at the settlement date for debt securities and equities, at the disbursement date for loans. In particular, at the time of settlement date accounting, any change in the fair value of the asset to be received in the period between that date and the previous trading date is recognised in the same way as for the asset purchased. Upon initial recognition, financial assets measured at fair value through profit or loss are recorded at fair value, which is represented, unless otherwise specified, by the consideration paid for the execution of the transaction, without considering transaction costs or income directly attributable to the instrument itself. CLASSIFICATION CRITERIA Financial assets other than those classified under \u201cFinancial assets measured at fair value through comprehensive income\u201d or \u201cFinancial assets measured at amortised cost\u201d are classified in this category. The item includes: \u25a0 financial assets that are mandatorily measured at fair value, which are represented by financial assets that do not meet the requirements for measurement at amortised cost or at fair value through comprehensive income. These are financial assets whose contractual terms do not exclusively provide for repayments of capital and payments of interest on the amount of capital to be repaid (failed \u201cSPPI test\u201d) or which are not held as part of a business model whose intent is to hold assets in order to collect contractual cash flows (\u201cHold to Collect\u201d business model) or whose intent is achieved through the collection of contractual cash flows or through the sale of the financial assets (\u201cHold to Collect and Sell\u201d business model); \u25a0 financial assets designated at fair value, i.e., financial assets so designated on initial recognition and for which the conditions are met. In this case, an entity may irrevocably designate a financial asset as measured at fair value through profit or loss on initial recognition if, and only if, doing so eliminates or significantly reduces a measurement inconsistency; \u25a0 financial assets held for trading, mainly represented by the positive value of derivative contracts held for trading purposes. Accordingly, this item reports: \u25a0 debt securities and loans held as part of a \u201cHold to Collect\u201d or \u201cHold to Collect and Sell\u201d business model, but whose cash flows are not represented solely by payments of principal and interest (in other words, they do not pass the SPPI test); \u25a0 units of undertakings for collective investment (CIUs); \u25a0 equity instruments - which do not represent interests in a subsidiary, associate or joint arrangement - for which the Group does not apply the permitted option, at the time of initial recognition, to designate the instrument as measured at fair value through comprehensive income; \u25a0 non-hedging derivatives. MEASUREMENT CRITERIA Following initial recognition, financial assets measured at fair value through profit or loss are measured at fair value. The effects of the application of this measurement criterion are recognised in the income statement. For the criteria used to determine fair value, please see the section \u201cInformation on fair value\u201d. DERECOGNITION CRITERIA Financial assets are only derecognised if the sale involves the transfer of substantially all the risks and benefits associated with the assets themselves. If a significant portion of the risks and benefits of the transferred financial assets has been retained, those assets continue to be recorded in the financial statements, even if ownership of the assets themselves has been effectively transferred. If it is not possible to ascertain the substantial transfer of the risks and benefits, the financial assets are derecognised if no form of control over them has been retained. Otherwise, the retention, also partially, of such control requires the entity to continue to recognise the assets in an amount equal to the residual continuing involvement, measured by the exposure to changes in the value of the transferred assets and to changes in their cash flows. Finally, the transferred financial assets are derecognised if the contractual rights to receive the related cash flows are retained with the simultaneous assumption of an obligation to pay only those flows, without material delay to other recipients. Financial assets measured at fair value through comprehensive income RECOGNITION CRITERIA Financial assets are initially recognised at the settlement date as regards equities. In particular, at the time of settlement date accounting, any change in the fair value of the asset to be received in the period between that date and the previous trading date is recognised in the same way as for the asset purchased. Upon initial recognition, financial assets measured at fair value through comprehensive income are recorded at fair value, which is represented, unless otherwise specified, by the consideration paid for the execution of the transaction, without considering transaction costs or income directly attributable to the instrument itself. CLASSIFICATION CRITERIA Financial assets other than those classified under \u201cFinancial assets measured at fair value through profit and loss\u201d or \u201cFinancial assets measured at amortised cost\u201d are classified in this category. This item includes therefore the equity instruments - which do not represent holdings in a subsidiary, associate or joint arrangement - for which the Group does not apply the permitted option, at the time of initial recognition, to designate the instrument as measured at fair value through comprehensive income. MEASUREMENT CRITERIA Following initial recognition, financial assets measured at fair value through comprehensive income are measured at fair value. The effects of the application of this measurement criterion are recognised in the Statement of Comprehensive Income and disclosed under Valuation reserves in shareholders\u2019 equity. For the criteria used to determine fair value, please see the section \u201cInformation on fair value\u201d. DERECOGNITION CRITERIA Financial assets are only derecognised if the sale involves the transfer of substantially all the risks and benefits associated with the assets themselves. If a significant portion of the risks and benefits of the transferred financial assets has been retained, those assets continue to be recorded in the financial statements, even if ownership of the assets themselves has been effectively transferred. If it is not possible to ascertain the substantial transfer of the risks and benefits, the financial assets are derecognised if no form of control over them has been retained. Otherwise, the retention, also partially, of such control requires the entity to continue to recognise the assets in an amount equal to the residual continuing involvement, measured by the exposure to changes in the value of the transferred assets and to changes in their cash flows. Finally, the transferred financial assets are derecognised if the contractual rights to receive the related cash flows are retained with the simultaneous assumption of an obligation to pay only those flows, without material delay to other recipients. Financial assets measured at amortised cost RECOGNITION CRITERIA The initial recognition of the financial asset takes place on the disbursement date of loans. The initial value is equal to the fair value of the financial instrument, normally equal for loans to the amount disbursed including costs/income directly attributable to the financial instrument. CLASSIFICATION CRITERIA A financial asset is classified under financial assets measured at amortised cost if: \u25a0 intent of the business model is to hold assets in order to collect contractual cash flows (\u201cHold to Collect\u201d); \u25a0 the associated cash flows represent solely payments of principal and interest. More specifically, assets recognised under this item include: \u25a0 the various technical forms of loans and receivables from banks that meet the requirements of the previous paragraph; \u25a0 the various technical forms of loans and receivables from customers that meet the requirements of the previous paragraph. MEASUREMENT CRITERIA Following initial recognition at fair value, these assets are measured at amortised cost, which involves the recognition of interest using the effective interest rate pro rata temporis over the term of the loan or receivable. The carrying amount of financial assets measured at amortised cost is adjusted in order to take account of write-downs/write-backs resulting from the assessment process (impairment) and refer to the specific paragraph \u201cImpairment of financial assets\u201d. DERECOGNITION CRITERIA Financial assets are only derecognised if the sale involves the transfer of substantially all the risks and benefits associated with the assets themselves. If a significant portion of the risks and benefits of the transferred financial assets has been retained, those assets continue to be recorded in the financial statements, even if ownership of the assets themselves has been effectively transferred. If it is not possible to ascertain the substantial transfer of the risks and benefits, the financial assets are derecognised if no form of control over them has been retained. Otherwise, the retention, also partially, of such control requires the entity to continue to recognise the assets in an amount equal to the residual continuing involvement, measured by the exposure to changes in the value of the transferred assets and to changes in their cash flows. Finally, the transferred financial assets are derecognised if the contractual rights to receive the related cash flows are retained with the simultaneous assumption of an obligation to pay only those flows, without material delay to other recipients. IMPAIRMENT OF FINANCIAL ASSETS Pursuant to IFRS 9, at each reporting date financial assets other than those measured at fair value through profit or loss undergo an assessment to determine whether there is evidence that the carrying amount of the assets cannot be fully recovered. An analogous analysis is conducted for commitments to disburse funds and for guarantees issued that fall within the scope of the impairment provisions of IFRS 9. If evidence of impairment is found, the financial assets in question - consistently, where present, with all other assets pertaining to the same counterparty - are considered impaired and are classified in stage 3. These exposures require the recognition of write-downs equal to the expected losses over their residual life. Financial assets for which there is no evidence of impairment (unimpaired financial instruments) shall be evaluated to determine whether there is evidence that the credit risk of the individual transaction has increased significantly since initial recognition. Following this assessment, the assets shall be classified (or, more properly, staged) as follows: \u25a0 where these indicators exist, the financial asset is classified in stage 2. Such valuation, consistent with the provisions of the international accounting standards and even in the absence of manifest impairment, requires for the recognition of write-downs equal to the expected losses over the residual life of the financial instrument; \u25a0 where these indicators are not present, the financial asset is classified in stage 1. Such valuation, consistent with the provisions of the international accounting standards and even in the absence of manifest impairment, requires the recognition of expected losses, for the specific financial instrument, over the following 12 months. The Group\u2019s impairment process is applied to financial assets measured at amortised cost, which may include: loans, trade receivables, debt securities and financial assets measured at fair value through comprehensive income including equities - not qualifying as control, connection and joint control - for which the Group applies the option envisaged, on initial recognition, for designation at fair value through comprehensive income. For trade receivables, in consideration of the provisions of IFRS 9 (paragraphs 5.5.15-16) and the immateriality of the financing component of such receivables, the Group has opted for the \u201cSimplified Approach\u201d that essentially provides for the calculation of total lifetime expected losses for the financial asset. Given that the residual life of trade receivables is generally less than one year, the 12-month and lifetime expected losses are the same. ",
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"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-4": {
"value": "EQUITY INVESTMENTS The criteria for initial recognition and subsequent measurement of equity investments are governed by IFRS 10 \u2013 Consolidated Financial Statements, IAS 27 \u2013 Separate Financial Statements, IAS 28 \u2013 Investments in Associates and Joint Ventures, and IFRS 11 \u2013 Joint Arrangements. These standards are explained in the \u201cScope and method of consolidation\u201d section above, where disclosure is also provided on the assessments and assumptions made to establish the existence o control or significant influence. The remaining equity investments \u2013 other than subsidiaries, associates and joint ventures, and any reported under \u201cAssets held for sale\u201d and \u201cLiabilities associated with assets held for sale\u201d \u2013 are classified among financial assets depending on the category to which they belong. FINANCIAL ASSETS Financial assets measured at fair value through profit or loss RECOGNITION CRITERIA Financial assets are initially recognised at the settlement date for debt securities and equities, at the disbursement date for loans. In particular, at the time of settlement date accounting, any change in the fair value of the asset to be received in the period between that date and the previous trading date is recognised in the same way as for the asset purchased. Upon initial recognition, financial assets measured at fair value through profit or loss are recorded at fair value, which is represented, unless otherwise specified, by the consideration paid for the execution of the transaction, without considering transaction costs or income directly attributable to the instrument itself. CLASSIFICATION CRITERIA Financial assets other than those classified under \u201cFinancial assets measured at fair value through comprehensive income\u201d or \u201cFinancial assets measured at amortised cost\u201d are classified in this category. The item includes: \u25a0 financial assets that are mandatorily measured at fair value, which are represented by financial assets that do not meet the requirements for measurement at amortised cost or at fair value through comprehensive income. These are financial assets whose contractual terms do not exclusively provide for repayments of capital and payments of interest on the amount of capital to be repaid (failed \u201cSPPI test\u201d) or which are not held as part of a business model whose intent is to hold assets in order to collect contractual cash flows (\u201cHold to Collect\u201d business model) or whose intent is achieved through the collection of contractual cash flows or through the sale of the financial assets (\u201cHold to Collect and Sell\u201d business model); \u25a0 financial assets designated at fair value, i.e., financial assets so designated on initial recognition and for which the conditions are met. In this case, an entity may irrevocably designate a financial asset as measured at fair value through profit or loss on initial recognition if, and only if, doing so eliminates or significantly reduces a measurement inconsistency; \u25a0 financial assets held for trading, mainly represented by the positive value of derivative contracts held for trading purposes. Accordingly, this item reports: \u25a0 debt securities and loans held as part of a \u201cHold to Collect\u201d or \u201cHold to Collect and Sell\u201d business model, but whose cash flows are not represented solely by payments of principal and interest (in other words, they do not pass the SPPI test); \u25a0 units of undertakings for collective investment (CIUs); \u25a0 equity instruments - which do not represent interests in a subsidiary, associate or joint arrangement - for which the Group does not apply the permitted option, at the time of initial recognition, to designate the instrument as measured at fair value through comprehensive income; \u25a0 non-hedging derivatives. MEASUREMENT CRITERIA Following initial recognition, financial assets measured at fair value through profit or loss are measured at fair value. The effects of the application of this measurement criterion are recognised in the income statement. For the criteria used to determine fair value, please see the section \u201cInformation on fair value\u201d. DERECOGNITION CRITERIA Financial assets are only derecognised if the sale involves the transfer of substantially all the risks and benefits associated with the assets themselves. If a significant portion of the risks and benefits of the transferred financial assets has been retained, those assets continue to be recorded in the financial statements, even if ownership of the assets themselves has been effectively transferred. If it is not possible to ascertain the substantial transfer of the risks and benefits, the financial assets are derecognised if no form of control over them has been retained. Otherwise, the retention, also partially, of such control requires the entity to continue to recognise the assets in an amount equal to the residual continuing involvement, measured by the exposure to changes in the value of the transferred assets and to changes in their cash flows. Finally, the transferred financial assets are derecognised if the contractual rights to receive the related cash flows are retained with the simultaneous assumption of an obligation to pay only those flows, without material delay to other recipients. Financial assets measured at fair value through comprehensive income RECOGNITION CRITERIA Financial assets are initially recognised at the settlement date as regards equities. In particular, at the time of settlement date accounting, any change in the fair value of the asset to be received in the period between that date and the previous trading date is recognised in the same way as for the asset purchased. Upon initial recognition, financial assets measured at fair value through comprehensive income are recorded at fair value, which is represented, unless otherwise specified, by the consideration paid for the execution of the transaction, without considering transaction costs or income directly attributable to the instrument itself. CLASSIFICATION CRITERIA Financial assets other than those classified under \u201cFinancial assets measured at fair value through profit and loss\u201d or \u201cFinancial assets measured at amortised cost\u201d are classified in this category. This item includes therefore the equity instruments - which do not represent holdings in a subsidiary, associate or joint arrangement - for which the Group does not apply the permitted option, at the time of initial recognition, to designate the instrument as measured at fair value through comprehensive income. MEASUREMENT CRITERIA Following initial recognition, financial assets measured at fair value through comprehensive income are measured at fair value. The effects of the application of this measurement criterion are recognised in the Statement of Comprehensive Income and disclosed under Valuation reserves in shareholders\u2019 equity. For the criteria used to determine fair value, please see the section \u201cInformation on fair value\u201d. DERECOGNITION CRITERIA Financial assets are only derecognised if the sale involves the transfer of substantially all the risks and benefits associated with the assets themselves. If a significant portion of the risks and benefits of the transferred financial assets has been retained, those assets continue to be recorded in the financial statements, even if ownership of the assets themselves has been effectively transferred. If it is not possible to ascertain the substantial transfer of the risks and benefits, the financial assets are derecognised if no form of control over them has been retained. Otherwise, the retention, also partially, of such control requires the entity to continue to recognise the assets in an amount equal to the residual continuing involvement, measured by the exposure to changes in the value of the transferred assets and to changes in their cash flows. Finally, the transferred financial assets are derecognised if the contractual rights to receive the related cash flows are retained with the simultaneous assumption of an obligation to pay only those flows, without material delay to other recipients. Financial assets measured at amortised cost RECOGNITION CRITERIA The initial recognition of the financial asset takes place on the disbursement date of loans. The initial value is equal to the fair value of the financial instrument, normally equal for loans to the amount disbursed including costs/income directly attributable to the financial instrument. CLASSIFICATION CRITERIA A financial asset is classified under financial assets measured at amortised cost if: \u25a0 intent of the business model is to hold assets in order to collect contractual cash flows (\u201cHold to Collect\u201d); \u25a0 the associated cash flows represent solely payments of principal and interest. More specifically, assets recognised under this item include: \u25a0 the various technical forms of loans and receivables from banks that meet the requirements of the previous paragraph; \u25a0 the various technical forms of loans and receivables from customers that meet the requirements of the previous paragraph. MEASUREMENT CRITERIA Following initial recognition at fair value, these assets are measured at amortised cost, which involves the recognition of interest using the effective interest rate pro rata temporis over the term of the loan or receivable. The carrying amount of financial assets measured at amortised cost is adjusted in order to take account of write-downs/write-backs resulting from the assessment process (impairment) and refer to the specific paragraph \u201cImpairment of financial assets\u201d. DERECOGNITION CRITERIA Financial assets are only derecognised if the sale involves the transfer of substantially all the risks and benefits associated with the assets themselves. If a significant portion of the risks and benefits of the transferred financial assets has been retained, those assets continue to be recorded in the financial statements, even if ownership of the assets themselves has been effectively transferred. If it is not possible to ascertain the substantial transfer of the risks and benefits, the financial assets are derecognised if no form of control over them has been retained. Otherwise, the retention, also partially, of such control requires the entity to continue to recognise the assets in an amount equal to the residual continuing involvement, measured by the exposure to changes in the value of the transferred assets and to changes in their cash flows. Finally, the transferred financial assets are derecognised if the contractual rights to receive the related cash flows are retained with the simultaneous assumption of an obligation to pay only those flows, without material delay to other recipients. IMPAIRMENT OF FINANCIAL ASSETS Pursuant to IFRS 9, at each reporting date financial assets other than those measured at fair value through profit or loss undergo an assessment to determine whether there is evidence that the carrying amount of the assets cannot be fully recovered. An analogous analysis is conducted for commitments to disburse funds and for guarantees issued that fall within the scope of the impairment provisions of IFRS 9. If evidence of impairment is found, the financial assets in question - consistently, where present, with all other assets pertaining to the same counterparty - are considered impaired and are classified in stage 3. These exposures require the recognition of write-downs equal to the expected losses over their residual life. Financial assets for which there is no evidence of impairment (unimpaired financial instruments) shall be evaluated to determine whether there is evidence that the credit risk of the individual transaction has increased significantly since initial recognition. Following this assessment, the assets shall be classified (or, more properly, staged) as follows: \u25a0 where these indicators exist, the financial asset is classified in stage 2. Such valuation, consistent with the provisions of the international accounting standards and even in the absence of manifest impairment, requires for the recognition of write-downs equal to the expected losses over the residual life of the financial instrument; \u25a0 where these indicators are not present, the financial asset is classified in stage 1. Such valuation, consistent with the provisions of the international accounting standards and even in the absence of manifest impairment, requires the recognition of expected losses, for the specific financial instrument, over the following 12 months. The Group\u2019s impairment process is applied to financial assets measured at amortised cost, which may include: loans, trade receivables, debt securities and financial assets measured at fair value through ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-5": {
"value": "INVENTORIES The item reports property, plant and equipment classified under IAS 2 - Inventories regarding the real estate portfolio of the Group, which is held for sale. MEASUREMENT CRITERIA Properties undergoing renovation are measured at the lower of cost, plus expenses that increase their value and the capitalisable financial expenses, and the corresponding estimated realisable value, less the direct costs to sell. Trading properties are measured at the lower of cost and estimated realisable value, as determined from similar property transactions in terms of location and type. The estimated realisable value and the market value are determined on the basis of independent appraisals or any lower value at which Management is prepared to sell based on urban/land registry circumstances that do not correspond to the effective state of the property and legal issues (such as the illegal occupation of the properties). Any write-downs on the above appraisal are charged to the appropriate item in the income statement. If the reasons that led to the write-down of inventories cease to exist, write-downs recognised in previous periods are reversed through profit or loss up to the lower of cost and estimated realisable value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-6": {
"value": "TRADE RECEIVABLES AND OTHER CURRENT ASSETS Current items essentially include receivables generated by the provision of non-financial services, items awaiting settlement and items that are not attributable to other items in the balance sheet, including tax items other than those recognised in a separate item, and accrued income other than that which must be capitalised in the related financial assets, including that deriving from contracts with customers pursuant to IFRS 15, paragraphs 116 et seq. For the impairment of trade receivables, in consideration of the provisions of IFRS 9 (paragraphs 5.5.15- 16) and the lack of importance of the financial component of such receivables, the Group has opted for the \u201cSimplified Approach\u201d as described above. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-389": {
"value": "CURRENT AND DEFERRED TAXES RECOGNITION CRITERIA Current tax assets and current tax liabilities are recognised in the balance sheet respectively, in Tax assets on the assets side and Tax liabilities on the liabilities side, while those deferred are recognised in Deferred tax assets and Deferred tax liabilities, respectively. In application of the \u201cbalance sheet method\u201d, items for current and deferred taxes include: \u25a0 current tax assets, i.e. excess payment of tax liabilities on the basis of current tax laws governing corporate income; \u25a0 current tax liabilities, i.e. tax liabilities to be settled on the basis of current tax laws governing corporate income; \u25a0 deferred tax assets, i.e. amounts of income taxes recoverable in future periods as a consequence of: - temporary deductible differences (represented mainly by costs deductible in future periods on the basis of current tax laws governing corporate income); - unutilised tax losses carried forward; - unutilised tax credits carried forward; - except in cases where: \u2022 the deferred tax asset connected to the temporary deductible differences derives from the initial recognition of an asset or liability in a transaction that does not represent a business combination and, at the time of the transaction itself, does not affect the balance sheet result or the result tax; \u2022 in the case of deductible temporary differences associated with investments in subsidiaries, associates and joint ventures, deferred tax assets are recognised only to the extent that it is probable that they will be reversed in the foreseeable future and that there will be sufficient taxable amounts that allow recovery of these temporary differences; - deferred tax liabilities, i.e. income tax liabilities to be settled in future periods as a consequence of temporary taxable differences (mainly represented by the deferral of taxation of revenues or the advance deduction of charges on the basis of current tax laws governing corporate income) except in cases when: \u2022 deferred tax liabilities derive from the initial recognition of goodwill or of an asset or liability in a transaction that does not represent a business combination and, at the time of the transaction itself, does not affect the balance sheet result or the tax result; \u2022 the reversal of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures can be controlled, and it is probable that it will not occur in the foreseeable future. In general, deferred tax assets and liabilities arise in the cases in which the deductibility or taxability of a cost or revenue is deferred with respect to their recognition for accounting purposes. Current tax items include payments on account (current assets) and liabilities to settle (current liabilities) for income taxes for the period. Current tax liabilities and the associated receivables for payments on account still outstanding at the end of the year are recognised as a net amount in a single item. Deferred tax assets and liabilities are recognised in the balance sheet in their full amount without offsetting. MEASUREMENT CRITERIA Current tax assets and liabilities are recognised by applying current tax rates and are recognised as charges (income) using the same accrual criteria adopted for the costs and revenues, which generated them. In particular, the current IRES and IRAP taxation has been calculated by applying the tax rates established by the laws in force in each Country. Deferred tax assets and liabilities are recognised on the basis of the tax rates that, at the end of the reporting date, are expected to be applicable in the period in which the asset will be realised or the liability will be eliminated, in accordance with current tax legislation. They are periodically reviewed in order to take account of any regulatory changes. Deferred tax assets are only recognised if their recovery through expected future taxable income is probable, measured on the basis of the Group\u2019s ability to produce taxable income in future financia l years. Deferred tax liabilities are always recognised. A requirement for the recognition of deferred tax assets is that it is considered reasonably certain in view of corporate developments that taxable income will be generated against which the temporary deductible differences will be used. In accordanc e with the provisions of IAS 12, the probability that future taxable income will be sufficient to utilise the deferred tax assets is subject to periodic review. If that review suggests that future taxable income will be insufficient, the deferred tax assets are reduced in a corresponding amount. Current and deferred taxes are recognised in the income statement under Income tax expense, with the exception of taxes, which refer to items that are credited or debited, in the same or another financial year, directly in shareholders\u2019 equity, whose changes in value are recognised directly in valuation reserves in the Statement of comprehensive income. DERECOGNITION CRITERIA Deferred tax assets and liabilities are derecognised at the time they are recovered/realised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-7": {
"value": "CURRENT AND DEFERRED TAXES RECOGNITION CRITERIA Current tax assets and current tax liabilities are recognised in the balance sheet respectively, in Tax assets on the assets side and Tax liabilities on the liabilities side, while those deferred are recognised in Deferred tax assets and Deferred tax liabilities, respectively. In application of the \u201cbalance sheet method\u201d, items for current and deferred taxes include: \u25a0 current tax assets, i.e. excess payment of tax liabilities on the basis of current tax laws governing corporate income; \u25a0 current tax liabilities, i.e. tax liabilities to be settled on the basis of current tax laws governing corporate income; \u25a0 deferred tax assets, i.e. amounts of income taxes recoverable in future periods as a consequence of: - temporary deductible differences (represented mainly by costs deductible in future periods on the basis of current tax laws governing corporate income); - unutilised tax losses carried forward; - unutilised tax credits carried forward; - except in cases where: \u2022 the deferred tax asset connected to the temporary deductible differences derives from the initial recognition of an asset or liability in a transaction that does not represent a business combination and, at the time of the transaction itself, does not affect the balance sheet result or the result tax; \u2022 in the case of deductible temporary differences associated with investments in subsidiaries, associates and joint ventures, deferred tax assets are recognised only to the extent that it is probable that they will be reversed in the foreseeable future and that there will be sufficient taxable amounts that allow recovery of these temporary differences; - deferred tax liabilities, i.e. income tax liabilities to be settled in future periods as a consequence of temporary taxable differences (mainly represented by the deferral of taxation of revenues or the advance deduction of charges on the basis of current tax laws governing corporate income) except in cases when: \u2022 deferred tax liabilities derive from the initial recognition of goodwill or of an asset or liability in a transaction that does not represent a business combination and, at the time of the transaction itself, does not affect the balance sheet result or the tax result; \u2022 the reversal of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures can be controlled, and it is probable that it will not occur in the foreseeable future. In general, deferred tax assets and liabilities arise in the cases in which the deductibility or taxability of a cost or revenue is deferred with respect to their recognition for accounting purposes. Current tax items include payments on account (current assets) and liabilities to settle (current liabilities) for income taxes for the period. Current tax liabilities and the associated receivables for payments on account still outstanding at the end of the year are recognised as a net amount in a single item. Deferred tax assets and liabilities are recognised in the balance sheet in their full amount without offsetting. MEASUREMENT CRITERIA Current tax assets and liabilities are recognised by applying current tax rates and are recognised as charges (income) using the same accrual criteria adopted for the costs and revenues, which generated them. In particular, the current IRES and IRAP taxation has been calculated by applying the tax rates established by the laws in force in each Country. Deferred tax assets and liabilities are recognised on the basis of the tax rates that, at the end of the reporting date, are expected to be applicable in the period in which the asset will be realised or the liability will be eliminated, in accordance with current tax legislation. They are periodically reviewed in order to take account of any regulatory changes. Deferred tax assets are only recognised if their recovery through expected future taxable income is probable, measured on the basis of the Group\u2019s ability to produce taxable income in future financia years. Deferred tax liabilities are always recognised. A requirement for the recognition of deferred tax assets is that it is considered reasonably certain in view of corporate developments that taxable income will be generated against which the temporary deductible differences will be used. In accordanc e with the provisions of IAS 12, the probability that future taxable income will be sufficient to utilise the deferred tax assets is subject to periodic review. If that review suggests that future taxable income will be insufficient, the deferred tax assets are reduced in a corresponding amount. Current and deferred taxes are recognised in the income statement under Income tax expense, with the exception of taxes, which refer to items that are credited or debited, in the same or another financial year, directly in shareholders\u2019 equity, whose changes in value are recognised directly in valuation reserves in the Statement of comprehensive income. DERECOGNITION CRITERIA Deferred tax assets and liabilities are derecognised at the time they are recovered/realised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-8": {
"value": "ASSETS HELD FOR SALE In accordance with IFRS 5, the Group classifies non-current assets and disposal groups as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through their continuing use. These non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and their fair value less selling costs. Selling costs are the additional costs directly attributable to the sale, excluding finance charges and taxes. The condition for classification as held for sale is considered satisfied only when the sale is highly probable and the asset or disposal group is available for immediate sale in its current condition. The actions required to complete the sale should indicate that it is unlikely that significant changes in the sale will occur or that the sale will be cancelled. Management must have committed to the sale, whic h is expected to be completed within one year of the classification date. The depreciation of property, plant and equipment and amortisation of intangible assets ceases when they are classified as available for sale. The individual assets (or groups of assets held for sale) are recognised respectively under \u201cAssets held for sale\u201d and Liabilities associated with assets held for sale. Assets held for sale are excluded from the result of operating activities and are presented in the income statement in a single line as Net income (expense) of assets held for sale. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-390": {
"value": "LOANS AND OTHER FINANCING AND OTHER FINANCIAL LIABILITIES RECOGNITION AND CLASSIFICATION CRITERIA The indicated items include financial liabilities valued at amortised cost, represented by amounts due to banks, amounts due to other lenders and securities issued, as well as financial instruments initially recognised at fair value with changes recognised in the income statement. Liabilities recognised by the entity as a lessee in lease transactions are also included. These financial liabilities are recognised at the settlement date and initially recognised at fair value, which normally corresponds to the consideration received, net of transaction costs directly attributable to the financial liability. MEASUREMENT CRITERIA After initial recognition, financial liabilities, except those recognised at fair value with changes recognised in the income statement, are measured at amortised cost using the effective interest rate method. Gains and losses are recognised in the income statement when the liability is extinguished, as well as through the amortisation process. Amortised cost is calculated by recognising the discount or premium on the acquisition and the fees or costs that form part of the effective interest rate. Amortisation at the effective interest rate is included in financial expense in the income statement. Exception is made for short-term liabilities, for which the time factor is negligible, which continue to be carried at the amount received. DERECOGNITION CRITERIA A financial liability is derecognised when the obligation underlying the liability is extinguished, cancelled or fulfilled. If an existing financial liability is replaced by another from the same lender, under substantially different conditions, or the conditions of an existing liability are substantially modified, this exchange or modification is treated as a derecognition of the original liability, accompanied by the recognition of a new liability, with any differences between the carrying amounts recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-9": {
"value": "LOANS AND OTHER FINANCING AND OTHER FINANCIAL LIABILITIES RECOGNITION AND CLASSIFICATION CRITERIA The indicated items include financial liabilities valued at amortised cost, represented by amounts due to banks, amounts due to other lenders and securities issued, as well as financial instruments initially recognised at fair value with changes recognised in the income statement. Liabilities recognised by the entity as a lessee in lease transactions are also included. These financial liabilities are recognised at the settlement date and initially recognised at fair value, which normally corresponds to the consideration received, net of transaction costs directly attributable to the financial liability. MEASUREMENT CRITERIA After initial recognition, financial liabilities, except those recognised at fair value with changes recognised in the income statement, are measured at amortised cost using the effective interest rate method. Gains and losses are recognised in the income statement when the liability is extinguished, as well as through the amortisation process. Amortised cost is calculated by recognising the discount or premium on the acquisition and the fees or costs that form part of the effective interest rate. Amortisation at the effective interest rate is included in financial expense in the income statement. Exception is made for short-term liabilities, for which the time factor is negligible, which continue to be carried at the amount received. DERECOGNITION CRITERIA A financial liability is derecognised when the obligation underlying the liability is extinguished, cancelled or fulfilled. If an existing financial liability is replaced by another from the same lender, under substantially different conditions, or the conditions of an existing liability are substantially modified, this exchange or modification is treated as a derecognition of the original liability, accompanied by the recognition of a new liability, with any differences between the carrying amounts recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-10": {
"value": "PROVISIONS FOR RISKS AND CHARGES RECOGNITION CRITERIA Provisions for risks and charges consist of liabilities recognised when: \u25a0 the company has a present obligation (legal or constructive) as a result of a past event; \u25a0 it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; \u25a0 a reliable estimate can be made of the amount of the obligation. If these conditions are not met, no liability is recognised. The item includes provisions for legal obligations or connected with an employment relationship or disputes, including tax disputes, arising from a past event, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits, assuming that a reliable estimate can be made of the amount. The potential liabilities for employees are also accounted for. Where the time element is significant, provisions are discounted using a pre-tax discount rate that reflects, where appropriate, the specific risks of the liabilities. The provision can be recognised in the income statement under the item \u201cProvisions for risks and charges\u201d and also includes the interest expense accrued on the provisions that have been discounted or, for certain specific types of provision, as an offsetting entry to other items in the Income Statement. MEASUREMENT CRITERIA The amounts allocated to provisions are determined so that they represent the best estimate of the expense required to settle the obligation. The estimate is determined by considering the risks and uncertainties pertaining to the facts and circumstances involved. Specifically, when the effect of deferring the charge in time is significant, the amount of the provision is determined as the present value of the best estimate of the cost assumed necessary to extinguish the obligation. In this case, the discount rate used reflects current market assessments. Provisions are periodically reviewed and adjusted if necessary to reflect the current best estimate. When, following a review, it is found that the charge is unlikely to be incurred, the provision is reversed. DERECOGNITION CRITERIA A provision is used only against the charges for which it was initially recognised. Provisions for the year, recognised under Provisions for risks and charges in the income statement, include increases in provisions due to the passage of time and are reported net of any reversals. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-391": {
"value": "EMPLOYEE BENEFITS CLASSIFICATION CRITERIA Employee benefits, in addition to short-term benefits such as wages and salaries, relate to: \u25a0 post-employment benefits; \u25a0 other long-term benefits. Post-employment benefits are in turn divided between those based on defined-contribution plans and those based on defined-benefit plans, depending on the expected benefits: \u25a0 defined-contribution plans are post-employment benefit plans under which fixed contributions are made, with no legal or constructive obligation to pay further contributions if there are insufficient assets to meet all the benefits; \u25a0 defined-benefit plans are post-employment benefit plans other than defined-contribution plans. In this context, in Italy under Italian Law No. 296 of December 27, 2006 (2007 Finance Act): \u25a0 the severance indemnity (trattamento di fine rapporto - TFR) accruing from January 1, 2007, is a defined-contribution plan, which does not require actuarial calculation. The shares accrued can be allocated, at the employee\u2019s choice, (i) to forms of supplementary pension schemes or (ii) left in the company and paid into the INPS treasury fund. \u25a0 the TFR accrued at the dates indicated in the previous point remains instead as a defined-benefit plan, even if the benefit has already been fully accrued. As a result, an actuarial recalculation of the value of the debt at each date after December 31, 2006 is necessary. With regard to companies based in Greece, the remuneration policy is based on the requirements of Italian Law 2112/1920. In particular: \u25a0 in the case of ordinary retirement, the benefit is 40% of remuneration; \u25a0 in case of voluntary resignation, early retirement, death or in the event of disability, no compensation is payable. Moreover, these companies do not envisage any post-retirement supplement for defined-benefit plans, other than those resulting from the above-mentioned regulations. Other long-term employee benefits are employee benefits that are not payable wholly within twelve months after the end of the period in which the employees render the service. RECOGNITION AND MEASUREMENT CRITERIA The value of a defined-benefit obligation is equal to the present value of the future payments, expected to be required to settle the obligation arising from the employee\u2019s service in the current and prior periods. This present value is determined using the \u201cProjected Unit Credit Method\u201d. This method uniformly distributes the cost of the benefit over the working life of the employee, taking into account the provisions of the national law in each country. Employee benefits that qualify as other long-term benefits, such as those arising from seniority bonuses that are paid on achievement of a pre-determined length of service, are recorded on the basis of the valuation at the balance sheet date of the liability assumed, determined using the \u201cProjected Unit Credit Method\u201d. The TFR provision is recorded under liabilities in the corresponding item \u201cEmployee benefits\u201d, while other post-employment benefits and sundry long-term benefits are recorded under \u201cProvisions for risks and charges\u201d. The costs of servicing the programme (service costs) are recorded under personnel expenses, as are interest costs. Actuarial gains and losses (remeasurements) relating to post-employment defined-benefit plans are recognised in full under equity reserves in the year in which they occur. These actuarial gains and losses are shown in the Consolidated Statement of Comprehensive Income, as required by IAS 1. Actuarial gains and losses (remeasurements) relating to other long-term benefits are recognised in full under staff expenses in the period in which they occur. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-11": {
"value": "EMPLOYEE BENEFITS CLASSIFICATION CRITERIA Employee benefits, in addition to short-term benefits such as wages and salaries, relate to: \u25a0 post-employment benefits; \u25a0 other long-term benefits. Post-employment benefits are in turn divided between those based on defined-contribution plans and those based on defined-benefit plans, depending on the expected benefits: \u25a0 defined-contribution plans are post-employment benefit plans under which fixed contributions are made, with no legal or constructive obligation to pay further contributions if there are insufficient assets to meet all the benefits; \u25a0 defined-benefit plans are post-employment benefit plans other than defined-contribution plans. In this context, in Italy under Italian Law No. 296 of December 27, 2006 (2007 Finance Act): \u25a0 the severance indemnity (trattamento di fine rapporto - TFR) accruing from January 1, 2007, is a defined-contribution plan, which does not require actuarial calculation. The shares accrued can be allocated, at the employee\u2019s choice, (i) to forms of supplementary pension schemes or (ii) left in the company and paid into the INPS treasury fund. \u25a0 the TFR accrued at the dates indicated in the previous point remains instead as a defined-benefit plan, even if the benefit has already been fully accrued. As a result, an actuarial recalculation of the value of the debt at each date after December 31, 2006 is necessary. With regard to companies based in Greece, the remuneration policy is based on the requirements of Italian Law 2112/1920. In particular: \u25a0 in the case of ordinary retirement, the benefit is 40% of remuneration; \u25a0 in case of voluntary resignation, early retirement, death or in the event of disability, no compensation is payable. Moreover, these companies do not envisage any post-retirement supplement for defined-benefit plans, other than those resulting from the above-mentioned regulations. Other long-term employee benefits are employee benefits that are not payable wholly within twelve months after the end of the period in which the employees render the service. RECOGNITION AND MEASUREMENT CRITERIA The value of a defined-benefit obligation is equal to the present value of the future payments, expected to be required to settle the obligation arising from the employee\u2019s service in the current and prior periods. This present value is determined using the \u201cProjected Unit Credit Method\u201d. This method uniformly distributes the cost of the benefit over the working life of the employee, taking into account the provisions of the national law in each country. Employee benefits that qualify as other long-term benefits, such as those arising from seniority bonuses that are paid on achievement of a pre-determined length of service, are recorded on the basis of the valuation at the balance sheet date of the liability assumed, determined using the \u201cProjected Unit Credit Method\u201d. The TFR provision is recorded under liabilities in the corresponding item \u201cEmployee benefits\u201d, while other post-employment benefits and sundry long-term benefits are recorded under \u201cProvisions for risks and charges\u201d. The costs of servicing the programme (service costs) are recorded under personnel expenses, as are interest costs. Actuarial gains and losses (remeasurements) relating to post-employment defined-benefit plans are recognised in full under equity reserves in the year in which they occur. These actuarial gains and losses are shown in the Consolidated Statement of Comprehensive Income, as required by IAS 1. Actuarial gains and losses (remeasurements) relating to other long-term benefits are recognised in full under staff expenses in the period in which they occur. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-12": {
"value": "REVENUE RECOGNITION Revenues represent the transfer of goods or services to customers and are recognised in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. They are recognised using the 5-step model (identify the contract with the customer; identify the performance obligations in the contract; determine the transaction price; allocate the transaction price to the performance obligations; recognise the revenue when the entity satisfies the performance obligation). Revenues from contractual obligations with customers are recognised in the income statement when it is probable that the entity will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. This consideration must be allocated to the individual performance obligations contained in the contract and must be recognised as revenue in the income statement based on the timing of satisfaction of the performance obligation. Revenues can be recognised at a point in time or over time, as the entity satisfies the performance obligation. The consideration promised in the contract with the customer can include fixed amounts, variable amounts or both. If the entity receives consideration from the customer, which provides for reimbursement to the customer, in whole or in part, of the revenue received, a liability must be recognised against the expected future repayments. The estimate of this liability is updated at each annual or interim reporting date and based on the portion of the consideration that the entity expects to not be entitled to. If the entity receives payment or payment is due from the customer before control of the goods or services has been transferred to it, a contractual liability is recognised. Liabilities arising from contracts are recognised as revenue when the obligations to do so under the relevant contract are fulfilled (i.e. control of the goods or services has been transferred to the customer). REVENUES FROM CONTRACTS WITH CUSTOMERS AND OTHER REVENUES Revenues from sales linked to servicing contracts for the recovery of receivables managed under mandate are recognised on an accrual basis in accordance with IFRS 15 (hereinafter also the \u201cStandard\u201d). RECOGNITION CRITERIA The model used for recognition of the servicing revenues is aligned with fulfilment of the performance obligation. In many cases, this alignment is already provided for under the contract, therefore: \u25a0 if the commissions are paid on a one-off basis in order to pay for the supply of a service that is provided \u201cat a certain time\u201d, they will be recognised as revenues when they are received; \u25a0 if the commission is paid over time in order to pay for a service that is provided over time, it will be recognised as revenues upon receipt. However, if the commission is received in advance in exchange for a service obligation that is provided over time, in various reporting periods, the overall amount of the commission will be put into the financial statements and will be recognised as revenues over the applicable period in which the service is supplied. In these cases, the commission will be recognised as revenues in the income statement in proportion to the time (i.e. on a pro rata basis). Sales revenues associated with servicing contracts for the recovery of receivables managed under mandate are recognised on an accruals basis according to the activities carried out by the Group, using IT procedures and complex accounting processes that take account of the different contractual terms of each mandate. The servicing contracts envisage complex clauses of rights and obligations for the Group in relations with participating customers. In the summaries for the period, revenues accrued in the period that have not yet been manifestly accepted by the customer are recognised. Depending on the terms of contract and the established practice, that acceptance may take the form of the issuance of an invoice or an explicit notice. MEASUREMENT CRITERIA The Standard requires the entity to take account of the terms of the contract and its standard commercial practices to establish the price of the transaction. The price of the transaction is the amount of consideration that the entity believes it has the right to in exchange for the transfer to the customer of the goods or services promised. The consideration promised in the contract with the customer can include fixed amounts, variable amounts or both. In order to calculate the price of the transaction, the entity must consider the effect of all the following elements: a) variable consideration; b) limitation of the estimates of the variable consideration; c) existence in the contract of a significant loan component; d) non-monetary consideration; and e) consideration to pay to the customer. In particular, the contract consideration is variable as a result of refunds, discounts, rebates, incentives, credits, price concessions, performance bonuses, penalties or other similar items and may be contingent on the occurrence or non-occurrence of a future event. In the presence of variable consideration, revenue is recognised when it is possible to reliably estimate the revenue and only if it is highly probable that this consideration will not be reversed from the income statement, in whole or in a significant part, when the uncertainty associated with the variable consideration is subsequently resolved. Within the scope of the main servicing contracts of the Group, the following types of commissions are considered variable: \u25a0 Performance, extra-performance and basis commission: linked to the assets managed and the reaching collection targets, respectively; \u25a0 Transfer compensation and staff compensation: linked to the occurrence of the portfolio transfer event and at the discretion of the customer. With respect to the variable consideration estimation limit, variable commissions that depend on the occurrence of a future event are not recorded in the income statement before being ascertained through an estimation of them since the occurrence of the uncertainty (or the occurrence of the event) could mean the complete reversal of the estimated revenue if it had been previously recognised. In the case of receipt of advance payments from customers, there is a significant financing component in view of the time lag between the date on which the payment made by the customer is received and the transfer of the service, as well as the prevailing market rates. Therefore, the transaction price for these contracts is discounted, using the interest rate implicit in the contract (e.g. the interest rate that returns the spot price of the equipment to the value paid in advance). This rate is commensurate with the rate that would have been used in a separate financial transaction between the Group and the customer on the date the contract was signed. The Group applies the practical expedient for short-term advances received from customers. The amount of the promised consideration is not adjusted for material financial items if the period between the transfer of the promised goods or services and payment is less than or equal to one year. With respect to point d), the Group does not have any clauses in its servicing contracts that would lead to the identification of these cases. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-13": {
"value": "DIVIDENDS Dividends are recognised in the income statement of the year in which their distribution is authorised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-14": {
"value": "COSTS Costs are recognised when they are incurred, on an accrual basis. Impairment losses are recognised in the income statement of the year in which they are ascertained. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-15": {
"value": "GOVERNMENT GRANTS Government grants are recognised when there is reasonable certainty that they will be received and that all the conditions relating to them will be met. Grants related to cost components are recognised as revenues and systematically distributed between the years in order to be commensurate with the recognition of the costs they intend to offset. The contribution related to an activity is recognised as revenue on a straight-line basis over the expected useful life of the related asset. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-17": {
"value": "TREASURY SHARES Changes in treasury shares in the portfolio are recognised directly in shareholders\u2019 equity, i.e. reducing the latter by the value of purchases and increasing it by the value of sales. This means that in the case of a subsequent transfer the difference between the sales price of the treasury shares and the associated repurchase cost, net of any tax effects, is fully recognised in shareholders\u2019 equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-18": {
"value": "ACCRUALS AND DEFERRALS Accruals and deferrals, which comprises charges and income pertaining to the period accrued on asset and liabilities, are recognised as an adjustment to the assets and liabilities to which they refer. RELEVANT IAS/IFRS DEFINITIONS Several concepts relevant to IAS/IFRS, in addition to those already discussed in the previous chapters, are explained below. AMORTISED COST The amortised cost of a financial asset or liability is the amount at which it is measured at initial recognition minus the Principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount and adjusted for any write-down or unrecoverability (impairment). The effective interest rate method is a method for allocating interest income or expense over the life of a financial asset or liability. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the life of the financial instrument to the net carrying amount of the financial asset or liability. The calculation includes all fees and basis points paid or received between parties of a contract that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts. Fees and commissions that are considered an integral part of the effective interest rate include initial fees received for the disbursement or acquisition of a financial asset not classified as measured at fair value, such as, for example, those received as compensation for the assessment of the debtor\u2019s financial condition, the evaluation and registration of guarantees and, more generally, the completion of the transaction. Transaction costs, in turn, include fees and commissions paid to agents (including employees playing the role of commercial agents), consultants, mediators and other operators, contributions levied by regulatory bodies and stock markets, taxes and charges on the transfer. Transaction costs do not include lending costs or internal administrative or management costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-16": {
"value": "SHARE-BASED PAYMENTS Share-based payments are payments made to employees or comparable persons as payment for work or other services/assets received, based on shares representing capital, which consist in the grant of rights to receive shares upon meeting quantitative/qualitative objectives. The cost of transactions settled with equity instruments is determined by the fair value at the date of the assignment. The fair value of payments settled through the issue of shares is based on their stock market price. This cost, together with the corresponding increase in shareholders\u2019 equity under Other Reserves, is recognised under Personnel expenses over the period in which the conditions relating to the achievement of objectives and/or the provision of the service are met. The cumulative costs recognised for these transactions at the end of each financial year up to the vesting date are commensurate with the expiry of the vesting period and the best estimate of the number of equity instruments that will actually accrue. The cost or revenue in the statement of profit/(loss) for the year represents the change in the cumulative cost recorded at the beginning and at the end of the year. Service or performance conditions are not taken into account when determining the fair value of the plan at the award date. However, the probability that these conditions will be met is taken into account when defining the best estimate of the number of capital instruments that will accrue. Market conditions are reflected in the fair value at the award date. Any other plan-related condition that does not result in a service obligation is not considered an accrual condition. Non-vesting conditions are reflected in the fair value of the plan and result in the immediate recognition of the cost of the plan unless there are also service or performance conditions. No cost is recognised for rights that do not reach maturity because performance and/or service conditions are not met. When rights include a market condition or a non-vesting condition, they are treated as if they had vested whether or not the market conditions or other non-vesting conditions to which they are subject are met, it being understood that all other performance and/or service conditions must be met. If the terms of the plan are changed, the minimum cost to be recognised is the fair value at the award date in the absence of the plan amendment, assuming the original terms of the plan are met. In addition, a cost is recognised for any change that increases the total fair value of the payment plan, or is otherwise favourable to employees; this cost is measured at the date of the change. When a plan is derecognised by the entity or the counterparty, any remaining element of the plan\u2019s fair value is expensed immediately in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-19": {
"value": "Information on fair value 2 .2 Paragraph 9 of IFRS 13 defines fair value as \u201cthe price that would be received for the sale of an asset or that would be paid for the transfer of a liability in an arm\u2019s length transaction at the measurement date\u201d. Measurement at fair value assumes that the sale of an asset or transfer of a liability takes place in a principal market, which can be defined as the market with the highest trading volumes and levels for the asset/liability being measured. In the absence of a principal market, the most advantageous market should be taken as the reference, i.e. the market that maximises the amount that would be received in the sale of an asset or minimises the amount that would be paid in the transfer of a liability, after taking into account transaction costs. With the aim of maximising the consistency and comparability of fair value measurements and related disclosures, IFRS 13 establishes a fair value hierarchy that divides the parameters used to measure fair value into three levels: \u25a0 Level 1: the fair value of the instrument is determined on the basis of listed prices observed on active markets; \u25a0 Level 2: the fair value of the instrument is determined on the basis of valuation models that use observable inputs onto active markets, such as: - prices listed on active markets for similar instruments; - observable parameters such as interest rates or yield curves, implied volatility, early payment risk, default rates and illiquidity factors; - parameters that are not observable but supported and confirmed by market data; \u25a0 Level 3: the fair value of the instrument is determined on the basis of valuation models that mainly use inputs that cannot be inferred from the market, which therefore involve the adoption of estimates and internal assumptions. This classification aims to establish a hierarchy in terms of objectivity of the fair value according to the degree of discretion adopted, giving priority to the use of parameters observable on the market. The fair value hierarchy is also defined on the basis of the input data used in the fair value calculation models and not on the basis of the valuation models themselves. FAIR VALUE LEVELS 2 AND 3: VALUATION TECHNIQUES AND INPUTS USED The information required by IFRS 13 with regard to accounting portfolios measured at fair value on a recurring basis is shown below. For financial assets not measured at fair value, the Group believes that the book value is a reasonable approximation of the fair value. At the date of preparation of the Consolidated Financial Statements as at December 31, 2022, there are no assets or liabilities measured at fair value on a non-recurring basis. Assets and liabilities measured at fair value on recurring basis ASSET BACKED SECURITIES ABSs are measured using the discounted cash flow model, which is based on an estimate of the cash flows paid by the security and an estimate of a spread for discounting. EQUITIES Equities are assigned to Level 1 when an active market price considered liquid is available and to Level 3 when there are no prices or the prices have been suspended permanently. Such instruments are classified as Level 2 only if the volume of activity on the listing market is significantly reduced. For equities measured at cost, an impairment loss is recognised if the cost exceeds the recoverable amount significantly and/or for a long time. INVESTMENT FUNDS Funds are classified as Level 1 if they are listed on an active market; if this does not occur, they are classified as Level 3 and are assessed through a credit adjustment of the NAV based on the specific characteristics of the individual fund. OTHER DERIVATIVE INSTRUMENTS The fair value of derivatives not traded on an active market derives from the application of mark-to- model valuation techniques. When there is an active market for the input parameters to the valuation model of the different components of the derivative, the fair value is determined on the basis of their market prices. Valuation techniques based on observable inputs are classified as Level 2 while those based on significant unobservable inputs are classified as Level 3. Description of assessment techniques In order to assess positions for which market sources do not provide a directly observable market price, specific valuation techniques that are common in the market and described below are used. DISCOUNTED CASH FLOW The valuation techniques based on the discounted cash flow generally consist in determining an estimate of the future cash flows expected over the life of the instrument. The model requires the estimate of cash flows and the adoption of market parameters for the discount: the discount rate or margin reflects the credit and/or funding spread required by the market for instruments with similar risk and liquidity profiles, in order to define a \u201cdiscounted value\u201d. The fair value of the contract is the sum of the discounted future cash flows. MARKET APPROACH A valuation technique that uses prices generated by market transactions involving assets, liabilities or groups of identical or comparable assets and liabilities. NAV The NAV (Net Asset Value) is the difference between the total value of the fund\u2019s assets and liabilities. An increase in NAV coincides with an increase in fair value. Usually, for funds classified at Level 3, the NAV is a risk-free valuation; therefore, in this case, the NAV is adjusted to consider the issuer\u2019s default risk. HIERARCHY OF FAIR VALUE Financial instruments are assigned to a certain fair value level based on whether the inputs used for valuation are observable. When the fair value is measured directly using an observable quoted price in an active market, the instrument will be classified within Level 1. When the fair value must be measured using a comparable approach or a pricing model, the instrument will be classified in either Level 2 or Level 3, depending on whether all significant inputs used in the valuation are observable. In the choice between the different valuation techniques, the one that maximises the use of the observable inputs is used. All transfers between the levels of the fair value hierarchy are made with reference to the end of the reporting period. The main factors that would prompt a transfer between fair value levels (both between Level 1 and Level 2 and within Level 3) include changes in market conditions and improvements in valuation models and the relative weights of unobservable inputs used in fair value measurement. FAIR VALUE HIERARCHY: ASSET AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS - BREAKDOWN BY FAIR VALUE LEVEL The following table reports the breakdown of assets and liabilities measured at fair value by fair value hierarchy input level. Level 3 of the category \u201cFinancial assets measured at fair value through profit or loss\u201d mainly includes: \u25a0 the value of the notes issued by the securitisation vehicle companies: - Romeo SPV and Mercuzio Securitisation, equal to 5% of the total securities; - Cairo, whose mezzanine notes were purchased on June 5, 2020 to coincide with the acquisition of the subsidiary doValue Greece; - Mexico, purchased in December 2021, remaining 5% of the total of subordinated securities issued by the vehicle; \u25a0 Units in collective investment undertakings (CIUs): the equivalent of the amount paid for the subscription of the remaining 26 units of the Italian Recovery Fund (formerly Atlante II), reserved real estate investment fund, net of redemptions; \u25a0 the fair value of the call option on equity instruments of the investee BidX1, subscribed at the same time as the purchase of the minority interest, which amounted to 17.7% of the company\u2019s share capital as at December 31, 2022. Level 3 of the category \u201cFinancial assets recognised at fair value through comprehensive income\u201d includes the value of the equity instruments relating to the aforementioned minority interest in the company BidX1, for which the Group applies the option for the designation at fair value through comprehensive income. The fair value of these financial liabilities was determined on the basis of the contracts for the acquisition of equity interests and the economic-financial parameters that can be drawn from the long-term plans of the acquired companies. Since these parameters are not observable on the market (either directly or indirectly), these liabilities are classified under Level 3. Level 3 of the category relating to \u201cOther financial liabilities\u201d includes: \u25a0 the Earn-out represented by the fair value of the liability relating to a portion of the acquisition price of Altamira now doValue Spain; \u25a0 the Earn-out represented by the fair value of the liability relating to a portion of the acquisition price of Eurobank FPS (now doValue Greece), which is linked to the achievement of certain EBITDA targets over a 10-year period; \u25a0 the fair value of the liability linked to the put option to purchase residual minority interests in the subsidiary doValue Spain, maturing in the future year. The fair value of these financial liabilities was determined on the basis of the contracts for the acquisition of equity interests and the economic-financial parameters that can be drawn from the long-term plans of the acquired companies. Since these parameters are not observable on the market (either directly or indirectly), these liabilities are classified under Level 3. (\u20ac/000) 12/31/2022 12/31/2021 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets measured at fair value through profit or loss - - 42,323 - - 46,465 Units in collective investment undertakings (CIUs) - - 23,628 - - 25,805 Debt securities - - 18,145 - - 18,881 Equities - - 197 - - 197 Non-hedging derivatives - - 353 - - 1,582 Financial assets measured at fair value through comprehensive income - - 10,171 - - 9,989 Equities - - 10,171 - - 9,989 Total - - 52,494 - - 56,454 Other financial liabilities - - 66,543 - - 45,282 Earn-out - - 44,649 - - 23,043 Put option on non-controlling interests - - 21,894 - - 22,239 Total - - 66,543 - - 45,282 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-392": {
"value": "FAIR VALUE LEVELS 2 AND 3: VALUATION TECHNIQUES AND INPUTS USED The information required by IFRS 13 with regard to accounting portfolios measured at fair value on a recurring basis is shown below. For financial assets not measured at fair value, the Group believes that the book value is a reasonable approximation of the fair value. At the date of preparation of the Consolidated Financial Statements as at December 31, 2022, there are no assets or liabilities measured at fair value on a non-recurring basis. Assets and liabilities measured at fair value on recurring basis ASSET BACKED SECURITIES ABSs are measured using the discounted cash flow model, which is based on an estimate of the cash flows paid by the security and an estimate of a spread for discounting. EQUITIES Equities are assigned to Level 1 when an active market price considered liquid is available and to Level 3 when there are no prices or the prices have been suspended permanently. Such instruments are classified as Level 2 only if the volume of activity on the listing market is significantly reduced. For equities measured at cost, an impairment loss is recognised if the cost exceeds the recoverable amount significantly and/or for a long time. INVESTMENT FUNDS Funds are classified as Level 1 if they are listed on an active market; if this does not occur, they are classified as Level 3 and are assessed through a credit adjustment of the NAV based on the specific characteristics of the individual fund. OTHER DERIVATIVE INSTRUMENTS The fair value of derivatives not traded on an active market derives from the application of mark-to- model valuation techniques. When there is an active market for the input parameters to the valuation model of the different components of the derivative, the fair value is determined on the basis of their market prices. Valuation techniques based on observable inputs are classified as Level 2 while those based on significant unobservable inputs are classified as Level 3. Description of assessment techniques In order to assess positions for which market sources do not provide a directly observable market price, specific valuation techniques that are common in the market and described below are used. DISCOUNTED CASH FLOW The valuation techniques based on the discounted cash flow generally consist in determining an estimate of the future cash flows expected over the life of the instrument. The model requires the estimate of cash flows and the adoption of market parameters for the discount: the discount rate or margin reflects the credit and/or funding spread required by the market for instruments with similar risk and liquidity profiles, in order to define a \u201cdiscounted value\u201d. The fair value of the contract is the sum of the discounted future cash flows. MARKET APPROACH A valuation technique that uses prices generated by market transactions involving assets, liabilities or groups of identical or comparable assets and liabilities. NAV The NAV (Net Asset Value) is the difference between the total value of the fund\u2019s assets and liabilities. An increase in NAV coincides with an increase in fair value. Usually, for funds classified at Level 3, the NAV is a risk-free valuation; therefore, in this case, the NAV is adjusted to consider the issuer\u2019s default risk. HIERARCHY OF FAIR VALUE Financial instruments are assigned to a certain fair value level based on whether the inputs used for valuation are observable. When the fair value is measured directly using an observable quoted price in an active market, the instrument will be classified within Level 1. When the fair value must be measured using a comparable approach or a pricing model, the instrument will be classified in either Level 2 or Level 3, depending on whether all significant inputs used in the valuation are observable. In the choice between the different valuation techniques, the one that maximises the use of the observable inputs is used. All transfers between the levels of the fair value hierarchy are made with reference to the end of the reporting period. The main factors that would prompt a transfer between fair value levels (both between Level 1 and Level 2 and within Level 3) include changes in market conditions and improvements in valuation models and the relative weights of unobservable inputs used in fair value measurement. FAIR VALUE HIERARCHY: ASSET AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS - BREAKDOWN BY FAIR VALUE LEVEL The following table reports the breakdown of assets and liabilities measured at fair value by fair value hierarchy input level. Level 3 of the category \u201cFinancial assets measured at fair value through profit or loss\u201d mainly includes: \u25a0 the value of the notes issued by the securitisation vehicle companies: - Romeo SPV and Mercuzio Securitisation, equal to 5% of the total securities; - Cairo, whose mezzanine notes were purchased on June 5, 2020 to coincide with the acquisition of the subsidiary doValue Greece; - Mexico, purchased in December 2021, remaining 5% of the total of subordinated securities issued by the vehicle; \u25a0 Units in collective investment undertakings (CIUs): the equivalent of the amount paid for the subscription of the remaining 26 units of the Italian Recovery Fund (formerly Atlante II), reserved real estate investment fund, net of redemptions; \u25a0 the fair value of the call option on equity instruments of the investee BidX1, subscribed at the same time as the purchase of the minority interest, which amounted to 17.7% of the company\u2019s share capital as at December 31, 2022. Level 3 of the category \u201cFinancial assets recognised at fair value through comprehensive income\u201d includes the value of the equity instruments relating to the aforementioned minority interest in the company BidX1, for which the Group applies the option for the designation at fair value through comprehensive income. The fair value of these financial liabilities was determined on the basis of the contracts for the acquisition of equity interests and the economic-financial parameters that can be drawn from the long-term plans of the acquired companies. Since these parameters are not observable on the market (either directly or indirectly), these liabilities are classified under Level 3. Level 3 of the category relating to \u201cOther financial liabilities\u201d includes: \u25a0 the Earn-out represented by the fair value of the liability relating to a portion of the acquisition price of Altamira now doValue Spain; \u25a0 the Earn-out represented by the fair value of the liability relating to a portion of the acquisition price of Eurobank FPS (now doValue Greece), which is linked to the achievement of certain EBITDA targets over a 10-year period; \u25a0 the fair value of the liability linked to the put option to purchase residual minority interests in the subsidiary doValue Spain, maturing in the future year. The fair value of these financial liabilities was determined on the basis of the contracts for the acquisition of equity interests and the economic-financial parameters that can be drawn from the long-term plans of the acquired companies. Since these parameters are not observable on the market (either directly or indirectly), these liabilities are classified under Level 3. (\u20ac/000) 12/31/2022 12/31/2021 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets measured at fair value through profit or loss - - 42,323 - - 46,465 Units in collective investment undertakings (CIUs) - - 23,628 - - 25,805 Debt securities - - 18,145 - - 18,881 Equities - - 197 - - 197 Non-hedging derivatives - - 353 - - 1,582 Financial assets measured at fair value through comprehensive income - - 10,171 - - 9,989 Equities - - 10,171 - - 9,989 Total - - 52,494 - - 56,454 Other financial liabilities - - 66,543 - - 45,282 Earn-out - - 44,649 - - 23,043 Put option on non-controlling interests - - 21,894 - - 22,239 Total - - 66,543 - - 45,282 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-430": {
"value": "HIERARCHY OF FAIR VALUE Financial instruments are assigned to a certain fair value level based on whether the inputs used for valuation are observable. When the fair value is measured directly using an observable quoted price in an active market, the instrument will be classified within Level 1. When the fair value must be measured using a comparable approach or a pricing model, the instrument will be classified in either Level 2 or Level 3, depending on whether all significant inputs used in the valuation are observable. In the choice between the different valuation techniques, the one that maximises the use of the observable inputs is used. All transfers between the levels of the fair value hierarchy are made with reference to the end of the reporting period. The main factors that would prompt a transfer between fair value levels (both between Level 1 and Level 2 and within Level 3) include changes in market conditions and improvements in valuation models and the relative weights of unobservable inputs used in fair value measurement. FAIR VALUE HIERARCHY: ASSET AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS - BREAKDOWN BY FAIR VALUE LEVEL The following table reports the breakdown of assets and liabilities measured at fair value by fair value hierarchy input level. Level 3 of the category \u201cFinancial assets measured at fair value through profit or loss\u201d mainly includes: \u25a0 the value of the notes issued by the securitisation vehicle companies: - Romeo SPV and Mercuzio Securitisation, equal to 5% of the total securities; - Cairo, whose mezzanine notes were purchased on June 5, 2020 to coincide with the acquisition of the subsidiary doValue Greece; - Mexico, purchased in December 2021, remaining 5% of the total of subordinated securities issued by the vehicle; \u25a0 Units in collective investment undertakings (CIUs): the equivalent of the amount paid for the subscription of the remaining 26 units of the Italian Recovery Fund (formerly Atlante II), reserved real estate investment fund, net of redemptions; \u25a0 the fair value of the call option on equity instruments of the investee BidX1, subscribed at the same time as the purchase of the minority interest, which amounted to 17.7% of the company\u2019s share capital as at December 31, 2022. Level 3 of the category \u201cFinancial assets recognised at fair value through comprehensive income\u201d includes the value of the equity instruments relating to the aforementioned minority interest in the company BidX1, for which the Group applies the option for the designation at fair value through comprehensive income. The fair value of these financial liabilities was determined on the basis of the contracts for the acquisition of equity interests and the economic-financial parameters that can be drawn from the long-term plans of the acquired companies. Since these parameters are not observable on the market (either directly or indirectly), these liabilities are classified under Level 3. Level 3 of the category relating to \u201cOther financial liabilities\u201d includes: \u25a0 the Earn-out represented by the fair value of the liability relating to a portion of the acquisition price of Altamira now doValue Spain; \u25a0 the Earn-out represented by the fair value of the liability relating to a portion of the acquisition price of Eurobank FPS (now doValue Greece), which is linked to the achievement of certain EBITDA targets over a 10-year period; \u25a0 the fair value of the liability linked to the put option to purchase residual minority interests in the subsidiary doValue Spain, maturing in the future year. The fair value of these financial liabilities was determined on the basis of the contracts for the acquisition of equity interests and the economic-financial parameters that can be drawn from the long-term plans of the acquired companies. Since these parameters are not observable on the market (either directly or indirectly), these liabilities are classified under Level 3. (\u20ac/000) 12/31/2022 12/31/2021 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets measured at fair value through profit or loss - - 42,323 - - 46,465 Units in collective investment undertakings (CIUs) - - 23,628 - - 25,805 Debt securities - - 18,145 - - 18,881 Equities - - 197 - - 197 Non-hedging derivatives - - 353 - - 1,582 Financial assets measured at fair value through comprehensive income - - 10,171 - - 9,989 Equities - - 10,171 - - 9,989 Total - - 52,494 - - 56,454 Other financial liabilities - - 66,543 - - 45,282 Earn-out - - 44,649 - - 23,043 Put option on non-controlling interests - - 21,894 - - 22,239 Total - - 66,543 - - 45,282 2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-20": {
"value": "Assets 3 .1 NOTE 1 \u2013 INTANGIBLE ASSETS The opening balances are mainly represented by the value of multi-annual servicing contracts included in the item \u201cother intangible assets\u201d and by the goodwill deriving from the acquisitions completed by the Group: in June 2019, the acquisition of Altamira Asset Management (today doValue Spain Servicing, hereinafter also \u201cdoValue Spain\u201d) and its subsidiaries, and in June 2020 the business combination of Eurobank-FPS (now doValue Greece). Thanks to the acquisition of doValue Greece, the following net values were recognised as at December 31, 2022: \u25a0 \u20ac22.5 million relating to software and related assets under development; \u25a0 \u20ac174.8 million related to multi-year servicing contracts (\u201cSLAs\u201d), of which \u20ac38.5 million related to the Frontier portfolio; \u25a0 \u20ac112.4 million relating to goodwill. With regard to the acquisition of doValue Spain and its subsidiaries, the net values as at December 31, 2022, were as follows: \u25a0 \u20ac13.1 million relating to software and related assets under development; \u25a0 \u20ac24.5 million relating to the brand; \u25a0 \u20ac35.4 million relating to other intangible assets, which include the valuation of active long-term servicing contracts (\u201cSLAs\u201d); \u25a0 \u20ac124.1 million relating to goodwill. (\u20ac/000) Software Brands Assets under development and payments on account Goodwill Other intangible assets Total 12/31/2022 Total 12/31/2021 Gross opening balance 144,714 46,881 12,571 236,897 431,340 872,403 811,834 Initial reduction in value (118,315) (18,375) - - (190,488) (327,178) (234,374) Net opening balance 26,399 28,506 12,571 236,897 240,852 545,225 577,460 Initial adjustments - - - - - - 3,351 Changes in gross balance 30,296 4 (1,780) - 5,078 33,598 57,218 Purchases 22,201 4 8,281 - 6,080 36,566 61,010 Disposals - - - - - - (86) Impairment (754) - - - (590) (1,344) (3,524) Other changes 8,849 - (10,061) - (412) (1,624) (182) Changes in reduction in value (12,254) (3,929) - - (35,752) (51,935) (92,804) Amortisation (13,466) (3,929) - - (36,164) (53,559) (76,288) Other changes 1,212 - - - 412 1,624 (16,516) Gross closing balance 175,010 46,885 10,791 236,897 436,418 906,001 872,403 Final reduction in value (130,569) (22,304) - - (226,240) (379,113) (327,178) Net closing balance 44,441 24,581 10,791 236,897 210,178 526,888 545,225 The changes in gross balance mainly include \u201cpurchases\u201d, which during the year were concentrated on the development of the IT platform, with an increase in the \u201csoftware\u201d and \u201cassets under development and payments on account\u201d categories totalling \u20ac30.5 million. With regard to the category \u201cother intangible assets\u201d, the reported increase of \u20ac6.1 million refers to the value recognised for additional costs incurred in obtaining the servicing contract for the Frontier portfolio. The item also includes an \u201cimpairment\u201d for a total of \u20ac1.3 million. The latter refer for \u20ac0.8 million to software discontinued for the renewal of the Group\u2019s technology infrastructure, while the remaining \u20ac0.6 million is the result of the impairment test in accordance with IAS 36 carried out on the values of intangible assets as at December 31, 2022. The \u201cother changes\u201d, which mainly affect the \u201csoftware\u201d and \u201cassets under development and payments on account\u201d categories, relate to the reclassification of assets between the two categories in connection with the entry into use of software. The changes in reduction in value mainly consist of the amortisation charges for the year of \u20ac53.6 million. \u201cOther intangible assets\u201d include the values of long-term servicing contracts deriving from the evaluation of the doValue Spain and doValue Greece acquisition transactions and the \u201cFrontier\u201d contract, which are systematically amortised based on the direct margin curve for each contract over the course of its entire useful life, consistent with the best estimate of the cash flows from each individual contract. The amortisation charge for the year of each contract was calculated to an extent corresponding to the EBITDA posted in the period. For the purpose of preparing the impairment test on the values as at December 31, 2022, continuing with the approach taken to the test performed on the data as at December 31, 2021, and June 30, 2022, the Cash Generating Units (CGUs) in the two geographical segmentation areas pertaining to doValue Spain and its subsidiaries and to doValue Greece, namely \u201cIberia\u201d (Spain and Portugal) and the \u201cHellenic Region\u201d (Cyprus and Greece) were used, and the allocation of intangible assets and goodwill to the two separate CGUs was determined. For the purposes of the test, the forward-looking information determined in accordance with the 2022-2024 business plan approved on January 25, 2022, by the doValue Board of Directors was considered, which was updated with the 2023 budget data approved in December 2022 by the same body. With regard to the subsidiary doValue Spain in particular, the implications of the non-renewal of the management contract by Sareb were also taken into account. As part of the analysis, the current value in use attributable to the individual active servicing contracts was therefore consistently estimated, considering the respective expected cash flows over the entire useful life. As regards goodwill, the comparison between the recoverable value and the aggregate net book value of the CGUs as at December 31, 2022, in both cases the model highlighted a large amount of recoverable value, pointing out the absence of impairment losses of the \u201cgoodwill\u201d item. With regard to the test performed on the other intangible components of the item, the analysis revealed some evidence of impairment such as differences between the value in use of active servicing contracts and the relative book value net of amortisation for the period, for a total of \u20ac0.6 million referring to doValue Spain\u2019s Sareb contract, which ended in June 2022. The discount rate (WACC - Weighted Average Cost of Capital) used in the impairment analysis carried out on goodwill and other intangible assets was 6.7% for the Spain and Portugal CGU and 8.0% for both the remaining Cyprus component of the Greece and Cyprus CGU and the Greece component alone in relation to the testing of the PPA of doValue Greece and the \u201cFrontier\u201d contract. The following table summarises the outcome of the impairment test on the intangible assets of doValue Spain: (\u20ac/000) Net present value Net book value Impairment Software 8,887 8,887 - Brand 26,663 24,508 - Other intangible assets - SLAs 35,946 23,546 590 Intangible Assets - Iberia 71,496 56,941 590 Software 1,505 1,505 - Other intangible assets - SLAs 24,595 12,448 - Intangible Assets - Hellenic Region 26,100 13,953 - Total 97,596 70,894 590 Similarly, the table summarising the impairment test performed on the value attributed to the intangible assets of doValue Greece is shown below. Net present value Net book value Impairment Intangible Assets \u2013 SLAs - Hellenic Region 341,238 174,776 - Total 341,238 174,776 - (\u20ac/000) With regard to the methods used to carry out the test, please refer to the Section \u201cAccounting Policies \u2013 Risks and uncertainties associated with the use of estimates\u201d in the paragraph dedicated to Estimation of impairment losses on intangible assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-393": {
"value": "For the purpose of preparing the impairment test on the values as at December 31, 2022, continuing with the approach taken to the test performed on the data as at December 31, 2021, and June 30, 2022, the Cash Generating Units (CGUs) in the two geographical segmentation areas pertaining to doValue Spain and its subsidiaries and to doValue Greece, namely \u201cIberia\u201d (Spain and Portugal) and the \u201cHellenic Region\u201d (Cyprus and Greece) were used, and the allocation of intangible assets and goodwill to the two separate CGUs was determined. For the purposes of the test, the forward-looking information determined in accordance with the 2022-2024 business plan approved on January 25, 2022, by the doValue Board of Directors was considered, which was updated with the 2023 budget data approved in December 2022 by the same body. With regard to the subsidiary doValue Spain in particular, the implications of the non-renewal of the management contract by Sareb were also taken into account. As part of the analysis, the current value in use attributable to the individual active servicing contracts was therefore consistently estimated, considering the respective expected cash flows over the entire useful life. As regards goodwill, the comparison between the recoverable value and the aggregate net book value of the CGUs as at December 31, 2022, in both cases the model highlighted a large amount of recoverable value, pointing out the absence of impairment losses of the \u201cgoodwill\u201d item. With regard to the test performed on the other intangible components of the item, the analysis revealed some evidence of impairment such as differences between the value in use of active servicing contracts and the relative book value net of amortisation for the period, for a total of \u20ac0.6 million referring to doValue Spain\u2019s Sareb contract, which ended in June 2022. The discount rate (WACC - Weighted Average Cost of Capital) used in the impairment analysis carried out on goodwill and other intangible assets was 6.7% for the Spain and Portugal CGU and 8.0% for both the remaining Cyprus component of the Greece and Cyprus CGU and the Greece component alone in relation to the testing of the PPA of doValue Greece and the \u201cFrontier\u201d contract. The following table summarises the outcome of the impairment test on the intangible assets of doValue Spain: (\u20ac/000) Net present value Net book value Impairment Software 8,887 8,887 - Brand 26,663 24,508 - Other intangible assets - SLAs 35,946 23,546 590 Intangible Assets - Iberia 71,496 56,941 590 Software 1,505 1,505 - Other intangible assets - SLAs 24,595 12,448 - Intangible Assets - Hellenic Region 26,100 13,953 - Total 97,596 70,894 590 Similarly, the table summarising the impairment test performed on the value attributed to the intangible assets of doValue Greece is shown below. Net present value Net book value Impairment Intangible Assets \u2013 SLAs - Hellenic Region 341,238 174,776 - Total 341,238 174,776 - (\u20ac/000) With regard to the methods used to carry out the test, please refer to the Section \u201cAccounting Policies \u2013 Risks and uncertainties associated with the use of estimates\u201d in the paragraph dedicated to Estimation of impairment losses on intangible assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-431": {
"value": "For the purpose of preparing the impairment test on the values as at December 31, 2022, continuing with the approach taken to the test performed on the data as at December 31, 2021, and June 30, 2022, the Cash Generating Units (CGUs) in the two geographical segmentation areas pertaining to doValue Spain and its subsidiaries and to doValue Greece, namely \u201cIberia\u201d (Spain and Portugal) and the \u201cHellenic Region\u201d (Cyprus and Greece) were used, and the allocation of intangible assets and goodwill to the two separate CGUs was determined. For the purposes of the test, the forward-looking information determined in accordance with the 2022-2024 business plan approved on January 25, 2022, by the doValue Board of Directors was considered, which was updated with the 2023 budget data approved in December 2022 by the same body. With regard to the subsidiary doValue Spain in particular, the implications of the non-renewal of the management contract by Sareb were also taken into account. As part of the analysis, the current value in use attributable to the individual active servicing contracts was therefore consistently estimated, considering the respective expected cash flows over the entire useful life. As regards goodwill, the comparison between the recoverable value and the aggregate net book value of the CGUs as at December 31, 2022, in both cases the model highlighted a large amount of recoverable value, pointing out the absence of impairment losses of the \u201cgoodwill\u201d item. With regard to the test performed on the other intangible components of the item, the analysis revealed some evidence of impairment such as differences between the value in use of active servicing contracts and the relative book value net of amortisation for the period, for a total of \u20ac0.6 million referring to doValue Spain\u2019s Sareb contract, which ended in June 2022. The discount rate (WACC - Weighted Average Cost of Capital) used in the impairment analysis carried out on goodwill and other intangible assets was 6.7% for the Spain and Portugal CGU and 8.0% for both the remaining Cyprus component of the Greece and Cyprus CGU and the Greece component alone in relation to the testing of the PPA of doValue Greece and the \u201cFrontier\u201d contract. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-394": {
"value": "NOTE 2 \u2013 PROPERTY, PLANT AND EQUIPMENT In 2022, the item recorded an overall decrease of \u20ac25.0 million, going from \u20ac34.1 million to \u20ac59.1 million. The changes in gross balance mainly include \u201cpurchases\u201d, which in the year totalled \u20ac42.0 million (of which \u20ac38.0 million in rights of use) and consisted of the renewal of rental contracts for certain premises in Italy and Cyprus for a total of \u20ac20.1 million, as well as purchases for the new technology infrastructure for \u20ac16.9 million (of which \u20ac16.2 million recognised as rights of use in accordance with IFRS 16). The \u201cother changes\u201d in gross balance should be read together with the same component included under changes in reduction in value and are largely related to the disposal of depreciated assets; for the \u201cbuildings\u201d category, these two components represent the write-off of the right of use and the related accumulated depreciation of two buildings in use in Rome and Milan, which was made possible thanks to the logistics efficiency and work organisation through the use of smart-working. The changes in reduction in value included depreciation of \u20ac16.6 million, of which \u20ac13.1 million related to rights of use. Please see Note 19 for more details on changes in rights of use. (\u20ac/000) Buildings Furniture Electronic Systems Assets under development and payments on account Other Total 12/31/2022 Total 12/31/2021 Gross opening balance 54,889 3,187 11,794 - 18,218 88,088 76,482 Initial reduction in value (29,216) (2,479) (9,496) - (12,748) (53,939) (40,361) Net opening balance 25,673 708 2,298 - 5,470 34,149 36,121 Changes in gross balance 15,082 379 17,345 1,455 (2,526) 31,735 11,603 Purchases 20,743 541 16,859 1,455 2,375 41,973 13,367 o.w. Right of Use 20,060 - 16,151 - 1,816 38,027 9,173 Disposals - - - - - - (229) Impairment - - - - - - (30) Other changes (5,661) (162) 486 - (4,901) (10,238) (1,505) Changes in reduction in value (4,192) (607) (3,932) - 1,983 (6,748) (13,578) Amortisation (9,673) (684) (3,060) - (3,209) (16,626) (14,725) o.w. Right of Use (8,805) - (1,932) - (2,324) (13,061) (11,878) Other changes 5,481 77 (872) - 5,192 9,878 1,147 Gross closing balance 69,971 3,566 29,139 1,455 15,692 119,823 88,088 Final reduction in value (33,408) (3,086) (13,428) - (10,765) (60,687) (53,939) Net closing balance 36,563 480 15,711 1,455 4,927 59,136 34,149 3 Lease liabilities, split into current and non-current components, represent the recognition of the current value of the remaining lease payments following the introduction of IFRS 16. Please see Note 19 for information on changes in lease liabilities during the period. NOTE 19 \u2013 LEASES The Group entered into lease contracts in place for buildings, electronic equipment (hardware) and cars, which are classified as \u201cother tangible assets\u201d and are used for operations or assigned to employees. The property leases generally have an original term ranging from a minimum of 4 to a maximum of 7 years, those referring to hardware 8 years, while the vehicle leases generally have an original term of 4 years. The liabilities in respect of these lease contracts are secured by the lessors\u2019 ownership of the leased assets. In general, the Group cannot sublet its leased assets to third parties. Most of the leases include renewal or cancellation options typical of property leases, while none envisage variable payments. (\u20ac/000) Buildings Furniture Electronic system Other tangible assets Total 12/31/2022 Total 12/31/2021 Opening balance 22,925 - - 3,099 26,024 29,330 Increases 14,227 - 16,151 (2,471) 27,907 9,281 Purchases 20,060 - 16,151 1,816 38,027 9,173 Other changes (5,833) - - (4,287) (10,120) 108 Decreases (3,266) - (1,932) 1,917 (3,281) (12,857) Amortisation (8,805) - (1,932) (2,324) (13,061) (11,878) Other changes 5,539 - - 4,241 9,780 (709) Closing balance 33,886 - 14,219 2,545 50,650 26,024 Information is provided below on the carrying amounts of the lease liabilities (included in the item \u201cOther financial liabilities\u201d) and their changes in the period: (\u20ac/000) 12/31/2022 12/31/2021 Opening balance 26,366 28,793 Increases 35,908 7,833 New liabilities 34,936 1,369 Financial expenses 963 674 Other changes 9 5,790 Decreases (12,336) (10,260) Payments (11,941) (8,639) Other changes (395) (1,621) Closing balance 49,938 26,366 o.w.: Non-current lease liabilities 38,109 18,255 o.w.: Current lease liabilities 11,829 8,111 The increases of \u20ac35.9 million mainly refer to the buildings category following the renewal of lease contracts for certain premises in Italy and Cyprus (\u20ac20.1 million). Further increases of \u20ac14.4 million resulted from the new hardware infrastructure contract that affects almost all of the Group\u2019s foreign companies. The following table reports the carrying amounts of right-of-use assets and changes in the period: (\u20ac/000) 12/31/2022 12/31/2021 Amortisation of right-of-use assets (13,060) (11,879) Financial expenses from lease liabilities (963) (674) Total (14,023) (12,553) The Group also holds lease contracts for certain electronic systems (hardware), properties and vehicles with a term equal to or less than 12 months or whose value is low. For these contracts, the Group has elected to apply the exceptions provided for under IFRS 16 regarding short-term or low value leases for which a summary table is provided below showing the costs incurred during the year: The amounts recognised in profit or loss are provided in the following table: (\u20ac/000) 12/31/2022 12/31/2021 Costs relating to short-term leases (25) (59) Costs relating to lease of assets with a low unit value - - Total (25) (59)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-21": {
"value": "NOTE 2 \u2013 PROPERTY, PLANT AND EQUIPMENT In 2022, the item recorded an overall decrease of \u20ac25.0 million, going from \u20ac34.1 million to \u20ac59.1 million. The changes in gross balance mainly include \u201cpurchases\u201d, which in the year totalled \u20ac42.0 million (of which \u20ac38.0 million in rights of use) and consisted of the renewal of rental contracts for certain premises in Italy and Cyprus for a total of \u20ac20.1 million, as well as purchases for the new technology infrastructure for \u20ac16.9 million (of which \u20ac16.2 million recognised as rights of use in accordance with IFRS 16). The \u201cother changes\u201d in gross balance should be read together with the same component included under changes in reduction in value and are largely related to the disposal of depreciated assets; for the \u201cbuildings\u201d category, these two components represent the write-off of the right of use and the related accumulated depreciation of two buildings in use in Rome and Milan, which was made possible thanks to the logistics efficiency and work organisation through the use of smart-working. The changes in reduction in value included depreciation of \u20ac16.6 million, of which \u20ac13.1 million related to rights of use. Please see Note 19 for more details on changes in rights of use. (\u20ac/000) Buildings Furniture Electronic Systems Assets under development and payments on account Other Total 12/31/2022 Total 12/31/2021 Gross opening balance 54,889 3,187 11,794 - 18,218 88,088 76,482 Initial reduction in value (29,216) (2,479) (9,496) - (12,748) (53,939) (40,361) Net opening balance 25,673 708 2,298 - 5,470 34,149 36,121 Changes in gross balance 15,082 379 17,345 1,455 (2,526) 31,735 11,603 Purchases 20,743 541 16,859 1,455 2,375 41,973 13,367 o.w. Right of Use 20,060 - 16,151 - 1,816 38,027 9,173 Disposals - - - - - - (229) Impairment - - - - - - (30) Other changes (5,661) (162) 486 - (4,901) (10,238) (1,505) Changes in reduction in value (4,192) (607) (3,932) - 1,983 (6,748) (13,578) Amortisation (9,673) (684) (3,060) - (3,209) (16,626) (14,725) o.w. Right of Use (8,805) - (1,932) - (2,324) (13,061) (11,878) Other changes 5,481 77 (872) - 5,192 9,878 1,147 Gross closing balance 69,971 3,566 29,139 1,455 15,692 119,823 88,088 Final reduction in value (33,408) (3,086) (13,428) - (10,765) (60,687) (53,939) Net closing balance 36,563 480 15,711 1,455 4,927 59,136 34,149 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-22": {
"value": "NOTE 3 \u2013 FINANCIAL ASSETS Non-current financial assets measured at fair value through profit or loss include CIUs units, debt securities, equities and non-hedging derivatives. CIUs units relate to 26 units of the restricted closed-end alternative securities investment fund denominated Italian Recovery Fund (formerly Atlante II). Partial repayments of \u20ac1.5 million were recorded during the year, while additional shares to be subscribed of \u20ac1.1 million were recognised under commitments. The fair value of the CIUs units, determined through a credit adjustment of the NAV based on the specific characteristics communicated by the Fund, showed a negative difference of \u20ac0.7 million compared to the previous year. Debt securities decreased by \u20ac0.7 million, of which \u20ac0.6 million was due to the application of the Discounted Cash Flow method, as described in the section on Accounting Policies - Information on fair value. The residual balance of debt securities is represented, for \u20ac13.5 million by the ABS securities of the Cairo securitisations acquired as part of the acquisition of Eurobank-FPS (now doValue Greece), for \u20ac2.3 million by the value of the ABS securities relating to the Romeo SPV and Mercuzio Securitisation securitisations and, for \u20ac2.3 million by the co-investment in the Mexico securitisation notes. Equities classified at fair value through profit or loss are attributable to the minority interests for which the Group has not exercised the envisaged option under IFRS 9 to measure these instruments at fair value through other comprehensive income without recycling to profit or loss. Non-hedging derivatives include an option linked to the purchase of further equity interests in the company BidX1 mentioned below among the financial assets recognized at fair value through other comprehensive income. (\u20ac/000) 12/31/2022 12/31/2021 Non-current financial assets 53,604 60,445 Financial assets measured at fair value through profit or loss 42,323 44,949 Units in collective investment undertakings (CIUs) 23,628 25,805 Debt securities 18,145 18,881 Equities 197 197 Non-hedging derivatives 353 66 Financial assets measured at amortised cost 1,110 5,507 Loans to customers 1,057 5,441 Loans to banks 53 66 Financial assets measured at fair value through other comprehensive income 10,171 9,989 Equities 10,171 9,989 Current financial assets 4,380 1,516 Financial assets measured at fair value through profit or loss - 1,516 Non-hedging derivatives - 1,516 Financial assets measured at amortised cost 4,380 - Loans to customers 4,380 - Total 57,984 61,961 The category of non-current financial assets measured at amortised cost mainly included loans to customers, which decreased from \u20ac5.5 million to \u20ac1.1 million as a result of the classification in the current component of the portion of loans attributable to the subsidiary doNext, which derive from the use of financial resources originating from a limited recourse loan for a specific business and classified as current loans and other financing. On January 9, 2023, the contract to assign the loan to a third party was finalised. For more details, please refer to the section of financial risks in the chapter on Information on risks and risks management policies. The category of non-current financial assets measured at fair value through other comprehensive income includes the value of equities relating to two companies for which the Group exercised the option available under IFRS 9 to measure these instruments at fair value through other comprehensive income without recycling to profit or loss: - \u20ac1.5 million equal to 11.46% of the Brazilian fintech company QueroQuitar S.A. which operates in the field of digital collections; - \u20ac8.7 million equal to 17.7% of BidX1, an Irish proptech company specialising in the promotion and execution of real estate transactions through online auction processes in real time. In December 2022, doValue exercised its option to purchase 5,635 shares at a price of \u00a31 for a value of \u20ac6,548.30, thereby increasing its stake to 15.2% in 2021. This transaction, together with the related fair value measurement updated as at December 31, 2022, resulted in an overall increase of \u20ac0.2 million on the BidX1 equity. Directly related to the exercise of the purchase option in BidX1 described above, we also note the termination of the non-hedging derivative, which will be recognised in 2021 under current financial assets at fair value through profit or loss. Focus on securitisations Over the years, the Group originated securitisations or invested in them through the subscription of the related debt securities, also assuming the role of Servicer. A brief description of these transactions is provided below. On September 30, 2016, the assignment of the non-performing portfolio of the Parent Company doValue to the securitisation vehicle Romeo SPV S.r.l. (\u201cRomeo\u201d) was finalised. Romeo was established pursuant to Italian Law 130/1999. Subsequently, in the second quarter of 2017, the unsecured part of the portfolio was transferred to the vehicle Mercuzio Securitisation S.r.l. (\u201cMercuzio\u201d) and, at the same time, the issue of ABSs was completed by both SPVs with a single tranching of the securities. As originator, the Parent Company doValue subscribed a nominal value of notes equal to 5% of the total securities issued in order to comply with the provisions of the retention rule referred to in Regulation (EU) 575/2013 (the CRR). In both transactions, doValue Group plays the role of Servicer and Administrative Services Provider. At the same time as the acquisition of Eurobank FPS in June 2020 mezzanine notes of the 3 Cairo securitisations (Cairo I, Cairo II and Cairo III) were subscribed, the securities of which are backed by state guarantees (\u201cAsset Protection Scheme\u201d). The originator of this transaction is Eurobank, which sold \u20ac7.4 billion of performing and non-performing loans. In December 2020, mezzanine and junior ABS securities were also subscribed for the Relais securitisation, which concerns lease receivables sold by UniCredit. However, these notes were sold in February 2021, while the Group maintained the roles of Master Servicer (performed by doNext) and Special Servicer (performed by doValue). In the second half of 2021, in relation to the Mexico transaction, the Parent Company doValue subscribed an amount equal to \u20ac45.0 million of junior and mezzanine notes, equal to 95% of the notes issued by the vehicle and at the same time sold 90% of the total notes issued to a third investor; the remaining portion of notes recognised in the financial statements therefore corresponds to 5% class B (mezzanine) and 5% class C (junior). The Group is servicer of the portfolio through the subsidiary doValue Greece.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-395": {
"value": "Non-current financial assets measured at fair value through profit or loss include CIUs units, debt securities, equities and non-hedging derivatives. CIUs units relate to 26 units of the restricted closed-end alternative securities investment fund denominated Italian Recovery Fund (formerly Atlante II). Partial repayments of \u20ac1.5 million were recorded during the year, while additional shares to be subscribed of \u20ac1.1 million were recognised under commitments. The fair value of the CIUs units, determined through a credit adjustment of the NAV based on the specific characteristics communicated by the Fund, showed a negative difference of \u20ac0.7 million compared to the previous year. Debt securities decreased by \u20ac0.7 million, of which \u20ac0.6 million was due to the application of the Discounted Cash Flow method, as described in the section on Accounting Policies - Information on fair value. The residual balance of debt securities is represented, for \u20ac13.5 million by the ABS securities of the Cairo securitisations acquired as part of the acquisition of Eurobank-FPS (now doValue Greece), for \u20ac2.3 million by the value of the ABS securities relating to the Romeo SPV and Mercuzio Securitisation securitisations and, for \u20ac2.3 million by the co-investment in the Mexico securitisation notes. Equities classified at fair value through profit or loss are attributable to the minority interests for which the Group has not exercised the envisaged option under IFRS 9 to measure these instruments at fair value through other comprehensive income without recycling to profit or loss. Non-hedging derivatives include an option linked to the purchase of further equity interests in the company BidX1 mentioned below among the financial assets recognized at fair value through other comprehensive income. Directly related to the exercise of the purchase option in BidX1 described above, we also note the termination of the non-hedging derivative, which will be recognised in 2021 under current financial assets at fair value through profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-433": {
"value": "Debt securities decreased by \u20ac0.7 million, of which \u20ac0.6 million was due to the application of the Discounted Cash Flow method, as described in the section on Accounting Policies - Information on fair value. The residual balance of debt securities is represented, for \u20ac13.5 million by the ABS securities of the Cairo securitisations acquired as part of the acquisition of Eurobank-FPS (now doValue Greece), for \u20ac2.3 million by the value of the ABS securities relating to the Romeo SPV and Mercuzio Securitisation securitisations and, for \u20ac2.3 million by the co-investment in the Mexico securitisation notes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-432": {
"value": "Equities classified at fair value through profit or loss are attributable to the minority interests for which the Group has not exercised the envisaged option under IFRS 9 to measure these instruments at fair value through other comprehensive income without recycling to profit or loss. The category of non-current financial assets measured at fair value through other comprehensive income includes the value of equities relating to two companies for which the Group exercised the option available under IFRS 9 to measure these instruments at fair value through other comprehensive income without recycling to profit or loss: - \u20ac1.5 million equal to 11.46% of the Brazilian fintech company QueroQuitar S.A. which operates in the field of digital collections; - \u20ac8.7 million equal to 17.7% of BidX1, an Irish proptech company specialising in the promotion and execution of real estate transactions through online auction processes in real time. In December 2022, doValue exercised its option to purchase 5,635 shares at a price of \u00a31 for a value of \u20ac6,548.30, thereby increasing its stake to 15.2% in 2021. This transaction, together with the related fair value measurement updated as at December 31, 2022, resulted in an overall increase of \u20ac0.2 million on the BidX1 equity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-397": {
"value": "The category of non-current financial assets measured at amortised cost mainly included loans to customers, which decreased from \u20ac5.5 million to \u20ac1.1 million as a result of the classification in the current component of the portion of loans attributable to the subsidiary doNext, which derive from the use of financial resources originating from a limited recourse loan for a specific business and classified as current loans and other financing. On January 9, 2023, the contract to assign the loan to a third party was finalised. For more details, please refer to the section of financial risks in the chapter on Information on risks and risks management policies. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-396": {
"value": "The category of non-current financial assets measured at fair value through other comprehensive income includes the value of equities relating to two companies for which the Group exercised the option available under IFRS 9 to measure these instruments at fair value through other comprehensive income without recycling to profit or loss: - \u20ac1.5 million equal to 11.46% of the Brazilian fintech company QueroQuitar S.A. which operates in the field of digital collections; - \u20ac8.7 million equal to 17.7% of BidX1, an Irish proptech company specialising in the promotion and execution of real estate transactions through online auction processes in real time. In December 2022, doValue exercised its option to purchase 5,635 shares at a price of \u00a31 for a value of \u20ac6,548.30, thereby increasing its stake to 15.2% in 2021. This transaction, together with the related fair value measurement updated as at December 31, 2022, resulted in an overall increase of \u20ac0.2 million on the BidX1 equity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-23": {
"value": "NOTE 4 \u2013 DEFERRED TAX ASSETS AND LIABILITIES The items report deferred tax assets by deductible temporary difference. Deferred tax assets (hereinafter also referred to as \u201cDTA\u201d) include amounts in respect of loan write- downs, tax losses carried forward and deferred tax assets determined specifically on the basis of the stocks of the components to which they refer (e.g. litigation, provisions for employees). In this regard, the Parent Company exercised the option to retain the possibility of converting deferred tax assets into tax credits pursuant to Article 11 of Italian Legislative Decree 59 of May 3, 2016, ratified with Italian Law 119 of June 30, 2016. This measure introduced the optional regime in order to eliminate issues that emerged at the Community level regarding the incompatibility of the DTA transformation legislation with the rules governing state aid, ensuring that the convertibility of qualifying DTAs into tax credits is only allowed following payment of a specific fee based on the amount of those DTAs. With regard to the deferred tax assets referred to in Italian Law 214/2011, as a result of the express provision of Article 56 of Italian Decree Law 225 of 29/12/2010, the negative components corresponding to the deferred tax assets transformed into tax credits are not deductible, first offsetting on a priority basis decreases at the nearest maturity in an amount corresponding to a tax equal to the transformed DTAs. The 2019 Budget Act (Italian Law 145/2018) modified the temporary mechanism provided for in Article 16, paragraphs 3-4 and 8-9 of Italian Decree Law 83/2015 concerning the deductibility for both IRES and IRAP purposes of the loan losses of banks, financial companies and insurance undertakings. The law essentially deferred to the current tax period as at December 31, 2026, for both IRES and IRAP purposes, the deductibility of 10% of write-downs and losses on loans to customers recognised for that purpose that were originally intended to be deducted for the current tax period as at December 31, 2018. Article 1, paragraphs 712-715 of the 2020 Budget Act (Italian Law 160/2019) then provided for the deferral of the deduction of the negative IRES (corporate income tax) components. More specifically, the deductibility, for IRES and IRAP purposes, of the stock of write-downs and loan losses of credit and financial institutions, of 12%, originally established for the tax period under way as at December 31, 2019 was postponed to tax periods under way as at December 31, 2022 and th three subsequent tax periods. The deferral is made on a straight-line basis. Article 42 of Italian Law Decree no. 17/2022 intervenes for the third time on the original deduction plan with a postponement technique substantially similar to that carried out by Italian Law no 160/2019. This law provides as follows: the portion that should have been deducted in the 2022 financial year is deferred to the current tax period as at December 31, 2023, and to the three following years. In this regard, it should be noted that the deferral affects only the 12% deduction originally envisaged by the Italian Law Decree no. 83/2015, but not also the 3% deduction envisaged by Article 1, paragraph 712, of Italian Law no. 160/2019, which instead remains deductible according to the \u201cnormal\u201d time frame. Moreover, to partially mitigate the effects deriving from this deferral, paragraph 1-bis of Article 42 amends paragraph 1056 of Italian Law no. 145/2018, establishing that 53% of the 10% share pertaining to 2019 and deferred for IRES and IRAP purposes to 2026 is brought forward to December 31, 2022; for the remaining portion (47%), the deductibility of the portion itself remains fixed at 2026. The pre-2015 recovery plan of adjustments is now the following as a result of Italian Law Decree no. 17/2022: 5% in the current tax period as at December 31, 2016; 8% in the current tax period as at December 31, 2017; 12% in the current tax period as at December 31, 2020; 12% in the current tax period as at December 31, 2021; 8.3% (3% +5.3%) in the current tax period as at December 31, 2022; 18% (12% +3% +3%) for the current tax period as at December 31, 2023; 18% (12% +3% +3%) for the current tax period as at December 31, 2024; 11% (5% +3% +3%) for the current tax period as at December 31, 2025; 7.7% for the current tax period as at December 31, 2026. At the time of the conversion, the original regulation of Italian Law Decree no. 17/2022 (which envisaged the deferral of the portion to be reversed in 2021) was amended in two respects: i) on the one hand, the deferral to the 2022 portion instead of the 2021 portion was envisaged; ii) on the other hand, the deduction of the 2019 portion deferred to 2026 was partially brought forward to 2022. As a result of these law provisions, the amount of the deferred tax assets relating to the Parent Company will begin to change starting from 2023 instead of 2022. With regard to the provisions of IAS 12, deferred tax assets are subject to sustainability testing, taking account of forecast profits in future years and verifying that future taxable income will be available against which the deferred tax assets can be used. The test carried out on the data as at December 31, 2022, took into account the 2022-2024 Business Plan and the 2023 budget, which showed in the case of the Spanish subsidiary doValue Spai alone, the need to reduce the deferred tax assets recognised for a total of \u20ac1.9 million following the verification of a taxable base that was not fully sufficient to absorb the deferred tax assets recognised. As at December 31, 2022, additional DTAs totalling \u20ac4.1 million were recognised. This increase was more than offset by lower deferred tax assets related to the cancellation of deferred tax assets for the period of \u20ac12.9 million, in addition to \u20ac1.9 million of write-downs due to non-recoverability. 3 The criteria used for the recognition of deferred tax assets can be summarised as follows: \u25a0 deferred tax assets correspond to the amounts of income tax that can be recovered in future years regarding temporary differences; \u25a0 the prerequisite for the recognition of deferred tax assets is that it is considered reasonably certain in view of corporate developments that taxable income will be generated against which the deductible temporary differences will be used. Moreover, \u20ac11.3 million of DTAs are not recognised mainly against previous tax losses relating to the Iberian Region (\u20ac8.3 million), while the remaining part refers to doValue and originates from the portion of interest expenses that are subject to the deductibility limitation by 30% of taxable Gross Operating Income and for which the recognition of these expenses will be assessed in subsequent years. Taxes were calculated by applying the tax rates established under current law in each country, using, only for doNext the additional IRES 3.5 percentage-point tax envisaged for Italian credit and financial institutions (Italian Law no. 208 of December 28, 2015). With regard to the calculation of the Italian IRAP (regional business tax) rate as at December 31, 2022, doValue meets the requirements for classification as a non-financial holding company. In accordance with that classification, doValue determines its tax base on the same basis as ordinary companies, and takes account of the difference between the interest income and similar income and the interest expense and similar charges to the extent provided for under tax law, also applying the increased rate (of 5.57% unless otherwise provided by the individual regions) levied on credit and financial institutions. Deferred tax assets Breakdown (\u20ac/000) 12/31/2022 12/31/2021 Provisions recognised through Income Statement 101,408 112,152 Writedowns of loans 49,391 49,370 Tax losses carried forward 19,300 17,598 Provisions for risks and charges 7,729 9,474 Property, plant and equipment/intangible assets 18,241 25,135 Administrative expenses 1,504 1,393 Other assets/liabilities 5,243 9,182 Provisions recognised through Shareholders' Equity 350 488 Defined-benefit plans 350 488 Total 101,758 112,640 Change (\u20ac/000) Recognised through Income Statement Recognised through Shareholders' Equity Total 12/31/2022 Total 12/31/2021 Opening balance 112,152 488 112,640 94,702 Initial adjustments - - - 8,248 Adjusted opening balance 112,152 488 112,640 102,950 Increases 4,092 1 4,093 13,693 Deferred tax assets recognised during the period 4,008 - 4,008 11,540 - In respect of previous periods 1,005 - 1,005 - - Accruals 3,003 - 3,003 11,540 Other changes 84 1 85 2,153 Decreases (14,836) (139) (14,975) (4,003) Deferred tax assets derecognised during the period (14,836) - (14,836) (2,857) - Reversals of temporary differences (12,927) - (12,927) (2,766) - Writedowns of non-recoverable items (1,909) - (1,909) - - Other - - - (91) Reduction in tax rates - - - (1,002) Other changes - (139) (139) (144) Closing balance 101,408 350 101,758 112,640 Deferred tax liabilities Breakdown (\u20ac/000) 12/31/2022 12/31/2021 Provisions recognised through Income Statement 50,982 54,330 Other assets/liabilities 50,809 54,234 Others 173 96 Provisions recognised through Shareholders' Equity 21 20 Defined-benefit plans 21 20 Total 51,003 54,350 Change (\u20ac/000) Recognised through Income Statement Recognised through Shareholders' Equity Total 12/31/2022 Total 12/31/2021 Opening balance 54,330 20 54,350 77,466 Initial adjustments - - - (13,735) Adjusted opening balance 54,330 20 54,350 63,731 Increases 2,620 1 2,621 99 Deferred tax liabilities recognised during the period 2,620 - 2,620 (1,720) Other changes - 1 1 1,819 Decreases (5,968) - (5,968) (9,480) Deferred tax liabilities derecognised during the period (5,968) - (5,968) (5,579) Reduction in tax rates - - - (3,900) Other changes - - - (1) Closing balance 50,982 21 51,003 54,350 Deferred tax liabilities derive mainly from business combinations and, in particular, from the exercise of the Purchase Price Allocation (PPA) as an overall tax effect of the fair value adjustments made to the values of the entry to consolidation of the companies acquired, namely doValue Spain and doValue Greece, both determined on the basis of the definitive PPA.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-398": {
"value": "NOTE 5 \u2013 OTHER ASSETS The following table provides a breakdown of other current and non-current assets. (\u20ac/000) 12/31/2022 12/31/2021 Other non-current assets 2,076 2,013 Other current assets 31,840 17,107 Accrued income/prepaid expenses 2,152 1,852 Items for employees 823 1,274 Receivables for advances 21,966 10,797 Tax receivables other than income taxes 4,032 1,898 Other items 2,867 1,286 Total 33,916 19,120 Overall, the item increased by \u20ac14.8 million compared to December 31, 2021, mainly due to higher receivables for advances from customers within the Hellenic Region, particularly as a result of measures to increase legal recovery activities during the last quarter of the year. Other non current assets mainly consist of security deposits.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-24": {
"value": "NOTE 5 \u2013 OTHER ASSETS The following table provides a breakdown of other current and non-current assets. (\u20ac/000) 12/31/2022 12/31/2021 Other non-current assets 2,076 2,013 Other current assets 31,840 17,107 Accrued income/prepaid expenses 2,152 1,852 Items for employees 823 1,274 Receivables for advances 21,966 10,797 Tax receivables other than income taxes 4,032 1,898 Other items 2,867 1,286 Total 33,916 19,120 Overall, the item increased by \u20ac14.8 million compared to December 31, 2021, mainly due to higher receivables for advances from customers within the Hellenic Region, particularly as a result of measures to increase legal recovery activities during the last quarter of the year. Other non current assets mainly consist of security deposits.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-434": {
"value": "NOTE 5 \u2013 OTHER ASSETS The following table provides a breakdown of other current and non-current assets. (\u20ac/000) 12/31/2022 12/31/2021 Other non-current assets 2,076 2,013 Other current assets 31,840 17,107 Accrued income/prepaid expenses 2,152 1,852 Items for employees 823 1,274 Receivables for advances 21,966 10,797 Tax receivables other than income taxes 4,032 1,898 Other items 2,867 1,286 Total 33,916 19,120 Overall, the item increased by \u20ac14.8 million compared to December 31, 2021, mainly due to higher receivables for advances from customers within the Hellenic Region, particularly as a result of measures to increase legal recovery activities during the last quarter of the year. Other non current assets mainly consist of security deposits.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-27": {
"value": "NOTE 6 \u2013 INVENTORIES As at December 31, 2022, the item amounted to \u20ac55 thousand, unchanged with respect to the balance as at December 31, 2021. It refers to the Group\u2019s real estate portfolio composed of the value of two buildings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-26": {
"value": "NOTE 7 \u2013 TRADE RECEIVABLES (\u20ac/000) 12/31/2022 12/31/2021 Receivables 201,828 209,123 Receivables accruing (Invoices to be issued) 127,643 139,201 Receivables for invoices issued but not collected 74,185 69,922 Provisions (1,685) (2,797) Provisions for expected losses on receivables (1,685) (2,797) Total 200,143 206,326 Trade receivables arise in respect of invoices issued and accruing revenues mainly connected with servicing activities and real estate services under mandate and therefore mainly relating to the revenue item \u201crevenues from contracts with customers\u201d. The item shows a net decrease of \u20ac6.2 million compared to the balance as at December 31, 2021, mainly attributable to the combined effect of higher receivables for invoices issued to be collected, and lower allocations made to invoices to be issued at the end of the period. As a percentage of total revenues, receivables accounted for 36%, down slightly from 37% in the previous year. Provisions for expected future credit losses amounted to around 1% of receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-25": {
"value": "NOTE 8 \u2013 TAX ASSETS AND TAX LIABILITIES Tax assets (\u20ac/000) 12/31/2022 12/31/2021 Current tax assets 5,407 6,392 VAT asset 7,034 32,070 Total 12,441 38,462 The decrease in this item, which fell from \u20ac38.5 million to \u20ac12.4 million as at December 31, 2022, is mainly due to a lower VAT credit of \u20ac24.9 million. Tax liabilities (\u20ac/000) 12/31/2022 12/31/2021 Current tax liabilities 10,478 26,553 VAT liability 1,337 26,291 Withholding taxes and others 4,979 5,866 Total 16,794 58,710 The decrease in this item compared to December 31, 2021, (\u20ac41.9 million) is mainly due to lower current tax liabilities (\u20ac16.1 million) and lower VAT liability of \u20ac25.0 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-28": {
"value": "NOTE 9 \u2013 CASH AND CASH EQUIVALENTS The balance of \u20ac134.3 million, representing a decrease of \u20ac32.4 million compared with the \u20ac166.7 million reported as at December 31, 2021, represents the liquidity available at the end of the financial year. For information on the next evolution, please refer to the paragraph on the Net Financial Position in the Directors\u2019 Report on the Group. For an analysis of changes in cash and cash equivalents, please refer to the Consolidated Cash Flow Statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-29": {
"value": "NOTE 10 \u2013 ASSETS HELD FOR SALE AND RELATED LIABILITIES The table shows the values relating to the total equity investment in the shares of special purpose vehicles (SPV) which the Group intends to liquidate or sell to third parties. During the year, the liquidation of two of the three SPVs based in Italy was finalised, while a vehicle in Spain was acquired at the end of the year with a view to transferring control in 2023. Therefore, the value as at December 31, 2022, corresponds to two SPVs, one based in Italy and one based in Spain. (\u20ac/000) 12/31/2022 12/31/2021 Non-current assets: Intangible assets - - Property, plant and equipment - - Investments in associates and joint ventures - - Non-current financial assets 13 30 Deferred tax assets - - Other non-current assets - - Total non-current assets 13 30 Current assets: Inventories - - Current financial assets - - Trade receivables - - Tax assets - - Other current assets - - Cash and cash equivalents - - Total current assets - - Total assets held for sale 13 30 Non-current liabilities: Loans and other financing - - Other non-current financial liabilities - - Employee benefits - - Provisions for risks and charges - - Deferred tax liabilities - - Other non-current liabilities - - Total non-current liabilities - - Current liabilities: Loans and other financing - - Other current financial liabilities - - Trade payables - - Tax liabilities - - Other current liabilities - - Total current liabilities - - Total liabilities associated with assets held for sale - -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-30": {
"value": "Liabilities and Shareholders\u2019 Equity 3 .2 NOTE 11 \u2013 SHAREHOLDERS\u2019 EQUITY As at December 31, 2022, the subscribed and paid-up share capital of the Parent Company amounted to \u20ac41.3 million divided into 80,000,000 ordinary shares with no par value. The following table shows the shares outstanding at the reporting date. (\u20ac/000) 12/31/2022 12/31/2021 Shareholders' Equity attributable to the Shareholders of the Parent Company 136,559 156,645 Share capital 41,280 41,280 Treasury shares (4,332) (4,678) Valuation reserve (906) (1) Other reserves 84,015 96,300 Profit (loss) for the period attributable to the Shareholders of the Parent Company 16,502 23,744 Shareholders' Equity attributable to Non-controlling interests 44,361 37,358 Total 180,920 194,003 (\u20ac/000) (no. of shares) 12/31/2022 12/31/2021 Ordinary shares issued 80,000,000 80,000,000 Treasury shares (900,434) (972,339) Total shares outstanding 79,099,566 79,027,661 Treasury shares, shown as a direct reduction of Shareholders\u2019 Equity, amounted to \u20ac4.3 million, compared to \u20ac4.7 million in the previous year. The following table provides information on the changes in the number of treasury shares held, showing a decrease during the year as a result of 71,905 performance stock grants (for a value of \u20ac346 thousand), which were allocated by doValue to the beneficiaries at the time of the 2021 incentive system, in accordance with the 2021 Remuneration Policy. As at December 31, 2022, the number of treasury shares is 1.13% of the number of issued ordinary shares. (\u20ac/000) (no. of treasury shares) 12/31/2022 12/31/2021 Opening balance 972,339 651,542 Purchases - 500,000 Transfers due to exercise of performance stock grants (71,905) (179,203) Closing balance 900,434 972,339 The valuation reserve as at December 31, 2022, amounted to a negative value of -\u20ac0.9 million, (-\u20ac1 thousand as at December 31, 2021) and includes the combined effect of the valuation of the severance indemnity pursuant to IAS 19 and that arising from the valuation of the Bidx1 equity. Other reserves break down as follows: (\u20ac/000) 12/31/2022 12/31/2021 Reserves from allocation of profits or tax-suspended reserves 25,774 50,864 Legal reserve 8,256 8,256 Reserve art. 7 Italian Law 218/90 2,304 2,304 Tax-suspended reserve from business combinations 2 2 Reserve from FTA IAS art. 7 par. 7 Italian Legislative Decree 38/2005 8,780 8,780 Reserve from FTA IAS IFRS 9 1,140 1,140 Reserve from retained earnings (8,597) 16,935 Reserve established in by laws for purchase of treasury shares - 75 Reserve from retained earnings - Share Based Payments 13,889 13,372 Other reserves 58,241 45,436 Extraordinary reserve 88,417 102,970 Reserve, Italian Legislative Decree no. 153/99 6,103 6,103 Legal reserve for distributed earnings 44 44 Reserve art. 7 Italian Law 218/90 4,179 4,179 Reserve from business combinations 1,746 1,746 Share Based Payments Reserve 9,168 4,689 Consolidation reserve (33,132) (57,698) Negative reserve for put option on non-controlling interests (18,284) (16,597) Total 84,015 96,300 Overall, the item shows a decrease of \u20ac12.3 million due to the combination of the following main elements: \u25a0 \u20ac39.5 million decrease mainly related to the dividends that the Shareholders\u2019 Meeting of April 28, 2022, resolved to distribute (of which \u20ac39.1 million was paid on December 31, 2022): using \u20ac25.0 million from the reserve from retained earnings and \u20ac14.5 million from the extraordinary reserve; \u25a0 \u20ac24.6 million decrease in the negative consolidation reserve mainly due to the 2021 results of the subsidiaries; \u25a0 \u20ac1.7 million increase in the negative reserve associated with the recognition of the financial liability for the option to purchase non-controlling interests pursuant to IAS 32 which moved from -\u20ac16.6 million to -\u20ac18.3 million due to the effect of the portion that exceeds the amount of assets pertaining to third parties with respect to the doValue Spain acquisition; \u25a0 \u20ac5.0 million net increase of the Share Based Payments reserves accounted for pursuant to IFRS 2 in implementation of the post-IPO remuneration policy, which provides for the grant of shares as remuneration to certain categories of managers. 3 Shareholders\u2019 equity attributable to Non-controlling interests amounted to \u20ac44.4 million, including the profit (loss) for the period attributable to non-controlling interests of \u20ac12.0 million, and refers to the 20% stake in doValue Greece held by Eurobank. The portion of shareholders\u2019 equity attributable to minority interests in doValue Spain (\u20ac3.6 million) is absorbed by the recognition of the liability for \u201cPut option on non-controlling interests\u201d, which also includes the relative share of the negative result for the period attributable to minority interests equal to -\u20ac2.0 million and which represents the option to purchase the residual minority stake in doValue Spain with a maturity at the end of June 2023.",
"dimensions": {
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"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-400": {
"value": "As at December 31, 2022, the subscribed and paid-up share capital of the Parent Company amounted to \u20ac41.3 million divided into 80,000,000 ordinary shares with no par value. The following table shows the shares outstanding at the reporting date. (\u20ac/000) (no. of shares) 12/31/2022 12/31/2021 Ordinary shares issued 80,000,000 80,000,000 Treasury shares (900,434) (972,339) Total shares outstanding 79,099,566 79,027,661 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-399": {
"value": "Treasury shares, shown as a direct reduction of Shareholders\u2019 Equity, amounted to \u20ac4.3 million, compared to \u20ac4.7 million in the previous year. The following table provides information on the changes in the number of treasury shares held, showing a decrease during the year as a result of 71,905 performance stock grants (for a value of \u20ac346 thousand), which were allocated by doValue to the beneficiaries at the time of the 2021 incentive system, in accordance with the 2021 Remuneration Policy. As at December 31, 2022, the number of treasury shares is 1.13% of the number of issued ordinary shares. (\u20ac/000) (no. of treasury shares) 12/31/2022 12/31/2021 Opening balance 972,339 651,542 Purchases - 500,000 Transfers due to exercise of performance stock grants (71,905) (179,203) Closing balance 900,434 972,339 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-401": {
"value": "The valuation reserve as at December 31, 2022, amounted to a negative value of -\u20ac0.9 million, (-\u20ac1 thousand as at December 31, 2021) and includes the combined effect of the valuation of the severance indemnity pursuant to IAS 19 and that arising from the valuation of the Bidx1 equity. Other reserves break down as follows: (\u20ac/000) 12/31/2022 12/31/2021 Reserves from allocation of profits or tax-suspended reserves 25,774 50,864 Legal reserve 8,256 8,256 Reserve art. 7 Italian Law 218/90 2,304 2,304 Tax-suspended reserve from business combinations 2 2 Reserve from FTA IAS art. 7 par. 7 Italian Legislative Decree 38/2005 8,780 8,780 Reserve from FTA IAS IFRS 9 1,140 1,140 Reserve from retained earnings (8,597) 16,935 Reserve established in by laws for purchase of treasury shares - 75 Reserve from retained earnings - Share Based Payments 13,889 13,372 Other reserves 58,241 45,436 Extraordinary reserve 88,417 102,970 Reserve, Italian Legislative Decree no. 153/99 6,103 6,103 Legal reserve for distributed earnings 44 44 Reserve art. 7 Italian Law 218/90 4,179 4,179 Reserve from business combinations 1,746 1,746 Share Based Payments Reserve 9,168 4,689 Consolidation reserve (33,132) (57,698) Negative reserve for put option on non-controlling interests (18,284) (16,597) Total 84,015 96,300 Overall, the item shows a decrease of \u20ac12.3 million due to the combination of the following main elements: \u25a0 \u20ac39.5 million decrease mainly related to the dividends that the Shareholders\u2019 Meeting of April 28, 2022, resolved to distribute (of which \u20ac39.1 million was paid on December 31, 2022): using \u20ac25.0 million from the reserve from retained earnings and \u20ac14.5 million from the extraordinary reserve; \u25a0 \u20ac24.6 million decrease in the negative consolidation reserve mainly due to the 2021 results of the subsidiaries; \u25a0 \u20ac1.7 million increase in the negative reserve associated with the recognition of the financial liability for the option to purchase non-controlling interests pursuant to IAS 32 which moved from -\u20ac16.6 million to -\u20ac18.3 million due to the effect of the portion that exceeds the amount of assets pertaining to third parties with respect to the doValue Spain acquisition; \u25a0 \u20ac5.0 million net increase of the Share Based Payments reserves accounted for pursuant to IFRS 2 in implementation of the post-IPO remuneration policy, which provides for the grant of shares as remuneration to certain categories of managers. ",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-402": {
"value": "Shareholders\u2019 equity attributable to Non-controlling interests amounted to \u20ac44.4 million, including the profit (loss) for the period attributable to non-controlling interests of \u20ac12.0 million, and refers to the 20% stake in doValue Greece held by Eurobank. The portion of shareholders\u2019 equity attributable to minority interests in doValue Spain (\u20ac3.6 million) is absorbed by the recognition of the liability for \u201cPut option on non-controlling interests\u201d, which also includes the relative share of the negative result for the period attributable to minority interests equal to -\u20ac2.0 million and which represents the option to purchase the residual minority stake in doValue Spain with a maturity at the end of June 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-31": {
"value": "NOTE 12 \u2013 LOANS AND OTHER FINANCING (\u20ac/000) Interest Rate % Due Date 12/31/2022 12/31/2021 Non-current loans and other financing 554,220 555,224 Due to other lenders 3%-5% - - 4,365 Bond 2020 5% 8/4/2025 258,056 255,675 Bond 2021 3.375% 7/31/2026 296,164 295,184 Current loans and other financing 14,283 17,604 Bank loans on demand 126 41 Bank overdrafts Euribor3m+1.9% on demand 37 7,566 Due to other lenders on demand 4,380 4 Bond 2020 5% 2/1/2023 5,521 5,521 Bond 2021 3.375% 1/31/2023 4,219 4,472 Total 568,503 572,828 The balance of loans and other financing as at December 31, 2022, includes the residual debt values at amortised cost of the following loans (current and non-current portions): \u25a0 \u20ac263.6 million for the guaranteed senior bond loan issued on August 4, 2020, at the annual rate of 5% for a principal of \u20ac265.0 million and used to repay the bridge loan in the context of the acquisition of doValue Greece. The bonds expire on August 4, 2025, and were reserved for qualified investors and are listed on the Euro MTF multilateral trading system of the Luxembourg Stock Exchange; \u25a0 \u20ac300.4 million for the guaranteed senior bond loan issued on July 22, 2021, maturing in 2026, for a principal amount of \u20ac 300.0 million at an annual fixed rate of 3.375%, used to repay the Facility Loan concluded to finance the purchase of the interest in doValue Spain and to refinance the pre- existing debt of the same investee; Pursuant to IFRS 9, the debt is measured on the basis of the amortised cost criteria and therefor e takes account of the costs connected with obtaining the loan as well as the accruing interest. The item current loans and other financing, in addition to the current portion of the bonds indicated above, includes due to other lenders for an amount of \u20ac4.4 million relating to the limited recourse loan allocated for a specific business activity. On January 9, 2023, this loan was terminated following the assignment to a third party of the related receivable recorded under financial assets (see Note 3). As a result of the introduction of the cash-pooling mechanism, bank overdrafts , which in the previous year included a revolving facility of the Spanish subsidiary doValue Spain, were substantially reduced to zero as at December 31, 2022. NOTE 13 \u2013 OTHER FINANCIAL LIABILITIES (\u20ac/000) 12/31/2022 12/31/2021 Other non-current financial liabilities 54,158 46,048 Lease liabilities 38,109 18,255 Earn-out 16,049 5,554 Put option on non-controlling interests - 22,239 Other current financial liabilities 62,323 25,600 Lease liabilities 11,829 8,111 Earn-out 28,600 17,489 Put option on non-controlling interests 21,894 - Total 116,481 71,648 Lease liabilities, split into current and non-current components, represent the recognition of the current value of the remaining lease payments following the introduction of IFRS 16. Please see Note 19 for information on changes in lease liabilities during the period. The Earn-out liability recorded in the amount of \u20ac16.0 million under other non-current financial liabilities as well as \u20ac11.1 million under the current portion, relates to the debt arising from the acquisition of doValue Greece linked to the achievement of certain EBITDA targets over a ten-year period and any payments will not be due before 2024. This component shows an overall increase of \u20ac21.6 million compared to the previous year as a result of the strong economic performance in Greece in 2022, which led doValue to recognise a higher value of this liability. The remaining Earn-out portion recognised under current financial liabilities (\u20ac17.5 million) is related to the portion of the acquisition price of doValue Spain. The put option on non-controlling interests, among other current financial liabilities, represents the liability connected with the option to purchase the residual non-controlling interests of doValue Spain, with original expiry at the end of June 2023. The valuation of the option includes the discount effect and takes into account the actual and projected results of doValue Spain until maturity. Net financial indebtedness In accordance with the requirements of Consob Communication of July 28, 2006, and in compliance with the CESR Recommendation of February 10, 2005 \u201cRecommendations for the consistent implementation of the EU Regulation on prospectuses\u201d, the Group\u2019s net financial indebtedness as at December 31, 2022, breaks down as follows. (\u20ac/000) Note 12/31/2022 12/31/2021 9 A Cash on hand 5 3 9 B Cash at banks and short-term deposits 134,259 166,665 D Liquidity (A)+(B)+(C) 134,264 166,668 3 E Current financial assets 4,380 1,516 12 F Current bank debt (37) (7,566) 12 G Current portion of non-current debt (126) (41) 12, 13 H Other current financial debt (66,703) (25,604) I Current financial indebtedness (F)+(G)+(H) (66,866) (33,211) J Net current financial indebtedness (I)+(E)+(D) 71,778 134,973 12 L Bond Issued (563,960) (560,852) 12, 13 M Other non-current loans (54,158) (50,413) N Non-current financial indebtedness (K)+(L)+(M) (618,118) (611,265) O Net financial indebtedness (J)+(N) (546,340) (476,292) Compared with the net financial position, equal to \u20ac429.9 million reported in the Directors\u2019 Report on the Group, to which reference should also be made for further information, this table includes the items reported under letters E, H and M, for a total of \u20ac116.5 million. The following table reconciles the two different representations: (\u20ac/000) 12/31/2022 12/31/2021 A Net financial indebtedness (546,340) (476,292) Other current financial debt 66,703 25,604 Other non-current loans 54,158 50,413 Current financial assets (4,380) (1,516 B Items excluded from the Net financial position 116,481 74,501 C Net financial position (A)+(B) (429,859) (401,791)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-403": {
"value": "NOTE 12 \u2013 LOANS AND OTHER FINANCING (\u20ac/000) Interest Rate % Due Date 12/31/2022 12/31/2021 Non-current loans and other financing 554,220 555,224 Due to other lenders 3%-5% - - 4,365 Bond 2020 5% 8/4/2025 258,056 255,675 Bond 2021 3.375% 7/31/2026 296,164 295,184 Current loans and other financing 14,283 17,604 Bank loans on demand 126 41 Bank overdrafts Euribor3m+1.9% on demand 37 7,566 Due to other lenders on demand 4,380 4 Bond 2020 5% 2/1/2023 5,521 5,521 Bond 2021 3.375% 1/31/2023 4,219 4,472 Total 568,503 572,828 The balance of loans and other financing as at December 31, 2022, includes the residual debt values at amortised cost of the following loans (current and non-current portions): \u25a0 \u20ac263.6 million for the guaranteed senior bond loan issued on August 4, 2020, at the annual rate of 5% for a principal of \u20ac265.0 million and used to repay the bridge loan in the context of the acquisition of doValue Greece. The bonds expire on August 4, 2025, and were reserved for qualified investors and are listed on the Euro MTF multilateral trading system of the Luxembourg Stock Exchange; \u25a0 \u20ac300.4 million for the guaranteed senior bond loan issued on July 22, 2021, maturing in 2026, for a principal amount of \u20ac 300.0 million at an annual fixed rate of 3.375%, used to repay the Facility Loan concluded to finance the purchase of the interest in doValue Spain and to refinance the pre- existing debt of the same investee; Pursuant to IFRS 9, the debt is measured on the basis of the amortised cost criteria and therefor takes account of the costs connected with obtaining the loan as well as the accruing interest. The item current loans and other financing, in addition to the current portion of the bonds indicated above, includes due to other lenders for an amount of \u20ac4.4 million relating to the limited recourse loan allocated for a specific business activity. On January 9, 2023, this loan was terminated following the assignment to a third party of the related receivable recorded under financial assets (see Note 3). As a result of the introduction of the cash-pooling mechanism, bank overdrafts , which in the previous year included a revolving facility of the Spanish subsidiary doValue Spain, were substantially reduced to zero as at December 31, 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-435": {
"value": "NOTE 13 \u2013 OTHER FINANCIAL LIABILITIES (\u20ac/000) 12/31/2022 12/31/2021 Other non-current financial liabilities 54,158 46,048 Lease liabilities 38,109 18,255 Earn-out 16,049 5,554 Put option on non-controlling interests - 22,239 Other current financial liabilities 62,323 25,600 Lease liabilities 11,829 8,111 Earn-out 28,600 17,489 Put option on non-controlling interests 21,894 - Total 116,481 71,648 Lease liabilities, split into current and non-current components, represent the recognition of the current value of the remaining lease payments following the introduction of IFRS 16. Please see Note 19 for information on changes in lease liabilities during the period. The Earn-out liability recorded in the amount of \u20ac16.0 million under other non-current financial liabilities as well as \u20ac11.1 million under the current portion, relates to the debt arising from the acquisition of doValue Greece linked to the achievement of certain EBITDA targets over a ten-year period and any payments will not be due before 2024. This component shows an overall increase of \u20ac21.6 million compared to the previous year as a result of the strong economic performance in Greece in 2022, which led doValue to recognise a higher value of this liability. The remaining Earn-out portion recognised under current financial liabilities (\u20ac17.5 million) is related to the portion of the acquisition price of doValue Spain. The put option on non-controlling interests, among other current financial liabilities, represents the liability connected with the option to purchase the residual non-controlling interests of doValue Spain, with original expiry at the end of June 2023. The valuation of the option includes the discount effect and takes into account the actual and projected results of doValue Spain until maturity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-441": {
"value": "The put option on non-controlling interests, among other current financial liabilities, represents the liability connected with the option to purchase the residual non-controlling interests of doValue Spain, with original expiry at the end of June 2023. The valuation of the option includes the discount effect and takes into account the actual and projected results of doValue Spain until maturity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-404": {
"value": "Net financial indebtedness In accordance with the requirements of Consob Communication of July 28, 2006, and in compliance with the CESR Recommendation of February 10, 2005 \u201cRecommendations for the consistent implementation of the EU Regulation on prospectuses\u201d, the Group\u2019s net financial indebtedness as at December 31, 2022, breaks down as follows. (\u20ac/000) Note 12/31/2022 12/31/2021 9 A Cash on hand 5 3 9 B Cash at banks and short-term deposits 134,259 166,665 D Liquidity (A)+(B)+(C) 134,264 166,668 3 E Current financial assets 4,380 1,516 12 F Current bank debt (37) (7,566) 12 G Current portion of non-current debt (126) (41) 12, 13 H Other current financial debt (66,703) (25,604) I Current financial indebtedness (F)+(G)+(H) (66,866) (33,211) J Net current financial indebtedness (I)+(E)+(D) 71,778 134,973 12 L Bond Issued (563,960) (560,852) 12, 13 M Other non-current loans (54,158) (50,413) N Non-current financial indebtedness (K)+(L)+(M) (618,118) (611,265) O Net financial indebtedness (J)+(N) (546,340) (476,292) Compared with the net financial position, equal to \u20ac429.9 million reported in the Directors\u2019 Report on the Group, to which reference should also be made for further information, this table includes the items reported under letters E, H and M, for a total of \u20ac116.5 million. The following table reconciles the two different representations: (\u20ac/000) 12/31/2022 12/31/2021 A Net financial indebtedness (546,340) (476,292) Other current financial debt 66,703 25,604 Other non-current loans 54,158 50,413 Current financial assets (4,380) (1,516 ) B Items excluded from the Net financial position 116,481 74,501 C Net financial position (A)+(B) (429,859) (401,791)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationAboutUnderstandingFinancialPositionsAndLiquidityOfEntityExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-32": {
"value": "NOTE 14 \u2013 EMPLOYEE BENEFITS Actuarial rate 1 year 3.0% - 5 years 3.5% - 15 years 3.9% Salary increase rate 2.60% Inflation rate 1 year 4.5% - 10 years 2.6% - 30 years 2.6% Mortality IPS55 Advanced termination benefit 1.50% Average annual percentage of personnel leaving 3.62% Minimum requirements for retirement According to the latest legislative provisions For companies based in Greece, the main demographic assumptions applied are as follows: Actuarial rate 3.25% Salary increase rate 3.50% Inflation rate 3.00% Within the Group, there are defined-benefit plans, or plans for which the benefit is linked to the salary and seniority of the employee. The defined-benefit plans of the Italian companies mainly include \u201cpost-employment benefits\u201d in accordance with applicable regulations, as well as other provisions of a contractual nature. For Greece, there is a defined-benefit plan on a mandatory basis. In accordance with IAS 19, the obligations of defined-benefit plans are determined using the \u201cProjected Unit Credit\u201d method. This method envisages that the present value of the benefits accrued by each participant in the plan during the year is recognised as an operating cost, considering both future salary increases and the benefit allocation formula. The total benefit that the participant expects to acquire at the retirement date is divided into units, associated on the one hand with the seniority accrued at the valuation date and on the other with the expected future seniority until retirement. The following demographic assumptions were used in the valuation of the liabilities and benefits envisaged by the plans of the Italian scope: Employee benefits restated for the application of IAS 19 changed as follows during the year. Overall, this item decreased of approximately \u20ac1.2 million compared to December 31, 2021. From a sensitivity analysis of the assumptions regarding the parameters used in the calculation, a: \u25a0 Change in the discount rate of 0.5%; \u25a0 Change in the salary increase rate of 0.5%; \u25a0 Change in mortality rate of 10% would not have had a significant effect on the determination of the debt. (\u20ac/000) 12/31/2022 12/31/2021 Opening balance 10,264 16,341 Initial adjustments - 124 Adjusted opening balance 10,264 16,465 Increases 3,008 728 Provisions for the period 3,000 525 Other changes 8 203 Decreases (4,165) (6,929) Benefits paid (3,577) (842) Other changes (588) (6,087) Closing balance 9,107 10,264 NOTE 23 \u2013 PERSONNEL EXPENSES (\u20ac/000) 12/31/2022 12/31/2021 Payroll employees (219,639) (224,481) Members of Board of Directors and Board of Statutory Auditors (6,995) (4,986) Other personnel (4,515) (2,114) Total (231,149) (231,581) The item shows a substantially stable balance compared to the previous year (-0.2%), due to the decrease in personnel costs (-2%), as a result of the efficiency programme envisaged in the approved Business Plan, offset by the increase in costs for directors and statutory auditors and other personnel. The decrease in personnel costs is in line with the decrease in the average number of employees (-3.4%). In line with the objectives of the 2022-2024 Business Plan, personnel expenses include charges related to early retirement incentives (overall \u20ac13.6 million), which were almost entirely paid out during the year to employees who signed up to the plan launched by the Group. With regard to the breakdown of the cost for employee benefits included in this item, please refer to Note 14 \u2013 Employee benefits. 12/31/2021 31/12/2021 Payroll employees 3,048 3,156 a) Executives 129 146 b) Managers 942 1,043 c) Other employees 1,977 1,967 Other staff 180 82 Total 3,228 3,238 AVERAGE NUMBER OF EMPLOYEES BY CATEGORY ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-405": {
"value": "NOTE 15 \u2013 PROVISIONS FOR RISKS AND CHARGES The item legal disputes recognised against the economic item \u201cprovisions for risks and charges\u201d primarily includes funds in respect of the risks of litigation brought against the Group concerning its core activities. It decreased by \u20ac1.8 million owing to the greater impact of the settlement of a number of disputes compared with provisions for new disputes. The item out-of-court disputes and other risk provisions increased by \u20ac4.0 million, moving from \u20ac8.3 million as at December 31, 2021 to \u20ac12.3 million as at December 31, 2022, and mainly includes provisions for risks for which no litigation has currently been activated. The item potential liabilities for employees includes provisions to finance any bonuses not governed by already existing agreements or determinable quantification mechanisms. The tax claims component, which falls within the provisions as a counterpart to other items, remains stable at \u20ac1.9 million and includes the residual portion of interest expense related to the original Tax Claim doValue Spain, which closed on July 5, 2022, with the payment of the amount agreed with the Spanish tax authority and with the simultaneous submission of supplementary declarations for the years 2016-2017-2018. The dynamics of the item other highlights the provision and release to the income statement of the respective portions pertaining to the year of the variable fees connected to a particular type of fee (\u201cCuring Fee\u201d), in application of the provisions of the IFRS 15 accounting standard. (\u20ac/000) Funds against the item \"Provisions for risk and charges\" of the income statement Funds against other items of the income statement Legal dispu- tes Out-of-court disputes and other provisions Provisions for other commitments and guarantees issued Total funds against the item \"Provisions for risk and charges\" of the income statement Potential liabilities for employee Tax claims Other Total funds against other items of the income statement Total 12/31/2022 Total 12/31/2021 Opening balance 7,464 8,291 3 15,758 730 1,901 25,846 28,477 44,235 55,110 Initial adjustments - - - - - - - - - 32,236 Adjusted opening balance 7,464 8,291 3 15,758 730 1,901 25,846 28,477 44,235 87,346 Increases 2,681 6,632 - 9,313 51 4 7,151 7,206 16,519 20,841 Provisions for the period 2,637 5,995 - 8,632 46 - 7,151 7,197 15,829 19,509 Changes due to the passage of time and changes in the discount rate 25 76 - 101 5 - - 5 106 - Other changes 19 561 - 580 - 4 - 4 584 1,332 Decreases (4,444) (2,661) (3) (7,108) (246) - (15,745) (15,991) (23,099) (63,952) Reallocations of the period (2,343) (1,940) (3) (4,286) (8) - (7,992) (8,000) (12,286) (21,706) Utilisation for payment (2,101) (718) - (2,819) (19) - (7,753) (7,772) (10,591) (39,676) Other changes - (3) - (3) (219) - - (219) (222) (2,570) Closing balance 5,701 12,262 - 17,963 535 1,905 17,252 19,692 37,655 44,235 3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-33": {
"value": "NOTE 15 \u2013 PROVISIONS FOR RISKS AND CHARGES The item legal disputes recognised against the economic item \u201cprovisions for risks and charges\u201d primarily includes funds in respect of the risks of litigation brought against the Group concerning its core activities. It decreased by \u20ac1.8 million owing to the greater impact of the settlement of a number of disputes compared with provisions for new disputes. The item out-of-court disputes and other risk provisions increased by \u20ac4.0 million, moving from \u20ac8.3 million as at December 31, 2021 to \u20ac12.3 million as at December 31, 2022, and mainly includes provisions for risks for which no litigation has currently been activated. The item potential liabilities for employees includes provisions to finance any bonuses not governed by already existing agreements or determinable quantification mechanisms. The tax claims component, which falls within the provisions as a counterpart to other items, remains stable at \u20ac1.9 million and includes the residual portion of interest expense related to the original Tax Claim doValue Spain, which closed on July 5, 2022, with the payment of the amount agreed with the Spanish tax authority and with the simultaneous submission of supplementary declarations for the years 2016-2017-2018. The dynamics of the item other highlights the provision and release to the income statement of the respective portions pertaining to the year of the variable fees connected to a particular type of fee (\u201cCuring Fee\u201d), in application of the provisions of the IFRS 15 accounting standard. (\u20ac/000) Funds against the item \"Provisions for risk and charges\" of the income statement Funds against other items of the income statement Legal dispu- tes Out-of-court disputes and other provisions Provisions for other commitments and guarantees issued Total funds against the item \"Provisions for risk and charges\" of the income statement Potential liabilities for employee Tax claims Other Total funds against other items of the income statement Total 12/31/2022 Total 12/31/2021 Opening balance 7,464 8,291 3 15,758 730 1,901 25,846 28,477 44,235 55,110 Initial adjustments - - - - - - - - - 32,236 Adjusted opening balance 7,464 8,291 3 15,758 730 1,901 25,846 28,477 44,235 87,346 Increases 2,681 6,632 - 9,313 51 4 7,151 7,206 16,519 20,841 Provisions for the period 2,637 5,995 - 8,632 46 - 7,151 7,197 15,829 19,509 Changes due to the passage of time and changes in the discount rate 25 76 - 101 5 - - 5 106 - Other changes 19 561 - 580 - 4 - 4 584 1,332 Decreases (4,444) (2,661) (3) (7,108) (246) - (15,745) (15,991) (23,099) (63,952) Reallocations of the period (2,343) (1,940) (3) (4,286) (8) - (7,992) (8,000) (12,286) (21,706) Utilisation for payment (2,101) (718) - (2,819) (19) - (7,753) (7,772) (10,591) (39,676) Other changes - (3) - (3) (219) - - (219) (222) (2,570) Closing balance 5,701 12,262 - 17,963 535 1,905 17,252 19,692 37,655 44,235 3 NOTE 27 \u2013 PROVISIONS FOR RISKS AND CHARGES12/31/2022 12/31/2021 Provisions Reallocations Total Provisions Reallocations Total Legal disputes (2,662) 2,344 (318) (2,892) 1,970 (922 o.w. Employee disputes (27) 160 133 (318) 171 (147 Out-of-court disputes and other risk provisions (6,071) 1,940 (4,131) (3,732) 789 (2,943) Provisions on other commitments and other guarantees issued - 3 3 - - - Total (8,733) 4,287 (4,446) (6,624) 2,759 (3,865 (\u20ac/000) The item, whose net balance showed an increase of \u20ac0.6 million compared to the previous year, consists of operational changes in provisions, with the exception of those for employee benefits (classified under personnel expenses), and of those for tax claims (classified under income tax expense) allocated to meet legal and contractual obligations that are presumed will require an outflow of economic resources in subsequent years. As at December 31, 2022, the item showed a negative balance of \u20ac4.4 million (\u20ac3.9 million as at December 31, 2021), due to the combined effect of the releases for provisions of previous years that are no longer needed and prudential provisions relating to both legal disputes and operational risks and other charges. In particular, the 2022 provisions for out-of-court disputes and other risk provisions mainly refer to: \u25a0 risks related to ongoing arbitrations amounting to \u20ac2.1 million; \u25a0 operational risks mainly related to supply contracts of \u20ac1.1 million; \u25a0 sundry risks mainly related to disputes with customers of servicing contracts of \u20ac1.5 million; \u25a0 risks resulting from the indemnity obligations deriving from a specific commercial settlement agreement signed in 2019 for \u20ac0.3 million; \u25a0 other operational risks of \u20ac1.0 million. The reallocations (\u20ac1.9 million) mainly arise as a result of the release of previous provisions that faced possible risks that no longer exist in the absence of legal actions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-34": {
"value": "NOTE 16 \u2013 TRADE PAYABLES (\u20ac/000) 12/31/2022 12/31/2021 Payables to suppliers for invoices to be received 48,799 49,274 Payables to suppliers for invoices to be paid 21,582 24,436 Total 70,381 73,710 The figure for 2022 came to \u20ac70.4 million, a slight decrease (-5%) compared to the figure recorded as at December 31, 2021, mainly due to payables to suppliers for invoices to be paid (-12%), while payables to suppliers for invoices to be received remained fairly stable (-1%).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-35": {
"value": "NOTE 17 \u2013 OTHER LIABILITIES (\u20ac/000) 12/31/2022 12/31/2021 Other non-current liabilities 9,201 29,836 Amounts to be paid to third parties 8,845 29,668 Deferral of government grants related to assets 356 168 Other current liabilities 66,553 75,052 Amounts to be paid to third parties 8,050 1,398 Amounts due to personnel 25,874 32,484 o.w. employees 24,874 31,126 o.w. members of Board of Directors and Auditors 1,000 1,358 Amounts due to pension and social security institutions 5,621 5,830 Items being processed 8,900 19,412 Deferral of government grants related to assets 352 121 Other accrued expenses/deferred income 16,088 13,932 Other items 1,668 1,875 Total 75,754 104,888 As at December 31, 2022, this item amounted to \u20ac75.8 million compared to \u20ac104.9 million in 2021, with an overall decrease of \u20ac29.1 million. With regard to other non-current liabilities, the main component \u201camounts to be paid to third parties\u201d refers for \u20ac6.8 million to the liability towards Eurobank linked to the \u201cadvance compensation commission\u201d, subject to certain performance conditions, received by the Group in connection with the securitisation of the Mexico portfolio. The item recorded a decrease of \u20ac20.6 million, mainly due to the combined effect of the \u20ac22.4 million release of the liability towards Eurobank mentioned above, following the definition of a contractual addendum between the parties, offset by the recognition of \u20ac2.0 million liability related to the acquisition of software under medium- to long- term contracts. The item other current liabilities showed an overall decrease of \u20ac8.5 million, which resulted from the combined effect of changes in the following main components. \u201cAmounts to be paid to third parties\u201d increased by \u20ac6.7 million, of which \u20ac5.8 million related to contractual liabilities related to the Frontier SLA, which were paid in February 2023. \u201cAmounts due to personnel\u201d decreased by \u20ac6.6 million, mainly due to the payment of MBO bonuses related to the 2021 incentive system and early retirement incentives. \u201cItems being processed\u201d decreased by \u20ac10.5 million, of which \u20ac8.6 million related to the payment of the payable to Eurobank recognised in 2021 following the recalculation of the Net Economic Benefit under the Share Purchase Agreement as an adjustment to the acquisition price of the subsidiary doValue Greece. \u201cOther accrued expenses/deferred income\u201d increased by \u20ac2.2 million mainly due to the combined effect of the release of the portion referring to 2022 of the deferred income on the advance payment of servicing fees, offset by the advance payment of the 2023 portion.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-407": {
"value": "With regard to other non-current liabilities, the main component \u201camounts to be paid to third parties\u201d refers for \u20ac6.8 million to the liability towards Eurobank linked to the \u201cadvance compensation commission\u201d, subject to certain performance conditions, received by the Group in connection with the securitisation of the Mexico portfolio. The item recorded a decrease of \u20ac20.6 million, mainly due to the combined effect of the \u20ac22.4 million release of the liability towards Eurobank mentioned above, following the definition of a contractual addendum between the parties, offset by the recognition of \u20ac2.0 million liability related to the acquisition of software under medium- to long- term contracts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-406": {
"value": "The item other current liabilities showed an overall decrease of \u20ac8.5 million, which resulted from the combined effect of changes in the following main components. \u201cAmounts to be paid to third parties\u201d increased by \u20ac6.7 million, of which \u20ac5.8 million related to contractual liabilities related to the Frontier SLA, which were paid in February 2023. \u201cAmounts due to personnel\u201d decreased by \u20ac6.6 million, mainly due to the payment of MBO bonuses related to the 2021 incentive system and early retirement incentives. \u201cItems being processed\u201d decreased by \u20ac10.5 million, of which \u20ac8.6 million related to the payment of the payable to Eurobank recognised in 2021 following the recalculation of the Net Economic Benefit under the Share Purchase Agreement as an adjustment to the acquisition price of the subsidiary doValue Greece. \u201cOther accrued expenses/deferred income\u201d increased by \u20ac2.2 million mainly due to the combined effect of the release of the portion referring to 2022 of the deferred income on the advance payment of servicing fees, offset by the advance payment of the 2023 portion. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-36": {
"value": "NOTE 18 \u2013 SHARE-BASED PAYMENTS The Shareholders\u2019 Meeting of doValue on April 28, 2022, approved the Report on the 2022-2024 Remuneration policy (hereinafter \u201cthe Policy\u201d) and remuneration paid in 2021 related to doValue S.p.A., applicable to Directors, Key Management Personnel and Members of Supervisory Bodies. The new Remuneration Policy is based on the 2022-2024 time horizon, in line with the Business Plan and thus able to ensure a high degree of consistency to the entire Governance system, to favour the coverage of key roles and also to guarantee an attractive remuneration offer to people who are key to the Group\u2019s long-term strategy. With a view to a three-year policy, the main characteristics of the 2021 Remuneration Policy are confirmed, while introducing some elements: \u25a0 maintenance of the variable remuneration strategy for Key management personnel, broken down as follows: - a short-term Management By Objectives (MBO) incentive plan to encourage annual performance, both financial and non-financial, with a focus on skills and conduct to improve alignment with doValue values across the Group; - a long-term incentive plan (LTI) to promote the alignment of participants with the long-term interests of the Stakeholders, to attract and retain individuals who are key to the long-term success of the Group, and to promote the \u201cOne-Group culture\u201d; - an increased focus on ESG metrics as a key element in strengthening doValue\u2019s sustainability plan; - a review of the Peer Group in order to identify the relative \u201cTotal Shareholders Return\u201d (TSR), to take into account the new structure of the doValue Group. The Policy envisages remuneration systems in some cases based on the use of its own financial instruments. In detail, they include the following types of remuneration: \u25a0 a portion of the fixed remuneration and the entire variable component of the Chief Executive Officer is paid in shares; \u25a0 a part of the variable remuneration of Key management personnel, specifically that deriving from the long-term incentive (LTI) plan, is paid in shares. The LTI plan provides for an annual grant (\u201crolling\u201d plan) based entirely on the value of doValue\u2019s shares (\u201cPerformance shares\u201d) and based on the assignment with a 3-year vesting period. The objective of the 2022-2024 cycle is in line with the 2022-2024 Business Plan, while the objectives of the 2023-2025 and 2024-2026 cycles will be set at the beginning of 2023 and 2024. The plan grants beneficiaries the right to receive, on a rolling basis, free company shares if a given set of return conditions is respected at the end of the vesting period. The variable component of remuneration of the Chief Executive Officer indicated above is paid in part up-front and in part deferred over 3 years. The up-front portion is paid after the approval, by the Shareholders\u2019 Meeting, of the financial statements for the accrual period and no later than the month following approval. The deferred variable portion is instead postponed on a pro-rata basis on the three-year period following assignment of the variable up-front portion. The disbursement of the deferred portion of the variable component of the Chief Executive Officer is subject to assessment by an Access Gate and certain malus conditions, measured as at December 31 of the year prior to vesting. For the shares allocated to Key management personnel of the LTI plans, provision is made for a 1-year retention period for 50% of the shares accrued, while for the Chief Executive Officer, the shares received can be sold on a quarterly basis, for a maximum amount not exceeding 25% of the shares allocated. The Group uses treasury shares for these remuneration plans. The reference price for calculating the number of shares to be assigned as the equivalent value of the variable remuneration of the LTI plan is determined by using the average of the closing prices in the 3 months prior to the day on which the Board of Directors approves each allotment cycle. In order to reflect the levels of performance and risk actually taken on, and to take account of the individual contribution of the beneficiaries, the Group applies ex-post correction mechanisms (malus and claw-back clauses) defined in accordance with the provisions of the applicable national collective bargaining agreements, where applicable, or any individual agreements/mandates. Grant date Performance period Verification of target achievement Payout 2021 Plan (GM of April 28, 2021) 2/17/2022 2021-2023 2024 2024 2022 Plan (GM of April 28, 2022) 11/9/2022 2022-2024 2025 2025 Number of shares granted at the grant date Fair value per share at the grant date Number of shares potentially available for award Number of beneficiaries 2021 Plan (GM of April 28, 2021) 206,388 \u20ac10.23 268,812 29 2022 Plan (GM of April 28, 2022) 289,794 \u20ac7.66 376,100 33 For more details on the mechanisms and terms of attribution of the shares, please refer to the information documentation published on the internet website of the doValue Group www.doValue. it (\u201cGovernance/Remuneration\u201d section). The amount recognised in the income statement for 2022 amounted to \u20ac5.6 million, with a corresponding amount reflected in a specific equity reserve.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-408": {
"value": "NOTE 20 \u2013 REVENUE FROM CONTRACTS WITH CUSTOMERS (\u20ac/000) 12/31/2022 12/31/2021 Servicing services 243,448 270,050 Servicing for securitisations 201,616 183,658 REO services 70,870 70,657 Total 515,934 524,365 The item as a whole decreased by 2% compared to December 31, 2021. This result is due to lower revenues recorded in the component of the servicing services (-10%), mainly offset by the positive performance of servicing for securitisation (+10%), while revenues from REO services remained fairly stable (+0.3%). The decrease in the servicing services is mainly due to the performance in the Iberian Region (down 37.9%, mainly due to the exit of the Sareb portfolio) and the activity in Italy down 29.2%, partially offset by a strong performance in the Hellenic Region (up 18.6%). PERFORMANCE OBLIGATIONS SERVICING SERVICES UNDER MANDATE AND FOR SECURITISATION TRANSACTIONS The servicing services include the administration, management and recovery of loans utilising in- court and out-of-court recovery processes on behalf and under the mandate of third parties for portfolios mainly consisting of non-performing loans. These services normally include a performance obligation that is fulfilled over time: in fact, the customer simultaneously receives and uses the benefits of the recovery service and the service provided improves the credit that the customer controls. For the recognition of revenues, the Group applies a valuation method based on the outputs represented by both the assets managed and the collections on each position under mandate, so as to recognise revenues for an amount equal to that for which it has the right to invoice the customer. The Group, following a more precise interpretation of some clauses provided for in the Service Level Agreement signed between doValue Greece and Eurobank connected to a particular type of fee (\u201cCuring Fee\u201d) and in application of the provisions of the IFRS15 accounting standard relating to variable fees, has aligned the relative method of recording revenues, which sees as a counterpart the establishment of a specific provision for risks and charges against possible penalties on stock and flow restructured portfolios. REAL ESTATE SERVICES UNDER MANDATE This involves the management of real estate assets on behalf of and under the mandate of third parties, including the management of real estate guarantees as well as the development and management of the properties subject to mandate. As with the servicing services mentioned above, there is an obligation to perform over time because the customer receives and simultaneously uses the benefits of the property management and/or sale service. Year 2022 Italy Hellenic Region Iberia Infrasector Group Servicing services 32,735 152,067 68,670 (10,024) 243,448 Servicing for securitisations 122,092 79,524 - - 201,616 REO services - 17,803 59,124 (6,057) 70,870 Total revenues 154,827 249,394 127,794 (16,081) 515,934 (\u20ac/000) (\u20ac/000) For revenue recognition, the Group applies a valuation method based on the outputs of property management activities and sales on each managed position, so as to recognise revenues for an amount equal to that for which it has the right to invoice the customer. The breakdown of revenue from contracts with Group customers is shown below: Year 2021 Italy Hellenic Region Iberia Infrasector Group Servicing services 46,208 128,166 110,496 (14,820) 270,050 Servicing for securitisations 107,078 76,580 - - 183,658 REO services - 12,693 68,679 (10,715) 70,657 Total revenues 153,286 217,439 179,175 (25,535) 524,365",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-37": {
"value": "NOTE 20 \u2013 REVENUE FROM CONTRACTS WITH CUSTOMERS (\u20ac/000) 12/31/2022 12/31/2021 Servicing services 243,448 270,050 Servicing for securitisations 201,616 183,658 REO services 70,870 70,657 Total 515,934 524,365 The item as a whole decreased by 2% compared to December 31, 2021. This result is due to lower revenues recorded in the component of the servicing services (-10%), mainly offset by the positive performance of servicing for securitisation (+10%), while revenues from REO services remained fairly stable (+0.3%). The decrease in the servicing services is mainly due to the performance in the Iberian Region (down 37.9%, mainly due to the exit of the Sareb portfolio) and the activity in Italy down 29.2%, partially offset by a strong performance in the Hellenic Region (up 18.6%). PERFORMANCE OBLIGATIONS SERVICING SERVICES UNDER MANDATE AND FOR SECURITISATION TRANSACTIONS The servicing services include the administration, management and recovery of loans utilising in- court and out-of-court recovery processes on behalf and under the mandate of third parties for portfolios mainly consisting of non-performing loans. These services normally include a performance obligation that is fulfilled over time: in fact, the customer simultaneously receives and uses the benefits of the recovery service and the service provided improves the credit that the customer controls. For the recognition of revenues, the Group applies a valuation method based on the outputs represented by both the assets managed and the collections on each position under mandate, so as to recognise revenues for an amount equal to that for which it has the right to invoice the customer. The Group, following a more precise interpretation of some clauses provided for in the Service Level Agreement signed between doValue Greece and Eurobank connected to a particular type of fee (\u201cCuring Fee\u201d) and in application of the provisions of the IFRS15 accounting standard relating to variable fees, has aligned the relative method of recording revenues, which sees as a counterpart the establishment of a specific provision for risks and charges against possible penalties on stock and flow restructured portfolios. REAL ESTATE SERVICES UNDER MANDATE This involves the management of real estate assets on behalf of and under the mandate of third parties, including the management of real estate guarantees as well as the development and management of the properties subject to mandate. As with the servicing services mentioned above, there is an obligation to perform over time because the customer receives and simultaneously uses the benefits of the property management and/or sale service. Year 2022 Italy Hellenic Region Iberia Infrasector Group Servicing services 32,735 152,067 68,670 (10,024) 243,448 Servicing for securitisations 122,092 79,524 - - 201,616 REO services - 17,803 59,124 (6,057) 70,870 Total revenues 154,827 249,394 127,794 (16,081) 515,934 NOTE 21 \u2013 OTHER REVENUES (\u20ac/000) 12/31/2021 31/12/2021 Administrative Servicing/Corporate Services Provider 18,274 10,299 Information services 4,647 4,655 Recovery of expenses 2,088 1,363 Due diligence & Advisory 3,146 2,618 Ancillary REO services 11,611 18,990 Other revenues 4,080 2,849 Total 43,846 40,774 The item shows an increase of 8% compared to December 31, 2021, mainly due to the effect of higher administrative Services/Corporate Services Provider activities carried out mainly by the Parent Company doValue and including the new \u201cMaster Legal\u201d business line, as well as higher income from ancillary services included in the category other revenues. This higher income was partially offset by lower revenues recorded in ancillary REO services, mainly as a result of a contract renegotiation with less favourable volumes and terms compared to the previous situation. (\u20ac/000) (\u20ac/000) For revenue recognition, the Group applies a valuation method based on the outputs of property management activities and sales on each managed position, so as to recognise revenues for an amount equal to that for which it has the right to invoice the customer. The breakdown of revenue from contracts with Group customers is shown below: Year 2021 Italy Hellenic Region Iberia Infrasector Group Servicing services 46,208 128,166 110,496 (14,820) 270,050 Servicing for securitisations 107,078 76,580 - - 183,658 REO services - 12,693 68,679 (10,715) 70,657 Total revenues 153,286 217,439 179,175 (25,535) 524,365",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-436": {
"value": "NOTE 20 \u2013 REVENUE FROM CONTRACTS WITH CUSTOMERS (\u20ac/000) 12/31/2022 12/31/2021 Servicing services 243,448 270,050 Servicing for securitisations 201,616 183,658 REO services 70,870 70,657 Total 515,934 524,365 The item as a whole decreased by 2% compared to December 31, 2021. This result is due to lower revenues recorded in the component of the servicing services (-10%), mainly offset by the positive performance of servicing for securitisation (+10%), while revenues from REO services remained fairly stable (+0.3%). The decrease in the servicing services is mainly due to the performance in the Iberian Region (down 37.9%, mainly due to the exit of the Sareb portfolio) and the activity in Italy down 29.2%, partially offset by a strong performance in the Hellenic Region (up 18.6%). PERFORMANCE OBLIGATIONS SERVICING SERVICES UNDER MANDATE AND FOR SECURITISATION TRANSACTIONS The servicing services include the administration, management and recovery of loans utilising in- court and out-of-court recovery processes on behalf and under the mandate of third parties for portfolios mainly consisting of non-performing loans. These services normally include a performance obligation that is fulfilled over time: in fact, the customer simultaneously receives and uses the benefits of the recovery service and the service provided improves the credit that the customer controls. For the recognition of revenues, the Group applies a valuation method based on the outputs represented by both the assets managed and the collections on each position under mandate, so as to recognise revenues for an amount equal to that for which it has the right to invoice the customer. The Group, following a more precise interpretation of some clauses provided for in the Service Level Agreement signed between doValue Greece and Eurobank connected to a particular type of fee (\u201cCuring Fee\u201d) and in application of the provisions of the IFRS15 accounting standard relating to variable fees, has aligned the relative method of recording revenues, which sees as a counterpart the establishment of a specific provision for risks and charges against possible penalties on stock and flow restructured portfolios. REAL ESTATE SERVICES UNDER MANDATE This involves the management of real estate assets on behalf of and under the mandate of third parties, including the management of real estate guarantees as well as the development and management of the properties subject to mandate. As with the servicing services mentioned above, there is an obligation to perform over time because the customer receives and simultaneously uses the benefits of the property management and/or sale service. Year 2022 Italy Hellenic Region Iberia Infrasector Group Servicing services 32,735 152,067 68,670 (10,024) 243,448 Servicing for securitisations 122,092 79,524 - - 201,616 REO services - 17,803 59,124 (6,057) 70,870 Total revenues 154,827 249,394 127,794 (16,081) 515,934 (\u20ac/000) (\u20ac/000) For revenue recognition, the Group applies a valuation method based on the outputs of property management activities and sales on each managed position, so as to recognise revenues for an amount equal to that for which it has the right to invoice the customer. The breakdown of revenue from contracts with Group customers is shown below: Year 2021 Italy Hellenic Region Iberia Infrasector Group Servicing services 46,208 128,166 110,496 (14,820) 270,050 Servicing for securitisations 107,078 76,580 - - 183,658 REO services - 12,693 68,679 (10,715) 70,657 Total revenues 153,286 217,439 179,175 (25,535) 524,365",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-442": {
"value": "PERFORMANCE OBLIGATIONS SERVICING SERVICES UNDER MANDATE AND FOR SECURITISATION TRANSACTIONS The servicing services include the administration, management and recovery of loans utilising in- court and out-of-court recovery processes on behalf and under the mandate of third parties for portfolios mainly consisting of non-performing loans. These services normally include a performance obligation that is fulfilled over time: in fact, the customer simultaneously receives and uses the benefits of the recovery service and the service provided improves the credit that the customer controls. For the recognition of revenues, the Group applies a valuation method based on the outputs represented by both the assets managed and the collections on each position under mandate, so as to recognise revenues for an amount equal to that for which it has the right to invoice the customer. The Group, following a more precise interpretation of some clauses provided for in the Service Level Agreement signed between doValue Greece and Eurobank connected to a particular type of fee (\u201cCuring Fee\u201d) and in application of the provisions of the IFRS15 accounting standard relating to variable fees, has aligned the relative method of recording revenues, which sees as a counterpart the establishment of a specific provision for risks and charges against possible penalties on stock and flow restructured portfolios. REAL ESTATE SERVICES UNDER MANDATE This involves the management of real estate assets on behalf of and under the mandate of third parties, including the management of real estate guarantees as well as the development and management of the properties subject to mandate. As with the servicing services mentioned above, there is an obligation to perform over time because the customer receives and simultaneously uses the benefits of the property management and/or sale service. For revenue recognition, the Group applies a valuation method based on the outputs of property management activities and sales on each managed position, so as to recognise revenues for an amount equal to that for which it has the right to invoice the customer. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPerformanceObligationsExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-409": {
"value": "NOTE 21 \u2013 OTHER REVENUES
(\u20ac/000)
12/31/2021 31/12/2021
Administrative Servicing/Corporate Services Provider 18,274 10,299
Information services 4,647 4,655
Recovery of expenses 2,088 1,363
Due diligence & Advisory 3,146 2,618
Ancillary REO services 11,611 18,990
Other revenues 4,080 2,849
Total 43,846 40,774
The item shows an increase of 8% compared to December 31, 2021, mainly due to the effect of
higher administrative Services/Corporate Services Provider activities carried out mainly by the
Parent Company doValue and including the new \u201cMaster Legal\u201d business line, as well as higher
income from ancillary services included in the category other revenues. This higher income was
partially offset by lower revenues recorded in ancillary REO services, mainly as a result of a contract
renegotiation with less favourable volumes and terms compared to the previous situation.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-410": {
"value": "NOTE 22 \u2013 COSTS FOR SERVICES RENDERED (\u20ac/000) 12/31/2022 12/31/2021 Costs related to Assets Under Management (25,014) (34,564) Brokerage fees (19,211) (21,176) Costs for services (1,491) (940) Total (45,716) (56,680) The item, which includes the fees of the recovery network, decreased by 19% compared to December 31, 2021. The decrease in the category of costs related to Assets Under Management is due to a reduction in collections through the external network, while the decrease in brokerage fees component, which is mainly related to the Iberian Region, is due to a reduction in the portfolio under management. NOTE 23 \u2013 PERSONNEL EXPENSES (\u20ac/000) 12/31/2022 12/31/2021 Payroll employees (219,639) (224,481) Members of Board of Directors and Board of Statutory Auditors (6,995) (4,986) Other personnel (4,515) (2,114) Total (231,149) (231,581) The item shows a substantially stable balance compared to the previous year (-0.2%), due to the decrease in personnel costs (-2%), as a result of the efficiency programme envisaged in the approved Business Plan, offset by the increase in costs for directors and statutory auditors and other personnel. The decrease in personnel costs is in line with the decrease in the average number of employees (-3.4%). In line with the objectives of the 2022-2024 Business Plan, personnel expenses include charges related to early retirement incentives (overall \u20ac13.6 million), which were almost entirely paid out during the year to employees who signed up to the plan launched by the Group. With regard to the breakdown of the cost for employee benefits included in this item, please refer to Note 14 \u2013 Employee benefits. 12/31/2021 31/12/2021 Payroll employees 3,048 3,156 a) Executives 129 146 b) Managers 942 1,043 c) Other employees 1,977 1,967 Other staff 180 82 Total 3,228 3,238 AVERAGE NUMBER OF EMPLOYEES BY CATEGORY NOTE 24 \u2013 ADMINISTRATIVE EXPENSES (\u20ac/000) 12/31/2022 12/31/2021 External consultants (32,779) (33,234) Information Technology (38,569) (34,935) Administrative and logistical services (8,724) (5,386) Building maintenance and security (2,571) (8,806) Insurance (1,971) (2,410) Indirect taxes and duties (2,275) (2,467) Postal services, office supplies (963) (1,378) Indirect personnel expenses (3,206) (2,782) Debt collection (356) (772) Utilities (2,603) (1,924) Advertising and marketing (4,897) (4,495) Other expenses (1,498) (642) Total (100,412) (99,231) The item as a whole showed substantial stability compared to the previous year, with an overall increase of 1%. However, the detailed analysis shows mainly an increase in IT services related to technological developments and outsourced administrative and logistical services, which are offset by lower maintenance and management costs of the operating properties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-38": {
"value": "NOTE 22 \u2013 COSTS FOR SERVICES RENDERED (\u20ac/000) 12/31/2022 12/31/2021 Costs related to Assets Under Management (25,014) (34,564) Brokerage fees (19,211) (21,176) Costs for services (1,491) (940) Total (45,716) (56,680) The item, which includes the fees of the recovery network, decreased by 19% compared to December 31, 2021. The decrease in the category of costs related to Assets Under Management is due to a reduction in collections through the external network, while the decrease in brokerage fees component, which is mainly related to the Iberian Region, is due to a reduction in the portfolio under management. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-437": {
"value": "12/31/2021 31/12/2021 Payroll employees 3,048 3,156 a) Executives 129 146 b) Managers 942 1,043 c) Other employees 1,977 1,967 Other staff 180 82 Total 3,228 3,238 AVERAGE NUMBER OF EMPLOYEES BY CATEGORY ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-39": {
"value": "NOTE 24 \u2013 ADMINISTRATIVE EXPENSES (\u20ac/000) 12/31/2022 12/31/2021 External consultants (32,779) (33,234) Information Technology (38,569) (34,935) Administrative and logistical services (8,724) (5,386) Building maintenance and security (2,571) (8,806) Insurance (1,971) (2,410) Indirect taxes and duties (2,275) (2,467) Postal services, office supplies (963) (1,378) Indirect personnel expenses (3,206) (2,782) Debt collection (356) (772) Utilities (2,603) (1,924) Advertising and marketing (4,897) (4,495) Other expenses (1,498) (642) Total (100,412) (99,231) The item as a whole showed substantial stability compared to the previous year, with an overall increase of 1%. However, the detailed analysis shows mainly an increase in IT services related to technological developments and outsourced administrative and logistical services, which are offset by lower maintenance and management costs of the operating properties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-40": {
"value": "NOTE 25 \u2013 OTHER OPERATING (EXPENSE)/INCOME (\u20ac/000) 12/31/2022 12/31/2021 Recovery of expenses - 726 Government grants 514 165 Reductions in assets (33) (3,378) Other expenses (704) (6,190) Other income 4,293 81 Total 4,070 (8,596) In 2022, the item shows a positive balance of \u20ac4.1 million compared to a negative balance of -\u20ac8.6 million in 2021. The 2022 figure does not include the negative elements that had characterised the previous year\u2019s balance, such as the \u20ac3.3 million recognition of a \u201cNet Economic Benefit\u201d to the seller counterparty as part of the acquisition of doValue Greece and \u20ac6.1 million in indemnities paid to customers as a result of contractual disputes. The 2022 balance also includes income from an insurance claim amounting to \u20ac4.1 million. 4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-41": {
"value": "NOTE 26 \u2013 DEPRECIATION, AMORTISATION AND IMPAIRMENT This item decreased by 26% from December 31, 2021, mainly due to lower amortisation recorded in intangible assets, as a result of the normal run-off of the long-term servicing contracts recorded. The write-down of intangible assets of \u20ac1.3 million is partly due to the disposal of certain software for the renewal of the Group\u2019s technology infrastructure (\u20ac0.8 million) and the remaining part (\u20ac0.6 million) to the effects of the impairment test conducted on the book balances as at December 31, 2022 (for more details, see also Note 1 \u2013 Intangible Assets). The item is also affected by the effects of IFRS 16 for amortisation of rights of use, which amounted to \u20ac13.1 million in 2022. (\u20ac/000) 12/31/2022 12/31/2021 Intangible assets (54,903) (79,812) Amortisation (53,559) (76,288) Impairment (1,344) (3,524 Property, plant and equipment (16,626) (14,755) Amortisation (16,626) (14,725) Impairment - (30) Financial assets measured at amortised cost 47 54 Writedowns - (43) Writebacks 47 97 Trade receivables 329 (1,750) Writedowns (680) (1,750 Writebacks 1,009 - Total (71,153) (96,263)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-42": {
"value": "NOTE 28 \u2013 FINANCIAL (EXPENSE)/INCOME(\u20ac/000) 12/31/2022 12/31/2021 Financial income 1,955 9,198 Income from financial assets measured at fair value through P&L 1,507 8,846 Income from financial assets measured at amortised cost 420 133 Other financial income 28 219 Financial expense (29,192) (32,843) Expense from financial liabilities measured at amortised cost (27,146) (31,220) Expense from hedging derivates - (507) Other financial expenses (2,046) (1,116) Net change of other financial assets and liabilities measured at fair value through P&L (22,520) 1,308 Financial assets - o.w.: debt securities (550) 1,209 Financial assets - o.w.: units in collective investment undertakings (CIUs) (652) 99 Financial assets - o.w.: non-hedging derivatives 287 - Financial liabilities (21,605) - Total (49,757) (22,337) Financial income amounted to \u20ac2.0 million and was mainly due to income from the Romeo, Mercuzio and Mexico ABS securities; the comparison with the previous year shows the benefit in 2021 of the \u20ac4.0 million gain realised on the sale of the Relais securitisation securities and the \u20ac4.6 million gains realised on the sale of Mexico securities. Financial expense (\u20ac29.2 million) includes interest expense accrued on the outstanding 2020 and 2021 bonds, while the \u201cother financial expenses\u201d component mainly includes the portion of interest calculated in accordance with IFRS 16. The net change in the value of financial assets and liabilities measured at fair value through profit or loss is mainly due (\u20ac21.6 million) to the measurement of the earn-out due from doValue to Eurobank for the acquisition of doValue Greece and linked to the achievement of certain EBITDA targets over a ten-year period, and whose payments will not be due before 2024. The strong economic performance of Greece in 2022 led to an increase in the value of the recognised liability with a consequent negative economic impact.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-412": {
"value": "Financial income amounted to \u20ac2.0 million and was mainly due to income from the Romeo, Mercuzio and Mexico ABS securities; the comparison with the previous year shows the benefit in 2021 of the \u20ac4.0 million gain realised on the sale of the Relais securitisation securities and the \u20ac4.6 million gains realised on the sale of Mexico securities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-411": {
"value": "Financial expense (\u20ac29.2 million) includes interest expense accrued on the outstanding 2020 and 2021 bonds, while the \u201cother financial expenses\u201d component mainly includes the portion of interest calculated in accordance with IFRS 16. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-43": {
"value": "NOTE 29 \u2013 INCOME TAX EXPENSEEvery country in which the doValue Group operates has an independent tax system in which the determination of the tax base, the level of the tax rates, the nature, the type and the timing of the formal obligations differ from one another. Currently, as regards tax rates for 2022 and with reference to the countries in which the Group operates, the income tax of the companies is established at a nominal rate of 25% in Spain, 21% in Portugal (to which a \u201cMunicipal Surtax\u201d of 1.5% is added and an additional \u201cState surtax\u201d of 3%, 5% or 9% depending on the disposable income bracket), 22% in Greece and 12.5% in Cyprus. In Italy, the standard corporate income tax rate (IRES) is 24%, to which a surcharge of 3.5% is added, applicable exclusively to banks and financial institutions (Italian Law no. 208 of December 28, 2015), which applies to the subsidiary doNext. In addition to IRES, in Italy, IRAP (regional business tax) must be added. As at December 31, 2022, in order to determine the IRAP rate of the Parent Company doValue, maintenance of the requirements of non-financial equity holding was verified, with the subsequent application of the rate envisaged for banks and the extension of the tax base also to financial charges and income; the nominal rate for banks and financial institutions is 4.65% (to which each Region can independently apply an increase of 0.92%, up to a theoretical rate of 5.57% plus a further 0.15% for the regions with a health deficit). (\u20ac/000) 12/31/2022 12/31/2021 Current tax (25,975) (31,255) Adjustment to current tax of prior years (1,287) (1,116) Changes to deferred tax assets (10,827) 7,676 Changes to deferred tax liabilities 3,347 11,199 Total (34,742) (13,496) Income tax for the period amounted to \u20ac34.7 million on an accrual basis, up from \u20ac13.5 million as at December 31, 2021, mainly due to a negative impact of changes in deferred tax assets and liabilities. Below is a table detailing the tax effect on the components of the comprehensive income statement. (\u20ac/000) 12/31/2021 31/12/2021 Defined-benefit plans (137) 40 Cash flow hedges - (109) Total (137) (69) The reconciliation between the tax charge recognised in the consolidated financial statements and the theoretical tax charge, determined on the basis of the theoretical rates in force in Italy, is also shown below: (\u20ac/000) 12/31/2022 12/31/2021 PROFIT (LOSS) BEFORE TAX FROM CONTINUING OPERATIONS 61,217 46,669 Theoretical tax rate 24% 24% Theoretical computed taxes on income (14,692) (11,201) - Different tax rates from the theoretical 4,195 2,452 - Non-taxable income - permanent differences 910 (3,690) - Non-deductible expenses - permanent differences (12,341) (2,602) - IRAP (regional business tax) (1,026) (528) - Prior years and changes in tax rates (1,562) 1,511 - Valuation adjustments and non-recognition of deferred tax assets/liabilities (10,473) 1,028 - Other differences 247 (466) Income tax recognised in income statement (34,742) (13,496)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-44": {
"value": "NOTE 30 \u2013 EARNINGS PER SHAREThe basic earnings per share are calculated by comparing the economic result attributable to holders of ordinary equity instruments of the Parent Company doValue to the weighted average number of shares outstanding, net of treasury shares. Diluted earnings per share are equal to the basic earnings as there are no other categories of shares other than ordinary shares and there are no instruments convertible into shares. (\u20ac/000) 12/31/2022 12/31/2021 Profit (loss) for the period attributable to the Shareholders of the Parent Company [A] 16,502 23,744 Weighted average number of shares outstanding for the purposes of calculation of profit (loss) per share basic [B] 79,091,053 79,156,795 diluted [C] 79,091,053 79,156,795 Earnings (loss) per share (in euro) basic [A/B] 0.21 0.30 diluted [A/C] 0.21 0.30",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-45": {
"value": "INTRODUCTIONThe doValue Group, in line with the regulations that apply to it and applicable best practices, has an Internal Control System that is composed of instruments, organisational structures, company rules and regulations targeted at allowing, through an adequate process of company risk identification, measurement, management and monitoring, a sound, correct company management consistent with the pre-established performance targets and protection of company assets as a whole. The Group Internal Control System is based on control bodies and departments, information flows and mechanisms to involve the applicable parties and Group governance mechanisms. More specifically, the Group has structured its internal control organisational model by aiming to ensure integration and coordination between the actors within the Internal Control System, in compliance with the principles of integration, proportionality and cost-effectiveness, as well as ensuring reliability, accuracy, trustworthiness and timeliness of financial information. Financial risks 5 .1 CREDIT RISK Credit risk is the risk that a counterparty will not fulfil its obligations linked to a financial instrument or a commercial contract, therefore leading to a financial loss. This risk mainly derives from economic and financial factors, or from the possibility of a default situation of a counterparty. The Group is exposed to credit risk deriving mainly from its operating activities, i.e. from trade receivables and, to a lesser extent, from its financing activities, deposits with leading banks and financial institutions and other financial instruments, as well as reduced non-performing positions owned. Trade receivables, which are at very short term and are settled with payment of the related invoice, are essentially attributable to servicing contracts under which the Group companies accrue receivables in respect of their counterparties, who may default due to insolvency, economic events, liquidity shortages, operational deficiencies or other reasons. In order to limit this risk, the Group monitors the positions of individual customers, analyses expected and actual cash flows in order to promptly undertake any recovery actions. Pursuant to IFRS 9, at each reporting date, these receivables are subject to an assessment aimed at verifying whether there is evidence that the carrying amount of the assets cannot be fully recovered. As at December 31, 2022, the main trade counterparties were represented by banks and important Investors with high credit standing and Vehicle Companies established pursuant to the provisions of Italian Law 130/1999. For a quantitative analysis, please see the Note on trade receivables. With regard to individual non-performing positions, which concern a marginal number of positions acquired over time, the procedures and tools supporting the activity of the workout units always enable position managers to prepare accurate forecasts of the amounts and timing of expected recoveries on the individual relationships in accordance with the state of progress in the recovery management process. These analytical evaluations take account of all the elements objectively connected with the counterparty and are in any case conducted by the position managers in compliance with the principle of sound and prudent management. As regards the credit risk relating to relations with banks and financial institutions, the Group only uses partners with a high credit standing. LIQUIDITY RISK The liquidity risk is manifested as the inability to raise, an economically sustainable manner, the financial resources necessary for the Group\u2019s operations. The two main factors that determine the Group\u2019s liquidity situation are, on the one hand, the resources generated or absorbed by operating and investment activities and, on the other, the expiry and renewal characteristics of the debt or liquidity of financial investments and market conditions. The Group has adopted a series of policies and processes to optimise the management of financial resources, thereby reducing liquidity risk. The Parent Company doValue identifies and monitors liquidity risk on a current and forward- looking basis. In particular, the prospective assessment takes account of probable developments in the cash flows connected with the Group\u2019s business. One of the main instruments for mitigating liquidity risk is the holding of reserves of liquid assets and revolving credit lines. The liquidity buffer represents the amount of liquid assets held by the Group and readily usable under stress conditions and deemed appropriate in relation to the risk tolerance threshold specified. In order to ensure efficient liquidity management, from the second quarter of the current financial year, treasury activities are largely centralised at the Holding level, with liquidity needs being met primarily from cash flows generated by the ordinary course of business and any surpluses being managed appropriately. Management believes that the funds and credit lines currently available, in addition to the liquidity that will be generated by operations and financing activities, will enable the Group to meet its requirements for investment, working capital management and repayment of debt as it falls due. (\u20ac/000) On demand Up to 3 months 3 to 12 months 1 to 5 years Over 5 years 12/31/2022 12/31/2021 Loans and other financing - 14,283 - 554,220 - 568,503 572,828 Bank loans - 163 - - - 163 7,607 Due to other lenders - 4,380 - - - 4,380 4,369 Bonds - 9,740 - 554,220 - 563,960 560,852 Other financial liabilities 92 1,125 61,142 43,187 10,935 116,481 71,648 Lease liabilities 92 1,125 10,648 33,664 4,409 49,938 26,366 Earn-out - - 28,600 9,523 6,526 44,649 23,043 Put option on non-controlling interests - - 21,894 - - 21,894 22,239 Trade payables 4,326 45,625 20,430 - - 70,381 73,710 Other current liabilities 4,494 15,944 20,922 33,591 803 75,754 104,888 Total 8,912 76,977 102,494 630,998 11,738 831,119 823,074 MARKET RISK \u2013 INTEREST RATE RISK Market risk is the risk that the fair value of future cash flows of a financial instrument will change due to variations in the market price. The market price includes three types of risk: interest rate risk, currency risk and other price risks, such as, for example, the equity risk. The financial instruments affected by market risk include loans and financing, deposits, debt and equity instruments and financial derivative instruments. The Group, which uses external financial resources in the form of debt and uses available liquidity in bank deposits, is exposed to interest rate risk, which represents the risk that the fair value or future cash flows of a financial instrument will change due to variations in market interest rates. The Group\u2019s exposure to the risk of variations in market interest rates is related to long-term indebtedness with variable interest rates. Thanks to the 2020 and 2021 fixed rate bonds, the structure of the Group\u2019s current long-term debt is no longer exposed to interest rate risk. (\u20ac/000) 12/31/2022 Non-current assets - Current assets Current financial assets 4,380 Other current assets 2 Cash and cash equivalents 196 Total current assets 4,578 Total assets 4,578 Non-current liabilities - Current liabilities Loans and other financing 4,380 Other current liabilities 198 Total current liabilities 4,578 Total liabilities 4,578 Total Shareholders' Equity and liabilities 4,578 ASSETS ALLOCATED FOR A SPECIFIC BUSINESS ACTIVITY \u201cVitruvian\u201d asset allocated for a specific business activity On March 16, 2021, the subsidiary doNext collected funds deriving from a special purpose loan payable, taken out with Vitruvian Investments SA and regulated by Articles 2447-bis, paragraph 1, letter B and 2447\u2013decies of the Italian Civil Code. In consideration of the typical limited recourse arrangement of this loan, it emerged that the credit risk assumed by doNext is essentially nil. In particular, the specific business activity forming the object of the special purpose loan provided by Vitruvian to doNext of \u20ac4.4 million, was aimed at allowing the disbursement of new pre-deductible finance pursuant to Article 182-quater of Italian Royal Decree 267 of March 16, 1942 by doNext in the restructuring procedure launched in accordance with Article 182-bis of Italian Royal Decree 267 of March 16, 1942 by the borrower, and in particular, it consisted in: a. disbursement of a medium/long-term loan of \u20ac1.8 million, with repayment in quarterly instalments by December 2024 and b. opening of a credit line of up to a total of \u20ac2.6 million, expiring on December 31, 2023. Moreover, \u20ac0.2 million was available in the dedicated current account as at December 31, 2022. Interest income accrues at a fixed rate of 500 bps (5%) on the medium/long-term credit line, while interest income accrues at a fixed rate of 300 bps (3%) on the credit line for the advance payment of invoices. By contrast, interest accrues on the special purpose loan for an amount corresponding to the amount collected by doNext relating to the business activity in the form of interest on the new financing. On January 9, 2023, the contract to assign the loans to the latter was finalised with the investor. Details of the items in the Balance Sheet as at December 31, 2022, relating to this special purpose loan are shown below, whose amount in the income statement is equal to zero due to the full offsetting of the related interest income and interest expense. Operational risks 5 .2 Operational risk is the risk of incurring losses due to the inadequacy or the failure of procedures, human resources and internal systems, or to external events. This includes the following risks identified as part of the Group\u2019s activity and business: \u25a0 transactional and process risks that include: - the risks related to day-to-day operations borne by asset managers (e.g. timeliness of file allocation, requirements, mortgage guarantees); - the handling of complaints from debtors and/or other third parties; - the calculation of potential losses related to specific events (\u201crisk events\u201d); \u25a0 the risk of conduct, with a special reference to whistle-blowing events and violations of the corporate code of ethics; \u25a0 legal and tax risks; \u25a0 external fraud; \u25a0 IT risk, to be understood as the unavailability of software applications in use, vulnerabilities in software applications and security incidents in the computer network; \u25a0 the concentration and performance risk of third-party suppliers used by the various Group companies, with a special reference to outsourcing services. The objective of monitoring these risks is to mitigate their potential impact and/or probability from a cost/benefit perspective in line with the defined Risk Appetite. The doValue Group adopts a set of controls, principles and rules to manage operational risk. In terms of organisation, the Enterprise Risk Management Function (hereinafter \u201cERM\u201d) was established in July 2022, whose mission is to ensure integrated risk management throughout the Group, acting as a facilitator of business growth and development by identifying, measuring and managing potential risks that may affect the Group. The Enterprise Risk Management function was placed at Group level within the \u201cGroup Organisation & Enterprise Risk Management\u201d area, reporting directly to the General Manager Corporate Functions. ERM\u2019s main organisational responsibilities are: \u25a0 ensuring a Risk-Informed approach, i.e. providing information to doValue\u2019s Management and Board of Directors in order to support the decision-making process, based not only on expected performance but also on the underlying risk profile; \u25a0 guaranteeing integrated monitoring of potentially applicable risk categories at Group level, in line with the model of second-level controls; \u25a0 defining a common framework within the Group for identifying, assessing, measuring and monitoring risks, linking strategies, policies, processes and operating mechanisms and receiving information flows from local \u201cRisk Management\u201d functions and other functions where necessary; \u25a0 ensuring Group-wide monitoring, analysis and reporting on the evolution of risks, their mitigation actions, the overall risk profile and compliance with identified risk tolerance thresholds; \u25a0 supporting the monitoring of provisions for risks and charges in the Consolidated Financial Statements in cooperation with Group Finance. In order to monitor and manage the Group\u2019s risks, a system of information flows has been implemented between the Group functions and local Risk Management on the different types of operational risk, which are summarised in a Tableau de Bord (TdB) to provide an overview of the risks monitored at Group level. This TdB, which is shared quarterly with the Chief Executive Officer and the Committees and half- yearly with the doValue Board of Directors, includes in particular a set of Key Risk Indicators (KRIs), prepared monthly and/or quarterly, considering local peculiarities and existing regulations. LEGAL AND TAX RISKS RISKS CONNECTED WITH LITIGATIONS The Group operates in a legal and legislative context that exposes it to a vast range of possible litigation connected with the core business of servicing loan recovery under mandate, potential administrative irregularities and labour litigation. The associated risks are assessed periodically in order to quantify a specific allocation to the \u201cProvision for risks and charges\u201d whenever an outlay is considered probable or possible on the basis of the information that becomes available, as provided for in the specific internal policies. RISKS CONNECTED WITH TAX DISPUTES With regard to the events underlying the agreement reached with the Tax Authority in 2021 by the subsidiary doValue Spain SA (previously called Altamira Asset Management SA), related actions are currently underway to protect doValue by virtue of the contractual provisions contained in the acquisition agreement, as they relate to deeds and facts prior to the acquisition of the equity investment in doValue Spain which took place in 2019. It should be noted, furthermore, that the Parent Company has received a tax audit by the Italian Tax Authority concerning the fiscal years 2015, 2016 and 2017, prior to the listing. As a result of the formal closure of the tax audit, two substantive findings were raised for 2016 and 2017 (with regular closure of the verification for the 2015 fiscal period). Concerning that point, the Parent Company promptly provided comments and clarifications to the Italian Tax Authority, in order to demonstrate in detail the full correctness of the conduct adopted. Currently, to date, no tax assessment has been received yet by the Company and the possible final findings of the carried out tax audit are expected not before the second quarter of 2023. The Parent Company is also considering the activation of the adequate protection measures according to the tax framework mainly aimed at preempting the issuance of one or more tax assessment, which are however considered to be not grounded. Therefore, a possible quantification could be estimated only in the future, once the outcomes of the discussions with the Italian Tax Authority have been ended and the conclusions that the Parent Company will want to ratify in relation to the possible settlement of the dispute or the start of the next phase of tax claim. Taking these circumstances into account, the Parent Company, supported by a pool of professionals, evaluated the liability risk as possible. This possibility, however considered low, did not determine any provision for tax risks, penalties and interest, while the cost of legal expenses was recognized. Capital management 5 .3 For the purposes of the management of the Groups capital, it was defined that this includes the share premium reserve and all other reserves attributable to the shareholders of the Parent Company. The main objective of capital management is to maximise value for shareholders, safeguard business continuity, as well as support the development of the Group. The Group therefore intends to maintain an adequate level of capitalisation, which at the same time makes it possible to achieve a satisfactory economic return for shareholders and to guarantee efficient access to external sources of financing. The Group constantly monitors the evolution of the level of indebtedness to be compared to shareholders \u2019equity and taking into account the generation of cash from the businesses in which it operates. There are currently no financial covenants linked to a gearing ratio, i.e. the ratio between the net debt and the total capital plus the net debt, illustrated below. (\u20ac/000) 12/31/2022 12/31/2021 Loans and other financing (Note 12) 568,503 572,828 Other financial liabilities (Note 13) 116,481 71,648 Trade payables (Note 16) 70,381 73,710 Other liabilities (Note 17) 75,754 104,888 Less: cash and cash equivalents (Note 9) (134,264) (166,668) Net debt (A) 696,855 656,406 Shareholders' equity 136,559 156,645 Shareholders' equity and net debt (B) 833,414 813,051 Gearing ratio (A/B) 84% 81% The table below reconciles the net debt figure shown in the previous table with the net financial indebtedness presented in Note 13 of the \u201cInformation on the consolidated balance sheet\u201d section. (\u20ac/000) 12/31/2021 12/31/2021 Net financial indebtedness (Note 13) 546,340 476,292 Trade payables (Note 16) 70,381 73,710 Other liabilities (Note 17) 75,754 104,888 Current financial assets (Note 3) 4,380 1,516 Net debt (A) 696,855 656,406",
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"fact-413": {
"value": "CREDIT RISK Credit risk is the risk that a counterparty will not fulfil its obligations linked to a financial instrument or a commercial contract, therefore leading to a financial loss. This risk mainly derives from economic and financial factors, or from the possibility of a default situation of a counterparty. The Group is exposed to credit risk deriving mainly from its operating activities, i.e. from trade receivables and, to a lesser extent, from its financing activities, deposits with leading banks and financial institutions and other financial instruments, as well as reduced non-performing positions owned. Trade receivables, which are at very short term and are settled with payment of the related invoice, are essentially attributable to servicing contracts under which the Group companies accrue receivables in respect of their counterparties, who may default due to insolvency, economic events, liquidity shortages, operational deficiencies or other reasons. In order to limit this risk, the Group monitors the positions of individual customers, analyses expected and actual cash flows in order to promptly undertake any recovery actions. Pursuant to IFRS 9, at each reporting date, these receivables are subject to an assessment aimed at verifying whether there is evidence that the carrying amount of the assets cannot be fully recovered. As at December 31, 2022, the main trade counterparties were represented by banks and important Investors with high credit standing and Vehicle Companies established pursuant to the provisions of Italian Law 130/1999. For a quantitative analysis, please see the Note on trade receivables. With regard to individual non-performing positions, which concern a marginal number of positions acquired over time, the procedures and tools supporting the activity of the workout units always enable position managers to prepare accurate forecasts of the amounts and timing of expected recoveries on the individual relationships in accordance with the state of progress in the recovery management process. These analytical evaluations take account of all the elements objectively connected with the counterparty and are in any case conducted by the position managers in compliance with the principle of sound and prudent management. As regards the credit risk relating to relations with banks and financial institutions, the Group only uses partners with a high credit standing. ",
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"fact-414": {
"value": "LIQUIDITY RISK The liquidity risk is manifested as the inability to raise, an economically sustainable manner, the financial resources necessary for the Group\u2019s operations. The two main factors that determine the Group\u2019s liquidity situation are, on the one hand, the resources generated or absorbed by operating and investment activities and, on the other, the expiry and renewal characteristics of the debt or liquidity of financial investments and market conditions. The Group has adopted a series of policies and processes to optimise the management of financial resources, thereby reducing liquidity risk. The Parent Company doValue identifies and monitors liquidity risk on a current and forward- looking basis. In particular, the prospective assessment takes account of probable developments in the cash flows connected with the Group\u2019s business. One of the main instruments for mitigating liquidity risk is the holding of reserves of liquid assets and revolving credit lines. The liquidity buffer represents the amount of liquid assets held by the Group and readily usable under stress conditions and deemed appropriate in relation to the risk tolerance threshold specified. In order to ensure efficient liquidity management, from the second quarter of the current financial year, treasury activities are largely centralised at the Holding level, with liquidity needs being met primarily from cash flows generated by the ordinary course of business and any surpluses being managed appropriately. Management believes that the funds and credit lines currently available, in addition to the liquidity that will be generated by operations and financing activities, will enable the Group to meet its requirements for investment, working capital management and repayment of debt as it falls due. (\u20ac/000) On demand Up to 3 months 3 to 12 months 1 to 5 years Over 5 years 12/31/2022 12/31/2021 Loans and other financing - 14,283 - 554,220 - 568,503 572,828 Bank loans - 163 - - - 163 7,607 Due to other lenders - 4,380 - - - 4,380 4,369 Bonds - 9,740 - 554,220 - 563,960 560,852 Other financial liabilities 92 1,125 61,142 43,187 10,935 116,481 71,648 Lease liabilities 92 1,125 10,648 33,664 4,409 49,938 26,366 Earn-out - - 28,600 9,523 6,526 44,649 23,043 Put option on non-controlling interests - - 21,894 - - 21,894 22,239 Trade payables 4,326 45,625 20,430 - - 70,381 73,710 Other current liabilities 4,494 15,944 20,922 33,591 803 75,754 104,888 Total 8,912 76,977 102,494 630,998 11,738 831,119 823,074 ",
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"fact-415": {
"value": "MARKET RISK \u2013 INTEREST RATE RISK Market risk is the risk that the fair value of future cash flows of a financial instrument will change due to variations in the market price. The market price includes three types of risk: interest rate risk, currency risk and other price risks, such as, for example, the equity risk. The financial instruments affected by market risk include loans and financing, deposits, debt and equity instruments and financial derivative instruments. The Group, which uses external financial resources in the form of debt and uses available liquidity in bank deposits, is exposed to interest rate risk, which represents the risk that the fair value or future cash flows of a financial instrument will change due to variations in market interest rates. The Group\u2019s exposure to the risk of variations in market interest rates is related to long-term indebtedness with variable interest rates. Thanks to the 2020 and 2021 fixed rate bonds, the structure of the Group\u2019s current long-term debt is no longer exposed to interest rate risk. ",
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"fact-416": {
"value": "Capital management 5 .3 For the purposes of the management of the Groups capital, it was defined that this includes the share premium reserve and all other reserves attributable to the shareholders of the Parent Company. The main objective of capital management is to maximise value for shareholders, safeguard business continuity, as well as support the development of the Group. The Group therefore intends to maintain an adequate level of capitalisation, which at the same time makes it possible to achieve a satisfactory economic return for shareholders and to guarantee efficient access to external sources of financing. The Group constantly monitors the evolution of the level of indebtedness to be compared to shareholders \u2019equity and taking into account the generation of cash from the businesses in which it operates. There are currently no financial covenants linked to a gearing ratio, i.e. the ratio between the net debt and the total capital plus the net debt, illustrated below. (\u20ac/000) 12/31/2022 12/31/2021 Loans and other financing (Note 12) 568,503 572,828 Other financial liabilities (Note 13) 116,481 71,648 Trade payables (Note 16) 70,381 73,710 Other liabilities (Note 17) 75,754 104,888 Less: cash and cash equivalents (Note 9) (134,264) (166,668) Net debt (A) 696,855 656,406 Shareholders' equity 136,559 156,645 Shareholders' equity and net debt (B) 833,414 813,051 Gearing ratio (A/B) 84% 81% The table below reconciles the net debt figure shown in the previous table with the net financial indebtedness presented in Note 13 of the \u201cInformation on the consolidated balance sheet\u201d section. (\u20ac/000) 12/31/2021 12/31/2021 Net financial indebtedness (Note 13) 546,340 476,292 Trade payables (Note 16) 70,381 73,710 Other liabilities (Note 17) 75,754 104,888 Current financial assets (Note 3) 4,380 1,516 Net debt (A) 696,855 656,406",
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"fact-417": {
"value": "Commitments and guarantees provided As at December 31, 2022, there were commitments totalling \u20ac1.1 million relating to units in collective investment undertakings (CIUs) to be subscribed for the restricted closed-end alternative securities investment fund denominated Italian Recovery Fund (formerly Atlante II) (see also Note 3). The guarantees issued as at December 31, 2022, amounted to \u20ac0.9 million and are related to rented operating properties.",
"dimensions": {
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"language": "en",
"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-46": {
"value": "Commitments and guarantees provided As at December 31, 2022, there were commitments totalling \u20ac1.1 million relating to units in collective investment undertakings (CIUs) to be subscribed for the restricted closed-end alternative securities investment fund denominated Italian Recovery Fund (formerly Atlante II) (see also Note 3). The guarantees issued as at December 31, 2022, amounted to \u20ac0.9 million and are related to rented operating properties.",
"dimensions": {
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"language": "en",
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"fact-47": {
"value": "In accordance with IFRS 8, segment reporting was prepared as a breakdown of revenues by Region, intended as the location in which services are provided. For management purposes, the Group is organised into business units based on the geographical areas of the southern European region in which it operates following the latest corporate acquisitions in Europe (doValue Spain - formerly Altamira - at the end of June 2019 and doValue Greece - formerly Eurobank FPS - in June 2020), illustrated below: \u25a0 Italy: includes the companies operating in Italy, namely the Parent Company doValue, doData and doNext; \u25a0 Hellenic Region: includes doValue Greece, doValue Greece RES, based in Greece, and investee companies of the doValue Spain based in Cyprus; \u25a0 Iberia: includes companies based in Spain and Portugal, namely doValue Spain with the subsidiary Adsolum and doValue Portugal with the subsidiary Zarco, respectively. Year 2022 Italy Hellenic Region Iberia Infrasector Group Revenue from contracts with customers 154,827 249,394 127,794 (16,081) 515,934 Other revenues 32,662 3,854 15,011 (7,681) 43,846 Total revenues 187,489 253,248 142,805 (23,762) 559,780 Costs for services rendered (7,806) (8,247) (29,697) 34 (45,716) Personnel expenses (91,967) (74,537) (64,927) 282 (231,149) Administrative expenses (48,903) (25,064) (30,799) 4,354 (100,412) Other operating (expense)/income 532 - 3,538 - 4,070 Depreciation, amortisation and impairment (13,066) (38,254) (46,212) 26,379 (71,153) Provisions for risks and charges (3,033) (241) (1,172) - (4,446) Total costs (164,243) (146,343) (169,269) 31,049 (448,806) Operating income 23,246 106,905 (26,464) 7,287 110,974 Financial (expense)/income (21,773) (2,148) (6,148) (19,688) (49,757) Dividends and ordinary similar income 20,484 - 10,000 (30,484) - Profit (loss) before tax 21,957 104,757 (22,612) (42,885) 61,217 Income tax expense (3,686) (25,695) (3,018) (2,343) (34,742) Net profit (loss) from continuing operations 18,271 79,062 (25,630) (45,228) 26,475 Net profit (loss) for the period 18,271 79,062 (25,630) (45,228) 26,475 Total assets (894,510) (478,534) (190,564) 437,010 (1,126,598) of which: Intangible assets (19,698) (318,750) (92,063) (96,377) (526,888) of which: Property, plant and equipment (17,996) (24,723) (16,417) - (59,136) of which: Other non-current assets (323) (991) (762) - (2,076) Total liabilities 693,278 234,728 193,930 (176,258) 945,678 (\u20ac/000) Intra-sectoral revenues are derecognised at the consolidated level and are reflected in the \u201cIntra-sectoral eliminations\u201d column.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-48": {
"value": "BUSINESS COMBINATIONS COMPLETED IN THE PERIOD This section provides detailed information on business combinations involving companies or business units undertaken with counterparties outside the Group, which are accounted for using the purchase method as provided for under IFRS 3 \u201cBusiness combinations\u201d. Where applicable, qualitative information is also provided on business combinations involving companies or business units already controlled directly or indirectly by doValue, as part of the Group\u2019s internal reorganisations are also reported here. These transactions, which do not have economic substance, are accounted for in the financial statements of the seller and the buyer on a predecessor value basis. No external or internal business combinations were recorded as at December 31, 2022. BUSINESS COMBINATIONS COMPLETED AFTER THE END OF THE PERIOD The doValue Group did not carry out any business combinations after December 31, 2022. RETROSPECTIVE ADJUSTMENTS As at December 31, 2022, there were no retrospective adjustments relating to previous business combinations.",
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"fact-49": {
"value": "INTRODUCTION The provisions of IAS 24 apply for the purposes of disclosures on related parties. That standard defines the concept of related party and identifies the relationship between the related party and the entity preparing the financial statements. Pursuant to IAS 24, related parties are classified into the following categories: \u25a0 the Parent Company; \u25a0 the companies that jointly control or exercise significant influence over the company; \u25a0 the subsidiaries; \u25a0 the associates; \u25a0 the joint ventures; \u25a0 key management personnel; \u25a0 close family members of key management personnel and subsidiaries, including jointly, by key management personnel or their close family; \u25a0 other related parties. In compliance with Consob Resolution no. 17221 of March 12, 2010, as amended, doValue has adopted the \u201cPolicy for the management of transactions with related parties and transactions conducted in situations of conflict of interest of the doValue Group\u201d, published on the corporate website of doValue (www.doValue.it), which defines the principles and rules for managing the risk associated with situations of possible conflict of interest engendered by the proximity of certain parties to decision- making centres. To manage transactions with related parties, doValue established a Risks and Related Party Transactions Committee - composed of a minimum of 3 (three) and a maximum of 5 (five) members chosen from the non-executive members of the Board of Directors, and with the majority meeting independence requirements - charged with the task of issuing reasoned opinions to the Board of Directors regarding transactions with related parties in the cases governed by the procedure. INFORMATION ON REMUNERATION OF KEY MANAGEMENT PERSONNEL Information on the remuneration of key management personnel for the year 2022 is provided below. The definition of key management personnel, according to IAS 24, includes those who have the power and responsibility, directly or indirectly, for planning, managing and controlling the Company\u2019s activities. This category includes the members of the Board of Directors, including the Chief Executive Officer, the Statutory Auditors of the Parent Company and of all the subsidiaries, as well as the other executive s with strategic responsibilities identified in the \u201cRelevant Personnel\u201d area. (\u20ac/000) Remuneration breakdown 12/31/2022 Short-term benefits 7,657 Post-employment benefits 211 Share-based payments 4,241 Total 12,109 During the period, low-value transactions with related parties of an ordinary nature and lesser importance were carried out, mainly attributable to contracts for the provision of services. All transactions with related parties carried out in 2022 were concluded in the interest of the Group and at market or standard conditions. The following table shows the values outstanding as at December 31, 2022. RELATED-PARTY TRANSACTIONS (\u20ac/000) Financial Transactions Amount related to \u201cOther related parties\u201d Total as per financial statement % of financial statement total Non-current financial assets 2,312 53,604 4.3% Trade receivables 9,277 200,143 4.6% Total assets 11,589 253,747 4.6% Trade payables 37 70,381 0.1% Total liabilities 37 70,381 0.1% (\u20ac/000) Costs/Revenues Amount related to \u201cOther related parties\u201d Total as per financial statement % of financial statement total Revenue from contracts with customers 36,090 515,934 7.0% Other revenues 4,264 43,846 9.7% Personnel expenses 276 (231,149) -0.1% Administrative expenses (80) (100,412) 0.1% Depreciation, amortisation and impairment (90) (71,153) 0.1% Financial (Expense)/Income 1,101 (49,757) -2.2% Total 41,561 107,309 38.7% With 25.05% of the shares, the ultimate parent company is Avio S.\u00e0 r.l., a company incorporated under Luxembourg law that is affiliated with the Fortress group, which in turn was acquired by Softbank Group Corporation in December 2017. Avio S.\u00e0 r.l. does not exercise any management or coordination powers over doValue pursuant to Articles 2497 et seq. of the Italian Civil Code. The main relations with other related parties relate to: \u25a0 Securitisation SPVs: the Group carries out Master Servicing and Structuring activities: i.e. administrative, accounting, cash management and reporting services in support of the securitisation of loans; structuring services for securitisation transactions under Italian Law 130/1999 as well as performing the role of authorised entity in securitisation transactions. Some of these vehicles, in particular those linked to Softbank, fall within the scope of related parties and for 2022 the amount of revenues from contracts with customers for this category of customers amounts to \u20ac35.9 million, while sundry revenues are equal to \u20ac3.4 million with corresponding trade receivables of \u20ac8.2 million as at December 31, 2022; for the vehicles Romeo SPV and Mercuzio Securitisation, for which the Group holds ABS notes, \u20ac2.3 million of financial assets and \u20ac1.1 million of financial income are also recorded; \u25a0 Torre SGR S.p.A.: the company rented the Group a property for one of the main offices in Rome, which was disposed of in the first quarter of 2022. This contract was recognised pursuant to IFRS 16, with depreciation of \u20ac90 thousand; administrative expenses of \u20ac80 thousand were also recorded in the period; \u25a0 Companies affiliated to the Fortress group (FIG Italia, FIG LLC, Fortress Investment Group LLC, Arx Asset Management s.r.l.): doValue mainly carries out due diligence on the indicated company and in 2022 accrued revenues of \u20ac636 thousand, in addition to having trade receivables of \u20ac570 thousand at the end of the period; there is also an active staff secondment relationship with one o the companies, which generated income of \u20ac191 thousand; \u25a0 ReoCo: doValue manages property assets for certain ReoCo (real estate owned companies), with revenue from contracts with customers and other revenue during the period of \u20ac419 thousand and trade receivables of \u20ac437 thousand.",
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"fact-418": {
"value": "INFORMATION ON REMUNERATION OF KEY MANAGEMENT PERSONNEL Information on the remuneration of key management personnel for the year 2022 is provided below. The definition of key management personnel, according to IAS 24, includes those who have the power and responsibility, directly or indirectly, for planning, managing and controlling the Company\u2019s activities. This category includes the members of the Board of Directors, including the Chief Executive Officer, the Statutory Auditors of the Parent Company and of all the subsidiaries, as well as the other executive with strategic responsibilities identified in the \u201cRelevant Personnel\u201d area. (\u20ac/000) Remuneration breakdown 12/31/2022 Short-term benefits 7,657 Post-employment benefits 211 Share-based payments 4,241 Total 12,109 ",
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"entity": "scheme:8156007AF7DB5FE05555",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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}